# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0000940400-25-009483
**Filing Date:** 2025-11
**Character Count:** 68921
**Document Hash:** 473650bfa68975fd9df2d03ff57a4927
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-009483.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-009483

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251512233

**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 Quality Income Fund (Series ID: S000039473)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000121593 | Sit Quality Income Fund - Class S | SQIFX           |
| C000235257 | Sit Quality Income Fund - Class Y | SQIYX           |

## 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 Quality Income Fund

- **b. EDGAR series identifier (if any):** S000039473

- **c. LEI of Series:** 2549001NKE4X1WQU3S42

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $125147573.12

**Total Liabilities:** $3053344.59

**Net Assets:** $122094228.53

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 120.83778000 | **1-Year:** 10585.03389000 | **5-Year:** 23531.84749000 | **10-Year:** 10718.18092000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235257 | -0.03%               | 1.09%                | 0.48%                |
| Class ID C000121593 | -0.05%               | 1.07%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-62382.08               | $-439429.28                                |
| Month 2  | $59282.85                | $820240.65                                 |
| Month 3  | $87948.91                | $-34288.06                                 |

**Designated Index Information**

- **Index Name:** 1-3 Yr Gov/Credit

- **Index Identifier:** I01030US-USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB46 Mortgage Trust                                            | CUSIP: 30306NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    484141 | PA      | $482363.25    | 0.40%             | 2037-12-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| FNB CORP                       | FNB Corp/PA                                                               | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1219555.30   | 1.00%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136B1VA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    113722 | PA      | $111397.48    | 0.09%             | 2047-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                             | CUSIP: 816935AD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1275664 | PA      | $1293212.20   | 1.06%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                   | Comerica Inc                                                              | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1405209.44   | 1.15%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| DTE ELECT SECUR FND II         | DTE Electric Securitization Funding II LLC                                | CUSIP: 23346TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    888999 | PA      | $932097.35    | 0.76%             | 2032-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83164MHQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    100057 | PA      | $99758.93     | 0.08%             | 2043-05-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y3A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157260 | PA      | $158242.47    | 0.13%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BXGG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2482871 | PA      | $2485263.64   | 2.04%             | 2053-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES1                                             | CUSIP: 749427AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1211582 | PA      | $1222344.34   | 1.00%             | 2045-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR REVENUE        | County of Yamhill OR                                                      | CUSIP: 98464TAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $319680.17    | 0.26%             | 2030-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    944433 | PA      | $944991.54    | 0.77%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3131WMZZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    322335 | PA      | $322056.35    | 0.26%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31410LRY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12788 | PA      | $12646.99     | 0.01%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                                              | CUSIP: 174610BA2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    412000 | PA      | $406699.48    | 0.33%             | 2031-02-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-4                                    | CUSIP: 46657WAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    495788 | PA      | $500463.10    | 0.41%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2018-4                                | CUSIP: 64828FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123369 | PA      | $121189.37    | 0.10%             | 2048-01-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83165A4F8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     52304 | PA      | $53441.27     | 0.04%             | 2030-03-25      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQE6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     14212 | PA      | $14215.16     | 0.01%             | 2026-04-01      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO | Kentucky Higher Education Student Loan Corp                               | CUSIP: 49130NFZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $718871.74    | 0.59%             | 2035-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                      | CUSIP: 57587GB20<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1012504.61   | 0.83%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762323CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054522.20   | 0.86%             | 2033-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4PJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140234 | PA      | $138790.60    | 0.11%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDF70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1464392 | PA      | $1480112.51   | 1.21%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BWA71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2424529 | PA      | $2427014.38   | 1.99%             | 2052-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36225CXQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10965 | PA      | $11139.35     | 0.01%             | 2033-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136APL83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    871000 | PA      | $863548.25    | 0.71%             | 2034-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp                                                  | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |    900000 | PA      | $872910.00    | 0.71%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING             | F&G Global Funding                                                        | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1272123.72   | 1.04%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHGJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    295074 | PA      | $285986.24    | 0.23%             | 2038-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                    | CUSIP: 196480N37<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    610000 | PA      | $644225.94    | 0.53%             | 2048-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                    | Truist Bank                                                               | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $911786.65    | 0.75%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5265357 | NS      | $5265356.51   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3132G5B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    266797 | PA      | $266896.35    | 0.22%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137B4PT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    169664 | PA      | $177057.35    | 0.15%             | 2036-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-4                                             | CUSIP: 81749MAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1298616 | PA      | $1302479.42   | 1.07%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418AEB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1154447 | PA      | $1130207.19   | 0.93%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    233768 | PA      | $238656.47    | 0.20%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2004-W5                                            | CUSIP: 31393YKM6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1316876 | PA      | $1378888.08   | 1.13%             | 2047-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                                  | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $958375.19    | 0.78%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2020-5 Trust                       | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181839 | PA      | $168911.37    | 0.14%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MDCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7372 | PA      | $7349.67      | 0.01%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417FMH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    145918 | PA      | $144779.70    | 0.12%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2023-CES3                                             | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    565565 | PA      | $575663.39    | 0.47%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172416.69    | 0.14%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                                                    | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1219347.33   | 1.00%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-3                           | CUSIP: 16159HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    521358 | PA      | $527959.10    | 0.43%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-1                                           | CUSIP: 46592EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    466609 | PA      | $430609.32    | 0.35%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHCT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1011179 | PA      | $1013164.25   | 0.83%             | 2052-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36179MBE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3567 | PA      | $3600.74      | 0.00%             | 2042-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31306XQW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10527 | PA      | $10429.54     | 0.01%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TR 2013       | CVS Pass-Through Trust Series 2013                                        | CUSIP: 12665UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    531202 | PA      | $508542.26    | 0.42%             | 2036-01-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y3Y0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    900000 | PA      | $953598.24    | 0.78%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31398TGG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157960 | PA      | $138706.31    | 0.11%             | 2037-07-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128PVWH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5109 | PA      | $5090.03      | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJUF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    422620 | PA      | $437857.27    | 0.36%             | 2049-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    364035 | PA      | $379992.13    | 0.31%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1474289 | PA      | $1543272.34   | 1.26%             | 2038-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQV8<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     12820 | PA      | $12911.36     | 0.01%             | 2027-02-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-4                           | CUSIP: 16159NAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650786 | PA      | $656193.91    | 0.54%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 31396GJN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       149 | PA      | $148.31       | 0.00%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2023-4                                             | CUSIP: 81743JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    365769 | PA      | $366990.82    | 0.30%             | 2053-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38382KBK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1399271 | PA      | $1425762.16   | 1.17%             | 2050-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45130BEQ2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076311.30   | 0.88%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XNG99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    743347 | PA      | $760576.78    | 0.62%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XD6Q4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    487684 | PA      | $509247.03    | 0.42%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418WPX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280430 | PA      | $292177.72    | 0.24%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2017-3                                | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    157873 | PA      | $152942.61    | 0.13%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    339388 | PA      | $337803.46    | 0.28%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through  | Freddie Mac Structured Pass-Through Certificates                          | CUSIP: 31394XVE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    690140 | PA      | $710055.59    | 0.58%             | 2044-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RRZ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    775000 | PA      | $727537.53    | 0.60%             | 2037-07-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSPRTN FUN | Commonwealth of Massachusetts Transportation Fund Revenue                 | CUSIP: 57604TAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033220.70   | 0.85%             | 2030-06-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                    | CUSIP: 45203MVG3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    920000 | PA      | $969111.16    | 0.79%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-6                                           | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1166933 | PA      | $1048633.78   | 0.86%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36241LYH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        11 | PA      | $10.54        | 0.00%             | 2026-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H8X97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    741841 | PA      | $772265.02    | 0.63%             | 2052-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration                             | CUSIP: 57419T3R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $906159.55    | 0.74%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2025-1                                           | CUSIP: 46658UAE1<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |   1251955 | PA      | $1269935.41   | 1.04%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384HL22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    721395 | PA      | $727273.00    | 0.60%             | 2052-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-1                                             | CUSIP: 81743EAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2371111 | PA      | $2393317.63   | 1.96%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP SF MTGE   | Kentucky Housing Corp                                                     | CUSIP: 491309GX2<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1031991.89   | 0.85%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2002-W1                                            | CUSIP: 31392CMS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    642307 | PA      | $644359.77    | 0.53%             | 2042-02-25      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES4                                             | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    478074 | PA      | $484491.82    | 0.40%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHTT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2123250 | PA      | $2150357.74   | 1.76%             | 2051-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HLCU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1163469 | PA      | $1161206.19   | 0.95%             | 2052-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384PHE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1103165 | PA      | $1117860.33   | 0.92%             | 2049-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418FBL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1992986 | PA      | $1934984.56   | 1.58%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4512 | PA      | $4487.50      | 0.00%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137BDX76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    161524 | PA      | $161139.81    | 0.13%             | 2050-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I         | American Tower Trust #1                                                   | CUSIP: 03027WAM4<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1323763.74   | 1.08%             | 2028-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132DWMJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    806044 | PA      | $800777.96    | 0.66%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC        | Crown Castle Towers LLC                                                   | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1334454.08   | 1.09%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                    | KeyBank NA/Cleveland OH                                                   | CUSIP: 49306CAB7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1370144.00   | 1.12%             | 2028-02-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                     | CUSIP: 20775H3B7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1039185.66   | 0.85%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H75R0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    312644 | PA      | $303482.52    | 0.25%             | 2045-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HIGHWAY & TRANSPRT | Missouri Highway & Transportation Commission                              | CUSIP: 60636WNU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $924655.56    | 0.76%             | 2033-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1153259 | PA      | $1155056.19   | 0.95%             | 2051-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                | SBA Tower Trust                                                           | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251663.83    | 0.21%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                | SBA Tower Trust                                                           | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1334987.94   | 1.09%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2905353 | PA      | $2895210.88   | 2.37%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB45 Mortgage Trust                                            | CUSIP: 30308AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    121624 | PA      | $121094.77    | 0.10%             | 2037-11-25      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust                                                 | CUSIP: 89182FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    278219 | PA      | $282573.43    | 0.23%             | 2063-10-25      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5FF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    462815 | PA      | $481736.05    | 0.39%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X8VC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    287764 | PA      | $287437.92    | 0.24%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X6CF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    676309 | PA      | $694980.74    | 0.57%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHFV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    247262 | PA      | $242521.76    | 0.20%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-8                                             | CUSIP: 81743GAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    908491 | PA      | $913438.85    | 0.75%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    426855 | PA      | $445728.79    | 0.37%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MMUS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1695874 | PA      | $1658483.22   | 1.36%             | 2031-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDYZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    809852 | PA      | $810800.62    | 0.66%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5SC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    461711 | PA      | $488892.35    | 0.40%             | 2040-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132A9Q67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1424590 | PA      | $1380601.54   | 1.13%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJHQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     56789 | PA      | $56731.07     | 0.05%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EV64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2066465 | PA      | $2010170.63   | 1.65%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RTW9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    750000 | PA      | $787014.60    | 0.64%             | 2033-07-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHWQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    653474 | PA      | $649606.03    | 0.53%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON CORP             | First Horizon Corp                                                        | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |    400000 | PA      | $411797.50    | 0.34%             | 2031-03-07      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31294MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       738 | PA      | $735.23       | 0.00%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BXF82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2499218.75   | 2.05%             | 2055-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 3617FPCN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1549 | PA      | $1540.82      | 0.00%             | 2026-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS PASS THRU TR 2009          | CVS Pass-Through Trust Series 2009                                        | CUSIP: 126659AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210494 | PA      | $229882.01    | 0.19%             | 2031-07-10      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EX88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    538515 | PA      | $556554.55    | 0.46%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137A2NU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2192603 | PA      | $2144184.26   | 1.76%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397QQA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1224839 | PA      | $1191367.46   | 0.98%             | 2041-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust        | Fannie Mae Grantor Trust 2004-T5                                          | CUSIP: 31394AYP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    289136 | PA      | $290527.56    | 0.24%             | 2035-05-28      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31371MLB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    401925 | PA      | $418333.50    | 0.34%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384QFN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    858477 | PA      | $887527.71    | 0.73%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES3                                             | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1240433 | PA      | $1260704.25   | 1.03%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397NWG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    218852 | PA      | $193549.99    | 0.16%             | 2039-04-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SF MTGE REVENUE  | Utah Housing Corp                                                         | CUSIP: 917437FP5<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    945000 | PA      | $987025.28    | 0.81%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2021-14                                        | CUSIP: 46653QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    654596 | PA      | $585087.94    | 0.48%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4             | CUSIP: 35563PMT3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    204500 | PA      | $191420.77    | 0.16%             | 2059-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-7                                           | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    396993 | PA      | $357089.57    | 0.29%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | CUSIP: 97689QDD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24953.32     | 0.02%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2020-4                                             | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    202240 | PA      | $188403.84    | 0.15%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HBU85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1361772 | PA      | $1372099.99   | 1.12%             | 2049-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132CXBF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    816772 | PA      | $826511.84    | 0.68%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140FXER9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1555199 | PA      | $1615224.89   | 1.32%             | 2056-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-2             | CUSIP: 35563PG37<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1172956 | PA      | $1096339.44   | 0.90%             | 2062-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 3622ACTG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    991485 | PA      | $1019301.52   | 0.83%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y2N5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    885000 | PA      | $922256.55    | 0.76%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140A04E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1096178 | PA      | $1128311.49   | 0.92%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                     | CUSIP: 63968XAD7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045082.80   | 0.86%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2024-9                                             | CUSIP: 81749PAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    432098 | PA      | $432876.79    | 0.35%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38374FSA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    169598 | PA      | $169221.65    | 0.14%             | 2034-02-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                    | CUSIP: 45203MV57<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066500.00   | 0.87%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128P7AZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        13 | PA      | $12.88        | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762315RS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987168.00    | 0.81%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY  | North Carolina Housing Finance Agency                                     | CUSIP: 6582073D5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    475000 | PA      | $499712.83    | 0.41%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BQZS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2807274 | PA      | $2835272.58   | 2.32%             | 2050-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128P7RX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     75004 | PA      | $74666.80     | 0.06%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CRH8<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     38939 | PA      | $39263.99     | 0.03%             | 2027-10-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| GREAT RIVER ENERGY             | Great River Energy                                                        | CUSIP: 39121JAE0<br>LEI: 5493007CIM8IF8LIUC91 | Long             | DBT              | CORP              | US        |    718063 | PA      | $758635.70    | 0.62%             | 2038-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3138A4Y58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5697 | PA      | $5675.05      | 0.00%             | 2026-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK                 | Small Business Administration Pools                                       | CUSIP: 83165A5Z3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    116040 | PA      | $117898.52    | 0.10%             | 2028-02-25      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae Trust 2004-W9                                                  | CUSIP: 31394ACG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    652898 | PA      | $679356.58    | 0.56%             | 2044-02-25      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH       | Oklahoma Development Finance Authority                                    | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | ABS-O            | MUN               | US        |    372830 | PA      | $366942.14    | 0.30%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XG2X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1244811 | PA      | $1253349.18   | 1.03%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                          | CUSIP: 60416UQK4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1034888.97   | 0.85%             | 2055-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES3                                             | CUSIP: 749420AA3<br>LEI: 254900HS4CN69R7ARQ97 | Long             | ABS-MBS          | CORP              | US        |    902133 | PA      | $912929.10    | 0.75%             | 2055-03-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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