SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
Municipal Bonds - 89.3%
Alabama - 1.7%
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			5.05			10/1/45		501,039
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.63			10/1/49		477,145
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.70			10/1/54		479,113
AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.88			10/1/55		490,822
Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) 4		400,000			4.00			11/1/45		343,260
										2,291,379
Alaska - 0.2%
AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation)		250,000			5.00			4/1/33		250,557
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
Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) 4		350,000			6.25			11/15/35		369,693
										423,693
Arkansas - 0.2%
Mountain Home City Sales & Use Tax Rev.		420,000			2.00			9/1/38		297,026
California - 3.6%
CA Enterprise Dev. Auth. Rev. (Castilleja School Foundation Proj.)		300,000			4.00			6/1/54		256,263
CA Municipal Finance Auth. Rev. (Aldersly Proj.)		300,000			5.00			5/15/43		307,990
CA Municipal Finance Auth. Rev. (Caritas Proj.)		250,000			4.00			8/15/56		197,512
CA Pollution Control Financing Auth. Rev. (Poseidon Resources) 4		300,000			5.00			7/1/38		308,179
Encinitas Union School District G.O. Capital Appreciation 6		500,000			6.75			8/1/35		615,058
Irvine Facs. Financing Auth. Rev. (Gateway Preserve Land Acquisition Proj.) 9		300,000			5.25			5/1/48		302,067
Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia)		500,000			4.00			8/15/45		438,743
Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) 1		500,000			3.65			6/1/39		451,785
San Jose Financing Auth. Rev. (Civic Center Garage Proj.) 9		400,000			5.00			6/1/39		400,606
Santa Fe Springs Public Financing Auth. Rev. (Road Improvements)		275,000			5.25			6/1/45		287,766
Tracy Joint Unified School District G.O. Capital Appreciation 6		600,000			7.00			8/1/41		626,001
Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) 6		500,000			6.13			8/1/34		580,362
										4,772,332
Colorado - 2.2%
CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.)		250,000			5.60			7/1/34		250,356
CO Educational & Cultural Facs. Auth. Rev. (Mountain Phoenix Community Proj.) 4		500,000			6.00			7/1/43		440,386
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		400,000			3.50			5/15/30		382,154
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		415,000			5.00			5/15/44		318,799
CO Health Facs. Auth. Rev. (Aberdeen Ridge)		500,000			5.00			5/15/58		342,872
CO. Hsg. and Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		350,000			5.15			5/1/40		351,746
Reunion Metropolitan District Rev.		562,454			3.63			12/1/44		393,359
Rudolph Farms Metropolitan District No. 6 G.O.		500,000			6.50			6/1/52		461,044
										2,940,716
Connecticut - 0.6%
Stamford Hsg. Auth. Rev. (Mozaic Concierge Living Proj.)		750,000			6.50			10/1/55		751,076

JUNE 30, 2025 1

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
Florida - 14.2%
Artisan Lakes East Community Dev. District Special Assessment		450,000			4.00			5/1/51		350,489
Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.)		100,000			6.25			5/1/35		102,399
Broward Co. FL Airport System Rev.		500,000			5.00			10/1/45		496,727
Capital Trust Agency Rev. (Tallahassee Tapestry) 2, 4, 5		550,000			6.75			12/1/35		66,000
Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) 2, 4, 5		250,000			6.75			7/1/37		3,062
Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) 2, 5		250,000			7.00			4/1/35		137,500
East Nassau Stewardship District Special Assessment (PDP#4 Series 2024 Proj.)		350,000			5.25			5/1/29		350,000
Elevation Pointe Community Dev. District Special Assessment		500,000			4.40			5/1/32		499,315
Entrada Community Dev. District Special Assessment Rev. 4		400,000			4.00			5/1/52		317,630
FL Dev. Finance Corp. Rev. (Jensen Dunes Proj.) 4		500,000			5.00			11/15/30		468,763
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		765,000			5.05			7/1/47		758,970
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		705,000			2.75			7/1/50		452,955
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		1,355,000			2.30			1/1/52		774,453
FL Municipal Loan Council Special Assessment (Shingle Creek Transit & Utility 2024)		655,000			5.15			5/1/44		643,457
Gramercy Farms Community Dev. District Special Assessment		20,000			6.75			5/1/39		19,054
Grande Pines Community Dev. District Special Assessment		335,000			4.00			5/1/51		264,756
Greater Orlando Aviation Auth. Rev.		500,000			5.00			10/1/49		494,626
Hacienda North Community Dev. District Special Assessment		500,000			6.30			5/1/43		522,609
Heritage Harbour North Community Dev. District Special Assessment		200,000			5.00			5/1/34		205,978
Hillsborough Co. Aviation Auth. Rev. (Tampa International Airport)		750,000			5.50			10/1/49		784,961
Hobe-St Lucie Conservancy District Special Assessment		350,000			5.60			5/1/44		350,008
Hyde Park Community Dev. District No. 1 Special Assessment		500,000			5.25			5/1/34		499,017
Lakes of Sarasota Community Dev. District No. 2 Special Assessment		350,000			5.20			5/1/35		348,069
Lakes of Sarasota Community Dev. District Special Assessment		85,000			3.88			5/1/31		84,247
Lakes of Sarasota Community Dev. District Special Assessment		400,000			4.13			5/1/31		398,929
Lakes of Sarasota Community Dev. District Special Assessment		205,000			4.30			5/1/51		165,601
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)		300,000			5.25			5/1/37		303,402
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)		300,000			5.38			5/1/47		301,285
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		400,000			5.00			5/1/36		402,081
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		420,000			3.00			5/1/41		325,753
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		330,000			5.55			5/1/54		321,256
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lorraine Lakes Proj.) 4		500,000			3.63			5/1/40		429,665
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Sweetwater Proj.)		485,000			3.10			5/1/41		374,262
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) 4		320,000			5.00			5/1/37		322,687
Lakewood Ranch Stewardship District Special Assessment (Palm Grove Proj.)		585,000			5.25			5/1/44		574,092
Lakewood Ranch Stewardship District Utility Rev. (System Acquisition Proj.) (AGM Insured)		500,000			5.25			10/1/53		511,824
Laurel Road Community Dev. District Special Assessment		310,000			3.13			5/1/31		288,237
LT Ranch Community Dev. District Special Assessment		300,000			5.90			5/1/53		302,562
Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev.		150,000			5.00			5/1/32		150,085
Meadow View at Twin Creeks Community Dev. District Special Assessment		220,000			3.75			5/1/52		163,269
Meadow View at Twin Creeks Community Dev. District Special Assessment		245,000			4.00			5/1/52		191,386
New River Community Dev. District Cap. Improvement Special Assessment Rev. 2, 5, 15		230,000			5.00			N/A		2
North River Ranch Improvement Stewardship District Special Assessment Rev.		400,000			5.75			5/1/33		412,247
North River Ranch Improvement Stewardship District Special Assessment Rev.		250,000			6.80			5/1/35		250,122
North River Ranch Improvement Stewardship District Special Assessment Rev.		400,000			6.50			5/1/44		417,461

2  

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
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		389,419
Parkview at Long Lake Ranch Community Dev. District Special Assessment		270,000			4.00			5/1/51		213,386
River Landing Community Dev. District		300,000			4.35			5/1/51		251,435
Rolling Hills Community Dev. District Special Assessment		135,000			3.65			5/1/32		125,871
Sawyers Landing Community Dev. District Special Assessment Rev.		750,000			4.25			5/1/53		614,800
Southern Groves Community Dev. District No. 5 Special Assessment		280,000			4.00			5/1/48		228,935
Trout Creek Community Dev. District Special Assessment		300,000			5.38			5/1/38		302,764
Waterset South Community Dev. District Special Assessment		500,000			5.90			5/1/42		512,542
Windward at Lakewood Ranch Community Dev. District Special Assessment		200,000			4.50			5/1/50		168,636
										18,909,041
Georgia - 2.2%
Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare)		350,000			5.00			7/1/46		350,197
Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center)		500,000			5.00			3/15/44		505,175
GA Hsg. & Finance Auth. Rev.		1,000,000			5.05			12/1/45		1,002,286
Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) 4		640,000			6.25			9/1/44		562,609
Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.)		500,000			5.00			2/15/37		508,914
										2,929,181
Idaho - 0.6%
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		100,000			8.00			10/1/28		98,400
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		290,000			3.80			10/1/31		267,840
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		500,000			4.50			10/1/50		402,484
										768,724
Illinois - 5.1%
Burbank Educational Facs. Rev. (Intercultural Montessori Language School) 4		500,000			6.00			9/1/35		499,976
Chicago O’Hare International Airport Rev. (Senior Lien)		500,000			5.25			1/1/48		508,078
Chicago O’Hare International Airport Rev. (Senior Lien) (AGM Insured)		500,000			5.50			1/1/53		511,503
Galesburg Rev. (Knox College Proj.)		500,000			6.00			10/1/45		501,303
IL Fin. Auth. Rev. (Christian Homes, Inc.) 2, 5		194,940			5.00			5/15/36		56,532
IL Fin. Auth. Rev. (Edward Elmhurst Healthcare)		1,000,000			5.00			1/1/44		1,059,659
IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.)		1,000,000			6.25			12/1/38		675,503
IL Hsg. Dev. Auth. Rev.		740,000			4.75			10/1/48		730,755
IL Hsg. Dev. Auth. Rev.		500,000			4.63			4/1/50		476,401
IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured)		1,000,000			5.25			6/15/31		1,001,908
Malta Tax Allocation Rev. 2, 5		1,921,000			5.75			12/30/25		461,040
Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) 2, 15		313,173			7.00			N/A		250,538
										6,733,196
Indiana - 1.4%
IN Finance Auth. Rev. (Indiana Masonic Home Proj.)		350,000			5.38			5/1/50		339,855
IN Hsg. & Community Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		1,500,000			4.80			7/1/54		1,458,403
										1,798,258
Iowa - 0.8%
IA Fin. Auth. Rev. (Lifespace Communities, Inc.)		500,000			4.00			5/15/53		389,419
IA Fin. Auth. Rev. (Lifespace Communities, Inc.)		530,000			4.00			5/15/55		407,888
IA Finance Auth. Rev. (Lifespace Communities Inc.)		350,000			5.00			5/15/49		325,192
										1,122,499

JUNE 30, 2025 3

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
Kentucky - 0.5%
Boyle Co. Educational Facs. Auth. Rev. (Centre College)		600,000			5.25			6/1/49		605,319
Louisiana - 2.7%
Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			5.50			10/1/53		512,628
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized)		385,000			2.50			12/1/45		256,837
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized)		465,000			5.75			6/1/54		498,888
LA Local Government Environmental Facilities & Community Development Auth.		500,000			6.00			11/15/30		501,128
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		200,000			5.65			11/1/37		207,445
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		410,000			4.00			11/1/44		353,369
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		390,000			4.40			11/1/44		361,886
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		615,000			4.00			11/1/46		525,558
LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) 1		435,000			3.77			2/15/36		424,055
										3,641,794
Maryland - 0.3%
MD Community Dev. Administration Rev.		500,000			2.55			9/1/44		339,698
Massachusetts - 1.0%
MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.)		400,000			5.00			10/1/49		384,362
MA Education Finance Auth. Education Rev.		1,000,000			3.00			7/1/51		633,982
MA Housing Finance Agy. Rev.		400,000			3.85			12/1/47		338,071
										1,356,415
Michigan - 4.1%
City of Allen Park G.O. (BAM Insured)		300,000			3.25			5/1/34		286,125
MI Finance Auth. Rev. (Holly Academy Proj.)		400,000			3.00			12/1/31		363,206
MI Finance Auth. Rev. (Madison Academy Proj.)		155,000			4.25			12/1/39		126,007
MI Hsg. Dev. Auth. Rev.		2,000,000			2.75			6/1/51		1,269,068
MI Hsg. Dev. Auth. Rev.		3,500,000			2.50			6/1/52		2,141,798
MI Hsg. Dev. Auth. Rev.		790,000			4.95			12/1/53		788,767
MI Public Educational Facs. Auth. Rev. (Chandler Park Academy)		145,000			6.35			11/1/28		145,106
Northern Michigan University Rev.		250,000			5.50			6/1/55		258,858
										5,378,935
Minnesota - 0.2%
Apple Valley Rev. (Senior Living, LLC Proj.)		475,000			5.00			1/1/47		264,070
Mississippi - 0.9%
MS Development Bank Rev. (Green Bond-Hancock County) 4		800,000			4.55			11/1/39		786,592
MS Development Bank Rev. (Jackson Co. Gomesa Proj.) 4		400,000			3.63			11/1/36		362,805
										1,149,397
Missouri - 2.4%
Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.)		135,000			3.50			11/1/40		123,468
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 5		118,010			2.00			11/15/46		5,465
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 5		264,421			5.00			11/15/46		175,953
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		995,000			5.00			11/1/48		978,581
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		435,000			2.50			5/1/50		264,630
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000			4.63			11/1/50		950,837
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		350,000			2.40			11/1/51		206,623
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.70			11/1/54		479,085
										3,184,642

4  

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
Montana - 0.2%
MT Board of Housing Single Family Rev.		405,000			2.40			12/1/45		267,215
Nebraska - 0.5%
NE Investment Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000			4.70			9/1/51		702,587
Nevada - 0.8%
Las Vegas NV Special Improvement District No 817 Special Assessment (Summerlin Village 29)		300,000			6.00			6/1/48		310,424
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000			2.60			4/1/46		501,236
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		495,000			2.45			10/1/51		296,470
										1,108,130
New Hampshire - 0.3%
New Hampshire Business Finance Auth. Rev. (Pennichuck Water Works, Inc.)		450,000			5.50			4/1/54		428,258
New Jersey - 0.7%
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		735,000			2.30			10/1/46		456,843
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		795,000			2.45			10/1/50		480,563
										937,406
New Mexico - 0.5%
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		495,000			2.35			7/1/51		282,888
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		600,000			2.63			7/1/51		365,918
										648,806
New York - 5.9%
Build NYC Resource Corp. Rev. (Senior Airport Facilities)		300,000			5.50			7/1/55		303,668
Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.)		350,000			4.00			7/1/33		350,062
New York City Housing Development Corp. Multifamily Mtg. Rev.		300,000			4.05			11/1/41		279,142
New York Transportation Dev. Corp. Rev.		500,000			5.50			6/30/60		499,931
New York Transportation Dev. Corp. Rev. (AGC Insured)		1,000,000			5.25			12/31/54		1,000,770
New York Transportation Dev. Corp. Rev. (AGM Insured)		300,000			5.50			6/30/44		310,510
NY State Mortgage Agency Homeowner Mortgage Rev.		580,000			2.20			4/1/36		459,919
NY State Mortgage Agency Homeowner Mortgage Rev.		965,000			4.70			10/1/38		949,549
NY State Mortgage Agency Homeowner Mortgage Rev.		1,000,000			2.45			10/1/45		668,609
NY State Mortgage Agency Homeowner Mortgage Rev.		980,000			2.50			10/1/46		642,782
NY State Mortgage Agency Homeowner Mortgage Rev.		975,000			3.30			10/1/47		754,695
NY State Mortgage Agency Homeowner Mortgage Rev.		1,625,000			2.55			4/1/50		1,014,681
NY State Mortgage Agency Homeowner Mortgage Rev.		585,000			4.90			10/1/53		579,694
										7,814,012
North Carolina - 0.7%
Mecklenburg Co. Rev. (Little Rock Apts)		435,000			5.38			1/1/36		435,680
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			5.00			7/1/46		500,167
										935,847
North Dakota - 0.9%
ND Housing Finance Agency Rev.		925,000			2.50			7/1/44		622,983
ND Housing Finance Agency Rev.		500,000			5.10			7/1/48		502,044
										1,125,027
Ohio - 6.7%
Bedford City School District G.O. (BAM Insured)		750,000			5.50			12/1/50		771,488
Columbus Regional Airport Auth. Rev. (John Glenn Columbus International Airport)		725,000			5.50			1/1/50		751,503
Euclid Public Library G.O.		300,000			5.00			12/1/49		301,542

JUNE 30, 2025 5

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
North Ridgeville City School District G.O.		300,000			5.25			12/1/54		304,484
OH Housing Fin. Agy. Rev.		1,800,000			2.45			9/1/51		1,098,872
OH Housing Fin. Agy. Rev. (First-Time Homebuyer Program) (GNMA/FNMA/FHLMC Collateralized)		500,000			2.90			9/1/45		358,593
OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		1,430,000			2.85			9/1/46		995,744
OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		1,300,000			5.10			9/1/47		1,292,385
OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.65			9/1/49		479,024
OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		965,000			2.75			9/1/51		615,409
OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		995,000			4.70			9/1/54		953,509
OH Housing Fin. Agy. Rev. (Middletown Phase Two Proj.) 4		500,000			6.25			3/1/26		500,808
Xenia OH G.O. (BAM Insured)		500,000			5.00			12/1/54		503,536
										8,926,897
Oklahoma - 0.3%
OK Hsg. Finance Agency Rev. (Home Ownership Prog.) (GNMA/FNMA/FHLMC Collateralized)		480,000			4.60			9/1/49		457,151
Oregon - 0.7%
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		500,000			2.35			1/1/44		331,236
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		1,000,000			2.38			1/1/45		655,627
										986,863
Pennsylvania - 2.2%
Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) 1		460,000			3.76			10/1/34		442,161
PA Higher Educational Assistance Agy. Rev.		295,000			2.63			6/1/42		259,511
PA Hsg. Finance Agency Rev.		500,000			5.10			10/1/45		499,482
PA Hsg. Finance Agency Rev.		1,000,000			5.00			10/1/50		991,603
Philadelphia Airport Rev.		425,000			5.00			7/1/37		426,788
Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.)		350,000			5.63			8/1/36		351,597
										2,971,142
South Carolina - 2.7%
Berkeley Co. Nexton Improvement District Special Assessment		350,000			4.25			11/1/40		310,542
SC Jobs-Economic Dev. Auth. Rev. (River Academy Proj.) 4		325,000			7.00			6/15/43		327,586
SC Jobs-Economic Dev. Auth. Rev. (Seafields at Kiawah Island Proj.)		500,000			7.50			11/15/53		518,838
SC State Hsg. Finance & Dev. Auth. Rev.		965,000			4.95			7/1/53		962,272
SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			4.70			1/1/55		481,296
SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000			5.00			1/1/55		986,739
										3,587,273
Tennessee - 4.1%
Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills)		895,000			4.00			11/1/45		713,756
Metropolitan Nashville Airport Auth. Rev.		300,000			5.00			7/1/49		294,368
Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation 4		300,000			5.13			6/1/36		302,006
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		787
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		555,372
TN Hsg. Dev. Agency Rev.		1,485,000			2.38			7/1/46		942,773
TN Hsg. Dev. Agency Rev.		385,000			2.55			7/1/46		253,748
TN Hsg. Dev. Agency Rev.		730,000			5.05			7/1/48		731,046
TN Hsg. Dev. Agency Rev.		990,000			2.50			7/1/51		589,434
TN Hsg. Dev. Agency Rev.		500,000			4.80			7/1/54		484,645

6  

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
TN Hsg. Dev. Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000			5.35			7/1/48		510,706
										5,378,842
Texas - 11.6%
Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy)		750,000			2.38			8/15/51		433,301
Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan)		1,000,000			3.00			4/1/40		767,038
Clifton Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.)		250,000			5.25			2/15/49		255,910
Dallas Special Tax (Fair Park Venue Proj.) 1, 4		250,000			6.25			8/15/53		250,077
El Paso Hsg. Finance Corp. Rev. (GNMA Collateralized)		770,000			5.20			3/1/55		773,267
Houston Airport System Rev. (AGM Insured)		1,000,000			5.25			7/1/48		1,019,341
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) 2, 15		260,000			4.00			N/A		202,800
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) 2		460,000			4.00			7/1/26		358,800
New Hope Cultural Education Facs. Finance Corp. Rev.		500,000			6.50			10/1/55		485,952
New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) 1		535,625			2.00			11/15/61		134,968
New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.)		750,000			5.00			1/1/55		577,394
New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.)		475,000			5.50			10/1/27		475,127
North Central Texas Health Facility Development Corp. (CC Young Memorial Home) 2, 5, 15		204,000			5.38			N/A		132,600
Tarrant County Cultural Education Facs. Finance Corp. Rev. (Trinity Terrace Proj.)		300,000			5.00			10/1/49		287,087
TX Affordable Hsg. Corp. Rev. (GNMA Collateralized)		500,000			5.00			3/1/49		497,282
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000			3.00			9/1/45		375,702
TX Department of Housing & Community Affairs (GNMA Collateralized)		985,000			2.50			7/1/51		586,457
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,750,000			3.13			1/1/52		1,208,904
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000			5.00			1/1/49		499,626
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,000,000			5.00			1/1/50		995,943
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000			3.00			3/1/50		349,101
TX Department of Housing & Community Affairs (GNMA Collateralized)		750,000			5.25			9/1/52		757,998
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,500,000			5.25			1/1/53		1,515,526
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,000,000			5.25			9/1/53		1,007,586
TX Department of Housing & Community Affairs (GNMA Collateralized)		1,500,000			5.13			1/1/54		1,504,141
										15,451,928
Utah - 2.0%
Fields Estates Public Infrastructure District Special Assessment (Fields Estates Assessment Area) 4		500,000			5.25			12/1/53		464,184
Jordanelle Ridge Public Infrastructure District No. 2 G.O. 4		500,000			7.75			3/1/54		514,225
UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) 4		495,000			3.50			12/15/31		446,566
UT Charter School Finance Auth. Rev. (Wasatch Peak Academy Proj.)		325,000			5.00			10/15/49		321,504
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)		495,000			4.70			1/1/54		474,726
UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		470,000			5.00			1/1/54		462,266
										2,688,478
Virginia - 1.2%
VA Beach Dev. Auth. Rev. (Westminster Canterbury Proj.)		320,000			6.25			9/1/30		322,790
VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds)		700,000			4.70			7/1/55		673,566
VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds)		550,000			4.70			7/1/55		529,230
										1,525,586
Washington - 0.3%
WA State Hsg. Finance Commission Rev. (The Evergreen School Proj.)		500,000			4.50			7/1/55		438,196

JUNE 30, 2025 7

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)			Coupon Rate (%)			Maturity Date		Fair Value ($)
West Virginia - 0.3%
WV Hsg. Dev. Fund Rev.		665,000			2.50			11/1/51		394,706
Wisconsin - 1.5%
Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.)		500,000			5.00			2/1/52		475,496
Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) 4		500,000			6.00			2/1/62		509,752
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		520
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,287			9.00			1/1/47		472
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		447			12.00			1/1/47		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,171			9.00			1/1/48		440
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		390			12.00			1/1/48		11
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,055			9.00			1/1/49		409
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		384			11.00			1/1/49		10
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		15,822			9.00			1/1/50		372
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		372			11.00			1/1/50		9
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		17,334			9.00			1/1/51		383
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		446,246			3.75			7/1/51		299,050
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		17,218			9.00			1/1/52		352
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		327
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		304
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		282
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		444			9.00			1/1/55		8
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,404			9.00			1/1/56		263
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		23,656			5.50			7/1/56		16,993
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,287			9.00			1/1/57		245
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		469			9.00			1/1/58		7
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		16,055			9.00			1/1/58		227
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		171
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		159
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		150
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		403			7.00			1/1/65		4

8  

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

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		15,008			9.00			1/1/65		139
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		126
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		5,235			5.00			1/1/67		40
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5		192,429			9.00			1/1/67		1,488
WI Public Finance Auth. Rev. (MD Proton Treatment Center) 2, 4, 5		500,000			6.13			1/1/33		225,000
										1,946,399
Total Municipal Bonds (Cost: $152,654,373)										118,628,697
	Quantity
Investment Companies - 5.0%
BlackRock MuniHoldings Fund, Inc. (MHD)		19,518								218,602
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)		30,464								291,845
BlackRock MuniYield Quality Fund III, Inc. (MYI)		43,083								451,941
DWS Municipal Income Trust (KTF)		76,592								677,073
Invesco Advantage Municipal Income Trust II (VKI)		55,874								467,665
Invesco Municipal Opportunity Trust (VMO)		62,240								571,363
Invesco Municipal Trust (VKQ)		67,772								620,114
Invesco Pennsylvania Value Municipal Income Trust (VPV)		8,257								83,065
Invesco Quality Municipal Income Trust (IQI)		78,114								732,709
Invesco Trust for Investment Grade Municipals (VGM)		56,447								535,682
Nuveen AMT-Free Municipal Credit Income Fund (NVG)		32,623								389,192
Nuveen AMT-Free Quality Municipal Income Fund (NEA)		75,639								825,978
Nuveen Quality Municipal Income Fund (NAD)		61,295								692,021
Total Investment Companies (cost: $8,413,481)										6,557,250
Total Investments in Securities - 94.3% (cost: $161,067,854)										125,185,947
Other Assets and Liabilities, net - 5.7%										7,626,263
Net Assets - 100.0%										$132,812,210

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.

2 Security considered illiquid by the Investment Adviser. The total value of such securities as of June 30, 2025 was $2,866,431 and represented 2.2% of net assets.

4 144A Restricted Security. The total value of such securities as of June 30, 2025 was $11,559,920 and represented 8.7% 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 June 30, 2025 was $1,755,243 and represented 1.3% 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 June 30, 2025 was $702,673 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.

JUNE 30, 2025 9

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2025

Sit Tax-Free 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 Quoted Prices ($)		Level 2 Other significant observable inputs ($)			Level 3 Significant unobservable inputs ($)		Total ($)
Municipal Bonds		—		118,628,697			—		118,628,697
Investment Companies		6,557,250		—			—		6,557,250
Total:		6,557,250		118,628,697			—		125,185,947

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.

10