Kansas City Industrial Development Authority

0001752724-21-179738.txt : 20210823 0001752724-21-179738.hdr.sgml : 20210823 20210823135249 ACCESSION NUMBER: 0001752724-21-179738 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210823 PERIOD START: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS II INC CENTRAL INDEX KEY: 0000746601 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04033 FILM NUMBER: 211196355 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

0000746601 S000039473 Sit Quality Income Fund

C000121593 Sit Quality Income Fund SQIFX

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N/A Small Business Administration Pools 83164MHQ5 508199.21000000 PA USD 518229.20000000 0.467102107838 Long ABS-MBS USGA US N 2 2043-05-25 Floating 0.75000000 N N N N N N BRITISH AIR 13-1 A PTT N/A British Airways 2013-1 Class A Pass Through Trust 11042AAA2 620027.73080000 PA USD 653730.21000000 0.589234954434 Long DBT CORP US N 2 2024-06-20 Fixed 4.62500000 N N N N N N UNITED AIR 2015-1 A PTT N/A United Airlines 2015-1 Class A Pass Through Trust 90932LAB3 100000.00000000 PA USD 102951.25000000 0.092794357939 Long DBT CORP US N 2 2022-12-01 Fixed 3.70000000 N N N N N N PERSHING RD DEV CO LLC 549300Q1WQC21CD1KB68 Pershing Road Development Co LLC 71531PAA1 1916114.80600000 PA USD 1841796.38000000 1.660089727299 Long DBT CORP US N 2 2026-09-01 Floating 0.53463000 N N N N N N NEW JERSEY ST ECON DEV AUTH SC 5493006JS6QWDVU4R678 New Jersey Economic Development Authority 645912FP6 365000.00000000 PA USD 367642.60000000 0.331371974776 Long DBT MUN US N 2 2021-12-01 Fixed 4.43000000 N N N N N N Centex Home Equity N/A Centex Home Equity Loan Trust 2004-A 152314HZ6 310000.00000000 PA USD 312959.32000000 0.282083599379 Long ABS-MBS CORP US N 2 2034-01-25 Variable 5.43000000 N N N N N N METROPOLITAN LIFE INS CO 549300H7EXFMRS487544 Metropolitan Life Insurance Co 592173AE8 750000.00000000 PA USD 948076.68000000 0.854541997286 Long DBT CORP US N 2 2025-11-01 Fixed 7.80000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Pool 3132AAF90 1846316.72000000 PA USD 1965177.83000000 1.771298696927 Long ABS-MBS USGSE US N 2 2036-01-01 Fixed 3.00000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac REMICS 31396GJN2 68077.35000000 PA USD 73165.08000000 0.065946810963 Long ABS-MBS USGSE US N 2 2026-01-15 Fixed 5.50000000 N N N N N N DELTA AIR LINES 2015-1A N/A Delta Air Lines 2015-1 Class A Pass Through Trust 24736YAA4 570784.66960000 PA USD 596585.51000000 0.537727996081 Long DBT CORP US N 2 2027-07-30 Fixed 3.87500000 N N N N N N WACHOVIA CORP N/A Wachovia Corp 337358BH7 661000.00000000 PA USD 847161.07000000 0.763582448606 Long DBT CORP US N 2 2026-08-01 Variable 7.57400000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 3136A4PM5 6466.88000000 PA USD 6556.33000000 0.005909500203 Long ABS-MBS USGSE US N 2 2030-11-25 Fixed 3.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 31416WH62 58859.52000000 PA USD 62594.93000000 0.056419483392 Long ABS-MBS USGSE US N 2 2025-06-01 Fixed 4.00000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Gold Pool 3128P7AZ6 6972.58000000 PA USD 7649.71000000 0.006895010287 Long ABS-MBS USGSE US N 2 2025-10-01 Fixed 5.00000000 N N N N N N Sequoia Mortgage Trust N/A Sequoia Mortgage Trust 2020-4 81748RAE7 457783.60000000 PA USD 470783.74000000 0.424337488682 Long ABS-MBS CORP US N 2 2050-11-25 Variable 2.50000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 31418BQN9 621861.23000000 PA USD 668156.62000000 0.602238093816 Long ABS-MBS USGSE US N 2 2035-05-01 Fixed 3.50000000 N N N N N N PUBLIC FIN AUTH WI TAX INCREME 5493004S6D3NA627K012 Public Finance Authority 74445EAD9 355000.00000000 PA USD 276051.55000000 0.248817050210 Long DBT MUN US N 2 2027-12-15 None 0.00000000 N N N N N N FULTON FINANCIAL CORP 5493005QLZ6O1BNC0C11 Fulton Financial Corp 360271AJ9 429000.00000000 PA USD 472147.50000000 0.425566703806 Long DBT CORP US N 2 2024-11-15 Fixed 4.50000000 N N N N N N SBA TOWER TRUST N/A SBA Tower Trust 78403DAN0 500000.00000000 PA USD 524672.50000000 0.472909729275 Long DBT CORP US N 2 2025-01-15 Fixed 2.83600000 N N N N N N New Residential Mortgage Loan N/A New Residential Mortgage Loan Trust 2018-4 64828FCQ3 400456.57000000 PA USD 401199.42000000 0.361618169615 Long ABS-MBS CORP US N 2 2048-01-25 Floating 0.84150000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 3138A4Y58 269846.35000000 PA USD 288386.43000000 0.259935004289 Long ABS-MBS USGSE US N 2 2026-01-01 Fixed 3.50000000 N N N N N N Ace Securities Corp. N/A ACE Securities Corp Manufactured Housing Trust Series 2003-MH1 00442QAF5 499642.03000000 PA USD 524416.88000000 0.472679328053 Long ABS-O CORP US N 2 2030-08-15 Variable 6.50000000 N N N N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 United States Treasury Inflation Indexed Bonds 912828UH1 9464014.60000000 PA USD 9887677.08000000 8.912185584469 Long DBT UST US N 2 2023-01-15 Fixed 0.12500000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Gold Pool 3128MDCB7 110075.40000000 PA USD 117318.44000000 0.105744119806 Long ABS-MBS USGSE US N 2 2027-01-01 Fixed 4.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 31418AJK5 657575.40000000 PA USD 695861.45000000 0.627209640171 Long ABS-MBS USGSE US N 2 2032-09-01 Fixed 3.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 31397NEN1 370.71000000 PA USD 378.58000000 0.000341230320 Long ABS-MBS USGSE US N 2 2024-03-25 Fixed 4.50000000 N N N N N N EL PASO NATURAL GAS N/A El Paso Natural Gas Co LLC 283695BE3 500000.00000000 PA USD 639776.20000000 0.576657609344 Long DBT CORP US N 2 2026-11-15 Fixed 7.50000000 N N N N N N FRESB Multifamily Mortgage Pas N/A FRESB 2018-SB45 Mortgage Trust 30308AAG8 661204.04000000 PA USD 675798.07000000 0.609125659013 Long ABS-MBS USGSE US N 2 2037-11-25 Variable 2.96000000 N N N N N N DELTA AIR LINES/SKYMILES N/A Delta Air Lines Inc / SkyMiles IP Ltd 830867AB3 750000.00000000 PA USD 834305.40000000 0.751995084261 Long DBT CORP N/A N 2 2028-10-20 Fixed 4.75000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 31393CS87 6475.12000000 PA USD 6523.63000000 0.005880026296 Long ABS-MBS USGSE US N 2 2023-06-25 Fixed 4.00000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Gold Pool 3128MEZP9 1061855.18000000 PA USD 1154492.23000000 1.040593147039 Long ABS-MBS USGSE US N 2 2031-08-01 Fixed 3.50000000 N N N N N N MASSACHUSETTS ST EDUCTNL FING 5493007K5OP7V6CL0Y88 Massachusetts Educational Financing Authority 57563RMW6 285000.00000000 PA USD 292620.90000000 0.263751712924 Long DBT MUN US N 2 2032-01-01 Fixed 4.00000000 N N N N N N Towd Point Mortgage Trust N/A Towd Point Mortgage Trust 2020-MH1 89178YAH7 713996.65000000 PA USD 721598.93000000 0.650407929959 Long ABS-O CORP US N 2 2060-02-25 Variable 2.18400000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Pool 31329KJG0 371526.51000000 PA USD 407797.74000000 0.367565517199 Long ABS-MBS USGSE US N 2 2028-05-01 Fixed 5.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 3140QDY99 1531058.92000000 PA USD 1639121.82000000 1.477410491584 Long ABS-MBS USGSE US N 2 2040-06-01 Fixed 3.00000000 N N N N N N CABOT CORP K05C0SER542GQ6VLRO68 Cabot Corp 127055AK7 850000.00000000 PA USD 910256.36000000 0.820452927834 Long DBT CORP US N 2 2026-09-15 Fixed 3.40000000 N N N N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 United States Treasury Inflation Indexed Bonds 912828TE0 3019354.00000000 PA USD 3129100.45000000 2.820391857178 Long DBT UST US N 2 2022-07-15 Fixed 0.12500000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac REMICS 3137B4PT7 353616.63000000 PA USD 417952.86000000 0.376718760507 Long ABS-MBS USGSE US N 2 2036-02-15 Fixed 6.50000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac Gold Pool 3128MDM26 3917.42000000 PA USD 4106.75000000 0.003701589145 Long ABS-MBS USGSE US N 2 2026-07-01 Fixed 4.50000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 3136B0YB6 154419.94000000 PA USD 158364.84000000 0.142740992926 Long ABS-MBS USGSE US N 2 2044-03-25 Fixed 3.50000000 N N N N N N WISCONSIN ST HSG & ECON DEV AU 549300AT0SEG8YQT2K79 Wisconsin Housing & Economic Development Authority 97689QDD5 565000.00000000 PA USD 594442.15000000 0.535796094185 Long DBT MUN US N 2 2046-03-01 Fixed 3.50000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 3136AE6K8 37379.06000000 PA USD 37693.50000000 0.033974761170 Long ABS-MBS USGSE US N 2 2023-07-25 Fixed 2.00000000 N N N N N N MINNESOTA LIFE INSURANCE 9KZ0AU45N94Q59NRQD91 Minnesota Life Insurance Co 604074AA2 750000.00000000 PA USD 916455.80000000 0.826040747839 Long DBT CORP US N 2 2025-09-15 Fixed 8.25000000 N N N N N N Towd Point Mortgage Trust N/A Towd Point Mortgage Trust 2019-SJ3 89178JAA5 294763.19000000 PA USD 296642.33000000 0.267376399510 Long ABS-MBS CORP US N 2 2059-11-25 Variable 3.00000000 N N N N N N Sequoia Mortgage Trust N/A Sequoia Mortgage Trust 2020-2 81748KAG7 220188.44000000 PA USD 221948.82000000 0.200051949319 Long ABS-MBS CORP US N 2 2050-03-25 Variable 3.50000000 N N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac REMICS 3137A6YN6 126289.35000000 PA USD 131067.75000000 0.118136960045 Long ABS-MBS USGSE US N 2 2026-02-15 Fixed 3.50000000 N N N N N N CHINO CA PUBLIC FING AUTH REVE N/A Chino Public Financing Authority 169548FM1 215000.00000000 PA USD 219654.75000000 0.197984206064 Long DBT MUN US N 2 2026-09-01 Fixed 1.70300000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 3140K8PC9 817364.57000000 PA USD 855771.90000000 0.771343757392 Long ABS-MBS USGSE US N 2 2035-02-01 Fixed 2.50000000 N N N N N N Wells Fargo Mortgage Backed Se N/A Wells Fargo Mortgage Backed Securities 2020-5 Trust 95003BAC6 399216.01000000 PA USD 404190.44000000 0.364314103666 Long ABS-MBS CORP US N 2 2050-09-25 Variable 2.50000000 N N N N N N PUEBLO CNTY CO COPS N/A County of Pueblo CO 744829DU3 700000.00000000 PA USD 689017.00000000 0.621040445108 Long DBT MUN US N 2 2026-09-15 Fixed 1.07300000 N N N N N N TYCO INTERNATIONAL FINAN 3T0IJ5FZFENH4BUK1P17 Tyco International Finance SA 902118BS6 1000000.00000000 PA USD 1066544.62000000 0.961322210530 Long DBT CORP LU N 2 2026-02-14 Fixed 3.90000000 N N N N N N ROSS STORES INC 549300ENZFLPGRDFZQ60 Ross Stores Inc 778296AC7 833000.00000000 PA USD 963291.25000000 0.868255538933 Long DBT CORP US N 2 2027-04-15 Fixed 4.70000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 31381TYB0 1622599.62000000 PA USD 1632999.95000000 1.471892588732 Long ABS-MBS USGSE US N 2 2022-03-01 Fixed 2.99000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 Ginnie Mae I Pool 36241L4H6 4219.51000000 PA USD 4376.47000000 0.003944699298 Long ABS-MBS USGA US N 2 2024-09-15 Fixed 5.00000000 N N N N N N Indymac Home Equity Loan Asset N/A Home Equity Mortgage Loan Asset-Backed Trust Series SPMD 2003-A 456606EB4 269034.94000000 PA USD 266124.68000000 0.239869538373 Long ABS-MBS CORP US N 2 2033-10-25 Floating 0.95150000 N N N N N N TOSCO CORP N/A Tosco Corp 891490AR5 500000.00000000 PA USD 653593.00000000 0.589111281201 Long DBT CORP US N 2 2027-01-01 Fixed 7.80000000 N N N N N N RAYMOND JAMES BANK, N.A. N/A Small Business Administration Pools 83165A4F8 329470.13000000 PA USD 354800.71000000 0.319797030934 Long ABS-MBS USGA US N 2 2030-03-25 Floating 4.06000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 Ginnie Mae II Pool 36241K6B9 3247.57000000 PA USD 3319.39000000 0.002991907954 Long ABS-MBS USGA US N 2 2023-12-20 Fixed 5.00000000 N N N N N N Government National Mortgage A 549300M8ZYFG0OCMTT87 Ginnie Mae II Pool 36225CXQ4 24038.37000000 PA USD 25081.96000000 0.022607441619 Long ABS-MBS USGA US N 2 2033-04-20 Floating 2.87500000 N N N N N N TSY INFL IX N/B 254900HROIFWPRGM1V77 United States Treasury Inflation Indexed Bonds 912828ZJ2 930501.00000000 PA USD 1004311.06000000 0.905228445350 Long DBT UST US N 2 2025-04-15 Fixed 0.12500000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae REMICS 3136B0DR4 143437.17000000 PA USD 145867.17000000 0.131476309268 Long ABS-MBS USGSE US N 2 2046-10-25 Fixed 3.50000000 N N N N N N Towd Point Mortgage Trust N/A Towd Point Mortgage Trust 2019-MH1 89177WAB5 800000.00000000 PA USD 823507.04000000 0.742262061272 Long ABS-MBS CORP US N 2 2058-11-25 Variable 3.00000000 N N N N N N Fannie Mae B1V7KEBTPIMZEU4LTD58 Fannie Mae Pool 3138L3U37 1236479.07000000 PA USD 1268571.85000000 1.143417980073 Long ABS-MBS USGSE US N 2 2023-05-01 Fixed 2.35000000 N N N N N N RENAISSANCERE FINANCE 54930048ETFU7B0OJ457 RenaissanceRe Finance Inc 75972YAA9 500000.00000000 PA USD 544536.13000000 0.490813667228 Long DBT CORP US N 2 2025-04-01 Fixed 3.70000000 N N N N N N AMSOUTH BANCORP N/A AmSouth Bancorp 032165AD4 750000.00000000 PA USD 907791.83000000 0.818231541702 Long DBT CORP US N 2 2025-11-01 Fixed 6.75000000 N N N N N N HOUSING URBAN DEVELOPMNT N/A United States Department of Housing and Urban Development 911759KW7 690000.00000000 PA USD 692177.41000000 0.623889057600 Long DBT USGA US N 2 2027-08-01 Fixed 4.28000000 N N N N N N JETBLUE 2019-1 CLASS B N/A JetBlue 2019-1 Class B Pass Through Trust 477165AA2 888677.24880000 PA USD 1048530.65000000 0.945085450121 Long DBT CORP US N 2 2027-11-15 Fixed 8.00000000 N N N N N N 2021-08-18 SIT MUTUAL FUNDS II INC Paul Rasmussen Paul Rasmussen VP, Treasurer & Chief Compliance Officer XXXX NPORT-EX 2 SI15SitQualityIncFd.htm HTML

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund


Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Asset-Backed Securities - 4.6%
Agency - 0.9%
FNMA Grantor Trust, Series 2004-T5, Class A11 ¹		527,059		0.67		5/28/35		520,011
Small Business Administration, Series 2006-20D, Class 1		123,165		5.64		4/1/26		132,022
Small Business Administration, Series 2007-20B, Class 1		116,986		5.49		2/1/27		125,634
Small Business Administration, Series 2007-20J, Class 1		182,634		5.57		10/1/27		199,476


								977,143

Non-Agency - 3.7%
ACE Securities Corp. Manufactured Housing Trust, Series 2003-MH1, Class M2 ^1,⁴		499,642		6.50		8/15/30		524,417
Bayview Opportunity Master Fund, Series 2017-SPL5, Class A ^1,⁴		229,475		3.50		6/28/57		234,680
Centex Home Equity Loan Trust, Series 2004-A, Class AF4 ¹⁴		102,684		5.01		8/25/32		105,539
Centex Home Equity Loan Trust, Series 2004-A, Class AF5 ¹⁴		310,000		5.43		1/25/34		312,959
GSAMP Trust, Series 2004-FM1, Class M1, 1 Mo. Libor + 0.98% ¹		136,828		1.07		11/25/33		136,266
Home Equity Mortgage Loan Asset-Backed Trust, Series 2003-A, Class AV2, 1 Mo. Libor + 0.86% ¹		269,035		0.95		10/25/33		266,125
Mill City Mortgage Loan Trust, Series 2017-3, Class A1 ^1,⁴		166,133		2.75		1/25/61		168,679
OSCAR US Funding Trust IX, LLC, Series 2018-2A, Class A4 ⁴		500,000		3.63		9/10/25		513,182
Towd Point Mortgage Trust, Series 2019-MH1, Class A2 ^1,⁴		800,000		3.00		11/25/58		823,507
Towd Point Mortgage Trust, Series 2019-SJ3, Class A1 ^1,⁴		294,763		3.00		11/25/59		296,642
Towd Point Mortgage Trust, Series 2020-MH1, Class A1A ^1,⁴		713,997		2.18		2/25/60		721,599


								4,103,595

Total Asset-Backed Securities (cost: $5,035,724)								5,080,738

Collateralized Mortgage Obligations - 10.3%

Agency - 4.3%
FHLMC REMICS, Series 2528, Class KM		8,955		5.50		11/15/22		9,153
FHLMC REMICS, Series 3104, Class BY		68,077		5.50		1/15/26		73,165
FHLMC REMICS, Series 3806, Class JA		126,289		3.50		2/15/26		131,068
FHLMC REMICS, Series 4246, Class PT		353,617		6.50		2/15/36		417,953
FHLMC REMICS, Series 4759, Class NA		322,803		3.00		8/15/44		329,766
FHLMC REMICS, Series 4776, Class QG		96,974		3.00		9/15/42		97,453
FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2		672,088		7.00		3/25/44		791,001
FNMA Grantor Trust, Series 2004-T1, Class 2A ¹		342,343		3.17		8/25/43		362,304
FNMA REMICS, Series 2003-52, Class NA		6,475		4.00		6/25/23		6,524
FNMA REMICS, Series 2009-13, Class NX		371		4.50		3/25/24		379
FNMA REMICS, Series 2009-71, Class MB		11,659		4.50		9/25/24		11,969
FNMA REMICS, Series 2012-19, Class GH		6,467		3.00		11/25/30		6,556
FNMA REMICS, Series 2013-74, Class AD		37,379		2.00		7/25/23		37,693
FNMA REMICS, Series 2017-97, Class DP		143,437		3.50		10/25/46		145,867
FNMA REMICS, Series 2018-1, Class TE		154,420		3.50		3/25/44		158,365
FNMA REMICS, Series 2018-25, Class AG		324,517		3.50		4/25/47		340,407
FRESB Mortgage Trust, Series 2018-SB45, Class A5H ¹		661,204		2.96		11/25/37		675,798
FRESB Mortgage Trust, Series 2018-SB46, Class A5H ¹		783,028		2.89		12/25/37		805,966
Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D		367,921		4.00		2/25/59		404,438
Vendee Mortgage Trust, Series 1993-1, Class ZB		18,788		7.25		2/15/23		19,571


								4,825,396


JUNE 30, 2021		1

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund (Continued)


Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Non-Agency - 6.0%
JP Morgan Mortgage Trust, Series 2019-9, Class A8 ^1,⁴		494,246		3.50		5/25/50		495,375
JP Morgan Mortgage Trust, Series 2020-2, Class A4 ^1,⁴		124,780		3.50		7/25/50		125,284
JP Morgan Mortgage Trust, Series 2020-8, Class A4 ^1,⁴		141,542		3.00		3/25/51		142,863
JP Morgan Mortgage Trust, Series 2021-1, Class A4 ^1,⁴		944,920		2.50		6/25/51		970,596
JP Morgan Mortgage Trust, Series 2021-6, Class A4 ^1,⁴		1,462,336		2.50		10/25/51		1,497,392
JP Morgan Mortgage Trust, Series 2021-7, Class A4 ^1,⁴		638,217		2.50		11/25/51		653,549
New Residential Mortgage Loan Trust, Series 2017-2A, Class A4 ^1,⁴		357,222		4.00		3/25/57		380,214
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 ^1,⁴		385,012		4.00		4/25/57		412,139
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 1 Mo. Libor + 1.50% ^1,⁴		143,171		1.59		6/25/57		145,006
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A ^1,⁴		274,213		4.00		12/25/57		293,705
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 1 Mo. Libor + 0.75% ^1,⁴		400,457		0.84		1/25/48		401,199
Sequoia Mortgage Trust, Series 2020-2, Class A4 ^1,⁴		220,188		3.50		3/25/50		221,949
Sequoia Mortgage Trust, Series 2020-4, Class A5 ^1,⁴		457,784		2.50		11/25/50		470,784
Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 ^1,⁴		399,216		2.50		9/25/50		404,190


								6,614,245

Total Collateralized Mortgage Obligations (cost: $11,305,079)								11,439,641

Corporate Bonds - 29.0%
Alaska Airlines 2020-1 Class B Pass-Through Trust ⁴		904,078		8.00		8/15/25		1,014,033
American Equity Investment Life Holding Co.		950,000		5.00		6/15/27		1,075,318
AmSouth Bancorp. (Subordinated)		750,000		6.75		11/1/25		907,792
BGC Partners, Inc.		900,000		4.38		12/15/25		974,231
British Airways 2013-1 Class A Pass Through Trust ⁴		620,028		4.63		6/20/24		653,730
British Airways 2020-1 Class B Pass Through Trust ⁴		402,850		8.38		11/15/28		465,859
Broadcom Corp./Broadcom Cayman Finance, Ltd.		850,000		3.88		1/15/27		939,092
Cabot Corp.		850,000		3.40		9/15/26		910,256
Cigna Corp.		350,000		7.88		5/15/27		469,731
Continental Airlines 2012-1 Class A Pass Through Trust		212,188		4.15		4/11/24		225,405
Delta Air Lines 2015-1 Class A Pass Through Trust		570,785		3.88		7/30/27		596,586
Delta Air Lines 2015-1 Class AA Pass Through Trust		380,519		3.63		7/30/27		408,810
Delta Air Lines 2019-1 Class A Pass Through Trust		306,000		3.40		4/25/24		313,969
Delta Air Lines, Inc./SkyMiles ⁴		750,000		4.75		10/20/28		834,305
Doric Nimrod Air Finance Alpha 2012-1 Trust ⁴		197,116		5.13		11/30/22		198,038
Duke Energy Florida Project Finance, LLC		540,942		1.73		9/1/22		544,742
El Paso Natural Gas Co., LLC		500,000		7.50		11/15/26		639,776
Equifax, Inc.		500,000		3.25		6/1/26		537,791
Equinor ASA		224,000		7.15		11/15/25		278,915
Flex, Ltd.		600,000		3.75		2/1/26		655,666
Fulton Financial Corp. (Subordinated)		429,000		4.50		11/15/24		472,148
Georgia-Pacific, LLC		645,000		7.38		12/1/25		816,626
JetBlue 2019-1 Class B Pass Through Trust		888,677		8.00		11/15/27		1,048,531
John Hancock Life Insurance Co. (Subordinated) ⁴		900,000		7.38		2/15/24		1,047,231
JPMorgan Chase & Co., 3 Mo. Libor + 0.80% ¹		900,000		1.00		5/10/23		906,454
Liberty Mutual Insurance Co. (Subordinated) ⁴		700,000		8.50		5/15/25		860,965
Mercury General Corp.		1,000,000		4.40		3/15/27		1,129,161
Metropolitan Life Insurance Co. (Subordinated) ⁴		750,000		7.80		11/1/25		948,077
Minnesota Life Insurance Co. (Subordinated) ⁴		750,000		8.25		9/15/25		916,456
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29% ^1,⁴		975,000		2.41		12/15/24		975,806
Prudential Insurance Co. of America (Subordinated) ⁴		615,000		8.30		7/1/25		772,898
RenaissanceRe Finance, Inc.		500,000		3.70		4/1/25		544,536
Ross Stores, Inc.		833,000		4.70		4/15/27		963,291


2

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund (Continued)


Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
SBA Tower Trust ⁴		500,000		2.84		1/15/25		524,673
SBA Tower Trust, Series 2014-2A, Class C ^4,¹⁴		750,000		3.87		10/15/49		788,088
TIAA FSB Holdings, Inc. (Subordinated)		780,000		5.75		7/2/25		836,644
Tosco Corp.		500,000		7.80		1/1/27		653,593
Tyco Intl. Finance		1,000,000		3.90		2/14/26		1,066,545
United Airlines 2013-1 Class A Pass Through Trust		203,365		4.30		8/15/25		215,134
United Airlines 2014-1 Class A Pass Through Trust		937,362		4.00		4/11/26		988,543
United Airlines 2015-1 Class A Pass Through Trust		100,000		3.70		12/1/22		102,951
Valero Energy Partners LP		1,000,000		4.38		12/15/26		1,133,541
Wachovia Corp. (Subordinated) ¹⁴		661,000		7.57		8/1/26		847,161
Webster Financial Corp.		950,000		4.38		2/15/24		1,013,189


Total Corporate Bonds (cost: $31,482,109)								32,216,287

Mortgage Pass-Through Securities - 24.0%
Federal Home Loan Mortgage Corporation - 6.0%
Freddie Mac		441,640		2.00		11/1/31		457,446
Freddie Mac		562,016		2.00		8/1/32		581,984
Freddie Mac		80,305		3.00		9/1/27		85,055
Freddie Mac		798,099		3.00		1/1/35		851,227
Freddie Mac		1,846,317		3.00		1/1/36		1,965,178
Freddie Mac		16,031		3.50		7/1/26		17,138
Freddie Mac		1,061,855		3.50		8/1/31		1,154,492
Freddie Mac		433,248		3.50		9/1/32		468,205
Freddie Mac		103,257		4.00		7/1/26		110,111
Freddie Mac		110,075		4.00		1/1/27		117,318
Freddie Mac		3,917		4.50		7/1/26		4,107
Freddie Mac		447,804		4.50		10/1/34		488,368
Freddie Mac		6,973		5.00		10/1/25		7,650
Freddie Mac		371,526		5.00		5/1/28		407,798


								6,716,077

Federal National Mortgage Association - 15.7%
Fannie Mae		1,236,479		2.35		5/1/23		1,268,572
Fannie Mae		2,129,109		2.50		6/1/31		2,235,340
Fannie Mae		817,365		2.50		2/1/35		855,772
Fannie Mae		1,622,600		2.99		3/1/22		1,633,000
Fannie Mae		123,081		3.00		8/1/28		129,822
Fannie Mae		657,575		3.00		9/1/32		695,861
Fannie Mae		1,531,059		3.00		6/1/40		1,639,122
Fannie Mae		269,846		3.50		1/1/26		288,386
Fannie Mae		716,701		3.50		2/1/32		764,373
Fannie Mae		1,621,550		3.50		8/1/33		1,747,928
Fannie Mae		621,861		3.50		5/1/35		668,157
Fannie Mae		8,205		4.00		9/1/24		8,714
Fannie Mae		58,859		4.00		6/1/25		62,595
Fannie Mae		12,531		4.00		10/1/31		13,656
Fannie Mae		908,767		4.00		10/1/34		967,466
Fannie Mae		2,502,122		4.00		1/1/39		2,751,832
Fannie Mae		46,365		4.50		4/1/25		48,897
Fannie Mae		1		5.50		10/1/21		1


JUNE 30, 2021		3

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund (Continued)


Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Fannie Mae		604,690		5.50		8/1/40		723,048
Fannie Mae		772,822		5.50		2/1/42		896,154


								17,398,696

Government National Mortgage Association - 0.6%
Ginnie Mae, US Treasury + 1.50% ¹		24,038		2.88		4/20/33		25,082
Ginnie Mae, US Treasury + 1.50% ¹		5,459		2.88		4/20/42		5,692
Ginnie Mae		3,248		5.00		12/20/23		3,319
Ginnie Mae		4,219		5.00		9/15/24		4,376
Ginnie Mae		20,622		5.00		6/20/26		22,246
Ginnie Mae		547,585		6.00		7/20/37		638,485


								699,200

Other Federal Agency Securities - 1.7%
Small Business Administration Pools, PRIME - 2.50% ¹		508,199		0.75		5/25/43		518,229
Small Business Administration Pools, PRIME + 0.80% ¹		943,815		4.05		2/25/28		1,000,427
Small Business Administration Pools, PRIME + 0.76% ¹		329,470		4.06		3/25/30		354,801


								1,873,457

Total Mortgage Pass-Through Securities (cost: $26,535,011)								26,687,430

Taxable Municipal Bonds - 7.0%
Bay Area Toll Authority		500,000		1.43		4/1/27		502,060
Chino, CA Public Financing Authority		215,000		1.70		9/1/26		219,655
Colorado Housing & Finance Authority		5,000		4.00		11/1/31		5,167
County of Yamhill OR		500,000		4.50		10/1/30		547,455
Florida Capital Projects Finance Authority		1,000,000		4.00		10/1/24		995,370
Jersey City, NJ G.O.		335,000		1.13		9/1/26		329,707
Kansas City Industrial Development Authority		500,000		1.75		3/1/26		502,730
Massachusetts Educational Financing Authority		285,000		4.00		1/1/32		292,621
Massachusetts Educational Financing Authority		595,000		4.41		7/1/34		651,799
New Hampshire Housing Finance Authority		175,000		4.00		7/1/35		179,979
New Jersey Economic Development Authority		365,000		4.43		12/1/21		367,643
New Jersey Turnpike Authority ⁴		1,000,000		3.22		1/1/35		1,040,950
Pueblo County, CO C.O.P. ⁹		700,000		1.07		9/15/26		689,017
St. Charles, LA Parish School District No. 1		250,000		2.00		3/1/27		257,000
Tennessee Housing Development Agency		40,000		3.50		7/1/31		40,944
Wisconsin Housing & Economic Development Authority ⁸		565,000		3.50		3/1/46		594,442
Wisconsin Public Finance Authority (Statler Hilton) ⁶		355,000		3.50		12/15/27		276,052
Zachary Community School District No. 1		285,000		2.00		3/1/27		293,844

Total Taxable Municipal Bonds (cost: $7,682,286)								7,786,435

U.S. Treasury / Federal Agency Securities - 22.3%
Federal Agency Issues - 2.5%
Federal Agricultural Mortgage Corp., 3 Mo. Libor + 0.37% ¹		250,000		0.49		3/9/23		251,323
Pershing Road Development Co., LLC, 3 Mo. Libor + 0.40% ^1,⁴		1,916,115		0.53		9/1/26		1,841,796
U.S. Department of Housing and Urban Development		690,000		4.28		8/1/27		692,177


								2,785,296


4

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund (Continued)


Name of Issuer	Principal Amount ($)/ Quantity		Coupon Rate (%)		Maturity Date		Fair Value ($)
U.S. Treasury - 19.8%
U.S. Treasury Inflation Indexed Bonds		7,686,700		0.13		4/15/22		7,884,572
U.S. Treasury Inflation Indexed Bonds		3,019,354		0.13		7/15/22		3,129,100
U.S. Treasury Inflation Indexed Bonds		9,464,015		0.13		1/15/23		9,887,677
U.S. Treasury Inflation Indexed Bonds		930,501		0.13		4/15/25		1,004,311


								21,905,660


Total U.S. Treasury / Federal Agency Securities (cost: $24,512,684)								24,690,956


Short-Term Securities - 4.0%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		4,480,076						4,480,076

(cost: $4,480,076)
Total Investments in Securities - 101.2% (cost: $111,032,969)								112,381,563

Call Options Written ¹⁹- 0.0%
(premiums received: $14,124)								(14,773	)
Other Assets and Liabilities, net - (1.2%)								(1,323,067	)


Total Net Assets - 100.0%							$	111,043,723

Variable rate security. Rate disclosed is as of June 30, 2021. 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 June 30, 2021 was $22,779,856 and represented 20.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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.

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 June 30, 2021, 0.5% of net assets in the Fund was invested in such securities.

⁹	Municipal Lease Security. The total value of such security as of June 30, 2021 was $689,017 and represented 0.6% of net assets. This security has 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 June 30, 2021.

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

⁽¹⁹⁾ Options outstanding as of June 30, 2021 were as follows:

Strike

Expiration

Notional

Cost/

Description

Contracts

Price ($)

Date

Counterparty

Amount ($)

Premiums ($)

Value ($)

Call Options Written - U.S. Treasury Futures:

5-Year

123.50

July 2021

StoneX Financial, Inc.

7,533,500

(14,124

)

(14,773

)


JUNE 30, 2021		5

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Quality Income Fund (Continued)

Short futures contracts outstanding as of June 30, 2021 were as follows:


Type	Contracts		Expiration Date		Notional Amount ($)			Value/ Unrealized Appreciation (Depreciation) ($)
Short Futures: ¹⁰
U.S. Treasury 5-Year		224		September 2021		(27,648,251	)		29,548
U.S. Treasury 2-Year		155		September 2021		(34,149,648	)		(4,039	)

									25,509

¹⁰	The amount of $800,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of June 30, 2021.

A summary of the levels for the Fund’s investments as of June 30, 2021 is as follows:


	Investment in Securities
	Level 1			Level 2		Level 3
	Quoted			Other Significant		Other Significant
	Price ($)			Observable Inputs ($)		Observable Inputs ($)		Total ($)
Assets
Asset-Backed Securities		—			5,080,738		—		5,080,738
Collateralized Mortgage Obligations		—			9,942,249		—		9,942,249
Corporate Bonds		—			33,713,679		—		33,713,679
Mortgage Pass-Through Securities		—			26,687,430		—		26,687,430
Taxable Municipal Bonds		—			7,786,435		—		7,786,435
U.S. Treasury / Federal Agency Securities		—			24,690,956		—		24,690,956
Short-Term Securities		4,480,076			—		—		4,480,076
Futures		29,548			—		—		29,548
		4,509,624			107,901,487		—		112,411,111
Liabilities
Call Options Written		(14,773	)		—		—		(132,188	)
Futures		(4,039	)		—		—		(4,039	)
		(18,812	)		—		—		(18,812	)

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.


6