# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0001752724-25-202094
**Filing Date:** 2025-8
**Character Count:** 88556
**Document Hash:** b2e4b88338ae1f412266aac4b69a4c53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202094.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202094

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 251250183

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19880929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19870907

## Series and Classes Contracts Data

### Sit Quality Income Fund (Series ID: S000039473)

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Quality Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Asset-Backed Securities - 3.5%** |  |  |  |  |
|  **Agency - 0.3%** |  |  |  |  |
|  FNMA Grantor Trust, Series 2004-T5, Class A11 <sup>1</sup> | 302135 | 4.69 | 5/28/35 | 303053 |
|  Small Business Administration, Series 2006-20D, Class 1 | 14212 | 5.64 | 4/1/26 | 14196 |
|  Small Business Administration, Series 2007-20B, Class 1 | 18483 | 5.49 | 2/1/27 | 18557 |
|  Small Business Administration, Series 2007-20J, Class 1 | 38939 | 5.57 | 10/1/27 | 39210 |
|  |  |  |  | 375016 |
|  **Non-Agency - 3.2%** |  |  |  |  |
|  RCKT Mortgage Trust, Series 2023-CES3, Class A1A <sup>1, 4</sup> | 653110 | 7.11 | 11/25/43 | 662945 |
|  RCKT Mortgage Trust, Series 2024-CES3, Class A1A <sup>1, 4</sup> | 1368568 | 6.59 | 5/25/44 | 1386145 |
|  RCKT Mortgage Trust, Series 2024-CES4, Class A1A <sup>4, 14</sup> | 524485 | 6.15 | 6/25/44 | 529027 |
|  RCKT Mortgage Trust, Series 2025-CES3, Class A1A <sup>4, 14</sup> | 959518 | 5.55 | 3/25/55 | 965166 |
|  Towd Point Mortgage Trust, Series 2023-CES2, Class A1A <sup>1, 4</sup> | 318938 | 7.29 | 10/25/63 | 324107 |
|  |  |  |  | 3867390 |
|  **Total Asset-Backed Securities<br>(cost: $4,197,963)** |  |  |  | 4242406 |
|  **Collateralized Mortgage Obligations - 39.6%** |  |  |  |  |
|  **Agency - 27.1%** |  |  |  |  |
|  FHLMC REMICS, Series 3104, Class BY | 1094 | 5.50 | 1/15/26 | 1092 |
|  FHLMC REMICS, Series 3756, Class PZ | 2270333 | 4.00 | 11/15/40 | 2215942 |
|  FHLMC REMICS, Series 4246, Class PT | 179500 | 6.50 | 2/15/36 | 186905 |
|  FHLMC REMICS, Series 4390, Class CA | 267718 | 3.50 | 6/15/50 | 266771 |
|  FHLMC REMICS, Series 4717, Class KV | 129530 | 3.50 | 8/15/40 | 129230 |
|  FHLMC REMICS, Series 5226, Class D | 329121 | 3.50 | 12/15/45 | 318752 |
|  FHLMC REMICS, Series 5252, Class BT | 770553 | 6.00 | 9/25/52 | 802893 |
|  FHLMC REMICS, Series 5391, Class EA | 1445360 | 5.50 | 5/25/49 | 1462059 |
|  FHLMC REMICS, Series 5417, Class HA | 1609650 | 5.50 | 11/25/51 | 1628982 |
|  FHLMC REMICS, Series 5440, Class NG | 920946 | 5.50 | 9/25/49 | 924506 |
|  FHLMC REMICS, Series 5444, Class AB | 1104405 | 5.50 | 9/25/49 | 1107670 |
|  FHLMC REMICS, Series 5452, Class CB | 1209612 | 5.00 | 8/25/51 | 1208091 |
|  FHLMC REMICS, Series 5470, Class MA | 1058450 | 5.00 | 4/25/52 | 1065262 |
|  FHLMC REMICS, Series 5487, Class CA | 2231353 | 5.50 | 12/25/51 | 2245664 |
|  FHLMC REMICS, Series 5537, Class EA | 1225892 | 5.00 | 5/25/52 | 1220255 |
|  FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2 | 395459 | 7.00 | 3/25/44 | 405094 |
|  FNMA REMICS, Series 2002-W1, Class 2A <sup>1</sup> | 661532 | 4.45 | 2/25/42 | 662847 |
|  FNMA REMICS, Series 2004-W5, Class A1 | 1337862 | 6.00 | 2/25/47 | 1397685 |
|  FNMA REMICS, Series 2009-24, Class LC <sup>1</sup> | 228597 | 1.96 | 4/25/39 | 201027 |
|  FNMA REMICS, Series 2010-68, Class W <sup>1</sup> | 166596 | 1.62 | 7/25/37 | 146191 |
|  FNMA REMICS, Series 2011-10, Class AC | 1296356 | 3.00 | 2/25/41 | 1250733 |
|  FNMA REMICS, Series 2011-146, Class LX | 428507 | 3.50 | 10/25/40 | 425436 |
|  FNMA REMICS, Series 2015-61, Class VB | 871000 | 3.50 | 6/25/34 | 860299 |
|  FNMA REMICS, Series 2018-25, Class AG | 121319 | 3.50 | 4/25/47 | 118744 |
|  FNMA REMICS, Series 2023-64, Class HA | 3069371 | 5.50 | 9/25/50 | 3131767 |
|  FNMA Trust, Series 2004-W9, Class 1A3 | 698268 | 6.05 | 2/25/44 | 725414 |
|  FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup> | 122122 | 5.13 | 11/25/37 | 121462 |
|  FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup> | 490134 | 5.13 | 12/25/37 | 488345 |
|  Government National Mortgage Association, Series 2004-11, Class QG | 179164 | 5.00 | 2/16/34 | 178984 |
|  Government National Mortgage Association, Series 2020-149, Class AW | 1458679 | 5.50 | 10/20/50 | 1480560 |
|  Government National Mortgage Association, Series 2024-116, Class MB | 1095045 | 6.50 | 3/20/54 | 1133790 |
|  Government National Mortgage Association, Series 2024-4, Class GK | 760319 | 5.00 | 3/20/52 | 768434 |
|  Government National Mortgage Association, Series 2024-79, Class MC | 1194458 | 5.50 | 10/20/49 | 1214194 |
|  Government National Mortgage Association, Series 2025-20, Class CA | 1763105 | 4.00 | 7/20/47 | 1731493 |
|  Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D | 211788 | 4.00 | 2/25/59 | 197425 |
|  Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU | 1203350 | 4.00 | 4/25/62 | 1118492 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32542490 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Non-Agency - 12.5%** |  |  |  |  |
|  Chase Home Lending Mortgage Trust, Series 2024-3, Class A4 <sup>1, 4</sup> | 551754 | 6.00 | 2/25/55 | 557634 |
|  Chase Home Lending Mortgage Trust, Series 2024-4, Class A6 <sup>1, 4</sup> | 713823 | 6.00 | 3/25/55 | 718102 |
|  JP Morgan Mortgage Trust, Series 2021-1, Class A4 <sup>1, 4</sup> | 485312 | 2.50 | 6/25/51 | 445870 |
|  JP Morgan Mortgage Trust, Series 2021-14, Class A4 <sup>1, 4</sup> | 672959 | 2.50 | 5/25/52 | 598697 |
|  JP Morgan Mortgage Trust, Series 2021-6, Class A4 <sup>1, 4</sup> | 1202776 | 2.50 | 10/25/51 | 1076342 |
|  JP Morgan Mortgage Trust, Series 2021-7, Class A4 <sup>1, 4</sup> | 410018 | 2.50 | 11/25/51 | 366743 |
|  JP Morgan Mortgage Trust, Series 2024-4, Class A4A <sup>1, 4</sup> | 559394 | 6.00 | 10/25/54 | 563812 |
|  JP Morgan Mortgage Trust, Series 2025-1, Class A4 <sup>1, 4</sup> | 1339998 | 6.00 | 6/25/55 | 1353475 |
|  New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 <sup>1, 4</sup> | 165640 | 4.00 | 4/25/57 | 159854 |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% <sup>1, 4</sup> | 132255 | 5.18 | 1/25/48 | 129435 |
|  RCKT Mortgage Trust, Series 2025-CES1, Class A1B <sup>4, 14</sup> | 1304762 | 5.70 | 1/25/45 | 1309990 |
|  Sequoia Mortgage Trust, Series 2020-4, Class A5 <sup>1, 4</sup> | 205266 | 2.50 | 11/25/50 | 190788 |
|  Sequoia Mortgage Trust, Series 2023-4, Class A10 <sup>1, 4</sup> | 448207 | 6.00 | 11/25/53 | 448828 |
|  Sequoia Mortgage Trust, Series 2024-9, Class A11 <sup>1, 4</sup> | 505415 | 5.50 | 10/25/54 | 504923 |
|  Sequoia Mortgage Trust, Series 2025-1, Class A10 <sup>1, 4</sup> | 2604462 | 6.00 | 1/25/55 | 2625286 |
|  Sequoia Mortgage Trust, Series 2025-2, Class A4 <sup>1, 4</sup> | 1380947 | 6.00 | 3/25/55 | 1397796 |
|  Sequoia Mortgage Trust, Series 2025-4, Class A11 <sup>1, 4</sup> | 1436441 | 5.50 | 4/25/55 | 1437592 |
|  Sequoia Mortgage Trust, Series 2025-5, Class A5 <sup>1, 4</sup> | 968382 | 5.50 | 6/25/55 | 972697 |
|  Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 <sup>1, 4</sup> | 191785 | 2.50 | 9/25/50 | 177440 |
|  |  |  |  | 15035304 |
|  **Total Collateralized Mortgage Obligations<br>(cost: $47,475,996)** |  |  |  | 47577794 |
|  **Corporate Bonds - 14.2%** |  |  |  |  |
|  American Tower Trust <sup>4</sup> | 1300000 | 5.49 | 3/15/28 | 1321738 |
|  Citizens Financial Group, Inc. (Subordinated) <sup>1</sup> | 250000 | 4.30 | 2/11/31 | 246288 |
|  Comerica, Inc. <sup>1</sup> | 1350000 | 5.98 | 1/30/30 | 1382921 |
|  Crown Castle Towers, LLC <sup>4</sup> | 1350000 | 4.24 | 7/15/28 | 1325619 |
|  CVS Pass-Through Trust | 250554 | 6.04 | 12/10/28 | 254063 |
|  CVS Pass-Through Trust | 381941 | 6.94 | 1/10/30 | 394221 |
|  CVS Pass-Through Trust Series 2009 <sup>4</sup> | 660663 | 8.35 | 7/10/31 | 716757 |
|  DTE Electric Securitization Funding II, LLC | 944783 | 5.97 | 3/1/32 | 989623 |
|  Energy Transfer LP <sup>4</sup> | 1000000 | 6.00 | 2/1/29 | 1016080 |
|  F&G Global Funding <sup>4</sup> | 1225000 | 5.88 | 1/16/30 | 1258045 |
|  Great River Energy <sup>4</sup> | 815370 | 6.25 | 7/1/38 | 848117 |
|  Jackson National Life Global Funding <sup>4</sup> | 1000000 | 5.35 | 1/13/30 | 1028409 |
|  KeyBank National Association of Ohio (Subordinated) | 1300000 | 6.95 | 2/1/28 | 1370968 |
|  Regions Financial Corp. <sup>1</sup> | 700000 | 5.72 | 6/6/30 | 722812 |
|  SBA Tower Trust <sup>4</sup> | 250000 | 4.83 | 10/15/29 | 250221 |
|  SBA Tower Trust <sup>4</sup> | 1300000 | 6.60 | 1/15/28 | 1335851 |
|  SouthState Corp. (Subordinated), TSFR3M + 5.62% <sup>1</sup> | 900000 | 9.94 | 6/1/30 | 899908 |
|  Truist Bank (Subordinated) | 1000000 | 2.25 | 3/11/30 | 900115 |
|  Western Alliance Bancorp (Subordinated), TSFR3M + 2.25% <sup>1</sup> | 900000 | 3.00 | 6/15/31 | 836433 |
|  **Total Corporate Bonds<br>(cost: $16,902,334)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17098189 |
|  **Mortgage Pass-Through Securities - 24.7%** |  |  |  |  |
|  **Federal Home Loan Mortgage Corporation - 4.7%** |  |  |  |  |
|  Freddie Mac | 1543536 | 2.50 | 8/1/30 | 1491113 |
|  Freddie Mac | 12707 | 3.00 | 9/1/27 | 12539 |
|  Freddie Mac | 1823508 | 3.00 | 3/1/31 | 1777743 |
|  Freddie Mac | 1206 | 3.50 | 7/1/26 | 1198 |
|  Freddie Mac | 7192 | 4.00 | 7/1/26 | 7151 |
|  Freddie Mac | 10310 | 4.00 | 1/1/27 | 10254 |
|  Freddie Mac | 289858 | 4.00 | 4/1/29 | 289071 |
|  Freddie Mac | 80136 | 4.00 | 10/1/31 | 79595 |
|  Freddie Mac | 33 | 4.50 | 7/1/26 | 33 |

---

**2**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Freddie Mac | 327962 | 4.50 | 6/1/39 | 324482 |
|  Freddie Mac | 153 | 5.00 | 10/1/25 | 152 |
|  Freddie Mac | 859604 | 5.00 | 8/1/38 | 866724 |
|  Freddie Mac | 816591 | 5.00 | 9/1/54 | 801563 |
|  |  |  |  | 5661618 |
|  **Federal National Mortgage Association - 18.2%** |  |  |  |  |
|  Fannie Mae | 181545 | 3.00 | 10/1/27 | 179628 |
|  Fannie Mae | 15978 | 3.00 | 8/1/28 | 15764 |
|  Fannie Mae | 281500 | 3.00 | 5/1/30 | 275327 |
|  Fannie Mae | 170443 | 3.00 | 11/1/31 | 168017 |
|  Fannie Mae | 12129 | 3.50 | 1/1/26 | 12065 |
|  Fannie Mae | 1228084 | 3.50 | 4/1/32 | 1199049 |
|  Fannie Mae | 308086 | 3.50 | 11/1/38 | 298154 |
|  Fannie Mae | 4832 | 4.00 | 10/1/31 | 4794 |
|  Fannie Mae | 305382 | 4.00 | 10/1/34 | 304358 |
|  Fannie Mae | 687540 | 4.00 | 6/1/38 | 681825 |
|  Fannie Mae | 94733 | 4.50 | 3/1/29 | 94430 |
|  Fannie Mae | 66079 | 4.50 | 7/1/31 | 66354 |
|  Fannie Mae | 1335237 | 4.50 | 4/1/39 | 1341857 |
|  Fannie Mae | 2111385 | 4.50 | 9/1/53 | 2021315 |
|  Fannie Mae | 2022582 | 4.50 | 8/1/54 | 1934890 |
|  Fannie Mae | 2979161 | 5.00 | 6/1/53 | 2926187 |
|  Fannie Mae | 413148 | 5.50 | 12/1/35 | 426408 |
|  Fannie Mae | 787153 | 5.50 | 12/1/38 | 802209 |
|  Fannie Mae | 292319 | 5.50 | 8/1/40 | 303363 |
|  Fannie Mae | 479247 | 5.50 | 2/1/42 | 493766 |
|  Fannie Mae | 679858 | 5.50 | 5/1/49 | 692759 |
|  Fannie Mae | 436892 | 5.50 | 9/1/49 | 447761 |
|  Fannie Mae | 1593187 | 5.50 | 8/1/56 | 1640690 |
|  Fannie Mae | 493325 | 6.00 | 7/1/37 | 515800 |
|  Fannie Mae | 577921 | 6.00 | 11/1/38 | 594806 |
|  Fannie Mae | 1100252 | 6.00 | 10/1/53 | 1123968 |
|  Fannie Mae | 494008 | 6.50 | 5/1/40 | 515633 |
|  Fannie Mae | 450973 | 7.00 | 1/1/40 | 475290 |
|  Fannie Mae | 523471 | 7.00 | 1/1/40 | 551697 |
|  Fannie Mae | 1566452 | 7.50 | 10/1/38 | 1626787 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21734951 |
|  **Government National Mortgage Association - 1.6%** |  |  |  |  |
|  Ginnie Mae | 34035 | 4.00 | 7/20/26 | 33849 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup> | 11275 | 4.88 | 4/20/33 | 11413 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup> | 3601 | 4.88 | 4/20/42 | 3621 |
|  Ginnie Mae | 29 | 5.00 | 6/20/26 | 29 |
|  Ginnie Mae | 1097373 | 6.00 | 9/20/38 | 1126196 |
|  Ginnie Mae | 824608 | 6.00 | 9/20/38 | 879444 |
|  |  |  |  | 2054552 |
|  **Other Federal Agency Securities - 0.2%** |  |  |  |  |
|  Small Business Administration Pools, PRIME - 2.50% <sup>1</sup> | 100940 | 5.00 | 5/25/43 | 101141 |
|  Small Business Administration Pools, PRIME + 0.79% <sup>1</sup> | 136420 | 8.29 | 2/25/28 | 139108 |
|  Small Business Administration Pools, PRIME + 0.80% <sup>1</sup> | 58875 | 8.30 | 3/25/30 | 60428 |
|  |  |  |  | 300677 |
|  **Total Mortgage Pass-Through Securities<br>(cost: $29,822,600)** |  |  |  | 29751798 |
|  **Taxable Municipal Bonds - 16.4%** |  |  |  |  |
|  City of Miami FL | 1000000 | 5.14 | 1/1/30 | 1044122 |
|  Colorado Housing & Finance Authority | 650000 | 6.50 | 5/1/48 | 684854 |
|  Columbus Metropolitan Housing Authority | 500000 | 5.38 | 9/1/28 | 506905 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Connecticut Housing Finance Authority | 995000 | 5.75 | 11/15/54 | 1025205 |
|  County of Yamhill OR | 325000 | 4.50 | 10/1/30 | 317911 |
|  Energy Northwest | 215000 | 3.20 | 7/1/28 | 210547 |
|  Idaho Housing & Finance Association | 935000 | 6.00 | 1/1/48 | 969746 |
|  Idaho Housing & Finance Association | 945000 | 6.50 | 7/1/53 | 996567 |
|  Illinois Housing Development Authority | 945000 | 6.50 | 4/1/54 | 992350 |
|  Iowa Finance Authority | 5000 | 6.25 | 7/1/54 | 5234 |
|  Kentucky Higher Education Student Loan Corp. | 755000 | 2.52 | 6/1/35 | 711399 |
|  Kentucky Housing Corp. | 1000000 | 6.25 | 1/1/55 | 1044928 |
|  Maryland Community Development Administration | 925000 | 6.00 | 9/1/53 | 956709 |
|  Massachusetts Educational Financing Authority | 180000 | 4.41 | 7/1/34 | 177727 |
|  Massachusetts Educational Financing Authority | 775000 | 2.64 | 7/1/37 | 722729 |
|  Massachusetts Educational Financing Authority | 750000 | 6.07 | 7/1/33 | 782592 |
|  Massachusetts Housing Finance Agency | 960000 | 6.50 | 12/1/52 | 1008768 |
|  Minnesota Housing Finance Agency | 995000 | 6.13 | 7/1/55 | 1047367 |
|  Nebraska Investment Finance Authority | 1000000 | 6.00 | 9/1/53 | 1039159 |
|  North Carolina Housing Finance Agency | 490000 | 6.50 | 1/1/55 | 514637 |
|  Oklahoma Development Finance Authority | 372830 | 3.88 | 5/1/37 | 365088 |
|  Rhode Island Student Loan Authority | 1000000 | 5.80 | 12/1/33 | 1056576 |
|  Rhode Island Student Loan Authority | 1000000 | 4.00 | 12/1/38 | 981147 |
|  Somis Union School District G.O. | 535000 | 2.06 | 8/1/30 | 489501 |
|  State of Oregon Housing & Community Services Department | 965000 | 6.25 | 7/1/53 | 1004347 |
|  Utah Housing Corp. | 945000 | 6.25 | 1/1/54 | 983723 |
|  Wisconsin Housing & Economic Development Authority <sup>8</sup> | 55000 | 3.50 | 3/1/46 | 54849 |
|  **Total Taxable Municipal Bonds<br>(cost: $19,467,323)** |  |  |  | 19694687 |
| **Name of Issuer** | **Quantity** |  |  | **Fair**<br> **Value ($)** |
|  **Short-Term Securities - 0.8%** |  |  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, Class I, 4.23%<br>**(cost: $977,278)** | 977278 |  |  | 977278 |
|  **Total Investments in Securities - 99.2%<br>(cost: $118,843,494)** |  |  |  | 119342152 |
|  **Other Assets and Liabilities, net - 0.8%** |  |  |  | 1018718 |
|  **Net Assets - 100.0%** |  |  |  | $120360870 |

---

---

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

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of June 30, 2025 was $28,003,531 and represented 23.3% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

---

| | |
|:---|:---|
| 8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At June 30, 2025, 0.0% of net assets in the Fund was invested in such securities.  |

---

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

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

**4**

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**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Quality Income Fund (Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br>Quoted<br>Prices ($) | **Level 2**<br>Other significant<br>observable inputs ($) | **Level 3**<br>Significant<br>unobservable inputs ($) |<br>Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4242406 |  | 4242406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 47577794 |  | 47577794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 17098189 |  | 17098189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Pass-Through Securities |  | 29751798 |  | 29751798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable Municipal Bonds |  | 19694687 |  | 19694687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 977278 |  |  | 977278 |
|  Total: | 977278 | 118364874 |  | 119342152 |

---

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.

JUNE 30, 2025<sub>5</sub>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-04033

- **c. CIK number of Registrant:** 0000746601

- **d. LEI of Registrant:** 2549002D9C8PNDJXIE31

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** Sit Quality Income Fund

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $120292458.10

**Total Liabilities:** $552484.61

**Net Assets:** $119739973.49

**Cash Not Reported:** $9945.32

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 78.96391000 | **1-Year:** 11189.55234000 | **5-Year:** 25068.67085000 | **10-Year:** 10308.86958000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235257 | 0.68%                | -0.16%               | 0.90%                |
| Class ID C000121593 | 0.66%                | -0.18%               | 0.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $82577.19                | $263997.49                                 |
| Month 2  | $11145.80                | $-660656.74                                |
| Month 3  | $-2069.38                | $661498.92                                 |

**Designated Index Information**

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

- **Index Identifier:** I01030US-USD

### Schedule of Portfolio Investments

| Name                           | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FannieMae Whole Loan           | Fannie Mae Trust 2004-W9                                                  | CUSIP: 31394ACG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    698268 | PA      | $725413.79    | 0.61%             | 2044-02-25      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                    | KeyBank NA/Cleveland OH                                                   | CUSIP: 49306CAB7<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1370968.11   | 1.14%             | 2028-02-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                     | CUSIP: 20775H3B7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1025205.22   | 0.86%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                             | CUSIP: 816935AD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1380947 | PA      | $1397795.90   | 1.17%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                   | Comerica Inc                                                              | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1382920.92   | 1.15%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| DTE ELECT SECUR FND II         | DTE Electric Securitization Funding II LLC                                | CUSIP: 23346TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    944783 | PA      | $989622.28    | 0.83%             | 2032-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2017-3                                | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    165640 | PA      | $159854.13    | 0.13%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SF MTGE REVENUE  | Utah Housing Corp                                                         | CUSIP: 917437FP5<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    945000 | PA      | $983722.60    | 0.82%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJUF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    436892 | PA      | $447761.49    | 0.37%             | 2049-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP SF MTGE   | Kentucky Housing Corp                                                     | CUSIP: 491309GX2<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044927.60   | 0.87%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                    | Truist Bank                                                               | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $900114.71    | 0.75%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EX88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    577921 | PA      | $594805.94    | 0.50%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3131WMZZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    327962 | PA      | $324482.17    | 0.27%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES1                                             | CUSIP: 749427AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1304762 | PA      | $1309989.48   | 1.09%             | 2045-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                                              | CUSIP: 174610BA2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246288.12    | 0.21%             | 2031-02-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP             | Energy Transfer LP                                                        | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1016080.39   | 0.85%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140FXER9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1593187 | PA      | $1640689.56   | 1.37%             | 2056-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H75R0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    329121 | PA      | $318751.59    | 0.27%             | 2045-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3138A4Y58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12129 | PA      | $12065.49     | 0.01%             | 2026-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO | Kentucky Higher Education Student Loan Corp                               | CUSIP: 49130NFZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $711399.13    | 0.59%             | 2035-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y3A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66079 | PA      | $66354.33     | 0.06%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-7                                           | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410018 | PA      | $366743.38    | 0.31%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REVENUE     | Energy Northwest                                                          | CUSIP: 29270CR64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $210546.53    | 0.18%             | 2028-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2023-4                                             | CUSIP: 81743JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    448207 | PA      | $448828.01    | 0.37%             | 2053-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397NWG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    228597 | PA      | $201026.63    | 0.17%             | 2039-04-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CRH8<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     38939 | PA      | $39210.20     | 0.03%             | 2027-10-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHCT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1058450 | PA      | $1065262.31   | 0.89%             | 2052-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDF70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1609650 | PA      | $1628981.61   | 1.36%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X6CF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    679858 | PA      | $692759.14    | 0.58%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83164MHQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    100940 | PA      | $101141.01    | 0.08%             | 2043-05-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through  | Freddie Mac Structured Pass-Through Certificates                          | CUSIP: 31394XVE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    395459 | PA      | $405094.49    | 0.34%             | 2044-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2020-4                                             | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205266 | PA      | $190787.88    | 0.16%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418WPX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    292319 | PA      | $303362.85    | 0.25%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3132G5B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    289858 | PA      | $289071.09    | 0.24%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SF MTGE REVEN | Iowa Finance Authority                                                    | CUSIP: 46247ECS2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5233.76      | 0.00%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust        | Fannie Mae Grantor Trust 2004-T5                                          | CUSIP: 31394AYP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    302135 | PA      | $303052.43    | 0.25%             | 2035-05-28      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HBU85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1445360 | PA      | $1462058.89   | 1.22%             | 2049-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2004-W5                                            | CUSIP: 31393YKM6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1337862 | PA      | $1397684.93   | 1.17%             | 2047-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5FF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    479247 | PA      | $493766.32    | 0.41%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING             | F&G Global Funding                                                        | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1258044.87   | 1.05%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDYZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    920946 | PA      | $924506.39    | 0.77%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MIAMI FL                       | City of Miami FL                                                          | CUSIP: 59338CAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044121.70   | 0.87%             | 2030-01-01      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38374FSA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    179164 | PA      | $178983.97    | 0.15%             | 2034-02-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38385CYR3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1763105 | PA      | $1731492.94   | 1.45%             | 2047-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 31396GJN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1094 | PA      | $1092.01      | 0.00%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES3                                             | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1368568 | PA      | $1386144.52   | 1.16%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-3                           | CUSIP: 16159HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    551754 | PA      | $557633.49    | 0.47%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-1                                           | CUSIP: 46592EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    485312 | PA      | $445870.33    | 0.37%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2018-4                                | CUSIP: 64828FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    132255 | PA      | $129435.10    | 0.11%             | 2048-01-25      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5SC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    494008 | PA      | $515632.95    | 0.43%             | 2040-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-1                                             | CUSIP: 81743EAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2604462 | PA      | $2625285.48   | 2.19%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2025-1                                           | CUSIP: 46658UAE1<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |   1339998 | PA      | $1353475.13   | 1.13%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB45 Mortgage Trust                                            | CUSIP: 30308AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    122122 | PA      | $121461.92    | 0.10%             | 2037-11-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-4                                    | CUSIP: 46657WAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    559394 | PA      | $563812.15    | 0.47%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136B1VA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    121319 | PA      | $118743.96    | 0.10%             | 2047-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES3                                             | CUSIP: 749420AA3<br>LEI: 254900HS4CN69R7ARQ97 | Long             | ABS-MBS          | CORP              | US        |    959518 | PA      | $965166.11    | 0.81%             | 2055-03-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQV8<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     18483 | PA      | $18557.39     | 0.02%             | 2027-02-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36225CXQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     11275 | PA      | $11412.89     | 0.01%             | 2033-04-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                      | CUSIP: 57587GB20<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1008768.29   | 0.84%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1104405 | PA      | $1107670.44   | 0.93%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EV64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2111385 | PA      | $2021314.64   | 1.69%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-6                                           | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1202776 | PA      | $1076341.98   | 0.90%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762315RS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981147.20    | 0.82%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36202EWE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    824608 | PA      | $879444.02    | 0.73%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4832 | PA      | $4793.93      | 0.00%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4PJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    170443 | PA      | $168016.87    | 0.14%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-5                                             | CUSIP: 81743GAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    968382 | PA      | $972697.12    | 0.81%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X8VC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    305382 | PA      | $304358.09    | 0.25%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQE6<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |     14212 | PA      | $14195.50     | 0.01%             | 2026-04-01      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BQZS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3069371 | PA      | $3131767.03   | 2.62%             | 2050-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1566452 | PA      | $1626786.79   | 1.36%             | 2038-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 3617FPCN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     34035 | PA      | $33848.66     | 0.03%             | 2026-07-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2024-9                                             | CUSIP: 81749PAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    505415 | PA      | $504922.78    | 0.42%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-4                                             | CUSIP: 81749MAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1436440 | PA      | $1437592.09   | 1.20%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36241LYH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        29 | PA      | $28.64        | 0.00%             | 2026-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38382KBK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1458679 | PA      | $1480560.28   | 1.24%             | 2050-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31294MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1206 | PA      | $1198.30      | 0.00%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418FBL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2022582 | PA      | $1934890.01   | 1.62%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H8X97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    770553 | PA      | $802892.85    | 0.67%             | 2052-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration                             | CUSIP: 57419T3R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $956709.28    | 0.80%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137A2NU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2270333 | PA      | $2215942.19   | 1.85%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY  | North Carolina Housing Finance Agency                                     | CUSIP: 6582073D5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    490000 | PA      | $514636.86    | 0.43%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HLCU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1225892 | PA      | $1220254.80   | 1.02%             | 2052-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83165A4F8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     58875 | PA      | $60427.76     | 0.05%             | 2030-03-25      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4             | CUSIP: 35563PMT3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    211788 | PA      | $197425.10    | 0.16%             | 2059-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381941 | PA      | $394220.64    | 0.33%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2979161 | PA      | $2926186.86   | 2.44%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHWQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    687540 | PA      | $681824.95    | 0.57%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2002-W1                                            | CUSIP: 31392CMS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    661532 | PA      | $662846.96    | 0.55%             | 2042-02-25      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES4                                             | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    524485 | PA      | $529027.40    | 0.44%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp                                                  | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |    900000 | PA      | $836433.00    | 0.70%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MDCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10310 | PA      | $10254.26     | 0.01%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y3Y0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    945000 | PA      | $996566.95    | 0.83%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137FB4J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    129530 | PA      | $129229.76    | 0.11%             | 2040-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XNG99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    787153 | PA      | $802208.85    | 0.67%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137B4PT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    179500 | PA      | $186905.15    | 0.16%             | 2036-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    180000 | PA      | $177727.01    | 0.15%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB46 Mortgage Trust                                            | CUSIP: 30306NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    490134 | PA      | $488344.89    | 0.41%             | 2037-12-25      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XD6Q4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    523471 | PA      | $551697.20    | 0.46%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1209612 | PA      | $1208090.78   | 1.01%             | 2051-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-2             | CUSIP: 35563PG37<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1203350 | PA      | $1118492.06   | 0.93%             | 2062-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                | SBA Tower Trust                                                           | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1335851.01   | 1.12%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHFV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    281500 | PA      | $275327.51    | 0.23%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHTT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2231353 | PA      | $2245663.88   | 1.88%             | 2051-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y2N5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    935000 | PA      | $969746.28    | 0.81%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762323CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056575.90   | 0.88%             | 2033-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJHQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     94733 | PA      | $94430.13     | 0.08%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384PHE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1194458 | PA      | $1214193.70   | 1.01%             | 2049-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384QFN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1095045 | PA      | $1133790.39   | 0.95%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31371MLB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    413148 | PA      | $426408.18    | 0.36%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR REVENUE        | County of Yamhill OR                                                      | CUSIP: 98464TAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $317910.42    | 0.27%             | 2030-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MMUS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1823508 | PA      | $1777742.91   | 1.48%             | 2031-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140A04E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1100252 | PA      | $1123968.15   | 0.94%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MDM26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        33 | PA      | $32.68        | 0.00%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132A9Q67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1543536 | PA      | $1491112.97   | 1.25%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384HL22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    760319 | PA      | $768434.05    | 0.64%             | 2052-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC        | Crown Castle Towers LLC                                                   | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1325618.60   | 1.11%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RTW9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    750000 | PA      | $782592.38    | 0.65%             | 2033-07-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-4                           | CUSIP: 16159NAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    713823 | PA      | $718102.20    | 0.60%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417FMH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181545 | PA      | $179627.62    | 0.15%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 3622ACTG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1097373 | PA      | $1126195.67   | 0.94%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132DWMJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    816591 | PA      | $801563.53    | 0.67%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31306XQW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12707 | PA      | $12539.07     | 0.01%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHSTATE CORP                | SouthState Corp                                                           | CUSIP: 15201PAA7<br>LEI: 549300JZUANXM0YQ4W53 | Long             | DBT              | CORP              | US        |    900000 | PA      | $899908.70    | 0.75%             | 2030-06-01      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2023-CES3                                             | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    653110 | PA      | $662945.47    | 0.55%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137BDX76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    267718 | PA      | $266770.72    | 0.22%             | 2050-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397QQA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1296356 | PA      | $1250733.14   | 1.04%             | 2041-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    428507 | PA      | $425436.58    | 0.36%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128P7AZ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       153 | PA      | $152.19       | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2020-5 Trust                       | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    191785 | PA      | $177440.21    | 0.15%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BP4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250554 | PA      | $254063.23    | 0.21%             | 2028-12-10      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER TRUST I         | American Tower Trust #1                                                   | CUSIP: 03027WAM4<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1321737.82   | 1.10%             | 2028-03-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RRZ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    775000 | PA      | $722728.58    | 0.60%             | 2037-07-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2021-14                                        | CUSIP: 46653QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    672959 | PA      | $598696.93    | 0.50%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31413TLE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    493325 | PA      | $515800.23    | 0.43%             | 2037-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128PVWH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7192 | PA      | $7150.79      | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGIONS FINANCIAL CORP         | Regions Financial Corp                                                    | CUSIP: 7591EPAU4<br>LEI: CW05CS5KW59QTC0DG824 | Long             | DBT              | CORP              | US        |    700000 | PA      | $722811.99    | 0.60%             | 2030-06-06      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL       | Jackson National Life Global Funding                                      | CUSIP: 46849LVE8<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028408.74   | 0.86%             | 2030-01-13      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418AEB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1228084 | PA      | $1199049.38   | 1.00%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128P7RX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     80136 | PA      | $79595.18     | 0.07%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    966114 | NS      | $966113.58    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBUS OH MET HSG AUTH GEN R | Columbus Metropolitan Housing Authority                                   | CUSIP: 19951AAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506905.55    | 0.42%             | 2028-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                    | CUSIP: 196480N37<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    650000 | PA      | $684854.43    | 0.57%             | 2048-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHGJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    308086 | PA      | $298153.68    | 0.25%             | 2038-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36179MBE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3601 | PA      | $3620.70      | 0.00%             | 2042-04-20      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                     | CUSIP: 63968XAD7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039158.50   | 0.87%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOMIS CA UN SCH DIST           | Somis Union School District                                               | CUSIP: 835376AS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $489500.66    | 0.41%             | 2030-08-01      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136APL83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    871000 | PA      | $860299.07    | 0.72%             | 2034-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust                                                 | CUSIP: 89182FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    318938 | PA      | $324106.58    | 0.27%             | 2063-10-25      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    450973 | PA      | $475289.74    | 0.40%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GREAT RIVER ENERGY             | Great River Energy                                                        | CUSIP: 39121JAE0<br>LEI: 5493007CIM8IF8LIUC91 | Long             | DBT              | CORP              | US        |    815370 | PA      | $848117.08    | 0.71%             | 2038-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31410LRY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15978 | PA      | $15763.97     | 0.01%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XG2X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1335237 | PA      | $1341857.50   | 1.12%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132CXBF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    859604 | PA      | $866723.69    | 0.72%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK                 | Small Business Administration Pools                                       | CUSIP: 83165A5Z3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    136420 | PA      | $139107.68    | 0.12%             | 2028-02-25      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                          | CUSIP: 60416UQK4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1047367.45   | 0.87%             | 2055-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                | SBA Tower Trust                                                           | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250221.23    | 0.21%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                    | CUSIP: 45203MVG3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    945000 | PA      | $992349.60    | 0.83%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS THRU TR 2009          | CVS Pass-Through Trust Series 2009                                        | CUSIP: 126659AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660663 | PA      | $716757.16    | 0.60%             | 2031-07-10      | Fixed         | 8.35%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH       | Oklahoma Development Finance Authority                                    | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | ABS-O            | MUN               | US        |    372830 | PA      | $365088.46    | 0.30%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP | State of Oregon Housing & Community Services Department                   | CUSIP: 6860872S5<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1004347.49   | 0.84%             | 2053-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31398TGG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    166596 | PA      | $146191.44    | 0.12%             | 2037-07-25      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | CUSIP: 97689QDD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $54848.96     | 0.05%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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