Sit Mutual Funds Ii NPORT-P Sit Quality Income Fund (Dec 2023 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund

Name of Issuer	Principal   Amount ($)		Coupon     Rate (%)		Maturity   Date		Fair      Value ($)
Asset-Backed Securities - 2.5%
Agency - 0.4%
FNMA Grantor Trust, Series 2004-T5, Class A11 1		370,674		6.21		5/28/35		363,620
Small Business Administration, Series 2006-20D, Class 1		46,762		5.64		4/1/26		46,432
Small Business Administration, Series 2007-20B, Class 1		44,621		5.49		2/1/27		44,063
Small Business Administration, Series 2007-20J, Class 1		83,432		5.57		10/1/27		82,764
								536,879
Non-Agency - 2.1%
Centex Home Equity Loan Trust, Series 2004-A, Class AF4 14		102,684		5.01		8/25/32		100,750
Home Equity Mortgage Loan Asset-Backed Trust, Series 2003-A, Class AV2, TSFR1M + 0.97% 1		69,341		4.69		10/25/33		69,078
Mill City Mortgage Loan Trust, Series 2017-3, Class A1 1, 4		37,295		2.75		1/25/61		36,524
RCKT Mortgage Trust, Series 2023-CES3, Class A1A 4		992,783		7.11		11/25/43		1,012,775
Towd Point Mortgage Trust, Series 2019-MH1, Class A2 1, 4		800,000		3.00		11/25/58		786,013
Towd Point Mortgage Trust, Series 2020-MH1, Class A1A 1, 4		324,074		2.18		2/25/60		308,395
Towd Point Mortgage Trust, Series 2023-CES2, Class A1A 1, 4		490,740		7.29		10/25/63		502,329
								2,815,864
Total Asset-Backed Securities (cost: $3,371,664)								3,352,743
Collateralized Mortgage Obligations - 22.9%
Agency - 17.5%
FHLMC REMICS, Series 3104, Class BY		17,766		5.50		1/15/26		17,675
FHLMC REMICS, Series 3418, Class DF		389,720		6.00		3/15/32		399,864
FHLMC REMICS, Series 3806, Class JA		11,041		3.50		2/15/26		10,957
FHLMC REMICS, Series 3982, Class LA		230,953		2.50		12/15/39		228,014
FHLMC REMICS, Series 4246, Class PT		203,489		6.50		2/15/36		211,738
FHLMC REMICS, Series 4390, Class CA		836,535		3.50		6/15/50		819,170
FHLMC REMICS, Series 4717, Class KV		1,027,533		3.50		8/15/40		1,009,738
FHLMC REMICS, Series 4759, Class NA		22,500		3.00		8/15/44		22,228
FHLMC REMICS, Series 5226, Class D		413,848		3.50		12/15/45		399,827
FHLMC REMICS, Series 5252, Class BT		915,445		6.00		9/25/52		950,886
FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2		483,869		7.00		3/25/44		480,127
FNMA Grantor Trust, Series 2004-T1, Class 2A 1		230,615		3.73		8/25/43		214,855
FNMA REMICS, Series 2002-W1, Class 2A 1		810,582		4.66		2/25/42		786,264
FNMA REMICS, Series 2004-W5, Class A1		1,536,205		6.00		2/25/47		1,540,853
FNMA REMICS, Series 2011-10, Class AC		1,664,680		3.00		2/25/41		1,580,181
FNMA REMICS, Series 2011-146, Class LX		974,475		3.50		10/25/40		946,431
FNMA REMICS, Series 2015-61, Class VB		871,000		3.50		6/25/34		846,357
FNMA REMICS, Series 2017-97, Class DP		10,732		3.50		10/25/46		10,483
FNMA REMICS, Series 2018-25, Class AG		163,469		3.50		4/25/47		156,539
FNMA REMICS, Series 2023-64, Class HA		3,394,949		5.50		9/25/50		3,401,655
FNMA Trust, Series 2004-W9, Class 1A3		646,399		6.05		2/25/44		644,286
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K037, Class A2		74,099		3.49		1/25/24		73,815
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K728, Class A2 1		2,467,911		3.06		8/25/24		2,429,811
Freddie Mac Multifamily Structured Pass-Through Certificates, Series K730, Class A2 1		2,948,077		3.59		1/25/25		2,901,098
FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% 1		149,661		6.15		11/25/37		148,670
FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% 1		513,053		6.15		12/25/37		497,200
Government National Mortgage Association, Series 2020-149, Class AW		1,626,139		5.50		10/20/50		1,674,780
Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D		242,378		4.00		2/25/59		225,321
Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU		1,370,188		4.00		4/25/62		1,269,655
								23,898,478
Non-Agency - 5.4%
JP Morgan Mortgage Trust, Series 2021-1, Class A4 1, 4		585,011		2.50		6/25/51		521,386
JP Morgan Mortgage Trust, Series 2021-14, Class A4 1, 4		786,057		2.50		5/25/52		682,325
JP Morgan Mortgage Trust, Series 2021-6, Class A4 1, 4		1,387,564		2.50		10/25/51		1,212,432
JP Morgan Mortgage Trust, Series 2021-7, Class A4 1, 4		478,392		2.50		11/25/51		417,372

  DECEMBER 31, 2023   1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund (Continued)

Name of Issuer	Principal   Amount ($)		Coupon     Rate (%)		Maturity   Date		Fair      Value ($)
JP Morgan Mortgage Trust, Series 2022-1, Class A11, SOFRRATE 30 Day Average + 0.85% 1, 4		2,545,873		5.00		7/25/52		2,345,067
New Residential Mortgage Loan Trust, Series 2017-2A, Class A4 1, 4		201,536		4.00		3/25/57		190,433
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 1, 4		212,973		4.00		4/25/57		201,580
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, TSFR1M + 1.61% 1, 4		67,650		6.97		6/25/57		67,172
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A 1, 4		155,329		4.00		12/25/57		147,700
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% 1, 4		185,172		6.22		1/25/48		178,362
Sequoia Mortgage Trust, Series 2020-4, Class A5 1, 4		239,628		2.50		11/25/50		215,573
Sequoia Mortgage Trust, Series 2023-4, Class A10 1, 4		938,606		6.00		11/25/53		937,958
Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 1, 4		216,706		2.50		9/25/50		194,140
								7,311,500
Total Collateralized Mortgage Obligations (cost: $32,039,617)								31,209,978
Corporate Bonds - 15.7%
American Tower Trust 4		1,300,000		5.49		3/15/28		1,319,572
BGC Group, Inc.		900,000		4.38		12/15/25		863,924
Booz Allen Hamilton, Inc. 4		1,500,000		3.88		9/1/28		1,414,666
British Airways 2020-1 Class B Pass Through Trust 4		277,951		8.38		11/15/28		287,226
Cabot Corp.		583,000		4.00		7/1/29		553,475
Cadence Bank (Subordinated), 3 Mo. Libor + 2.47% 1		1,565,000		4.13		11/20/29		1,456,402
Comerica Bank		500,000		2.50		7/23/24		489,674
Comerica Bank (Subordinated)		750,000		7.88		9/15/26		768,384
CVS Pass-Through Trust Series 2009 4		780,961		8.35		7/10/31		843,793
Delta Air Lines 2015-1 Class AA Pass Through Trust		325,730		3.63		7/30/27		306,916
DTE Electric Securitization Funding II, LLC		875,000		5.97		3/1/32		919,053
Equitable Financial Life Global Funding 4		800,000		1.80		3/8/28		701,621
F&G Global Funding 4		1,600,000		5.15		7/7/25		1,576,826
Fairfax US, Inc. 4		600,000		4.88		8/13/24		598,774
First-Citizens Bank & Trust Co. (Subordinated), US Treasury + 2.37% 1		1,500,000		4.13		11/13/29		1,448,069
Minnesota Life Insurance Co. (Subordinated) 4		1,020,000		8.25		9/15/25		1,059,100
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29% 1, 4		1,400,000		7.94		12/15/24		1,398,620
Old National Bancorp, Inc. (Subordinated)		607,000		5.88		9/29/26		607,750
Prudential Insurance Co. of America (Subordinated) 4		325,000		8.30		7/1/25		335,591
Reliant Bancorp, Inc. (Subordinated), TSFR3M + 3.77% 1		1,250,000		5.13		12/15/29		1,162,582
SBA Tower Trust 4		1,300,000		6.60		1/15/28		1,337,027
SouthState Corp. (Subordinated), TSFR3M + 5.62% 1		650,000		5.75		6/1/30		609,696
Tennessee Gas Pipeline Co., LLC		555,000		7.00		10/15/28		601,452
US Bancorp, SOFRRATE + 2.02% 1		700,000		5.78		6/12/29		719,698
Total Corporate Bonds (cost: $21,613,432)								21,379,891
Mortgage Pass-Through Securities - 28.3%
Federal Home Loan Mortgage Corporation - 5.1%
Freddie Mac		2,248,190		2.50		8/1/30		2,129,901
Freddie Mac		29,842		3.00		9/1/27		29,002
Freddie Mac		2,388,092		3.00		4/1/33		2,265,002
Freddie Mac		4,982		3.50		7/1/26		4,895
Freddie Mac		32,284		4.00		7/1/26		31,691
Freddie Mac		34,199		4.00		1/1/27		33,757
Freddie Mac		527,898		4.00		4/1/29		518,719
Freddie Mac		112,876		4.00		10/1/31		110,713
Freddie Mac		745		4.50		7/1/26		742
Freddie Mac		395,978		4.50		6/1/39		393,401
Freddie Mac		1,860		5.00		10/1/25		1,844
Freddie Mac		1,326,638		5.00		8/1/38		1,334,232
								6,853,899

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund (Continued)

Name of Issuer	Principal   Amount ($)		Coupon     Rate (%)		Maturity   Date		Fair      Value ($)
Federal National Mortgage Association - 20.3%
Fannie Mae		388,324		3.00		10/1/27		376,769
Fannie Mae		41,703		3.00		8/1/28		40,508
Fannie Mae		551,467		3.00		5/1/30		530,835
Fannie Mae		396,038		3.00		11/1/31		384,565
Fannie Mae		1,492,114		3.00		10/1/32		1,415,465
Fannie Mae		68,098		3.50		1/1/26		66,888
Fannie Mae		1,697,600		3.50		4/1/32		1,637,260
Fannie Mae		389,716		3.50		11/1/38		374,257
Fannie Mae		327		4.00		9/1/24		324
Fannie Mae		12,594		4.00		6/1/25		12,442
Fannie Mae		6,767		4.00		10/1/31		6,628
Fannie Mae		407,067		4.00		10/1/34		401,212
Fannie Mae		913,328		4.00		6/1/38		894,646
Fannie Mae		5,987		4.50		4/1/25		5,955
Fannie Mae		912,664		4.50		3/1/29		907,729
Fannie Mae		95,202		4.50		7/1/31		94,769
Fannie Mae		1,922,414		4.50		4/1/39		1,911,480
Fannie Mae		2,619,025		5.00		3/1/43		2,628,548
Fannie Mae		544,929		5.50		12/1/35		561,636
Fannie Mae		750,000		5.50		12/1/38		760,742
Fannie Mae		852,265		5.50		1/1/40		878,461
Fannie Mae		376,792		5.50		8/1/40		400,501
Fannie Mae		591,738		5.50		2/1/42		609,899
Fannie Mae		880,567		5.50		5/1/49		897,392
Fannie Mae		550,958		5.50		9/1/49		567,859
Fannie Mae		1,828,585		5.50		8/1/56		1,891,701
Fannie Mae		1,267,368		6.00		9/1/29		1,287,821
Fannie Mae		531,432		6.00		7/1/37		554,862
Fannie Mae		954,534		6.00		11/1/38		976,970
Fannie Mae		1,145,838		6.00		10/1/53		1,164,329
Fannie Mae		1,297,314		6.00		10/1/53		1,320,116
Fannie Mae		592,924		6.50		5/1/40		618,677
Fannie Mae		742,445		7.00		1/1/40		766,016
Fannie Mae		587,640		7.00		1/1/40		606,295
Fannie Mae		2,156,447		7.50		10/1/38		2,238,629
								27,792,186
Government National Mortgage Association - 2.5%
Ginnie Mae, US Treasury + 1.50% 1		14,595		3.88		4/20/33		14,497
Ginnie Mae, US Treasury + 1.50% 1		4,281		3.88		4/20/42		4,280
Ginnie Mae		795,423		4.00		7/20/26		780,848
Ginnie Mae		142		5.00		9/15/24		141
Ginnie Mae		2,748		5.00		6/20/26		2,715
Ginnie Mae		512,637		6.00		2/20/34		526,094
Ginnie Mae		344,228		6.00		7/20/37		363,541
Ginnie Mae		1,668,150		6.00		9/20/38		1,697,605
								3,389,721
Other Federal Agency Securities - 0.4%
Small Business Administration Pools, PRIME - 2.50% 1		147,041		6.00		5/25/43		146,459
Small Business Administration Pools, PRIME + 0.79% 1		290,401		9.29		2/25/28		300,541
Small Business Administration Pools, PRIME + 0.89% 1		131,915		9.39		3/25/30		138,222
								585,222
Total Mortgage Pass-Through Securities (cost: $38,925,692)								38,621,028
Taxable Municipal Bonds - 23.5%
Alief Independent School District G.O.		800,000		5.20		2/15/27		800,336

  DECEMBER 31, 2023   3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund (Continued)

Name of Issuer	Principal   Amount ($)		Coupon     Rate (%)		Maturity   Date		Fair      Value ($)
Arizona School Facilities Board 9		1,010,000		6.00		9/1/27		1,050,087
City of San Francisco CA		105,000		5.50		11/1/25		105,956
Colorado Housing & Finance Authority		745,000		6.50		5/1/48		780,499
Colorado Housing & Finance Authority		5,000		4.00		11/1/31		4,956
County of Yamhill OR		370,000		4.50		10/1/30		353,043
Florida Capital Projects Finance Authority		250,000		4.00		10/1/24		246,643
Florida Housing Finance Corp.		1,000,000		6.50		1/1/55		1,062,320
Idaho Housing & Finance Association		1,000,000		6.50		7/1/53		1,060,090
Idaho Housing & Finance Association		1,000,000		6.00		1/1/48		1,037,820
Illinois Housing Development Authority		995,000		5.75		10/1/53		1,021,357
Illinois Housing Development Authority		1,000,000		6.50		4/1/54		1,047,530
Kentucky Higher Education Student Loan Corp. 8		960,000		2.52		6/1/35		820,963
Kentucky Higher Education Student Loan Corp.		1,000,000		5.95		6/1/37		989,370
Kindred Public School District No. 2		1,000,000		6.00		8/1/27		1,037,600
Louisiana Local Government Environmental Facilities & Community Development Authority		1,191,407		3.62		2/1/29		1,164,743
Maine Municipal Bond Bank		500,000		6.12		11/1/26		516,100
Maryland Community Development Administration		315,000		3.95		3/1/27		307,916
Maryland Community Development Administration		490,000		4.40		3/1/53		477,118
Maryland Community Development Administration		500,000		3.24		9/1/48		485,360
Maryland Community Development Administration		1,000,000		6.00		9/1/53		1,029,080
Massachusetts Educational Financing Authority		90,000		4.00		1/1/32		87,985
Massachusetts Educational Financing Authority		180,000		4.41		7/1/34		176,171
Massachusetts Educational Financing Authority		1,000,000		2.64		7/1/37		914,460
Massachusetts Housing Finance Agency		1,000,000		6.50		12/1/52		1,058,330
Massachusetts State College Building Authority		500,000		5.83		5/1/30		520,760
Miami University of Ohio		1,075,000		6.67		9/1/28		1,144,445
Michigan Municipal Bond Authority		500,000		6.70		5/1/27		501,720
Minnesota Housing Finance Agency		1,000,000		6.25		7/1/53		1,040,930
Minnesota Housing Finance Agency		270,000		4.17		1/1/25		267,732
New Hampshire Housing Finance Authority		5,000		4.00		7/1/35		5,000
North Carolina Housing Finance Agency		500,000		6.50		1/1/55		526,495
North Dakota Housing Finance Agency		565,000		2.86		7/1/24		559,124
Oklahoma Development Finance Authority		441,036		3.88		5/1/37		426,424
Oklahoma Development Finance Authority		931,996		4.14		12/1/33		910,700
Rhode Island Convention Center Authority 9		700,000		3.58		5/15/26		679,959
Rhode Island Housing & Mortgage Finance Corp.		500,000		6.50		10/1/52		535,090
Rhode Island Student Loan Authority		1,000,000		4.00		12/1/38		979,410
South Dakota Housing Development Authority		975,000		5.46		5/1/53		979,719
St. Louis School District		1,000,000		6.45		4/1/28		1,069,500
State of Oregon Housing & Community Services Department		1,000,000		6.25		7/1/53		1,045,920
State Public School Building Authority		1,000,000		5.00		9/15/27		1,012,910
State Public School Building Authority		1,000,000		5.49		9/15/29		1,022,370
Utah Housing Corp.		1,000,000		6.25		1/1/54		1,033,090
Wisconsin Housing & Economic Development Authority 8		200,000		3.50		3/1/46		198,150
Total Taxable Municipal Bonds (cost: $32,115,304)								32,095,281
U.S. Treasury / Federal Agency Securities - 5.6%
Federal Agency Issues - 5.6%
Federal Home Loan Banks		1,400,000		5.40		2/23/26		1,399,464
Federal Home Loan Banks		2,000,000		5.80		8/10/26		1,999,084
Federal Home Loan Banks		2,000,000		5.88		8/10/26		1,998,861
Federal Home Loan Mortgage Corp.		1,300,000		5.95		7/20/26		1,299,964
Federal Home Loan Mortgage Corp.		900,000		6.00		2/26/27		898,436
								7,595,809
Total U.S. Treasury / Federal Agency Securities (cost: $7,596,989)								7,595,809

4

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund (Continued)

Name of Issuer	Principal   Amount ($)		Coupon     Rate (%)	Maturity   Date	Fair      Value ($)
Put Options Purchased 19 - 0.1% (cost: $180,931)						104,297
Name of Issuer	Quantity				Fair Value ($)
Short-Term Securities - 2.1%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.29% (cost: $2,887,075)		2,887,075				2,887,075
Total Investments in Securities - 100.7% (cost: $138,730,704)						137,246,102
Other Assets and Liabilities, net - (0.7)%						(978,187	)
Net Assets - 100.0%						$136,267,915

¹  Variable rate security. Rate disclosed is as of December 31, 2023. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴  144A Restricted Security. The total value of such securities as of December 31, 2023 was $20,830,352 and represented 15.3% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁸  Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2023, 0.7% of net assets in the Fund was invested in such securities.

⁹  Municipal Lease Security. The total value of such securities as of December 31, 2023 was $1,730,046 and represented 1.3% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

¹⁴  Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2023.

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

Short futures contracts outstanding as of December 31, 2023 were as follows:

Type	Contracts	Expiration         Date	Notional           Amount ($)		Value/ Unrealized Appreciation         (Depreciation) ($)
Short Futures: 10
U.S. Treasury 5-Year	120	March 2024		(13,052,813)		(158,057)

¹⁰  The amount of $400,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2023.

¹⁹  Options outstanding as of December 31, 2023 were as follows:

Description	Contracts		Exercise Price ($)		Expiration Date		Counterparty	Notional Amount ($)		Cost/ Premiums ($)		Value ($)
Put Options Purchased - U.S. Treasury Futures:
5-Year		160		107.00		February 2024	StoneX Financial, Inc.		17,120,000		95,611		43,750
5-Year		125		107.75		February 2024	StoneX Financial, Inc.		13,468,750		85,320		60,547
Total									30,588,750		180,931		104,297

  DECEMBER 31, 2023   5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit Quality Income Fund (Continued)

A summary of the levels for the Fund’s investments as of December 31, 2023 is as follows:

	Investment in Securities
	Level 1 Quoted       Prices ($)			Level 2 Other significant       observable inputs ($)		Level 3 Significant     unobservable inputs ($)		Total ($)
Assets
Asset-Backed Securities		—			3,352,743		—		3,352,743
Collateralized Mortgage Obligations		—			31,209,978		—		31,209,978
Corporate Bonds		—			21,379,891		—		21,379,891
Mortgage Pass-Through Securities		—			38,621,028		—		38,621,028
Taxable Municipal Bonds		—			32,095,281		—		32,095,281
U.S. Treasury / Federal Agency Securities		—			7,595,809		—		7,595,809
Put Options Purchased		104,297			—		—		104,297
Short-Term Securities		2,887,075			—		—		2,887,075
Total:		2,991,372			134,254,730		—		137,246,102
Liabilities
Futures		(158,057	)		—		—		(158,057	)

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.

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