Sit Mutual Funds Ii NPORTP Sit Quality Income Fund (Dec 2024 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Quality Income Fund



Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)

Asset-Backed Securities - 3.1%

Agency - 0.3%

FNMA Grantor Trust, Series 2004-T5, Class A11 ¹		330,083		3.75		5/28/35		325,124
Small Business Administration, Series 2006-20D, Class 1		24,334		5.64		4/1/26		24,310
Small Business Administration, Series 2007-20B, Class 1		28,520		5.49		2/1/27		28,375
Small Business Administration, Series 2007-20J, Class 1		56,508		5.57		10/1/27		56,258


								434,067

Non-Agency - 2.8%

Centex Home Equity Loan Trust, Series 2004-A, Class AF4 ¹⁴		78,491		5.01		8/25/32		78,122
RCKT Mortgage Trust, Series 2023-CES3, Class A1A ^{1, 4}		787,247		7.11		11/25/43		801,154
RCKT Mortgage Trust, Series 2024-CES3, Class A1A ^{1, 4}		1,605,980		6.59		5/25/44		1,625,894
RCKT Mortgage Trust, Series 2024-CES4, Class A1A ^{4, 14}		602,965		6.15		6/25/44		607,543
Towd Point Mortgage Trust, Series 2020-MH1, Class A1A ^{1, 4}		207,000		2.18		2/25/60		200,635
Towd Point Mortgage Trust, Series 2023-CES2, Class A1A ^{1, 4}		380,464		7.29		10/25/63		387,338


								3,700,686


Total Asset-Backed Securities (cost: $4,102,466)								4,134,753


Collateralized Mortgage Obligations - 30.8%

Agency - 25.4%

FHLMC REMICS, Series 3104, Class BY		5,584		5.50		1/15/26		5,578
FHLMC REMICS, Series 3418, Class DF		323,521		6.00		3/15/32		331,941
FHLMC REMICS, Series 3756, Class PZ		2,426,912		4.00		11/15/40		2,305,420
FHLMC REMICS, Series 4246, Class PT		202,143		6.50		2/15/36		207,313
FHLMC REMICS, Series 4390, Class CA		454,647		3.50		6/15/50		452,074
FHLMC REMICS, Series 4717, Class KV		396,860		3.50		8/15/40		395,115
FHLMC REMICS, Series 5226, Class D		366,901		3.50		12/15/45		351,110
FHLMC REMICS, Series 5252, Class BT		820,109		6.00		9/25/52		833,800
FHLMC REMICS, Series 5391, Class EA		1,602,189		5.50		5/25/49		1,600,553
FHLMC REMICS, Series 5417, Class HA		1,985,812		5.50		11/25/51		1,983,599
FHLMC REMICS, Series 5440, Class NG		1,137,910		5.50		9/25/49		1,134,160
FHLMC REMICS, Series 5444, Class AB		1,475,623		5.50		9/25/49		1,477,814
FHLMC REMICS, Series 5452, Class CB		1,324,540		5.00		8/25/51		1,304,859
FHLMC REMICS, Series 5470, Class MA		1,155,695		5.00		4/25/52		1,136,591
FHLMC REMICS, Series 5487, Class CA		2,444,549		5.50		12/25/51		2,438,281
FHLMC REMICS, Series 5495, Class CD		2,500,000		5.50		3/25/52		2,490,662
FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2		429,466		7.00		3/25/44		433,663
FNMA REMICS, Series 2002-W1, Class 2A ¹		701,743		4.50		2/25/42		694,809
FNMA REMICS, Series 2004-W5, Class A1		1,420,848		6.00		2/25/47		1,457,810
FNMA REMICS, Series 2010-68, Class W ¹		176,016		1.80		7/25/37		151,854
FNMA REMICS, Series 2011-10, Class AC		1,422,835		3.00		2/25/41		1,352,519
FNMA REMICS, Series 2011-146, Class LX		617,946		3.50		10/25/40		612,221
FNMA REMICS, Series 2015-61, Class VB		871,000		3.50		6/25/34		855,427
FNMA REMICS, Series 2017-97, Class DP		2,185		3.50		10/25/46		2,177
FNMA REMICS, Series 2018-25, Class AG		136,298		3.50		4/25/47		131,637
FNMA REMICS, Series 2023-64, Class HA		3,166,065		5.50		9/25/50		3,185,741
FNMA Trust, Series 2004-W9, Class 1A3		750,892		6.05		2/25/44		767,965
FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% ¹		147,519		5.48		11/25/37		146,662
FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% ¹		506,785		5.48		12/25/37		505,185
Government National Mortgage Association, Series 2004-11, Class QG		199,572		5.00		2/16/34		198,646
Government National Mortgage Association, Series 2020-149, Class AW		1,506,540		5.50		10/20/50		1,492,395
Government National Mortgage Association, Series 2024-4, Class GK		881,503		5.00		3/20/52		880,931
Government National Mortgage Association, Series 2024-79, Class MC		1,368,757		5.50		10/20/49		1,381,956
Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D		220,962		4.00		2/25/59		202,454
Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU		1,246,399		4.00		4/25/62		1,145,455


								34,048,377

DECEMBER 31, 2024

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Quality Income Fund (Continued)



Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)

Non-Agency - 5.4%

Chase Home Lending Mortgage Trust, Series 2024-3, Class A4 ^{1, 4}		631,037		6.00		2/25/55		634,291
Chase Home Lending Mortgage Trust, Series 2024-4, Class A6 ^{1, 4}		830,149		6.00		3/25/55		830,740
JP Morgan Mortgage Trust, Series 2021-1, Class A4 ^{1, 4}		522,160		2.50		6/25/51		469,271
JP Morgan Mortgage Trust, Series 2021-14, Class A4 ^{1, 4}		707,297		2.50		5/25/52		617,040
JP Morgan Mortgage Trust, Series 2021-6, Class A4 ^{1, 4}		1,264,342		2.50		10/25/51		1,110,435
JP Morgan Mortgage Trust, Series 2021-7, Class A4 ^{1, 4}		436,859		2.50		11/25/51		382,897
JP Morgan Mortgage Trust, Series 2024-4, Class A4A ^{1, 4}		752,230		6.00		10/25/54		755,819
New Residential Mortgage Loan Trust, Series 2017-2A, Class A4 ^{1, 4}		169,674		4.00		3/25/57		162,027
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 ^{1, 4}		179,393		4.00		4/25/57		171,389
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, TSFR1M + 1.61% ^{1, 4}		55,672		5.95		6/25/57		56,586
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A ^{1, 4}		131,889		4.00		12/25/57		126,030
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% ^{1, 4}		145,168		5.20		1/25/48		142,433
Sequoia Mortgage Trust, Series 2020-4, Class A5 ^{1, 4}		217,030		2.50		11/25/50		197,825
Sequoia Mortgage Trust, Series 2023-4, Class A10 ^{1, 4}		611,036		6.00		11/25/53		611,717
Sequoia Mortgage Trust, Series 2024-9, Class A11 ^{1, 4}		830,793		5.50		10/25/54		827,261
Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 ^{1, 4}		203,991		2.50		9/25/50		184,846


								7,280,607


Total Collateralized Mortgage Obligations (cost: $41,799,713)								41,328,984


Corporate Bonds - 14.4%
American Tower Trust ⁴		1,300,000		5.49		3/15/28		1,312,490
BGC Group, Inc.		900,000		4.38		12/15/25		891,555
Comerica, Inc. ¹		1,350,000		5.98		1/30/30		1,364,824
Crown Castle Towers, LLC ⁴		1,350,000		4.24		7/15/28		1,299,448
CVS Pass-Through Trust		416,837		6.94		1/10/30		429,020
CVS Pass-Through Trust Series 2009 ⁴		702,442		8.35		7/10/31		756,230
DTE Electric Securitization Funding II, LLC		998,960		5.97		3/1/32		1,031,836
Energy Transfer LP ⁴		1,000,000		6.00		2/1/29		1,014,306
F&G Global Funding ⁴		850,000		5.15		7/7/25		851,072
First Citizens BancShares, Inc./NC (Subordinated), TSFR3M + 2.47% ¹		1,250,000		3.38		3/15/30		1,242,592
ITT, LLC ¹⁷		1,225,000		7.40		11/15/25		1,232,827
KeyBank National Association of Ohio (Subordinated)		1,300,000		6.95		2/1/28		1,355,334
Minnesota Life Insurance Co. (Subordinated) ⁴		1,020,000		8.25		9/15/25		1,035,431
Prudential Insurance Co. of America (Subordinated) ⁴		1,075,000		8.30		7/1/25		1,092,655
Regions Financial Corp. ¹		700,000		5.72		6/6/30		709,569
SBA Tower Trust ⁴		1,300,000		6.60		1/15/28		1,333,180
SouthState Corp. (Subordinated), TSFR3M + 5.62% ¹		900,000		5.75		6/1/30		887,625
Truist Bank (Subordinated)		1,000,000		2.25		3/11/30		858,616
Truist Financial Corp. ¹		500,000		7.16		10/30/29		534,793


Total Corporate Bonds (cost: $19,279,289)								19,233,403


Mortgage Pass-Through Securities - 24.4%

Federal Home Loan Mortgage Corporation - 4.8%
Freddie Mac		1,768,248		2.50		8/1/30		1,681,295
Freddie Mac		18,290		3.00		9/1/27		17,967
Freddie Mac		2,063,721		3.00		3/1/31		1,981,223
Freddie Mac		2,297		3.50		7/1/26		2,280
Freddie Mac		13,880		4.00		7/1/26		13,777
Freddie Mac		17,598		4.00		1/1/27		17,479
Freddie Mac		358,491		4.00		4/1/29		355,260
Freddie Mac		90,737		4.00		10/1/31		88,805
Freddie Mac		142		4.50		7/1/26		141
Freddie Mac		341,489		4.50		6/1/39		329,027
Freddie Mac		600		5.00		10/1/25		599
Freddie Mac		975,231		5.00		8/1/38		971,495

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Quality Income Fund (Continued)



Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)

Freddie Mac		304,084		5.00		3/1/39		302,582
Freddie Mac		837,313		5.00		9/1/54		808,170


								6,570,100

Federal National Mortgage Association - 17.0%
Fannie Mae		251,621		3.00		10/1/27		248,447
Fannie Mae		23,967		3.00		8/1/28		23,556
Fannie Mae		358,808		3.00		5/1/30		347,541
Fannie Mae		237,913		3.00		11/1/31		233,578
Fannie Mae		27,399		3.50		1/1/26		27,184
Fannie Mae		1,383,059		3.50		4/1/32		1,326,423
Fannie Mae		333,029		3.50		11/1/38		314,770
Fannie Mae		2,542		4.00		6/1/25		2,531
Fannie Mae		5,478		4.00		10/1/31		5,356
Fannie Mae		340,158		4.00		10/1/34		332,840
Fannie Mae		762,398		4.00		6/1/38		739,822
Fannie Mae		562		4.50		4/1/25		561
Fannie Mae		230,403		4.50		3/1/29		229,625
Fannie Mae		75,797		4.50		7/1/31		75,220
Fannie Mae		1,515,904		4.50		4/1/39		1,499,582
Fannie Mae		2,183,246		4.50		9/1/53		2,053,977
Fannie Mae		2,056,981		4.50		8/1/54		1,934,885
Fannie Mae		2,306,556		5.00		6/1/53		2,229,269
Fannie Mae		447,315		5.50		12/1/35		452,469
Fannie Mae		880,521		5.50		12/1/38		886,368
Fannie Mae		309,857		5.50		8/1/40		314,811
Fannie Mae		516,774		5.50		2/1/42		520,350
Fannie Mae		765,403		5.50		5/1/49		767,423
Fannie Mae		477,588		5.50		9/1/49		479,576
Fannie Mae		1,679,735		5.50		8/1/56		1,707,519
Fannie Mae		506,465		6.00		7/1/37		522,828
Fannie Mae		675,329		6.00		11/1/38		686,599
Fannie Mae		1,162,704		6.00		10/1/53		1,174,458
Fannie Mae		522,096		6.50		5/1/40		538,047
Fannie Mae		496,848		7.00		1/1/40		514,789
Fannie Mae		591,864		7.00		1/1/40		613,236
Fannie Mae		1,770,051		7.50		10/1/38		1,822,476


								22,626,116

Government National Mortgage Association - 2.3%
Ginnie Mae		185,559		4.00		7/20/26		184,286
Ginnie Mae, US Treasury + 1.50% ¹		12,286		4.88		4/20/33		12,380
Ginnie Mae, US Treasury + 1.50% ¹		4,125		4.88		4/20/42		4,169
Ginnie Mae		384		5.00		6/20/26		383
Ginnie Mae		399,372		6.00		2/20/34		409,401
Ginnie Mae		309,205		6.00		7/20/37		323,324
Ginnie Mae		1,282,798		6.00		9/20/38		1,299,456
Ginnie Mae		874,607		6.00		9/20/38		916,625


								3,150,024

Other Federal Agency Securities - 0.3%
Small Business Administration Pools, PRIME - 2.50% ¹		112,291		5.50		5/25/43		111,263
Small Business Administration Pools, PRIME + 0.79% ¹		180,225		8.79		2/25/28		184,570
Small Business Administration Pools, PRIME + 0.87% ¹		87,363		8.87		3/25/30		90,248


								386,081


Total Mortgage Pass-Through Securities (cost: $33,292,830)								32,732,321


Taxable Municipal Bonds - 17.1%
City of Miami FL		1,000,000		5.14		1/1/30		1,019,650

DECEMBER 31, 2024

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Quality Income Fund (Continued)



Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)

City of San Francisco CA		55,000		5.50		11/1/25		55,359
Colorado Housing & Finance Authority		695,000		6.50		5/1/48		721,396
Columbus Metropolitan Housing Authority		500,000		5.38		9/1/28		507,485
Connecticut Housing Finance Authority		1,000,000		5.75		11/15/54		1,003,881
County of Yamhill OR		325,000		4.50		10/1/30		311,061
Florida Housing Finance Corp.		995,000		6.50		1/1/55		1,030,153
Idaho Housing & Finance Association		975,000		6.00		1/1/48		994,042
Idaho Housing & Finance Association		975,000		6.50		7/1/53		1,012,684
Illinois Housing Development Authority		30,000		6.00		4/1/54		30,431
Illinois Housing Development Authority		980,000		6.50		4/1/54		1,016,035
Iowa Finance Authority		1,000,000		6.25		7/1/54		1,030,430
Kentucky Higher Education Student Loan Corp. ⁸		830,000		2.52		6/1/35		759,575
Kentucky Housing Corp.		1,000,000		6.25		1/1/55		1,029,360
Maine Municipal Bond Bank		500,000		6.12		11/1/26		510,760
Maryland Community Development Administration		965,000		6.00		9/1/53		982,640
Massachusetts Educational Financing Authority		180,000		4.41		7/1/34		173,673
Massachusetts Educational Financing Authority		845,000		2.64		7/1/37		747,250
Massachusetts Educational Financing Authority		750,000		6.07		7/1/33		759,330
Massachusetts Housing Finance Agency		990,000		6.50		12/1/52		1,026,709
Massachusetts State College Building Authority		500,000		5.83		5/1/30		509,550
Minnesota Housing Finance Agency		670,000		4.80		8/1/29		670,442
Minnesota Housing Finance Agency		270,000		4.17		1/1/25		270,000
North Carolina Housing Finance Agency		500,000		6.50		1/1/55		517,775
Oklahoma Development Finance Authority		396,005		3.88		5/1/37		378,299
Rhinelander School District G.O.		770,000		5.00		3/1/25		769,838
Rhode Island Student Loan Authority		1,000,000		4.00		12/1/38		965,480
Somis Union School District G.O.		535,000		2.06		8/1/30		477,054
State of Oregon Housing & Community Services Department		990,000		6.25		7/1/53		1,012,404
Utah Housing Corp.		990,000		6.25		1/1/54		1,017,532
Washington State Housing Finance Commission		1,485,000		6.25		6/1/54		1,528,407
Wisconsin Housing & Economic Development Authority ⁸		100,000		3.50		3/1/46		99,512


Total Taxable Municipal Bonds (cost: $23,106,389)								22,938,197


U.S. Treasury / Federal Agency Securities - 2.8%

U.S. Treasury - 2.8%

U.S. Treasury Notes		1,250,000		3.50		9/30/29		1,202,588
U.S. Treasury Notes		2,600,000		4.13		10/31/29		2,569,734


								3,772,322


Total U.S. Treasury / Federal Agency Securities (cost: $3,816,183)								3,772,322

Name of Issuer	Quantity						Fair Value ($)

Short-Term Securities - 7.6%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost: $10,248,513)		10,248,513						10,248,513


Total Investments in Securities - 100.2% (cost: $135,645,383)								134,388,493


Other Assets and Liabilities, net - (0.2)%								(263,324)


Net Assets - 100.0%								$134,125,169

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Quality Income Fund (Continued)

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.

⁴	144A Restricted Security. The total value of such securities as of December 31, 2024 was $19,597,983 and represented 14.6% 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, 2024, 0.6% 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, 2024.

¹⁷	Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

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

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		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)	Total ($)
Asset-Backed Securities		—		4,134,753	—		4,134,753
Collateralized Mortgage Obligations		—		41,328,984	—		41,328,984
Corporate Bonds		—		19,233,403	—		19,233,403
Mortgage Pass-Through Securities		—		32,732,321	—		32,732,321
Taxable Municipal Bonds		—		22,938,197	—		22,938,197
U.S. Treasury / Federal Agency Securities		—		3,772,322	—		3,772,322
Short-Term Securities		10,248,513		—	—		10,248,513

Total:		10,248,513		124,139,980	—		134,388,493

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, 2024

Sit Mutual Funds Ii NPORT-PSit Quality Income Fund (Dec 2024 report)