# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-26-020307
**Filing Date:** 2026-5
**Character Count:** 111710
**Document Hash:** 4707bc8762ab4ea07518f21125af9d10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020307.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000940400-26-020307

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260521

**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:** 261007405

**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)** 

March 31, 2026

**Sit Balanced Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 61.8%** |  |  |
|  **Consumer Durables - 0.5%** |  |  |
|  Take-Two Interactive Software, Inc. \* | 1765 | 348588 |
|  **Consumer Non-Durables - 0.4%** | **Consumer Non-Durables - 0.4%** | **Consumer Non-Durables - 0.4%** |
|  PepsiCo, Inc. | 1825 | 283404 |
|  **Consumer Services - 1.8%** | **Consumer Services - 1.8%** | **Consumer Services - 1.8%** |
|  McDonald's Corp. | 1450 | 450645 |
|  Visa, Inc. | 2800 | 846272 |
|  |  | 1296917 |
|  **Electronic Technology - 19.7%** | **Electronic Technology - 19.7%** | **Electronic Technology - 19.7%** |
|  Apple, Inc. | 13475 | 3419820 |
|  Applied Materials, Inc. | 1900 | 649401 |
|  Arista Networks, Inc. \* | 3060 | 375707 |
|  Broadcom, Inc. | 10850 | 3358183 |
|  NVIDIA Corp. | 30900 | 5388960 |
|  Palo Alto Networks, Inc. \* | 4320 | 692582 |
|  Vertiv Holdings Co. | 1225 | 306961 |
|  |  | 14191614 |
|  **Energy Minerals - 0.3%** | **Energy Minerals - 0.3%** | **Energy Minerals - 0.3%** |
|  Shell, PLC, ADR | 2400 | 223200 |
|  **Finance - 4.7%** | **Finance - 4.7%** | **Finance - 4.7%** |
|  Ameriprise Financial, Inc. | 1150 | 511060 |
|  Bank of America Corp. | 4800 | 234000 |
|  Chubb, Ltd. | 1400 | 456302 |
|  Goldman Sachs Group, Inc. | 1600 | 1353584 |
|  JPMorgan Chase & Co. | 2925 | 860418 |
|  |  | 3415364 |
|  **Health Services - 0.7%** | **Health Services - 0.7%** | **Health Services - 0.7%** |
|  UnitedHealth Group, Inc. | 1900 | 514121 |
|  **Health Technology - 4.2%** | **Health Technology - 4.2%** | **Health Technology - 4.2%** |
|  Abbott Laboratories | 2450 | 251542 |
|  AbbVie, Inc. | 1750 | 380608 |
|  Boston Scientific Corp. \* | 2575 | 161581 |
|  Eli Lilly & Co. | 840 | 772607 |
|  Intuitive Surgical, Inc. \* | 1290 | 594677 |
|  Merck & Co., Inc. | 950 | 114275 |
|  Stryker Corp. | 700 | 230013 |
|  Thermo Fisher Scientific, Inc. | 1040 | 511191 |
|  |  | 3016494 |
|  **Industrial Services - 2.0%** | **Industrial Services - 2.0%** | **Industrial Services - 2.0%** |
|  Cheniere Energy, Inc. | 1900 | 539144 |
|  Waste Connections, Inc. | 1500 | 243660 |
|  Williams Cos., Inc. | 8700 | 633186 |
|  |  | 1415990 |
|  **Process Industries - 0.8%** | **Process Industries - 0.8%** | **Process Industries - 0.8%** |
|  Linde, PLC | 575 | 285062 |
|  Sherwin-Williams Co. | 1000 | 320550 |
|  |  | 605612 |
|  **Producer Manufacturing - 4.9%** | **Producer Manufacturing - 4.9%** | **Producer Manufacturing - 4.9%** |
|  Axon Enterprise, Inc. \* | 405 | 171999 |
|  Eaton Corp., PLC | 800 | 286136 |
|  Emerson Electric Co. | 750 | 98265 |
|  General Dynamics Corp. | 700 | 240254 |
|  Honeywell International, Inc. | 1450 | 327744 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Motorola Solutions, Inc. | 750 | 325478 |
|  Northrop Grumman Corp. | 375 | 255840 |
|  Parker-Hannifin Corp. | 625 | 559525 |
|  Safran SA, ADR | 7350 | 602921 |
|  Siemens AG, ADR | 5175 | 630729 |
|  |  | 3498891 |
|  **Retail Trade - 5.5%** | **Retail Trade - 5.5%** | **Retail Trade - 5.5%** |
|  Amazon.com, Inc. \* | 9700 | 2020219 |
|  Home Depot, Inc. | 1825 | 600224 |
|  Netflix, Inc. \* | 5900 | 567285 |
|  TJX Cos., Inc. | 5100 | 814470 |
|  |  | 4002198 |
|  **Technology Services - 15.1%** | **Technology Services - 15.1%** | **Technology Services - 15.1%** |
|  Accenture, PLC | 2025 | 401537 |
|  Alphabet, Inc. - Class A | 12400 | 3565744 |
|  Alphabet, Inc. - Class C | 3675 | 1054210 |
|  Autodesk, Inc. \* | 1275 | 305235 |
|  Dynatrace, Inc. \* | 4250 | 157165 |
|  Intuit, Inc. | 1200 | 518856 |
|  Meta Platforms, Inc. | 2115 | 1210055 |
|  Microsoft Corp. | 7475 | 2767021 |
|  Salesforce, Inc. | 3050 | 569344 |
|  ServiceNow, Inc. \* | 2800 | 292740 |
|  |  | 10841907 |
|  **Transportation - 0.7%** | **Transportation - 0.7%** | **Transportation - 0.7%** |
|  Union Pacific Corp. | 2050 | 497371 |
|  **Utilities - 0.5%** | **Utilities - 0.5%** | **Utilities - 0.5%** |
|  NextEra Energy, Inc. | 4140 | 384523 |
|  **Total Common Stocks<br>(cost: $16,647,798)** |  | 44536194 |
| **Name of Issuer** | **Principal**<br> **Amount ($)** | **Fair Value ($)** |
|  **Bonds – 31.5%** |  |  |
|  **Asset-Backed Securities - 1.0%** |  |  |
|  DTE Electric Securitization Funding II, LLC 6.09%, 9/1/37 | 100000 | 107384 |
|  Duke Energy Florida, LLC 2.86%, 3/1/33 | 120000 | 109853 |
|  Duke Energy Progress SC Storm Funding, LLC 5.40%, 3/1/44 | 70119 | 71823 |
|  Evergy Missouri West Storm Funding I, LLC 5.10%, 12/1/38 | 91626 | 93514 |
|  RCKT Mortgage Trust 2025-CES1 A1A, 5.65%, 1/25/45 <sup>4, 14</sup> | 351711 | 353425 |
|  Small Business Administration 2008-20A 1, 5.17%, 1/1/28 | 3882 | 3900 |
|  |  | 739899 |
|  **Collateralized Mortgage Obligations - 6.3%** | **Collateralized Mortgage Obligations - 6.3%** | **Collateralized Mortgage Obligations - 6.3%** |
|  Chase Home Lending Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026-1 A5A, 5.00%, 11/25/56 <sup>1, 4</sup> | 200000 | 192264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-9 A4, 5.50%, 9/25/55 <sup>1, 4</sup> | 57487 | 57522 |

---

MARCH 31, 2026<sub>1</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**Sit Balanced Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)** | **Fair Value ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-1 A2, 6.00%, 6/25/54 <sup>1, 4</sup> | 105116 | 105830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 11/25/55 <sup>1, 4</sup> | 175507 | 176330 |
|  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 | 200663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 2/25/55 <sup>1, 4</sup> | 200000 | 200698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-3 A8, 6.00%, 2/25/55 <sup>1, 4</sup> | 100000 | 100353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8, 6.00%, 3/25/55 <sup>1, 4</sup> | 200000 | 202320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 A8, 6.00%, 12/25/55 <sup>1, 4</sup> | 250000 | 249646 |
|  Fannie Mae: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017-84 JP, 2.75%, 10/25/47 | 14576 | 12819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T1 1A1, 6.00%, 1/25/44 | 9701 | 10018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999-17 C, 6.35%, 4/25/29 | 1466 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009-30 AG, 6.50%, 5/25/39 | 16734 | 17714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-W9 2A1, 6.50%, 2/25/44 | 17483 | 17883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T3 1A3, 7.00%, 2/25/44 | 3742 | 3832 |
|  Freddie Mac: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5280 A, 3.50%, 1/25/50 | 113485 | 107467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4812 CZ, 4.00%, 5/15/48 | 124907 | 117743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 BA, 5.15%, 10/15/47 <sup>1</sup> | 4968 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 ZE, 6.00%, 2/15/29 | 9572 | 9739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126 C, 6.00%, 2/15/29 | 5795 | 5884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 Z, 6.00%, 8/15/32 | 9779 | 10054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 WG, 6.00%, 8/15/32 | 11434 | 11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 ZJ, 6.50%, 9/15/31 | 10166 | 10459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4520 HM, 6.50%, 8/15/45 | 9456 | 10276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3704 CT, 7.00%, 12/15/36 | 4968 | 5271 |
|  Government National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-86 WB, 4.73%, 5/20/51 <sup>1</sup> | 114320 | 109686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-104 HT, 5.50%, 6/20/51 | 148994 | 152153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-27 AW, 5.92%, 2/20/51 <sup>1</sup> | 155211 | 158540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015-80 BA, 7.00%, 6/20/45 <sup>1</sup> | 2519 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-147 AM, 7.00%, 10/20/48 | 18195 | 19017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005-74 HA, 7.50%, 9/16/35 | 34 | 34 |
|  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> | 230249 | 207913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-13 A4, 2.50%, 4/25/52 <sup>1, 4</sup> | 202093 | 181893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A12, 5.00%, 10/25/51 <sup>1, 4</sup> | 238601 | 232405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-6 A2, 6.00%, 12/26/53 <sup>1, 4</sup> | 89806 | 90417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-10 A8, 6.00%, 5/25/54 <sup>1, 4</sup> | 150000 | 149991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8, 6.00%, 6/25/54 <sup>1, 4</sup> | 200000 | 199681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 8/25/54 <sup>1, 4</sup> | 55611 | 55497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8A, 6.00%, 10/25/54 <sup>1, 4</sup> | 200000 | 199889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-5 A8, 6.00%, 11/25/54 <sup>1, 4</sup> | 200000 | 199953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A8, 6.00%, 6/25/55 <sup>1, 4</sup> | 250000 | 249827 |
|  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> | 23309 | 22698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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> | 31590 | 29295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026-4 A7, 5.50%, 3/25/56 <sup>1, 4</sup> | 150000 | 148962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 1/25/55 <sup>1, 4</sup> | 143550 | 144122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-3 A16, 6.00%, 4/25/55 <sup>1, 4</sup> | 150000 | 150513 |
|  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> | 24934 | 22983 |
|  |  | 4571302 |
|  **Corporate Bonds - 5.7%** | **Corporate Bonds - 5.7%** | **Corporate Bonds - 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., 5.55%, 2/15/36 | 150000 | 149877 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)** | **Fair Value ($)** |
|  BOKF NA (Subordinated), 6.11%, 11/6/40 | 250000 | 253343 |
|  Booz Allen Hamilton, Inc., 5.95%, 4/15/35 | 250000 | 252200 |
|  CenterPoint Energy Houston Electric, LLC, 4.85%, 4/1/36 | 175000 | 171435 |
|  Charles Stark Draper Lab., Inc., 4.39%, 9/1/48 | 100000 | 84734 |
|  CVS Pass-Through Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 8/11/36 <sup>4</sup> | 146602 | 137116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 1/10/30 | 59506 | 61263 |
|  Entergy Corp. (Subordinated), 6.10%, 6/15/56 | 125000 | 123341 |
|  Entergy Louisiana, LLC, 5.80%, 3/15/55 | 125000 | 122813 |
|  Equifax, Inc., 7.00%, 7/1/37 | 200000 | 220981 |
|  Exelon Corp. (Subordinated), 6.50%, 3/15/55 | 150000 | 152946 |
|  Fifth Third Bank NA (Subordinated), 5.33%, 8/25/33 | 250000 | 250342 |
|  First Citizens BancShares, Inc. (Subordinated), 6.25%, 3/12/40 | 200000 | 195497 |
|  Halliburton Co., 7.60%, 8/15/96 <sup>4</sup> | 75000 | 85057 |
|  JPMorgan Chase & Co. (Subordinated), 5.58%, 7/23/36 | 125000 | 127123 |
|  L3Harris Technologies, Inc., 5.50%, 8/15/54 | 50000 | 47957 |
|  Morgan Stanley, 5.07%, 1/30/37 | 125000 | 122596 |
|  Morgan Stanley (Subordinated), 5.31%, 1/18/41 | 150000 | 144879 |
|  Pinnacle Financial Partners, Inc., 6.17%, 11/1/30 | 125000 | 127422 |
|  Regions Financial Corp. (Subordinated), 7.38%, 12/10/37 | 200000 | 226326 |
|  South State Bank NA (Subordinated), 8.38%, 8/15/34 | 100000 | 105750 |
|  Southern Co. (Subordinated), 6.00%, 4/1/58 | 50000 | 50254 |
|  SouthState Bank Corp. (Subordinated), 7.00%, 6/13/35 | 150000 | 156608 |
|  Union Electric Co., 4.00%, 4/1/48 | 275000 | 212686 |
|  Unum Group, 5.25%, 12/15/35 | 50000 | 48945 |
|  US Bancorp (Subordinated), 4.97%, 7/22/33 | 100000 | 98910 |
|  Western Alliance Bank (Subordinated), 6.54%, 11/15/35 | 100000 | 97943 |
|  Wynnton Funding Trust, 5.25%, 8/15/35 <sup>4</sup> | 250000 | 246438 |
|  |  | 4074782 |
|  **Federal Home Loan Mortgage Corporation - 1.3%** | **Federal Home Loan Mortgage Corporation - 1.3%** | **Federal Home Loan Mortgage Corporation - 1.3%** |
|  4.00%, 1/1/53 | 227230 | 214786 |
|  4.00%, 11/1/54 | 232695 | 219505 |
|  4.00%, 3/1/55 | 249383 | 235247 |
|  4.50%, 4/1/55 | 237816 | 229613 |
|  |  | 899151 |
|  **Federal National Mortgage Association - 5.2%** | **Federal National Mortgage Association - 5.2%** | **Federal National Mortgage Association - 5.2%** |
|  4.00%, 9/1/53 | 244050 | 230520 |
|  4.00%, 4/1/54 | 158403 | 149424 |
|  4.00%, 5/1/54 | 267012 | 251878 |
|  4.00%, 9/1/54 | 160612 | 151509 |
|  4.00%, 11/1/54 | 233967 | 220705 |
|  4.00%, 4/1/55 | 477308 | 450251 |
|  4.00%, 5/1/55 | 549844 | 518675 |
|  4.50%, 7/1/52 | 268198 | 259943 |
|  4.50%, 9/1/52 | 266920 | 258731 |
|  4.50%, 6/1/53 | 206953 | 200401 |
|  4.50%, 7/1/53 | 228832 | 221151 |
|  4.50%, 6/1/54 | 239786 | 231516 |
|  4.50%, 11/1/54 | 553122 | 534043 |
|  4.50%, 10/1/55 | 73620 | 71081 |

---

**2**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**Sit Balanced Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)** | **Fair Value ($)** |
|  6.50%, 9/1/27 | 3385 | 3498 |
|  |  | 3753326 |
|  **Government National Mortgage Association - 0.7%** | **Government National Mortgage Association - 0.7%** | **Government National Mortgage Association - 0.7%** |
|  3.50%, 2/20/52 | 210261 | 194568 |
|  4.00%, 9/20/52 | 188867 | 174597 |
|  4.50%, 8/20/64 | 124653 | 119773 |
|  6.50%, 11/20/38 | 7640 | 7860 |
|  7.00%, 11/20/27 | 978 | 1007 |
|  7.00%, 9/20/29 | 5804 | 5976 |
|  7.00%, 9/20/38 | 4001 | 4164 |
|  7.50%, 4/20/32 | 3267 | 3313 |
|  |  | 511258 |
|  **Taxable Municipal Securities - 5.3%** | **Taxable Municipal Securities - 5.3%** | **Taxable Municipal Securities - 5.3%** |
|  City of Colorado Springs Co. Utilities System Rev., 6.62%, 11/15/40 | 250000 | 279380 |
|  City of New York G.O., 5.99%, 12/1/36 | 370329 | 383141 |
|  City of Oak Creek G.O., 2.40%, 10/1/29 | 295000 | 283391 |
|  Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56 | 205000 | 155847 |
|  County of Vermillion Rev., 4.90%, 8/1/32 | 250000 | 253459 |
|  Dallas County Hospital Dist. G.O., 5.62%, 8/15/44 | 200000 | 195995 |
|  Downtown Dallas Dev. Auth., 6.21%, 8/15/36 | 240000 | 240232 |
|  ID Hsg. & Fin. Association Rev.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 5/1/28 | 90000 | 89683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/1/28 | 110000 | 109612 |
|  IN Hsg. & Community Dev. Auth. Rev., 5.75%, 7/1/54 | 260000 | 267400 |
|  LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 | 230000 | 190676 |
|  Maricopa Co. Indus. Dev. Auth., 3.50%, 7/1/44 <sup>4</sup> | 100000 | 78231 |
|  Massachusetts Edu. Auth., 4.95%, 7/1/38 | 155000 | 149717 |
|  MN Hsg. Fin. Agy., 2.31%, 1/1/27 | 135000 | 133563 |
|  NE Investment Fin. Auth. Rev., 6.00%, 9/1/31 | 115000 | 121231 |
|  Public Fin. Auth., 4.23%, 7/1/32 | 105000 | 103097 |
|  Texas Children's Hospital, 3.37%, 10/1/29 <sup>17</sup> | 90000 | 88399 |
|  TX Dept. of Hsg. & Community Affairs Rev., 6.25%, 9/1/53 | 195000 | 204555 |
|  Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 | 205000 | 199342 |
|  WV Hsg. Dev. Fund Rev., 5.45%, 5/1/34 | 250000 | 258561 |
|  |  | 3785512 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)** | **Fair Value ($)** |
|  **U.S. Treasury / Federal Agency Securities - 6.0%** | **U.S. Treasury / Federal Agency Securities - 6.0%** | **U.S. Treasury / Federal Agency Securities - 6.0%** |
|  **U.S. Treasury - 6.0%** | **U.S. Treasury - 6.0%** | **U.S. Treasury - 6.0%** |
|  U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225000 | 215095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 575000 | 549911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 1150000 | 1120890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/56 | 150000 | 146672 |
|  U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/28/31 | 1000000 | 980703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 200000 | 200703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/32 | 250000 | 248838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/35 | 600000 | 585750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/35 | 200000 | 199407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 100000 | 102117 |
|  |  | 4350086 |
|  **Total Bonds<br>(cost $23,145,617)** |  | 22685316 |
| **Name of Issuer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Quantity** | **Fair Value ($)** |
|  **Investment Companies 3.9%** | **Investment Companies 3.9%** | **Investment Companies 3.9%** |
|  Angel Oak Financial Strategies Income Trust | 28182 | 359320 |
|  BlackRock Core Bond Trust | 29126 | 266794 |
|  BlackRock Income Trust, Inc. | 8379 | 88566 |
|  BlackRock Taxable Municipal Bond Trust | 25733 | 416103 |
|  DoubleLine Opportunistic Credit Fund | 4400 | 64240 |
|  DWS Municipal Income Trust | 24300 | 221130 |
|  First Trust Mortgage Income Fund | 11200 | 131824 |
|  John Hancock Income Securities Trust | 5900 | 64546 |
|  MFS Government Markets Income Trust | 3500 | 10290 |
|  MFS Intermediate Income Trust | 91833 | 230501 |
|  Nuveen Multi-Market Income Fund | 22553 | 132837 |
|  Nuveen Taxable Municipal Income Fund | 11667 | 182705 |
|  Putnam Master Intermediate Income Trust | 66500 | 217455 |
|  Putnam Premier Income Trust | 77203 | 274071 |
|  TCW Strategic Income Fund, Inc. | 40731 | 182884 |
|  **Total Investment Companies<br>(cost: $2,900,412)** |  | 2843266 |
|  **Short-Term Securities - 2.4%** | **Short-Term Securities - 2.4%** | **Short-Term Securities - 2.4%** |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.53%<br>**(cost $1,705,705)** | 1705705 | 1705705 |
|  **Total Investments in Securities - 99.6%<br>(cost $44,399,532)** |  | 71770481 |
|  **Other Assets and Liabilities, net - 0.4%** | **Other Assets and Liabilities, net - 0.4%** | 291545 |
|  **Net Assets - 100.0%** |  | $72062026 |

---

MARCH 31, 2026<sub>3</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

March 31, 2026

**Sit Balanced Fund (Continued)** 

\* Non-income producing security.

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of March 31, 2026. 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 March 31, 2026 was $4,671,932 and represented 6.5% 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 March 31, 2026.

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

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

A summary of the levels for the Fund's investments as of March 31, 2026 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\*\* | 44536194 |  |  | 44536194 |
|  Asset-Backed Securities |  | 739899 |  | 739899 |
|  Collateralized Mortgage Obligations |  | 4571302 |  | 4571302 |
|  Corporate Bonds |  | 4074782 |  | 4074782 |
|  Federal Home Loan Mortgage Corporation |  | 899151 |  | 899151 |
|  Federal National Mortgage Association |  | 3753326 |  | 3753326 |
|  Government National Mortgage Association |  | 511258 |  | 511258 |
|  Taxable Municipal Securities |  | 3785512 |  | 3785512 |
|  U.S. Treasury / Federal Agency Securities |  | 4350086 |  | 4350086 |
|  Investment Companies | 2843266 |  |  | 2843266 |
|  Short-Term Securities | 1705705 |  |  | 1705705 |
|  Total: | 49085165 | 22685316 |  | 71770481 |

---

\*\* 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:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $72149092.19

**Total Liabilities:** $59839.66

**Net Assets:** $72089252.53

**Cash Not Reported:** $165745.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 22.95198000 | **1-Year:** 574.90638000 | **5-Year:** 5717.63753000 | **10-Year:** 3852.39823000 | **30-Year:** 129.12809000

**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 | -0.15%               | -1.26%               | -3.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4147.71                | $-198184.86                                |
| Month 2  | $10255.81                | $-1075101.12                               |
| Month 3  | $38590.11                | $-3022473.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ) | AZ MAREDU 3.5 07/01/2044                                     | CUSIP: 56681NGX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $78231.18     | 0.11%             | 2044-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chubb Ltd. Switzerland                                      | Chubb Ltd. Switzerland ORD CHF24.15                          | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1400 | NS      | $456302.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2023-6                             | JPMMT 2023-6 A2                                              | CUSIP: 465989AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89806 | PA      | $90416.60     | 0.13%             | 2053-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                              | MS V5.073 01/30/37                                           | CUSIP: 61748UAT9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122595.75    | 0.17%             | 2037-01-30      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                                      | The TJX Companies Inc. COM                                   | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5100 | NS      | $814470.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Taxable Municipal Bond Trust                      | BlackRock Taxable Municipal Bond Trust SHS                   | CUSIP: 09248X100<br>LEI: SNYX4R2CEK5Q5D25DZ39 | Long             | EC               | RF                | US        |     25733 | NS      | $416102.61    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FR SD8512                                                    | CUSIP: 3132DWN58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    249383 | PA      | $235246.74    | 0.33%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                         | Stryker Corporation COM                                      | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       700 | NS      | $230013.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                | T 4.5 11/15/33                                               | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $102117.19    | 0.14%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT HSG & CMNTY AFFAIRS                           | TX TXSSFH 6.25 09/01/2053                                    | CUSIP: 88275FZU6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    195000 | PA      | $204555.16    | 0.28%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                | General Dynamics Corporation COM                             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       700 | NS      | $240254.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Missouri West Storm Funding I LLC                    | EVRG 5.104 12/01/38 A-1                                      | CUSIP: 30037HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     91626 | PA      | $93513.60     | 0.13%             | 2038-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank National Association Cincinnati Ohio       | FITB V5.332 08/25/33                                         | CUSIP: 200339EX3<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250342.28    | 0.35%             | 2033-08-25      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2023-10                            | JPMMT 2023-10 A8                                             | CUSIP: 465986AZ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149991.12    | 0.21%             | 2054-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FR SD8484                                                    | CUSIP: 3132DWM91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    232695 | PA      | $219505.28    | 0.30%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5386                                                    | CUSIP: 31418E6Y1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    239786 | PA      | $231515.44    | 0.32%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                        | ID IDSHSG 5.18 05/01/2028                                    | CUSIP: 45129GPK5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     90000 | PA      | $89682.89     | 0.12%             | 2028-05-01      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-1                             | JPMMT 2024-1 A8                                              | CUSIP: 46657PAR4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199680.78    | 0.28%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 2485 WG                                                  | CUSIP: 31392TAU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     11434 | PA      | $11838.99     | 0.02%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                | Honeywell International Inc. COM                             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1450 | NS      | $327743.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE FINANCIAL PARTNERS INC                             | PNFP V6.168 11/01/30                                         | CUSIP: 87161CAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $127422.13    | 0.18%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MTG TR 2025-2                            | CHASE 2025-2 A8                                              | CUSIP: 16159VAR7<br>LEI: 529900EZUBPOKPDSQI35 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249645.98    | 0.35%             | 2055-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                        | ID IDSHSG 5.23 05/01/2028                                    | CUSIP: 45129GNW1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    110000 | PA      | $109612.57    | 0.15%             | 2028-05-01      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Fidelity Colchester Street Trust                            | Fidelity Colchester Street Trust MNY MRKT FDS I              | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1696618 | NS      | $1696617.71   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                                             | Salesforce Inc. COM                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3050 | NS      | $569343.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                                 | Pepsico Inc COM                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1825 | NS      | $283404.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 2357 ZJ                                                  | CUSIP: 3133TUUU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     10166 | PA      | $10458.88     | 0.01%             | 2031-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEBRASKA INVT FIN AUTH                                      | NE NESSFH 6 09/01/2031                                       | CUSIP: 63968XBU8<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    115000 | PA      | $121230.99    | 0.17%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DTE Electric Securitization Funding II LLC                  | DTE 6.09 09/01/37 A-2                                        | CUSIP: 23346TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $107383.67    | 0.15%             | 2037-09-01      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Siemens AG                                                  | Siemens AG SPONSORED ADR                                     | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      5175 | NS      | $630729.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-3                  | NRZT 2018-3A A1                                              | CUSIP: 64830KAA5<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-O            | CORP              | US        |     23309 | PA      | $22698.13     | 0.03%             | 2058-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5528                                                    | CUSIP: 31418FEA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    233967 | PA      | $220705.18    | 0.31%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                          | NextEra Energy Inc COM                                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      4140 | NS      | $384523.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                             | Eli Lilly & Co. COM                                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       840 | NS      | $772606.80    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                   | Goldman Sachs Group, Inc. COM                                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1600 | NS      | $1353584.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                    | G2 AO0573                                                    | CUSIP: 3617A0T63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3267 | PA      | $3312.59      | 0.00%             | 2032-04-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5135                                                    | CUSIP: 31418EV56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    244050 | PA      | $230520.21    | 0.32%             | 2053-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                | Northrop Grumman Corporation COM                             | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       375 | NS      | $255840.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5670                                                    | CUSIP: 31418FJQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    477308 | PA      | $450251.15    | 0.62%             | 2055-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First Citizens BancShares Inc (Delaware)                    | FCNCA V6.254 03/12/40                                        | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195496.70    | 0.27%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Western Alliance Bank                                       | WAL V6.537 11/15/35                                          | CUSIP: 95758BCL1<br>LEI: SI7YQSVPFZBSQ878IC17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97943.00     | 0.14%             | 2035-11-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Putnam Premier Income Trust                                 | Putnam Premier Income Trust SH BEN INT                       | CUSIP: 746853100<br>LEI: G5048SOHSFOQHNEL1E85 | Long             | EC               | RF                | US        |     77203 | NS      | $274070.65    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Louisiana LLC                                       | ETR 5.8 03/15/55                                             | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122813.33    | 0.17%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                        | JPM V5.576 07/23/36                                          | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127123.36    | 0.18%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5467                                                    | CUSIP: 31418FCD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    160612 | PA      | $151508.39    | 0.21%             | 2054-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                             | Microsoft Corp. COM                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7475 | NS      | $2767020.75   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA4733                                                    | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    266920 | PA      | $258731.26    | 0.36%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                | T 4.25 08/15/35                                              | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199406.25    | 0.28%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Unum Group                                                  | UNM 5.25 12/15/35                                            | CUSIP: 91529YAU0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48944.45     | 0.07%             | 2035-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                 | AbbVie Inc. COM                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1750 | NS      | $380607.50    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                                             | Home Depot Inc. COM                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1825 | NS      | $600224.25    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                       | FNR 2017-84 JP                                               | CUSIP: 3136AYLX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     14576 | PA      | $12818.75     | 0.02%             | 2047-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2025-3                               | SEMT 2025-3 A16                                              | CUSIP: 817370AR0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150512.34    | 0.21%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MFS Government Markets Income Trust                         | MFS Government Markets Income Trust SH BEN INT               | CUSIP: 552939100<br>LEI: JW62H2NF5KGMYLA2ZL41 | Long             | EC               | RF                | US        |      3500 | NS      | $10290.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                                  | Apple Inc. COM                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13475 | NS      | $3419820.25   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Multi-Market Income Fund                             | Nuveen Multi-Market Income Fund COM                          | CUSIP: 67075J107<br>LEI: G7V8IS406QV705LBK003 | Long             | EC               | RF                | US        |     22553 | NS      | $132837.17    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                          | Meta Platforms Inc CL A                                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2115 | NS      | $1210054.95   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                | T 4 07/31/32                                                 | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $248837.89    | 0.35%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-4                    | CHASE 2024-4 A8                                              | CUSIP: 16159NAR5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202319.82    | 0.28%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE BANK CORP                                        | SSB V7 06/13/35                                              | CUSIP: 840441AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $156607.51    | 0.22%             | 2035-06-13      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                         | WI PUBGEN 4.23 07/01/2032                                    | CUSIP: 74442PHC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $103097.19    | 0.14%             | 2032-07-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5529                                                    | CUSIP: 31418FEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    553122 | PA      | $534042.51    | 0.74%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                | SO V6 04/01/58                                               | CUSIP: 842587EJ2<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50253.60     | 0.07%             | 2058-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MFS Intermediate Income Trust                               | MFS Intermediate Income Trust SH BEN INT                     | CUSIP: 55273C107<br>LEI: WGVMPY7PP3OZCAPKRD65 | Long             | EC               | RF                | US        |     91833 | NS      | $230500.83    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2021-27 AW                                               | CUSIP: 38382NJZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    155211 | PA      | $158539.90    | 0.22%             | 2051-02-20      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Safran SA                                                   | Safran SA SPON ADR                                           | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      7350 | NS      | $602920.50    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                                       | Eaton Corporation PLC COM USD0.01                            | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       800 | NS      | $286136.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UTAH TRANSIT AUTHORITY (UT)                                 | UT UTSEDU 2.4 10/15/2027                                     | CUSIP: 91754TA37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $199342.21    | 0.28%             | 2027-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 MA8260                                                    | CUSIP: 36179XE93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    188867 | PA      | $174597.19    | 0.24%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                | T 4 05/31/30                                                 | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200703.12    | 0.28%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS EDL FING AUTH                                 | MA MASEDU 4.95 07/01/2038                                    | CUSIP: 57563RSU4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    155000 | PA      | $149717.15    | 0.21%             | 2038-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Blackrock Income Trust Inc.                                 | Blackrock Income Trust Inc. COM NEW                          | CUSIP: 09247F209<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | RF                | US        |      8379 | NS      | $88566.03     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                                            | McDonald's Corp. COM                                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1450 | NS      | $450645.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                    | G2 4286                                                      | CUSIP: 36202EXP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7640 | PA      | $7859.77      | 0.01%             | 2038-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RCKT MORTGAGE TRUST 2025-CES1                               | RCKT 2025-CES1 A1A                                           | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    351711 | PA      | $353425.31    | 0.49%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2015-80 BA                                               | CUSIP: 38379NAS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      2519 | PA      | $2666.51      | 0.00%             | 2045-06-20      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-6                             | JPMMT 2021-6 A4                                              | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230248 | PA      | $207912.83    | 0.29%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| J P MORGAN MORTGAGE TRUST 2025-1                            | JPMMT 2025-1 A8                                              | CUSIP: 46658UAS0<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $249826.68    | 0.35%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Booz Allen Hamilton Inc                                     | BAH 5.95 04/15/35                                            | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252200.39    | 0.35%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5697                                                    | CUSIP: 31418FKK2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    549844 | PA      | $518675.20    | 0.72%             | 2055-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charles Stark Draper Laboratory Inc. (The)                  | CSDLAB 4.388 09/01/48                                        | CUSIP: 15987TAT8<br>LEI: 254900FAU0MCDL819V50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84733.93     | 0.12%             | 2048-09-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                      | AEE 4 04/01/48                                               | CUSIP: 906548CN0<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    275000 | PA      | $212686.22    | 0.30%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DWS MUNICIPAL INCOME TRUST                                  | DWS MUNICIPAL INCOME TRUST MUNI TERM PREFEREED SHARES 2018   | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     24300 | NS      | $221130.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                         | Cheniere Energy Inc COM NEW                                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1900 | NS      | $539144.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corporation                                         | ETR V6.1 06/15/56                                            | CUSIP: 29364GAS2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123341.15    | 0.17%             | 2056-06-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                               | SBAP 2008-20A 1                                              | CUSIP: 83162CRN5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      3882 | PA      | $3900.41      | 0.01%             | 2028-01-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2021-86 WB                                               | CUSIP: 38382QQF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    114320 | PA      | $109686.31    | 0.15%             | 2051-05-20      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5037                                                    | CUSIP: 31418ES35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206953 | PA      | $200401.35    | 0.28%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                               | Williams Companies Inc. (The) COM                            | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      8700 | NS      | $633186.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-6                             | JPMMT 2021-6 A12                                             | CUSIP: 46653PBJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238601 | PA      | $232405.38    | 0.32%             | 2051-10-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                | The Sherwin-Williams Company COM                             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1000 | NS      | $320550.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Master Int                                           | Putnam Master Int SH BEN INT                                 | CUSIP: 746909100<br>LEI: QYQERD8ESA0ALFI8LA12 | Long             | EC               | RF                | US        |     66500 | NS      | $217455.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES 2020-5 TRUST         | WFMBS 2020-5 A3                                              | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24934 | PA      | $22982.77     | 0.03%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-2                    | CHASE 2024-2 A8A                                             | CUSIP: 161929AQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200698.64    | 0.28%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                               | USB V4.967 07/22/33 MTN                                      | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98910.45     | 0.14%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-2                             | JPMMT 2024-2 A8A                                             | CUSIP: 46657TAS4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55611 | PA      | $55497.56     | 0.08%             | 2054-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2020-4                               | SEMT 2020-4 A5                                               | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31590 | PA      | $29295.16     | 0.04%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Duke Energy Progress SC Storm Funding LLC                   | DUK 5.404 03/01/44 A                                         | CUSIP: 26445CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70119 | PA      | $71823.20     | 0.10%             | 2044-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                              | MS V5.314 01/18/41                                           | CUSIP: 61748UAP7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144878.70    | 0.20%             | 2041-01-18      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2021-13                            | JPMMT 2021-13 A4                                             | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    202093 | PA      | $181892.76    | 0.25%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                                | NVIDIA Corp. COM                                             | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     30900 | NS      | $5388960.00   | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VERMILLION CNTY IND                                         | IN VERDEV 4.9 08/01/2032                                     | CUSIP: 92407TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253459.18    | 0.35%             | 2032-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                    | Visa Inc COM CL A                                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2800 | NS      | $846272.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| COLORADO SPRINGS (CO), CITY OF                              | CO CSPUTL 6.62 11/15/2040                                    | CUSIP: 196632MN0<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |    250000 | PA      | $279379.63    | 0.39%             | 2040-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 2122 ZE                                                  | CUSIP: 3133TJDF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      9572 | PA      | $9738.67      | 0.01%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dynatrace Inc                                               | Dynatrace Inc COM NEW                                        | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      4250 | NS      | $157165.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHASE HOME LNDG MTG TR 2025-1                               | CHASE 2025-1 A4                                              | CUSIP: 16160TAD0<br>LEI: 529900UNQTJFSNGLF721 | Long             | ABS-O            | CORP              | US        |    175507 | PA      | $176330.41    | 0.24%             | 2055-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                                               | Accenture PLC CLS'A'USD0.0000225                             | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2025 | NS      | $401537.25    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| L3 Harris Technologies Inc                                  | LHX 5.5 08/15/54                                             | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47957.04     | 0.07%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 2480 Z                                                   | CUSIP: 31392TEK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      9779 | PA      | $10054.05     | 0.01%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2021-104 HT                                              | CUSIP: 38382UHV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    148994 | PA      | $152152.60    | 0.21%             | 2051-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                               | Netflix, Inc. COM                                            | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      5900 | NS      | $567285.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TCW Strategic Income Fund Inc.                              | TCW Strategic Income Fund Inc. COM                           | CUSIP: 872340104<br>LEI: 54930062BZFVP7F6WJ47 | Long             | EC               | RF                | US        |     40731 | NS      | $182883.69    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                                      | Applied Materials Inc. COM                                   | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1900 | NS      | $649401.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| DOWNTOWN DALLAS DEVELOPMENT AUTHORITY (TX)                  | TX DWNDEV 6.21 08/15/2036                                    | CUSIP: 261149BD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240231.89    | 0.33%             | 2036-08-15      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Nuveen Taxable Municipal Income Fd                          | Nuveen Taxable Municipal Income Fd COM                       | CUSIP: 67074C103<br>LEI: CGX4I2YMRMYU5022FW76 | Long             | EC               | RF                | US        |     11667 | NS      | $182705.22    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                                         | Arista Networks Inc COM SHS                                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3060 | NS      | $375706.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHSTATE BANK CORP                                        | SSB V8.375 08/15/34                                          | CUSIP: 45384BAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105750.00    | 0.15%             | 2034-08-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                | T 3.5 02/28/31                                               | CUSIP: 91282CQD6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $980703.12    | 1.36%             | 2031-02-28      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2018-147 AM                                              | CUSIP: 38381AGM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     18195 | PA      | $19016.55     | 0.03%             | 2048-10-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUTH                             | IN INSSFH 5.75 07/01/2054                                    | CUSIP: 45505TD99<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    260000 | PA      | $267400.43    | 0.37%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FNR 1999-17 C                                                | CUSIP: 31359VSW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      1466 | PA      | $1480.41      | 0.00%             | 2029-04-25      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                                   | Linde PLC COM EUR0.001                                       | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       575 | NS      | $285062.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                | Thermo Fisher Scientific Inc COM                             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1040 | NS      | $511191.20    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 2126 C                                                   | CUSIP: 3133TJDP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      5795 | PA      | $5884.43      | 0.01%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BOKF National Association                                   | BNKOKL V6.108 11/06/40                                       | CUSIP: 05572YHP0<br>LEI: FU7RSW4CQQY98A2O7J66 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253342.95    | 0.35%             | 2040-11-06      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FD                                 | WV WVSSFH 5.45 05/01/2034                                    | CUSIP: 95662NQS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258560.65    | 0.36%             | 2034-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Palo Alto Networks Inc                                      | Palo Alto Networks Inc COM                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4320 | NS      | $692582.40    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                        | JPMorgan Chase & Co. COM                                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2925 | NS      | $860418.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                                | T 4 11/15/35                                                 | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $585750.00    | 0.81%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 2510                                                      | CUSIP: 36202CYF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |       978 | PA      | $1007.49      | 0.00%             | 2027-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FR SD8522                                                    | CUSIP: 3132DWPF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    237816 | PA      | $229612.52    | 0.32%             | 2055-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD      | FHR 4520 HM                                                  | CUSIP: 3137BLU48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      9456 | PA      | $10275.70     | 0.01%             | 2045-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-5                             | JPMMT 2024-5 A8                                              | CUSIP: 46658RAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199952.76    | 0.28%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2026-1                    | CHASE 2026-1 A5A                                             | CUSIP: 16161YAQ9<br>LEI: 529900FU45ZZQULAKB21 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $192263.56    | 0.27%             | 2056-11-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co.                                        | Emerson Electric Co. COM                                     | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       750 | NS      | $98265.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                       | FNGT 2004-T3 1A3                                             | CUSIP: 31393YU78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      3742 | PA      | $3831.72      | 0.01%             | 2044-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                    | MN MNSHSG 2.31 01/01/2027                                    | CUSIP: 60416S4U1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    135000 | PA      | $133563.18    | 0.19%             | 2027-01-01      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                  | Intuit Inc COM                                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1200 | NS      | $518856.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD      | FHR 4812 CZ                                                  | CUSIP: 3137FGC52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    124907 | PA      | $117743.38    | 0.16%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5378                                                    | CUSIP: 31418E6Q8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    267012 | PA      | $251878.33    | 0.35%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                | T 4.75 02/15/56                                              | CUSIP: 912810UR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $146671.88    | 0.20%             | 2056-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                               | AIZ 5.55 02/15/36                                            | CUSIP: 04621XAQ1<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149877.16    | 0.21%             | 2036-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FNR 2009-30 AG                                               | CUSIP: 31397NWY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     16734 | PA      | $17713.71     | 0.02%             | 2039-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-4                             | JPMMT 2024-4 A8A                                             | CUSIP: 46657WAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199889.14    | 0.28%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERGY RESOURCES CORP                           | CNP 4.85 04/01/36 AR                                         | CUSIP: 15189XBL1<br>LEI: 2JADVB0458J06WCD4N56 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171434.72    | 0.24%             | 2036-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Take-Two Interactive Software Inc.                          | Take-Two Interactive Software Inc. COM                       | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      1765 | NS      | $348587.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                | T 4.75 11/15/53                                              | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $1120890.63   | 1.55%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN MA5851                                                    | CUSIP: 31418FQD2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73620 | PA      | $71080.69     | 0.10%             | 2055-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAGRANGE CNTY IND REGL UTIL DIST SEW WKS                    | IN LAGUTL 2.98 01/01/2040                                    | CUSIP: 50710RBZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $190676.51    | 0.26%             | 2040-01-01      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                      | Motorola Solutions Inc COM NEW                               | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       750 | NS      | $325477.50    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                              | Servicenow Inc COM                                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      2800 | NS      | $292740.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                            | Merck & Co., Inc COM                                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       950 | NS      | $114275.50    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUBLELINE OPPORTUNISTIC CREDIT FUND                        | Doubleline Opportunistic Cr Fd COM                           | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               | RF                | US        |      4400 | NS      | $64240.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Mortgage Income Fund                            | First Trust Mortgage Income Fund                             | CUSIP: 33734E103<br>LEI: 549300DJXDU5IDLS9H81 | Long             | EC               | RF                | US        |     11200 | NS      | $131824.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                       | FNW 2004-W9 2A1                                              | CUSIP: 31394ACL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     17483 | PA      | $17883.03     | 0.02%             | 2044-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC                                       | Waste Connections Inc. COM                                   | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      1500 | NS      | $243660.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                               | Alphabet Inc. CAP STK CL C                                   | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3675 | NS      | $1054210.50   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                                          | Vertiv Holdings Co COM CL A                                  | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1225 | NS      | $306960.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                       | FN BW0954                                                    | CUSIP: 3140MSBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    268198 | PA      | $259942.69    | 0.36%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2026-4                               | SEMT 2026-4 A7                                               | CUSIP: 81750QAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $148961.87    | 0.21%             | 2056-03-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 4247                                                      | CUSIP: 36202EWG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4001 | PA      | $4163.94      | 0.01%             | 2038-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Intuitive Surgical Inc.                                     | Intuitive Surgical Inc. COM NEW                              | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1290 | NS      | $594677.10    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK N Y                                                | NY NYC 5.99 12/01/2036                                       | CUSIP: 64966HTX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    370329 | PA      | $383140.94    | 0.53%             | 2036-12-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Equifax Inc.                                                | EFX 7 07/01/37                                               | CUSIP: 294429AG0<br>LEI: 5493004MCF8JDC86VS77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $220980.59    | 0.31%             | 2037-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Halliburton Company                                         | HAL 7.6 08/15/96 144A                                        | CUSIP: 406216AS0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $85057.13     | 0.12%             | 2096-08-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                | EXC V6.5 03/15/55                                            | CUSIP: 30161NBQ3<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152946.26    | 0.21%             | 2055-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                | T 4.625 02/15/55                                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    575000 | PA      | $549911.13    | 0.76%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ameriprise Financial, Inc.                                  | Ameriprise Financial, Inc. COM                               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1150 | NS      | $511060.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD      | FHR 5280 A                                                   | CUSIP: 3137H9JY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    113485 | PA      | $107466.54    | 0.15%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2023-1                    | CHASE 2023-1 A2                                              | CUSIP: 16159PAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105116 | PA      | $105830.03    | 0.15%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corporation                               | RF 7.375 12/10/37                                            | CUSIP: 7591EPAE0<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    200000 | PA      | $226326.40    | 0.31%             | 2037-12-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                               | Alphabet Inc. CAP STK CL A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12400 | NS      | $3565744.00   | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                             | CVSPAS 6.943 01/10/30                                        | CUSIP: 126650BQ2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     59506 | PA      | $61263.03     | 0.08%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | GNR 2005-74 HA                                               | CUSIP: 38374L5X5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |        34 | PA      | $34.29        | 0.00%             | 2035-09-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Financial Strategies Income Term Trust            | Angel Oak Financial Strategies Income Term Trust COM BEN INT | CUSIP: 03464A100<br>LEI: 549300BL3JQL47QYUO51 | Long             | EC               | RF                | US        |     28182 | NS      | $359320.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Childrens Hospital                                    | TEXHOS 3.368 10/01/29                                        | CUSIP: 88224LAQ1<br>LEI: 549300JQ1IKID2ZK7X26 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88398.56     | 0.12%             | 2029-10-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FN 256886                                                    | CUSIP: 31371NJ71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3385 | PA      | $3498.01      | 0.00%             | 2027-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS LEASE-BACKED PASS-THROUGH SERIES 2014 TRUST             | CVSPAS 4.163 08/11/36 144A                                   | CUSIP: 12665VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146602 | PA      | $137116.29    | 0.19%             | 2036-08-11      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 MA7883                                                    | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    210261 | PA      | $194568.35    | 0.27%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-1                    | CHASE 2024-1 A8A                                             | CUSIP: 16160DAS2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200662.74    | 0.28%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                       | FNGT 2004-T1 1A1                                             | CUSIP: 31393XFS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |      9701 | PA      | $10018.44     | 0.01%             | 2044-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-3                    | CHASE 2024-3 A8                                              | CUSIP: 16159HAR8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100353.16    | 0.14%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 787573                                                    | CUSIP: 3622ADJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    124653 | PA      | $119772.92    | 0.17%             | 2064-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                       | Bank of America Corp. COM                                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      4800 | NS      | $234000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Core Bond Trust                                   | Blackrock Core Bond Trust SHS BEN INT                        | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     29126 | NS      | $266794.16    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST 2024-9                    | CHASE 2024-9 A4                                              | CUSIP: 16160QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57487 | PA      | $57522.31     | 0.08%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5341                                                    | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    158403 | PA      | $149424.34    | 0.21%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                | T 4.625 05/15/54                                             | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $215094.73    | 0.30%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FR SD8286                                                    | CUSIP: 3132DWF32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    227230 | PA      | $214786.47    | 0.30%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                                | Autodesk Inc COM                                             | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1275 | NS      | $305235.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| COLORADO EDL & CULTURAL FACS AUTH                           | CO COSEDU 3.97 03/01/2056                                    | CUSIP: 19645UFU3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    205000 | PA      | $155846.62    | 0.22%             | 2056-03-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                       | FN MA5070                                                    | CUSIP: 31418ET42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    228832 | PA      | $221151.09    | 0.31%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hancock John Income Securities Trust                        | Hancock John Income Securities Trust COM                     | CUSIP: 410123103<br>LEI: 549300RB36J7QSFLWG11 | Long             | EC               | RF                | US        |      5900 | NS      | $64546.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynnton Funding Trust                                       | AFL 5.251 08/15/35                                           | CUSIP: 983196AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246437.90    | 0.34%             | 2035-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OAK CREEK WIS                                               | WI OAK 2.4 10/01/2029                                        | CUSIP: 671137D95<br>LEI: 549300FLUIG6KPZ61B39 | Long             | DBT              | MUN               | US        |    295000 | PA      | $283390.57    | 0.39%             | 2029-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                    | G2 2809                                                      | CUSIP: 36202DDN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5804 | PA      | $5975.96      | 0.01%             | 2029-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 4293 BA                                                  | CUSIP: 3137B7FP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      4968 | PA      | $5063.54      | 0.01%             | 2047-10-15      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                            | Amazon.com, Inc. COM                                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      9700 | NS      | $2020219.00   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                                   | Union Pacific Corporation COM                                | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2050 | NS      | $497371.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                               | Boston Scientific Corporation COM                            | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      2575 | NS      | $161581.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY FLORIDA PROJECT FINANCE LLC                     | DUK 2.858 03/01/33 2032                                      | CUSIP: 26444GAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $109852.47    | 0.15%             | 2033-03-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                         | Abbott Laboratories COM                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2450 | NS      | $251541.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DALLAS CNTY TEX HOSP DIST                                   | TX DALMED 5.62 08/15/2044                                    | CUSIP: 234667JL8<br>LEI: UQCNU7AEWLMSSOK7VW91 | Long             | DBT              | MUN               | US        |    200000 | PA      | $195994.82    | 0.27%             | 2044-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                       | Parker-Hannifin Corp. COM                                    | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       625 | NS      | $559525.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                                         | Axon Enterprise Inc COM                                      | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       405 | NS      | $171999.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SEQUOIA MORTGAGE TRUST 2025-1                               | SEMT 2025-1 A4                                               | CUSIP: 81743EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    143550 | PA      | $144122.04    | 0.20%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                | Broadcom Inc COM                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10850 | NS      | $3358183.50   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                                     | UnitedHealth Group Inc. COM                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1900 | NS      | $514121.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                            | FHR 3704 CT                                                  | CUSIP: 3137A0XM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |      4968 | PA      | $5270.76      | 0.01%             | 2036-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                                   | Shell PLC SPON ADS                                           | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2400 | NS      | $223200.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-21

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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