Sit Mutual Funds Ii NPORT-P Sit Tax-Free Income Fund (Dec 2024 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Municipal Bonds - 87.9%
Alabama - 0.9%
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.63		10/1/49		500,695
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.70		10/1/54		498,280
Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) 4		400,000		4.00		11/1/45		367,852
								1,366,827
Alaska - 0.3%
AK Industrial Dev. & Export Auth. Rev. (Boys & Girls Home) 2, 5, 15		250,000		5.50		N/A		6,550
AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation)		250,000		5.00		4/1/33		250,513
AK Industrial Dev. & Export Auth. Rev. (Tanana Chiefs Conference Proj.)		300,000		4.00		10/1/49		275,595
								532,658
Arizona - 0.3%
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 2, 4, 5		750,000		6.75		7/1/30		22,500
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 2, 4, 5		100,000		5.50		7/1/31		3,000
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 2, 4, 5		750,000		7.75		7/1/50		22,500
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 2, 4, 5		200,000		6.00		7/1/51		6,000
AZ Industrial Dev. Auth. Rev. (Mirabella ST ASU Proj.) 1, 4		100,000		4.70		10/1/28		91,147
Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) 4		350,000		6.25		11/15/35		376,446
								521,593
Arkansas - 0.2%
Mountain Home City Sales & Use Tax Rev.		440,000		2.00		9/1/38		320,923
California - 4.0%
CA Enterprise Dev. Auth. Rev. (Castilleja School Foundation Proj.)		300,000		4.00		6/1/54		280,194
CA Municipal Finance Auth. Rev. (Aldersly Proj.)		300,000		5.00		5/15/43		319,317
CA Municipal Finance Auth. Rev. (Caritas Proj.)		250,000		4.00		8/15/56		213,808
CA Pollution Control Financing Auth. Rev. (Poseidon Resources) 4		300,000		5.00		7/1/38		317,391
CA Public Finance Auth. Rev. (Enso Village Proj.) 4		350,000		3.13		5/15/29		340,938
Encinitas Union School District G.O. Capital Appreciation 6		500,000		6.75		8/1/35		629,855
Irvine Facs. Financing Auth. Rev. (Gateway Preserve Land Acquisition Proj.) 9		300,000		5.25		5/1/48		305,238
Los Alamitos Unified School District Capital Appreciation C.O.P. 6		1,100,000		5.95		8/1/34		1,231,428
Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia)		500,000		4.00		8/15/45		465,710
Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) 1		500,000		3.76		6/1/39		456,560
San Jose Financing Auth. Rev. (Civic Center Garage Proj.) 9		400,000		5.00		6/1/39		400,468
Tracy Joint Unified School District G.O. Capital Appreciation 6		600,000		7.00		8/1/41		625,866
Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) 6		500,000		6.13		8/1/34		586,305
								6,173,078
Colorado - 2.7%
Aerotropolis Regional Transportation Auth. Rev. 4		500,000		5.75		12/1/54		501,330
CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.)		250,000		5.60		7/1/34		250,353
CO Educational & Cultural Facs. Auth. Rev. (Mountain Phoenix Community Proj.) 4		500,000		6.00		7/1/43		463,695
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		400,000		3.50		5/15/30		373,076
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		415,000		5.00		5/15/44		312,686
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		500,000		5.00		5/15/58		336,220
Creekwalk Marketplace Business Improvement District Rev.		500,000		6.00		12/1/54		493,340
Reunion Metropolitan District Rev.		562,454		3.63		12/1/44		422,914
Rudolph Farms Metropolitan District No. 6 G.O.		500,000		6.50		6/1/52		496,655

DECEMBER 31, 2024 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Sterling Ranch Community Auth. Board Rev. 4		500,000		5.75		12/1/54		506,085
								4,156,354
Connecticut - 0.2%
Stamford Hsg. Auth. Rev. (Dogwoods Proj.) 4		350,000		11.00		12/1/27		350,000
Delaware - 0.3%
DE State Hsg. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.50		7/1/54		477,130
Florida - 17.4%
Artisan Lakes East Community Dev. District Special Assessment		450,000		4.00		5/1/51		379,836
Ave Maria Stewardship Community District Special Assessment (Phase 4 Master IMPT Proj.) 4		500,000		5.50		5/1/53		506,530
Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.)		100,000		6.25		5/1/35		103,035
Broward Co. FL Airport System Rev.1		500,000		5.00		10/1/45		501,510
Capital Trust Agency Rev. (Tallahassee Tapestry) 2, 4, 5		550,000		6.75		12/1/35		137,500
Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) 2, 4, 5		250,000		6.75		7/1/37		10,000
Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) 2, 5		250,000		7.00		4/1/35		145,000
CFM Community Dev. District Special Assessment		500,000		4.00		5/1/51		415,070
East Nassau Stewardship District Special Assessment (PDP#4 Series 2024 Proj.)		350,000		5.25		5/1/29		348,092
East Nassau Stewardship District Special Assessment (Wildlight Village Phase 3 Proj.)		500,000		5.50		5/1/55		489,215
Elevation Pointe Community Dev. District Special Assessment		500,000		4.40		5/1/32		495,250
Entrada Community Dev. District Special Assessment Rev. 4		400,000		4.00		5/1/52		334,752
FL Dev. Finance Corp. Rev. (Jensen Dunes Proj.) 4		500,000		5.00		11/15/30		466,580
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		765,000		5.05		7/1/47		783,261
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.60		7/1/49		499,730
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		705,000		2.75		7/1/50		493,599
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		1,355,000		2.30		1/1/52		849,653
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		490,000		4.75		1/1/54		490,779
FL Municipal Loan Council Special Assessment (Shingle Creek Transit & Utility 2024)1		655,000		5.15		5/1/44		649,013
FRERC Community Dev. District Special Assessment 2, 5		965,000		5.38		11/1/40		859,429
Gardens at Hammock Beach Community Dev. District Special Assessment		345,000		5.88		5/1/55		340,398
Gramercy Farms Community Dev. District Special Assessment		20,841		6.75		5/1/39		20,451
Grande Pines Community Dev. District Special Assessment		635,000		4.00		5/1/51		526,459
Hacienda North Community Dev. District Special Assessment		500,000		6.30		5/1/43		535,355
Harbor Bay Community Dev. District Special Assessment		280,000		4.10		5/1/48		239,529
Heritage Harbour North Community Dev. District Special Assessment		200,000		5.00		5/1/34		206,188
Hillsborough Co. Aviation Auth. Rev. (Tampa International Airport)1		750,000		5.50		10/1/49		821,400
Hobe-St Lucie Conservancy District Special Assessment		350,000		5.60		5/1/44		359,359
Hyde Park Community Dev. District No. 1 Special Assessment		500,000		5.25		5/1/34		497,890
Hyde Park Community Dev. District No. 1 Special Assessment		500,000		4.00		5/1/52		409,800
Lakes of Sarasota Community Dev. District Special Assessment		95,000		3.88		5/1/31		93,231
Lakes of Sarasota Community Dev. District Special Assessment		500,000		4.13		5/1/31		493,995
Lakes of Sarasota Community Dev. District Special Assessment		265,000		4.10		5/1/51		223,419
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Azario Proj.)		580,000		4.00		5/1/40		533,739
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)		300,000		5.25		5/1/37		304,824
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)		300,000		5.38		5/1/47		304,068
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		400,000		5.00		5/1/36		403,324
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		430,000		3.00		5/1/41		341,876
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		530,000		5.55		5/1/54		531,913

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lorraine Lakes Proj.) 4		500,000		3.63		5/1/40		440,365
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.)		300,000		5.00		5/1/38		303,915
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Sweetwater Proj.)		490,000		3.10		5/1/41		392,568
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) 4		320,000		5.00		5/1/37		323,606
Lakewood Ranch Stewardship District Special Assessment (Lake Club Phase 4 Proj.)		205,000		4.50		5/1/49		189,633
Lakewood Ranch Stewardship District Special Assessment (Palm Grove Proj.)		585,000		5.25		5/1/44		581,689
Lakewood Ranch Stewardship District Utility Rev. (System Acquisition Proj.) (AGM Insured)		500,000		5.25		10/1/53		533,000
Laurel Road Community Dev. District Special Assessment		315,000		3.13		5/1/31		288,458
LT Ranch Community Dev. District Special Assessment		300,000		5.90		5/1/53		313,650
Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev.		150,000		5.00		5/1/32		150,275
Meadow View at Twin Creeks Community Dev. District Special Assessment		220,000		3.75		5/1/52		173,459
Meadow View at Twin Creeks Community Dev. District Special Assessment		245,000		4.00		5/1/52		202,343
New River Community Dev. District Cap. Improvement Special Assessment Rev. 2, 5, 15		230,000		5.00		N/A		2
North River Ranch Community Dev. District Cap. Improvement Special Assessment Rev.		150,000		4.20		5/1/35		144,591
North River Ranch Improvement Stewardship District Special Assessment Rev.		465,000		5.75		5/1/33		476,769
North River Ranch Improvement Stewardship District Special Assessment Rev.		250,000		6.80		5/1/35		250,125
North River Ranch Improvement Stewardship District Special Assessment Rev.		500,000		6.50		5/1/44		534,950
Palm Beach Co. Health Facs. Auth. Rev. (Green Cay Life Plan Village Proj.) 4		500,000		11.50		7/1/27		500,000
Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.)		500,000		4.00		5/15/53		413,545
Palm Coast Park Community Dev. District Special Assessment Rev.		275,000		5.40		5/1/43		280,538
Parker Road Community Dev. District Special Assessment		500,000		4.10		5/1/50		392,125
Parkview at Long Lake Ranch Community Dev. District Special Assessment		270,000		4.00		5/1/51		224,138
Poitras East Community Dev. District Special Assessment		335,000		5.25		5/1/52		338,578
River Landing Community Dev. District Special Assessment		65,000		4.25		11/1/35		65,051
Rolling Hills Community Dev. District Special Assessment		185,000		3.65		5/1/32		174,237
Sawyers Landing Community Dev. District Special Assessment Rev.		750,000		4.25		5/1/53		631,417
Southern Groves Community Dev. District No. 5 Special Assessment		280,000		4.00		5/1/48		241,478
Sunbridge Stewardship District Special Assessment (Weslyn Park Proj.)		350,000		5.20		5/1/42		354,589
Trout Creek Community Dev. District Special Assessment		300,000		5.38		5/1/38		304,893
Viera Stewardship District Special Assessment		250,000		4.00		5/1/53		202,437
Viera Stewardship District Special Assessment		300,000		5.50		5/1/54		305,220
Waterset South Community Dev. District Special Assessment		500,000		5.90		5/1/42		523,540
Windward at Lakewood Ranch Community Dev. District Special Assessment		250,000		4.25		5/1/52		210,093
Wiregrass Community Dev. District Special Assessment		240,000		5.38		5/1/35		240,689
								26,847,018
Georgia - 1.3%
Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare)		350,000		5.00		7/1/46		352,615
Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center)		500,000		5.00		3/15/44		515,310
Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) 4		640,000		6.25		9/1/44		594,035
Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.)		500,000		5.00		2/15/37		513,575
								1,975,535
Idaho - 0.5%
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		100,000		8.00		10/1/28		98,740
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		290,000		3.80		10/1/31		272,339
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		500,000		4.50		10/1/50		423,610
								794,689

DECEMBER 31, 2024 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Illinois - 4.3%
Burbank Educational Facs. Rev. (Intercultural Montessori Language School) 4		500,000		6.00		9/1/35		501,185
Chicago O’Hare International Airport Rev. (Senior Lien)1		500,000		5.25		1/1/48		530,310
Chicago O’Hare International Airport Rev. (Senior Lien) (AGM Insured)1		500,000		5.50		1/1/53		524,035
IL Fin. Auth. Rev. (Christian Homes, Inc.) 2, 5		500,000		5.00		5/15/36		365,000
IL Fin. Auth. Rev. (Edward Elmhurst Healthcare)		1,000,000		5.00		1/1/44		1,057,690
IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.)		1,000,000		6.25		12/1/38		688,720
IL Hsg. Dev. Auth. Rev.		750,000		4.75		10/1/48		755,993
IL Hsg. Dev. Auth. Rev.		500,000		4.63		4/1/50		496,590
IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured)		1,000,000		5.25		6/15/31		1,005,430
Malta Tax Allocation Rev. 2, 5		1,921,000		5.75		12/30/25		441,830
Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) 2, 15		313,173		7.00		N/A		250,538
								6,617,321
Indiana - 1.2%
IN Hsg. & Community Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		1,500,000		4.80		7/1/54		1,505,805
Merrillville Industry Economic Dev. Rev. (Belvedere Housing Proj.)		300,000		5.75		4/1/36		287,028
								1,792,833
Iowa - 1.1%
IA Fin. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		480,000		5.50		7/1/53		504,677
IA Fin. Auth. Rev. (Lifespace Communities, Inc.)		500,000		4.00		5/15/53		413,545
IA Fin. Auth. Rev. (Lifespace Communities, Inc.)		530,000		4.00		5/15/55		432,835
IA Finance Auth. Rev. (Lifespace Communities Inc.)		350,000		5.00		5/15/49		346,185
								1,697,242
Kentucky - 0.4%
Boyle Co. Educational Facs. Auth. Rev. (Centre College)		600,000		5.25		6/1/49		624,660
Louisiana - 2.5%
Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		5.50		10/1/53		522,020
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized)		385,000		2.50		12/1/45		277,323
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized)		480,000		5.75		6/1/54		514,022
LA Local Government Environmental Facilities & Community Development Auth.		500,000		6.00		11/15/30		501,835
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		200,000		5.65		11/1/37		211,256
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		410,000		4.00		11/1/44		378,524
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		390,000		4.40		11/1/44		387,750
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		615,000		4.00		11/1/46		564,982
LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) 1		465,000		3.91		2/15/36		452,487
								3,810,199
Maryland - 0.2%
MD Community Dev. Administration Rev.		500,000		2.55		9/1/44		368,715
Massachusetts - 1.1%
MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.)		400,000		5.00		10/1/49		403,256
MA Education Finance Auth. Education Rev.1		250,000		4.25		7/1/32		247,312
MA Education Finance Auth. Education Rev.1		1,000,000		3.00		7/1/51		691,280
MA Housing Finance Agy. Rev.		400,000		3.85		12/1/47		372,496
								1,714,344
Michigan - 4.5%
City of Allen Park G.O. (BAM Insured)		300,000		3.25		5/1/34		285,459

4

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
MI Finance Auth. Rev. (Holly Academy Proj.)		400,000		3.00		12/1/31		362,656
MI Finance Auth. Rev. (Madison Academy Proj.)		155,000		4.25		12/1/39		131,781
MI Hsg. Dev. Auth. Rev.		500,000		4.90		12/1/48		508,270
MI Hsg. Dev. Auth. Rev.		1,000,000		4.65		12/1/49		1,002,580
MI Hsg. Dev. Auth. Rev.		40,000		3.15		6/1/50		37,707
MI Hsg. Dev. Auth. Rev.		2,000,000		2.75		6/1/51		1,374,160
MI Hsg. Dev. Auth. Rev.		3,500,000		2.50		6/1/52		2,275,105
MI Hsg. Dev. Auth. Rev.		845,000		4.95		12/1/53		852,596
MI Public Educational Facs. Auth. Rev. (Chandler Park Academy)		145,000		6.35		11/1/28		145,070
								6,975,384
Minnesota - 0.2%
Apple Valley Rev. (Senior Living, LLC Proj.)		475,000		5.00		1/1/47		278,972
Mississippi - 0.8%
MS Development Bank Rev. (Green Bond-Hancock County) 4		800,000		4.55		11/1/39		807,880
MS Development Bank Rev. (Jackson Co. Gomesa Proj.) 4		400,000		3.63		11/1/36		376,296
								1,184,176
Missouri - 2.1%
Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.)		155,000		3.50		11/1/40		141,072
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 5		118,010		2.00		11/15/46		5,502
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 5		264,421		5.00		11/15/46		181,583
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		5.00		11/1/48		994,340
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		435,000		2.50		5/1/50		288,653
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		350,000		2.40		11/1/51		226,705
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		985,000		4.70		11/1/53		987,837
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.70		11/1/54		498,280
								3,323,972
Montana - 0.2%
MT Board of Housing Single Family Rev.		410,000		2.40		12/1/45		288,714
Nebraska - 0.5%
Mead Village Tax Allocation Rev. (E3 Biofuels - Mead LLC Proj.) 2, 5, 15		410,000		5.13		N/A		4,100
NE Investment Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000		4.70		9/1/51		751,673
								755,773
Nevada - 0.8%
Las Vegas NV Special Improvement District No 817 Special Assessment (Summerlin Village 29)		300,000		6.00		6/1/48		313,794
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000		2.60		4/1/46		543,705
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		495,000		2.45		10/1/51		325,175
								1,182,674
New Hampshire - 0.3%
New Hampshire Business Finance Auth. Rev. (Pennichuck Water Works, Inc.)1		450,000		5.50		4/1/54		462,366
New Jersey - 1.3%
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		735,000		2.30		10/1/46		495,640
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		795,000		2.45		10/1/50		524,954
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		1,000,000		4.80		10/1/53		1,004,650
								2,025,244
New Mexico - 0.6%
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		360,000		2.70		9/1/47		260,010

DECEMBER 31, 2024 5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		495,000		2.35		7/1/51		317,161
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		600,000		2.63		7/1/51		402,462
								979,633
New York - 5.4%
Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.)		350,000		4.00		7/1/33		350,130
New York City Housing Development Corp. Multifamily Mtg. Rev.		300,000		4.05		11/1/41		300,033
New York Transportation Dev. Corp. Rev.1		500,000		5.50		6/30/60		524,135
New York Transportation Dev. Corp. Rev. (AGC Insured)1		1,000,000		5.25		12/31/54		1,060,570
New York Transportation Dev. Corp. Rev. (AGM Insured)1		300,000		5.50		6/30/44		321,333
NY State Mortgage Agency Homeowner Mortgage Rev.		580,000		2.20		4/1/36		463,652
NY State Mortgage Agency Homeowner Mortgage Rev.1		990,000		4.70		10/1/38		1,004,395
NY State Mortgage Agency Homeowner Mortgage Rev.		1,000,000		2.45		10/1/45		693,710
NY State Mortgage Agency Homeowner Mortgage Rev.		980,000		2.50		10/1/46		677,729
NY State Mortgage Agency Homeowner Mortgage Rev.		975,000		3.30		10/1/47		796,955
NY State Mortgage Agency Homeowner Mortgage Rev.		500,000		4.80		10/1/48		501,850
NY State Mortgage Agency Homeowner Mortgage Rev.		1,625,000		2.55		4/1/50		1,084,687
NY State Mortgage Agency Homeowner Mortgage Rev.		590,000		4.90		10/1/53		595,245
								8,374,424
North Carolina - 1.0%
Mecklenburg Co. Rev. (Little Rock Apts)		450,000		5.38		1/1/36		450,819
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		5.00		7/1/46		510,760
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		550,000		4.80		1/1/55		543,856
								1,505,435
North Dakota - 0.8%
ND Housing Finance Agency Rev.		925,000		2.50		7/1/44		675,962
ND Housing Finance Agency Rev.		500,000		5.10		7/1/48		504,055
								1,180,017
Ohio - 5.4%
Allen Co. Hospital Facs. Rev. (Mercy Health)		500,000		5.00		11/1/43		500,010
Euclid Public Library G.O.		300,000		5.00		12/1/49		310,284
Lake Co. Port & Economic Dev. Auth. Rev. (Tapestry Wickliffe Proj.) 2, 4, 5		250,000		6.50		12/1/37		6,900
North Ridgeville City School District G.O.		300,000		5.25		12/1/54		314,511
OH Housing Finance Agency Rev.		1,800,000		2.45		9/1/51		1,165,104
OH Housing Finance Agency Rev. (First-Time Homebuyer Program) (GNMA/FNMA/FHLMC Collateralized)		500,000		2.90		9/1/45		374,315
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		1,430,000		2.85		9/1/46		1,045,315
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		1,330,000		5.10		9/1/47		1,366,655
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.65		9/1/49		500,405
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		965,000		2.75		9/1/51		673,493
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		4.70		9/1/54		1,000,010
OH Housing Finance Agency Rev. (Middletown Phase Two Proj.) 4		500,000		6.25		3/1/26		500,765
Xenia OH G.O. (BAM Insured)		500,000		5.00		12/1/54		521,030
								8,278,797
Oklahoma - 0.6%
OK Hsg. Finance Agency Rev. (Home Ownership Prog.) (GNMA/FNMA/FHLMC Collateralized)		500,000		4.60		3/1/49		495,395

6

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
OK Hsg. Finance Agency Rev. (Home Ownership Prog.) (GNMA/FNMA/FHLMC Collateralized)		480,000		4.60		9/1/49		479,726
								975,121
Oregon - 0.7%
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		500,000		2.35		1/1/44		343,285
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		1,000,000		2.38		1/1/45		706,590
								1,049,875
Pennsylvania - 1.4%
Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) 1		460,000		3.95		10/1/34		446,099
PA Higher Educational Assistance Agy. Rev.		335,000		2.63		6/1/42		297,658
PA Hsg. Finance Agency Rev.		1,000,000		5.00		10/1/50		1,018,630
Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.)		350,000		5.63		8/1/36		354,273
								2,116,660
South Carolina - 1.7%
Berkeley Co. Nexton Improvement District Special Assessment		350,000		4.25		11/1/40		322,682
SC Jobs-Economic Dev. Auth. Rev. (River Academy Proj.) 4		325,000		7.00		6/15/43		338,208
SC Jobs-Economic Dev. Auth. Rev. (Seafields at Kiawah Island Proj.)		500,000		7.50		11/15/53		534,705
SC State Hsg. Finance & Dev. Auth. Rev.		970,000		4.95		7/1/53		980,573
SC State Hsg. Finance & Dev. Auth. Rev.		500,000		4.63		7/1/54		494,740
								2,670,908
South Dakota - 0.5%
SD Hsg. Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000		4.80		11/1/48		761,033
Tennessee - 4.0%
Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills)		895,000		4.00		11/1/45		758,486
Metropolitan Nashville Airport Auth. Rev.1		300,000		5.00		7/1/49		307,182
Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation 4		300,000		5.13		6/1/36		304,308
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5, 15		1,850,000		5.35		N/A		185
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5		7,875,000		5.55		1/1/29		788
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5		1,630,000		6.00		1/1/29		16
TN Hsg. Dev. Agency Rev.		815,000		2.55		1/1/45		598,397
TN Hsg. Dev. Agency Rev.		1,485,000		2.38		7/1/46		1,022,081
TN Hsg. Dev. Agency Rev.		385,000		2.55		7/1/46		275,906
TN Hsg. Dev. Agency Rev.		495,000		4.70		7/1/48		498,420
TN Hsg. Dev. Agency Rev.		730,000		5.05		7/1/48		732,132
TN Hsg. Dev. Agency Rev.		990,000		2.50		7/1/51		660,261
TN Hsg. Dev. Agency Rev.		500,000		4.80		7/1/54		501,935
TN Hsg. Dev. Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		5.35		7/1/48		514,610
								6,174,707
Texas - 9.4%
Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy)		750,000		2.38		8/15/51		469,965
Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan)1		1,000,000		3.00		4/1/40		807,290
Dallas Special Tax (Fair Park Venue Proj.) 1, 4		250,000		6.25		8/15/53		250,272
Houston Airport System Rev. (AGM Insured)1		1,000,000		5.25		7/1/48		1,059,300
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) 2, 15		260,000		4.00		N/A		145,600
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) 2		460,000		4.00		7/1/26		257,600
New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) 1		530,322		2.00		11/15/61		192,624
New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.)		750,000		5.00		1/1/55		620,355

DECEMBER 31, 2024 7

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.)		500,000		5.50		10/1/27		496,760
New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.)		500,000		6.50		10/1/33		513,640
North Central Texas Health Facility Development Corp. (CC Young Memorial Home) 5		204,000		5.38		2/15/25		112,200
TX Affordable Hsg. Corp. Rev. (GNMA Collateralized)		500,000		5.00		3/1/49		504,230
TX Affordable Hsg. Corp. Rev. (GNMA Collateralized)		1,000,000		4.88		3/1/53		1,009,160
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000		3.00		9/1/45		386,050
TX Department of Housing & Community Affairs (GNMA Collateralized)		985,000		2.50		7/1/51		643,264
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,750,000		3.13		1/1/52		1,313,515
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000		5.00		1/1/49		503,815
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000		3.00		3/1/50		366,220
TX Department of Housing & Community Affairs (GNMA Collateralized)		750,000		5.25		9/1/52		772,958
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,500,000		5.25		1/1/53		1,545,315
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,000,000		5.25		9/1/53		1,031,200
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,500,000		5.13		1/1/54		1,532,940
								14,534,273
Utah - 3.2%
Black Desert Public Infrastructure District G.O. 4		500,000		4.00		3/1/51		414,040
Fiddlers Canyon Infrastructure Financing District Special Assessment (Fiddlers Canyon Assessment Area) 4		350,000		5.63		12/1/53		342,888
Fields Estates Public Infrastructure District Special Assessment (Fields Estates Assessment Area) 4		500,000		5.25		12/1/53		495,575
Jordanelle Ridge Public Infrastructure District No. 2 G.O. 4		500,000		7.75		3/1/54		506,335
Military Installation Dev. Auth. Rev.		1,000,000		4.00		6/1/52		833,060
Olympia Public Infrastructure District No. 1 G.O. 4		500,000		6.38		3/1/55		509,305
UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) 4		495,000		3.50		12/15/31		445,851
UT Charter School Finance Auth. Rev. (Wasatch Peak Academy Proj.)		325,000		5.00		10/15/49		333,876
UT Hsg. Corp. Single Family Mtg. Rev.		5,000		5.75		1/1/33		5,007
UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.70		1/1/54		498,335
UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		5.00		1/1/54		507,350
								4,891,622
Virginia - 1.0%
VA Beach Dev. Auth. Rev. (Westminster Canterbury Proj.)		320,000		6.25		9/1/30		328,899
VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds)		700,000		4.70		7/1/55		709,681
VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds)		550,000		4.70		7/1/55		550,336
								1,588,916
Washington - 0.3%
WA State Hsg. Finance Commission Rev. (Parkshore Juanita Bay Proj.) 4		500,000		5.50		1/1/44		484,090
West Virginia - 1.0%
WV Hsg. Dev. Fund Rev.		945,000		2.50		11/1/51		628,699
WV Hsg. Dev. Fund Rev.		1,000,000		4.90		11/1/54		1,002,560
								1,631,259
Wisconsin - 1.3%
Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.)		500,000		5.00		2/1/52		501,545
Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) 4		500,000		6.00		2/1/62		523,045
WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) 2, 4, 5		750,000		6.25		11/1/28		412,500
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,520		9.00		1/1/46		496
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,287		9.00		1/1/47		452
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		447		12.00		1/1/47		12

8

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,171		9.00		1/1/48		423
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		390		12.00		1/1/48		10
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,055		9.00		1/1/49		394
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		384		11.00		1/1/49		9
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,822		9.00		1/1/50		360
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		372		11.00		1/1/50		8
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		17,334		9.00		1/1/51		372
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		365		11.00		1/1/51		8
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 1, 2, 4, 5		446,246		3.75		7/1/51		312,412
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		17,218		9.00		1/1/52		343
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		475		10.00		1/1/52		10
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,985		9.00		1/1/53		320
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		469		10.00		1/1/53		9
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,869		9.00		1/1/54		298
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		453		10.00		1/1/54		8
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,636		9.00		1/1/55		278
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		444		9.00		1/1/55		7
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		434		9.00		1/1/56		7
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,404		9.00		1/1/56		260
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		23,656		5.50		7/1/56		17,696
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		481		9.00		1/1/57		7
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,287		9.00		1/1/57		242
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,055		9.00		1/1/58		226
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		469		9.00		1/1/58		7
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		456		9.00		1/1/59		6
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,938		9.00		1/1/59		213
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		447		8.00		1/1/60		6
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,822		9.00		1/1/60		198
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		440		8.00		1/1/61		5
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,589		9.00		1/1/61		183
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		428		8.00		1/1/62		5
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,473		9.00		1/1/62		172
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		419		8.00		1/1/63		4
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,240		9.00		1/1/63		161
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		409		8.00		1/1/64		4
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,124		9.00		1/1/64		152
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		403		7.00		1/1/65		4
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,008		9.00		1/1/65		141
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		434		7.00		1/1/66		4
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		14,775		9.00		1/1/66		128
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		5,235		5.00		1/1/67		41
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		192,429		9.00		1/1/67		1,513
WI Public Finance Auth. Rev. (MD Proton Treatment Center) 2, 4, 5		500,000		6.13		1/1/33		225,000
								1,999,704
Total Municipal Bonds (Cost: $167,692,446)								135,814,868

DECEMBER 31, 2024 9

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Quantity				Fair Value ($)
Investment Companies - 4.5%
BlackRock MuniHoldings Fund, Inc. (MHD)		33,512				391,085
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)		30,464				304,640
BlackRock MuniYield Quality Fund III, Inc. (MYI)		43,083				475,636
DWS Municipal Income Trust (KTF)		76,592				723,794
Invesco Advantage Municipal Income Trust II (VKI)		55,874				488,339
Invesco Municipal Opportunity Trust (VMO)		62,240				604,973
Invesco Municipal Trust (VKQ)		67,772				664,843
Invesco Pennsylvania Value Municipal Income Trust (VPV)		8,257				84,965
Invesco Quality Municipal Income Trust (IQI)		78,114				770,204
Invesco Trust for Investment Grade Municipals (VGM)		56,447				570,115
Nuveen AMT-Free Municipal Credit Income Fund (NVG)		32,623				399,958
Nuveen AMT-Free Quality Municipal Income Fund (NEA)		75,639				853,208
Nuveen Quality Municipal Income Fund (NAD)		61,295				714,700
Total Investment Companies (cost: $8,727,654)						7,046,460
Total Investments in Securities - 92.4% (cost: $176,420,100)						142,861,328
Other Assets and Liabilities, net - 7.6%						11,681,683
Net Assets - 100.0%					$	154,543,011

¹  Variable rate security. Rate disclosed is as of December 31, 2024. 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.

²  Security considered illiquid by the Investment Adviser. The total value of such securities as of December 31, 2024 was $3,847,237 and represented 2.5% of net assets.

⁴  144A Restricted Security. The total value of such securities as of December 31, 2024 was $16,006,821 and represented 10.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁵  The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of December 31, 2024 was $3,305,699 and represented 2.1% of net assets.

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

⁹  Municipal Lease Security. The total value of such securities as of December 31, 2024 was $705,706 and represented 0.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

¹⁵  Securities with a “N/A” maturity date have passed their stated maturity date and have pending restructuring arrangements.

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

10

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Tax-Free Income Fund (Continued)

Short futures contracts outstanding as of December 31, 2024 were as follows:

Type	Contracts		Expiration Date		Notional Amount ($)			Value/ Unrealized Appreciation (Depreciation) ($)
Short Futures: 10
U.S. Treasury Long Bond		27		March 2025		(3,073,781	)		78,562
U.S. Treasury 5-Year		56		March 2025		(5,953,063	)		33,393
U.S. Treasury 10-Year		91		March 2025		(9,896,250	)		106,465
									218,420

¹⁰  The amount of $6,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2024.

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows:

		Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Prices ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Municipal Bonds		—		135,814,868		—		135,814,868
Investment Companies		7,046,460		—		—		7,046,460
Futures		218,420		—		—		218,420
Total:		7,264,880		135,814,868		—		143,079,748

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

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

DECEMBER 31, 2024 11