JP Morgan Mortgage Trust 2021-6

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SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 61.6%

Consumer Durables - 0.5%
YETI Holdings, Inc. ^*		5,500		265,210


Consumer Non-Durables - 2.4%
Constellation Brands, Inc.		2,025		508,943
Estee Lauder Cos., Inc. - Class A		975		140,936
Mondelez International, Inc.		3,400		235,960
PepsiCo, Inc.		1,825		309,228

				1,195,067


Consumer Services - 2.1%
McDonald’s Corp.		1,450		381,988
Visa, Inc.		2,800		644,028

				1,026,016


Electronic Technology - 12.8%
Apple, Inc.		13,700		2,345,577
Applied Materials, Inc.		2,600		359,970
Arista Networks, Inc. ^*		765		140,706
Broadcom, Inc.		1,485		1,233,411
NVIDIA Corp.		4,025		1,750,835
Palo Alto Networks, Inc. ^*		1,835		430,197

				6,260,696


Energy Minerals - 1.7%
ConocoPhillips		5,775		691,845
Shell, PLC, ADR		2,400		154,512

				846,357


Finance - 3.4%
Ameriprise Financial, Inc.		1,150		379,132
Chubb, Ltd.		1,400		291,452
Goldman Sachs Group, Inc.		1,600		517,712
JPMorgan Chase & Co.		2,925		424,183

				1,612,479


Health Services - 3.0%
Centene Corp. ^*		2,475		170,478
HCA Healthcare, Inc.		850		209,083
UnitedHealth Group, Inc.		2,150		1,084,008

				1,463,569


Health Technology - 3.6%
Abbott Laboratories		3,550		343,818
Dexcom, Inc. ^*		5,260		490,758
Gilead Sciences, Inc.		2,225		166,741
Johnson & Johnson		1,250		194,687
Thermo Fisher Scientific, Inc.		1,200		607,404

				1,803,408


Industrial Services - 1.0%
Cheniere Energy, Inc.		2,900		481,284


Process Industries - 1.4%
Linde, PLC		1,225		456,129
Sherwin-Williams Co.		1,000		255,050

				711,179


Producer Manufacturing - 5.2%
Aptiv, PLC ^*		2,375		234,151
General Dynamics Corp.		700		154,679
Honeywell International, Inc.		1,450		267,873



Name of Issuer	Quantity		Fair Value ($)

Motorola Solutions, Inc.		1,400		381,136
Northrop Grumman Corp.		375		165,071
Parker-Hannifin Corp.		1,350		525,852
Safran SA, ADR		11,550		452,067
Siemens AG, ADR		5,175		369,754

				2,550,583


Retail Trade - 6.2%
Amazon.com, Inc. ^*		9,700		1,233,064
Home Depot, Inc.		1,825		551,442
Lululemon Athletica, Inc. ^*		925		356,689
Netflix, Inc. ^*		460		173,696
TJX Cos., Inc.		5,100		453,288
Ulta Beauty, Inc. ^*		795		317,563

				3,085,742


Technology Services - 16.4%
Accenture, PLC		2,025		621,898
Adobe, Inc. ^*		475		242,203
Alphabet, Inc. - Class A ^*		12,400		1,622,664
Alphabet, Inc. - Class C ^*		4,100		540,585
Atlassian Corp. ^*		1,050		211,586
Autodesk, Inc. ^*		1,275		263,810
Dynatrace, Inc. ^*		4,250		198,603
Intuit, Inc.		1,200		613,128
Meta Platforms, Inc. ^*		310		93,065
Microsoft Corp.		7,800		2,462,850
Paycom Software, Inc.		600		155,562
Salesforce, Inc. ^*		3,650		740,147
ServiceNow, Inc. ^*		560		313,018

				8,079,119


Transportation - 1.4%
FedEx Corp.		975		258,297
Union Pacific Corp.		2,050		417,442

				675,739


Utilities - 0.5%
NextEra Energy, Inc.		4,140		237,181


Total Common Stocks (cost: $16,367,290)				30,293,629



Name of Issuer	Principal Amount ($)		Fair Value ($)

Bonds – 31.5%

Asset-Backed Securities - 0.4%

Small Business Administration:
2008-20A 1, 5.17%, 1/1/28		10,230		9,947
2007-20H 1, 5.78%, 8/1/27		9,396		9,201

Towd Point Mortgage Trust:
2020-MH1 A1A, 2.18%, 2/25/60 ^{1, 4}		70,970		66,569
2019-MH1 A2, 3.00%, 11/25/58 ^{1, 4}		100,000		97,293

				183,010


Collateralized Mortgage Obligations - 6.4%

Chase Home Lending Mortgage Trust:
2023-6 A2, 6.00%, 6/25/54 ^{1, 4}		150,000		147,633



SEPTEMBER 30, 2023		1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)



Name of Issuer	Principal Amount ($)		Fair Value ($)

Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		16,969		14,379
2003-34 A1, 6.00%, 4/25/43		23,411		23,271
2004-T1 1A1, 6.00%, 1/25/44		13,963		13,883
1999-17 C, 6.35%, 4/25/29		4,313		4,292
2001-82 ZA, 6.50%, 1/25/32		7,060		7,058
2009-30 AG, 6.50%, 5/25/39		24,713		25,005
2013-28 WD, 6.50%, 5/25/42		22,508		23,190
2004-T1 1A2, 6.50%, 1/25/44		35,966		36,158
2004-W9 2A1, 6.50%, 2/25/44		24,456		24,476
2010-108 AP, 7.00%, 9/25/40		294		294
2004-T3 1A3, 7.00%, 2/25/44		4,856		4,961

Freddie Mac:
5280 A, 3.50%, 1/25/50		156,367		140,673
4812 CZ, 4.00%, 5/15/48		162,193		146,751
4293 BA, 5.27%, 10/15/47 ¹		7,431		7,360
2122 ZE, 6.00%, 2/15/29		23,062		23,089
2126 C, 6.00%, 2/15/29		15,867		15,821
2480 Z, 6.00%, 8/15/32		18,870		18,764
2485 WG, 6.00%, 8/15/32		19,396		19,484
2575 QE, 6.00%, 2/15/33		7,390		7,423
2980 QA, 6.00%, 5/15/35		10,501		10,604
2283 K, 6.50%, 12/15/23		74		74
2357 ZJ, 6.50%, 9/15/31		14,759		14,595
4520 HM, 6.50%, 8/15/45		12,216		12,591
3704 CT, 7.00%, 12/15/36		8,096		8,373
2238 PZ, 7.50%, 6/15/30		6,581		6,811

Government National Mortgage Association:
2021-86 WB, 4.74%, 5/20/51 ¹		136,889		130,051
2021-104 HT, 5.50%, 6/20/51		170,018		166,907
2021-27 AW, 5.84%, 2/20/51 ¹		186,955		188,317
2015-80 BA, 7.00%, 6/20/45 ¹		7,548		7,741
2018-147 AM, 7.00%, 10/20/48		24,895		25,397
2018-160 DA, 7.00%, 11/20/48		22,442		22,852
2014-69 W, 7.21%, 11/20/34 ¹		10,943		11,275
2013-133 KQ, 7.30%, 8/20/38 ¹		13,040		13,521
2005-74 HA, 7.50%, 9/16/35		313		316

JP Morgan Mortgage Trust:
2021-6 A4, 2.50%, 10/25/51 ^{1, 4}		291,300		246,912
2021-13 A4, 2.50%, 4/25/52 ^{1, 4}		262,805		221,959
2021-6 A12, 5.00%, 10/25/51 ^{1, 4}		278,666		258,436
2021-13 A11, 5.00%, 4/25/52 ^{1, 4}		284,604		259,542
2022-1 A11, 5.00%, 7/25/52 ^{1, 4}		335,179		305,057
2022-2 A11, 5.00%, 8/25/52 ^{1, 4}		314,663		289,470
2023-1 A2, 6.00%, 12/26/53 ^{1, 4}		145,009		141,022

New Residential Mortgage Loan Trust:
2018-3A A1, 4.50%, 5/25/58 ^{1, 4}		34,206		32,117

Sequoia Mortgage Trust:
2020-4 A5, 2.50%, 11/25/50 ^{1, 4}		40,815		35,760

Vendee Mortgage Trust:
2008-1 B, 5.84%, 3/15/25 ¹		6,407		6,386

Wells Fargo Mortgaged Backed Securities Trust:
2020-5 A3, 2.50%, 9/25/50 ^{1, 4}		33,034		28,865

				3,148,916


Corporate Bonds - 8.6%
American Tower Trust, 5.49%, 3/15/28 ⁴		150,000		147,653



Name of Issuer	Principal Amount ($)		Fair Value ($)

Bank of America Corp., 5.20%, 4/25/29 ¹		50,000		48,217
British Airways 2020-1 Class B Pass Through Trust, 8.38%, 11/15/28 ⁴		41,492		42,194
Charles Stark Draper Lab., Inc., 4.39%, 9/1/48		100,000		80,447
Comcast Corp., 4.55%, 1/15/29		150,000		144,074
Consumers Energy Co., 4.35%, 8/31/64		50,000		36,735
CVS Pass-Through Trust, 7.51%, 1/10/32 ⁴		111,585		114,360
Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.63%, 7/30/27		114,005		106,309
Dow Chemical Co., 6.90%, 5/15/53		75,000		78,697

Duke Energy Florida, LLC:
2.54%, 9/1/29		42,928		38,851
2.86%, 3/1/33		120,000		98,178
Entergy Louisiana, LLC, 4.95%, 1/15/45		200,000		166,989

Equifax, Inc.:
3.10%, 5/15/30		100,000		83,300
7.00%, 7/1/37		116,000		116,247
Exelon Corp., 7.60%, 4/1/32		75,000		80,999
Fairfax Financial Holdings, 7.75%, 7/15/37		150,000		151,478
First-Citizens Bank & Trust Co. (Subordinated), 4.13%, 11/13/29 ¹		175,000		166,846
Genuine Parts Co., 1.88%, 11/1/30		200,000		151,753
Halliburton Co., 7.60%, 8/15/96 ⁴		75,000		75,058
HEICO Corp., 5.25%, 8/1/28		75,000		73,174
ITT, LLC, 7.40%, 11/15/25		25,000		25,176
JPMorgan Chase & Co., 4.59%, 4/26/33 ¹		100,000		90,085
KeyBank NA of Ohio, 4.15%, 8/8/25		200,000		188,333
Leidos, Inc., 7.13%, 7/1/32		50,000		51,250
Louisville Gas & Electric Co., 5.45%, 4/15/33		50,000		48,858
Meta Platforms, Inc., 3.85%, 8/15/32		150,000		133,136
Morgan Stanley, 5.12%, 2/1/29 ¹		175,000		168,582
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29, 7.96%, 12/15/24 ^1,4		195,000		194,993
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/32 ¹		250,000		220,125
PacifiCorp, 2.70%, 9/15/30		100,000		81,682
Polar Tankers, Inc., 5.95%, 5/10/37 ⁴		95,717		94,703
SBA Tower Trust, 6.60%, 1/15/28 ⁴		145,000		145,408
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 ⁴		100,000		89,875
Tennessee Gas Pipeline, LLC, 7.00%, 10/15/28		213,000		220,979
Union Electric Co., 4.00%, 4/1/48		100,000		73,368
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32		128,850		106,304
UnitedHealth Group, Inc., 5.30%, 2/15/30		150,000		149,137
Unum Group, 7.25%, 3/15/28		25,000		25,709
US Bancorp, 5.78%, 6/12/29 ¹		125,000		121,804

				4,231,066


Federal Home Loan Mortgage Corporation - 0.2%
7.50%, 7/1/29		45,161		46,018
8.50%, 5/1/31		52,823		54,394

				100,412


Federal National Mortgage Association - 2.6%
4.50%, 7/1/52		325,307		299,007
4.50%, 9/1/52		327,285		300,803
5.50%, 8/1/56		156,800		156,341
6.00%, 7/1/41		134,357		137,173



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SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)



Name of Issuer	Principal Amount ($)		Fair Value ($)

6.00%, 9/1/53		173,965		171,835
6.00%, 10/1/53		175,000		172,857
6.50%, 2/1/24		46		46
6.50%, 9/1/27		14,759		14,837
7.00%, 1/1/32		4,352		4,330
7.00%, 3/1/33		8,640		8,745
7.00%, 12/1/38		8,282		8,369
8.41%, 7/15/26		750		748

				1,275,091


Government National Mortgage Association - 2.0%
3.50%, 1/20/52		176,625		154,964
3.50%, 2/20/52		267,431		234,637
4.00%, 9/20/52		240,062		212,302
5.00%, 5/20/48		23,905		23,165
5.50%, 8/20/62		153,824		147,882
6.00%, 9/20/53		175,000		172,281
6.50%, 11/20/38		8,914		8,930
7.00%, 12/15/24		1,441		1,403
7.00%, 11/20/27		4,050		4,063
7.00%, 9/20/29		12,494		12,701
7.00%, 9/20/38		5,827		5,981
7.50%, 4/20/32		7,721		7,777

				986,086


Taxable Municipal Securities - 6.0%
Benton & Polk Sch. Dist. No. 17J G.O., 5.47%, 6/15/27		150,000		152,266
Chicago Park Dist., 2.53%, 1/1/34		235,000		176,201
CO Health Facs. Auth., 3.13%, 5/15/27		250,000		222,547
Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56		205,000		145,745
Coventry Local Sch. Dist., 2.20%, 11/1/29		200,000		165,190
LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40		230,000		169,011
Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 ⁴		100,000		70,442

Massachusetts Edu. Auth.:
4.00%, 1/1/32		20,000		19,246
4.41%, 7/1/34		15,000		14,098
4.95%, 7/1/38		200,000		184,596
5.95%, 7/1/44		150,000		136,189
MN Hsg. Fin. Agy., 2.31%, 1/1/27		135,000		124,392
NJ Higher Edu. Student Assit. Auth., 3.50%, 12/1/39 ⁸		70,000		64,561
NY State Dormitory Auth., 2.69%, 7/1/35		200,000		144,214
Oregon State Fac. Auth., 2.68%, 7/1/31		350,000		272,055
Public Fin. Auth., 4.23%, 7/1/32		105,000		93,780
RI Student Loan Auth., 4.13%, 12/1/27		200,000		186,344
Texas Children’s Hospital, 3.37%, 10/1/29 ¹⁷		115,000		106,219
Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27		205,000		184,746
VA Hsg. Dev. Auth., 2.13%, 7/25/51		218,971		156,126
WA State Hsg. Fin. Comm., 3.50%, 7/1/24 ⁴		20,000		19,535
Wichita Falls, 1.65%, 9/1/28		145,000		123,304

				2,930,807



Name of Issuer	Principal Amount ($)		Fair Value ($)

U.S. Treasury / Federal Agency Securities - 5.3%

U.S. Treasury - 5.3%

U.S. Treasury Bonds:
3.63%, 2/15/53		700,000		578,265
4.13%, 8/15/53		200,000		181,344

U.S. Treasury Notes:
2.75%, 4/30/27		950,000		888,473
3.50%, 2/15/33		750,000		688,242
4.50%, 11/15/25		250,000		247,383
U.S. Treasury Strip 3.59%, 11/15/50 ⁶		175,000		49,362

				2,633,069


Total Bonds (cost $17,277,524)				15,488,457



Name of Issuer	Quantity		Fair Value ($)

Investment Companies 3.2%
BlackRock Enhanced Government Fund		4,536		44,706
BlackRock Income Trust, Inc.		5,300		60,314
BlackRock Taxable Municipal Bond Trust		10,671		161,773
DWS Municipal Income Trust		9,800		75,460
First Trust Mortgage Income Fund		3,800		42,426
MFS Intermediate Income Trust		63,700		170,716
Nuveen AMT-Free Muni Credit Income Fund		20,900		215,479
Nuveen AMT-Free Quality Muni Income Fund		15,100		146,168
Nuveen Multi-Market Income Fund		3,953		22,176
Nuveen Quality Municipal Income Fund		12,500		126,750
Nuveen Taxable Municipal Income Fund		5,400		78,462
Putnam Master Intermediate Income Trust		61,000		184,220
Putnam Premier Income Trust		40,492		135,648
TCW Strategic Income Fund, Inc.		18,000		82,440


Total Investment Companies (cost: $1,824,288)				1,546,738


Short-Term Securities - 3.8%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% (cost $1,879,338)		1,879,338		1,879,338


Total Investments in Securities - 100.1% (cost $37,348,440)				49,208,162

Other Assets and Liabilities, net - (0.1)%				(58,095	)


Net Assets - 100.0%			$	49,150,067



SEPTEMBER 30, 2023		3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Balanced Fund (Continued)

*	Non-income producing security.

Variable rate security. Rate disclosed is as of September 30, 2023. 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 September 30, 2023 was $3,124,856 and represented 6.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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 September 30, 2023, 0.1% of net assets in the Fund was invested in such securities.

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.

ADR — American Depositary Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of September 30, 2023 is as follows:


	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Prices ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Common Stocks^**		30,293,629		—		—		30,293,629
Asset-Backed Securities		—		183,010		—		183,010
Collateralized Mortgage Obligations		—		3,148,916		—		3,148,916
Corporate Bonds		—		4,231,066		—		4,231,066
Federal Home Loan Mortgage Corporation		—		100,412		—		100,412
Federal National Mortgage Association		—		1,275,091		—		1,275,091
Government National Mortgage Association		—		986,086		—		986,086
Taxable Municipal Securities		—		2,930,807		—		2,930,807
U.S. Treasury / Federal Agency Securities		—		2,633,069		—		2,633,069
Investment Companies		1,546,738		—		—		1,546,738
Short-Term Securities		1,879,338		—		—		1,879,338
Total:		33,719,705		15,488,457		—		49,208,162

**	For equity securities categorized in a single level, refer to the detail above for further breakdown.

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.



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