# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0000940400-26-007484
**Filing Date:** 2026-2
**Character Count:** 90663
**Document Hash:** ce1da2b36d609e7292d0aa7781051a9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007484.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007484

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 26675510

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Quality Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Asset-Backed Securities - 5.4%** |  |  |  |  |
|  **Agency - 0.2%** |  |  |  |  |
|  FNMA Grantor Trust, Series 2004-T5, Class A11 <sup>1</sup>  | 278125 | 4.00 | 5/28/35 | 281842 |
|  Small Business Administration, Series 2006-20D, Class 1 | 6575 | 5.64 | 4/1/26 | 6581 |
|  Small Business Administration, Series 2007-20B, Class 1 | 12820 | 5.49 | 2/1/27 | 12891 |
|  Small Business Administration, Series 2007-20J, Class 1 | 30447 | 5.57 | 10/1/27 | 30745 |
|  |  |  |  | 332059 |
|  **Non-Agency - 4.5%** |  |  |  |  |
|  Crown Castle Towers, LLC <sup>4</sup>  | 1350000 | 4.24 | 7/15/28 | 1345951 |
|  RCKT Mortgage Trust, Series 2023-CES3, Class A1A <sup>1,</sup> <sup>4</sup> | 496566 | 7.11 | 11/25/43 | 502966 |
|  RCKT Mortgage Trust, Series 2024-CES3, Class A1A <sup>1,</sup> <sup>4</sup> | 1118330 | 6.59 | 5/25/44 | 1134971 |
|  RCKT Mortgage Trust, Series 2024-CES4, Class A1A <sup>4,</sup> <sup>14</sup> | 433666 | 6.15 | 6/25/44 | 438835 |
|  RCKT Mortgage Trust, Series 2025-CES1, Class A1B <sup>4,</sup> <sup>14</sup> | 1091328 | 5.70 | 1/25/45 | 1101197 |
|  RCKT Mortgage Trust, Series 2025-CES3, Class A1A <sup>4,</sup> <sup>14</sup> | 829369 | 5.55 | 3/25/55 | 837826 |
|  SBA Tower Trust <sup>4</sup>  | 525000 | 4.83 | 10/15/29 | 528585 |
|  Towd Point Mortgage Trust, Series 2023-CES2, Class A1A <sup>1,</sup> <sup>4</sup> | 245408 | 7.29 | 10/25/63 | 248465 |
|  |  |  |  | 6138796 |
|  **State and Local - 0.7%** |  |  |  |  |
|  DTE Electric Securitization Funding II, LLC | 888999 | 5.97 | 3/1/32 | 943331 |
|  |  |  |  | 943331 |
|  **Total Asset-Backed Securities<br>(cost: $7,290,093)** |  |  |  | 7414186 |
|  **Collateralized Mortgage Obligations - 42.9%** |  |  |  |  |
|  **Agency - 35.1%** |  |  |  |  |
|  FHLMC REMICS, Series 3104, Class BY | 2 | 5.50 | 1/15/26 | 2 |
|  FHLMC REMICS, Series 3756, Class PZ | 2146028 | 4.00 | 11/15/40 | 2108171 |
|  FHLMC REMICS, Series 4246, Class PT | 161179 | 6.50 | 2/15/36 | 168759 |
|  FHLMC REMICS, Series 4390, Class CA | 100896 | 3.50 | 6/15/50 | 100734 |
|  FHLMC REMICS, Series 5226, Class D | 304528 | 3.50 | 12/15/45 | 296823 |
|  FHLMC REMICS, Series 5252, Class BT | 713867 | 6.00 | 9/25/52 | 745833 |
|  FHLMC REMICS, Series 5378, Class DA | 3420658 | 5.00 | 5/25/49 | 3422714 |
|  FHLMC REMICS, Series 5391, Class EA | 1170938 | 5.50 | 5/25/49 | 1179890 |
|  FHLMC REMICS, Series 5417, Class HA | 1141012 | 5.50 | 11/25/51 | 1150512 |
|  FHLMC REMICS, Series 5440, Class NG | 590457 | 5.50 | 9/25/49 | 591033 |
|  FHLMC REMICS, Series 5444, Class AB | 549443 | 5.50 | 9/25/49 | 549392 |
|  FHLMC REMICS, Series 5452, Class CB | 975171 | 5.00 | 8/25/51 | 976789 |
|  FHLMC REMICS, Series 5470, Class MA | 866603 | 5.00 | 4/25/52 | 866998 |
|  FHLMC REMICS, Series 5487, Class CA | 1838081 | 5.50 | 12/25/51 | 1856699 |
|  FHLMC REMICS, Series 5537, Class EA | 1021968 | 5.00 | 5/25/52 | 1022229 |
|  FHLMC REMICS, Series 5585, Class M | 1617247 | 5.00 | 10/25/55 | 1611298 |
|  FHLMC REMICS, Series 5596, Class CA | 1230333 | 5.00 | 8/25/55 | 1238380 |
|  FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2 | 668418 | 7.00 | 3/25/44 | 688380 |
|  FNMA REMICS, Series 2002-W1, Class 2A <sup>1</sup>  | 625784 | 4.35 | 2/25/42 | 629321 |
|  FNMA REMICS, Series 2004-W5, Class A1 | 1293324 | 6.00 | 2/25/47 | 1359773 |
|  FNMA REMICS, Series 2009-24, Class LC <sup>1</sup>  | 205985 | 1.96 | 4/25/39 | 183558 |
|  FNMA REMICS, Series 2010-68, Class W <sup>1</sup>  | 154233 | 1.35 | 7/25/37 | 135564 |
|  FNMA REMICS, Series 2011-10, Class AC | 1166155 | 3.00 | 2/25/41 | 1138289 |
|  FNMA REMICS, Series 2011-146, Class LX | 256538 | 3.50 | 10/25/40 | 255737 |
|  FNMA REMICS, Series 2015-61, Class VB | 871000 | 3.50 | 6/25/34 | 865455 |
|  FNMA REMICS, Series 2018-25, Class AG | 753485 | 3.50 | 4/25/47 | 740877 |
|  FNMA REMICS, Series 2023-64, Class HA | 2740894 | 5.50 | 9/25/50 | 2788902 |
|  FNMA REMICS, Series 2025-100, Class CT | 2551924 | 5.00 | 12/25/55 | 2545517 |
|  FNMA REMICS, Series 2025-55, Class AN | 1379043 | 5.00 | 7/25/55 | 1377986 |
|  FNMA REMICS, Series 2025-66, Class KA | 2059641 | 5.00 | 8/25/52 | 2061334 |
|  FNMA REMICS, Series 2025-74, Class CN | 2410932 | 5.00 | 2/25/53 | 2417865 |
|  FNMA REMICS, Series 2025-84, Class A | 2345230 | 5.00 | 2/25/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382225 |

---

DECEMBER 31, 2025<sub>1</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  FNMA Trust, Series 2004-W9, Class 1A3 | 624499 | 6.05 | 2/25/44 | 651734 |
|  FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup>  | 121115 | 4.82 | 11/25/37 | 120525 |
|  FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup>  | 474326 | 4.82 | 12/25/37 | 472634 |
|  Government National Mortgage Association, Series 2004-11, Class QG | 158415 | 5.00 | 2/16/34 | 158156 |
|  Government National Mortgage Association, Series 2020-149, Class AW | 1377197 | 5.50 | 10/20/50 | 1406568 |
|  Government National Mortgage Association, Series 2024-116, Class MB | 386978 | 6.50 | 3/20/54 | 397449 |
|  Government National Mortgage Association, Series 2024-4, Class GK | 655198 | 5.00 | 3/20/52 | 661751 |
|  Government National Mortgage Association, Series 2024-79, Class MC | 991349 | 5.50 | 10/20/49 | 1004226 |
|  Government National Mortgage Association, Series 2025-135, Class CD | 2448967 | 5.00 | 4/20/52 | 2455716 |
|  Government National Mortgage Association, Series 2025-71, Class AD | 1770936 | 5.00 | 4/20/54 | 1784992 |
|  Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D | 199888 | 4.00 | 2/25/59 | 188421 |
|  Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU | 1135877 | 4.00 | 4/25/62 | 1068997 |
|  |  |  |  | 47828208 |
|  **Non-Agency - 7.8%** |  |  |  |  |
|  Chase Home Lending Mortgage Trust, Series 2024-3, Class A4 <sup>1,</sup> <sup>4</sup> | 465391 | 6.00 | 2/25/55 | 470341 |
|  Chase Home Lending Mortgage Trust, Series 2024-4, Class A6 <sup>1,</sup> <sup>4</sup> | 560599 | 6.00 | 3/25/55 | 563794 |
|  JP Morgan Mortgage Trust, Series 2021-1, Class A4 <sup>1,</sup> <sup>4</sup> | 445809 | 2.50 | 6/25/51 | 413185 |
|  JP Morgan Mortgage Trust, Series 2021-14, Class A4 <sup>1,</sup> <sup>4</sup> | 639594 | 2.50 | 5/25/52 | 575345 |
|  JP Morgan Mortgage Trust, Series 2021-6, Class A4 <sup>1,</sup> <sup>4</sup> | 1141666 | 2.50 | 10/25/51 | 1032967 |
|  JP Morgan Mortgage Trust, Series 2021-7, Class A4 <sup>1,</sup> <sup>4</sup> | 386553 | 2.50 | 11/25/51 | 349668 |
|  JP Morgan Mortgage Trust, Series 2024-4, Class A4A <sup>1,</sup> <sup>4</sup> | 380172 | 6.00 | 10/25/54 | 383440 |
|  JP Morgan Mortgage Trust, Series 2025-1, Class A4 <sup>1,</sup> <sup>4</sup> | 1090312 | 6.00 | 6/25/55 | 1106140 |
|  New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 <sup>1,</sup> <sup>4</sup> | 152017 | 4.00 | 4/25/57 | 147670 |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% <sup>1,</sup> <sup>4</sup> | 115941 | 4.60 | 1/25/48 | 113927 |
|  Sequoia Mortgage Trust, Series 2020-4, Class A5 <sup>1,</sup> <sup>4</sup> | 196915 | 2.50 | 11/25/50 | 184055 |
|  Sequoia Mortgage Trust, Series 2023-4, Class A10 <sup>1,</sup> <sup>4</sup> | 176370 | 5.88 | 11/25/53 | 176267 |
|  Sequoia Mortgage Trust, Series 2024-9, Class A11 <sup>1,</sup> <sup>4</sup> | 250140 | 5.50 | 10/25/54 | 250184 |
|  Sequoia Mortgage Trust, Series 2025-1, Class A10 <sup>1,</sup> <sup>4</sup> | 1811370 | 6.00 | 1/25/55 | 1816523 |
|  Sequoia Mortgage Trust, Series 2025-2, Class A4 <sup>1,</sup> <sup>4</sup> | 1013177 | 6.00 | 3/25/55 | 1027762 |
|  Sequoia Mortgage Trust, Series 2025-4, Class A11 <sup>1,</sup> <sup>4</sup> | 1046713 | 5.50 | 4/25/55 | 1050186 |
|  Sequoia Mortgage Trust, Series 2025-8, Class A5 <sup>1,</sup> <sup>4</sup> | 764543 | 5.50 | 6/25/55 | 767087 |
|  Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 <sup>1,</sup> <sup>4</sup> | 171662 | 2.50 | 9/25/50 | 160294 |
|  |  |  |  | 10588835 |
|  **Total Collateralized Mortgage Obligations<br>(cost: $58,251,037)** |  |  |  | 58417043 |
|  **Corporate Bonds - 10.3%** |  |  |  |  |
|  Citizens Financial Group, Inc. (Subordinated) <sup>1</sup>  | 1312000 | 4.30 | 2/11/31 | 1308099 |
|  Comerica, Inc. <sup>1</sup>  | 1350000 | 5.98 | 1/30/30 | 1408642 |
|  CVS Pass-Through Trust <sup>4</sup>  | 208662 | 5.93 | 1/10/34 | 214106 |
|  CVS Pass-Through Trust | 345817 | 6.94 | 1/10/30 | 358952 |
|  CVS Pass-Through Trust Series 2013 <sup>4</sup>  | 892410 | 4.70 | 1/10/36 | 829224 |
|  F&G Global Funding <sup>4</sup>  | 1225000 | 5.88 | 1/16/30 | 1272291 |
|  First Citizens BancShares, Inc. <sup>1</sup>  | 1200000 | 5.23 | 3/12/31 | 1219432 |
|  First Horizon Corp. <sup>1</sup>  | 650000 | 5.51 | 3/7/31 | 672140 |
|  FNB Corp. <sup>1</sup>  | 1200000 | 5.72 | 12/11/30 | 1225493 |
|  Great River Energy <sup>4</sup>  | 718063 | 6.25 | 7/1/38 | 760483 |
|  MSCI, Inc. <sup>4</sup>  | 1250000 | 3.88 | 2/15/31 | 1201599 |
|  Synovus Financial Corp. <sup>1</sup>  | 1175000 | 6.17 | 11/1/30 | 1220641 |
|  Truist Bank (Subordinated) | 1000000 | 2.25 | 3/11/30 | 916675 |
|  Western Alliance Bancorp (Subordinated), TSFR3M + 2.25% <sup>1</sup>  | 1400000 | 3.00 | 6/15/31 | 1345666 |
|  **Total Corporate Bonds<br>(cost: $13,732,989)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13953443 |
|  **Mortgage Pass-Through Securities - 19.0%** |  |  |  |  |
|  **Federal Home Loan Mortgage Corporation - 3.6%** |  |  |  |  |
|  Freddie Mac | 1314728 | 2.50 | 8/1/30 | 1279210 |
|  Freddie Mac | 8724 | 3.00 | 9/1/27 | 8656 |

---

<br> **2**<br>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Freddie Mac | 1582860 | 3.00 | 3/1/31 | 1552780 |
|  Freddie Mac | 341 | 3.50 | 7/1/26 | 340 |
|  Freddie Mac | 3282 | 4.00 | 7/1/26 | 3274 |
|  Freddie Mac | 4926 | 4.00 | 1/1/27 | 4916 |
|  Freddie Mac | 243452 | 4.00 | 4/1/29 | 243923 |
|  Freddie Mac | 71015 | 4.00 | 10/1/31 | 70842 |
|  Freddie Mac | 317165 | 4.50 | 6/1/39 | 318252 |
|  Freddie Mac | 799890 | 5.00 | 8/1/38 | 811572 |
|  Freddie Mac | 780130 | 5.00 | 9/1/54 | 779105 |
|  |  |  |  | 5072870 |
|  **Federal National Mortgage Association - 14.5%** |  |  |  |  |
|  Fannie Mae | 109817 | 3.00 | 10/1/27 | 109128 |
|  Fannie Mae | 10038 | 3.00 | 8/1/28 | 9947 |
|  Fannie Mae | 220769 | 3.00 | 5/1/30 | 217087 |
|  Fannie Mae | 112400 | 3.00 | 11/1/31 | 111423 |
|  Fannie Mae | 709 | 3.50 | 1/1/26 | 707 |
|  Fannie Mae | 1081851 | 3.50 | 4/1/32 | 1066161 |
|  Fannie Mae | 282019 | 3.50 | 11/1/38 | 275051 |
|  Fannie Mae | 4229 | 4.00 | 10/1/31 | 4215 |
|  Fannie Mae | 272315 | 4.00 | 10/1/34 | 272673 |
|  Fannie Mae | 611257 | 4.00 | 6/1/38 | 608796 |
|  Fannie Mae | 29703 | 4.50 | 3/1/29 | 29740 |
|  Fannie Mae | 144768 | 4.50 | 7/1/31 | 145986 |
|  Fannie Mae | 1154013 | 4.50 | 4/1/39 | 1164323 |
|  Fannie Mae | 2027510 | 4.50 | 9/1/53 | 1985427 |
|  Fannie Mae | 1962262 | 4.50 | 8/1/54 | 1918484 |
|  Fannie Mae | 2816854 | 5.00 | 6/1/53 | 2825958 |
|  Fannie Mae | 386680 | 5.50 | 12/1/35 | 404512 |
|  Fannie Mae | 686083 | 5.50 | 12/1/38 | 704311 |
|  Fannie Mae | 261901 | 5.50 | 8/1/40 | 273216 |
|  Fannie Mae | 443601 | 5.50 | 2/1/42 | 464087 |
|  Fannie Mae | 660940 | 5.50 | 5/1/49 | 682427 |
|  Fannie Mae | 404309 | 5.50 | 9/1/49 | 421471 |
|  Fannie Mae | 1530977 | 5.50 | 8/1/56 | 1591608 |
|  Fannie Mae | 473323 | 6.00 | 11/1/38 | 491609 |
|  Fannie Mae | 1018781 | 6.00 | 10/1/53 | 1053841 |
|  Fannie Mae | 434484 | 6.50 | 5/1/40 | 462142 |
|  Fannie Mae | 399461 | 7.00 | 1/1/40 | 419479 |
|  Fannie Mae | 455446 | 7.00 | 1/1/40 | 478269 |
|  Fannie Mae | 1396037 | 7.50 | 10/1/38 | 1465103 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19657181 |
|  **Government National Mortgage Association - 0.7%** |  |  |  |  |
|  Ginnie Mae | 7 | 5.00 | 6/20/26 | 7 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup>  | 10432 | 5.63 | 4/20/33 | 10599 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup>  | 3535 | 5.63 | 4/20/42 | 3569 |
|  Ginnie Mae | 901107 | 6.00 | 9/20/38 | 924899 |
|  |  |  |  | 939074 |
|  **Other Federal Agency Securities - 0.2%** |  |  |  |  |
|  Small Business Administration Pools, PRIME - 2.50% <sup>1</sup>  | 96469 | 4.75 | 5/25/43 | 96377 |
|  Small Business Administration Pools, PRIME + 0.79% <sup>1</sup>  | 101713 | 8.04 | 2/25/28 | 103503 |
|  Small Business Administration Pools, PRIME + 0.82% <sup>1</sup>  | 46789 | 8.07 | 3/25/30 | 47684 |
|  |  |  |  | 247564 |
|  **Total Mortgage Pass-Through Securities<br>(cost: $25,720,775)** |  |  |  | 25916689 |
|  **Taxable Municipal Bonds - 17.6%** |  |  |  |  |
|  Colorado Housing & Finance Authority | 595000 | 6.50 | 5/1/48 | 629952 |

---

DECEMBER 31, 2025<sub>3</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Quality Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Columbus Metropolitan Housing Authority | 1000000 | 4.60 | 12/1/28 | 1000157 |
|  Commonwealth of Massachusetts Transportation Fund | 1000000 | 5.63 | 6/1/30 | 1028964 |
|  Connecticut Housing Finance Authority | 975000 | 5.75 | 11/15/54 | 1005226 |
|  County of Yamhill OR | 280000 | 4.50 | 10/1/30 | 268311 |
|  Idaho Housing & Finance Association | 885000 | 6.00 | 1/1/48 | 922978 |
|  Idaho Housing & Finance Association | 900000 | 6.50 | 7/1/53 | 951174 |
|  Idaho Housing & Finance Association | 1000000 | 6.50 | 7/1/56 | 1072216 |
|  Illinois Housing Development Authority | 1000000 | 6.25 | 4/1/56 | 1060523 |
|  Illinois Housing Development Authority | 890000 | 6.50 | 4/1/54 | 940423 |
|  Kentucky Higher Education Student Loan Corp. | 460000 | 2.52 | 6/1/35 | 438517 |
|  Kentucky Housing Corp. | 985000 | 6.25 | 1/1/55 | 1030782 |
|  Maryland Community Development Administration | 870000 | 6.00 | 9/1/53 | 904975 |
|  Massachusetts Educational Financing Authority | 175000 | 4.41 | 7/1/34 | 172908 |
|  Massachusetts Educational Financing Authority | 775000 | 2.64 | 7/1/37 | 679970 |
|  Massachusetts Educational Financing Authority | 750000 | 6.07 | 7/1/33 | 783373 |
|  Massachusetts Housing Finance Agency | 910000 | 6.50 | 12/1/52 | 960604 |
|  Minnesota Housing Finance Agency | 975000 | 6.13 | 7/1/55 | 1024263 |
|  Missouri Highway & Transportation Commission | 895000 | 5.45 | 5/1/33 | 918041 |
|  Monroe County Water Authority | 1455000 | 6.26 | 8/1/30 | 1519021 |
|  Nebraska Investment Finance Authority | 1000000 | 6.00 | 9/1/53 | 1043709 |
|  New Mexico Mortgage Finance Authority | 700000 | 6.25 | 3/1/55 | 741298 |
|  New York City Housing Development Corp. | 1000000 | 4.27 | 2/1/30 | 1006718 |
|  North Carolina Housing Finance Agency | 475000 | 6.50 | 1/1/55 | 499707 |
|  Oklahoma Development Finance Authority | 349205 | 3.88 | 5/1/37 | 343366 |
|  Rhode Island Student Loan Authority | 1000000 | 5.80 | 12/1/33 | 1033380 |
|  Rhode Island Student Loan Authority | 1000000 | 4.00 | 12/1/38 | 988347 |
|  Utah Housing Corp. | 890000 | 6.25 | 1/1/54 | 931681 |
|  Wisconsin Housing & Economic Development Authority <sup>8</sup>  | 25000 | 3.50 | 3/1/46 | 24979 |
|  **Total Taxable Municipal Bonds<br>(cost: $23,766,611)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23925563 |
| **Name of Issuer** | **Quantity** |  |  | **Fair**<br> **Value ($)** |
|  **Short-Term Securities - 6.5%** |  |  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost: $8,788,549)** | 8788549 |  |  | 8788549 |
|  **Total Investments in Securities - 101.7%<br>(cost: $137,550,054)** |  |  |  | 138415473 |
|  **Other Assets and Liabilities, net - (1.7)%** |  |  |  | (2378252) |
|  **Net Assets - 100.0%** |  |  |  | $136037221 |

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| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.  |

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| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2025 was $21,005,334 and represented 15.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

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| | |
|:---|:---|
| 8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2025, 0.0% of net assets in the Fund was invested in such securities.  |

---

14 Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2025.

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

<br> **4**<br>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Quality Income Fund (Continued)** 

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br>Quoted<br>Prices ($) | **Level 2**<br>Other significant<br>observable inputs ($) | **Level 3**<br>Significant<br>unobservable inputs ($) |<br>Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 7414186 |  | 7414186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 58417043 |  | 58417043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 13953443 |  | 13953443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Pass-Through Securities |  | 25916689 |  | 25916689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable Municipal Bonds |  | 23925563 |  | 23925563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 8788549 |  |  | 8788549 |
|  Total: | 8788549 | 129626924 |  | 138415473 |

---

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

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

DECEMBER 31, 2025<sub>5</sub>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $135955915.50

**Total Liabilities:** $570167.43

**Net Assets:** $135385748.07

**Cash Not Reported:** $5004445.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 112.02650000 | **1-Year:** 11930.57134000 | **5-Year:** 24745.36858000 | **10-Year:** 10228.24785000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000121593 | 0.35%                | 0.53%                | 0.24%                |
| Class ID C000235257 | 0.27%                | 0.55%                | 0.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9215.24                 | $-44371.72                                 |
| Month 2  | $42829.35                | $184181.14                                 |
| Month 3  | $2335.05                 | $-112998.14                                |

**Designated Index Information**

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

- **Index Identifier:** I01030US-USD

### Schedule of Portfolio Investments

| Name                           | Title                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CITIZENS FINANCIAL GROUP       | Citizens Financial Group Inc                                              | CUSIP: 174610BA2<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |   1312000 | PA      | $1308099.49   | 0.97%             | 2031-02-11      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT | Nebraska Investment Finance Authority                                     | CUSIP: 63968XAD7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043708.70   | 0.77%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418FBL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1962262 | PA      | $1918484.30   | 1.42%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES4                                             | CUSIP: 74939FAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    433666 | PA      | $438834.71    | 0.32%             | 2044-06-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36241LYH3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         7 | PA      | $6.60         | 0.00%             | 2026-06-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                    | CUSIP: 45203MVG3<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    890000 | PA      | $940422.59    | 0.69%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SIGNATURE BANK                 | Small Business Administration Pools                                       | CUSIP: 83165A5Z3<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    101713 | PA      | $103502.77    | 0.08%             | 2028-02-25      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CRH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     30447 | PA      | $30744.79     | 0.02%             | 2027-10-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36225CXQ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     10432 | PA      | $10599.32     | 0.01%             | 2033-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1396037 | PA      | $1465103.46   | 1.08%             | 2038-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Pass Through  | Freddie Mac Structured Pass-Through Certificates                          | CUSIP: 31394XVE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    668418 | PA      | $688379.62    | 0.51%             | 2044-03-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                    | CUSIP: 196480N37<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    595000 | PA      | $629951.97    | 0.47%             | 2048-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137B4PT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    161179 | PA      | $168759.00    | 0.12%             | 2036-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-1                                           | CUSIP: 46592EAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445809 | PA      | $413185.22    | 0.31%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 3622ACTG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    901107 | PA      | $924899.16    | 0.68%             | 2038-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31294MHC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       341 | PA      | $340.14       | 0.00%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-6                                           | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1141666 | PA      | $1032967.29   | 0.76%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MMUS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1582860 | PA      | $1552780.38   | 1.15%             | 2031-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2023-4                                             | CUSIP: 81743JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    176370 | PA      | $176267.15    | 0.13%             | 2053-11-25      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| DTE ELECT SECUR FND II         | DTE Electric Securitization Funding II LLC                                | CUSIP: 23346TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    888999 | PA      | $943331.18    | 0.70%             | 2032-03-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDF70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1141012 | PA      | $1150512.33   | 0.85%             | 2051-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WESTERN ALLIANCE BANCORP       | Western Alliance Bancorp                                                  | CUSIP: 957638AD1<br>LEI: 5493003VJXZ5JXT9S762 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1345666.00   | 0.99%             | 2031-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2022-2             | CUSIP: 35563PG37<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1135877 | PA      | $1068996.71   | 0.79%             | 2062-04-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST DEV FIN AUTH       | Oklahoma Development Finance Authority                                    | CUSIP: 6789084C5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | ABS-O            | MUN               | US        |    349205 | PA      | $343365.53    | 0.25%             | 2037-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y6Q5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4229 | PA      | $4215.39      | 0.00%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                | SBA Tower Trust                                                           | CUSIP: 78403DBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $528585.28    | 0.39%             | 2029-10-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XNG99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    686083 | PA      | $704311.17    | 0.52%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3138A4Y58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       709 | PA      | $706.60       | 0.00%             | 2026-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      6575 | PA      | $6580.83      | 0.00%             | 2026-04-01      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE TOWERS LLC        | Crown Castle Towers LLC                                                   | CUSIP: 22822RBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1345950.68   | 0.99%             | 2028-07-15      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2017-3                                | CUSIP: 64828MAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    152017 | PA      | $147669.80    | 0.11%             | 2057-04-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EV64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2027510 | PA      | $1985426.62   | 1.47%             | 2053-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83164MHQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     96469 | PA      | $96377.31     | 0.07%             | 2043-05-25      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38385FW56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1770936 | PA      | $1784992.00   | 1.32%             | 2054-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HGR EDU STUDENT LO | Kentucky Higher Education Student Loan Corp                               | CUSIP: 49130NFZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $438516.53    | 0.32%             | 2035-06-01      | Fixed         | 2.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 31396GJN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         2 | PA      | $2.36         | 0.00%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHGJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    282019 | PA      | $275051.13    | 0.20%             | 2038-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y2N5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    885000 | PA      | $922977.92    | 0.68%             | 2048-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    175000 | PA      | $172908.33    | 0.13%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                     | CUSIP: 20775H3B7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1005225.59   | 0.74%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust      | Towd Point Mortgage Trust                                                 | CUSIP: 89182FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245408 | PA      | $248464.62    | 0.18%             | 2063-10-25      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136B1VA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    753485 | PA      | $740877.24    | 0.55%             | 2047-04-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                    | CUSIP: 45203MV57<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060522.80   | 0.78%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128PVWH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3282 | PA      | $3273.79      | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2021-7                                           | CUSIP: 46592NAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    386553 | PA      | $349667.81    | 0.26%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2021-14                                        | CUSIP: 46653QAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    639594 | PA      | $575344.78    | 0.42%             | 2052-05-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762323CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033380.20   | 0.76%             | 2033-12-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5FF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    443601 | PA      | $464087.32    | 0.34%             | 2042-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2004-W5                                            | CUSIP: 31393YKM6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1293324 | PA      | $1359773.39   | 1.00%             | 2047-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY WTR AUTH        | Monroe County Water Authority                                             | CUSIP: 610763PG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1519021.46   | 1.12%             | 2030-08-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2023-CES3                                             | CUSIP: 749407AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    496566 | PA      | $502966.44    | 0.37%             | 2043-11-25      | Variable      | 7.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418EX88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    473323 | PA      | $491608.71    | 0.36%             | 2038-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2020-4                                             | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    196915 | PA      | $184054.80    | 0.14%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust Series 2024-4                                    | CUSIP: 46657WAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380172 | PA      | $383440.41    | 0.28%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2024-CES3                                             | CUSIP: 74942AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1118330 | PA      | $1134971.23   | 0.84%             | 2044-05-25      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    549442 | PA      | $549391.73    | 0.41%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BXGG3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2410932 | PA      | $2417864.69   | 1.79%             | 2053-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                    | Truist Bank                                                               | CUSIP: 89788KAA4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $916675.40    | 0.68%             | 2030-03-11      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-4                           | CUSIP: 16159NAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    560599 | PA      | $563794.10    | 0.42%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNOVUS FINANCIAL CORP         | Synovus Financial Corp                                                    | CUSIP: 87161CAP0<br>LEI: 549300EIUS8UN5JTLE54 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1220640.50   | 0.90%             | 2030-11-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31398TGG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154233 | PA      | $135564.08    | 0.10%             | 2037-07-25      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HNJT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1617247 | PA      | $1611298.17   | 1.19%             | 2055-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAMHILL CNTY OR REVENUE        | County of Yamhill OR                                                      | CUSIP: 98464TAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $268311.20    | 0.20%             | 2030-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                          | CUSIP: 60416UQK4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1024262.66   | 0.76%             | 2055-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4SM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    399461 | PA      | $419478.71    | 0.31%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHWQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    611257 | PA      | $608796.13    | 0.45%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREAT RIVER ENERGY             | Great River Energy                                                        | CUSIP: 39121JAE0<br>LEI: 5493007CIM8IF8LIUC91 | Long             | DBT              | CORP              | US        |    718063 | PA      | $760482.41    | 0.56%             | 2038-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJUF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    404309 | PA      | $421470.76    | 0.31%             | 2049-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HLCU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1021968 | PA      | $1022229.34   | 0.76%             | 2052-05-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A | Rhode Island Student Loan Authority                                       | CUSIP: 762315RS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988346.80    | 0.73%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-1                                             | CUSIP: 81743EAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1811370 | PA      | $1816522.77   | 1.34%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 31306XQW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8724 | PA      | $8656.01      | 0.01%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31371MLB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    386680 | PA      | $404511.75    | 0.30%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38382KBK8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1377197 | PA      | $1406567.63   | 1.04%             | 2050-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-8                                             | CUSIP: 81743GAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    764543 | PA      | $767086.80    | 0.57%             | 2055-06-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES3                                             | CUSIP: 749420AA3<br>LEI: 254900HS4CN69R7ARQ97 | Long             | ABS-MBS          | CORP              | US        |    829368 | PA      | $837826.32    | 0.62%             | 2055-03-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority Home Ownership Revenue | CUSIP: 97689QDD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24979.40     | 0.02%             | 2046-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3132G5B73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    243452 | PA      | $243922.90    | 0.18%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration                             | CUSIP: 57419T3R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $904975.57    | 0.67%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-2                                             | CUSIP: 816935AD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1013177 | PA      | $1027762.46   | 0.76%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| COMERICA INC                   | Comerica Inc                                                              | CUSIP: 200340AW7<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1408641.79   | 1.04%             | 2030-01-30      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora | Chase Home Lending Mortgage Trust Series 2024-3                           | CUSIP: 16159HAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465391 | PA      | $470340.68    | 0.35%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                                  | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1201598.90   | 0.89%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397QQA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1166155 | PA      | $1138288.65   | 0.84%             | 2041-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING             | F&G Global Funding                                                        | CUSIP: 30321L2J0<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1272291.36   | 0.94%             | 2030-01-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X6CF6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    660940 | PA      | $682427.46    | 0.50%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384PHE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    991349 | PA      | $1004226.05   | 0.74%             | 2049-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-4             | CUSIP: 35563PMT3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    199888 | PA      | $188421.12    | 0.14%             | 2059-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae REMIC Trust 2002-W1                                            | CUSIP: 31392CMS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    625784 | PA      | $629320.95    | 0.46%             | 2042-02-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H8X97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    713867 | PA      | $745832.99    | 0.55%             | 2052-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HFFV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    975171 | PA      | $976789.19    | 0.72%             | 2051-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MDM26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |         0 | PA      | $0.25         | 0.00%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140J5SC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    434484 | PA      | $462142.07    | 0.34%             | 2040-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                                        | CUSIP: 36179MBE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3535 | PA      | $3569.38      | 0.00%             | 2042-04-20      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140A04E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1018781 | PA      | $1053840.58   | 0.78%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                    | CUSIP: 64972KMP7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006717.90   | 0.74%             | 2030-02-01      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HDYZ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    590457 | PA      | $591032.97    | 0.44%             | 2049-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se | Wells Fargo Mortgage Backed Securities 2020-5 Trust                       | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    171662 | PA      | $160293.92    | 0.12%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384QFN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    386978 | PA      | $397449.12    | 0.29%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XHFV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    220769 | PA      | $217086.90    | 0.16%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38381QFH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2448967 | PA      | $2455716.26   | 1.81%             | 2052-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418ES43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2816854 | PA      | $2825957.99   | 2.09%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHTT8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1838081 | PA      | $1856698.67   | 1.37%             | 2051-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB45 Mortgage Trust                                            | CUSIP: 30308AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    121115 | PA      | $120524.61    | 0.09%             | 2037-11-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45129Y3Y0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    900000 | PA      | $951174.45    | 0.70%             | 2053-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan           | Fannie Mae Trust 2004-W9                                                  | CUSIP: 31394ACG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    624499 | PA      | $651733.72    | 0.48%             | 2044-02-25      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BWRY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1379043 | PA      | $1377986.24   | 1.02%             | 2055-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRESB Multifamily Mortgage Pas | FRESB 2018-SB46 Mortgage Trust                                            | CUSIP: 30306NAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    474326 | PA      | $472633.73    | 0.35%             | 2037-12-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 31397NWG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    205985 | PA      | $183558.30    | 0.14%             | 2039-04-25      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XG2X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1154013 | PA      | $1164323.11   | 0.86%             | 2039-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137H75R0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    304528 | PA      | $296822.72    | 0.22%             | 2045-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RTW9<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    750000 | PA      | $783373.13    | 0.58%             | 2033-07-01      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| FIRST CITIZENS BANCSHARE       | First Citizens BancShares Inc/NC                                          | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1219431.56   | 0.90%             | 2031-03-12      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BWA71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2059641 | PA      | $2061334.16   | 1.52%             | 2052-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAYMOND JAMES BANK, N.A.       | Small Business Administration Pools                                       | CUSIP: 83165A4F8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     46789 | PA      | $47683.74     | 0.04%             | 2030-03-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BQZS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2740894 | PA      | $2788901.50   | 2.06%             | 2050-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X4PJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    112400 | PA      | $111423.20    | 0.08%             | 2031-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST HSG CORP SF MTGE   | Kentucky Housing Corp                                                     | CUSIP: 491309GX2<br>LEI: 549300NTBUU903EKQ287 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1030782.11   | 0.76%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN SF MTG | Idaho Housing & Finance Association                                       | CUSIP: 45130BEQ2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072215.80   | 0.79%             | 2056-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136A3KN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256538 | PA      | $255737.20    | 0.19%             | 2040-10-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2025-CES1                                             | CUSIP: 749427AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1091328 | PA      | $1101197.21   | 0.81%             | 2045-01-25      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XD6Q4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    455446 | PA      | $478268.77    | 0.35%             | 2040-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128P7RX3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     71015 | PA      | $70842.10     | 0.05%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HNTC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1230333 | PA      | $1238379.65   | 0.91%             | 2055-08-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust        | Fannie Mae Grantor Trust 2004-T5                                          | CUSIP: 31394AYP5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    278125 | PA      | $281841.66    | 0.21%             | 2035-05-28      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2025-4                                             | CUSIP: 81749MAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1046713 | PA      | $1050186.42   | 0.78%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HIGHWAY & TRANSPRT | Missouri Highway & Transportation Commission                              | CUSIP: 60636WNU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $918041.06    | 0.68%             | 2033-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31410LRY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10038 | PA      | $9946.90      | 0.01%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSPRTN FUN | Commonwealth of Massachusetts Transportation Fund Revenue                 | CUSIP: 57604TAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028963.90   | 0.76%             | 2030-06-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HBU85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1170938 | PA      | $1179890.31   | 0.87%             | 2049-05-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418AEB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1081851 | PA      | $1066160.96   | 0.79%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY  | North Carolina Housing Finance Agency                                     | CUSIP: 6582073D5<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    475000 | PA      | $499707.51    | 0.37%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38384HL22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    655198 | PA      | $661751.16    | 0.49%             | 2052-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132CXBF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    799890 | PA      | $811572.26    | 0.60%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140XJHQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29702 | PA      | $29740.25     | 0.02%             | 2029-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140X8VC8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    272315 | PA      | $272673.02    | 0.20%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 3140FXER9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1530977 | PA      | $1591607.76   | 1.18%             | 2056-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   3784918 | NS      | $3784917.57   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31418WPX2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261901 | PA      | $273216.00    | 0.20%             | 2040-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan  | New Residential Mortgage Loan Trust 2018-4                                | CUSIP: 64828FCQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115941 | PA      | $113926.69    | 0.08%             | 2048-01-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137HHCT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    866603 | PA      | $866998.05    | 0.64%             | 2052-04-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136APL83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    871000 | PA      | $865455.04    | 0.64%             | 2034-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                                  | CUSIP: 38374FSA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    158415 | PA      | $158155.79    | 0.12%             | 2034-02-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust         | Sequoia Mortgage Trust 2024-9                                             | CUSIP: 81749PAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250140 | PA      | $250183.76    | 0.18%             | 2054-10-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132A9Q67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1314728 | PA      | $1279209.89   | 0.94%             | 2030-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417FMH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    109817 | PA      | $109127.60    | 0.08%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING  | Massachusetts Educational Financing Authority                             | CUSIP: 57563RRZ4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    775000 | PA      | $679970.43    | 0.50%             | 2037-07-01      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3132DWMJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    780130 | PA      | $779104.79    | 0.58%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH MET HSG AUTH GEN R | Columbus Metropolitan Housing Authority                                   | CUSIP: 19951ABD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000156.80   | 0.74%             | 2028-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH    | New Mexico Mortgage Finance Authority                                     | CUSIP: 647201N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $741297.76    | 0.55%             | 2055-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                                     | CUSIP: 3128MDCB7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4926 | PA      | $4915.91      | 0.00%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON CORP             | First Horizon Corp                                                        | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |    650000 | PA      | $672140.42    | 0.50%             | 2031-03-07      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SF MTGE REVENUE  | Utah Housing Corp                                                         | CUSIP: 917437FP5<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    890000 | PA      | $931680.93    | 0.69%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BXF82<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2345230 | PA      | $2382225.43   | 1.76%             | 2055-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                                          | CUSIP: 3131WMZZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    317165 | PA      | $318251.98    | 0.24%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNB CORP                       | FNB Corp/PA                                                               | CUSIP: 302520AD3<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1225492.61   | 0.91%             | 2030-12-11      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                                           | CUSIP: 31417Y3A3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    144768 | PA      | $145986.01    | 0.11%             | 2031-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137BDX76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100896 | PA      | $100734.49    | 0.07%             | 2050-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                                         | CUSIP: 3136BX5G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2551924 | PA      | $2545517.06   | 1.88%             | 2055-12-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                      | CUSIP: 57587GB20<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    910000 | PA      | $960604.01    | 0.71%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                                        | CUSIP: 3137A2NU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2146028 | PA      | $2108171.18   | 1.56%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Small Business Administration  | United States Small Business Administration                               | CUSIP: 83162CQV8<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     12820 | PA      | $12891.25     | 0.01%             | 2027-02-01      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    208662 | PA      | $214105.70    | 0.16%             | 2034-01-10      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2025-1                                           | CUSIP: 46658UAE1<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |   1090312 | PA      | $1106139.59   | 0.82%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST         | CVS Pass-Through Trust                                                    | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345817 | PA      | $358952.58    | 0.27%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TR 2013       | CVS Pass-Through Trust Series 2013                                        | CUSIP: 12665UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    892410 | PA      | $829223.77    | 0.61%             | 2036-01-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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