# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0001752724-23-038747
**Filing Date:** 2023-2
**Character Count:** 190741
**Document Hash:** d589f1d16125027dc040f6abfc11d7f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-038747.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-038747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS II INC
- **CENTRAL INDEX KEY:** 0000746601
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 23664761

**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 Minnesota Tax-Free Income Fund (Series ID: S000003468)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009602 | Sit Minnesota Tax-Free Income Fund | SMTFX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 93.2%** |  |  |  |  |
|  **Education/Student Loan - 15.2%** |  |  |  |  |
|  Baytown Township Rev. (St. Croix Prep) | 1000000 | 4.00 | 8/1/36 | 835860 |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1100000 | 4.00 | 7/1/37 | 905795 |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1750000 | 4.25 | 7/1/47 | 1319377 |
|  Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.) | 605000 | 5.25 | 7/1/30 | 574435 |
|  Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 320000 | 4.00 | 7/1/24 | 316672 |
|  Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 575000 | 5.00 | 7/1/29 | 572165 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 855000 | 5.25 | 7/1/37 | 851563 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 600000 | 5.25 | 7/1/40 | 589530 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1000000 | 5.50 | 7/1/50 | 984660 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 1100000 | 5.00 | 11/1/38 | 1019249 |
|  Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 350000 | 5.00 | 11/1/48 | 305134 |
|  Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 405000 | 4.50 | 8/1/26 | 402477 |
|  Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 1000000 | 5.00 | 8/1/36 | 960880 |
|  Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 850000 | 5.50 | 8/1/36 | 852363 |
|  Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | 875000 | 5.00 | 7/1/31 | 867239 |
|  Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | 1000000 | 5.00 | 7/1/36 | 958310 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 815000 | 4.00 | 11/1/26 | 786345 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 2720000 | 5.00 | 11/1/36 | 2589304 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 750000 | 5.00 | 7/1/29 | 748762 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 1000000 | 5.00 | 7/1/34 | 969400 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 305000 | 4.25 | 7/1/26 | 295005 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 750000 | 4.75 | 7/1/31 | 709800 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 1200000 | 5.00 | 7/1/36 | 1113120 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 225000 | 3.25 | 6/1/31 | 185648 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 1410000 | 4.00 | 6/1/51 | 959829 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup>  | 585000 | 4.00 | 12/1/31 | 517754 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup>  | 1385000 | 5.25 | 12/1/43 | 1217180 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup>  | 1000000 | 4.25 | 12/1/27 | 972330 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup>  | 1000000 | 5.00 | 12/1/37 | 962310 |
|  MN Higher Education Fac. Auth. Rev. (Augsburg College) | 3195000 | 4.25 | 5/1/40 | 2624501 |
|  MN Higher Education Fac. Auth. Rev. (Bethel Univ.) | 1500000 | 5.00 | 5/1/47 | 1300605 |
|  MN Higher Education Fac. Auth. Rev. (College of St. Benedict) | 1900000 | 5.00 | 3/1/37 | 1934751 |
|  MN Higher Education Fac. Auth. Rev. (College of St. Olaf) | 2530000 | 3.00 | 10/1/41 | 2040647 |
|  MN Higher Education Fac. Auth. Rev. (Macalester College) | 300000 | 3.00 | 3/1/43 | 239433 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 2000000 | 5.00 | 10/1/47 | 2085320 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 4000000 | 5.00 | 10/1/47 | 4170640 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 750000 | 5.00 | 4/1/35 | 786607 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 3150000 | 4.00 | 4/1/39 | 2972529 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 850000 | 5.00 | 10/1/40 | 892279 |
|  MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 4000000 | 4.00 | 10/1/44 | 3732480 |
|  MN Office of Higher Education Rev. <sup>8</sup>  | 2505000 | 2.65 | 11/1/38 | 2051921 |
|  MN Office of Higher Education Rev. <sup>8</sup>  | 1415000 | 4.00 | 11/1/37 | 1403298 |
|  Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.) | 1250000 | 5.00 | 12/1/40 | 1272063 |
|  Savage Charter School Lease Rev. (Aspen Academy) | 395000 | 4.00 | 10/1/26 | 379820 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  St. Cloud Charter School Lease Rev. (Stride Academy Proj.) | 1850000 | 5.00 | 4/1/36 | 1510173 |
|  St. Paul Hsg. & Redev. Auth. | 700000 | 5.00 | 12/1/30 | 707210 |
|  St. Paul Hsg. & Redev. Auth. | 1150000 | 5.00 | 12/1/37 | 1151576 |
|  St. Paul Hsg. & Redev. Auth. | 705000 | 5.00 | 12/1/46 | 671914 |
|  St. Paul Hsg. & Redev. Auth. (German Immersion School) | 95000 | 4.00 | 7/1/23 | 94661 |
|  St. Paul Hsg. & Redev. Auth. (German Immersion School) | 855000 | 5.00 | 7/1/33 | 837242 |
|  St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 280000 | 4.25 | 12/1/23 | 279244 |
|  St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 1500000 | 5.00 | 12/1/33 | 1454985 |
|  St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 390000 | 5.13 | 12/1/38 | 370679 |
|  St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) | 720000 | 4.50 | 12/1/29 | 677858 |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup>  | 1000000 | 3.00 | 6/1/31 | 825710 |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup>  | 1225000 | 4.00 | 6/1/51 | 829154 |
|  St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 325000 | 2.00 | 9/1/26 | 294177 |
|  St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 350000 | 4.00 | 9/1/31 | 328675 |
|  St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) | 1135000 | 4.63 | 3/1/43 | 954966 |
|  St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | 735000 | 4.00 | 7/1/25 | 717808 |
|  St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | 955000 | 5.00 | 7/1/35 | 905636 |
|  St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School) | 555000 | 5.00 | 7/1/49 | 484460 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 950000 | 3.00 | 12/1/29 | 843553 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 600000 | 4.00 | 12/1/39 | 522948 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 1000000 | 4.00 | 12/1/49 | 789780 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) <sup>4</sup>  | 700000 | 5.00 | 6/15/38 | 661773 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 600000 | 4.00 | 9/1/36 | 513276 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 1000000 | 4.13 | 9/1/47 | 780560 |
|  Woodbury Charter School Lease Rev. | 450000 | 3.00 | 12/1/30 | 409167 |
|  Woodbury Charter School Lease Rev. | 400000 | 4.00 | 12/1/40 | 354516 |
|  Woodbury Charter School Lease Rev. | 555000 | 4.00 | 12/1/50 | 458818 |
|  |  |  |  | 70659909 |
|  **Escrowed To Maturity/Prerefunded - 1.5%** |  |  |  |  |
|  Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.) | 1250000 | 4.00 | 2/1/32 | 1297962 |
|  St. Paul Park Health Care Facs. Rev (Presbyterian Homes Interlu Proj.) | 1000000 | 5.00 | 5/1/43 | 1025550 |
|  Western MN Municipal Power Agy. Rev. | 4725000 | 5.00 | 1/1/46 | 4824556 |
|  |  |  |  | 7148068 |
|  **General Obligation - 10.2%** |  |  |  |  |
|  Apple Valley G.O. | 365000 | 2.00 | 12/15/41 | 241886 |
|  Blooming Prairie Independent School District No. 756 | 1300000 | 2.25 | 2/1/45 | 860444 |
|  Duluth Independent School District No. 709 <sup>6</sup>  | 1325000 | 1.90 | 2/1/31 | 975929 |
|  Duluth Independent School District No. 709 <sup>6</sup>  | 1080000 | 2.03 | 2/1/32 | 759856 |
|  Duluth Independent School District No. 709 <sup>6</sup>  | 1075000 | 2.15 | 2/1/33 | 721175 |
|  Itasca County Independent School District No. 318 | 4050000 | 2.00 | 2/1/39 | 2839050 |
|  Itasca County Independent School District No. 318 | 4250000 | 2.00 | 2/1/40 | 2916987 |
|  Itasca G.O. | 2500000 | 2.38 | 2/1/45 | 1700550 |
|  Itasca G.O. | 4000000 | 2.50 | 2/1/50 | 2680280 |
|  Lakeville Independent School District No. 194 | 500000 | 2.00 | 2/1/37 | 368375 |
|  Madison Lake G.O. | 590000 | 2.13 | 2/1/42 | 419667 |

---

**2**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Minnetonka Independent School District No. 276 | 1900000 | 5.00 | 2/1/41 | 1951642 |
|  Moorhead G.O. | 605000 | 2.00 | 2/1/38 | 443017 |
|  Moorhead G.O. | 365000 | 2.13 | 2/1/40 | 258274 |
|  Moorhead G.O. | 370000 | 2.13 | 2/1/41 | 258064 |
|  Moorhead G.O. | 510000 | 2.13 | 2/1/42 | 351614 |
|  Morrison Co. Education District No. 6979 | 1000000 | 4.50 | 2/1/34 | 1002320 |
|  Norwood Young America Independent School District No. 108 | 2000000 | 2.13 | 2/1/41 | 1383840 |
|  Norwood Young America Independent School District No. 108 | 1400000 | 2.13 | 2/1/42 | 955304 |
|  Norwood Young America Independent School District No. 108 | 1500000 | 2.25 | 2/1/45 | 1007430 |
|  Owatonna Independent School District No. 761 | 750000 | 2.13 | 2/1/40 | 526410 |
|  Richfield Independent School District No. 280 | 4000000 | 4.00 | 2/1/37 | 4052240 |
|  Robbinsdale Independent School District No. 281 | 1000000 | 2.25 | 2/1/41 | 710320 |
|  Roseau Independent School District No. 682 | 400000 | 2.25 | 2/1/46 | 264436 |
|  Sauk Centre Independent School District No. 743 | 870000 | 2.00 | 2/1/39 | 613646 |
|  Sauk Centre Independent School District No. 743 | 1000000 | 2.00 | 2/1/40 | 691090 |
|  Springfield Independent School District No. 85 | 750000 | 2.00 | 2/1/39 | 520395 |
|  Springfield Independent School District No. 85 | 500000 | 2.00 | 2/1/40 | 340660 |
|  St. Cloud G.O. | 1090000 | 2.00 | 2/1/41 | 788190 |
|  St. Cloud G.O. | 560000 | 2.00 | 2/1/42 | 397572 |
|  St. Paul Independent School District No. 625 | 2475000 | 2.00 | 2/1/40 | 1689014 |
|  State of Minnesota G.O. | 5550000 | 2.00 | 9/1/41 | 3802638 |
|  United Hospital District Health Care Facs. G.O (Lake Wood Health System) | 1005000 | 5.00 | 12/1/30 | 1055501 |
|  White Bear Lake Independent School District No. 624 | 10850000 | 3.00 | 2/1/43 | 8890273 |
|  Zumbrota-Mazeppa Independent School District No. 2805 | 1500000 | 2.50 | 2/1/44 | 1109400 |
|  |  |  |  | 47547489 |
|  **Hospital/Health Care - 13.0%** |  |  |  |  |
|  Anoka Health Care and Hsg. Facs. Rev. | 1135000 | 5.38 | 11/1/34 | 1078193 |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 250000 | 5.00 | 11/1/29 | 253418 |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 500000 | 5.00 | 11/1/44 | 502125 |
|  Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) | 1225000 | 5.00 | 9/1/52 | 961992 |
|  Chippewa Co. Rev. (Monte Video Hospital Proj.) | 2000000 | 4.00 | 3/1/32 | 1973460 |
|  Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) | 1000000 | 4.00 | 5/1/32 | 890060 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1400000 | 5.75 | 8/1/30 | 1124452 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1050000 | 6.00 | 8/1/35 | 803974 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 400000 | 4.00 | 6/15/35 | 376044 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170000 | 4.00 | 6/15/35 | 159819 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170000 | 4.00 | 6/15/36 | 157393 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 375000 | 4.00 | 6/15/36 | 347190 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170000 | 4.00 | 6/15/37 | 154758 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 350000 | 4.00 | 6/15/37 | 318619 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 150000 | 4.00 | 6/15/38 | 134748 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 375000 | 4.00 | 6/15/38 | 336870 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 150000 | 4.00 | 6/15/39 | 133218 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 225000 | 4.00 | 6/15/39 | 199827 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 850000 | 3.00 | 6/15/44 | 583313 |
|  Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.) <sup>2, 5</sup> | 1900000 | 5.00 | 10/1/34 | 1394505 |

---

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

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 825000 | 5.00 | 5/1/32 | 858693 |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 4175000 | 4.00 | 5/1/37 | 3843087 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2590000 | 5.00 | 11/15/34 | 2674641 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2500000 | 5.00 | 11/15/49 | 2549875 |
|  Moorhead Economic Dev. Auth. Rev. | 550000 | 4.60 | 9/1/25 | 529991 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1500000 | 5.50 | 8/1/28 | 1428675 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1000000 | 6.00 | 8/1/36 | 919780 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 175000 | 4.00 | 7/1/37 | 157614 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 200000 | 4.00 | 7/1/39 | 176882 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup>  | 220000 | 4.00 | 7/1/41 | 191825 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 5000000 | 5.00 | 11/15/33 | 5965200 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 7500000 | 4.00 | 11/15/48 | 7159200 |
|  Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.) | 745000 | 5.00 | 9/1/28 | 760459 |
|  St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 3750000 | 5.00 | 5/1/46 | 3815175 |
|  St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 500000 | 5.00 | 5/1/48 | 510495 |
|  St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 500000 | 4.00 | 5/1/49 | 450970 |
|  St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) <sup>1</sup>  | 2250000 | 4.60 | 6/1/41 | 1884015 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | 750000 | 4.00 | 11/15/35 | 750150 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | 4000000 | 4.00 | 11/15/43 | 3672280 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | 1000000 | 5.00 | 11/15/47 | 1018320 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | 4800000 | 5.00 | 7/1/32 | 4962432 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | 2000000 | 5.00 | 7/1/33 | 2065480 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) | 2150000 | 5.00 | 5/1/38 | 1887248 |
|  Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC) | 425000 | 4.25 | 8/1/24 | 413278 |
|  |  |  |  | 60529743 |
|  **Industrial/Pollution Control - 0.6%** |  |  |  |  |
|  St. Paul Port Auth. Rev. <sup>8</sup>  | 1000000 | 4.00 | 10/1/40 | 924690 |
|  St. Paul Port Auth. Rev. | 1000000 | 4.00 | 10/1/42 | 929090 |
|  St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) <sup>4, 8</sup> | 1000000 | 4.50 | 10/1/37 | 928470 |
|  |  |  |  | 2782250 |
|  **Insured - 0.2%** |  |  |  |  |
|  Luverne Electric Rev. | 500000 | 3.00 | 12/1/47 | 376755 |
|  Luverne Electric Rev. | 700000 | 3.00 | 12/1/51 | 509166 |
|  |  |  |  | 885921 |
|  **Multifamily Mortgage - 18.7%** |  |  |  |  |
|  Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) | 1000000 | 5.50 | 11/1/46 | 904160 |
|  Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) | 500000 | 3.90 | 2/1/31 | 417620 |
|  Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) | 500000 | 4.15 | 2/1/36 | 384950 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 260000 | 4.00 | 9/1/30 | 245032 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 300000 | 4.00 | 9/1/36 | 265359 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 440000 | 4.00 | 9/1/41 | 370863 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 830000 | 4.00 | 9/1/51 | 647417 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 750000 | 4.00 | 9/1/61 | 556335 |
|  Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) | 2000000 | 5.00 | 9/1/58 | 1873860 |
|  Apple Valley Senior Hsg. Rev. (Presbyterian Homes) | 1500000 | 5.00 | 9/1/43 | 1464030 |

---

**4**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1045000 | 4.00 | 1/1/25 | 997850 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 475000 | 4.00 | 1/1/25 | 439337 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1175000 | 4.00 | 1/1/26 | 1094771 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1100000 | 6.75 | 1/1/27 | 949960 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 4.00 | 1/1/30 | 793582 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1430000 | 4.25 | 1/1/37 | 1059802 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 7.00 | 1/1/37 | 649600 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1640000 | 4.38 | 1/1/47 | 1076184 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 2850000 | 5.00 | 1/1/47 | 1661408 |
|  Bethel Rev. (Grandview Christian Home Proj.) | 3000000 | 5.00 | 10/1/41 | 2671020 |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | 1250000 | 5.13 | 7/1/25 | 812500 |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | 1645000 | 5.75 | 7/1/35 | 1069250 |
|  Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | 2000000 | 6.13 | 7/1/45 | 1300000 |
|  Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.) | 425000 | 6.00 | 1/1/27 | 425098 |
|  Chisago Hsg. and Health Care Rev. (CDL Homes LLC) | 750000 | 6.00 | 8/1/33 | 751845 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 180000 | 2.20 | 8/1/28 | 150572 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 250000 | 2.60 | 8/1/30 | 201243 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200000 | 2.80 | 8/1/31 | 158038 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200000 | 3.20 | 8/1/34 | 150402 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/41 | 370660 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/48 | 342765 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. | 3500000 | 4.00 | 1/1/42 | 3500105 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) <sup>4</sup>  | 2500000 | 3.55 | 4/1/39 | 1772650 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) <sup>4</sup>  | 500000 | 5.00 | 8/1/51 | 447665 |
|  Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) | 3334935 | 3.75 | 11/1/34 | 3290580 |
|  Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | 1350000 | 5.38 | 8/1/34 | 1167223 |
|  Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | 500000 | 5.75 | 2/1/44 | 412585 |
|  Independence Health Care Facs. Rev. (Augustana Chapel View Home) | 250000 | 4.00 | 12/1/32 | 208900 |
|  Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.) | 2000000 | 5.13 | 1/1/40 | 1865560 |
|  Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) | 500000 | 5.00 | 7/1/39 | 451490 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) <sup>8</sup>  | 2765000 | 4.75 | 1/20/42 | 2765802 |
|  Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) | 5000000 | 2.35 | 2/1/38 | 4234000 |
|  Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) | 1015000 | 5.75 | 7/15/31 | 1010920 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 375000 | 4.75 | 11/1/28 | 356805 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 1500000 | 5.00 | 11/1/35 | 1366995 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 1090000 | 4.00 | 11/1/25 | 1045212 |
|  Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) | 1866754 | 3.00 | 11/1/34 | 1724340 |
|  MN Hsg. Fin. Agy. Rental Hsg. Rev. | 1000000 | 5.20 | 8/1/43 | 1006790 |
|  Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) | 280000 | 4.65 | 9/1/26 | 266403 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 1000000 | 5.00 | 9/1/32 | 886960 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 250000 | 5.13 | 9/1/37 | 212327 |
|  New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) | 1500000 | 5.00 | 8/1/39 | 1194585 |
|  North Oaks Rev. (Waverly Gardens Proj.) | 150000 | 4.25 | 10/1/41 | 135897 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 2000000 | 4.00 | 10/1/33 | 1874800 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1500000 | 5.00 | 10/1/35 | 1509540 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1000000 | 5.00 | 10/1/47 | 981810 |

---

DECEMBER 31, 2022<sub>5</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.) | 1950000 | 5.00 | 12/1/30 | 1813402 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 720000 | 6.38 | 12/1/33 | 724702 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 2500000 | 6.50 | 12/1/35 | 2517725 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 250000 | 6.88 | 12/1/48 | 252127 |
|  Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | 2150000 | 5.30 | 9/1/37 | 2000467 |
|  Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | 500000 | 5.00 | 9/1/35 | 455225 |
|  Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) | 1705000 | 5.13 | 1/1/39 | 1514364 |
|  St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 250000 | 5.75 | 12/1/28 | 250625 |
|  St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 2000000 | 6.00 | 12/1/30 | 2005060 |
|  St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | 750000 | 4.25 | 7/1/39 | 603615 |
|  St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | 1500000 | 5.00 | 7/1/55 | 1209060 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2950000 | 4.25 | 12/1/27 | 2848402 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2400000 | 5.00 | 12/1/47 | 2317032 |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 1000000 | 5.30 | 11/1/30 | 934180 |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 2590000 | 5.38 | 5/1/43 | 2168918 |
|  St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) | 1000000 | 5.00 | 9/1/42 | 967120 |
|  St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.) | 875000 | 5.00 | 3/1/40 | 803950 |
|  Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) | 1000000 | 4.25 | 8/1/43 | 765370 |
|  Vergas Rev. (CDL Homes Proj.) | 235000 | 4.00 | 8/1/25 | 226853 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1500000 | 4.00 | 8/1/44 | 1217745 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1000000 | 5.00 | 8/1/49 | 937160 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 2750000 | 5.00 | 8/1/54 | 2525737 |
|  West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp) | 250000 | 5.00 | 11/1/49 | 217142 |
|  |  |  |  | 87221438 |
|  **Municipal Lease - 3.0% <sup>9</sup>**  |  |  |  |  |
|  Duluth Independent School District No. 709 | 1875000 | 2.60 | 3/1/28 | 1693200 |
|  Duluth Independent School District No. 709 | 920000 | 3.00 | 3/1/32 | 783628 |
|  Lake Agassiz Education Cooperative No. 0397-52 | 645000 | 2.50 | 2/1/32 | 542400 |
|  Lake Agassiz Education Cooperative No. 0397-52 | 365000 | 2.75 | 2/1/36 | 292679 |
|  Minnetonka Independent School District No. 276 | 400000 | 3.00 | 3/1/42 | 336984 |
|  Minnetonka Independent School District No. 276 | 500000 | 3.00 | 7/1/50 | 400475 |
|  Minnetonka Independent School District No. 276 | 1410000 | 2.25 | 2/1/44 | 946928 |
|  Minnetonka Independent School District No. 276 | 1000000 | 2.13 | 2/1/41 | 687630 |
|  Minnetonka Independent School District No. 276 | 750000 | 2.38 | 7/1/51 | 495307 |
|  MN Hsg. Fin. Agy. Rev. | 2065000 | 3.00 | 8/1/43 | 1628934 |
|  MN Hsg. Fin. Agy. Rev. (State Appropriation) | 2000000 | 5.00 | 8/1/34 | 2053500 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 1000000 | 5.00 | 2/1/34 | 1039570 |
|  Pine Island Independent School District No. 255 | 525000 | 2.00 | 2/1/40 | 382142 |
|  Pine Island Independent School District No. 255 | 1110000 | 2.20 | 2/1/44 | 786324 |
|  Pine Island Independent School District No. 255 | 895000 | 2.25 | 2/1/47 | 610659 |
|  Rochester Economic Dev. Auth. Rev. | 485000 | 2.13 | 2/1/38 | 376719 |
|  Shakopee Independent School Dist. No. 720 | 500000 | 2.00 | 2/1/31 | 431950 |
|  Waconia Independent School District No. 110 | 500000 | 5.00 | 2/1/37 | 513385 |
|  Winona School District No. 861 Lease Purchase | 97630 | 6.04 | 8/1/24 | 97780 |
|  |  |  |  | 14100194 |

---

**6**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Other Revenue Bonds - 2.9%** |  |  |  |  |
|  Crystal Governmental Fac. Rev. | 230798 | 5.10 | 12/15/26 | 213158 |
|  Minneapolis Tax Increment Rev. | 320000 | 3.50 | 3/1/23 | 319421 |
|  Minneapolis Tax Increment Rev. | 170000 | 3.80 | 3/1/25 | 166806 |
|  Minneapolis Tax Increment Rev. | 200000 | 4.00 | 3/1/27 | 196654 |
|  Minneapolis Tax Increment Rev. | 260000 | 4.00 | 3/1/30 | 248386 |
|  Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.) | 431000 | 5.00 | 2/15/27 | 414704 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 2500000 | 4.00 | 2/1/38 | 2462975 |
|  St. Louis Park Economic Dev. Auth. Tax Increment Rev. (Hoigaard Vlg.) | 175000 | 5.00 | 2/1/23 | 174904 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) | 1750000 | 5.00 | 12/1/36 | 1758995 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) | 497000 | 6.38 | 2/15/28 | 496945 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.) | 610000 | 6.50 | 3/1/29 | 610073 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 732000 | 7.00 | 2/15/28 | 732190 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 481000 | 7.50 | 2/15/28 | 481005 |
|  St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) | 3695000 | 5.00 | 8/1/36 | 3695443 |
|  Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) <sup>11</sup>  | 2000000 | 5.00 | 10/1/42 | 1631880 |
|  |  |  |  | 13603539 |
|  **Sales Tax Revenue - 1.1% <sup>11</sup>**  |  |  |  |  |
|  American Samoa Economic Development Authority Rev. <sup>4</sup>  | 300000 | 6.00 | 9/1/23 | 300228 |
|  American Samoa Economic Development Authority Rev. | 2000000 | 6.25 | 9/1/29 | 2097660 |
|  Guam Govt. Business Privilege Tax Rev. | 2750000 | 5.00 | 11/15/35 | 2794192 |
|  |  |  |  | 5192080 |
|  **Single Family Mortgage - 24.5%** |  |  |  |  |
|  Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | 540000 | 4.45 | 12/1/32 | 540086 |
|  Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | 45000 | 4.63 | 12/1/30 | 45018 |
|  Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) | 305000 | 4.88 | 12/1/33 | 305137 |
|  Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) | 110000 | 4.45 | 12/1/27 | 109440 |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 7295000 | 2.25 | 7/1/41 | 5572067 |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 8270000 | 2.40 | 7/1/46 | 6060835 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3130000 | 2.45 | 7/1/45 | 2515988 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4985000 | 2.45 | 7/1/46 | 3570556 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1756357 | 3.30 | 3/1/48 | 1683064 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1796247 | 3.30 | 5/1/48 | 1721290 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 580201 | 3.75 | 11/1/48 | 562087 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 576335 | 3.60 | 1/1/49 | 556324 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 615643 | 3.45 | 3/1/49 | 592107 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 982444 | 3.15 | 6/1/49 | 938008 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1093654 | 2.47 | 1/1/50 | 1002421 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 8590000 | 2.55 | 1/1/51 | 6887204 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4290000 | 2.50 | 7/1/51 | 2953279 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1125000 | 1.65 | 7/1/30 | 966803 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 480000 | 2.38 | 7/1/46 | 347093 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 9390000 | 2.45 | 1/1/52 | 6684647 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3515000 | 2.40 | 1/1/35 | 3094255 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 2545000 | 2.75 | 7/1/42 | 1990444 |

---

DECEMBER 31, 2022<sub>7</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1270000 | 2.90 | 1/1/45 | 1007999 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 575000 | 2.70 | 7/1/33 | 523779 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 255000 | 2.75 | 1/1/34 | 231968 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 2310000 | 3.00 | 7/1/43 | 1884983 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3995000 | 3.50 | 1/1/32 | 3928323 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 1530000 | 3.60 | 7/1/33 | 1486426 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 1340000 | 2.45 | 7/1/34 | 1221986 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3452000 | 3.80 | 7/1/38 | 3247400 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 4290000 | 2.55 | 7/1/39 | 3876144 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3130000 | 3.90 | 7/1/43 | 2892965 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2945000 | 2.80 | 1/1/44 | 2524955 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2800000 | 2.70 | 7/1/44 | 2210264 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3135000 | 2.75 | 7/1/44 | 2783943 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 1195000 | 3.75 | 1/1/50 | 1189754 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup>  | 1000000 | 5.35 | 7/1/36 | 1040850 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup>  | 500000 | 2.30 | 7/1/32 | 437475 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup>  | 1585000 | 2.35 | 1/1/33 | 1382437 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup>  | 1035000 | 2.40 | 7/1/33 | 895534 |
|  MN Hsg. Fin. Agy. Rev. | 3855860 | 2.05 | 12/1/51 | 3582364 |
|  MN Hsg. Fin. Agy. Rev. | 3165000 | 2.00 | 7/1/40 | 2368844 |
|  MN Hsg. Fin. Agy. Rev. | 3850000 | 2.15 | 7/1/45 | 2722412 |
|  MN Hsg. Fin. Agy. Rev. | 6205000 | 2.20 | 1/1/51 | 4183101 |
|  MN Hsg. Fin. Agy. Rev. | 9375000 | 2.35 | 7/1/41 | 7439344 |
|  MN Hsg. Fin. Agy. Rev. | 5590000 | 2.55 | 1/1/46 | 4378926 |
|  MN Hsg. Fin. Agy. Rev. | 2500000 | 5.00 | 7/1/53 | 2610950 |
|  MN Hsg. Fin. Agy. Rev. | 1250000 | 5.10 | 7/1/42 | 1302987 |
|  MN Hsg. Fin. Agy. Rev. | 1715000 | 5.15 | 7/1/45 | 1786464 |
|  MN Hsg. Fin. Agy. Rev. | 1500000 | 6.00 | 1/1/53 | 1639065 |
|  MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) | 445000 | 4.00 | 1/1/47 | 444484 |
|  MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) <sup>8</sup>  | 275000 | 4.00 | 1/1/41 | 274200 |
|  |  |  |  | 114198479 |
|  **Transportation - 0.9%** |  |  |  |  |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup>  | 1000000 | 5.00 | 1/1/47 | 1020010 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup>  | 500000 | 5.25 | 1/1/47 | 519075 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 1100000 | 5.00 | 1/1/33 | 1119624 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 600000 | 5.00 | 1/1/34 | 610392 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 1000000 | 4.25 | 1/1/52 | 943610 |
|  |  |  |  | 4212711 |
|  **Utility - 1.4%** |  |  |  |  |
|  Guam Govt. Waterworks Auth. Rev. <sup>11</sup>  | 2000000 | 5.00 | 1/1/46 | 1967820 |
|  Rochester Electric Utility Rev. | 500000 | 5.00 | 12/1/42 | 524630 |
|  Southern Minnesota Municipal Power Agency | 1000000 | 5.00 | 1/1/41 | 1046010 |
|  St. Paul Hsg. & Redev. Auth. | 900000 | 3.38 | 10/1/37 | 801324 |
|  St. Paul Sewer Rev. | 1220000 | 2.00 | 12/1/41 | 813130 |
|  Western MN Municipal Power Agy. Rev. | 550000 | 5.00 | 1/1/25 | 573463 |

---

**8**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Western MN Municipal Power Agy. Rev. | 600000 | 5.00 | 1/1/35 | 633378 |
|  |  |  |  | 6359755 |
|  **Total Municipal Bonds<br>(cost: $499,149,066)** |  |  |  | 434441576 |
|  | **Quantity** |  |  |  |
|  **Investment Companies - 0.3%** |  |  |  |  |
|  Nuveen Minnesota Quality Municipal Income Fund (NMS) | 132458 |  |  | 1490153 |
|  **Total Investment Companies<br>(cost: $1,829,974)** |  |  |  | 1490153 |
|  **Total Investments in Securities - 93.5%<br>(cost: $500,979,040)** |  |  |  | 435931729 |
|  **Other Assets and Liabilities, net - 6.5%** |  |  |  | 30250104 |
|  **Net Assets - 100.0%** |  |  |  | $466181833 |

---

------

<sup>1</sup> Variable rate security. Rate disclosed is as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>2</sup> Security considered illiquid by the Investment Adviser. The total value of such securities as of December 31, 2022 was $1,394,505 and represented 0.3% of net assets. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of December 31, 2022 was $9,435,223 and represented 2.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>5</sup> The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of December 31, 2022 was $1,394,505 and represented 0.3% of net assets. 

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

<sup>8</sup> Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2022, 2.9% of net assets in the Fund was invested in such securities. 

<sup>9</sup> Municipal Lease Security. The total value of such securities as of December 31, 2022 was $14,100,194 and represented 3.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>11</sup> The Fund may invest in obligations issued by U.S. territories, for example Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of December 31, 2022 was $9,318,101 and represented 2.0% of net assets. 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Contracts** | **Expiration<br>Date** | **Notional<br>Amount ($)** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  Short Futures: <sup>10</sup>  |  |  |  |  |
|  U.S. Treasury Long Bond | 146 | March 2023 | (18300188) | 265098 |
|  U.S. Treasury 2-Year | 254 | March 2023 | (52089844) | (55711) |
|  U.S. Treasury 5-Year | 468 | March 2023 | (50511095) | 85682 |
|  U.S. Treasury 10-Year | 781 | March 2023 | (87703863) | 604806 |
|  |  |  |  | 899875 |

---

<sup>10</sup> The amount of $9,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2022. 

DECEMBER 31, 2022<sub>9</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2022

**Sit Minnesota Tax-Free Income Fund (Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br>Prices ($) | **Level 2**<br>Other significant<br>observable inputs ($) | **Level 3** Significant<br>unobservable inputs ($) | Total ($) |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 434441576 |  | 434441576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 1490153 |  |  | 1490153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 955586 |  |  | 955586 |
|  Total: | 2445739 | 434441576 |  | 436887315 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (55711) |  |  | (55711) |

---

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

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

**10**

## 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 Minnesota Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000003468

- **c. LEI of Series:** 254900AFSQI1LY58ZW63

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

- **a. Date of fiscal year-end:** 2023-03-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $469592888.26

**Total Liabilities:** $3323743.41

**Net Assets:** $466269144.85

**Cash Not Reported:** $26042932.22

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 285.18611000 | **1-Year:** 7805.90853000 | **5-Year:** 33966.96426000 | **10-Year:** 294852.79820000 | **30-Year:** 59091.99563000

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

- **3-Month:** 16.09224000 | **1-Year:** 1601.87057000 | **5-Year:** 8883.31954000 | **10-Year:** 15431.06365000 | **30-Year:** 545.82977000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009602 | -0.74%               | 4.83%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4242557.19             | $-2433811.16                               |
| Month 2  | $-3111803.68             | $27216742.02                               |
| Month 3  | $-1489073.62             | $56645.20                                  |

**Designated Index Information**

- **Index Name:** Designated Reference Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CY4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $789780.00    | 0.17%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 85236DAQ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    900000 | PA      | $801324.00    | 0.17%             | 2037-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VEJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1124452.00   | 0.24%             | 2030-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHC1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1796247 | PA      | $1721289.75   | 0.37%             | 2048-05-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN ECON DEV AUTH LEA                 | Rochester Economic Development Authority                                        | CUSIP: 77158TAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $376718.90    | 0.08%             | 2038-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SJT8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2053500.00   | 0.44%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SCU2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3452000 | PA      | $3247399.96   | 0.70%             | 2038-07-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   9375000 | PA      | $7439343.75   | 1.60%             | 2041-07-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ANOKA MN HLTHCARE & HSG FAC RE                 | City of Anoka MN                                                                | CUSIP: 03632RAG5<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1078193.25   | 0.23%             | 2034-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792893HX0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758995.00   | 0.38%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JFK1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085320.00   | 0.45%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CRYSTAL MN GOVTL FACS REVENUE                  | City of Crystal MN                                                              | CUSIP: 229352AA7<br>LEI: 5493006VVT2V0LJJNG38 | Long             | DBT              | MUN               | US        |    230798 | PA      | $213157.72    | 0.05%             | 2026-12-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792892HM6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2168917.80   | 0.47%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709                  | Duluth Independent School District No 709                                       | CUSIP: 264471LL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $975928.75    | 0.21%             | 2031-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827WA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1119624.00   | 0.24%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TQP6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2310000 | PA      | $1884983.10   | 0.40%             | 2043-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $157613.75    | 0.03%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416ST26<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4290000 | PA      | $3876143.70   | 0.83%             | 2039-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN                 | City of St Cloud MN                                                             | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $450970.00    | 0.10%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TDZ8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4985000 | PA      | $3570556.10   | 0.77%             | 2046-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $376044.00    | 0.08%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA                 | City of Forest Lake MN                                                          | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    850000 | PA      | $852363.00    | 0.18%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXZ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1786464.05   | 0.38%             | 2045-07-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $185647.50    | 0.04%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| OWATONNA MN INDEP SCH DIST #76                 | Owatonna Independent School District No 761/MN                                  | CUSIP: 690564RX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $526410.00    | 0.11%             | 2040-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TJM1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $1628933.95   | 0.35%             | 2043-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBB1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    260000 | PA      | $245031.80    | 0.05%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $812500.00    | 0.17%             | 2025-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN INDEP SCH DIST#                 | Itasca County Independent School District No 318                                | CUSIP: 465468FE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $2839050.00   | 0.61%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA AS ECON DEV AUT                 | American Samoa Economic Development Authority                                   | CUSIP: 02936TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2097660.00   | 0.45%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RAR7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464030.00   | 0.31%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN MF HSG REVENUE                   | City of Minnetonka MN                                                           | CUSIP: 604217CS6<br>LEI: 549300NQZ4FEG58M2309 | Long             | DBT              | MUN               | US        |   1866754 | PA      | $1724339.57   | 0.37%             | 2034-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ZUMBROTA-MAZEPPA MN INDEP SCHD                 | Zumbrota-Mazeppa Independent School District No 2805                            | CUSIP: 989786EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1109400.00   | 0.24%             | 2044-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $610658.50    | 0.13%             | 2047-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY                          | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697KD5<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633378.00    | 0.14%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS                 | Guam Government Waterworks Authority                                            | CUSIP: 40065FCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967820.00   | 0.42%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827WB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $610392.00    | 0.13%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMPLIN MN MF HSG REVENUE                     | City of Champlin MN                                                             | CUSIP: 158777AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425097.75    | 0.09%             | 2027-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1300605.00   | 0.28%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JGF1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4170640.00   | 0.89%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAUK RAPIDS MN HLTH CARE HSG F                 | City of Sauk Rapids MN                                                          | CUSIP: 804359BW6<br>LEI: 549300EEYEG1XIKNKU21 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1514363.95   | 0.32%             | 2039-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN EDUCTNL FACS REVEN                 | City of Moorhead MN                                                             | CUSIP: 61615DBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272062.50   | 0.27%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE                 | City of Cologne MN                                                              | CUSIP: 195239AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $316672.00    | 0.07%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509540.00   | 0.32%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MN CHRT SCH LEASE REV                 | City of St Cloud MN                                                             | CUSIP: 788326AC0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1510173.50   | 0.32%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT US Long Bond                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -146 | NC      | $265098.04    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TODD MORRISON CASS & WADENA CN                 | Staples United Hospital District                                                | CUSIP: 88903ACL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1055501.25   | 0.23%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE PLAIN MN SR HSG & HLTH C                 | City of Maple Plain MN                                                          | CUSIP: 56531SAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451490.00    | 0.10%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709                  | Duluth Independent School District No 709                                       | CUSIP: 264471LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $759855.60    | 0.16%             | 2032-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CV0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    950000 | PA      | $843552.50    | 0.18%             | 2029-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN REVENUE                              | City of Bethel MN                                                               | CUSIP: 086760AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2671020.00   | 0.57%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416HV27<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $786607.50    | 0.17%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709                  | Duluth Independent School District No 709                                       | CUSIP: 264474JW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $783628.40    | 0.17%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE                 | City of Hugo MN                                                                 | CUSIP: 444584AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $748762.50    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBF2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    830000 | PA      | $647416.60    | 0.14%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN INDEP SCH DIST #                 | St Paul Independent School District No 625                                      | CUSIP: 7928955Z3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2475000 | PA      | $1689014.25   | 0.36%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| W SAINT PAUL MN HSG & HLTH CAR                 | City of West St Paul MN                                                         | CUSIP: 95568PAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217142.50    | 0.05%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN INDEP SCH DIST #2                 | Richfield Independent School District No 280                                    | CUSIP: 763342TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4052240.00   | 0.87%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH MN SENIOR HSG & HLTH                 | City of St Joseph MN                                                            | CUSIP: 790755AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1209060.00   | 0.26%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902HB2<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5965200.00   | 1.28%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $133218.00    | 0.03%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    855000 | PA      | $837241.65    | 0.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLH9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $895533.75    | 0.19%             | 2033-07-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                                 | County of Itasca MN                                                             | CUSIP: 465452MA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1700550.00   | 0.36%             | 2045-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBE5<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    440000 | PA      | $370862.80    | 0.08%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCL8<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    950000 | PA      | $793582.50    | 0.17%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N E MN MET INTERMEDIATE SCH DI                 | Northeastern Metropolitan Intermediate School District No 916                   | CUSIP: 664259DB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039570.00   | 0.22%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC                 | City of Sartell MN                                                              | CUSIP: 803807BJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $455225.00    | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS PUBLIC FIN AUTH                 | Virgin Islands Public Finance Authority                                         | CUSIP: 927676RV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1631880.00   | 0.35%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CJ2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2848402.00   | 0.61%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906DB7<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1813402.50   | 0.39%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CU6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2517725.00   | 0.54%             | 2035-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU                 | City of Minneapolis MN                                                          | CUSIP: 603795DK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    200000 | PA      | $196654.00    | 0.04%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHA5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1756357 | PA      | $1683064.46   | 0.36%             | 2048-03-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $154757.80    | 0.03%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE                           | Township of Baytown MN                                                          | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835860.00    | 0.18%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAK PARK HEIGHTS MN NURSING HO                 | City of Oak Park Heights MN                                                     | CUSIP: 671576AX4<br>LEI: 549300837OY6JGJQH303 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1428675.00   | 0.31%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAT1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972330.00    | 0.21%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN MF REVENUE                      | City of Minneapolis MN                                                          | CUSIP: 603767NR1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1010919.70   | 0.22%             | 2031-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022BY1<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    180000 | PA      | $150571.80    | 0.03%             | 2028-08-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VEK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $803974.50    | 0.17%             | 2035-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DM9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    350000 | PA      | $328674.50    | 0.07%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TQK7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    575000 | PA      | $523779.00    | 0.11%             | 2033-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 5 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -468 | NC      | $85681.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SAINT LOUIS PARK MN HLTH CARE                  | City of St Louis Park MN                                                        | CUSIP: 791748FN1<br>LEI: 549300F6X6Q4H3ALF786 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1884015.00   | 0.40%             | 2041-06-01      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| FRIDLEY MN MF HSG REVENUE                      | City of Fridley MN                                                              | CUSIP: 358413AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3334935 | PA      | $3290580.00   | 0.71%             | 2034-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $239433.00    | 0.05%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH SOL WS                 | St Paul Port Authority                                                          | CUSIP: 79307RAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928470.00    | 0.20%             | 2037-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA AS ECON DEV AUT                 | American Samoa Economic Development Authority                                   | CUSIP: 02936TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300228.00    | 0.06%             | 2023-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $400475.00    | 0.09%             | 2050-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT ANTHONY MN MF REVENUE                    | City of St Anthony MN                                                           | CUSIP: 787285BR5<br>LEI: 549300DDY05Y9DN3OM35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005060.00   | 0.43%             | 2030-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                 | City of Minneapolis MN                                                          | CUSIP: 60374VDT7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2674641.20   | 0.57%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN                                    | City of Moorhead MN                                                             | CUSIP: 616142SX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $258063.90    | 0.06%             | 2041-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416ST42<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1189753.95   | 0.26%             | 2050-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAUK CENTRE MN INDEP SCH DIST                  | Sauk Centre Independent School District No 743                                  | CUSIP: 804277HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $691090.00    | 0.15%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS PARK MN ECON DEV A                 | St Louis Park Economic Development Authority                                    | CUSIP: 791747BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174903.75    | 0.04%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $318619.00    | 0.07%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YDR4<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $949960.00    | 0.20%             | 2027-01-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAKE AGASSIZ EDU COOPERATIVE #                 | Lake Agassiz Education Cooperative No 0397-52                                   | CUSIP: 507421AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $292678.90    | 0.06%             | 2036-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1217745.00   | 0.26%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $176882.00    | 0.04%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TQL5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    255000 | PA      | $231968.40    | 0.05%             | 2034-01-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1934751.00   | 0.41%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS                  | City of Maple Grove MN                                                          | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $858693.00    | 0.18%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1069250.00   | 0.23%             | 2035-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WACONIA MN INDEP SCH DIST #110                 | Waconia Independent School District No 110                                      | CUSIP: 930051AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513385.00    | 0.11%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL PARK MN HLTHCARE FACSR                 | City of St Paul Park MN                                                         | CUSIP: 85233DBG5<br>LEI: 549300RN3JLIQQH41516 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025550.00   | 0.22%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORRISON CNTY MN EDU DIST #697                 | Morrison County Education District No 6979                                      | CUSIP: 618398AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002320.00   | 0.21%             | 2034-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VICTORIA MN HLTH CARE FACS REV                 | City of Victoria MN                                                             | CUSIP: 92627TAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $413278.50    | 0.09%             | 2024-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    325000 | PA      | $294177.00    | 0.06%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BY5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $780560.00    | 0.17%             | 2047-09-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CARVER & SIBLEY CNTYS MN INDEP                 | Norwood Young America Independent School District No 108                        | CUSIP: 146873BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1007430.00   | 0.22%             | 2045-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFK9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    480000 | PA      | $347092.80    | 0.07%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S4B3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3094254.50   | 0.66%             | 2035-01-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CT5<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    555000 | PA      | $484459.50    | 0.10%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297AV2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    735000 | PA      | $717808.35    | 0.15%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904FH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    610000 | PA      | $610073.20    | 0.13%             | 2029-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCF1<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $997849.60    | 0.21%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFL7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   9390000 | PA      | $6684647.10   | 1.43%             | 2052-01-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLR7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   5590000 | PA      | $4378926.50   | 0.94%             | 2046-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E                 | St Paul Port Authority                                                          | CUSIP: 79308GAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929090.00    | 0.20%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN                                   | City of Apple Valley MN                                                         | CUSIP: 03788PUC8<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    365000 | PA      | $241885.50    | 0.05%             | 2041-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHJ6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    576335 | PA      | $556324.30    | 0.12%             | 2049-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020010.00   | 0.22%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE                 | City of Cologne MN                                                              | CUSIP: 195239AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $572165.25    | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416STC4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    445000 | PA      | $444483.80    | 0.10%             | 2047-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV                 | City of Woodbury MN                                                             | CUSIP: 979134AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $409167.00    | 0.09%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKEVILLE MN INDEP SCH DIST #1                 | Lakeville Independent School District No 194                                    | CUSIP: 512462YB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $368375.00    | 0.08%             | 2037-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792905DH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065480.00   | 0.44%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ULM MN ECON DEV AUTH HSG F                 | New Ulm Economic Development Authority                                          | CUSIP: 64902PAQ2<br>LEI: 549300CQGZ47OC3M6S05 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1194585.00   | 0.26%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO INDL TOURIST EDUCT                 | Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | CUSIP: 74527EFX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $191824.60    | 0.04%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCQ7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1076184.40   | 0.23%             | 2047-01-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SS92<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1221986.20   | 0.26%             | 2034-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV                 | City of Woodbury MN                                                             | CUSIP: 979134AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $458818.50    | 0.10%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SCV0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2892965.10   | 0.62%             | 2043-07-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TFD9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    720000 | PA      | $677858.40    | 0.15%             | 2029-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                 | City of Bethel MN                                                               | CUSIP: 086759AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $905795.00    | 0.19%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $786324.00    | 0.17%             | 2044-02-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| N E MN MET INTERMEDIATE SCH DI                 | Northeastern Metropolitan Intermediate School District No 916                   | CUSIP: 664259DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2462975.00   | 0.53%             | 2038-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $709800.00    | 0.15%             | 2031-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    600000 | PA      | $589530.00    | 0.13%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $867238.75    | 0.19%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAZ7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1217179.55   | 0.26%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BROOKLYN PK MN CHRT SCH LEASE                  | City of Brooklyn Park MN                                                        | CUSIP: 114224AH1<br>LEI: 549300SRSB2KMQNYBB75 | Long             | DBT              | MUN               | US        |    605000 | PA      | $574435.40    | 0.12%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TGV4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   8270000 | PA      | $6060834.90   | 1.30%             | 2046-07-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MOUND MN HSG & REDEV AUTH TAX                  | Mound Housing & Redevelopment Authority                                         | CUSIP: 620545AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    431000 | PA      | $414703.89    | 0.09%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARVER & SIBLEY CNTYS MN INDEP                 | Norwood Young America Independent School District No 108                        | CUSIP: 146873BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1383840.00   | 0.30%             | 2041-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCG9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1094771.00   | 0.23%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S                 | Dakota County Community Development Agency                                      | CUSIP: 23410BCF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $305137.25    | 0.07%             | 2033-12-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CB0<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    200000 | PA      | $158038.00    | 0.03%             | 2031-08-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN ECON DEV AUTH HLTH                 | Moorhead Economic Development Authority                                         | CUSIP: 61615JAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $266403.20    | 0.06%             | 2026-09-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SCY4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006790.00   | 0.22%             | 2043-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CHATFIELD MN HLTHCARE & HSG FA                 | City of Chatfield MN                                                            | CUSIP: 161818AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $961992.50    | 0.21%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen Minnesota Quality Municipal Income Fund | Nuveen Minnesota Quality Municipal Income Fund                                  | CUSIP: 670734102<br>LEI: 549300G7ZQTM08LLEK41 | Long             | EC               | RF                | US        |    132458 | NS      | $1490152.50   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $157392.80    | 0.03%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YDS2<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    950000 | PA      | $649600.50    | 0.14%             | 2037-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ST PETER MN HSG & HLTHCARE FAC                 | City of St Peter MN                                                             | CUSIP: 793180AM2<br>LEI: 549300NYS98ETJWZE745 | Long             | DBT              | MUN               | US        |    875000 | PA      | $803950.00    | 0.17%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCN6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3165000 | PA      | $2368844.25   | 0.51%             | 2040-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAVAGE MN CHRT SCH LEASE REVEN                 | City of Savage MN                                                               | CUSIP: 80466EAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $379820.15    | 0.08%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M                 | Dakota County Community Development Agency                                      | CUSIP: 23409VFK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1772650.00   | 0.38%             | 2039-04-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $159818.70    | 0.03%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S4D9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2945000 | PA      | $2524954.65   | 0.54%             | 2044-01-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN                 | City of St Cloud MN                                                             | CUSIP: 78916VDV9<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510495.00    | 0.11%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LUVERNE MN ELEC REVENUE                        | City of Luverne MN                                                              | CUSIP: 550646CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $509166.00    | 0.11%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416H2T0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3195000 | PA      | $2624500.80   | 0.56%             | 2040-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU                 | Minnesota Office of Higher Education                                            | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1403297.95   | 0.30%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416HV43<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $2972529.00   | 0.64%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN                 | City of St Cloud MN                                                             | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3815175.00   | 0.82%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CQ6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2317032.00   | 0.50%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $347190.00    | 0.07%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $958310.00    | 0.21%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CV4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252127.50    | 0.05%             | 2048-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MADISON LAKE MN                                | City of Madison Lake MN                                                         | CUSIP: 557726HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $419667.00    | 0.09%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709                  | Duluth Independent School District No 709                                       | CUSIP: 264471LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $721174.50    | 0.15%             | 2033-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TGU6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5572066.90   | 1.20%             | 2041-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA                 | City of Forest Lake MN                                                          | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    405000 | PA      | $402476.85    | 0.09%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG                 | Southern Minnesota Municipal Power Agency                                       | CUSIP: 843375C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046010.00   | 0.22%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    850000 | PA      | $892279.00    | 0.19%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN HLTH CARE FACS                 | City of Independence MN                                                         | CUSIP: 45363KAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $208900.00    | 0.04%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR                 | Duluth Housing & Redevelopment Authority                                        | CUSIP: 264454AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1019249.00   | 0.22%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CJ3<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $342765.00    | 0.07%             | 2048-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN SWR REVENUE                      | City of St Paul MN Sewer Revenue                                                | CUSIP: 793071UX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $813130.00    | 0.17%             | 2041-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TVY1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2610950.00   | 0.56%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL                 | City of Minneapolis MN                                                          | CUSIP: 603787AE2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1045211.90   | 0.22%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERGAS MN HSG & HLTH CARE FACS                 | City of Vergas MN                                                               | CUSIP: 923413AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $765370.00    | 0.16%             | 2043-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T                 | Territory of Guam                                                               | CUSIP: 40065NCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2794192.50   | 0.60%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAS1<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984660.00    | 0.21%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827L53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519075.00    | 0.11%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CE4<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    200000 | PA      | $150402.00    | 0.03%             | 2034-08-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BJ8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    705000 | PA      | $671914.35    | 0.14%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY                          | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697LE2<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    550000 | PA      | $573463.00    | 0.12%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE                 | City of Hayward MN                                                              | CUSIP: 421306AC5<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $412585.00    | 0.09%             | 2044-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN ECON DEV AUTH HLTH                 | Moorhead Economic Development Authority                                         | CUSIP: 61615JAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $529991.00    | 0.11%             | 2025-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| VERGAS MN HSG & HLTH CARE FACS                 | City of Vergas MN                                                               | CUSIP: 923413AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $226852.55    | 0.05%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHG2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    580201 | PA      | $562086.77    | 0.12%             | 2048-11-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN                                 | City of St Cloud MN                                                             | CUSIP: 78916CAU6<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $788189.90    | 0.17%             | 2041-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN ELEC UTILITY REVE                 | City of Rochester MN Electric Utility Revenue                                   | CUSIP: 77158PGE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524630.00    | 0.11%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN                 | City of Bethel MN                                                               | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1319377.50   | 0.28%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN HLTH CARE REVENUE                  | City of Moorhead MN                                                             | CUSIP: 61615CAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $886960.00    | 0.19%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH LEASE                  | St Paul Port Authority                                                          | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3695443.40   | 0.79%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAYWARD MN HLTH CARE FACS REVE                 | City of Hayward MN                                                              | CUSIP: 421306AB7<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1167223.50   | 0.25%             | 2034-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CW8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    600000 | PA      | $522948.00    | 0.11%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $1661407.50   | 0.36%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN HLTH CARE & HSG FAC                 | City of Sartell MN                                                              | CUSIP: 803807AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2000467.50   | 0.43%             | 2037-09-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297CM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $661773.00    | 0.14%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLAINE MN SENIOR HSG & HLTHCAR                 | City of Blaine MN                                                               | CUSIP: 092792AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1300000.00   | 0.28%             | 2045-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PINE ISLAND MN INDEP SCH DIST#                 | Pine Island Independent School District No 255                                  | CUSIP: 722650AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $382142.25    | 0.08%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS                  | City of Maple Grove MN                                                          | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $3843087.50   | 0.82%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR                 | City of Center City MN                                                          | CUSIP: 151452BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253417.50    | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROOKSTON MN HLTH CARE FACS RE                 | City of Crookston MN                                                            | CUSIP: 227235AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890060.00    | 0.19%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL                 | City of Minneapolis MN                                                          | CUSIP: 603787AK8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1366995.00   | 0.29%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981810.00    | 0.21%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLG1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1382437.00   | 0.30%             | 2033-01-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU                 | City of Minneapolis MN                                                          | CUSIP: 603795DG7<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    320000 | PA      | $319420.80    | 0.07%             | 2023-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH MN SENIOR HSG & HLTH                 | City of St Joseph MN                                                            | CUSIP: 790755AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $603615.00    | 0.13%             | 2039-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792892HL8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934180.00    | 0.20%             | 2030-11-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BG4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    700000 | PA      | $707210.00    | 0.15%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODBURY MN CHRT SCH LEASE REV                 | City of Woodbury MN                                                             | CUSIP: 979134AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $354516.00    | 0.08%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709                  | Duluth Independent School District No 709                                       | CUSIP: 264474JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1693200.00   | 0.36%             | 2028-03-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN INDEP SCH DIST #72                 | Shakopee Independent School District No 720                                     | CUSIP: 819193AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431950.00    | 0.09%             | 2031-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROSEAU MN INDEP SCH DIST #682                  | Roseau Independent School District No 682                                       | CUSIP: 777203KD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $264436.00    | 0.06%             | 2046-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792908CG8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $1887248.50   | 0.40%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $134748.00    | 0.03%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $336870.00    | 0.07%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE AGASSIZ EDU COOPERATIVE #                 | Lake Agassiz Education Cooperative No 0397-52                                   | CUSIP: 507421AK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $542399.85    | 0.12%             | 2032-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHT4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1093654 | PA      | $1002421.17   | 0.21%             | 2050-01-01      | Fixed         | 2.47%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1113120.00   | 0.24%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2589304.00   | 0.56%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANOKA MN HSG REVENUE                           | City of Anoka MN                                                                | CUSIP: 036327AH7<br>LEI: 549300R336CIYVDY0N47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $904160.00    | 0.19%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792905DG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4962432.00   | 1.06%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937160.00    | 0.20%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL PARK MN SENIOR HSG & H                 | City of St Paul Park MN                                                         | CUSIP: 85235KAW3<br>LEI: 549300RN3JLIQQH41516 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967120.00    | 0.21%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1874800.00   | 0.40%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QJD7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3855860 | PA      | $3582363.51   | 0.77%             | 2051-12-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TEA2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   4290000 | PA      | $2953278.90   | 0.63%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 10 Year US Treasury Note                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -781 | NC      | $604806.40    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE                 | City of Deephaven MN                                                            | CUSIP: 24380HAQ5<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    855000 | PA      | $851562.90    | 0.18%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TFC7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $966802.50    | 0.21%             | 2030-07-01      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416ST34<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3135000 | PA      | $2783942.70   | 0.60%             | 2044-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LAUDERDALE MN MF REVENUE                       | City of Lauderdale MN                                                           | CUSIP: 51855TBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1865560.00   | 0.40%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAUK CENTRE MN INDEP SCH DIST                  | Sauk Centre Independent School District No 743                                  | CUSIP: 804277HV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $613645.80    | 0.13%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCQ9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   6205000 | PA      | $4183100.75   | 0.90%             | 2051-01-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU                 | City of Minneapolis MN                                                          | CUSIP: 603795DL6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    260000 | PA      | $248385.80    | 0.05%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAV6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962310.00    | 0.21%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    615643 | PA      | $592106.69    | 0.13%             | 2049-03-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCY0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $439337.00    | 0.09%             | 2025-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LUVERNE MN ELEC REVENUE                        | City of Luverne MN                                                              | CUSIP: 550646CG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $376755.00    | 0.08%             | 2047-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WINONA MN INDEP SCH DIST #861                  | Winona Independent School District No 861                                       | CUSIP: 975237DZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     97630 | PA      | $97780.06     | 0.02%             | 2024-08-01      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| CENTER CITY MN HLTH CARE FACSR                 | City of Center City MN                                                          | CUSIP: 151452BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502125.00    | 0.11%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904ET7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    497000 | PA      | $496945.33    | 0.11%             | 2028-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN INDEP SCH DIST#                 | Itasca County Independent School District No 318                                | CUSIP: 465468FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $2916987.50   | 0.63%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE                 | City of Rochester MN                                                            | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7159200.00   | 1.54%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WHITE BEAR LAKE MN INDEP SCH D                 | White Bear Lake Independent School District No 624                              | CUSIP: 963439C44<br>LEI: 549300I7BXOUJLASQ618 | Long             | DBT              | MUN               | US        |  10850000 | PA      | $8890273.00   | 1.91%             | 2043-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.    | CBOT 2 Year US Treasury Note                                                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -254 | NC      | $-55711.34    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904EM2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    732000 | PA      | $732190.32    | 0.16%             | 2028-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204YA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $495307.50    | 0.11%             | 2051-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N OAKS MN SENIOR HSG REVENUE                   | City of North Oaks MN                                                           | CUSIP: 66126TBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $135897.00    | 0.03%             | 2041-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN CHARTER SCH LEA                 | City of Minneapolis MN                                                          | CUSIP: 60375CAY0<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    585000 | PA      | $517754.25    | 0.11%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAK PARK HEIGHTS MN NURSING HO                 | City of Oak Park Heights MN                                                     | CUSIP: 671576AZ9<br>LEI: 549300837OY6JGJQH303 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919780.00    | 0.20%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN                                 | City of St Cloud MN                                                             | CUSIP: 78916CAV4<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    560000 | PA      | $397572.00    | 0.09%             | 2042-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBD7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $265359.00    | 0.06%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN ECON DEV AUTH HLT                 | Apple Valley Economic Development Authority                                     | CUSIP: 03788ADN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $417620.00    | 0.09%             | 2031-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639065.00   | 0.35%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S                 | Dakota County Community Development Agency                                      | CUSIP: 23410BCW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $540086.40    | 0.12%             | 2032-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TEW8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    280000 | PA      | $279244.00    | 0.06%             | 2023-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY                          | Western Minnesota Municipal Power Agency                                        | CUSIP: 958697JS4<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4824555.75   | 1.03%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DF4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825710.00    | 0.18%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN HLTH CARE REVENUE                  | City of Moorhead MN                                                             | CUSIP: 61615CAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $212327.50    | 0.05%             | 2037-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ITASCA CNTY MN                                 | County of Itasca MN                                                             | CUSIP: 465452MF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2680280.00   | 0.57%             | 2050-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TEX6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1454985.00   | 0.31%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R                 | City of Minneapolis MN                                                          | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2549875.00   | 0.55%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TLF3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    500000 | PA      | $437475.00    | 0.09%             | 2032-07-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JCE8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3732480.00   | 0.80%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXU7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040850.00   | 0.22%             | 2036-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                 | City of Apple Valley MN                                                         | CUSIP: 03789YCP9<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1059801.60   | 0.23%             | 2037-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD MN INDEP SCH DIST                  | Springfield Independent School District No 85                                   | CUSIP: 850867DA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $520395.00    | 0.11%             | 2039-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792909FM0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018320.00   | 0.22%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S                 | Dakota County Community Development Agency                                      | CUSIP: 23410LBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447665.00    | 0.10%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792909FH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750150.00    | 0.16%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416S6R6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2210264.00   | 0.47%             | 2044-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| DULUTH MN HSG & REDEV AUTH CHR                 | Duluth Housing & Redevelopment Authority                                        | CUSIP: 264454AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $305133.50    | 0.07%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    750000 | PA      | $556335.00    | 0.12%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TBH0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   8590000 | PA      | $6887204.30   | 1.48%             | 2051-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CA2<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    250000 | PA      | $201242.50    | 0.04%             | 2030-08-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297AW0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    955000 | PA      | $905636.05    | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT ANTHONY MN MF REVENUE                    | City of St Anthony MN                                                           | CUSIP: 787285BH7<br>LEI: 549300DDY05Y9DN3OM35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250625.00    | 0.05%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET                  | Minneapolis-St Paul Metropolitan Airports Commission                            | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943610.00    | 0.20%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS ST/SAINT PAUL HSG                  | Minneapolis/St Paul Housing Finance Board/MN                                    | CUSIP: 603798BR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109440.10    | 0.02%             | 2027-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| HAYWARD HSG & HLTHCARE FACS RE                 | City of Hayward MN                                                              | CUSIP: 421307AL3<br>LEI: 549300YF6QD4DXUDGL81 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1394505.00   | 0.30%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN HLTH CARE FACS REV                 | City of Shakopee MN                                                             | CUSIP: 819175BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $760458.75    | 0.16%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TXY9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302987.50   | 0.28%             | 2042-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204ZY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $336984.00    | 0.07%             | 2042-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY S                 | Dakota County Community Development Agency                                      | CUSIP: 23410BBF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45018.45     | 0.01%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792904EL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    481000 | PA      | $481004.81    | 0.10%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 792909FL2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3672280.00   | 0.79%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TES7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $954966.30    | 0.20%             | 2043-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TPJ1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1007999.00   | 0.22%             | 2045-01-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN ECON DEV AUTH HLT                 | Apple Valley Economic Development Authority                                     | CUSIP: 03788ADP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $384950.00    | 0.08%             | 2036-02-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ROBBINSDALE MN INDEP SCH DIST#                 | Robbinsdale Independent School District No 281                                  | CUSIP: 770265HM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $710320.00    | 0.15%             | 2041-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LAKEVILLE MN HSG & REDEV AUTH                  | Lakeville Housing & Redevelopment Authority                                     | CUSIP: 512452CR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1297962.50   | 0.28%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                 | City of Ham Lake MN                                                             | CUSIP: 406511AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $786344.60    | 0.17%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 79289TEZ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    390000 | PA      | $370679.40    | 0.08%             | 2038-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    600000 | PA      | $513276.00    | 0.11%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHIPPEWA CNTY MN GROSS REVENUE                 | County of Chippewa MN                                                           | CUSIP: 169727BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1973460.00   | 0.42%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TPH5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $1990444.50   | 0.43%             | 2042-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO                 | Minnesota Housing Finance Agency                                                | CUSIP: 60416QHN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    982444 | PA      | $938007.90    | 0.20%             | 2049-06-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SENIOR HSG & HL                 | City of Minneapolis MN                                                          | CUSIP: 603787AH5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    375000 | PA      | $356805.00    | 0.08%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TCP1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $2722412.00   | 0.58%             | 2045-07-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN MF REVENUE                      | City of Minneapolis MN                                                          | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4234000.00   | 0.91%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU                 | Minnesota Office of Higher Education                                            | CUSIP: 60416MBS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2051920.65   | 0.44%             | 2038-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CLOQUET MN HSG FAC REVENUE                     | City of Cloquet MN                                                              | CUSIP: 189022CH7<br>LEI: 5493006V6FIYLT2MSR46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $370660.00    | 0.08%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E                 | St Paul Port Authority                                                          | CUSIP: 79308GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924690.00    | 0.20%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $295005.15    | 0.06%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $199827.00    | 0.04%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204VD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1951642.00   | 0.42%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SJB7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3995000 | PA      | $3928323.45   | 0.84%             | 2032-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SCT5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1486425.60   | 0.32%             | 2033-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BLOOMING PRAIRIE MN INDEP SCH                  | Blooming Prairie Independent School District No 756                             | CUSIP: 094311FS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $860444.00    | 0.18%             | 2045-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CARVER & SIBLEY CNTYS MN INDEP                 | Norwood Young America Independent School District No 108                        | CUSIP: 146873BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $955304.00    | 0.20%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE                 | City of Independence MN                                                         | CUSIP: 45362RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $959829.30    | 0.21%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297DH0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $829153.50    | 0.18%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUGO MN CHTR SCH LEASE REVENUE                 | City of Hugo MN                                                                 | CUSIP: 444584AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969400.00    | 0.21%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297AK6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     95000 | PA      | $94660.85     | 0.02%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416TBG2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $2515987.90   | 0.54%             | 2045-07-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD MN INDEP SCH DIST                  | Springfield Independent School District No 85                                   | CUSIP: 850867DB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $340660.00    | 0.07%             | 2040-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA                 | City of Forest Lake MN                                                          | CUSIP: 345856AT5<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960880.00    | 0.21%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE & HSG R                 | City of Rochester MN                                                            | CUSIP: 771906CT9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    720000 | PA      | $724701.60    | 0.16%             | 2033-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN TAX INCR REVENU                 | City of Minneapolis MN                                                          | CUSIP: 603795DJ1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    170000 | PA      | $166805.70    | 0.04%             | 2025-03-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CHISAGO MN HSG & HLTHCR REVENU                 | City of Chisago City MN                                                         | CUSIP: 17012CAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751845.00    | 0.16%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN                                    | City of Moorhead MN                                                             | CUSIP: 616142SU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $443017.30    | 0.10%             | 2038-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                   | State of Minnesota                                                              | CUSIP: 60412AXS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5550000 | PA      | $3802638.00   | 0.82%             | 2041-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN                                    | City of Moorhead MN                                                             | CUSIP: 616142SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $351614.40    | 0.08%             | 2042-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                       | Minnesota Housing Finance Agency                                                | CUSIP: 60416SKD1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    275000 | PA      | $274199.75    | 0.06%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE                 | City of Apple Valley MN                                                         | CUSIP: 03800RAU0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1873860.00   | 0.40%             | 2058-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C                 | Duluth Economic Development Authority                                           | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $583312.50    | 0.13%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY G                 | Dakota County Community Development Agency                                      | CUSIP: 23409REL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500105.00   | 0.75%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204ZG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $687630.00    | 0.15%             | 2041-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MN INDEP SCH DIST #                 | Minnetonka Independent School District No 276                                   | CUSIP: 604204ZR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $946927.80    | 0.20%             | 2044-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WAYZATA MN SENIOR HSG REVENUE                  | City of Wayzata MN                                                              | CUSIP: 946829BR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2525737.50   | 0.54%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN                 | City of Minneapolis MN/St Paul Housing & Redevelopment Authority                | CUSIP: 603702AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2765801.85   | 0.59%             | 2042-01-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN                                    | City of Moorhead MN                                                             | CUSIP: 616142SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $258274.00    | 0.06%             | 2040-02-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                 | Minnesota Higher Education Facilities Authority                                 | CUSIP: 60416JCZ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2040647.40   | 0.44%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                 | Housing & Redevelopment Authority of The City of St Paul Minnesota              | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1151575.50   | 0.25%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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