# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0000940400-26-007493
**Filing Date:** 2026-2
**Character Count:** 142135
**Document Hash:** 6afad6cf1015b5de140aa6ff0350dae9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007493.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007493

**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:** 26675520

**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 Minnesota Tax-Free Income Fund (Series ID: S000003468)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009602 | Sit Minnesota Tax-Free Income Fund | SMTFX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Minnesota Tax-Free Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal <br>Amount ($)**  | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 96.2%** |  |  |  |  |
|  **Education/Student Loan - 16.1%** |  |  |  |  |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1100000 | 4.00 | 7/1/37 | 1048870 |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1750000 | 4.25 | 7/1/47 | 1481349 |
|  Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 470000 | 5.00 | 7/1/29 | 470206 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1255000 | 5.25 | 7/1/37 | 1255799 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 600000 | 5.25 | 7/1/40 | 600238 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1000000 | 5.50 | 7/1/50 | 999987 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 1100000 | 5.00 | 11/1/38 | 1000455 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 350000 | 5.00 | 11/1/48 | 277923 |
|  Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 850000 | 5.50 | 8/1/36 | 850619 |
|  Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | 875000 | 5.00 | 7/1/31 | 876441 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 215000 | 4.00 | 11/1/26 | 214419 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 2720000 | 5.00 | 11/1/36 | 2728605 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 615000 | 5.00 | 7/1/29 | 615304 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 1000000 | 5.00 | 7/1/34 | 1000428 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 80000 | 4.25 | 7/1/26 | 79739 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 750000 | 4.75 | 7/1/31 | 749625 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 1200000 | 5.00 | 7/1/36 | 1189691 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 225000 | 3.25 | 6/1/31 | 206972 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 1410000 | 4.00 | 6/1/51 | 997910 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup>  | 440000 | 4.00 | 12/1/31 | 368424 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup>  | 1385000 | 5.25 | 12/1/43 | 1036265 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup>  | 425000 | 4.25 | 12/1/27 | 423291 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup>  | 1000000 | 5.00 | 12/1/37 | 975031 |
|  MN Health & Education Fac. Auth. Rev. (Augsburg College) | 2815000 | 4.25 | 5/1/40 | 1980201 |
|  MN Health & Education Fac. Auth. Rev. (Bethel Univ.) | 1000000 | 5.00 | 5/1/47 | 902095 |
|  MN Health & Education Fac. Auth. Rev. (College of St. Benedict) | 1900000 | 5.00 | 3/1/37 | 1901944 |
|  MN Health & Education Fac. Auth. Rev. (College of St. Olaf) | 2530000 | 3.00 | 10/1/41 | 2208052 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 2000000 | 5.00 | 10/1/47 | 2042060 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 3000000 | 5.00 | 10/1/52 | 3048336 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 750000 | 5.00 | 4/1/35 | 753665 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 1150000 | 4.00 | 4/1/39 | 1150398 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 850000 | 5.00 | 10/1/40 | 889868 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 4000000 | 4.00 | 10/1/44 | 3706520 |
|  MN Health & Education Fac. Auth. Rev. (Univ. of St. Thomas) | 3650000 | 5.00 | 10/1/49 | 3742252 |
|  MN Office of Higher Education Rev. <sup>8</sup>  | 2000000 | 4.00 | 11/1/42 | 1935370 |
|  MN Office of Higher Education Rev. <sup>8</sup>  | 2260000 | 2.65 | 11/1/38 | 2104563 |
|  MN Office of Higher Education Rev. <sup>8</sup>  | 990000 | 4.00 | 11/1/37 | 990446 |
|  Savage Charter School Lease Rev. (Aspen Academy) | 90000 | 4.00 | 10/1/26 | 89612 |
|  St. Cloud Charter School Lease Rev. (Stride Academy Proj.) | 1850000 | 5.00 | 4/1/36 | 1726578 |
|  St. Paul Hsg. & Redev. Auth. | 700000 | 5.00 | 12/1/30 | 700610 |
|  St. Paul Hsg. & Redev. Auth. | 1150000 | 5.00 | 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150393 |
|  St. Paul Hsg. & Redev. Auth. | 705000 | 5.00 | 12/1/46 | 679959 |
|  St. Paul Hsg. & Redev. Auth. (German Immersion School) | 700000 | 5.00 | 7/1/33 | 700344 |
|  St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) | 585000 | 4.50 | 12/1/29 | 556517 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal <br>Amount ($)**  | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup>  | 700000 | 3.00 | 6/1/31 | 558538 |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup>  | 1225000 | 4.00 | 6/1/51 | 701389 |
|  St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 75000 | 2.00 | 9/1/26 | 73843 |
|  St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) | 1135000 | 4.63 | 3/1/43 | 932331 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 625000 | 3.00 | 12/1/29 | 605765 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 600000 | 4.00 | 12/1/39 | 555124 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 1000000 | 4.00 | 12/1/49 | 818400 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 1000000 | 4.13 | 9/1/47 | 845012 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 555000 | 5.50 | 9/1/55 | 541807 |
|  Woodbury Charter School Lease Rev. (Math & Science Academy) <sup>4</sup>  | 3000000 | 5.25 | 6/1/45 | 2842819 |
|  |  |  |  | 60882402 |
|  **General Obligation - 9.9%** |  |  |  |  |
|  American Samoa Economic Dev. Auth. Rev. <sup>4,</sup> <sup>11</sup> | 750000 | 5.25 | 9/1/45 | 750322 |
|  Belle Plaine Independent School District No. 716 | 500000 | 5.00 | 2/1/52 | 517209 |
|  Blooming Prairie Independent School District No. 756 | 1300000 | 2.25 | 2/1/45 | 858822 |
|  Itasca County Independent School District No. 318 | 3000000 | 2.00 | 2/1/39 | 2344449 |
|  Itasca County Independent School District No. 318 | 4250000 | 2.00 | 2/1/40 | 3178989 |
|  Itasca G.O. | 2000000 | 2.38 | 2/1/45 | 1354340 |
|  Itasca G.O. | 4000000 | 2.50 | 2/1/50 | 2560353 |
|  Madison Lake G.O. | 590000 | 2.13 | 2/1/42 | 401653 |
|  Mankato Independent School District No. 77 | 1150000 | 4.00 | 2/1/42 | 1150336 |
|  Minnesota G.O. | 5000000 | 2.00 | 9/1/40 | 3710049 |
|  Moorhead G.O. | 510000 | 2.13 | 2/1/42 | 354448 |
|  Morrison Co. Education District No. 6979 | 1000000 | 4.50 | 2/1/34 | 1000550 |
|  Norwood Young America Independent School District No. 108 | 1400000 | 2.13 | 2/1/42 | 988244 |
|  Norwood Young America Independent School District No. 108 | 1500000 | 2.25 | 2/1/45 | 987660 |
|  Richfield Independent School District No. 280 | 1000000 | 4.00 | 2/1/37 | 1008302 |
|  Robbinsdale Independent School District No. 281 | 1000000 | 2.25 | 2/1/41 | 741254 |
|  Roseau Independent School District No. 682 | 400000 | 2.25 | 2/1/46 | 260117 |
|  Sartell Independent School District No. 748 | 1000000 | 4.50 | 2/1/46 | 1013335 |
|  Sauk Centre Independent School District No. 743 | 1000000 | 2.00 | 2/1/40 | 736198 |
|  St. Cloud G.O. | 1090000 | 2.00 | 2/1/41 | 803553 |
|  St. Paul Independent School District No. 625 | 2475000 | 2.00 | 2/1/40 | 1827839 |
|  Waite Park G.O. | 750000 | 5.00 | 12/15/50 | 783678 |
|  White Bear Lake Independent School District No. 624 | 10850000 | 3.00 | 2/1/43 | 9099489 |
|  Zumbrota-Mazeppa Independent School District No. 2805 | 1500000 | 2.50 | 2/1/44 | 1040345 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;37471534 |
|  **Hospital/Health Care - 13.9%** |  |  |  |  |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 1000000 | 5.00 | 11/1/44 | 1032580 |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 500000 | 5.00 | 11/1/47 | 508689 |
|  Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) | 1225000 | 5.00 | 9/1/52 | 1028196 |
|  Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) | 1000000 | 4.00 | 5/1/32 | 641878 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 900000 | 5.75 | 8/1/30 | 853290 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1050000 | 6.00 | 8/1/35 | 948648 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 350000 | 4.00 | 6/15/37 | 361039 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 850000 | 3.00 | 6/15/44 | 710400 |

---

**2** 

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal <br>Amount ($)**  | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 1100000 | 5.25 | 6/15/52 | 1135065 |
|  Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.) <sup>2,</sup> <sup>5</sup> | 1900000 | 5.00 | 10/1/34 | 1007000 |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 825000 | 5.00 | 5/1/32 | 836625 |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 2175000 | 4.00 | 5/1/37 | 2141995 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Health Care Rev. (Children's Health Care) | 2500000 | 5.00 | 8/15/42 | 2673351 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Health Care Rev. (Children's Health Care) | 1000000 | 5.00 | 8/15/43 | 1059562 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2590000 | 5.00 | 11/15/34 | 2591663 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2500000 | 5.00 | 11/15/49 | 2433382 |
|  MN Agricultural & Economic Dev. Board Rev. (HealthPartners Oblig. Group Proj.) | 5200000 | 5.25 | 1/1/54 | 5378944 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1500000 | 5.50 | 8/1/28 | 1499891 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1000000 | 6.00 | 8/1/36 | 999933 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 175000 | 4.00 | 7/1/37 | 169383 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 200000 | 4.00 | 7/1/39 | 189030 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 220000 | 4.00 | 7/1/41 | 199469 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 7500000 | 4.00 | 11/15/48 | 7134017 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 4000000 | 4.38 | 11/15/53 | 3966572 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 3000000 | 5.00 | 11/15/34 | 3508281 |
|  St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 5385000 | 5.00 | 5/1/46 | 5389363 |
|  St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) <sup>1</sup>  | 2250000 | 4.60 | 6/1/41 | 2106347 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) | 2150000 | 5.00 | 5/1/38 | 2017008 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;52521601 |
|  **Industrial/Pollution Control - 0.5% <sup>8</sup>**  |  |  |  |  |
|  St. Paul Port Auth. Rev. | 1000000 | 4.00 | 10/1/40 | 945725 |
|  St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) <sup>4</sup>  | 1000000 | 4.50 | 10/1/37 | 981869 |
|  |  |  |  | 1927594 |
|  **Multifamily Mortgage - 23.1%** |  |  |  |  |
|  Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) | 1000000 | 5.50 | 11/1/46 | 946759 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 300000 | 4.00 | 9/1/36 | 290900 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 440000 | 4.00 | 9/1/41 | 402927 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 830000 | 4.00 | 9/1/51 | 661649 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 750000 | 4.00 | 9/1/61 | 565697 |
|  Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) | 2000000 | 5.00 | 9/1/58 | 1835217 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 400000 | 5.38 | 9/1/45 | 407889 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 500000 | 5.50 | 9/1/55 | 506874 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 750000 | 5.63 | 9/1/65 | 761469 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1175000 | 4.00 | 1/1/26 | 1175000 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 450000 | 6.75 | 1/1/27 | 393647 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 4.00 | 1/1/30 | 905936 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1430000 | 4.25 | 1/1/37 | 1242130 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 7.00 | 1/1/37 | 493982 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1640000 | 4.38 | 1/1/47 | 1222329 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 2850000 | 5.00 | 1/1/47 | 1561308 |
|  Bethel Hsg. and Health Care Facs. Rev. (Ecumen Obligated Group) | 2000000 | 6.13 | 3/1/44 | 2021226 |
|  Bethel Rev. (Grandview Christian Home Proj.) | 1500000 | 5.00 | 10/1/41 | 1500297 |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) <sup>2,</sup> <sup>5, 15</sup> | 1117145 | 5.13 | N/A | 614430 |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) <sup>2,</sup> <sup>5</sup> | 1470163 | 5.75 | 7/1/35 | 808590 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal <br>Amount ($)**  | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) <sup>2,</sup> <sup>5</sup> | 1787432 | 6.13 | 7/1/45 | 983088 |
|  Brainerd Senior Hsg. & Health Care Fac. Rev. (Pinecrest of Country Manor Proj.) | 1000000 | 6.00 | 5/1/55 | 1017535 |
|  Chisago Hsg. and Health Care Rev. (CDL Homes LLC) | 750000 | 6.00 | 8/1/33 | 750445 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 180000 | 2.20 | 8/1/28 | 170199 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200000 | 3.20 | 8/1/34 | 178726 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/41 | 420564 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/48 | 366377 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. | 2500000 | 4.00 | 1/1/42 | 2500157 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (FNMA) | 1050000 | 4.20 | 5/1/43 | 1026784 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) <sup>4</sup>  | 2500000 | 3.55 | 4/1/39 | 2096692 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Pennel Park Proj.) | 1238978 | 4.50 | 8/1/41 | 1253652 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Woodland Garden Apartments) | 1300000 | 4.95 | 8/1/42 | 1398940 |
|  Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) | 3184622 | 3.75 | 11/1/34 | 3222608 |
|  Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) <sup>2,</sup> <sup>5</sup> | 1350000 | 5.38 | 8/1/34 | 1048699 |
|  Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) <sup>2,</sup> <sup>5</sup> | 500000 | 5.75 | 2/1/44 | 347987 |
|  Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.) | 2000000 | 5.13 | 1/1/40 | 1975519 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) <sup>8</sup>  | 2765000 | 4.75 | 1/20/42 | 2765666 |
|  Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) | 4518030 | 2.35 | 2/1/38 | 3783027 |
|  Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) | 1015000 | 5.75 | 7/15/31 | 1015250 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 375000 | 4.75 | 11/1/28 | 374641 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 1500000 | 5.00 | 11/1/35 | 1499886 |
|  Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) | 1769292 | 3.00 | 11/1/34 | 1677291 |
|  Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) | 280000 | 4.65 | 9/1/26 | 277555 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 1000000 | 5.00 | 9/1/32 | 937767 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 250000 | 5.13 | 9/1/37 | 222480 |
|  New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) | 1500000 | 5.00 | 8/1/39 | 1293900 |
|  North Oaks Rev. (Waverly Gardens Proj.) | 150000 | 4.25 | 10/1/41 | 140914 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 2000000 | 4.00 | 10/1/33 | 1955674 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1500000 | 5.00 | 10/1/35 | 1508939 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1000000 | 5.00 | 10/1/47 | 959926 |
|  Oakdale Hsg. & Health Care Fac. Rev. (Ebenezer Obligated Group) | 2550000 | 5.70 | 12/1/50 | 2550837 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 640000 | 6.38 | 12/1/33 | 640725 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 2500000 | 6.50 | 12/1/35 | 2502656 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 250000 | 6.88 | 12/1/48 | 250122 |
|  Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | 2150000 | 5.30 | 9/1/37 | 2150258 |
|  Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) | 1640000 | 5.13 | 1/1/39 | 1506740 |
|  Shakopee Senior Hsg. Rev. (Benedictine Senior Living Obligated Group) | 1500000 | 5.75 | 11/1/55 | 1492240 |
|  St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 250000 | 5.75 | 12/1/28 | 250122 |
|  St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 2000000 | 6.00 | 12/1/30 | 2001031 |
|  St. Bonifacius Health Care Rev. (Augustana Chapel View Homes, Inc. Proj.) | 2225000 | 6.00 | 6/1/45 | 2259719 |
|  St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | 1500000 | 5.00 | 7/1/55 | 1348415 |
|  St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 1000000 | 5.50 | 12/1/38 | 1038266 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 725000 | 4.25 | 12/1/27 | 722492 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2400000 | 5.00 | 12/1/47 | 2313465 |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 660000 | 5.30 | 11/1/30 | 660097 |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 2590000 | 5.38 | 5/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478467 |

---

**4** 

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal <br>Amount ($)**  | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) | 1820000 | 5.00 | 9/1/42 | 1819911 |
|  Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) | 1000000 | 4.25 | 8/1/43 | 792325 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1500000 | 4.00 | 8/1/44 | 1355767 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1000000 | 5.00 | 8/1/49 | 977790 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 2750000 | 5.00 | 8/1/54 | 2639523 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;87240112 |
|  **Municipal Lease - 2.7% <sup>9</sup>**  |  |  |  |  |
|  Minnetonka Independent School District No. 276 | 1410000 | 2.25 | 2/1/44 | 954119 |
|  Minnetonka Independent School District No. 276 | 1000000 | 2.13 | 2/1/41 | 723816 |
|  Minnetonka Independent School District No. 276 | 750000 | 2.38 | 7/1/51 | 455507 |
|  MN Hsg. Fin. Agy. Rev. | 2065000 | 3.00 | 8/1/43 | 1743825 |
|  MN Hsg. Fin. Agy. Rev. (State Appropriation) | 2000000 | 5.00 | 8/1/34 | 2002854 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 1000000 | 5.00 | 2/1/34 | 1001705 |
|  Pine Island Independent School District No. 255 | 525000 | 2.00 | 2/1/40 | 377244 |
|  Pine Island Independent School District No. 255 | 1110000 | 2.20 | 2/1/44 | 725083 |
|  Pine Island Independent School District No. 255 | 895000 | 2.25 | 2/1/47 | 553930 |
|  Rum River Special Education Cooperative | 1200000 | 5.50 | 2/1/46 | 1218077 |
|  Waconia Independent School District No. 110 | 500000 | 5.00 | 2/1/37 | 500392 |
|  |  |  |  | 10256552 |
|  **Other Revenue Bonds - 3.7%** |  |  |  |  |
|  Crystal Governmental Fac. Rev. | 61840 | 5.10 | 12/15/26 | 60833 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 2500000 | 4.00 | 2/1/38 | 2500423 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/43 | 1073171 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/44 | 1063102 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/45 | 1054922 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) | 2000000 | 5.00 | 12/1/36 | 2078472 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) | 106000 | 6.38 | 2/15/28 | 106040 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.) | 290000 | 6.50 | 3/1/29 | 290564 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 499000 | 7.00 | 2/15/28 | 500776 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 170000 | 7.50 | 2/15/28 | 170458 |
|  St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) | 3105000 | 5.00 | 8/1/36 | 3107225 |
|  Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) <sup>11</sup>  | 2000000 | 5.00 | 10/1/42 | 1946529 |
|  |  |  |  | 13952515 |
|  **Single Family Mortgage - 21.8%** |  |  |  |  |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 7295000 | 2.25 | 7/1/41 | 5590035 |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 8270000 | 2.40 | 7/1/46 | 5881488 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3130000 | 2.45 | 7/1/45 | 2298449 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 7645000 | 2.45 | 7/1/46 | 5498351 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1408573 | 3.30 | 5/1/48 | 1297792 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 436147 | 3.75 | 11/1/48 | 413861 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 463900 | 3.45 | 3/1/49 | 439280 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 779990 | 3.15 | 6/1/49 | 715517 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 795455 | 2.47 | 1/1/50 | 666214 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 6210000 | 2.55 | 1/1/51 | 4347421 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 5635000 | 2.50 | 7/1/51 | 3881607 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer**<br>| **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1680000 | 2.20 | 7/1/41 | 1275321 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 475000 | 2.38 | 7/1/46 | 339474 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 9340000 | 2.45 | 1/1/52 | 6490588 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4530000 | 2.63 | 1/1/40 | 3739018 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3410000 | 2.75 | 7/1/42 | 2768044 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 2300000 | 3.00 | 7/1/43 | 1884460 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 22000 | 3.80 | 7/1/38 | 21763 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3420000 | 2.80 | 1/1/44 | 2737111 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2250000 | 2.70 | 7/1/44 | 1759576 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3130000 | 2.75 | 7/1/44 | 2500404 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup>  | 975000 | 5.35 | 7/1/36 | 1030160 |
|  MN Hsg. Fin. Agy. Rev. | 3223908 | 2.05 | 12/1/51 | 2744373 |
|  MN Hsg. Fin. Agy. Rev. | 3165000 | 2.00 | 7/1/40 | 2298287 |
|  MN Hsg. Fin. Agy. Rev. | 3850000 | 2.15 | 7/1/45 | 2631025 |
|  MN Hsg. Fin. Agy. Rev. | 5000000 | 2.20 | 1/1/51 | 3227506 |
|  MN Hsg. Fin. Agy. Rev. | 7680000 | 2.35 | 7/1/41 | 5995000 |
|  MN Hsg. Fin. Agy. Rev. | 2565000 | 2.55 | 1/1/46 | 1894089 |
|  MN Hsg. Fin. Agy. Rev. | 1785000 | 5.00 | 7/1/53 | 1853020 |
|  MN Hsg. Fin. Agy. Rev. | 875000 | 6.00 | 7/1/53 | 937654 |
|  MN Hsg. Fin. Agy. Rev. | 930000 | 6.25 | 1/1/54 | 1007162 |
|  MN Hsg. Fin. Agy. Rev. | 1225000 | 5.10 | 7/1/42 | 1295693 |
|  MN Hsg. Fin. Agy. Rev. | 1675000 | 5.15 | 7/1/45 | 1724454 |
|  MN Hsg. Fin. Agy. Rev. | 1120000 | 6.00 | 1/1/53 | 1185871 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;82370068 |
|  **Transportation - 2.8%** |  |  |  |  |
|  Minneapolis & St. Paul Metro Airport Commission Senior Rev. | 500000 | 5.00 | 1/1/41 | 505851 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup>  | 2500000 | 5.25 | 1/1/49 | 2579968 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup>  | 3250000 | 5.00 | 1/1/47 | 3293187 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup>  | 2650000 | 5.25 | 1/1/47 | 2726407 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 1750000 | 4.00 | 1/1/54 | 1581259 |
|  |  |  |  | 10686672 |
|  **Utility - 1.7%** |  |  |  |  |
|  Guam Govt. Waterworks Auth. Rev. <sup>11</sup>  | 2000000 | 5.00 | 1/1/46 | 2000930 |
|  Guam Govt. Waterworks Auth. Rev. <sup>11</sup>  | 1000000 | 5.50 | 7/1/55 | 1044219 |
|  Rochester Electric Utility Rev. | 500000 | 5.00 | 12/1/42 | 506874 |
|  Southern Minnesota Municipal Power Agency | 1000000 | 5.00 | 1/1/41 | 1000000 |
|  St. Paul Port Auth. Rev. <sup>8</sup>  | 750000 | 5.25 | 10/1/42 | 779826 |
|  St. Paul Port Auth. Rev. | 650000 | 5.00 | 10/1/46 | 671887 |
|  Western MN Municipal Power Agy. Rev. | 600000 | 5.00 | 1/1/35 | 600000 |
|  |  |  |  | 6603736 |
|  **Total Municipal Bonds<br>(cost: $404,933,042)** |  |  |  | 363912786 |

---

**6** 

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer**<br>| **Quantity**  | **Fair**<br> **Value ($)** |
|  **Investment Companies - 0.2%** |  |  |
|  Nuveen Minnesota Quality Municipal Income Fund (NMS) | 73438 | 860693 |
|  **Total Investment Companies<br>(cost: $1,021,910)** |  | 860693 |
|  **Short-Term Securities - 1.3%** |  |  |
|  Rochester Health Care Facs. Rev. (Mayo Clinic), 2.35%<br>**(cost: $5,000,000)** | 5000000 | 5000000 |
|  **Total Investments in Securities - 97.7%<br>(cost: $410,954,952)** |  | 369773479 |
|  **Other Assets and Liabilities, net - 2.3%** |  | 8581373 |
|  **Net Assets - 100.0%** |  | $378354852 |

---

---

| | |
|:---|:---|
| 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 $4,809,794 and represented 1.3% of net assets.  |

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2025 was $10,734,640 and represented 2.8% 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 $4,809,794 and represented 1.3% of net assets.  |

---

---

| | |
|:---|:---|
| 8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2025, 5.3% of net assets in the Fund was invested in such securities.  |

---

---

| | |
|:---|:---|
| 9 | Municipal Lease Security. The total value of such securities as of December 31, 2025 was $10,256,552 and represented 2.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

---

| | |
|:---|:---|
| 11 | The Fund may invest in obligations issued by U.S. territories, for example Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of December 31, 2025 was $6,299,882 and represented 1.7% of net assets.  |

---

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 |  | 363912786 |  | 363912786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 860693 |  |  | 860693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  | 5000000 |  | 5000000 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860693 | 368912786 |  | 369773479 |

---

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>7</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 Minnesota Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000003468

- **c. LEI of Series:** 254900AFSQI1LY58ZW63

**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:** $379166656.37

**Total Liabilities:** $1693216.29

**Net Assets:** $377473440.08

**Cash Not Reported:** $3957140.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 915.13018000 | **1-Year:** 5313.21657000 | **5-Year:** 37223.64979000 | **10-Year:** 210998.07955000 | **30-Year:** 15805.77657000

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

- **3-Month:** 168.04204000 | **1-Year:** 805.44503000 | **5-Year:** 4759.03430000 | **10-Year:** 9851.62856000 | **30-Year:** 21.28653000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009602 | 1.67%                | 0.36%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8890.26                | $5188968.43                                |
| Month 2  | $-504718.17              | $1037596.63                                |
| Month 3  | $-5829.09                | $512527.78                                 |

**Designated Index Information**

- **Index Name:** Carve Out - ZFA_SI40

- **Index Identifier:** CO_ZFA_SI40

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    850000 | PA      | $889868.40    | 0.24%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multifamily Mortgage Bonds                     | Housing & Redevelopment Authority of Duluth Minnesota                           | CUSIP: 264469AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1300000 | PA      | $1398940.40   | 0.37%             | 2042-08-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE                 | City of Hayward MN                                                              | CUSIP: 421306AB7<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1048699.44   | 0.28%             | 2034-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977790.10    | 0.26%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904FH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290563.70    | 0.08%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150393.42   | 0.30%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELLE PLAINE MN INDEP SCH DIST                 | Belle Plaine Independent School District No 716                                 | CUSIP: 078545KT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517208.50    | 0.14%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     75000 | PA      | $73842.85     | 0.02%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1355767.20   | 0.36%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARVER & SIBLEY CNTYS MN INDEP                 | Norwood Young America Independent School District No 108                        | CUSIP: 146873BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $988244.04    | 0.26%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    779990 | PA      | $715516.77    | 0.19%             | 2049-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| SAVAGE MN CHRT SCH LEASE REVEN                 | City of Savage MN                                                               | CUSIP: 80466EAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $89611.69     | 0.02%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1185871.46   | 0.31%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN                 | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | CUSIP: 603695KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2673350.50   | 0.71%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QJD7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3223908 | PA      | $2744373.26   | 0.73%             | 2051-12-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS                 | Guam Government Waterworks Authority                                            | CUSIP: 40065FFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044218.60   | 0.28%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S4C1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4530000 | PA      | $3739017.61   | 0.99%             | 2040-01-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCL8<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    950000 | PA      | $905935.87    | 0.24%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TEA2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   5635000 | PA      | $3881607.20   | 1.03%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BLOOMING PRAIRIE MN INDEP SCH                  | Blooming Prairie Independent School District No 756                             | CUSIP: 094311FS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $858822.12    | 0.23%             | 2045-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY G                 | Dakota County Community Development Agency                                      | CUSIP: 23409REL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500157.25   | 0.66%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904ET7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    106000 | PA      | $106039.99    | 0.03%             | 2028-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | St Paul Housing & Redevelopment Authority Parking Enterprise Revenue            | CUSIP: 79289WBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073171.30   | 0.28%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CU6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502655.75   | 0.66%             | 2035-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARVER & SIBLEY CNTYS MN INDEP                 | Norwood Young America Independent School District No 108                        | CUSIP: 146873BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $987659.70    | 0.26%             | 2045-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1117145 | PA      | $614429.68    | 0.16%             | 2025-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $723816.40    | 0.19%             | 2041-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TGV4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   8270000 | PA      | $5881488.37   | 1.56%             | 2046-07-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BY5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845012.10    | 0.22%             | 2047-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N E MN MET INTERMEDIATE SCH DI                 | Northeastern Metropolitan Intermediate School District No 916                   | CUSIP: 664259DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500423.50   | 0.66%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCN6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $2298286.59   | 0.61%             | 2040-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3966571.60   | 1.05%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BJ8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    705000 | PA      | $679959.39    | 0.18%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFV5<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    200000 | PA      | $189029.88    | 0.05%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT ANTHONY MN MF REVENUE                    | City of St Anthony MN                                                           | CUSIP: 787285BR5<br>LEI: 549300DDY05Y9DN3OM35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001030.60   | 0.53%             | 2030-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470163 | PA      | $808589.46    | 0.21%             | 2035-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU                 | Minnesota Office of Higher Education                                            | CUSIP: 60416MCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935369.80   | 0.51%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CH7<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $420564.25    | 0.11%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAK PARK HEIGHTS MN NURSING HO                 | City of Oak Park Heights MN                                                     | CUSIP: 671576AZ9<br>LEI: 549300837OY6JGJQH303 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999932.80    | 0.26%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TES7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $932330.65    | 0.25%             | 2043-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $206971.72    | 0.05%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                                 | County of Itasca MN                                                             | CUSIP: 465452MF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2560353.20   | 0.68%             | 2050-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508938.95   | 0.40%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TGU6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5590035.21   | 1.48%             | 2041-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ST BONIFACIUS MN HLTHCARE REVE                 | City of St Bonifacius MN                                                        | CUSIP: 78763EAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2259719.12   | 0.60%             | 2045-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB                 | Minnesota Agricultural & Economic Development Board                             | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5200000 | PA      | $5378944.48   | 1.42%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE                 | City of Cologne MN                                                              | CUSIP: 195239AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $470206.28    | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH SOL WS                 | St Paul Port Authority                                                          | CUSIP: 79307RAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981868.70    | 0.26%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827N44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1581259.23   | 0.42%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCP1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $2631024.55   | 0.70%             | 2045-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416ST34<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2500404.26   | 0.66%             | 2044-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXY9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1295692.55   | 0.34%             | 2042-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CE4<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    200000 | PA      | $178726.20    | 0.05%             | 2034-08-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1787432 | PA      | $983087.49    | 0.26%             | 2045-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Multifamily Tax-Exempt Mortgag                 | Multifamily Tax-Exempt Mortgage-backed Securities                               | CUSIP: 264455AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1238978 | PA      | $1253651.60   | 0.33%             | 2041-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU                 | Minnesota Office of Higher Education                                            | CUSIP: 60416MBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2260000 | PA      | $2104562.85   | 0.56%             | 2038-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHG2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    436147 | PA      | $413860.53    | 0.11%             | 2048-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLR7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $1894088.85   | 0.50%             | 2046-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXZ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1724453.54   | 0.46%             | 2045-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MORRISON CNTY MN EDU DIST #697                 | Morrison County Education District No 6979                                      | CUSIP: 618398AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000550.40   | 0.27%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAYWARD HSG & HLTHCARE FACS RE                 | City of Hayward MN                                                              | CUSIP: 421307AL3<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1007000.00   | 0.27%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV                 | City of St Cloud MN                                                             | CUSIP: 788326AC0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1726577.62   | 0.46%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | St Paul Housing & Redevelopment Authority Parking Enterprise Revenue            | CUSIP: 79289WBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054921.80   | 0.28%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827YZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505850.85    | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TPH5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3410000 | PA      | $2768043.97   | 0.73%             | 2042-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFX1<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    220000 | PA      | $199469.18    | 0.05%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC                 | City of Sartell MN                                                              | CUSIP: 803807AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2150257.79   | 0.57%             | 2037-09-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DF4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $558537.77    | 0.15%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS PARK MN HLTH CARE                  | City of St Louis Park MN                                                        | CUSIP: 791748FN1<br>LEI: 549300F6X6Q4H3ALF786 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2106346.95   | 0.56%             | 2041-06-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1955673.80   | 0.52%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAK PARK HEIGHTS MN NURSING HO                 | City of Oak Park Heights MN                                                     | CUSIP: 671576AX4<br>LEI: 549300837OY6JGJQH303 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499891.40   | 0.40%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902HC0<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3508280.70   | 0.93%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | St Paul Housing & Redevelopment Authority Parking Enterprise Revenue            | CUSIP: 79289WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063101.90   | 0.28%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TJM1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1743824.77   | 0.46%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $876441.30    | 0.23%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT ANTHONY MN MF REVENUE                    | City of St Anthony MN                                                           | CUSIP: 787285BH7<br>LEI: 549300DDY05Y9DN3OM35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250122.20    | 0.07%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BRAINERD MN SENIOR HSG & HLTHC                 | City of Brainerd MN                                                             | CUSIP: 10501DAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017535.10   | 0.27%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZUMBROTA-MAZEPPA MN INDEP SCHD                 | Zumbrota-Mazeppa Independent School District No 2805                            | CUSIP: 989786EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1040345.25   | 0.28%             | 2044-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHISAGO MN HSG & HLTHCR REVENU                 | City of Chisago City MN                                                         | CUSIP: 17012CAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750445.20    | 0.20%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   7680000 | PA      | $5995000.32   | 1.59%             | 2041-07-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS                  | City of Maple Grove MN                                                          | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $836625.49    | 0.22%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN SENIORHSG REVENUE                  | City of Shakopee MN Senior Housing Revenue                                      | CUSIP: 81919TAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492239.75   | 0.40%             | 2055-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                 | City of Bethel MN                                                               | CUSIP: 086759AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1048870.13   | 0.28%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S4D9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3420000 | PA      | $2737110.82   | 0.73%             | 2044-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH                 | Virgin Islands Public Finance Authority                                         | CUSIP: 927676RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1946528.80   | 0.52%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YDR4<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    450000 | PA      | $393647.22    | 0.10%             | 2027-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR                 | City of Center City MN                                                          | CUSIP: 151452CR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508689.05    | 0.13%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SCU2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     22000 | PA      | $21762.84     | 0.01%             | 2038-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN                 | City of St Cloud MN                                                             | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   5385000 | PA      | $5389363.47   | 1.43%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TQP6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1884459.92   | 0.50%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416H2T0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $1980200.77   | 0.52%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792893HX0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078472.40   | 0.55%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $140914.07    | 0.04%             | 2041-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902FB4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.32%             | 2038-11-15      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2579967.25   | 0.68%             | 2049-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBK1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506874.40    | 0.13%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCP9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1242129.60   | 0.33%             | 2037-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7134016.50   | 1.89%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN INDEP SCH DIST#                 | Itasca County Independent School District No 318                                | CUSIP: 465468FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2344449.00   | 0.62%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW ULM MN ECON DEV AUTH HSG F                 | New Ulm Economic Development Authority                                          | CUSIP: 64902PAQ2<br>LEI: 549300CQGZ47OC3M6S05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1293900.30   | 0.34%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999986.90    | 0.26%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN                                 | City of St Cloud MN                                                             | CUSIP: 78916CAU6<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $803553.34    | 0.21%             | 2041-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E                 | St Paul Port Authority                                                          | CUSIP: 79308GBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $671886.54    | 0.18%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1135065.36   | 0.30%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    950000 | PA      | $493981.67    | 0.13%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3650000 | PA      | $3742251.56   | 0.99%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL                 | City of Minneapolis MN                                                          | CUSIP: 603787AK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499886.45   | 0.40%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEAU MN INDEP SCH DIST #682                  | Roseau Independent School District No 682                                       | CUSIP: 777203KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $260116.68    | 0.07%             | 2046-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN MF HSG REVENUE                   | City of Minnetonka MN                                                           | CUSIP: 604217CS6<br>LEI: 549300NQZ4FEG58M2309 | Long             | DBT              | MUN               | US        |   1769292 | PA      | $1677290.59   | 0.44%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1189691.40   | 0.32%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CQ6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2313465.36   | 0.61%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902094.70    | 0.24%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904EL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    170000 | PA      | $170457.95    | 0.05%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS                 | Guam Government Waterworks Authority                                            | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000930.20   | 0.53%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCQ7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1222329.06   | 0.32%             | 2047-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ANOKA MN HSG REVENUE                           | City of Anoka MN                                                                | CUSIP: 036327AH7<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $946759.00    | 0.25%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN INDEP SCH DIST#                 | Itasca County Independent School District No 318                                | CUSIP: 465468FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3178988.95   | 0.84%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHC1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1408573 | PA      | $1297792.09   | 0.34%             | 2048-05-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                                 | County of Itasca MN                                                             | CUSIP: 465452MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1354339.60   | 0.36%             | 2045-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE                 | City of Rochester MN Electric Utility Revenue                                   | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506873.90    | 0.13%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANKATO MN INDEP SCH DIST #77                  | Mankato Independent School District No 77                                       | CUSIP: 563690TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150335.69   | 0.30%             | 2042-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAKDALE MN HSG & HLTHCARE FACS                 | City of Oakdale MN                                                              | CUSIP: 67208TAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2550836.91   | 0.68%             | 2050-12-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBL9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761469.23    | 0.20%             | 2065-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CT9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    640000 | PA      | $640724.80    | 0.17%             | 2033-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700343.56    | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416T6X1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    930000 | PA      | $1007162.10   | 0.27%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FRIDLEY MN MF HSG REVENUE                      | City of Fridley MN                                                              | CUSIP: 358413AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3184622 | PA      | $3222607.50   | 0.85%             | 2034-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CROOKSTON MN HLTH CARE FACS RE                 | City of Crookston MN                                                            | CUSIP: 227235AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $641878.30    | 0.17%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E                 | St Paul Port Authority                                                          | CUSIP: 79308GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945725.30    | 0.25%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHT4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    795455 | PA      | $666214.36    | 0.18%             | 2050-01-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3227505.50   | 0.86%             | 2051-01-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749625.38    | 0.20%             | 2031-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2728604.72   | 0.72%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR                 | Duluth Housing & Redevelopment Authority                                        | CUSIP: 264454AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $277922.79    | 0.07%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904EM2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    499000 | PA      | $500775.99    | 0.13%             | 2028-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792892HL8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    660000 | PA      | $660096.95    | 0.17%             | 2030-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $997910.16    | 0.26%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TFD9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    585000 | PA      | $556517.34    | 0.15%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFJ2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1275320.59   | 0.34%             | 2041-07-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| VERGAS MN HSG & HLTH CARE FACS                 | City of Vergas MN                                                               | CUSIP: 923413AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $792325.30    | 0.21%             | 2043-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nuveen Minnesota Quality Municipal Income Fund | Nuveen Minnesota Quality Municipal Income Fund                                  | CUSIP: 670734102<br>LEI: 549300G7ZQTM08LLEK41 | Long             | EC               | RF                | US        |     73438 | NS      | $860693.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MINNEAPOLIS MN MF REVENUE                      | City of Minneapolis MN                                                          | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4518030 | PA      | $3783027.28   | 1.00%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS                  | City of Maple Grove MN                                                          | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2141995.25   | 0.57%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH LEASE                  | St Paul Port Authority                                                          | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3107225.04   | 0.82%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAUDERDALE MN MF REVENUE                       | City of Lauderdale MN                                                           | CUSIP: 51855TBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1975518.60   | 0.52%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SARTELL MN INDEP SCH DIST #748                 | Sartell-St Stephen Independent School District No 748                           | CUSIP: 803820MD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013334.60   | 0.27%             | 2046-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN ECON DEV AUTH HLTH                 | Moorhead Economic Development Authority                                         | CUSIP: 61615JAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $277554.76    | 0.07%             | 2026-09-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN MF REVENUE                      | City of Minneapolis MN                                                          | CUSIP: 603767NR1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1015250.20   | 0.27%             | 2031-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY                          | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697KD5<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.16%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E                 | St Paul Port Authority                                                          | CUSIP: 79308GAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779826.38    | 0.21%             | 2042-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH MN SENIOR HSG & HLTH                 | City of St Joseph MN                                                            | CUSIP: 790755AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1348414.65   | 0.36%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022BY1<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    180000 | PA      | $170198.55    | 0.05%             | 2028-08-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CRYSTAL MN GOVTL FACS REVENUE                  | City of Crystal MN                                                              | CUSIP: 229352AA7<br>LEI: 5493006VVT2V0LJJNG38 | Long             | DBT              | MUN               | US        |     61840 | PA      | $60832.88     | 0.02%             | 2026-12-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792892HM6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2478467.09   | 0.66%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR                 | Duluth Housing & Redevelopment Authority                                        | CUSIP: 264454AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1000455.39   | 0.27%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBJ4<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $407888.64    | 0.11%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFK9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    475000 | PA      | $339474.47    | 0.09%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFT0<br>LEI: 549300YJRISCG6HQ4512 | Long             | DBT              | MUN               | US        |    175000 | PA      | $169382.96    | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TVY1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1853019.75   | 0.49%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON LAKE MN                                | City of Madison Lake MN                                                         | CUSIP: 557726HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $401653.00    | 0.11%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WAITE PARK MN                                  | City of Waite Park MN                                                           | CUSIP: 930727P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $783677.70    | 0.21%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CJ3<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $366376.80    | 0.10%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN                                    | City of Moorhead MN                                                             | CUSIP: 616142SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $354448.22    | 0.09%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SJT8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002853.80   | 0.53%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DT4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038266.30   | 0.28%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA                 | City of Forest Lake MN                                                          | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    850000 | PA      | $850618.72    | 0.23%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $214419.37    | 0.06%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WACONIA MN INDEP SCH DIST #110                 | Waconia Independent School District No 110                                      | CUSIP: 930051AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500392.40    | 0.13%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $79739.14     | 0.02%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA AS ECON DEV AUT                 | American Samoa Economic Development Authority                                   | CUSIP: 02936TAW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750322.35    | 0.20%             | 2045-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL                 | City of Minneapolis MN                                                          | CUSIP: 603787AH5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    375000 | PA      | $374641.13    | 0.10%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAV6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975031.00    | 0.26%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TDZ8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   7645000 | PA      | $5498351.28   | 1.46%             | 2046-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SAUK CENTRE MN INDEP SCH DIST                  | Sauk Centre Independent School District No 743                                  | CUSIP: 804277HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $736198.50    | 0.20%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JFK1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042060.20   | 0.54%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $853289.73    | 0.23%             | 2030-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAUK RAPIDS MN HLTH CARE HSG F                 | City of Sauk Rapids MN                                                          | CUSIP: 804359BW6<br>LEI: 549300EEYEG1XIKNKU21 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1506739.67   | 0.40%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE                 | City of Hugo MN                                                                 | CUSIP: 444584AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000428.20   | 0.27%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $725083.19    | 0.19%             | 2044-02-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CJ2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    725000 | PA      | $722491.50    | 0.19%             | 2027-12-01      | Fixed         | 4.25%                 | 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        |   2850000 | PA      | $1561308.38   | 0.41%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JCE8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3706520.00   | 0.98%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST #                 | St Paul Independent School District No 625                                      | CUSIP: 7928955Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $1827839.48   | 0.48%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBE5<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    440000 | PA      | $402927.32    | 0.11%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297EG1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    555000 | PA      | $541806.54    | 0.14%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA                 | City of Chatfield MN                                                            | CUSIP: 161818AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1028196.16   | 0.27%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR                 | City of Center City MN                                                          | CUSIP: 151452CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032579.90   | 0.27%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $959925.80    | 0.25%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITE BEAR LAKE MN INDEP SCH D                 | White Bear Lake Independent School District No 624                              | CUSIP: 963439C44<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |  10850000 | PA      | $9099489.21   | 2.41%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $553929.91    | 0.15%             | 2047-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VFK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2096691.75   | 0.56%             | 2039-04-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $710399.66    | 0.19%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAQ5<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1255798.68   | 0.33%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DH0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $701389.06    | 0.19%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN HLTH CARE REVENUE                  | City of Moorhead MN                                                             | CUSIP: 61615CAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937767.30    | 0.25%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600238.14    | 0.16%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV                 | City of Woodbury MN                                                             | CUSIP: 979134AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2842818.60   | 0.75%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBF2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    830000 | PA      | $661649.19    | 0.18%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCG9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1175000.00   | 0.31%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN REVENUE                              | City of Bethel MN                                                               | CUSIP: 086760AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500297.45   | 0.40%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAT1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    425000 | PA      | $423290.82    | 0.11%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250122.35    | 0.07%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RAU0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1835217.20   | 0.49%             | 2058-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CV0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    625000 | PA      | $605764.81    | 0.16%             | 2029-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                 | City of Minneapolis MN                                                          | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2591662.78   | 0.69%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204YA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $455506.73    | 0.12%             | 2051-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    750000 | PA      | $565696.88    | 0.15%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                 | City of Minneapolis MN                                                          | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2433382.25   | 0.64%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                   | State of Minnesota                                                              | CUSIP: 60412AXR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3710049.00   | 0.98%             | 2040-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CG8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2017007.67   | 0.53%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CW8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    600000 | PA      | $555124.02    | 0.15%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416HV27<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $753664.65    | 0.20%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TBH0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   6210000 | PA      | $4347421.04   | 1.15%             | 2051-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361038.79    | 0.10%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                 | City of Bethel MN                                                               | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1481349.10   | 0.39%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $948648.02    | 0.25%             | 2035-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $377243.69    | 0.10%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN HLTH CARE REVENUE                  | City of Moorhead MN                                                             | CUSIP: 61615CAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $222480.20    | 0.06%             | 2037-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2726407.19   | 0.72%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ST PAUL PARK MN SENIOR HSG & H                 | City of St Paul Park MN                                                         | CUSIP: 85235KAW3<br>LEI: 549300RN3JLIQQH41516 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1819910.64   | 0.48%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JFL9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3048336.30   | 0.81%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN                 | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | CUSIP: 603702AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2765666.37   | 0.73%             | 2042-01-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S6R6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1759576.28   | 0.47%             | 2044-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| ROBBINSDALE MN INDEP SCH DIST#                 | Robbinsdale Independent School District No 281                                  | CUSIP: 770265HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $741253.90    | 0.20%             | 2041-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TBG2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2298448.83   | 0.61%             | 2045-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2639523.15   | 0.70%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG                 | Southern Minnesota Municipal Power Agency                                       | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.26%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    463900 | PA      | $439280.46    | 0.12%             | 2049-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE                 | City of Hugo MN                                                                 | CUSIP: 444584AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $615304.06    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU                 | Minnesota Office of Higher Education                                            | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $990446.00    | 0.26%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAZ7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1036265.03   | 0.27%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBD7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290899.95    | 0.08%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416T5P9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    875000 | PA      | $937654.38    | 0.25%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN INDEP SCH DIST #2                 | Richfield Independent School District No 280                                    | CUSIP: 763342TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008301.80   | 0.27%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3293186.98   | 0.87%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAY0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    440000 | PA      | $368424.32    | 0.10%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204ZR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $954119.22    | 0.25%             | 2044-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416HV43<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1150397.90   | 0.30%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BG4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700610.47    | 0.19%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFL7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   9340000 | PA      | $6490588.29   | 1.72%             | 2052-01-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2208051.68   | 0.58%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXU7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1030160.04   | 0.27%             | 2036-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Health & Education Facilities Authority                               | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901944.46   | 0.50%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N E MN MET INTERMEDIATE SCH DI                 | Northeastern Metropolitan Intermediate School District No 916                   | CUSIP: 664259DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001704.80   | 0.27%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE                 | City of Hayward MN                                                              | CUSIP: 421306AC5<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $347986.70    | 0.09%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RUM RIVER SPL EDU COOPERATIVE                  | Rum River Special Education Cooperative                                         | CUSIP: 781378AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1218076.80   | 0.32%             | 2046-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1026783.66   | 0.27%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CY4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818400.50    | 0.22%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN                 | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | CUSIP: 603695KE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059562.30   | 0.28%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN HSG AND HLTH CARE FA                 | City of Bethel MN Housing and Health Care Facilities Revenue                    | CUSIP: 08675RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021226.40   | 0.54%             | 2044-03-01      | Fixed         | 6.12%                 | 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