# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010059
**Filing Date:** 2025-11
**Character Count:** 105578
**Document Hash:** 2ec551071cdf9cf1eea49b9f51626e07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010059.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010059

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 251515655

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Balanced Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 64.9%** |  |  |
|  **Consumer Durables - 0.6%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup>  | 1765 | 456005 |
|  **Consumer Non-Durables - 0.3%** |  |  |
|  PepsiCo, Inc. | 1825 | 256303 |
|  **Consumer Services - 1.9%** |  |  |
|  McDonald's Corp. | 1450 | 440640 |
|  Visa, Inc. | 2800 | 955864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396504 |
|  **Electronic Technology - 20.7%** |  |  |
|  Apple, Inc. | 13475 | 3431139 |
|  Applied Materials, Inc. | 1900 | 389006 |
|  Arista Networks, Inc. <sup>\*</sup>  | 3060 | 445873 |
|  Broadcom, Inc. | 11400 | 3760974 |
|  NVIDIA Corp. | 32950 | 6147811 |
|  Palo Alto Networks, Inc. <sup>\*</sup>  | 4320 | 879638 |
|  Vertiv Holdings Co. | 1225 | 184804 |
|  |  | 15239245 |
|  **Energy Minerals - 0.5%** |  |  |
|  ConocoPhillips | 2400 | 227016 |
|  Shell, PLC, ADR | 2400 | 171672 |
|  |  | 398688 |
|  **Finance - 4.3%** |  |  |
|  Ameriprise Financial, Inc. | 1150 | 564937 |
|  Chubb, Ltd. | 1400 | 395150 |
|  Goldman Sachs Group, Inc. | 1600 | 1274160 |
|  JPMorgan Chase & Co. | 2925 | 922633 |
|  |  | 3156880 |
|  **Health Services - 1.3%** |  |  |
|  Quest Diagnostics, Inc. | 1475 | 281105 |
|  UnitedHealth Group, Inc. | 1900 | 656070 |
|  |  | 937175 |
|  **Health Technology - 3.9%** |  |  |
|  Abbott Laboratories | 2450 | 328153 |
|  AbbVie, Inc. | 1750 | 405195 |
|  Dexcom, Inc. <sup>\*</sup>  | 3500 | 235515 |
|  Eli Lilly & Co. | 840 | 640920 |
|  Intuitive Surgical, Inc. <sup>\*</sup>  | 1290 | 576927 |
|  Stryker Corp. | 325 | 120143 |
|  Thermo Fisher Scientific, Inc. <sup>\*</sup>  | 1040 | 504421 |
|  |  | 2811274 |
|  **Industrial Services - 1.1%** |  |  |
|  Cheniere Energy, Inc. | 1900 | 446462 |
|  Williams Cos., Inc. | 5700 | 361095 |
|  |  | 807557 |
|  **Process Industries - 1.3%** |  |  |
|  Linde, PLC | 1225 | 581875 |
|  Sherwin-Williams Co. | 1000 | 346260 |
|  |  | 928135 |
|  **Producer Manufacturing - 4.8%** |  |  |
|  Eaton Corp., PLC | 800 | 299400 |
|  General Dynamics Corp. | 700 | 238700 |
|  Honeywell International, Inc. | 1450 | 305225 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Motorola Solutions, Inc. | 1400 | 640206 |
|  Northrop Grumman Corp. | 375 | 228495 |
|  Parker-Hannifin Corp. | 625 | 473844 |
|  Safran SA, ADR | 7350 | 649079 |
|  Siemens AG, ADR | 5175 | 698677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533626 |
|  **Retail Trade - 5.7%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup>  | 9700 | 2129829 |
|  Home Depot, Inc. | 1825 | 739472 |
|  Netflix, Inc. <sup>\*</sup>  | 460 | 551503 |
|  TJX Cos., Inc. | 5100 | 737154 |
|  |  | 4157958 |
|  **Technology Services - 17.4%** |  |  |
|  Accenture, PLC | 2025 | 499365 |
|  Alphabet, Inc. - Class A | 12400 | 3014440 |
|  Alphabet, Inc. - Class C | 4100 | 998555 |
|  Autodesk, Inc. <sup>\*</sup>  | 1275 | 405029 |
|  Dynatrace, Inc. <sup>\*</sup>  | 4250 | 205913 |
|  Intuit, Inc. | 1200 | 819492 |
|  Meta Platforms, Inc. | 2000 | 1468760 |
|  Microsoft Corp. | 7475 | 3871676 |
|  Salesforce, Inc. | 3650 | 865050 |
|  ServiceNow, Inc. <sup>\*</sup>  | 560 | 515357 |
|  |  | 12663637 |
|  **Transportation - 0.7%** |  |  |
|  Union Pacific Corp. | 2050 | 484558 |
|  **Utilities - 0.4%** |  |  |
|  NextEra Energy, Inc. | 4140 | 312529 |
|  **Total Common Stocks<br>(cost: $16,082,291)** |  | 47540074 |
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **Bonds – 30.0%**  |  |  |
|  **Asset-Backed Securities - 0.0%** |  |  |
|  Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008-20A 1, 5.17%, 1/1/28 | 5058 | 5093 |
|  |  | 5093 |
|  **Collateralized Mortgage Obligations - 6.9%** |  |  |
|  Chase Home Lending Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-9 A4, 5.50%, 9/25/55 <sup>1, 4</sup> | 120160 | 120747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-1 A2, 6.00%, 6/25/54 <sup>1, 4</sup> | 120460 | 122107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 11/25/55 <sup>1, 4</sup> | 212944 | 215918 |
|  Chase Home Lending Mortgage Trust Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8A, 6.00%, 1/25/55 <sup>1, 4</sup> | 200000 | 203840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 2/25/55 <sup>1, 4</sup> | 200000 | 203975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-3 A8, 6.00%, 2/25/55 <sup>1, 4</sup> | 100000 | 102042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8, 6.00%, 3/25/55 <sup>1, 4</sup> | 200000 | 204556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 A8, 6.00%, 12/25/55 <sup>1, 4</sup> | 250000 | 255559 |
|  Fannie Mae: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017-84 JP, 2.75%, 10/25/47 | 14994 | 13300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T1 1A1, 6.00%, 1/25/44 | 10417 | 10800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999-17 C, 6.35%, 4/25/29 | 1990 | 2016 |

---

SEPTEMBER 30, 2025<sub>1</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Balanced Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009-30 AG, 6.50%, 5/25/39 | 18891 | 20162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-W9 2A1, 6.50%, 2/25/44 | 18422 | 18925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T3 1A3, 7.00%, 2/25/44 | 3838 | 3959 |
|  Freddie Mac: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5280 A, 3.50%, 1/25/50 | 122480 | 116280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4812 CZ, 4.00%, 5/15/48 | 131110 | 124613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 BA, 5.17%, 10/15/47 <sup>1</sup>  | 5199 | 5345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 ZE, 6.00%, 2/15/29 | 11979 | 12223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126 C, 6.00%, 2/15/29 | 7329 | 7462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 Z, 6.00%, 8/15/32 | 11404 | 11794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 WG, 6.00%, 8/15/32 | 12656 | 13191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 ZJ, 6.50%, 9/15/31 | 11175 | 11568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4520 HM, 6.50%, 8/15/45 | 10035 | 11056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3704 CT, 7.00%, 12/15/36 | 5557 | 5934 |
|  Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-86 WB, 4.72%, 5/20/51 <sup>1</sup>  | 118648 | 114925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-104 HT, 5.50%, 6/20/51 | 154854 | 159961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-27 AW, 5.91%, 2/20/51 <sup>1</sup>  | 160338 | 165853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015-80 BA, 7.00%, 6/20/45 <sup>1</sup>  | 2994 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-147 AM, 7.00%, 10/20/48 | 18405 | 19450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005-74 HA, 7.50%, 9/16/35 | 59 | 59 |
|  JP Morgan Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A4, 2.50%, 10/25/51 <sup>1, 4</sup> | 242228 | 217672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-13 A4, 2.50%, 4/25/52 <sup>1, 4</sup> | 210371 | 188931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A12, 5.00%, 10/25/51 <sup>1, 4</sup> | 246462 | 241576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-6 A2, 6.00%, 12/26/53 <sup>1, 4</sup> | 103277 | 104689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-10 A8, 6.00%, 5/25/54 <sup>1, 4</sup> | 150000 | 152345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8, 6.00%, 6/25/54 <sup>1, 4</sup> | 200000 | 202838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 8/25/54 <sup>1, 4</sup> | 125000 | 126079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8A, 6.00%, 10/25/54 <sup>1, 4</sup> | 200000 | 204598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-5 A8, 6.00%, 11/25/54 <sup>1, 4</sup> | 200000 | 204067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A8, 6.00%, 6/25/55 <sup>1, 4</sup> | 250000 | 257548 |
|  New Residential Mortgage Loan Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-3A A1, 4.50%, 5/25/58 <sup>1, 4</sup> | 25215 | 24670 |
|  RCKT Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-CES1 A1A, 5.65%, 1/25/45 <sup>4, 14</sup> | 432708 | 437840 |
|  Sequoia Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-4 A5, 2.50%, 11/25/50 <sup>1, 4</sup> | 33707 | 31400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 1/25/55 <sup>1, 4</sup> | 208074 | 211285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-3 A16, 6.00%, 4/25/55 <sup>1, 4</sup> | 150000 | 153824 |
|  Wells Fargo Mortgaged Backed Securities Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-5 A3, 2.50%, 9/25/50 <sup>1, 4</sup> | 27276 | 25337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065498 |
|  **Corporate Bonds - 5.4%** |  |  |
|  Aflac, Inc., 6.45%, 8/15/40 | 225000 | 247974 |
|  Assurant, Inc., 5.55%, 2/15/36 | 150000 | 152053 |
|  Bank of New York Mellon Corp., 6.47%, 10/25/34 <sup>1</sup>  | 175000 | 195051 |
|  Booz Allen Hamilton, Inc., 5.95%, 4/15/35 | 200000 | 208492 |
|  Charles Stark Draper Lab., Inc., 4.39%, 9/1/48 | 100000 | 86952 |
|  Comerica Bank (Subordinated), 5.33%, 8/25/33 <sup>1</sup>  | 250000 | 249891 |
|  Comerica, Inc., 5.98%, 1/30/30 <sup>1</sup>  | 50000 | 52045 |
|  CVS Pass-Through Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 8/11/36 <sup>4</sup>  | 152167 | 143657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 1/10/30 | 66188 | 69090 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  DTE Electric Securitization Funding II, LLC, 6.09%, 9/1/37 | 100000 | 108161 |
|  Duke Energy Florida, LLC, 2.86%, 3/1/33 | 120000 | 110357 |
|  Duke Energy Progress SC Storm Funding, LLC, 5.40%, 3/1/44 | 71264 | 73093 |
|  Entergy Louisiana, LLC, 5.80%, 3/15/55 | 125000 | 127876 |
|  Equifax, Inc., 7.00%, 7/1/37 | 200000 | 226083 |
|  Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 175000 | 188377 |
|  Evergy Missouri West Storm Funding I, LLC, 5.10%, 12/1/38 | 94104 | 95813 |
|  Exelon Corp. (Subordinated), 6.50%, 3/15/55 <sup>1</sup>  | 150000 | 156852 |
|  First Citizens BancShares, Inc. (Subordinated), 6.25%, 3/12/40 <sup>1</sup>  | 200000 | 202600 |
|  Halliburton Co., 7.60%, 8/15/96 <sup>4</sup>  | 75000 | 87179 |
|  JPMorgan Chase & Co. (Subordinated), 5.58%, 7/23/36 <sup>1</sup>  | 125000 | 129485 |
|  L3Harris Technologies, Inc., 5.50%, 8/15/54 | 50000 | 49664 |
|  Louisville Gas & Electric Co., 5.45%, 4/15/33 | 50000 | 52331 |
|  Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 <sup>4</sup>  | 100000 | 100176 |
|  Selective Insurance Group, Inc., 5.90%, 4/15/35 | 200000 | 207857 |
|  South State Bank NA (Subordinated), 8.38%, 8/15/34 <sup>1</sup>  | 100000 | 104750 |
|  SouthState Bank Corp. (Subordinated), 7.00%, 6/13/35 <sup>1</sup>  | 150000 | 156112 |
|  Synovus Financial Corp., 6.17%, 11/1/30 <sup>1</sup>  | 175000 | 181605 |
|  Union Electric Co., 4.00%, 4/1/48 | 275000 | 220924 |
|  |  | 3984500 |
|  **Federal Home Loan Mortgage Corporation - 2.6%** |  |  |
|  4.00%, 1/1/53 | 234127 | 221270 |
|  4.00%, 11/1/54 | 240653 | 227025 |
|  4.00%, 3/1/55 | 254762 | 240334 |
|  4.50%, 11/1/54 | 229244 | 222572 |
|  4.50%, 2/1/55 | 247130 | 239938 |
|  4.50%, 4/1/55 | 242472 | 235416 |
|  5.00%, 1/1/55 | 475972 | 472464 |
|  8.50%, 5/1/31 | 14978 | 15469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874488 |
|  **Federal National Mortgage Association - 5.2%** |  |  |
|  4.00%, 9/1/53 | 254501 | 240117 |
|  4.00%, 4/1/54 | 162074 | 152897 |
|  4.00%, 5/1/54 | 281444 | 265507 |
|  4.00%, 9/1/54 | 165222 | 155866 |
|  4.00%, 11/1/54 | 238819 | 225295 |
|  4.00%, 5/1/55 | 463524 | 437274 |
|  4.50%, 7/1/52 | 278194 | 270945 |
|  4.50%, 9/1/52 | 279019 | 272109 |
|  4.50%, 6/1/53 | 215679 | 209772 |
|  4.50%, 7/1/53 | 239321 | 233098 |
|  4.50%, 6/1/54 | 245188 | 238053 |
|  4.50%, 11/1/54 | 573650 | 556955 |
|  4.50%, 3/1/55 | 256966 | 249487 |
|  4.50%, 10/1/55 | 75000 | 72817 |
|  5.00%, 2/1/55 | 240789 | 239014 |
|  6.50%, 9/1/27 | 5045 | 5206 |
|  7.00%, 3/1/33 | 5489 | 5700 |

---

**2**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Balanced Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  8.25%, 7/15/26 | 77 | 77 |
|  |  | 3830189 |
|  **Government National Mortgage Association - 1.1%** | **Government National Mortgage Association - 1.1%** |  |
|  3.50%, 2/20/52 | 220409 | 202462 |
|  4.00%, 9/20/52 | 197610 | 183633 |
|  4.50%, 1/20/55 | 245001 | 237932 |
|  4.50%, 8/20/64 | 143676 | 138595 |
|  5.00%, 5/20/48 | 18458 | 18599 |
|  6.50%, 11/20/38 | 7928 | 8192 |
|  7.00%, 11/20/27 | 1460 | 1497 |
|  7.00%, 9/20/29 | 6831 | 7049 |
|  7.00%, 9/20/38 | 4398 | 4615 |
|  7.50%, 4/20/32 | 5398 | 5510 |
|  |  | 808084 |
|  **Taxable Municipal Securities - 4.6%** |  |  |
|  City of Colorado Springs Co. Utilities System Rev., 6.62%, 11/15/40 | 250000 | 283983 |
|  City of New York G.O., 5.99%, 12/1/36 | 200000 | 209374 |
|  City of Oak Creek G.O., 2.40%, 10/1/29 | 295000 | 281936 |
|  Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56 | 205000 | 157747 |
|  County of Vermillion Rev., 4.90%, 8/1/32 | 250000 | 255000 |
|  IN Hsg. & Community Dev. Auth. Rev., 5.75%, 7/1/54 | 280000 | 287563 |
|  LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 | 230000 | 188039 |
|  Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 <sup>4</sup>  | 100000 | 77226 |
|  Massachusetts Edu. Auth.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 7/1/34 | 15000 | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/1/38 | 155000 | 151826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/1/44 | 145000 | 147513 |
|  MN Hsg. Fin. Agy., 2.31%, 1/1/27 | 135000 | 132653 |
|  NE Investment Fin. Auth. Rev., 6.00%, 9/1/31 | 120000 | 126841 |
|  Public Fin. Auth., 4.23%, 7/1/32 | 105000 | 103593 |
|  State of Connecticut G.O., 5.63%, 12/1/29 | 150000 | 153783 |
|  Texas Children's Hospital, 3.37%, 10/1/29 <sup>17</sup>  | 115000 | 112741 |
|  TX Dept. of Hsg. & Community Affairs Rev.,<br>6.25%, 9/1/53 | 195000 | 203912 |
|  Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 | 205000 | 197984 |
|  WV Hsg. Dev. Fund Rev., 5.45%, 5/1/34 | 250000 | 257297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343790 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **U.S. Treasury / Federal Agency Securities - 4.2%** | **U.S. Treasury / Federal Agency Securities - 4.2%** |  |
|  **U.S. Treasury - 4.2%** |  |  |
|  U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225000 | 220860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 800000 | 785625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 1150000 | 1150988 |
|  U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 325000 | 320049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 200000 | 202391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/32 | 250000 | 251211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 100000 | 103402 |
|  |  | 3034526 |
|  **Total Bonds<br>(cost $22,100,066)** |  | 21946168 |
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Investment Companies 3.6%** |  |  |
|  Angel Oak Financial Strategies Income Trust | 27282 | 357667 |
|  BlackRock Core Bond Trust | 27126 | 269632 |
|  BlackRock Income Trust, Inc. | 2807 | 31551 |
|  BlackRock Income Trust, Inc., Rights <sup>\*</sup>  | 2807 | 166 |
|  BlackRock Taxable Municipal Bond Trust | 21971 | 364719 |
|  DoubleLine Opportunistic Credit Fund | 4400 | 68552 |
|  DWS Municipal Income Trust | 23200 | 212744 |
|  Eaton Vance California Municipal Bond Fund | 2000 | 18980 |
|  First Trust Mortgage Income Fund | 8500 | 104103 |
|  John Hancock Income Securities Trust | 5000 | 58375 |
|  MFS Intermediate Income Trust | 83033 | 222528 |
|  Nuveen Multi-Market Income Fund | 17353 | 109150 |
|  Nuveen Taxable Municipal Income Fund | 11667 | 189239 |
|  Putnam Master Intermediate Income Trust | 66500 | 228760 |
|  Putnam Premier Income Trust | 66592 | 245724 |
|  TCW Strategic Income Fund, Inc. | 25000 | 123000 |
|  **Total Investment Companies<br>(cost: $2,607,745)** |  | 2604890 |
|  **Short-Term Securities** - **1.1%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $819,376)** | 819376 | 819376 |
|  **Total Investments in Securities - 99.6%<br>(cost $41,609,478)** |  | 72910508 |
|  **Other Assets and Liabilities, net - 0.4%** |  | 302409 |
|  **Net Assets - 100.0%** |  | $73212917 |

---

SEPTEMBER 30, 2025<sub>3</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Balanced Fund (Continued)** 

\* Non-income producing security.

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of September 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.  |

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of September 30, 2025 was $4,621,681 and represented 6.3% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

14 Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of September 30, 2025.

17 Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

ADR — American Depositary Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

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

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

A summary of the levels for the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted <br>Prices ($) | **Level 2**<br> Other significant<br>observable inputs ($) | **Level 3**<br> Significant<br>unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 47540074 |  |  | 47540074 |
|  Asset-Backed Securities |  | 5093 |  | 5093 |
|  Collateralized Mortgage Obligations |  | 5065498 |  | 5065498 |
|  Corporate Bonds |  | 3984500 |  | 3984500 |
|  Federal Home Loan Mortgage Corporation |  | 1874488 |  | 1874488 |
|  Federal National Mortgage Association |  | 3830189 |  | 3830189 |
|  Government National Mortgage Association |  | 808084 |  | 808084 |
|  Taxable Municipal Securities |  | 3343790 |  | 3343790 |
|  U.S. Treasury / Federal Agency Securities |  | 3034526 |  | 3034526 |
|  Investment Companies | 2604890 |  |  | 2604890 |
|  Short-Term Securities | 819376 |  |  | 819376 |
|  Total: | 50964340 | 21946168 |  | 72910508 |

---

\*\* For equity securities categorized in a single level, refer to the detail above for further breakdown.

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.

**4**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIT MUTUAL FUNDS INC

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

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

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

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 80 S. Eighth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-3223

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sit Balanced Fund

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

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

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

- **a. Date of fiscal year-end:** 2026-06-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $73717824.42

**Total Liabilities:** $490730.24

**Net Assets:** $73227094.18

**Delayed Delivery Securities:** $442972.59

**Cash Not Reported:** $182968.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6.55519000 | **1-Year:** 629.70769000 | **5-Year:** 6261.61676000 | **10-Year:** 4022.93557000 | **30-Year:** 148.99680000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009596 | 1.52%                | 1.58%                | 3.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-775.01                 | $979224.63                                 |
| Month 2  | $11016.01                | $998181.07                                 |
| Month 3  | $-117589.37              | $2178497.95                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $785625.00    | 1.07%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                              | JPMorgan Chase & Co                                  | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129484.63    | 0.18%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| COMERICA BANK                                    | Comerica Bank                                        | CUSIP: 200339EX3<br>LEI: 70WY0ID1N53Q4254VH70 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249890.88    | 0.34%             | 2033-08-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                   | ServiceNow Inc                                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       560 | NS      | $515356.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3133TJDP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7329 | PA      | $7461.94      | 0.01%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AFLAC INC                                        | Aflac Inc                                            | CUSIP: 001055AF9<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    225000 | PA      | $247974.47    | 0.34%             | 2040-08-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 31392TEK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11404 | PA      | $11793.71     | 0.02%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FHW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256966 | PA      | $249487.01    | 0.34%             | 2055-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP                           | Synovus Financial Corp                               | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181604.92    | 0.25%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| COLORADO SPRINGS CO UTILITIES                    | City of Colorado Springs CO Utilities System Revenue | CUSIP: 196632MN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $283983.33    | 0.39%             | 2040-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                    | West Virginia Housing Development Fund               | CUSIP: 95662NQS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257297.00    | 0.35%             | 2034-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2004-T3                     | CUSIP: 31393YU78<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      3838 | PA      | $3958.78      | 0.01%             | 2044-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                   | Texas Department of Housing & Community Affairs      | CUSIP: 88275FZU6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    195000 | PA      | $203912.40    | 0.28%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Taxable Municipal Bond Trust           | BlackRock Taxable Municipal Bond Trust               | CUSIP: 09248X100<br>LEI: SNYX4R2CEK5Q5D25DZ39 | Long             | EC               | RF                | US        |     21971 | NS      | $364718.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2025-1                      | CUSIP: 46658UAS0<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $257548.35    | 0.35%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Nuveen Taxable Municipal Income Fund             | Nuveen Taxable Municipal Income Fund                 | CUSIP: 67074C103<br>LEI: CGX4I2YMRMYU5022FW76 | Long             | EC               | RF                | US        |     11667 | NS      | $189238.74    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWMW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    229244 | PA      | $222572.10    | 0.30%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3133TJDF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11979 | PA      | $12223.38     | 0.02%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FCD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    165222 | PA      | $155865.93    | 0.21%             | 2054-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust Series 2025-2      | CUSIP: 16159VAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $255558.93    | 0.35%             | 2055-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWF32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    234127 | PA      | $221269.91    | 0.30%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                         | Minnesota Housing Finance Agency                     | CUSIP: 60416S4U1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    135000 | PA      | $132652.78    | 0.18%             | 2027-01-01      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                       | Public Finance Authority                             | CUSIP: 74442PHC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $103592.96    | 0.14%             | 2032-07-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| BlackRock Income Trust Inc                       | BlackRock Income Trust Inc                           | CUSIP: 09247F118<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | CORP              | US        |      2807 | NS      | $165.61       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FEA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    238819 | PA      | $225295.48    | 0.31%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWN58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    254762 | PA      | $240334.63    | 0.33%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy Inc                                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      4140 | NS      | $312528.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38382UHV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    154854 | PA      | $159960.52    | 0.22%             | 2051-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                       | Intuit Inc                                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1200 | NS      | $819492.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                                   | Salesforce Inc                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3650 | NS      | $865050.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3133TUUU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11175 | PA      | $11567.73     | 0.02%             | 2031-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Eaton Vance California Municipal Bond Fund       | Eaton Vance California Municipal Bond Fund           | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |      2000 | NS      | $18980.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                   | Amazon.com Inc                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      9700 | NS      | $2129829.00   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                   | Utah Charter School Finance Authority                | CUSIP: 91754TA37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $197983.69    | 0.27%             | 2027-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    573650 | PA      | $556954.72    | 0.76%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31381D3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        77 | PA      | $77.31        | 0.00%             | 2026-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY FL PROJ FIN                          | Duke Energy Florida Project Finance LLC              | CUSIP: 26444GAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $110357.14    | 0.15%             | 2033-03-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                  | McDonald's Corp                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1450 | NS      | $440640.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                    | CUSIP: 3136AYLX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14994 | PA      | $13300.14     | 0.02%             | 2047-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Putnam Premier Income Trust                      | Putnam Premier Income Trust                          | CUSIP: 746853100<br>LEI: G5048SOHSFOQHNEL1E85 | Long             | EC               | RF                | US        |     66592 | NS      | $245724.48    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK NY                                      | City of New York NY                                  | CUSIP: 64966HTX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209374.24    | 0.29%             | 2036-12-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FQD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     75000 | PA      | $72817.03     | 0.10%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                  | TJX Cos Inc/The                                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5100 | NS      | $737154.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $320048.83    | 0.44%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                     | Assurant Inc                                         | CUSIP: 04621XAQ1<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152052.60    | 0.21%             | 2036-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                     | Thermo Fisher Scientific Inc                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1040 | NS      | $504420.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418E6Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    281444 | PA      | $265506.94    | 0.36%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                          | Fannie Mae Grantor Trust 2004-T1                     | CUSIP: 31393XFS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     10417 | PA      | $10800.20     | 0.01%             | 2044-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                   | State of Connecticut                                 | CUSIP: 20772G4Z8<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $153782.93    | 0.21%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2025-3                        | CUSIP: 817370AR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $153823.94    | 0.21%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38381AGM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18405 | PA      | $19450.51     | 0.03%             | 2048-10-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                | L3Harris Technologies Inc                            | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49664.32     | 0.07%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418ET42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    239321 | PA      | $233098.13    | 0.32%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust Series 2024-1      | CUSIP: 16160DAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203839.66    | 0.28%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38379NAS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      2994 | PA      | $3179.48      | 0.00%             | 2045-06-20      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31371NJ71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5045 | PA      | $5206.13      | 0.01%             | 2027-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 3618N5ET2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    245001 | PA      | $237931.84    | 0.32%             | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust Series 2024-2      | CUSIP: 161929AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203974.46    | 0.28%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                             | Williams Cos Inc/The                                 | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      5700 | NS      | $361095.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION ELECTRIC CO                                | Union Electric Co                                    | CUSIP: 906548CN0<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    275000 | PA      | $220924.45    | 0.30%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                   | Wells Fargo Mortgage Backed Securities 2020-5 Trust  | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     27276 | PA      | $25336.70     | 0.03%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                      | Exelon Corp                                          | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156852.33    | 0.21%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software                    | Take-Two Interactive Software Inc                    | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      1765 | NS      | $456005.40    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                      | Goldman Sachs Group Inc/The                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1600 | NS      | $1274160.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan                    | New Residential Mortgage Loan Trust 2018-3           | CUSIP: 64830KAA5<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |     25215 | PA      | $24669.77     | 0.03%             | 2058-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| HALLIBURTON CO                                   | Halliburton Co                                       | CUSIP: 406216AS0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $87179.15     | 0.12%             | 2096-08-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                   | Microsoft Corp                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7475 | NS      | $3871676.25   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority        | CUSIP: 57563RSU4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    155000 | PA      | $151825.88    | 0.21%             | 2038-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                               | Vertiv Holdings Co                                   | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1225 | NS      | $184803.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust 2024-1                    | CUSIP: 46657PAR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $202838.10    | 0.28%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                      | PepsiCo Inc                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1825 | NS      | $256303.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                                    | Dynatrace Inc                                        | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      4250 | NS      | $205912.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Core Bond Trust                        | BlackRock Core Bond Trust                            | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     27126 | NS      | $269632.44    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3137H9JY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    122480 | PA      | $116280.37    | 0.16%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3137BLU48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10035 | PA      | $11055.87     | 0.02%             | 2045-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36179XE93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    197610 | PA      | $183632.67    | 0.25%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP                             | SOUTHSTATE BANK CORP                                 | CUSIP: 840441AA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156112.29    | 0.21%             | 2035-06-13      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions Inc                               | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1400 | NS      | $640206.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| VERMILLION CNTY IN ECON DEV LE                   | County of Vermillion IN                              | CUSIP: 92407TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254999.80    | 0.35%             | 2032-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | J.P. Morgan Mortgage Trust 2023-6                    | CUSIP: 465989AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103277 | PA      | $104689.39    | 0.14%             | 2053-12-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DoubleLine Opportunistic Credit Fund             | DoubleLine Opportunistic Credit Fund                 | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               | RF                | US        |      4400 | NS      | $68552.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-6                      | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242228 | PA      | $217671.77    | 0.30%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $251210.94    | 0.34%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2024-2                      | CUSIP: 46657TAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $126079.28    | 0.17%             | 2054-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Gold Pool                                | CUSIP: 31335AXQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14978 | PA      | $15469.12     | 0.02%             | 2031-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK NA                               | South State Bank NA                                  | CUSIP: 45384BAD8<br>LEI: 8I3UVGYULPJQIP7FQV10 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104750.00    | 0.14%             | 2034-08-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3137A0XM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5557 | PA      | $5934.25      | 0.01%             | 2036-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE GAS & ELEC                            | Louisville Gas and Electric Co                       | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52330.49     | 0.07%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    475972 | PA      | $472463.65    | 0.65%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                          | Sherwin-Williams Co/The                              | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1000 | NS      | $346260.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                     | Broadcom Inc                                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11400 | NS      | $3760974.00   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                           | Bank of New York Mellon Corp/The                     | CUSIP: 06406RBU0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    175000 | PA      | $195051.06    | 0.27%             | 2034-10-25      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418EV56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    254501 | PA      | $240117.13    | 0.33%             | 2053-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Master Intermediate Income Trust          | Putnam Master Intermediate Income Trust              | CUSIP: 746909100<br>LEI: QYQERD8ESA0ALFI8LA12 | Long             | EC               | RF                | US        |     66500 | NS      | $228760.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY PROG SC STOR                         | Duke Energy Progress SC Storm Funding LLC            | CUSIP: 26445CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     71264 | PA      | $73093.35     | 0.10%             | 2044-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31402DAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5489 | PA      | $5700.11      | 0.01%             | 2033-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-13                     | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    210371 | PA      | $188930.75    | 0.26%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                        | Apple Inc                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13475 | NS      | $3431139.25   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $220860.35    | 0.30%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                           | UnitedHealth Group Inc                               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1900 | NS      | $656070.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2020-4                        | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33707 | PA      | $31400.64     | 0.04%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                            | Entergy Louisiana LLC                                | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127875.74    | 0.17%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                    | United States Small Business Administration          | CUSIP: 83162CRN5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      5058 | PA      | $5093.16      | 0.01%             | 2028-01-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                    | Fidelity Government Portfolio                        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    791940 | NS      | $791940.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                    | Accenture PLC                                        | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2025 | NS      | $499365.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                        | Linde PLC                                            | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      1225 | NS      | $581875.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| COMERICA INC                                     | Comerica Inc                                         | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52044.79     | 0.07%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                                      | NVIDIA Corp                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     32950 | NS      | $6147811.00   | 8.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TCW Strategic Income Fund Inc                    | TCW Strategic Income Fund Inc                        | CUSIP: 872340104<br>LEI: 54930062BZFVP7F6WJ47 | Long             | EC               | RF                | US        |     25000 | NS      | $123000.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority        | CUSIP: 57563RTM1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147513.13    | 0.20%             | 2044-07-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc                            | Applied Materials Inc                                | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1900 | NS      | $389006.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                         | Visa Inc                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2800 | NS      | $955864.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CHILDRENS HOSPITAL                         | Texas Children's Hospital                            | CUSIP: 88224LAQ1<br>LEI: 549300JQ1IKID2ZK7X26 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112740.93    | 0.15%             | 2029-10-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 3617BFSK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18458 | PA      | $18598.91     | 0.03%             | 2048-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                   | Indiana Housing & Community Development Authority    | CUSIP: 45505TD99<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    280000 | PA      | $287563.53    | 0.39%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Siemens AG                                       | Siemens AG                                           | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      5175 | NS      | $698676.75    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                   | Colorado Educational & Cultural Facilities Authority | CUSIP: 19645UFU3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    205000 | PA      | $157746.66    | 0.22%             | 2056-03-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38374L5X5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        59 | PA      | $58.63        | 0.00%             | 2035-09-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2023-10                     | CUSIP: 465986AZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $152344.41    | 0.21%             | 2054-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Income Trust Inc                       | BlackRock Income Trust Inc                           | CUSIP: 09247F209<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | RF                | US        |      2807 | NS      | $31550.68     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                            | Quest Diagnostics Inc                                | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1475 | NS      | $281105.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36202EXP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7928 | PA      | $8192.23      | 0.01%             | 2038-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp                            | General Dynamics Corp                                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       700 | NS      | $238700.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                             | Parker-Hannifin Corp                                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       625 | NS      | $473843.75    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                         | First Citizens BancShares Inc/NC                     | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202599.60    | 0.28%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Safran SA                                        | Safran SA                                            | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      7350 | NS      | $649078.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Intermediate Income Trust                    | MFS Intermediate Income Trust                        | CUSIP: 55273C107<br>LEI: WGVMPY7PP3OZCAPKRD65 | Long             | EC               | RF                | US        |     83033 | NS      | $222528.44    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ELECT SECUR FND II                           | DTE Electric Securitization Funding II LLC           | CUSIP: 23346TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $108160.91    | 0.15%             | 2037-09-01      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3137FGC52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    131110 | PA      | $124612.96    | 0.17%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc                      | Honeywell International Inc                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1450 | NS      | $305225.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Sequoia Mortgage Trust                           | Sequoia Mortgage Trust 2025-1                        | CUSIP: 81743EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    208074 | PA      | $211284.91    | 0.29%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FGX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240789 | PA      | $239013.85    | 0.33%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $202390.62    | 0.28%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWM91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    240653 | PA      | $227025.09    | 0.31%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                              | Abbott Laboratories                                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2450 | NS      | $328153.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                       | AbbVie Inc                                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1750 | NS      | $405195.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $103402.34    | 0.14%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EVERGY MISSOURI W STORM                          | Evergy Missouri West Storm Funding I LLC             | CUSIP: 30037HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94104 | PA      | $95813.09     | 0.13%             | 2038-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2024-5               | CUSIP: 46658RAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204066.74    | 0.28%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                     | Autodesk Inc                                         | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1275 | NS      | $405029.25    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust 2024-9             | CUSIP: 16160QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120160 | PA      | $120747.22    | 0.16%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWPF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    242472 | PA      | $235415.41    | 0.32%             | 2055-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                    | Massachusetts Educational Financing Authority        | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14778.57     | 0.02%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418ES35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    215679 | PA      | $209771.72    | 0.29%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust 2021-6                      | CUSIP: 46653PBJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    246462 | PA      | $241576.04    | 0.33%             | 2051-10-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2000 | NS      | $1468760.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    279019 | PA      | $272109.56    | 0.37%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust 2025-1             | CUSIP: 16160TAD0<br>LEI: 529900UNQTJFSNGLF721 | Long             | ABS-MBS          | CORP              | US        |    212944 | PA      | $215918.28    | 0.29%             | 2055-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 3617A0T63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5398 | PA      | $5510.01      | 0.01%             | 2032-04-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Nuveen Multi-Market Income Fund                  | Nuveen Multi-Market Income Fund                      | CUSIP: 67075J107<br>LEI: G7V8IS406QV705LBK003 | Long             | EC               | RF                | US        |     17353 | NS      | $109150.37    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418E6Y1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    245188 | PA      | $238052.63    | 0.33%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Financial Strategies Income Term Trust | Angel Oak Financial Strategies Income Term Trust     | CUSIP: 03464A100<br>LEI: 549300BL3JQL47QYUO51 | Long             | EC               | RF                | US        |     27282 | NS      | $357667.02    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGRANGE CNTY IN REGL UTIL DIS                   | LaGrange County Regional Utility District            | CUSIP: 50710RBZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $188039.44    | 0.26%             | 2040-01-01      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust Series 2024-3      | CUSIP: 16159HAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102042.12    | 0.14%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                     | Alphabet Inc                                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4100 | NS      | $998555.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FannieMae Whole Loan                             | Fannie Mae Trust 2004-W9                             | CUSIP: 31394ACL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     18422 | PA      | $18924.78     | 0.03%             | 2044-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust Series 2024-4      | CUSIP: 16159NAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204556.36    | 0.28%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SELECTIVE INSURANCE GROU                         | Selective Insurance Group Inc                        | CUSIP: 816300AJ6<br>LEI: 549300R3WGJWLE40R258 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207856.66    | 0.28%             | 2035-04-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                   | Chase Home Lending Mortgage Trust 2023-1             | CUSIP: 16159PAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120460 | PA      | $122106.59    | 0.17%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                     | Stryker Corp                                         | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       325 | NS      | $120142.75    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                          | Booz Allen Hamilton Inc                              | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208491.89    | 0.28%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| EQUIFAX INC                                      | Equifax Inc                                          | CUSIP: 294429AG0<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $226083.32    | 0.31%             | 2037-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                   | Eli Lilly & Co                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       840 | NS      | $640920.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38382NJZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    160338 | PA      | $165852.67    | 0.23%             | 2051-02-20      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                               | Home Depot Inc/The                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1825 | NS      | $739471.75    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418FKK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    463524 | PA      | $437273.57    | 0.60%             | 2055-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220409 | PA      | $202461.51    | 0.28%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac Pool                                     | CUSIP: 3132DWNV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    247130 | PA      | $239937.87    | 0.33%             | 2055-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1900 | NS      | $446462.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                     | Alphabet Inc                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12400 | NS      | $3014440.00   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SECURITY BENEFIT LIFE                            | Security Benefit Life Insurance Co                   | CUSIP: 814120AC5<br>LEI: 6GG1425B5X0SPG36P168 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100175.98    | 0.14%             | 2033-10-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                           | Palo Alto Networks Inc                               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4320 | NS      | $879638.40    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| OAK CREEK WI                                     | City of Oak Creek WI                                 | CUSIP: 671137D95<br>LEI: 549300FLUIG6KPZ61B39 | Long             | DBT              | MUN               | US        |    295000 | PA      | $281935.57    | 0.39%             | 2029-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management                      | RCKT Mortgage Trust 2025-CES1                        | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    432708 | PA      | $437840.28    | 0.60%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                      | Netflix Inc                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       460 | NS      | $551503.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                   | ConocoPhillips                                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2400 | NS      | $227016.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                         | Ameriprise Financial Inc                             | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1150 | NS      | $564937.50    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                   | Government National Mortgage Association             | CUSIP: 38382QQF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    118648 | PA      | $114925.52    | 0.16%             | 2051-05-20      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                   | Nebraska Investment Finance Authority                | CUSIP: 63968XBU8<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126841.09    | 0.17%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36202CYF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1460 | PA      | $1497.40      | 0.00%             | 2027-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36202EWG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4398 | PA      | $4615.04      | 0.01%             | 2038-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp                            | Northrop Grumman Corp                                | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       375 | NS      | $228495.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Mortgage Income Fund                 | First Trust Mortgage Income Fund                     | CUSIP: 33734E103<br>LEI: 549300DJXDU5IDLS9H81 | Long             | EC               | RF                | US        |      8500 | NS      | $104102.90    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                   | Maricopa County Industrial Development Authority     | CUSIP: 56681NGX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $77226.28     | 0.11%             | 2044-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                            | Evergy Kansas Central Inc                            | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    175000 | PA      | $188376.92    | 0.26%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                         | JP Morgan Mortgage Trust Series 2024-4               | CUSIP: 46657WAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204598.60    | 0.28%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                              | JPMorgan Chase & Co                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2925 | NS      | $922632.75    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                    | CUSIP: 31359VSW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1990 | PA      | $2015.52      | 0.00%             | 2029-04-25      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc                           | Intuitive Surgical Inc                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1290 | NS      | $576926.70    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                  | United States Treasury Note/Bond                     | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $1150988.29   | 1.57%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                       | Dexcom Inc                                           | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      3500 | NS      | $235515.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                                   | Eaton Corp PLC                                       | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       800 | NS      | $299400.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    162074 | PA      | $152896.60    | 0.21%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DWS Municipal Income Trust                       | DWS Municipal Income Trust                           | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     23200 | NS      | $212744.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS PASS-THROUGH TR 2014                         | CVS Pass-Through Trust Series 2014                   | CUSIP: 12665VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    152167 | PA      | $143656.76    | 0.20%             | 2036-08-11      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Chubb Ltd                                        | Chubb Ltd                                            | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1400 | NS      | $395150.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2050 | NS      | $484558.50    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 3622ADJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    143676 | PA      | $138595.46    | 0.19%             | 2064-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae Pool                                      | CUSIP: 3140MSBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    278194 | PA      | $270945.27    | 0.37%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST                           | CVS Pass-Through Trust                               | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     66188 | PA      | $69089.48     | 0.09%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                              | Arista Networks Inc                                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3060 | NS      | $445872.60    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 3137B7FP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5199 | PA      | $5345.10      | 0.01%             | 2047-10-15      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| John Hancock Income Securities Trust             | John Hancock Income Securities Trust                 | CUSIP: 410123103<br>LEI: 549300RB36J7QSFLWG11 | Long             | EC               | RF                | US        |      5000 | NS      | $58375.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                        | Shell PLC                                            | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2400 | NS      | $171672.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                      | Freddie Mac REMICS                                   | CUSIP: 31392TAU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12656 | PA      | $13190.41     | 0.02%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHARLES STARK DRAPER LAB                         | Charles Stark Draper Laboratory Inc/The              | CUSIP: 15987TAT8<br>LEI: 254900FAU0MCDL819V50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86952.34     | 0.12%             | 2048-09-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                       | Fannie Mae REMICS                                    | CUSIP: 31397NWY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18891 | PA      | $20162.42     | 0.03%             | 2039-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                   | Ginnie Mae II Pool                                   | CUSIP: 36202DDN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      6831 | PA      | $7048.81      | 0.01%             | 2029-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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