# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0001752724-23-042381
**Filing Date:** 2023-2
**Character Count:** 99089
**Document Hash:** 295996d7ede1f10ff9bf3e90beeac63e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-042381.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-042381

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS II INC
- **CENTRAL INDEX KEY:** 0000746601
- **IRS NUMBER:** 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:** 23672893

**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           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Quality Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Asset-Backed Securities - 1.7%** |  |  |  |  |
|  **Agency - 0.4%** |  |  |  |  |
|  FNMA Grantor Trust, Series 2004-T5, Class A11 <sup>1</sup>  | 412711 | 4.58 | 5/28/35 | 384497 |
|  Small Business Administration, Series 2006-20D, Class 1 | 67541 | 5.64 | 4/1/26 | 67150 |
|  Small Business Administration, Series 2007-20B, Class 1 | 64930 | 5.49 | 2/1/27 | 64104 |
|  Small Business Administration, Series 2007-20J, Class 1 | 111285 | 5.57 | 10/1/27 | 110259 |
|  |  |  |  | 626010 |
|  **Non-Agency - 1.3%** |  |  |  |  |
|  Centex Home Equity Loan Trust, Series 2004-A, Class AF4 <sup>14</sup>  | 102684 | 5.01 | 8/25/32 | 99388 |
|  Centex Home Equity Loan Trust, Series 2004-A, Class AF5 <sup>14</sup>  | 310000 | 5.43 | 1/25/34 | 292902 |
|  Home Equity Mortgage Loan Asset-Backed Trust, Series 2003-A, Class AV2, 1 Mo. Libor + 0.86% <sup>1</sup>  | 108981 | 4.13 | 10/25/33 | 107665 |
|  Mill City Mortgage Loan Trust, Series 2017-3, Class A1 <sup>1,</sup> <sup>4</sup> | 67659 | 2.75 | 1/25/61 | 65407 |
|  OSCAR US Funding Trust IX, LLC, Series 2018-2A, Class A4 <sup>4</sup>  | 89570 | 3.63 | 9/10/25 | 89091 |
|  Towd Point Mortgage Trust, Series 2019-MH1, Class A2 <sup>1,</sup> 4 | 800000 | 3.00 | 11/25/58 | 758378 |
|  Towd Point Mortgage Trust, Series 2020-MH1, Class A1A <sup>1,</sup> <sup>4</sup> | 459544 | 2.18 | 2/25/60 | 427291 |
|  |  |  |  | 1840122 |
|  **Total Asset-Backed Securities<br>(cost: $2,609,412)** |  |  |  | 2466132 |
|  **Collateralized Mortgage Obligations - 16.4%** |  |  |  |  |
|  **Agency - 11.9%** |  |  |  |  |
|  FHLMC REMICS, Series 3104, Class BY | 34218 | 5.50 | 1/15/26 | 34074 |
|  FHLMC REMICS, Series 3806, Class JA | 42750 | 3.50 | 2/15/26 | 42145 |
|  FHLMC REMICS, Series 3982, Class LA | 685677 | 2.50 | 12/15/39 | 667142 |
|  FHLMC REMICS, Series 4210, Class AD | 536540 | 4.00 | 3/15/40 | 532513 |
|  FHLMC REMICS, Series 4246, Class PT | 241231 | 6.50 | 2/15/36 | 251844 |
|  FHLMC REMICS, Series 4390, Class CA | 1004845 | 3.50 | 6/15/50 | 981391 |
|  FHLMC REMICS, Series 4523, Class VB | 2549464 | 3.50 | 8/15/34 | 2527021 |
|  FHLMC REMICS, Series 4717, Class KV | 1728221 | 3.50 | 8/15/40 | 1694745 |
|  FHLMC REMICS, Series 4759, Class NA | 65347 | 3.00 | 8/15/44 | 63900 |
|  FHLMC REMICS, Series 5252, Class BT | 986978 | 6.00 | 9/25/52 | 1021235 |
|  FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2 | 546673 | 7.00 | 3/25/44 | 545541 |
|  FNMA Grantor Trust, Series 2004-T1, Class 2A <sup>1</sup>  | 261825 | 3.26 | 8/25/43 | 241519 |
|  FNMA REMICS, Series 2009-13, Class NX | 13 | 4.50 | 3/25/24 | 13 |
|  FNMA REMICS, Series 2009-71, Class MB | 685 | 4.50 | 9/25/24 | 682 |
|  FNMA REMICS, Series 2011-146, Class LX | 1446189 | 3.50 | 10/25/40 | 1402775 |
|  FNMA REMICS, Series 2013-74, Class AD | 712 | 2.00 | 7/25/23 | 707 |
|  FNMA REMICS, Series 2017-97, Class DP | 21176 | 3.50 | 10/25/46 | 20505 |
|  FNMA REMICS, Series 2018-25, Class AG | 191706 | 3.50 | 4/25/47 | 183418 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, Series K036, Class A2 <sup>1</sup>  | 1600000 | 3.53 | 10/25/23 | 1581922 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, Series K037, Class A2 | 1600000 | 3.49 | 1/25/24 | 1575894 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, Series K723, Class A2 | 1194284 | 2.45 | 8/25/23 | 1176296 |
|  Freddie Mac Multifamily Structured Pass-Through Certificates, Series K724, Class A2 <sup>1</sup>  | 1667432 | 3.06 | 11/25/23 | 1639831 |
|  FRESB Mortgage Trust, Series 2018-SB45, Class A5H <sup>1</sup>  | 176203 | 4.84 | 11/25/37 | 175048 |
|  FRESB Mortgage Trust, Series 2018-SB46, Class A5H <sup>1</sup>  | 575450 | 4.84 | 12/25/37 | 571129 |
|  Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D | 267201 | 4.00 | 2/25/59 | 254342 |
|  Vendee Mortgage Trust, Series 1993-1, Class ZB | 3128 | 7.25 | 2/15/23 | 3123 |
|  |  |  |  | 17188755 |
|  **Non-Agency - 4.5%** |  |  |  |  |
|  JP Morgan Mortgage Trust, Series 2021-1, Class A4 <sup>1,</sup> <sup>4</sup> | 646243 | 2.50 | 6/25/51 | 569123 |
|  JP Morgan Mortgage Trust, Series 2021-14, Class A4 <sup>1,</sup> <sup>4</sup> | 868573 | 2.50 | 5/25/52 | 745650 |
|  JP Morgan Mortgage Trust, Series 2021-6, Class A4 <sup>1,</sup> <sup>4</sup> | 1483199 | 2.50 | 10/25/51 | 1273292 |
|  JP Morgan Mortgage Trust, Series 2021-7, Class A4 <sup>1,</sup> <sup>4</sup> | 515935 | 2.50 | 11/25/51 | 442918 |
|  JP Morgan Mortgage Trust, Series 2022-1, Class A11 <sup>1,</sup> <sup>4</sup> | 2329664 | 4.37 | 7/25/52 | 2127733 |
|  New Residential Mortgage Loan Trust, Series 2017-2A, Class A4 <sup>1,</sup> <sup>4</sup> | 236792 | 4.00 | 3/25/57 | 220132 |
|  New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 <sup>1,</sup> <sup>4</sup> | 251395 | 4.00 | 4/25/57 | 237554 |

---

DECEMBER 31, 2022<sub>1</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 1 Mo. Libor + 1.50% <sup>1,</sup> <sup>4</sup> | 83106 | 5.89 | 6/25/57 | 81264 |
|  New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A <sup>1,</sup> <sup>4</sup> | 183869 | 4.00 | 12/25/57 | 172565 |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 1 Mo. Libor + 0.75% <sup>1,</sup> <sup>4</sup> | 239133 | 5.14 | 1/25/48 | 229263 |
|  Sequoia Mortgage Trust, Series 2020-4, Class A5 <sup>1,</sup> <sup>4</sup> | 269018 | 2.50 | 11/25/50 | 241136 |
|  Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 <sup>1,</sup> <sup>4</sup> | 241811 | 2.50 | 9/25/50 | 212275 |
|  |  |  |  | 6552905 |
|  **Total Collateralized Mortgage Obligations<br>(cost: $24,768,764)** |  |  |  | 23741660 |
|  **Corporate Bonds - 17.7%** |  |  |  |  |
|  American Equity Investment Life Holding Co. | 1000000 | 5.00 | 6/15/27 | 948273 |
|  Bank of America Corp. <sup>1</sup>  | 750000 | 4.95 | 7/22/28 | 733592 |
|  BGC Partners, Inc. | 900000 | 4.38 | 12/15/25 | 843963 |
|  British Airways 2020-1 Class B Pass Through Trust <sup>4</sup>  | 327911 | 8.38 | 11/15/28 | 322031 |
|  Cadence Bank (Subordinated), 3 Mo. Libor + 3.03% <sup>1</sup>  | 1200000 | 4.75 | 6/30/29 | 1151330 |
|  CenterState Bank Corp. (Subordinated) <sup>1</sup>  | 650000 | 5.75 | 6/1/30 | 622583 |
|  CVS Pass-Through Trust Series 2009 <sup>4</sup>  | 853208 | 8.35 | 7/10/31 | 934010 |
|  Delta Air Lines 2015-1 Class AA Pass Through Trust | 347646 | 3.63 | 7/30/27 | 317765 |
|  Dollar Tree, Inc. | 600000 | 4.20 | 5/15/28 | 574965 |
|  El Paso Natural Gas Co., LLC | 500000 | 7.50 | 11/15/26 | 531393 |
|  Equinor ASA | 224000 | 7.15 | 11/15/25 | 235857 |
|  F&G Global Funding <sup>4</sup>  | 900000 | 0.90 | 9/20/24 | 822783 |
|  F&G Global Funding <sup>4</sup>  | 1600000 | 5.15 | 7/7/25 | 1567867 |
|  Fairfax US, Inc. <sup>4</sup>  | 600000 | 4.88 | 8/13/24 | 585501 |
|  First Midwest Bancorp, Inc. (Subordinated) | 1000000 | 5.88 | 9/29/26 | 1011837 |
|  First-Citizens Bank & Trust Co. (Subordinated) <sup>1</sup>  | 1250000 | 4.13 | 11/13/29 | 1181457 |
|  KeyBank NA <sup>1</sup>  | 630000 | 2.37 | 1/3/24 | 629869 |
|  M&T Bank Corp. (Subordinated) | 450000 | 4.00 | 7/15/24 | 441980 |
|  Metropolitan Life Insurance Co. (Subordinated) <sup>4</sup>  | 900000 | 7.80 | 11/1/25 | 953928 |
|  Minnesota Life Insurance Co. (Subordinated) <sup>4</sup>  | 925000 | 8.25 | 9/15/25 | 976898 |
|  Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29% <sup>1,</sup> <sup>4</sup> | 1300000 | 7.06 | 12/15/24 | 1296577 |
|  Orange & Rockland Utilities, Inc. | 700000 | 6.50 | 12/1/27 | 731806 |
|  Public Service Co. of Colorado | 1000000 | 2.90 | 5/15/25 | 953295 |
|  Reliant Bancorp, Inc. (Subordinated) <sup>1</sup>  | 1250000 | 5.13 | 12/15/29 | 1176353 |
|  SC Johnson & Son, Inc. <sup>4</sup>  | 700000 | 6.75 | 2/15/28 | 744762 |
|  TIAA FSB Holdings, Inc. (Subordinated) | 1455000 | 5.75 | 7/2/25 | 1429343 |
|  Tosco Corp. | 740000 | 7.80 | 1/1/27 | 808527 |
|  Truist Bank, 3 Mo. Libor + 0.74% <sup>1</sup>  | 200000 | 3.69 | 8/2/24 | 198209 |
|  United Airlines 2014-1 Class A Pass Through Trust | 824095 | 4.00 | 4/11/26 | 766297 |
|  United Financial Bancorp, Inc. (Subordinated) | 300000 | 5.75 | 10/1/24 | 295267 |
|  VeriSign, Inc. | 550000 | 4.75 | 7/15/27 | 531672 |
|  West Loop BC (Subordinated), 3 Mo. Libor + 1.87% <sup>1</sup>  | 1300000 | 6.63 | 12/1/27 | 1298288 |
|  **Total Corporate Bonds<br>(cost: $27,273,131)** |  |  |  | 25618278 |
|  **Mortgage Pass-Through Securities - 15.8%** |  |  |  |  |
|  **Federal Home Loan Mortgage Corporation - 5.2%** |  |  |  |  |
|  Freddie Mac | 2808497 | 2.50 | 8/1/30 | 2636381 |
|  Freddie Mac | 43572 | 3.00 | 9/1/27 | 42090 |
|  Freddie Mac | 2801711 | 3.00 | 4/1/33 | 2641223 |
|  Freddie Mac | 8348 | 3.50 | 7/1/26 | 8210 |
|  Freddie Mac | 687247 | 3.50 | 8/1/31 | 672409 |
|  Freddie Mac | 258387 | 3.50 | 9/1/32 | 250263 |
|  Freddie Mac | 58286 | 4.00 | 7/1/26 | 56979 |
|  Freddie Mac | 56528 | 4.00 | 1/1/27 | 55260 |
|  Freddie Mac | 649676 | 4.00 | 4/1/29 | 640981 |
|  Freddie Mac | 134863 | 4.00 | 10/1/31 | 130890 |
|  Freddie Mac | 1619 | 4.50 | 7/1/26 | 1619 |

---

**2**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Freddie Mac | 286125 | 4.50 | 10/1/34 | 284520 |
|  Freddie Mac | 3555 | 5.00 | 10/1/25 | 3545 |
|  Freddie Mac | 241187 | 5.00 | 5/1/28 | 242629 |
|  |  |  |  | 7666999 |
|  **Federal National Mortgage Association - 8.4%** |  |  |  |  |
|  Fannie Mae | 1179938 | 2.35 | 5/1/23 | 1166222 |
|  Fannie Mae | 64228 | 3.00 | 8/1/28 | 61768 |
|  Fannie Mae | 816363 | 3.00 | 5/1/30 | 776692 |
|  Fannie Mae | 127703 | 3.50 | 1/1/26 | 124755 |
|  Fannie Mae | 472609 | 3.50 | 2/1/32 | 458291 |
|  Fannie Mae | 1133834 | 3.50 | 8/1/33 | 1088236 |
|  Fannie Mae | 451294 | 3.50 | 11/1/38 | 432035 |
|  Fannie Mae | 1932 | 4.00 | 9/1/24 | 1905 |
|  Fannie Mae | 26339 | 4.00 | 6/1/25 | 25722 |
|  Fannie Mae | 8306 | 4.00 | 10/1/31 | 8049 |
|  Fannie Mae | 490490 | 4.00 | 10/1/34 | 480031 |
|  Fannie Mae | 16175 | 4.50 | 4/1/25 | 16153 |
|  Fannie Mae | 2115543 | 4.50 | 3/1/29 | 2112692 |
|  Fannie Mae | 115545 | 4.50 | 7/1/31 | 114769 |
|  Fannie Mae | 2373586 | 4.50 | 4/1/39 | 2357659 |
|  Fannie Mae | 437809 | 5.50 | 8/1/40 | 459848 |
|  Fannie Mae | 529396 | 5.50 | 2/1/42 | 549354 |
|  Fannie Mae | 1940735 | 6.00 | 9/1/29 | 1971047 |
|  |  |  |  | 12205228 |
|  **Government National Mortgage Association - 1.5%** |  |  |  |  |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup>  | 18728 | 2.88 | 4/20/33 | 18353 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup>  | 4451 | 2.88 | 4/20/42 | 4398 |
|  Ginnie Mae | 1723890 | 4.00 | 7/20/26 | 1678413 |
|  Ginnie Mae | 679 | 5.00 | 12/20/23 | 681 |
|  Ginnie Mae | 950 | 5.00 | 9/15/24 | 958 |
|  Ginnie Mae | 8137 | 5.00 | 6/20/26 | 8156 |
|  Ginnie Mae | 389149 | 6.00 | 7/20/37 | 411137 |
|  |  |  |  | 2122096 |
|  **Other Federal Agency Securities - 0.7%** |  |  |  |  |
|  Small Business Administration Pools, PRIME - 2.50% <sup>1</sup>  | 260167 | 3.75 | 5/25/43 | 259819 |
|  Small Business Administration Pools, PRIME + 0.80% <sup>1</sup>  | 190691 | 7.05 | 3/25/30 | 201671 |
|  Small Business Administration Pools, PRIME + 0.82% <sup>1</sup>  | 475646 | 7.07 | 2/25/28 | 497681 |
|  |  |  |  | 959171 |
|  **Total Mortgage Pass-Through Securities<br>(cost: $23,655,503)** |  |  |  | 22953494 |
|  **Taxable Municipal Bonds - 17.4%** |  |  |  |  |
|  Benton & Polk School District No. 17J | 1300000 | 5.47 | 6/15/27 | 1338935 |
|  Borough of Naugatuck CT G.O. | 190000 | 1.40 | 9/15/27 | 162746 |
|  Cape Girardeau School District No. 63 | 1000000 | 5.35 | 3/1/27 | 1005606 |
|  City of Cleveland OH | 125000 | 1.28 | 10/1/26 | 108934 |
|  City of Kansas MO <sup>9</sup>  | 1245000 | 3.27 | 4/1/25 | 1188440 |
|  City of Salt Lake UT | 550000 | 4.88 | 10/1/27 | 547888 |
|  Clark County School District Finance Corp. | 1000000 | 5.20 | 6/1/26 | 1018360 |
|  Colorado Housing & Finance Authority | 750000 | 6.50 | 5/1/48 | 790342 |
|  Colorado Housing & Finance Authority | 5000 | 4.00 | 11/1/31 | 4947 |
|  Commonwealth of Massachusetts | 1500000 | 4.11 | 7/15/31 | 1448205 |
|  County of Cook IL | 1200000 | 5.79 | 11/15/29 | 1220592 |
|  County of Yamhill OR | 415000 | 4.50 | 10/1/30 | 400732 |
|  Dallas Center-Grimes Community School District | 500000 | 5.85 | 7/1/29 | 509180 |
|  District of Columbia <sup>9</sup>  | 1000000 | 3.85 | 2/28/25 | 962020 |
|  Duluth Independent School District No. 709 | 250000 | 2.00 | 2/1/24 | 242392 |

---

DECEMBER 31, 2022<sub>3</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Florida Capital Projects Finance Authority | 605000 | 4.00 | 10/1/24 | 577000 |
|  Jersey City, NJ G.O. | 335000 | 1.13 | 9/1/26 | 290455 |
|  Kentucky Higher Education Student Loan Corp. | 1000000 | 2.52 | 6/1/35 | 872650 |
|  Louisiana Local Government Environmental Facilities & Community Development Authority | 1500000 | 3.62 | 2/1/29 | 1454010 |
|  Maryland Community Development Administration | 315000 | 3.95 | 3/1/27 | 300834 |
|  Maryland Community Development Administration | 500000 | 4.40 | 3/1/53 | 480760 |
|  Massachusetts Educational Financing Authority | 120000 | 4.00 | 1/1/32 | 115954 |
|  Massachusetts Educational Financing Authority | 205000 | 4.41 | 7/1/34 | 201472 |
|  Massachusetts Educational Financing Authority | 1000000 | 2.64 | 7/1/37 | 902250 |
|  Miami University of Ohio | 1075000 | 6.67 | 9/1/28 | 1145187 |
|  Michigan State Housing Development Authority | 455000 | 2.90 | 6/1/52 | 422072 |
|  Minnesota Housing Finance Agency | 275000 | 4.17 | 1/1/25 | 270952 |
|  Mount Diablo Unified School District | 1000000 | 5.55 | 8/1/27 | 1017571 |
|  New Hampshire Housing Finance Authority | 20000 | 4.00 | 7/1/35 | 19981 |
|  New Mexico Educational Assistance Foundation | 1000000 | 2.11 | 9/1/51 | 951940 |
|  North Dakota Housing Finance Agency | 565000 | 2.86 | 7/1/24 | 546344 |
|  Oklahoma Development Finance Authority | 500000 | 3.88 | 5/1/37 | 473505 |
|  Oklahoma Development Finance Authority | 1000000 | 4.14 | 12/1/33 | 963440 |
|  Rhode Island Convention Center Authority <sup>9</sup>  | 700000 | 3.58 | 5/15/26 | 667702 |
|  South Dakota Housing Development Authority | 1000000 | 5.46 | 5/1/53 | 1005510 |
|  St. Charles Parish School District No. 1 | 250000 | 2.00 | 3/1/27 | 223450 |
|  State Public School Building Authority | 1000000 | 5.00 | 9/15/27 | 1001220 |
|  Wisconsin Housing & Economic Development Authority <sup>8</sup>  | 335000 | 3.50 | 3/1/46 | 331231 |
|  **Total Taxable Municipal Bonds<br>(cost: $26,146,411)** |  |  |  | 25184809 |
|  **U.S. Treasury / Federal Agency Securities - 16.1%** |  |  |  |  |
|  **Federal Agency Issues - 10.1%** |  |  |  |  |
|  Federal Agricultural Mortgage Corp., 3 Mo. Libor + 0.37% <sup>1</sup>  | 250000 | 5.09 | 3/9/23 | 250143 |
|  Federal Farm Credit Banks Funding Corp. | 1350000 | 4.92 | 1/12/26 | 1346001 |
|  Federal Farm Credit Banks Funding Corp. | 1000000 | 5.65 | 10/27/25 | 998292 |
|  Federal Home Loan Banks | 2800000 | 4.13 | 8/28/25 | 2756155 |
|  Federal Home Loan Mortgage Corp. | 1900000 | 4.05 | 7/21/25 | 1865127 |
|  Federal Home Loan Mortgage Corp. | 4200000 | 4.63 | 9/29/25 | 4169052 |
|  Federal National Mortgage Association | 2800000 | 4.13 | 8/28/25 | 2748570 |
|  U.S. Department of Housing and Urban Development | 530000 | 4.28 | 8/1/27 | 530040 |
|  |  |  |  | 14663380 |
|  **U.S. Treasury - 6.0%** |  |  |  |  |
|  U.S. Treasury Bill <sup>6</sup>  | 5450000 | 3.40 | 9/7/23 | 5286312 |
|  U.S. Treasury Bill <sup>6</sup>  | 1000000 | 4.31 | 3/14/23 | 991877 |
|  U.S. Treasury Notes | 2500000 | 2.88 | 10/31/23 | 2462598 |
|  |  |  |  | 8740787 |
|  **Total U.S. Treasury / Federal Agency Securities<br>(cost: $23,594,982)** |  |  |  | 23404167 |

---

**4**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Quality Income Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair**<br> **Value ($)** |
|  **Short-Term Securities - 13.9%** |  |  |
|  Fidelity Inst. Money Mkt. Gvt. Fund, 4.06 |  |  |
|  **(cost: $20,233,227)** | 20233227 | 20233227 |
|  **Total Investments in Securities - 99.0%** |  |  |
|  **(cost: $148,281,430)** |  | 143601767 |
|  **Other Assets and Liabilities, net - 1.0%** |  | 1479080 |
|  **Net Assets - 100.0%** |  | $145080847 |

---

------

<sup>1</sup> Variable rate security. Rate disclosed is as of December 31, 2022. 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. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of December 31, 2022 was $16,097,430 and represented 11.1% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

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

<sup>8</sup> 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, 2022, 0.2% of net assets in the Fund was invested in such securities. 

<sup>9</sup> Municipal Lease Security. The total value of such securities as of December 31, 2022 was $2,818,162 and represented 1.9% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>14</sup> Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2022.

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

Short futures contracts outstanding as of December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Contracts** | **Expiration<br>Date** | **Notional<br>Amount ($)** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  Short Futures: <sup>10</sup>  |  |  |  |  |
|  U.S. Treasury 5-Year | 117 | March 2023 | (12627774) | 120577 |

---

<sup>10</sup> The amount of $500,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2022. 

A summary of the levels for the Fund's investments as of December 31, 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br>Quoted Prices ($) | **Level 2**<br>Other significant<br>observable inputs ($) | **Level 3**<br>Significant<br>unobservable inputs ($) |<br>Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2466132 |  | 2466132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 23741660 |  | 23741660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 25618278 |  | 25618278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Pass-Through Securities |  | 22953494 |  | 22953494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable Municipal Bonds |  | 25184809 |  | 25184809 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury / Federal Agency Securities |  | 23404167 |  | 23404167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 20233227 |  |  | 20233227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 120577 |  |  | 120577 |
|  Total: | 20353804 | 123368540 |  | 143722344 |

---

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

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

DECEMBER 31, 2022<sub>5</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 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $145240154.46

**Total Liabilities:** $442683.99

**Net Assets:** $144797470.47

**Cash Not Reported:** $20629260.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 415.12894000 | **1-Year:** 11324.56589000 | **5-Year:** 13321.69200000 | **10-Year:** 8914.22121000 | **30-Year:** 209.00208000

**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 | -0.39%               | 0.68%                | 0.11%                |
| Class ID C000121593 | -0.31%               | 0.65%                | 0.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1605363.23             | $738428.48                                 |
| Month 2  | $-1197969.23             | $2450759.17                                |
| Month 3  | $-489433.96              | $220322.51                                 |

**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        |    575450 | PA      | $571129.06    | 0.39%             | 2037-12-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3132J4KA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    286125 | PA      | $284519.66    | 0.20%             | 2034-10-01      | Fixed         | 4.50%                 | 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        |    260167 | PA      | $259818.88    | 0.18%             | 2043-05-25      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138ELQE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1133834 | PA      | $1088235.77   | 0.75%             | 2033-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BSPW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1194284 | PA      | $1176295.81   | 0.81%             | 2023-08-25      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH                  | Colorado Housing and Finance Authority                                           | CUSIP: 196480N37<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    750000 | PA      | $790342.50    | 0.55%             | 2048-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128MMWW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    258387 | PA      | $250262.81    | 0.17%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CADENCE BANK                                | Cadence Bank                                                                     | CUSIP: 12739AAA8<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1151329.86   | 0.80%             | 2029-06-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                        | M&T Bank Corp                                                                    | CUSIP: 910304AA2<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295266.85    | 0.20%             | 2024-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                        | M&T Bank Corp                                                                    | CUSIP: 71270QEB8<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    450000 | PA      | $441979.88    | 0.31%             | 2024-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36202ENX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    389149 | PA      | $411136.53    | 0.28%             | 2037-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST EDUCTNL ASSISTAN              | New Mexico Educational Assistance Foundation                                     | CUSIP: 647110GH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951940.00    | 0.66%             | 2051-09-01      | Fixed         | 2.11%                 | No            |                  2 | On Loan: No      |
| Centex Home Equity                          | Centex Home Equity Loan Trust 2004-A                                             | CUSIP: 152314HY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    102684 | PA      | $99387.69     | 0.07%             | 2032-08-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE              | Maryland Community Development Administration                                    | CUSIP: 57419TYQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $300834.45    | 0.21%             | 2027-03-01      | Fixed         | 3.95%                 | 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        |    412711 | PA      | $384497.35    | 0.27%             | 2035-05-28      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | CBOT 5 Year US Treasury Note                                                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -117 | NC      | $120576.51    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KEY BANK NA                                 | KeyBank NA/Cleveland OH                                                          | CUSIP: 49327M3A0<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    630000 | PA      | $629869.09    | 0.44%             | 2024-01-03      | Fixed         | 0.42%                 | No            |                  2 | On Loan: No      |
| TOSCO CORP                                  | Tosco Corp                                                                       | CUSIP: 891490AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $808527.40    | 0.56%             | 2027-01-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912796Z69<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $991877.08    | 0.69%             | 2023-03-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                     | Fannie Mae Grantor Trust 2004-T1                                                 | CUSIP: 31393XFZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    261825 | PA      | $241518.62    | 0.17%             | 2043-08-25      | Variable      | 3.26%                 | 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        |   1000000 | PA      | $872650.00    | 0.60%             | 2035-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2014-1 A PTT                     | United Airlines 2014-1 Class A Pass Through Trust                                | CUSIP: 90932PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    824095 | PA      | $766296.72    | 0.53%             | 2026-04-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137BTU25<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1667432 | PA      | $1639830.93   | 1.13%             | 2023-11-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING               | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    205000 | PA      | $201471.95    | 0.14%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU MO SCH DIST #63              | Cape Girardeau School District No 63                                             | CUSIP: 139465GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005605.60   | 0.69%             | 2027-03-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FARMER MAC                                  | Federal Agricultural Mortgage Corp                                               | CUSIP: 3132X0FN6<br>LEI: 549300MS654K78GYF580 | Long             | DBT              | USGSE             | US        |    250000 | PA      | $250142.78    | 0.17%             | 2023-03-09      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XHXX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1940735 | PA      | $1971047.17   | 1.36%             | 2029-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EL PASO NATURAL GAS                         | El Paso Natural Gas Co LLC                                                       | CUSIP: 283695BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $531392.80    | 0.37%             | 2026-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK                              | Small Business Administration Pools                                              | CUSIP: 83165A5Z3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    475646 | PA      | $497680.57    | 0.34%             | 2028-02-25      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                             | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    750000 | PA      | $733591.62    | 0.51%             | 2028-07-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EQUINOR ASA                                 | Equinor ASA                                                                      | CUSIP: 656531AD2<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | DBT              | CORP              | NO        |    224000 | PA      | $235856.99    | 0.16%             | 2025-11-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31417LR98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1932 | PA      | $1905.38      | 0.00%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                    | Oklahoma Development Finance Authority                                           | CUSIP: 6789084F8<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963440.00    | 0.67%             | 2033-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2019-MH1                                               | CUSIP: 89177WAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $758378.40    | 0.52%             | 2058-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT SALES & EXCI              | City of Salt Lake City UT Sales and Excise Tax Revenue                           | CUSIP: 79560TFW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $547888.00    | 0.38%             | 2027-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio                                                    | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    101152 | NS      | $101152.31    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH DAKOTA ST HSG DEV AUTH                | South Dakota Housing Development Authority                                       | CUSIP: 83756CY90<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005510.00   | 0.69%             | 2053-05-01      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137B4PT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241230 | PA      | $251844.21    | 0.17%             | 2036-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31418ACN6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    472609 | PA      | $458291.05    | 0.32%             | 2032-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137B1VJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    536540 | PA      | $532513.19    | 0.37%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31398FAL5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       685 | PA      | $682.33       | 0.00%             | 2024-09-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 3617FPCN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1723890 | PA      | $1678412.57   | 1.16%             | 2026-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136B1VA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191706 | PA      | $183417.95    | 0.13%             | 2047-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128MEZP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    687247 | PA      | $672409.15    | 0.46%             | 2031-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31416WH62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26339 | PA      | $25722.48     | 0.02%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2018-1                                       | CUSIP: 64830GAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    183869 | PA      | $172565.12    | 0.12%             | 2057-12-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137FB4J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1728221 | PA      | $1694745.35   | 1.17%             | 2040-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                          | F&G Global Funding                                                               | CUSIP: 30321L2E1<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1567867.33   | 1.08%             | 2025-07-07      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration                                      | CUSIP: 83162CQE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     67541 | PA      | $67149.59     | 0.05%             | 2026-04-01      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 31306XQW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     43572 | PA      | $42090.05     | 0.03%             | 2027-09-01      | Fixed         | 3.00%                 | 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        |    515935 | PA      | $442918.21    | 0.31%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                 | CUSIP: 9128285K2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2462597.65   | 1.70%             | 2023-10-31      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-2                                       | CUSIP: 64829KBW9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    236792 | PA      | $220131.65    | 0.15%             | 2057-03-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36225CXQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18728 | PA      | $18352.97     | 0.01%             | 2033-04-20      | Floating      | 2.88%                 | 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        |    239133 | PA      | $229262.94    | 0.16%             | 2048-01-25      | Floating      | 5.14%                 | 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        |    241811 | PA      | $212274.65    | 0.15%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 20-1 B PTT                      | British Airways 2020-1 Class B Pass Through Trust                                | CUSIP: 11042WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    327911 | PA      | $322031.34    | 0.22%             | 2028-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY KY SCH DIST FIN COR              | Clark County School District Finance Corp                                        | CUSIP: 180782EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018360.00   | 0.70%             | 2026-06-01      | Fixed         | 5.20%                 | 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        |    853208 | PA      | $934010.49    | 0.65%             | 2031-07-10      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| RELIANT BANCORP INC                         | Reliant Bancorp Inc                                                              | CUSIP: 75956BAC5<br>LEI: 549300K01QVP0R3WTW85 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1176352.68   | 0.81%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 31396GJN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     34218 | PA      | $34074.22     | 0.02%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU              | Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | CUSIP: 97689QDD5<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |    335000 | PA      | $331231.25    | 0.23%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SPL OBLG REVE              | Commonwealth of Massachusetts                                                    | CUSIP: 576004HG3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1448205.00   | 1.00%             | 2031-07-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31417Y3A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    115545 | PA      | $114768.94    | 0.08%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137FDKH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     65347 | PA      | $63899.83     | 0.04%             | 2044-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 31397NEN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        13 | PA      | $12.66        | 0.00%             | 2024-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NAUGATUCK CT                                | Borough of Naugatuck CT                                                          | CUSIP: 639064ZZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $162746.40    | 0.11%             | 2027-09-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST CONVENTION CTR              | Rhode Island Convention Center Authority/RI                                      | CUSIP: 212474JK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $667702.00    | 0.46%             | 2026-05-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp                                                  | CUSIP: 3134GX2U7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   4200000 | PA      | $4169052.09   | 2.88%             | 2025-09-29      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Indymac Home Equity Loan Asset              | Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A                  | CUSIP: 456606EB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    108981 | PA      | $107664.82    | 0.07%             | 2033-10-25      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1446189 | PA      | $1402774.99   | 0.97%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137A6YN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     42750 | PA      | $42145.16     | 0.03%             | 2026-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTHS              | New Hampshire Housing Finance Authority                                          | CUSIP: 64469DVQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19980.80     | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILOMATH OR SCH DIST #17J BEN              | Benton & Polk School District No 17J                                             | CUSIP: 718781CE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1338935.00   | 0.92%             | 2027-06-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31418WPX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    437809 | PA      | $459847.56    | 0.32%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136B0DR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     21176 | PA      | $20505.18     | 0.01%             | 2046-10-25      | Fixed         | 3.50%                 | 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        |    190691 | PA      | $201671.36    | 0.14%             | 2030-03-25      | Floating      | 7.04%                 | No            |                  2 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration                                      | CUSIP: 83162CRH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    111285 | PA      | $110259.37    | 0.08%             | 2027-10-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                   | Towd Point Mortgage Trust 2020-MH1                                               | CUSIP: 89178YAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    459544 | PA      | $427290.97    | 0.30%             | 2060-02-25      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| Vendee Mortgage Trust                       | Vendee Mortgage Trust 1993-1                                                     | CUSIP: 911760BX3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      3128 | PA      | $3122.50      | 0.00%             | 2023-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING               | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RMW6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    120000 | PA      | $115953.60    | 0.08%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138EG3L6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16175 | PA      | $16152.83     | 0.01%             | 2025-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128P7AZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3555 | PA      | $3545.11      | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                 | North Dakota Housing Finance Agency                                              | CUSIP: 658909G59<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    565000 | PA      | $546343.70    | 0.38%             | 2024-07-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137B7YY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1600000 | PA      | $1575893.44   | 1.09%             | 2024-01-25      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                    | District of Columbia                                                             | CUSIP: 25483VA79<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962020.00    | 0.66%             | 2025-02-28      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JOHNSON (S.C.) & SON INC                    | SC Johnson & Son Inc                                                             | CUSIP: 478165AB9<br>LEI: PH5ZFDENRYXEVLP50443 | Long             | DBT              | CORP              | US        |    700000 | PA      | $744761.49    | 0.51%             | 2028-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137H8X97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    986978 | PA      | $1021235.22   | 0.71%             | 2052-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO SPL OBLG                     | City of Kansas City MO                                                           | CUSIP: 485106XW3<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1188439.65   | 0.82%             | 2025-04-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137BDX76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1004845 | PA      | $981390.95    | 0.68%             | 2050-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES PARISH LA SCH DI              | St Charles Parish School District No 1                                           | CUSIP: 788076SX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223450.00    | 0.15%             | 2027-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae I Pool                                                                | CUSIP: 36241L4H6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       950 | PA      | $957.94       | 0.00%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3132FGB39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2801711 | PA      | $2641222.92   | 1.82%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORANGE & ROCKLAND UTILIT                    | Orange & Rockland Utilities Inc                                                  | CUSIP: 684065AT2<br>LEI: 26RM8T263FMD21834H79 | Long             | DBT              | CORP              | US        |    700000 | PA      | $731806.30    | 0.51%             | 2027-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration               | United States Small Business Administration                                      | CUSIP: 83162CQV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     64930 | PA      | $64103.86     | 0.04%             | 2027-02-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| DOLLAR TREE INC                             | Dollar Tree Inc                                                                  | CUSIP: 256746AH1<br>LEI: 549300PMSTQITB1WHR43 | Long             | DBT              | CORP              | US        |    600000 | PA      | $574964.67    | 0.40%             | 2028-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| HOUSING URBAN DEVELOPMNT                    | United States Department of Housing and Urban Development                        | CUSIP: 911759KW7<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    530000 | PA      | $530040.09    | 0.37%             | 2027-08-01      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM              | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54627RAL4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | ABS-O            | MUN               | US        |   1500000 | PA      | $1454010.00   | 1.00%             | 2029-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE              | Maryland Community Development Administration                                    | CUSIP: 57419TZK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480760.00    | 0.33%             | 2053-03-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709               | Duluth Independent School District No 709                                        | CUSIP: 264471LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $242392.50    | 0.17%             | 2024-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MIAMI UNIV OH                               | Miami University/Oxford OH                                                       | CUSIP: 593791EQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1145186.75   | 0.79%             | 2028-09-01      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2022-1                                                | CUSIP: 46654WBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2329664 | PA      | $2127732.81   | 1.47%             | 2052-07-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                                 | Federal Home Loan Mortgage Corp                                                  | CUSIP: 3134GXG24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |   1900000 | PA      | $1865126.58   | 1.29%             | 2025-07-21      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO CA UNIF SCH DIST               | Mount Diablo Unified School District/CA                                          | CUSIP: 621196XT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017570.90   | 0.70%             | 2027-08-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE                                  | Federal National Mortgage Association                                            | CUSIP: 3135G06V0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGSE             | US        |   2800000 | PA      | $2748570.30   | 1.90%             | 2025-08-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan               | New Residential Mortgage Loan Trust 2017-5                                       | CUSIP: 64828NAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83106 | PA      | $81263.55     | 0.06%             | 2057-06-25      | Floating      | 5.89%                 | 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        |    251395 | PA      | $237553.66    | 0.16%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                      | Federal Home Loan Banks                                                          | CUSIP: 3130ASZD4<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   2800000 | PA      | $2756154.58   | 1.90%             | 2025-08-28      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31410LRY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64228 | PA      | $61768.43     | 0.04%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING                          | F&G Global Funding                                                               | CUSIP: 30321L2B7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    900000 | PA      | $822783.20    | 0.57%             | 2024-09-20      | Fixed         | 0.90%                 | 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        |   1483199 | PA      | $1273292.16   | 0.88%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                      | OSCAR US Funding Trust IX LLC                                                    | CUSIP: 68784XAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | JP        |     89570 | PA      | $89090.55     | 0.06%             | 2025-09-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| STATE PUBLIC SCH BLDG AUTH PA               | State Public School Building Authority                                           | CUSIP: 85732PBZ2<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001220.00   | 0.69%             | 2027-09-15      | 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        |    176203 | PA      | $175048.01    | 0.12%             | 2037-11-25      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                                           | CUSIP: 3133ENW30<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1000000 | PA      | $998292.18    | 0.69%             | 2025-10-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| OLD NATL BANCORP                            | Old National Bancorp/IN                                                          | CUSIP: 320867AC8<br>LEI: 549300MMK90CL5KMVX16 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1011836.76   | 0.70%             | 2026-09-29      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140X8VC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490490 | PA      | $480031.39    | 0.33%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128MDM26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1619 | PA      | $1618.92      | 0.00%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XHFV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    816363 | PA      | $776691.62    | 0.54%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR REVENUE                     | County of Yamhill OR                                                             | CUSIP: 98464TAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $400732.30    | 0.28%             | 2030-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137BLQ35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2549464 | PA      | $2527020.86   | 1.75%             | 2034-08-15      | Fixed         | 3.50%                 | 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        |    646243 | PA      | $569123.22    | 0.39%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 31329KJG0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    241187 | PA      | $242629.37    | 0.17%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                               | CUSIP: 3137AKAM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    685677 | PA      | $667141.93    | 0.46%             | 2039-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                 | CUSIP: 3132A9Q67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2808497 | PA      | $2636380.76   | 1.82%             | 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        |   2115543 | PA      | $2112692.53   | 1.46%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 31417Y6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8306 | PA      | $8049.21      | 0.01%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC SERVICE COLORADO                     | Public Service Co of Colorado                                                    | CUSIP: 744448CL3<br>LEI: 5BANEF6PGSEK0SNMQF44 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $953294.92    | 0.66%             | 2025-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140J5FF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    529396 | PA      | $549353.94    | 0.38%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING               | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RRZ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $902250.00    | 0.62%             | 2037-07-01      | Fixed         | 2.64%                 | 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        |    546673 | PA      | $545540.72    | 0.38%             | 2044-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                                | VeriSign Inc                                                                     | CUSIP: 92343EAL6<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    550000 | PA      | $531672.28    | 0.37%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                                 | Truist Bank                                                                      | CUSIP: 86787EAY3<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198209.32    | 0.14%             | 2024-08-02      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| CENTERSTATE BANK CORP                       | CenterState Bank Corp                                                            | CUSIP: 15201PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $622582.71    | 0.43%             | 2030-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128PVWH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     58286 | PA      | $56978.78     | 0.04%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128MDCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     56528 | PA      | $55260.04     | 0.04%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT                          | Seasoned Credit Risk Transfer Trust Series 2019-4                                | CUSIP: 35563PMT3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    267201 | PA      | $254342.38    | 0.18%             | 2059-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BGC PARTNERS INC                            | BGC Partners Inc                                                                 | CUSIP: 05541TAP6<br>LEI: TF1LXM1YNB81WKUH5G19 | Long             | DBT              | CORP              | US        |    900000 | PA      | $843963.22    | 0.58%             | 2025-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912796YH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5450000 | PA      | $5286311.92   | 3.65%             | 2023-09-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INS CO                    | Metropolitan Life Insurance Co                                                   | CUSIP: 592173AE8<br>LEI: 549300H7EXFMRS487544 | Long             | DBT              | CORP              | US        |    900000 | PA      | $953927.65    | 0.66%             | 2025-11-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                                | CUSIP: 3136AE6K8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       712 | PA      | $706.86       | 0.00%             | 2023-07-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138L3U37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1179938 | PA      | $1166221.79   | 0.81%             | 2023-05-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                                           | CUSIP: 3133ENR77<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1350000 | PA      | $1346001.39   | 0.93%             | 2026-01-12      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                    | Minnesota Housing Finance Agency                                                 | CUSIP: 60416TWB0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    275000 | PA      | $270952.00    | 0.19%             | 2025-01-01      | Fixed         | 4.17%                 | 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        |    868573 | PA      | $745650.05    | 0.51%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36179MBE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4451 | PA      | $4398.11      | 0.00%             | 2042-04-20      | Floating      | 2.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XHGJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    451294 | PA      | $432035.15    | 0.30%             | 2038-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3132G5B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    649676 | PA      | $640981.45    | 0.44%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EQUITY INVESTME                    | American Equity Investment Life Holding Co                                       | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $948272.71    | 0.65%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIAA FSB HOLDINGS INC                       | TIAA FSB Holdings Inc                                                            | CUSIP: 29977GAA0<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1429343.23   | 0.99%             | 2025-07-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36241K6B9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       679 | PA      | $680.57       | 0.00%             | 2023-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA LIFE INSURANCE                    | Minnesota Life Insurance Co                                                      | CUSIP: 604074AA2<br>LEI: 9KZ0AU45N94Q59NRQD91 | Long             | DBT              | CORP              | US        |    925000 | PA      | $976897.98    | 0.67%             | 2025-09-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 31294MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8348 | PA      | $8210.07      | 0.01%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Centex Home Equity                          | Centex Home Equity Loan Trust 2004-A                                             | CUSIP: 152314HZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $292902.20    | 0.20%             | 2034-01-25      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3138A4Y58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127703 | PA      | $124754.63    | 0.09%             | 2026-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL                                | County of Cook IL                                                                | CUSIP: 213185MP3<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1220592.00   | 0.84%             | 2029-11-15      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FL FIN AUTH STUD              | Capital Projects Finance Authority/FL                                            | CUSIP: 140427BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $577000.60    | 0.40%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST                    | First-Citizens Bank & Trust Co                                                   | CUSIP: 125581GZ5<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1181457.14   | 0.82%             | 2029-11-13      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                         | West Loop BC                                                                     | CUSIP: 55266CXM3<br>LEI: YJMYTIGWK1HM7EQ06C15 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1298288.03   | 0.90%             | 2027-12-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT              | Michigan State Housing Development Authority                                     | CUSIP: 594654QC2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    455000 | PA      | $422071.65    | 0.29%             | 2052-06-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                      | Sequoia Mortgage Trust 2020-4                                                    | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    269018 | PA      | $241136.54    | 0.17%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates                     | CUSIP: 3137B7MZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1600000 | PA      | $1581922.40   | 1.09%             | 2023-10-25      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| FAIRFAX US INC                              | Fairfax US Inc                                                                   | CUSIP: 304071AA1<br>LEI: 549300JGURHUEU25AZ92 | Long             | DBT              | CORP              | US        |    600000 | PA      | $585500.84    | 0.40%             | 2024-08-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                  | CUSIP: 3140XG2X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2373586 | PA      | $2357659.49   | 1.63%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Gold Pool                                                            | CUSIP: 3128P7RX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    134863 | PA      | $130890.41    | 0.09%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                    | Nationwide Mutual Insurance Co                                                   | CUSIP: 638671AJ6<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1296577.45   | 0.90%             | 2024-12-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                    | Mill City Mortgage Loan Trust 2017-3                                             | CUSIP: 59980CAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67659 | PA      | $65407.42     | 0.05%             | 2061-01-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES 2015-1AA                    | Delta Air Lines 2015-1 Class AA Pass Through Trust                               | CUSIP: 24736XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    347646 | PA      | $317765.21    | 0.22%             | 2027-07-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                               | CUSIP: 36241LYH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8137 | PA      | $8155.75      | 0.01%             | 2026-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS CENTER IA GRIMES CMNTY               | Dallas Center-Grimes Community Sch Dist Infrastructure Sales Services & Use Tax  | CUSIP: 234558AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509180.00    | 0.35%             | 2029-07-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH                    | Oklahoma Development Finance Authority                                           | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | ABS-O            | MUN               | US        |    500000 | PA      | $473505.00    | 0.33%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND OH INCOME TAX REVENU              | City of Cleveland OH Income Tax Revenue                                          | CUSIP: 186387YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $108933.75    | 0.08%             | 2026-10-01      | Fixed         | 1.28%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY NJ                              | City of Jersey City NJ                                                           | CUSIP: 476576RL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $290455.05    | 0.20%             | 2026-09-01      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH                  | Colorado Housing and Finance Authority                                           | CUSIP: 196479XN4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |      5000 | PA      | $4947.05      | 0.00%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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