NPORT-EX 2 SI15SIT063025.htm HTML
 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Quality Income Fund

 

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

Fair

Value ($)

Asset-Backed Securities - 3.5%

         

Agency - 0.3%

         

FNMA Grantor Trust, Series 2004-T5, Class A11 1

      302,135         4.69        5/28/35       303,053  

Small Business Administration, Series 2006-20D, Class 1

      14,212       5.64       4/1/26       14,196  

Small Business Administration, Series 2007-20B, Class 1

      18,483       5.49       2/1/27       18,557  

Small Business Administration, Series 2007-20J, Class 1

      38,939       5.57       10/1/27       39,210  
        

 

 

 

           375,016  
        

 

 

 

Non-Agency - 3.2%

         

RCKT Mortgage Trust, Series 2023-CES3, Class A1A 1, 4

      653,110       7.11       11/25/43       662,945  

RCKT Mortgage Trust, Series 2024-CES3, Class A1A 1, 4

      1,368,568       6.59       5/25/44       1,386,145  

RCKT Mortgage Trust, Series 2024-CES4, Class A1A 4, 14

      524,485       6.15       6/25/44       529,027  

RCKT Mortgage Trust, Series 2025-CES3, Class A1A 4, 14

      959,518       5.55       3/25/55       965,166  

Towd Point Mortgage Trust, Series 2023-CES2, Class A1A 1, 4

      318,938       7.29       10/25/63       324,107  
        

 

 

 

           3,867,390  
        

 

 

 

Total Asset-Backed Securities
(cost: $4,197,963)

            4,242,406  
        

 

 

 

Collateralized Mortgage Obligations - 39.6%

         

Agency - 27.1%

         

FHLMC REMICS, Series 3104, Class BY

      1,094       5.50       1/15/26       1,092  

FHLMC REMICS, Series 3756, Class PZ

      2,270,333       4.00       11/15/40       2,215,942  

FHLMC REMICS, Series 4246, Class PT

      179,500       6.50       2/15/36       186,905  

FHLMC REMICS, Series 4390, Class CA

      267,718       3.50       6/15/50       266,771  

FHLMC REMICS, Series 4717, Class KV

      129,530       3.50       8/15/40       129,230  

FHLMC REMICS, Series 5226, Class D

      329,121       3.50       12/15/45       318,752  

FHLMC REMICS, Series 5252, Class BT

      770,553       6.00       9/25/52       802,893  

FHLMC REMICS, Series 5391, Class EA

      1,445,360       5.50       5/25/49       1,462,059  

FHLMC REMICS, Series 5417, Class HA

      1,609,650       5.50       11/25/51       1,628,982  

FHLMC REMICS, Series 5440, Class NG

      920,946       5.50       9/25/49       924,506  

FHLMC REMICS, Series 5444, Class AB

      1,104,405       5.50       9/25/49       1,107,670  

FHLMC REMICS, Series 5452, Class CB

      1,209,612       5.00       8/25/51       1,208,091  

FHLMC REMICS, Series 5470, Class MA

      1,058,450       5.00       4/25/52       1,065,262  

FHLMC REMICS, Series 5487, Class CA

      2,231,353       5.50       12/25/51       2,245,664  

FHLMC REMICS, Series 5537, Class EA

      1,225,892       5.00       5/25/52       1,220,255  

FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2

      395,459       7.00       3/25/44       405,094  

FNMA REMICS, Series 2002-W1, Class 2A 1

      661,532       4.45       2/25/42       662,847  

FNMA REMICS, Series 2004-W5, Class A1

      1,337,862       6.00       2/25/47       1,397,685  

FNMA REMICS, Series 2009-24, Class LC 1

      228,597       1.96       4/25/39       201,027  

FNMA REMICS, Series 2010-68, Class W 1

      166,596       1.62       7/25/37       146,191  

FNMA REMICS, Series 2011-10, Class AC

      1,296,356       3.00       2/25/41       1,250,733  

FNMA REMICS, Series 2011-146, Class LX

      428,507       3.50       10/25/40       425,436  

FNMA REMICS, Series 2015-61, Class VB

      871,000       3.50       6/25/34       860,299  

FNMA REMICS, Series 2018-25, Class AG

      121,319       3.50       4/25/47       118,744  

FNMA REMICS, Series 2023-64, Class HA

      3,069,371       5.50       9/25/50       3,131,767  

FNMA Trust, Series 2004-W9, Class 1A3

      698,268       6.05       2/25/44       725,414  

FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% 1

      122,122       5.13       11/25/37       121,462  

FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% 1

      490,134       5.13       12/25/37       488,345  

Government National Mortgage Association, Series 2004-11, Class QG

      179,164       5.00       2/16/34       178,984  

Government National Mortgage Association, Series 2020-149, Class AW

      1,458,679       5.50       10/20/50       1,480,560  

Government National Mortgage Association, Series 2024-116, Class MB

      1,095,045       6.50       3/20/54       1,133,790  

Government National Mortgage Association, Series 2024-4, Class GK

      760,319       5.00       3/20/52       768,434  

Government National Mortgage Association, Series 2024-79, Class MC

      1,194,458       5.50       10/20/49       1,214,194  

Government National Mortgage Association, Series 2025-20, Class CA

      1,763,105       4.00       7/20/47       1,731,493  

Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D

      211,788       4.00       2/25/59       197,425  

Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU

      1,203,350       4.00       4/25/62       1,118,492  
        

 

 

 

             32,542,490  
        

 

 

 

 

 

 

 
JUNE 30, 2025   1

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Quality Income Fund (Continued)

 

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

Fair

Value ($)

Non-Agency - 12.5%

         

Chase Home Lending Mortgage Trust, Series 2024-3, Class A4 1, 4

      551,754         6.00        2/25/55       557,634  

Chase Home Lending Mortgage Trust, Series 2024-4, Class A6 1, 4

      713,823       6.00       3/25/55       718,102  

JP Morgan Mortgage Trust, Series 2021-1, Class A4 1, 4

      485,312       2.50       6/25/51       445,870  

JP Morgan Mortgage Trust, Series 2021-14, Class A4 1, 4

      672,959       2.50       5/25/52       598,697  

JP Morgan Mortgage Trust, Series 2021-6, Class A4 1, 4

      1,202,776       2.50       10/25/51       1,076,342  

JP Morgan Mortgage Trust, Series 2021-7, Class A4 1, 4

      410,018       2.50       11/25/51       366,743  

JP Morgan Mortgage Trust, Series 2024-4, Class A4A 1, 4

      559,394       6.00       10/25/54       563,812  

JP Morgan Mortgage Trust, Series 2025-1, Class A4 1, 4

      1,339,998       6.00       6/25/55       1,353,475  

New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 1, 4

      165,640       4.00       4/25/57       159,854  

New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% 1, 4

      132,255       5.18       1/25/48       129,435  

RCKT Mortgage Trust, Series 2025-CES1, Class A1B 4, 14

      1,304,762       5.70       1/25/45       1,309,990  

Sequoia Mortgage Trust, Series 2020-4, Class A5 1, 4

      205,266       2.50       11/25/50       190,788  

Sequoia Mortgage Trust, Series 2023-4, Class A10 1, 4

      448,207       6.00       11/25/53       448,828  

Sequoia Mortgage Trust, Series 2024-9, Class A11 1, 4

      505,415       5.50       10/25/54       504,923  

Sequoia Mortgage Trust, Series 2025-1, Class A10 1, 4

      2,604,462       6.00       1/25/55       2,625,286  

Sequoia Mortgage Trust, Series 2025-2, Class A4 1, 4

      1,380,947       6.00       3/25/55       1,397,796  

Sequoia Mortgage Trust, Series 2025-4, Class A11 1, 4

      1,436,441       5.50       4/25/55       1,437,592  

Sequoia Mortgage Trust, Series 2025-5, Class A5 1, 4

      968,382       5.50       6/25/55       972,697  

Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 1, 4

      191,785       2.50       9/25/50       177,440  
        

 

 

 

           15,035,304  
        

 

 

 

Total Collateralized Mortgage Obligations
(cost: $47,475,996)

            47,577,794  
        

 

 

 

Corporate Bonds - 14.2%

         

American Tower Trust 4

      1,300,000       5.49       3/15/28       1,321,738  

Citizens Financial Group, Inc. (Subordinated) 1

      250,000       4.30       2/11/31       246,288  

Comerica, Inc. 1

      1,350,000       5.98       1/30/30       1,382,921  

Crown Castle Towers, LLC 4

      1,350,000       4.24       7/15/28       1,325,619  

CVS Pass-Through Trust

      250,554       6.04       12/10/28       254,063  

CVS Pass-Through Trust

      381,941       6.94       1/10/30       394,221  

CVS Pass-Through Trust Series 2009 4

      660,663       8.35       7/10/31       716,757  

DTE Electric Securitization Funding II, LLC

      944,783       5.97       3/1/32       989,623  

Energy Transfer LP 4

      1,000,000       6.00       2/1/29       1,016,080  

F&G Global Funding 4

      1,225,000       5.88       1/16/30       1,258,045  

Great River Energy 4

      815,370       6.25       7/1/38       848,117  

Jackson National Life Global Funding 4

      1,000,000       5.35       1/13/30       1,028,409  

KeyBank National Association of Ohio (Subordinated)

      1,300,000       6.95       2/1/28       1,370,968  

Regions Financial Corp. 1

      700,000       5.72       6/6/30       722,812  

SBA Tower Trust 4

      250,000       4.83       10/15/29       250,221  

SBA Tower Trust 4

      1,300,000       6.60       1/15/28       1,335,851  

SouthState Corp. (Subordinated), TSFR3M + 5.62% 1

      900,000       9.94       6/1/30       899,908  

Truist Bank (Subordinated)

      1,000,000       2.25       3/11/30       900,115  

Western Alliance Bancorp (Subordinated), TSFR3M + 2.25% 1

      900,000       3.00       6/15/31       836,433  
        

 

 

 

Total Corporate Bonds
(cost: $16,902,334)

              17,098,189  
        

 

 

 

Mortgage Pass-Through Securities - 24.7%

         

Federal Home Loan Mortgage Corporation - 4.7%

         

Freddie Mac

      1,543,536       2.50       8/1/30       1,491,113  

Freddie Mac

      12,707       3.00       9/1/27       12,539  

Freddie Mac

      1,823,508       3.00       3/1/31       1,777,743  

Freddie Mac

      1,206       3.50       7/1/26       1,198  

Freddie Mac

      7,192       4.00       7/1/26       7,151  

Freddie Mac

      10,310       4.00       1/1/27       10,254  

Freddie Mac

      289,858       4.00       4/1/29       289,071  

Freddie Mac

      80,136       4.00       10/1/31       79,595  

Freddie Mac

      33       4.50       7/1/26       33  

 

 

 

 
2  

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Quality Income Fund (Continued)

 

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

Fair

Value ($)

Freddie Mac

      327,962         4.50        6/1/39       324,482  

Freddie Mac

      153       5.00       10/1/25       152  

Freddie Mac

      859,604       5.00       8/1/38       866,724  

Freddie Mac

      816,591       5.00       9/1/54       801,563  
        

 

 

 

           5,661,618  
        

 

 

 

Federal National Mortgage Association - 18.2%

         

Fannie Mae

      181,545       3.00       10/1/27       179,628  

Fannie Mae

      15,978       3.00       8/1/28       15,764  

Fannie Mae

      281,500       3.00       5/1/30       275,327  

Fannie Mae

      170,443       3.00       11/1/31       168,017  

Fannie Mae

      12,129       3.50       1/1/26       12,065  

Fannie Mae

      1,228,084       3.50       4/1/32       1,199,049  

Fannie Mae

      308,086       3.50       11/1/38       298,154  

Fannie Mae

      4,832       4.00       10/1/31       4,794  

Fannie Mae

      305,382       4.00       10/1/34       304,358  

Fannie Mae

      687,540       4.00       6/1/38       681,825  

Fannie Mae

      94,733       4.50       3/1/29       94,430  

Fannie Mae

      66,079       4.50       7/1/31       66,354  

Fannie Mae

      1,335,237       4.50       4/1/39       1,341,857  

Fannie Mae

      2,111,385       4.50       9/1/53       2,021,315  

Fannie Mae

      2,022,582       4.50       8/1/54       1,934,890  

Fannie Mae

      2,979,161       5.00       6/1/53       2,926,187  

Fannie Mae

      413,148       5.50       12/1/35       426,408  

Fannie Mae

      787,153       5.50       12/1/38       802,209  

Fannie Mae

      292,319       5.50       8/1/40       303,363  

Fannie Mae

      479,247       5.50       2/1/42       493,766  

Fannie Mae

      679,858       5.50       5/1/49       692,759  

Fannie Mae

      436,892       5.50       9/1/49       447,761  

Fannie Mae

      1,593,187       5.50       8/1/56       1,640,690  

Fannie Mae

      493,325       6.00       7/1/37       515,800  

Fannie Mae

      577,921       6.00       11/1/38       594,806  

Fannie Mae

      1,100,252       6.00       10/1/53       1,123,968  

Fannie Mae

      494,008       6.50       5/1/40       515,633  

Fannie Mae

      450,973       7.00       1/1/40       475,290  

Fannie Mae

      523,471       7.00       1/1/40       551,697  

Fannie Mae

      1,566,452       7.50       10/1/38       1,626,787  
        

 

 

 

             21,734,951  
        

 

 

 

Government National Mortgage Association - 1.6%

         

Ginnie Mae

      34,035       4.00       7/20/26       33,849  

Ginnie Mae, US Treasury + 1.50% 1

      11,275       4.88       4/20/33       11,413  

Ginnie Mae, US Treasury + 1.50% 1

      3,601       4.88       4/20/42       3,621  

Ginnie Mae

      29       5.00       6/20/26       29  

Ginnie Mae

      1,097,373       6.00       9/20/38       1,126,196  

Ginnie Mae

      824,608       6.00       9/20/38       879,444  
        

 

 

 

           2,054,552  
        

 

 

 

Other Federal Agency Securities - 0.2%

         

Small Business Administration Pools, PRIME - 2.50% 1

      100,940       5.00       5/25/43       101,141  

Small Business Administration Pools, PRIME + 0.79% 1

      136,420       8.29       2/25/28       139,108  

Small Business Administration Pools, PRIME + 0.80% 1

      58,875       8.30       3/25/30       60,428  
        

 

 

 

           300,677  
        

 

 

 

Total Mortgage Pass-Through Securities
(cost: $29,822,600)

            29,751,798  
        

 

 

 

Taxable Municipal Bonds - 16.4%

         

City of Miami FL

      1,000,000       5.14       1/1/30       1,044,122  

Colorado Housing & Finance Authority

      650,000       6.50       5/1/48       684,854  

Columbus Metropolitan Housing Authority

      500,000       5.38       9/1/28       506,905  

 

 

 

 
JUNE 30, 2025   3

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Quality Income Fund (Continued)

 

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

Fair

Value ($)

Connecticut Housing Finance Authority

      995,000         5.75        11/15/54       1,025,205  

County of Yamhill OR

      325,000       4.50       10/1/30       317,911  

Energy Northwest

      215,000       3.20       7/1/28       210,547  

Idaho Housing & Finance Association

      935,000       6.00       1/1/48       969,746  

Idaho Housing & Finance Association

      945,000       6.50       7/1/53       996,567  

Illinois Housing Development Authority

      945,000       6.50       4/1/54       992,350  

Iowa Finance Authority

      5,000       6.25       7/1/54       5,234  

Kentucky Higher Education Student Loan Corp.

      755,000       2.52       6/1/35       711,399  

Kentucky Housing Corp.

      1,000,000       6.25       1/1/55       1,044,928  

Maryland Community Development Administration

      925,000       6.00       9/1/53       956,709  

Massachusetts Educational Financing Authority

      180,000       4.41       7/1/34       177,727  

Massachusetts Educational Financing Authority

      775,000       2.64       7/1/37       722,729  

Massachusetts Educational Financing Authority

      750,000       6.07       7/1/33       782,592  

Massachusetts Housing Finance Agency

      960,000       6.50       12/1/52       1,008,768  

Minnesota Housing Finance Agency

      995,000       6.13       7/1/55       1,047,367  

Nebraska Investment Finance Authority

      1,000,000       6.00       9/1/53       1,039,159  

North Carolina Housing Finance Agency

      490,000       6.50       1/1/55       514,637  

Oklahoma Development Finance Authority

      372,830       3.88       5/1/37       365,088  

Rhode Island Student Loan Authority

      1,000,000       5.80       12/1/33       1,056,576  

Rhode Island Student Loan Authority

      1,000,000       4.00       12/1/38       981,147  

Somis Union School District G.O.

      535,000       2.06       8/1/30       489,501  

State of Oregon Housing & Community Services Department

      965,000       6.25       7/1/53       1,004,347  

Utah Housing Corp.

      945,000       6.25       1/1/54       983,723  

Wisconsin Housing & Economic Development Authority 8

      55,000       3.50       3/1/46       54,849  
        

 

 

 

Total Taxable Municipal Bonds
(cost: $19,467,323)

            19,694,687  
         
Name of Issuer    Quantity                  

Fair

Value ($)

Short-Term Securities - 0.8%

         

Fidelity Inv. Money Mkt. Gvt. Fund, Class I, 4.23%
(cost: $977,278)

      977,278           977,278  
        

 

 

 

Total Investments in Securities - 99.2%
(cost: $118,843,494)

            119,342,152  
        

 

 

 

Other Assets and Liabilities, net - 0.8%

            1,018,718  
        

 

 

 

Net Assets - 100.0%

             $120,360,870  
        

 

 

 

 

 

 

1

Variable rate security. Rate disclosed is as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

4

144A Restricted Security. The total value of such securities as of June 30, 2025 was $28,003,531 and represented 23.3% 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 June 30, 2025, 0.0% of net assets in the Fund was invested in such securities.

14

Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of June 30, 2025.

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

 

 

 

 
4  

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Quality Income Fund (Continued)

 

 

 

A summary of the levels for the Fund’s investments as of June 30, 2025 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

      —        4,242,406     —      4,242,406  

Collateralized Mortgage Obligations

      —        47,577,794     —      47,577,794  

Corporate Bonds

      —        17,098,189     —      17,098,189  

Mortgage Pass-Through Securities

      —        29,751,798     —      29,751,798   

Taxable Municipal Bonds

      —        19,694,687     —      19,694,687  

Short-Term Securities

      977,278        —     —      977,278  
       

Total:

      977,278        118,364,874       —      119,342,152  

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.

 

 

 

 
JUNE 30, 2025   5