# EDGAR Filing Document

**Accession Number:** 0000809981
**File Stem:** 0001193125-26-237913
**Filing Date:** 2026-5
**Character Count:** 229116
**Document Hash:** f5290a7a6b1f6ac11ef580640a894aff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-237913.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001193125-26-237913

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**EFFECTIVENESS DATE**: 20260526

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT U S GOVERNMENT SECURITIES FUND INC
- **CENTRAL INDEX KEY:** 0000809981

**ORGANIZATION NAME:**
- **EIN:** 411570831
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04995
- **FILM NUMBER:** 261015979

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR 80 S 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123323223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CENTER, 80 SOUTH EIGHTH  ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19870601

## Series and Classes Contracts Data

### SIT U S GOVERNMENT SECURITIES FUND INC (Series ID: S000011654)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032004 | Sit U.S. Government Securities Fund - Class S | SNGVX           |
| C000217198 | Sit U.S. Government Securities Fund - Class Y | SNGYX           |

?xml version='1.0' encoding='ASCII'? Sit U.S. Government Securities Fund, Inc.

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-04995

## Sit U.S. Government Securities Fund, Inc.

#### (Exact name of Registrant as specified in charter)

#### 3300 IDS Center

#### 80 South Eighth Street

#### Minneapolis, MN 55402

#### (Address of principal executive offices)

#### Paul E. Rasmussen, VP

#### Sit Mutual Funds

#### 3300 IDS Center

#### 80 South Eighth Street

#### Minneapolis, MN 55402

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (612) 332-3223

#### Date of fiscal year end: March 31, 2026

#### Date of reporting period: March 31, 2026

------

---

| | |
|:---|:---|
| **Item 1:** | **Reports to Stockholders.**  |

---

#### Class S - SNGVX

#### Sit U.S. Government Securities Fund
![Image](g100696ia38c66edb5f68593e964.jpg)

#### Annual Shareholder Report

#### March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Sit U.S. Government Securities Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit U.S. Government Securities Fund - Class S | $82 | 0.80% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended March 31, 2026, the Sit U.S. Government Securities Fund - Class S returned +4.16%, outperforming the Bloomberg Intermediate Government Bond Index's return of +3.98%. The Federal Reserve reduced short-term interest rates by 0.75%, which caused the yield curve to steepen. The Fund benefited from the consistent relatively high level of income provided by its holdings in higher coupon government agency mortgages. The Fund reduces interest rate risk by using options on Treasury securities. The use of options was effective in providing stability to the Fund's net asset value but detracted from overall performance. The Fund continued to experience relatively stable prepayment rates as the mortgage holdings are generally well seasoned and have been through many refinancing cycles.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g100696ic4f79dfc3936c29473b9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit U.S. Government Securities Fund - Class S** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Intermediate Government Bond Index** |
| **3/16** | $10000 | $10000 | $10000 |
| **3/17** | 10002 | 10044 | 9933 |
| **3/18** | 10078 | 10165 | 9919 |
| **3/19** | 10411 | 10620 | 10295 |
| **3/20** | 10958 | 11569 | 11214 |
| **3/21** | 11006 | 11651 | 11079 |
| **3/22** | 10769 | 11168 | 10618 |
| **3/23** | 10566 | 10633 | 10456 |
| **3/24** | 10740 | 10814 | 10628 |
| **3/25** | 11317 | 11342 | 11197 |
| **3/26** | 11787 | 11835 | 11642 |

---

The Fund continues to use the Bloomberg Intermediate Government Bond Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 03/31/26)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit U.S. Government Securities Fund - Class S | 4.16% | 1.38% | 1.66% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 1.70% |
| Bloomberg Intermediate Government Bond Index | 3.98% | 1.00% | 1.53% |

---

# What did the Fund invest in?
The Fund exclusively invested in U.S. government securities, focusing on high current income relative to market yields. The tables reflect the investment makeup of the Fund as of March 31, 2026. Portfolio holdings are subject to change.

# Fund Statistics (as of 03/31/26)

---

| | |
|:---|:---|
| Total Net Assets | $196960227 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 12.51% |
| Investment Advisory Fees Paid | $408661 |
| Average Maturity | 22.2 Years |
| Effective Duration<sup>Footnote Reference1</sup> | 3.5 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Duration is a measure of estimated price sensitivity relative to changes in interest rates. Portfolios with longer durations are typically more sensitive to changes in interest rates. For example, if interest rates rise by 1%, the fair value of a security with an effective duration of 5 years would decrease by 5%, with all other factors being constant. The correlation between duration and price sensitivity is greater for securities rated investment-grade than it is for securities rated below investment-grade. Duration estimates are based on assumptions by Sit Investment Associates, Inc. (the "Adviser") and are subject to a number of limitations. Effective duration is calculated based on historical price changes of securities held by the Fund, and therefore is a more accurate estimate of price sensitivity provided interest rates remain within their historical range. |

---

# Estimated Average Life

---

| | |
|:---|:---|
| 0-1 Year | 1.1% |
| 1-5 Years | 92.2 |
| 5-10 Years | 5.5 |
| 10-20 Years | 1.2 |
| Total | 100.0% |

---

# Portfolio Composition (% of Net Assets)

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 73.9% |
| Federal National Mortgage Association | 10.4 |
| Federal Home Loan Mortgage Corporation | 6.6 |
| U.S. Treasury / Federal Agency Securities | 4.1 |
| Government National Mortgage Association | 3.4 |
| Asset-Backed Securities | 0.5 |
| Cash & Other Net Assets | 1.1 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended March 31, 2026.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g100696i158e57787cef62b43ad2.jpg)

Class S - SNGVX

![Image](g100696i63bce6b3c233d7295f1d.jpg)

#### Sit U.S. Government Securities Fund
Annual Shareholder Report

March 31, 2026

#### Class Y - SNGYX

#### Sit U.S. Government Securities Fund
![Image](g100696ia38c66edb5f68593e964.jpg)

#### Annual Shareholder Report

#### March 31, 2026

# Fund Overview
This annual shareholder report contains important information about Sit U.S. Government Securities Fund for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit U.S. Government Securities Fund - Class Y | $56 | 0.55% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended March 31, 2026, the Sit U.S. Government Securities Fund - Class Y returned +4.42%, outperforming the Bloomberg Intermediate Government Bond Index's return of +3.98%. The Federal Reserve reduced short-term interest rates by 0.75%, which caused the yield curve to steepen. The Fund benefited from the consistent relatively high level of income provided by its holdings in higher coupon government agency mortgages. The Fund reduces interest rate risk by using options on Treasury securities. The use of options was effective in providing stability to the Fund's net asset value but detracted from overall performance. The Fund continued to experience relatively stable prepayment rates as the mortgage holdings are generally well seasoned and have been through many refinancing cycles.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g100696i376962351104fd394314.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit U.S. Government Securities Fund - Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Intermediate Government Bond Index** |
| **1/20** | 10101 | 10192 | 10141 |
| **3/20** | 10320 | 10315 | 10518 |
| **3/21** | 10395 | 10388 | 10391 |
| **3/22** | 10196 | 9957 | 9959 |
| **3/23** | 10025 | 9481 | 9808 |
| **3/24** | 10216 | 9641 | 9969 |
| **3/25** | 10783 | 10112 | 10502 |
| **3/26** | 11260 | 10552 | 10920 |

---

The Fund continues to use the Bloomberg Intermediate Government Bond Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 03/31/26)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 1/1/2020** |
| Sit U.S. Government Securities Fund - Class Y | 4.42% | 1.61% | 1.92% |
| Bloomberg U.S. Aggregate Bond Index | 4.35% | 0.31% | 0.86% |
| Bloomberg Intermediate Government Bond Index | 3.98% | 1.00% | 1.42% |

---

# What did the Fund invest in?
The Fund exclusively invested in U.S. government securities, focusing on high current income relative to market yields. The tables reflect the investment makeup of the Fund as of March 31, 2026. Portfolio holdings are subject to change.

# Fund Statistics (as of 03/31/26)

---

| | |
|:---|:---|
| Total Net Assets | $196960227 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 12.51% |
| Investment Advisory Fees Paid | $408661 |
| Average Maturity | 22.2 Years |
| Effective Duration<sup>Footnote Reference1</sup> | 3.5 Years |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>1</sup> | Duration is a measure of estimated price sensitivity relative to changes in interest rates. Portfolios with longer durations are typically more sensitive to changes in interest rates. For example, if interest rates rise by 1%, the fair value of a security with an effective duration of 5 years would decrease by 5%, with all other factors being constant. The correlation between duration and price sensitivity is greater for securities rated investment-grade than it is for securities rated below investment-grade. Duration estimates are based on assumptions by Sit Investment Associates, Inc. (the "Adviser") and are subject to a number of limitations. Effective duration is calculated based on historical price changes of securities held by the Fund, and therefore is a more accurate estimate of price sensitivity provided interest rates remain within their historical range. |

---

# Estimated Average Life

---

| | |
|:---|:---|
| 0-1 Year | 1.1% |
| 1-5 Years | 92.2 |
| 5-10 Years | 5.5 |
| 10-20 Years | 1.2 |
| Total | 100.0% |

---

# Portfolio Composition (% of Net Assets)

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 73.9% |
| Federal National Mortgage Association | 10.4 |
| Federal Home Loan Mortgage Corporation | 6.6 |
| U.S. Treasury / Federal Agency Securities | 4.1 |
| Government National Mortgage Association | 3.4 |
| Asset-Backed Securities | 0.5 |
| Cash & Other Net Assets | 1.1 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended March 31, 2026.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g100696i158e57787cef62b43ad2.jpg)

Class Y - SNGYX

![Image](g100696i63bce6b3c233d7295f1d.jpg)

#### Sit U.S. Government Securities Fund
Annual Shareholder Report

March 31, 2026

------

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

The Registrant has adopted a Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Registrant has not made any amendment to its code of ethics during the period covered by this report which must be described herein pursuant to Item 2. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant's code of ethics is available without charge upon request by calling the Registrant at 612-332-3223 or 1-800-332-5580, or by mail at Sit Mutual Funds, 3300 IDS Center, 80 South Eighth Street, Minneapolis, MN 55402.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.**  |

---

The Registrant's Board of Directors has determined that Mr. Edward M. Giles, Mr. Sidney L. Jones, Mr. Bruce C. Lueck, Mr. Donald W. Phillips, and Mr. Barry N. Winslow are audit committee financial experts serving on its audit committee. Mr. Giles, Mr. Jones, Mr. Lueck, Mr. Phillips, and Mr. Winslow are independent for purposes of this Item.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.**  |

---

a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years for professional services rendered by the Registrant's principal accountant were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Audit<br>Fees (a) | Audit<br>Related<br>Fees (b) | Tax<br>Fees (c) | All<br>Other<br>Fees (d) |
|  Fiscal year ended March 31, 2026 | $34400 | 0 | $6380 | 0 |
|  Fiscal year ended March 31, 2025 | $33400 | 0 | $6170 | 0 |

---

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

---

(a) The schedule of investments is included as part of the material filed under Item 7 of this Form.

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |

---

------

![LOGO](g100696dsp10.jpg)

Financial Statements and Other Information March 31, 2026 U.S. Government Securities Fund Quality Income Fund Tax-Free Income Fund Minnesota Tax-Free Income Fund

------

Sit Bond Funds FINANCIAL STATEMENTS AND OTHER INFORMATION **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Government Securities Fund](#fin100696_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Quality Income Fund](#fin100696_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tax-Free Income Fund](#fin100696_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Minnesota Tax-Free Income Fund](#fin100696_4) | 22 |
|  [Statements of Assets and Liabilities](#fin100696_5) | 29 |
|  [Statements of Operations](#fin100696_6) | 30 |
|  [Statements of Changes in Net Assets](#fin100696_7) | 31 |
|  [Financial Highlights](#fin100696_8) | 33 |
|  [Notes to Financial Statements](#fin100696_9) | 40 |
|  [Report of Independent Registered Public Accounting Firm](#fin100696_10) | 47 |
|  [Federal Tax Information](#fin100696_11) | 48 |
|  [Additional Information](#fin100696_12) | 49 |

---

This document must be preceded or accompanied by a Prospectus.

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Coupon Rate (%)** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($)** |
|  **Mortgage Pass-Through Securities - 20.4%** | **Mortgage Pass-Through Securities - 20.4%** | **Mortgage Pass-Through Securities - 20.4%** | **Mortgage Pass-Through Securities - 20.4%** |
|  **Federal Home Loan Mortgage Corporation - 6.6%** | **Federal Home Loan Mortgage Corporation - 6.6%** | **Federal Home Loan Mortgage Corporation - 6.6%** | **Federal Home Loan Mortgage Corporation - 6.6%** |
| 201422 | 2.00 | 8/1/41 | 175734 |
| 889491 | 4.50 | 7/1/52 | 863578 |
| 2119453 | 4.50 | 2/1/55 | 2046343 |
| 283582 | 5.00 | 5/1/42 | 285723 |
| 87248 | 5.00 | 12/1/48 | 87885 |
| 376930 | 5.50 | 9/1/52 | 382732 |
| 39028 | 5.82 | 10/1/37 | 40405 |
| 2354249 | 6.00 | 11/1/38 | 2428755 |
| 544928 | 6.00 | 2/1/54 | 548053 |
| 1107907 | 6.50 | 11/1/53 | 1146254 |
| 42226 | 6.88 | 2/17/31 | 43095 |
| 1785416 | 7.00 | 10/1/37 | 1879899 |
| 1034503 | 7.00 | 10/1/38 | 1093252 |
| 837293 | 7.00 | 3/1/39 | 881220 |
| 1080299 | 7.00 | 11/1/53 | 1134597 |
|  |  |  | 13037525 |
| **Federal National Mortgage Association - 10.4%** | **Federal National Mortgage Association - 10.4%** | **Federal National Mortgage Association - 10.4%** | **Federal National Mortgage Association - 10.4%** |
| 131517 | 3.50 | 10/1/34 | 127721 |
| 2195006 | 4.00 | 4/1/54 | 2070595 |
| 4099598 | 4.50 | 7/1/52 | 3973410 |
| 4934199 | 4.50 | 9/1/52 | 4782832 |
| 4024116 | 4.50 | 3/1/55 | 3885305 |
| 69278 | 5.00 | 4/1/33 | 69351 |
| 318172 | 5.00 | 11/1/39 | 321541 |
| 161475 | 5.00 | 6/1/40 | 163185 |
| 847560 | 5.00 | 7/1/40 | 856540 |
| 147762 | 5.00 | 7/1/41 | 149328 |
| 314419 | 5.00 | 2/1/44 | 318168 |
| 1427046 | 5.00 | 7/1/52 | 1396035 |
| 950638 | 5.50 | 11/1/52 | 980720 |
| 641170 | 5.93 | 5/1/35 | 639449 |
| 706264 | 6.00 | 2/1/54 | 710314 |
|  |  |  | 20444494 |
| **Government National Mortgage Association - 3.4%** | **Government National Mortgage Association - 3.4%** | **Government National Mortgage Association - 3.4%** | **Government National Mortgage Association - 3.4%** |
| 384018 | 5.00 | 7/20/49 | 382716 |
| 220283 | 5.50 | 5/20/40 | 226703 |
| 559672 | 5.50 | 8/20/62 | 562412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813383 | 6.00 | 12/20/52 | 1866355 |
| 1728388 | 6.00 | 8/20/62 | 1755950 |
| 6842 | 6.50 | 12/20/38 | 6869 |
| 1762911 | 7.00 | 12/20/52 | 1835495 |
|  |  |  | 6636500 |
|  **Total Mortgage Pass-Through Securities** | **Total Mortgage Pass-Through Securities** | **Total Mortgage Pass-Through Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40118519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $40,108,539)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $40,108,539)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $40,108,539)** |  |
|  **U.S. Treasury / Federal Agency Securities - 4.1%** | **U.S. Treasury / Federal Agency Securities - 4.1%** | **U.S. Treasury / Federal Agency Securities - 4.1%** | **U.S. Treasury / Federal Agency Securities - 4.1%** |
| U.S. Treasury Bonds: | U.S. Treasury Bonds: |  |  |
| 2850000 | 3.63 | 2/15/53 | 2293025 |
| U.S. Treasury Notes: | U.S. Treasury Notes: |  |  |
| 1000000 | 4.00 | 11/15/35 | 976250 |
| 2300000 | 4.25 | 1/31/30 | 2329109 |
| 1800000 | 4.25 | 11/15/34 | 1800563 |
| 600000 | 4.38 | 5/15/34 | 606680 |
|  **Total U.S. Treasury / Federal Agency Securities** | **Total U.S. Treasury / Federal Agency Securities** | **Total U.S. Treasury / Federal Agency Securities** | 8005627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $8,334,691)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $8,334,691)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $8,334,691)** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Coupon Rate (%)** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($)** |
|  **Collateralized Mortgage Obligations - 73.9%** | **Collateralized Mortgage Obligations - 73.9%** | **Collateralized Mortgage Obligations - 73.9%** | **Collateralized Mortgage Obligations - 73.9%** |
|  **Federal Home Loan Mortgage Corporation - 18.0%** | **Federal Home Loan Mortgage Corporation - 18.0%** | **Federal Home Loan Mortgage Corporation - 18.0%** | **Federal Home Loan Mortgage Corporation - 18.0%** |
| 1066414 | 4.00 | 5/15/48 | 1005256 |
| 4838576 | 4.50 | 9/25/53 | 4826700 |
| 886050 | 4.56 | 7/25/32 <sup>1</sup> | 829752 |
| 725892 | 5.00 | 10/25/48 | 727416 |
| 1439676 | 5.00 | 2/25/51 | 1412151 |
| 1374389 | 5.00 | 4/25/52 | 1377543 |
| 4639910 | 5.00 | 11/25/50 <sup>1</sup> | 4481507 |
| 2042697 | 5.23 | 5/25/43 | 1930613 |
| 1387451 | 5.50 | 6/25/48 | 1399129 |
| 1071292 | 5.50 | 11/25/50 | 1080026 |
| 3806322 | 5.50 | 6/25/51 | 3851372 |
| 258817 | 5.75 | 8/15/35 | 265039 |
| 279650 | 6.00 | 4/15/30 | 286432 |
| 748912 | 6.00 | 6/15/37 | 789488 |
| 761225 | 6.00 | 9/15/42 | 772761 |
| 2168638 | 6.00 | 9/25/52 | 2246371 |
| 224971 | 6.50 | 6/25/32 | 224599 |
| 248181 | 6.50 | 8/15/39 | 263487 |
| 731510 | 6.50 | 2/25/43 | 769210 |
| 657938 | 6.50 | 10/25/43 | 669876 |
| 1252941 | 6.50 | 8/15/45 | 1361530 |
| 589918 | 7.00 | 12/15/40 | 645735 |
| 1120423 | 7.00 | 3/25/43 | 1184051 |
| 1734323 | 7.00 | 7/25/43 | 1820010 |
| 815567 | 7.00 | 3/15/49 | 865866 |
| 422080 | 7.50 | 9/25/43 | 435948 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35521868 |
| **Federal National Mortgage Association - 17.1%** | **Federal National Mortgage Association - 17.1%** | **Federal National Mortgage Association - 17.1%** | **Federal National Mortgage Association - 17.1%** |
| 38017 | 4.00 | 7/25/40 | 37881 |
| 1432900 | 5.00 | 7/25/33 | 1440208 |
| 2819644 | 5.00 | 11/25/50 | 2748925 |
| 2876476 | 5.00 | 12/25/50 | 2878262 |
| 337514 | 5.00 | 1/25/51 | 336638 |
| 1591258 | 5.00 | 3/25/55 | 1580013 |
| 943982 | 5.25 | 8/25/49 | 949359 |
| 322161 | 5.36 | 6/25/42 | 328580 |
| 449685 | 5.50 | 6/25/40 | 463472 |
| 976622 | 5.50 | 1/25/49 | 982783 |
| 1024809 | 5.62 | 11/25/33 | 1023596 |
| 260331 | 5.75 | 8/25/33 | 262338 |
| 64512 | 6.00 | 11/25/32 | 66657 |
| 396772 | 6.00 | 9/25/35 | 412796 |
| 359561 | 6.00 | 10/25/36 | 371077 |
| 892872 | 6.00 | 11/25/43 | 908614 |
| 1398961 | 6.00 | 6/25/44 | 1428010 |
| 313874 | 6.00 | 8/25/44 | 320208 |
| 1450000 | 6.00 | 10/25/53 | 1483091 |
| 1595691 | 6.50 | 11/25/41 | 1617723 |
| 844212 | 6.50 | 7/25/42 | 876230 |
| 1485908 | 6.50 | 12/25/43 | 1520987 |
| 674456 | 6.59 | 9/25/37 <sup>1</sup> | 668575 |
| 321121 | 6.65 | 8/25/37 <sup>1</sup> | 321806 |
| 239074 | 6.75 | 4/25/37 | 240755 |
| 709342 | 7.00 | 12/25/33 | 739106 |
| 526818 | 7.00 | 6/19/41 <sup>1</sup> | 530564 |
| 767505 | 7.00 | 12/25/41 | 796442 |
| 936757 | 7.00 | 6/25/42 <sup>1</sup> | 935779 |
| 553972 | 7.00 | 7/25/42 | 575592 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **2** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount ($)** | **Coupon Rate (%)** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($)** |
| 518555 | 7.00 | 2/25/44 | 530928 |
| 524119 | 7.00 | 4/25/49 | 556375 |
| 198580 | 7.50 | 10/25/40 | 199378 |
| 707513 | 7.50 | 11/25/40 | 708329 |
| 970256 | 7.50 | 7/25/41 | 985886 |
| 235202 | 7.50 | 1/25/42 | 247902 |
| 410953 | 7.50 | 5/25/42 | 435162 |
| 493382 | 7.50 | 2/25/44 | 500477 |
| 303561 | 7.50 | 5/25/44 | 326434 |
| 2037739 | 7.50 | 1/25/48 | 2124872 |
| 19919 | 8.05 | 10/25/42 <sup>1</sup> | 21446 |
| 96309 | 8.50 | 6/25/30 | 101913 |
| 6599 | 18.19 | 3/25/39 <sup>1</sup> | 8020 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33593189 |
| **Government National Mortgage Association - 38.7%** | **Government National Mortgage Association - 38.7%** | **Government National Mortgage Association - 38.7%** | **Government National Mortgage Association - 38.7%** |
| 1857707 | 4.73 | 5/20/51 <sup>1</sup> | 1782403 |
| 1900272 | 4.75 | 5/20/51 <sup>1</sup> | 1818096 |
| 4136092 | 4.77 | 8/20/51 <sup>1</sup> | 3987994 |
| 553623 | 5.00 | 8/20/48 | 552751 |
| 3288690 | 5.00 | 1/20/51 | 3239072 |
| 5961192 | 5.00 | 2/20/51 | 5856458 |
| 344435 | 5.00 | 6/20/52 | 343650 |
| 771616 | 5.50 | 12/20/49 | 773829 |
| 3086616 | 5.50 | 12/20/50 | 3135148 |
| 2577720 | 5.50 | 1/20/51 | 2613661 |
| 1386232 | 5.50 | 4/20/51 | 1419286 |
| 10597246 | 5.50 | 5/20/51 | 10782488 |
| 11694209 | 5.50 | 6/20/51 | 11870039 |
| 13565017 | 5.50 | 7/20/51 | 13739223 |
| 1453291 | 5.50 | 10/20/51 | 1473685 |
| 6208433 | 5.92 | 2/20/51 <sup>1</sup> | 6341596 |
| 207473 | 6.00 | 12/20/35 | 211667 |
| 199714 | 6.00 | 3/20/48 | 204982 |
| 1124546 | 6.00 | 3/20/49 | 1140308 |
| 334310 | 6.00 | 5/20/49 | 342126 |
| 1661872 | 6.50 | 8/20/48 | 1696181 |
| 731948 | 6.50 | 10/20/48 | 773798 |
| 652858 | 6.50 | 1/20/49 | 691161 |
| 291219 | 6.50 | 3/20/54 | 297532 |
| 777769 | 7.00 | 11/20/48 | 811987 |
| 223410 | 7.05 | 2/20/45 <sup>1</sup> | 237461 |
|  |  |  | 76136582 |
|  **Vendee Mortgage Trust - 0.1%** | **Vendee Mortgage Trust - 0.1%** | **Vendee Mortgage Trust - 0.1%** | **Vendee Mortgage Trust - 0.1%** |
| 264492 | 6.35 | 7/15/30 <sup>1</sup> | 269082 |
|  |  |  | 269082 |
|  **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | **Total Collateralized Mortgage Obligations** | 145520721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $154,758,794)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $154,758,794)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $154,758,794)** |  |
|  **Asset-Backed Securities - 0.5%** | **Asset-Backed Securities - 0.5%** | **Asset-Backed Securities - 0.5%** | **Asset-Backed Securities - 0.5%** |
|  **Federal Home Loan Mortgage Corporation - 0.1%** | **Federal Home Loan Mortgage Corporation - 0.1%** | **Federal Home Loan Mortgage Corporation - 0.1%** |  |
| 153734 | 7.16 | 7/25/29 | 155427 |
|  |  |  | 155427 |
|  **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** | **Federal National Mortgage Association - 0.4%** |
| 2608 | SOFRRATE 30 Day<br> Average + 0.45%, 3.95 | 11/25/32 <sup>1</sup> | 2559 |
| 188918 | 4.52 | 9/26/33 <sup>14</sup> | 185689 |
| 52358 | 4.86 | 10/25/33 <sup>14</sup> | 53050 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount ($)** | **Coupon Rate (%)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($)** |
| 694743 | 5.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/25/33 <sup>14</sup> | 700794 |
|  |  | 942092 |
|  **Total Asset-Backed Securities** | **Total Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $1,106,138)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $1,106,138)** |  |
|  **Put Options Purchased <sup>19</sup> - 0.0%** | **Put Options Purchased <sup>19</sup> - 0.0%** | 120438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $79,908)** | &nbsp;&nbsp;&nbsp;&nbsp; **(cost: $79,908)** |  |
| **Quantity** | **Name of Issuer** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value ($)** |
|  **Short-Term Securities - 0.8%** | **Short-Term Securities - 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576049 | Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% | 1576049 |
| **(cost: $1,576,049)** | **(cost: $1,576,049)** |  |
|  **Total Investments in Securities - 99.7%<br>(cost: $205,964,119)** | **Total Investments in Securities - 99.7%<br>(cost: $205,964,119)** | 196438873 |
|  **Other Assets and Liabilities - 0.3%** | **Other Assets and Liabilities - 0.3%** | 521354 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $196960227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of March 31, 2026. 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.  |

---

14 Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of March 31, 2026.

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

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **3** |

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------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit U.S. Government Securities Fund (Continued)

19 Options outstanding as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Exercise<br>Price ($)** | **Expiration<br>Date** | **Counterparty** | **Notional<br>Amount ($)** | **Cost/<br>Premiums ($)** | **Value ($)** |
|  Put Options Purchased - U.S. Treasury Futures: | Put Options Purchased - U.S. Treasury Futures: | Put Options Purchased - U.S. Treasury Futures: | Put Options Purchased - U.S. Treasury Futures: |  |  |  |  |
|  5-Year | 164 | 108.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Financial, Inc. | 17753000 | 79908 | 120438 |

---

A summary of the levels for the Fund's investments as of March 31, 2026 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices ($)  | **Level 2**<br> Other significant<br>observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable inputs ($)  | Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Pass-Through Securities |  | 40118519 |  | 40118519 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury / Federal Agency Securities |  | 8005627 |  | 8005627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 145520721 |  | 145520721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1097519 |  | 1097519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Put Options Purchased | 120438 |  |  | 120438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 1576049 |  |  | 1576049 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696487 | 194742386 |  | 196438873 |

---

There were no transfers into or out of level 3 during the reporting period.

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **4** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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MARCH 31, 2026<sub>5</sub>

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SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Quality Income Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of Issuer | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **Asset-Backed Securities - 5.0%** |  |  |  |  |
|  **Agency - 0.2%** |  |  |  |  |
|  FNMA Grantor Trust, Series 2004-T5, Class A11 <sup>1</sup> | 265636 | 4.85 | 5/28/35 | 272164 |
|  Small Business Administration, Series 2006-20D, Class <sup>1</sup> | 6575 | 5.64 | 4/1/26 | 6575 |
|  Small Business Administration, Series 2007-20B, Class <sup>1</sup> | 8409 | 5.49 | 2/1/27 | 8451 |
|  |  |  |  | 287190 |
|  **Non-Agency - 4.1%** |  |  |  |  |
|  Crown Castle Towers, LLC 4 | 1350000 | 4.24 | 7/15/28 | 1341284 |
|  RCKT Mortgage Trust, Series 2023-CES3, Class A1A <sup>1, 4</sup> | 437709 | 7.11 | 11/25/43 | 441030 |
|  RCKT Mortgage Trust, Series 2024-CES3, Class A1A <sup>1, 4</sup> | 993718 | 6.59 | 5/25/44 | 1003211 |
|  RCKT Mortgage Trust, Series 2024-CES4, Class A1A <sup>4, 14</sup> | 384518 | 6.15 | 6/25/44 | 387163 |
|  RCKT Mortgage Trust, Series 2025-CES1, Class A1B <sup>4, 14</sup> | 984791 | 5.70 | 1/25/45 | 988883 |
|  RCKT Mortgage Trust, Series 2025-CES3, Class A1A <sup>4, 14</sup> | 742823 | 5.55 | 3/25/55 | 746943 |
|  SBA Tower Trust <sup>4</sup> | 525000 | 4.83 | 10/15/29 | 527260 |
|  Towd Point Mortgage Trust, Series 2023-CES2, Class A1A <sup>1, 4</sup> | 219256 | 7.29 | 10/25/63 | 220547 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5656321 |
|  **State and Local - 0.7%** |  |  |  |  |
|  DTE Electric Securitization Funding II, LLC | 831559 | 5.97 | 3/1/32 | 871214 |
|  |  |  |  | 871214 |
|  **Total Asset-Backed Securities<br>(cost: $6,734,620)** |  |  |  | 6814725 |
|  **Collateralized Mortgage Obligations - 44.5%** |  |  |  |  |
|  **Agency - 36.9%** |  |  |  |  |
|  FHLMC REMICS, Series 3756, Class PZ | 2082559 | 4.00 | 11/15/40 | 2023419 |
|  FHLMC REMICS, Series 4246, Class PT | 152500 | 6.50 | 2/15/36 | 157772 |
|  FHLMC REMICS, Series 5226, Class D | 294766 | 3.50 | 12/15/45 | 285614 |
|  FHLMC REMICS, Series 5252, Class BT | 688457 | 6.00 | 9/25/52 | 713134 |
|  FHLMC REMICS, Series 5280, Class A | 810670 | 3.50 | 1/25/50 | 767678 |
|  FHLMC REMICS, Series 5378, Class DA | 2898235 | 5.00 | 5/25/49 | 2900355 |
|  FHLMC REMICS, Series 5391, Class EA | 1012533 | 5.50 | 5/25/49 | 1019285 |
|  FHLMC REMICS, Series 5417, Class HA | 854742 | 5.50 | 11/25/51 | 857722 |
|  FHLMC REMICS, Series 5440, Class NG | 436471 | 5.50 | 9/25/49 | 436256 |
|  FHLMC REMICS, Series 5444, Class AB | 304583 | 5.50 | 9/25/49 | 304009 |
|  FHLMC REMICS, Series 5452, Class CB | 836455 | 5.00 | 8/25/51 | 835423 |
|  FHLMC REMICS, Series 5470, Class MA | 746950 | 5.00 | 4/25/52 | 748665 |
|  FHLMC REMICS, Series 5487, Class CA | 1579071 | 5.50 | 12/25/51 | 1588400 |
|  FHLMC REMICS, Series 5537, Class EA | 890213 | 5.00 | 5/25/52 | 885814 |
|  FHLMC REMICS, Series 5585, Class M | 1560419 | 5.00 | 10/25/55 | 1541880 |
|  FHLMC REMICS, Series 5596, Class CA | 1194140 | 5.00 | 8/25/55 | 1186370 |
|  FHLMC REMICS, Series 5627, Class DT | 2419288 | 4.50 | 9/25/53 | 2413350 |
|  FHLMC Structured Pass-Through Certificates, Series T-54, Class 2A | 1603860 | 6.50 | 2/25/43 | 1686519 |
|  FHLMC Structured Pass-Through Certificates, Series T-60, Class 1A2 | 648656 | 7.00 | 3/25/44 | 659252 |
|  FNMA Grantor Trust, Series 2002-T18, Class A4 <sup>1</sup> | 1774909 | 7.50 | 8/25/42 | 1912892 |
|  FNMA REMICS, Series 2002-W1, Class 2A <sup>1</sup> | 1028771 | 4.31 | 2/25/42 | 1027072 |
|  FNMA REMICS, Series 2004-W5, Class A1 | 1269545 | 6.00 | 2/25/47 | 1317697 |
|  FNMA REMICS, Series 2009-24, Class LC <sup>1</sup> | 193228 | 1.96 | 4/25/39 | 170946 |
|  FNMA REMICS, Series 2010-68, Class W <sup>1</sup> | 143003 | 1.31 | 7/25/37 | 124459 |
|  FNMA REMICS, Series 2011-10, Class AC | 1107497 | 3.00 | 2/25/41 | 1073114 |
|  FNMA REMICS, Series 2011-146, Class LX | 165995 | 3.50 | 10/25/40 | 165463 |
|  FNMA REMICS, Series 2015-61, Class VB | 829289 | 3.50 | 6/25/34 | 823800 |
|  FNMA REMICS, Series 2018-25, Class AG | 708027 | 3.50 | 4/25/47 | 690544 |
|  FNMA REMICS, Series 2022-42, Class GV | 716677 | 5.00 | 7/25/33 | 713835 |
|  FNMA REMICS, Series 2023-64, Class HA | 2576394 | 5.50 | 9/25/50 | 2610224 |
|  FNMA REMICS, Series 2025-100, Class CT | 2318378 | 5.00 | 12/25/55 | 2294482 |
|  FNMA REMICS, Series 2025-55, Class AN | 1347540 | 5.00 | 7/25/55 | 1341568 |
|  FNMA REMICS, Series 2025-66, Class KA | 1744389 | 5.00 | 8/25/52 | 1741144 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **6** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  FNMA REMICS, Series 2025-74, Class CN | 2293421 | 5.00 | 2/25/53 | 2281712 |
|  FNMA REMICS, Series 2025-84, Class A | 2196579 | 5.00 | 2/25/55 | 2212398 |
|  FNMA Trust, Series 2004-W9, Class 1A3 | 595666 | 6.05 | 2/25/44 | 614589 |
|  FRESB Mortgage Trust, Series 2018-SB45, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup> | 120566 | 4.48 | 11/25/37 | 120003 |
|  FRESB Mortgage Trust, Series 2018-SB46, Class A5H, SOFRRATE 30 Day Average + 0.81% <sup>1</sup> | 463843 | 4.48 | 12/25/37 | 461347 |
|  Government National Mortgage Association, Series 2004-11, Class QG | 148891 | 5.00 | 2/16/34 | 148571 |
|  Government National Mortgage Association, Series 2020-149, Class AW | 1354070 | 5.50 | 10/20/50 | 1364380 |
|  Government National Mortgage Association, Series 2024-116, Class MB | 535359 | 6.50 | 3/20/54 | 546965 |
|  Government National Mortgage Association, Series 2024-4, Class GK | 589709 | 5.00 | 3/20/52 | 592265 |
|  Government National Mortgage Association, Series 2024-79, Class MC | 877123 | 5.50 | 10/20/49 | 884984 |
|  Government National Mortgage Association, Series 2025-135, Class CD | 1758611 | 5.00 | 4/20/52 | 1758448 |
|  Government National Mortgage Association, Series 2025-71, Class AD | 1549234 | 5.00 | 4/20/54 | 1547915 |
|  Seasoned Credit Risk Transfer Trust, Series 2019-4, Class M55D | 195384 | 4.00 | 2/25/59 | 183560 |
|  Seasoned Credit Risk Transfer Trust, Series 2022-2, Class M5TU | 1114352 | 4.00 | 4/25/62 | 1045173 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50780467 |
|  **Non-Agency - 7.6%** |  |  |  |  |
|  Chase Home Lending Mortgage Trust, Series 2024-3, Class A4 <sup>1, 4</sup> | 418739 | 6.00 | 2/25/55 | 421026 |
|  Chase Home Lending Mortgage Trust, Series 2024-4, Class A6 <sup>1, 4</sup> | 494251 | 6.00 | 3/25/55 | 495618 |
|  JP Morgan Mortgage Trust, Series 2021-1, Class A4 <sup>1, 4</sup> | 431977 | 2.50 | 6/25/51 | 398364 |
|  JP Morgan Mortgage Trust, Series 2021-14, Class A4 <sup>1, 4</sup> | 621477 | 2.50 | 5/25/52 | 556984 |
|  JP Morgan Mortgage Trust, Series 2021-6, Class A4 <sup>1, 4</sup> | 1109222 | 2.50 | 10/25/51 | 1001620 |
|  JP Morgan Mortgage Trust, Series 2021-7, Class A4 <sup>1, 4</sup> | 380526 | 2.50 | 11/25/51 | 343233 |
|  JP Morgan Mortgage Trust, Series 2024-4, Class A4A <sup>1, 4</sup> | 300932 | 6.00 | 10/25/54 | 301836 |
|  JP Morgan Mortgage Trust, Series 2025-1, Class A4 <sup>1, 4</sup> | 969778 | 6.00 | 6/25/55 | 975053 |
|  New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 <sup>1, 4</sup> | 146391 | 4.00 | 4/25/57 | 141429 |
|  New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, TSFR1M + 0.86% <sup>1, 4</sup> | 110105 | 4.54 | 1/25/48 | 108340 |
|  Sequoia Mortgage Trust, Series 2020-4, Class A5 <sup>1, 4</sup> | 189539 | 2.50 | 11/25/50 | 175771 |
|  Sequoia Mortgage Trust, Series 2023-4, Class A10 <sup>1, 4</sup> | 98775 | 5.76 | 11/25/53 | 98580 |
|  Sequoia Mortgage Trust, Series 2024-9, Class A11 <sup>1, 4</sup> | 88505 | 5.50 | 10/25/54 | 88273 |
|  Sequoia Mortgage Trust, Series 2025-1, Class A10 <sup>1, 4</sup> | 1403249 | 6.00 | 1/25/55 | 1406851 |
|  Sequoia Mortgage Trust, Series 2025-2, Class A4 <sup>1, 4</sup> | 759610 | 6.00 | 3/25/55 | 762284 |
|  Sequoia Mortgage Trust, Series 2025-4, Class A11 <sup>1, 4</sup> | 826367 | 5.50 | 4/25/55 | 826904 |
|  Sequoia Mortgage Trust, Series 2025-8, Class A5 <sup>1, 4</sup> | 648283 | 5.50 | 6/25/55 | 648612 |
|  Sequoia Mortgage Trust, Series 2026-1, Class A5 <sup>1, 4</sup> | 1547950 | 4.50 | 2/25/56 | 1526405 |
|  Wells Fargo Mortgaged Backed Securities Trust, Series 2020-5, Class A3 <sup>1, 4</sup> | 166228 | 2.50 | 9/25/50 | 153218 |
|  |  |  |  | 10430401 |
|  **Total Collateralized Mortgage Obligations<br>(cost: $61,342,225)** |  |  |  | 61210868 |
|  **Corporate Bonds - 10.7%** |  |  |  |  |
|  Associated Banc-Corp. | 1400000 | 6.46 | 8/29/30 | 1432846 |
|  CVS Pass-Through Trust <sup>4</sup> | 203582 | 5.93 | 1/10/34 | 207490 |
|  CVS Pass-Through Trust | 327280 | 6.94 | 1/10/30 | 336947 |
|  CVS Pass-Through Trust Series 2013 <sup>4</sup> | 875008 | 4.70 | 1/10/36 | 825780 |
|  F&G Global Funding <sup>4</sup> | 1225000 | 5.88 | 1/16/30 | 1240145 |
|  Fifth Third Financial Corp. | 1025000 | 5.98 | 1/30/30 | 1057458 |
|  First Citizens BancShares, Inc. | 1200000 | 5.23 | 3/12/31 | 1190113 |
|  First Horizon Corp. | 650000 | 5.51 | 3/7/31 | 658447 |
|  FNB Corp. | 1200000 | 5.72 | 12/11/30 | 1205180 |
|  Great River Energy <sup>4</sup> | 718063 | 6.25 | 7/1/38 | 757157 |
|  MSCI, Inc. <sup>4</sup> | 1250000 | 3.88 | 2/15/31 | 1182279 |
|  Pinnacle Financial Partners, Inc. | 1175000 | 6.17 | 11/1/30 | 1197768 |
|  Texas Capital Bancshares, Inc. | 1225000 | 5.30 | 2/27/32 | 1208985 |
|  Truist Bank (Subordinated) | 1000000 | 2.25 | 3/11/30 | 908508 |
|  Western Alliance Bancorp (Subordinated) | 1400000 | 3.00 | 6/15/31 | 1341522 |
|  **Total Corporate Bonds<br>(cost: $14,759,835)** |  |  |  | 14750625 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **7** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Quality Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **Mortgage Pass-Through Securities - 20.2%** |  |  |  |  |
|  **Federal Home Loan Mortgage Corporation - 3.3%** |  |  |  |  |
|  Freddie Mac | 1212217 | 2.50 | 8/1/30 | 1174776 |
|  Freddie Mac | 6922 | 3.00 | 9/1/27 | 6870 |
|  Freddie Mac | 1470417 | 3.00 | 3/1/31 | 1435081 |
|  Freddie Mac | 85 | 3.50 | 7/1/26 | 84 |
|  Freddie Mac | 1475 | 4.00 | 7/1/26 | 1471 |
|  Freddie Mac | 3218 | 4.00 | 1/1/27 | 3212 |
|  Freddie Mac | 197204 | 4.00 | 4/1/29 | 197026 |
|  Freddie Mac | 66702 | 4.00 | 10/1/31 | 66201 |
|  Freddie Mac | 311891 | 4.50 | 6/1/39 | 307158 |
|  Freddie Mac | 765260 | 5.00 | 8/1/38 | 771360 |
|  Freddie Mac | 759000 | 5.00 | 9/1/54 | 748844 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712083 |
|  **Federal National Mortgage Association - 14.6%** |  |  |  |  |
|  Fannie Mae | 81551 | 3.00 | 10/1/27 | 81036 |
|  Fannie Mae | 7423 | 3.00 | 8/1/28 | 7358 |
|  Fannie Mae | 194204 | 3.00 | 5/1/30 | 190493 |
|  Fannie Mae | 86169 | 3.00 | 11/1/31 | 85406 |
|  Fannie Mae | 1009864 | 3.50 | 4/1/32 | 990064 |
|  Fannie Mae | 269871 | 3.50 | 11/1/38 | 261592 |
|  Fannie Mae | 3935 | 4.00 | 10/1/31 | 3901 |
|  Fannie Mae | 257094 | 4.00 | 10/1/34 | 255633 |
|  Fannie Mae | 577752 | 4.00 | 6/1/38 | 571931 |
|  Fannie Mae | 9821 | 4.50 | 3/1/29 | 9799 |
|  Fannie Mae | 135712 | 4.50 | 7/1/31 | 136069 |
|  Fannie Mae | 1076122 | 4.50 | 4/1/39 | 1078906 |
|  Fannie Mae | 1977876 | 4.50 | 9/1/53 | 1913224 |
|  Fannie Mae | 1934231 | 4.50 | 8/1/54 | 1867513 |
|  Fannie Mae | 2730618 | 5.00 | 6/1/53 | 2705735 |
|  Fannie Mae | 371325 | 5.50 | 12/1/35 | 383176 |
|  Fannie Mae | 610875 | 5.50 | 12/1/38 | 622946 |
|  Fannie Mae | 257061 | 5.50 | 8/1/40 | 265177 |
|  Fannie Mae | 428933 | 5.50 | 2/1/42 | 442644 |
|  Fannie Mae | 654531 | 5.50 | 5/1/49 | 669085 |
|  Fannie Mae | 391377 | 5.50 | 9/1/49 | 402120 |
|  Fannie Mae | 1498662 | 5.50 | 8/1/56 | 1543104 |
|  Fannie Mae | 1714545 | 6.00 | 11/1/38 | 1767564 |
|  Fannie Mae | 958774 | 6.00 | 10/1/53 | 984123 |
|  Fannie Mae | 420585 | 6.50 | 5/1/40 | 445652 |
|  Fannie Mae | 381035 | 7.00 | 1/1/40 | 399709 |
|  Fannie Mae | 428920 | 7.00 | 1/1/40 | 449941 |
|  Fannie Mae | 1320363 | 7.50 | 10/1/38 | 1371833 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19905734 |
|  **Government National Mortgage Association - 2.1%** |  |  |  |  |
|  Ginnie Mae | 3 | 5.00 | 6/20/26 | 3 |
|  Ginnie Mae | 2050187 | 5.50 | 8/20/62 | 2060224 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup> | 10033 | 5.63 | 4/20/33 | 10156 |
|  Ginnie Mae, US Treasury + 1.50% <sup>1</sup> | 3499 | 5.63 | 4/20/42 | 3517 |
|  Ginnie Mae | 837395 | 6.00 | 9/20/38 | 853488 |
|  |  |  |  | 2927388 |
|  **Other Federal Agency Securities - 0.2%** |  |  |  |  |
|  Small Business Administration Pools, PRIME - 2.50% <sup>1</sup> | 95537 | 4.25 | 5/25/43 | 95626 |
|  Small Business Administration Pools, PRIME + 0.80% <sup>1</sup> | 41832 | 7.55 | 3/25/30 | 42479 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **8** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  Small Business Administration Pools, PRIME + 0.81% <sup>1</sup> | 77825 | 7.56 | 2/25/28 | 78979 |
|  |  |  |  | 217084 |
|  **Total Mortgage Pass-Through Securities<br>(cost: $27,805,696)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27762289 |
|  **Taxable Municipal Bonds - 18.0%** |  |  |  |  |
|  Colorado Housing & Finance Authority | 555000 | 6.50 | 5/1/48 | 587818 |
|  Columbus Metropolitan Housing Authority | 1000000 | 4.60 | 12/1/28 | 993309 |
|  Commonwealth of Massachusetts Transportation Fund | 1000000 | 5.63 | 6/1/30 | 1023387 |
|  Connecticut Housing Finance Authority | 955000 | 5.75 | 11/15/54 | 983948 |
|  County of Yamhill OR | 280000 | 4.50 | 10/1/30 | 268318 |
|  Idaho Housing & Finance Association | 820000 | 6.00 | 1/1/48 | 856265 |
|  Idaho Housing & Finance Association | 845000 | 6.50 | 7/1/53 | 896915 |
|  Idaho Housing & Finance Association | 995000 | 6.50 | 7/1/56 | 1066546 |
|  Illinois Housing Development Authority | 995000 | 6.25 | 4/1/56 | 1053835 |
|  Illinois Housing Development Authority | 860000 | 6.50 | 4/1/54 | 907141 |
|  Kentucky Higher Education Student Loan Corp. | 460000 | 2.52 | 6/1/35 | 440843 |
|  Kentucky Housing Corp. | 955000 | 6.25 | 1/1/55 | 1004585 |
|  Maryland Community Development Administration | 795000 | 6.00 | 9/1/53 | 828878 |
|  Massachusetts Educational Financing Authority | 775000 | 2.64 | 7/1/37 | 682195 |
|  Massachusetts Educational Financing Authority | 750000 | 6.07 | 7/1/33 | 777427 |
|  Massachusetts Housing Finance Agency | 910000 | 6.50 | 12/1/52 | 962252 |
|  Minnesota Housing Finance Agency | 960000 | 6.13 | 7/1/55 | 1018532 |
|  Missouri Highway & Transportation Commission | 895000 | 5.45 | 5/1/33 | 919662 |
|  Monroe County Water Authority | 1455000 | 6.26 | 8/1/30 | 1506837 |
|  Nebraska Investment Finance Authority | 975000 | 6.00 | 9/1/53 | 1023130 |
|  Nevada Housing Division | 500000 | 6.25 | 10/1/56 | 533078 |
|  New Mexico Mortgage Finance Authority | 695000 | 6.25 | 3/1/55 | 735802 |
|  New York City Housing Development Corp. | 1000000 | 4.27 | 2/1/30 | 1003846 |
|  North Carolina Housing Finance Agency | 450000 | 6.50 | 1/1/55 | 473806 |
|  Oklahoma Development Finance Authority | 349205 | 3.88 | 5/1/37 | 344104 |
|  Pennsylvania Housing Finance Agency | 750000 | 6.50 | 10/1/55 | 812751 |
|  Rhode Island Student Loan Authority | 1000000 | 5.80 | 12/1/33 | 1031145 |
|  Rhode Island Student Loan Authority | 1000000 | 4.00 | 12/1/38 | 992396 |
|  Utah Housing Corp. | 890000 | 6.25 | 1/1/54 | 933611 |
|  **Total Taxable Municipal Bonds<br>(cost: $24,499,206)** |  |  |  | 24662362 |
|  **U.S. Treasury / Federal Agency Securities - 0.5%** |  |  |  |  |
|  **U.S. Treasury - 0.5%** |  |  |  |  |
|  U.S. Treasury Notes | 700000 | 3.50 | 2/28/31 | 686492 |
|  |  |  |  | 686492 |
|  **Total U.S. Treasury / Federal Agency Securities<br>(cost: $684,684)** |  |  |  | 686492 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **9** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Quality Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair<br>Value ($)** |
|  **Short-Term Securities - 0.5%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.53%<br>**(cost: $663,735)** | 663735 | 663735 |
|  **Total Investments in Securities - 99.4%<br>(cost: $136,490,001)** |  | 136551096 |
|  **Other Assets and Liabilities, net - 0.6%** |  | 859217 |
|  **Net Assets - 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$137410313 |

---

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of March 31, 2026. 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 March 31, 2026 was $20,299,573 and represented 14.8% of net assets. These securities have 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 March 31, 2026.

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

A summary of the levels for the Fund's investments as of March 31, 2026 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> Prices ($) | **Level 2**<br> Other significant<br> observable inputs ($) | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable inputs ($)  | Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 6814725 |  | 6814725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 61210868 |  | 61210868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 14750625 |  | 14750625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Pass-Through Securities |  | 27762289 |  | 27762289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable Municipal Bonds |  | 24662362 |  | 24662362 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury / Federal Agency Securities |  | 686492 |  | 686492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities | 663735 |  |  | 663735 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663735 | 135887361 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136551096 |

---

There were no transfers into or out of level 3 during the reporting period.

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **10** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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MARCH 31, 2026<sub>11</sub>

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Tax-Free Income Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 91.1%** |  |  |  |  |
|  **Alabama - 1.8%** |  |  |  |  |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.05 | 10/1/45 | 508545 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 4.63 | 10/1/49 | 479360 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.88 | 10/1/55 | 493071 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.95 | 10/1/55 | 497312 |
|  Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) <sup>4</sup> | 400000 | 4.00 | 11/1/45 | 358479 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336767 |
|  **Alaska - 0.2%** |  |  |  |  |
|  AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation) | 250000 | 5.00 | 4/1/33 | 250667 |
|  **Arizona - 0.4%** |  |  |  |  |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 750000 | 6.75 | 7/1/30 | 17625 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 100000 | 5.50 | 7/1/31 | 2350 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 750000 | 7.75 | 7/1/50 | 17625 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 200000 | 6.00 | 7/1/51 | 4700 |
|  Phoenix Arizona Industrial Dev. Auth. Rev. (Christian Care Surprise Inc. Proj.) | 500000 | 5.50 | 12/1/50 | 486826 |
|  |  |  |  | 529126 |
|  **Arkansas - 0.2%** |  |  |  |  |
|  Mountain Home City Sales & Use Tax Rev. | 390000 | 2.00 | 9/1/38 | 289071 |
|  **California - 3.9%** |  |  |  |  |
|  CA Enterprise Dev. Auth. Rev. (Castilleja School Foundation Proj.) | 300000 | 4.00 | 6/1/54 | 266276 |
|  CA Municipal Finance Auth. Rev. (Aldersly Proj.) | 300000 | 5.00 | 5/15/43 | 321999 |
|  CA Municipal Finance Auth. Rev. (Caritas Proj.) | 250000 | 4.00 | 8/15/56 | 198609 |
|  CA Pollution Control Financing Auth. Rev. (Poseidon Resources) <sup>4</sup> | 300000 | 5.00 | 7/1/38 | 317359 |
|  Encinitas Union School District G.O. Capital Appreciation <sup>6</sup> | 500000 | 6.75 | 8/1/35 | 617795 |
|  Irvine Facs. Financing Auth. Rev. (Gateway Preserve Land Acquisition Proj.) <sup>9</sup> | 300000 | 5.25 | 5/1/48 | 300225 |
|  Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia) | 500000 | 4.00 | 8/15/45 | 450638 |
|  Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) <sup>1</sup> | 500000 | 3.20 | 6/1/39 | 476964 |
|  San Francisco City & County Airport Comm-San Francisco International Airport Rev. | 500000 | 5.25 | 5/1/55 | 515235 |
|  Santa Fe Springs Public Financing Auth. Rev. (Road Improvements) | 275000 | 5.25 | 6/1/45 | 297442 |
|  Tracy Joint Unified School District G.O. Capital Appreciation <sup>6</sup> | 600000 | 7.00 | 8/1/41 | 654457 |
|  Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) <sup>6</sup> | 500000 | 6.13 | 8/1/34 | 590893 |
|  |  |  |  | 5007892 |
|  **Colorado - 2.0%** |  |  |  |  |
|  CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.) | 250000 | 5.60 | 7/1/34 | 250265 |
|  CO Educational & Cultural Facs. Auth. Rev. (Mountain Phoenix Community Proj.) <sup>4</sup> | 500000 | 6.00 | 7/1/43 | 464393 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 400000 | 3.50 | 5/15/30 | 393472 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 415000 | 5.00 | 5/15/44 | 341029 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 500000 | 5.00 | 5/15/58 | 355303 |
|  CO. Hsg. and Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 5.15 | 5/1/40 | 357578 |
|  Reunion Metropolitan District Rev. | 547259 | 3.63 | 12/1/44 | 408630 |
|  |  |  |  | 2570670 |
|  **Connecticut - 0.6%** |  |  |  |  |
|  Stamford Hsg. Auth. Rev. (Mozaic Concierge Living Proj.) | 750000 | 6.50 | 10/1/55 | 759511 |
|  **Florida - 16.6%** |  |  |  |  |
|  Big Cypress Stewardship District Special Assessment Rev. (Assessment Area One) | 250000 | 5.75 | 5/1/55 | 242064 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **12** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.) | 100000 | 6.25 | 5/1/35 | 101694 |
|  Brightshore Community Dev. District Special Assessment | 500000 | 5.70 | 5/1/57 | 479450 |
|  Broward Co. FL Airport System Rev. | 500000 | 5.00 | 10/1/45 | 500055 |
|  Capital Projects Finance Auth. Rev. (Imagine School at North Port Proj.) <sup>4</sup> | 500000 | 6.50 | 6/15/55 | 501732 |
|  Capital Trust Agency Rev. (Tallahassee Tapestry) <sup>2, 4, 5</sup> | 550000 | 6.75 | 12/1/35 | 66000 |
|  Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) <sup>2, 5</sup> | 250000 | 7.00 | 4/1/35 | 150000 |
|  Capital Trust Auth. Rev. (Academir Charter Schools Inc. Proj.) <sup>4</sup> | 500000 | 6.50 | 7/1/55 | 501457 |
|  Capital Trust Auth. Rev. (The Classical Academy Of Sarasota Proj.) <sup>4</sup> | 500000 | 6.13 | 7/1/55 | 492763 |
|  Collier County Industrial Dev. Auth. Rev. (NCH Healthcare System Proj.) | 1000000 | 5.25 | 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017036 |
|  East Nassau Stewardship District Special Assessment (PDP No. 4 Series 2025 Proj.) | 500000 | 6.00 | 5/1/45 | 516364 |
|  Elevation Pointe Community Dev. District Special Assessment | 500000 | 4.40 | 5/1/32 | 503506 |
|  Entrada Community Dev. District Special Assessment Rev. <sup>4</sup> | 400000 | 4.00 | 5/1/52 | 324879 |
|  Esplanade at Wellen Park Community Dev. District Special Assessment | 350000 | 5.70 | 5/1/56 | 341013 |
|  Firethorn Community Dev. District Special Assessment | 265000 | 5.60 | 5/1/55 | 255378 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 760000 | 5.05 | 7/1/47 | 771557 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 705000 | 2.75 | 7/1/50 | 499002 |
|  FL Municipal Loan Council Special Assessment (Shingle Creek Transit & Utility 2024) | 655000 | 5.15 | 5/1/44 | 666627 |
|  Gramercy Farms Community Dev. District Special Assessment | 20000 | 6.75 | 5/1/39 | 19021 |
|  Grande Pines Community Dev. District Special Assessment | 335000 | 4.00 | 5/1/51 | 271140 |
|  Greater Orlando Aviation Auth. Rev. | 500000 | 5.00 | 10/1/49 | 500076 |
|  Hacienda North Community Dev. District Special Assessment | 500000 | 6.30 | 5/1/43 | 534562 |
|  Hillsborough Co. Aviation Auth. Rev. (Tampa International Airport) | 750000 | 5.50 | 10/1/49 | 790830 |
|  Hobe-St Lucie Conservancy District Special Assessment | 350000 | 5.60 | 5/1/44 | 360035 |
|  Hyde Park Community Dev. District No. 1 Special Assessment | 500000 | 5.25 | 5/1/34 | 505120 |
|  KD52 Community Dev. District No. 1 Special Assessment | 350000 | 6.13 | 5/1/56 | 342561 |
|  Lakes of Sarasota Community Dev. District No. 2 Special Assessment | 350000 | 5.20 | 5/1/35 | 354169 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 85000 | 3.88 | 5/1/31 | 84859 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 200000 | 4.13 | 5/1/31 | 200670 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 205000 | 4.30 | 5/1/51 | 170386 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.25 | 5/1/37 | 302949 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.38 | 5/1/47 | 300422 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 400000 | 5.00 | 5/1/36 | 400236 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 330000 | 5.55 | 5/1/54 | 330852 |
|  Lakewood Ranch Stewardship District Special Assessment (Calusa Proj.) | 250000 | 5.90 | 5/1/55 | 256681 |
|  Lakewood Ranch Stewardship District Special Assessment (Palm Grove Proj.) | 480000 | 5.25 | 5/1/44 | 490729 |
|  Lakewood Ranch Stewardship District Special Assessment (Saddlestone Proj.) | 400000 | 5.50 | 5/1/56 | 398076 |
|  Lakewood Ranch Stewardship District Special Assessment (Southeast Proj.) | 1000000 | 6.00 | 5/1/56 | 1032961 |
|  Lakewood Ranch Stewardship District Utility Rev. (System Acquisition Proj.) (AGM Insured) | 500000 | 5.25 | 10/1/53 | 514955 |
|  Laurel Road Community Dev. District Special Assessment | 210000 | 3.13 | 5/1/31 | 198828 |
|  LT Ranch Community Dev. District Special Assessment | 300000 | 5.90 | 5/1/53 | 306508 |
|  Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev. | 150000 | 5.00 | 5/1/32 | 150104 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 220000 | 3.75 | 5/1/52 | 165690 |
|  New River Community Dev. District Cap. Improvement Special Assessment Rev. <sup>2, 5, 15</sup> | 230000 | 5.00 | N/A | 2 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 280000 | 5.75 | 5/1/33 | 290645 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 250000 | 6.80 | 5/1/35 | 250172 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 400000 | 6.50 | 5/1/44 | 427385 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **13** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Tax-Free Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  Palm Beach Co. Health Facs. Auth. Rev. (Green Cay Life Plan Village Proj.) <sup>4</sup> | 500000 | 11.50 | 7/1/27 | 500000 |
|  Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 388246 |
|  Pensacola Airport Rev. | 500000 | 5.50 | 10/1/55 | 521759 |
|  River Landing Community Dev. District | 300000 | 4.35 | 5/1/51 | 258630 |
|  Rolling Hills Community Dev. District Special Assessment | 120000 | 3.65 | 5/1/32 | 113657 |
|  Sunbridge Stewardship District Special Assessment Rev. (Del Webb Phase 2D-3 Proj.) | 250000 | 5.63 | 5/1/56 | 244750 |
|  Trout Creek Community Dev. District Special Assessment | 300000 | 5.38 | 5/1/38 | 305984 |
|  Village Community Dev. District No. 16 Special Assessment | 500000 | 5.13 | 5/1/56 | 483052 |
|  Waterset South Community Dev. District Special Assessment | 500000 | 5.90 | 5/1/42 | 524253 |
|  Windward at Lakewood Ranch Community Dev. District Special Assessment | 200000 | 4.50 | 5/1/50 | 172242 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21393774 |
|  **Georgia - 2.3%** |  |  |  |  |
|  Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare) | 350000 | 5.00 | 7/1/46 | 350415 |
|  Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center) | 500000 | 5.00 | 3/15/44 | 510302 |
|  GA Hsg. & Finance Auth. Rev. | 1000000 | 5.05 | 12/1/45 | 1017194 |
|  Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) <sup>4</sup> | 640000 | 6.25 | 9/1/44 | 617021 |
|  Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.) | 500000 | 5.00 | 2/15/37 | 507466 |
|  |  |  |  | 3002398 |
|  **Idaho - 0.3%** |  |  |  |  |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 500000 | 4.50 | 10/1/50 | 435943 |
|  **Illinois - 4.8%** |  |  |  |  |
|  Chicago O'Hare International Airport Rev. (Senior Lien) | 500000 | 5.25 | 1/1/48 | 507813 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) (AGM Insured) | 500000 | 5.50 | 1/1/53 | 512439 |
|  City of Burbank Rev. (Intercultural Montessori Language School Proj.) <sup>4</sup> | 430000 | 6.13 | 2/1/46 | 438383 |
|  Galesburg Rev. (Knox College Proj.) | 500000 | 6.00 | 10/1/45 | 501126 |
|  IL Fin. Auth. Educational Facs. Rev. (Rogers Park Montessori School Proj.) <sup>4</sup> | 250000 | 6.25 | 8/1/45 | 259333 |
|  IL Fin. Auth. Rev. (Christian Homes, Inc.) <sup>2, 5</sup> | 150798 | 5.00 | 5/15/36 | 1508 |
|  IL Fin. Auth. Rev. (Edward Elmhurst Healthcare) | 1000000 | 5.00 | 1/1/44 | 1040512 |
|  IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.) | 1000000 | 6.25 | 12/1/38 | 692448 |
|  IL Finance Auth. Rev. (Springfield Sustainable Energy) | 750000 | 5.50 | 4/1/51 | 786285 |
|  IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured) | 1000000 | 5.25 | 6/15/31 | 1016676 |
|  Malta Tax Allocation Rev. <sup>2, 5, 15</sup> | 1921000 | 5.75 | N/A | 461040 |
|  |  |  |  | 6217563 |
|  **Indiana - 1.4%** |  |  |  |  |
|  IN Finance Auth. Rev. (Indiana Masonic Home Proj.) | 350000 | 5.38 | 5/1/50 | 347874 |
|  IN Hsg. & Community Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1500000 | 4.80 | 7/1/54 | 1477127 |
|  |  |  |  | 1825001 |
|  **Iowa - 1.4%** |  |  |  |  |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 388246 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 530000 | 4.00 | 5/15/55 | 406350 |
|  IA Finance Auth. Rev. (Des Moines Christian Schools Proj.) <sup>4</sup> | 1000000 | 5.50 | 7/1/56 | 973861 |
|  |  |  |  | 1768457 |
|  **Kentucky - 0.5%** |  |  |  |  |
|  Boyle Co. Educational Facs. Auth. Rev. (Centre College) | 600000 | 5.25 | 6/1/49 | 602453 |
|  **Louisiana - 2.7%** |  |  |  |  |
|  Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 250000 | 5.00 | 10/1/50 | 251353 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **14** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.50 | 10/1/53 | 511725 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.05 | 6/1/45 | 510478 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 385000 | 2.50 | 12/1/45 | 276633 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 445000 | 5.75 | 6/1/54 | 479053 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 200000 | 5.65 | 11/1/37 | 207574 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 310000 | 4.00 | 11/1/44 | 284080 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 615000 | 4.00 | 11/1/46 | 543596 |
|  LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) <sup>1</sup> | 405000 | 3.32 | 2/15/36 | 399691 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464183 |
|  **Massachusetts - 1.1%** |  |  |  |  |
|  MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.) | 400000 | 5.00 | 10/1/49 | 391619 |
|  MA Education Finance Auth. Education Rev. | 1000000 | 3.00 | 7/1/51 | 652330 |
|  MA Housing Finance Agy. Rev. | 400000 | 3.85 | 12/1/47 | 354216 |
|  |  |  |  | 1398165 |
|  **Michigan - 5.1%** |  |  |  |  |
|  Allen Park G.O. (BAM Insured) | 300000 | 3.25 | 5/1/34 | 292224 |
|  Grand Rapids Economic Dev. Corp. Rev. (Beacon Hill at Eastgate Proj.) | 255000 | 6.00 | 11/1/50 | 251222 |
|  MI Finance Auth. Rev. (Holly Academy Proj.) | 300000 | 3.00 | 12/1/31 | 278723 |
|  MI Hsg. Dev. Auth. Rev. | 2000000 | 2.75 | 6/1/51 | 1409107 |
|  MI Hsg. Dev. Auth. Rev. | 3500000 | 2.50 | 6/1/52 | 2277751 |
|  MI Hsg. Dev. Auth. Rev. | 685000 | 4.95 | 12/1/53 | 683729 |
|  MI Public Educational Facs. Auth. Rev. (Chandler Park Academy) | 115000 | 6.35 | 11/1/28 | 115091 |
|  Northern Michigan University Rev. | 250000 | 5.50 | 6/1/55 | 263012 |
|  Saginaw Hospital Finance Auth. Rev. (Covenant Medical Center) | 1000000 | 5.25 | 7/1/51 | 1033452 |
|  |  |  |  | 6604311 |
|  **Minnesota - 0.6%** |  |  |  |  |
|  Apple Valley Rev. (Senior Living, LLC Proj.) | 475000 | 5.00 | 1/1/47 | 254149 |
|  MN Municipal Gas Agency Rev. (Gas Proj.) | 500000 | 5.00 | 9/1/35 | 515165 |
|  |  |  |  | 769314 |
|  **Mississippi - 0.5%** |  |  |  |  |
|  MS Development Bank Rev. (Green Bond-Hancock County) <sup>4</sup> | 600000 | 4.55 | 11/1/39 | 604019 |
|  **Missouri - 2.0%** |  |  |  |  |
|  Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.) | 115000 | 3.50 | 11/1/40 | 108622 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2, 5</sup> | 192413 | 5.00 | 11/15/46 | 2 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 960000 | 5.00 | 11/1/48 | 971513 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 435000 | 2.50 | 5/1/50 | 295064 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 2.40 | 11/1/51 | 227984 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 5.05 | 11/1/55 | 1008142 |
|  |  |  |  | 2611327 |
|  **Montana - 0.2%** |  |  |  |  |
|  MT Board of Housing Single Family Rev. | 400000 | 2.40 | 12/1/45 | 285561 |
|  **Nevada - 0.5%** |  |  |  |  |
|  Las Vegas NV Special Improvement District No. 817 Special Assessment (Summerlin Village 29) | 300000 | 6.00 | 6/1/48 | 314782 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.45 | 10/1/51 | 326915 |
|  |  |  |  | 641697 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **15** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Tax-Free Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **New Hampshire - 1.2%** |  |  |  |  |
|  New Hampshire Business Finance Auth. Rev. (Pennichuck Water Works, Inc.) | 450000 | 5.50 | 4/1/54 | 436370 |
|  New Hampshire Business National Finance Auth. Rev. (CABS-The Astro Sunterra Proj.) <sup>4</sup> | 500000 |  | 12/15/34 | 282351 |
|  New Hampshire Business National Finance Auth. Rev. (Grace Christian School Proj.) | 300000 | 5.75 | 8/1/55 | 287738 |
|  New Hampshire Business National Finance Auth. Rev. (Grand Pines Proj.) <sup>4</sup> | 250000 | 5.63 | 6/1/39 | 250112 |
|  New Hampshire Business National Finance Auth. Rev. (Katy Court Proj. Dev.) <sup>4</sup> | 250000 | 5.88 | 12/1/32 | 250153 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506724 |
|  **New Mexico - 0.2%** |  |  |  |  |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.35 | 7/1/51 | 319709 |
|  **New York - 5.2%** |  |  |  |  |
|  Build NYC Resource Corp. Rev. (Riverspring Health senior living) | 350000 | 5.00 | 12/15/31 | 344834 |
|  Build NYC Resource Corp. Rev. (Senior Airport Facilities) | 300000 | 5.50 | 7/1/55 | 306294 |
|  Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.) | 350000 | 4.00 | 7/1/33 | 350095 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 300000 | 4.05 | 11/1/41 | 295878 |
|  New York Transportation Dev. Corp. Rev. | 500000 | 6.00 | 6/30/55 | 525817 |
|  New York Transportation Dev. Corp. Rev. | 500000 | 5.50 | 6/30/60 | 500763 |
|  New York Transportation Dev. Corp. Rev. (AGC Insured) | 1000000 | 5.25 | 12/31/54 | 1005616 |
|  New York Transportation Dev. Corp. Rev. (AGM Insured) | 300000 | 5.50 | 6/30/44 | 314275 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1000000 | 2.45 | 10/1/45 | 722950 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 980000 | 2.50 | 10/1/46 | 711545 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 710000 | 3.30 | 10/1/47 | 570751 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1625000 | 2.55 | 4/1/50 | 1116666 |
|  |  |  |  | 6765484 |
|  **North Carolina - 0.7%** |  |  |  |  |
|  Mecklenburg Co. Rev. (Little Rock Apts) | 405000 | 5.38 | 1/1/36 | 405872 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 5.00 | 7/1/46 | 495025 |
|  |  |  |  | 900897 |
|  **North Dakota - 0.9%** |  |  |  |  |
|  ND Housing Finance Agency Rev. | 925000 | 2.50 | 7/1/44 | 680410 |
|  ND Housing Finance Agency Rev. | 500000 | 5.10 | 7/1/48 | 505058 |
|  |  |  |  | 1185468 |
|  **Ohio - 6.3%** |  |  |  |  |
|  Bedford City School District G.O. (BAM Insured) | 750000 | 5.50 | 12/1/50 | 784499 |
|  Columbus Regional Airport Auth. Rev. (John Glenn Columbus International Airport) | 725000 | 5.50 | 1/1/50 | 758208 |
|  Euclid Public Library G.O. | 300000 | 5.00 | 12/1/49 | 304729 |
|  Hamilton Co. Rev. (Life Enriching Communities) | 500000 | 5.50 | 1/1/50 | 507721 |
|  North Ridgeville City School District G.O. | 300000 | 5.25 | 12/1/54 | 303488 |
|  OH Housing Fin. Agy. Rev. | 1800000 | 2.45 | 9/1/51 | 1189544 |
|  OH Housing Fin. Agy. Rev. (First-Time Homebuyer Program) (GNMA/FNMA/FHLMC Collateralized) | 500000 | 2.90 | 9/1/45 | 390979 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1265000 | 5.10 | 9/1/47 | 1288345 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.20 | 9/1/50 | 507768 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 965000 | 2.75 | 9/1/51 | 675994 |
|  St Bernard OH Rev. (AGM Insured) | 500000 | 5.00 | 12/1/43 | 500459 |
|  Willoughby-Eastlake City School District G.O. | 400000 | 5.00 | 12/1/30 | 404216 |
|  Xenia OH G.O. (BAM Insured) | 500000 | 5.00 | 12/1/54 | 506434 |
|  |  |  |  | 8122384 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **16** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **Oklahoma - 0.4%** |  |  |  |  |
|  Lawton Industrial Dev. Auth. Rev. | 500000 | 5.25 | 7/1/55 | 511718 |
|  **Oregon - 0.9%** |  |  |  |  |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 500000 | 2.35 | 1/1/44 | 371084 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 1000000 | 2.38 | 1/1/45 | 722892 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093976 |
|  **Pennsylvania - 2.7%** |  |  |  |  |
|  Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) <sup>1</sup> | 460000 | 3.33 | 10/1/34 | 448946 |
|  Cumberland Municipal Auth. Rev. (Messiah Village Proj.) | 500000 | 5.50 | 6/1/51 | 501614 |
|  PA Higher Educational Assistance Agy. Rev. | 265000 | 2.63 | 6/1/42 | 235114 |
|  PA Hsg. Finance Agency Rev. | 500000 | 5.10 | 10/1/45 | 508844 |
|  PA Hsg. Finance Agency Rev. | 1000000 | 5.00 | 10/1/50 | 1004736 |
|  Philadelphia Airport Rev. | 425000 | 5.00 | 7/1/37 | 430813 |
|  Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.) | 350000 | 5.63 | 8/1/36 | 350884 |
|  |  |  |  | 3480951 |
|  **South Carolina - 2.3%** |  |  |  |  |
|  Berkeley Co. Nexton Improvement District Special Assessment | 350000 | 4.25 | 11/1/40 | 328761 |
|  SC Jobs-Economic Dev. Auth. Rev. (Carealliance Health Services) | 500000 | 5.25 | 8/15/46 | 500464 |
|  SC Jobs-Economic Dev. Auth. Rev. (River Academy Proj.) <sup>4</sup> | 325000 | 7.00 | 6/15/43 | 334631 |
|  SC Jobs-Economic Dev. Auth. Rev. (Seafields at Kiawah Island Proj.) | 500000 | 7.50 | 11/15/53 | 526215 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 5.00 | 1/1/55 | 1002593 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 300000 | 4.95 | 7/1/55 | 297146 |
|  |  |  |  | 2989810 |
|  **Tennessee - 3.5%** |  |  |  |  |
|  Metropolitan Nashville Airport Auth. Rev. | 300000 | 5.00 | 7/1/49 | 301285 |
|  Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation <sup>4</sup> | 300000 | 5.13 | 6/1/36 | 303551 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5, 15</sup> | 1850000 | 5.35 | N/A | 185 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5</sup> | 7875000 | 5.55 | 1/1/29 | 787 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5</sup> | 1630000 | 6.00 | 1/1/29 | 16 |
|  TN Hsg. Dev. Agency Rev. | 815000 | 2.55 | 1/1/45 | 597142 |
|  TN Hsg. Dev. Agency Rev. | 1485000 | 2.38 | 7/1/46 | 1059102 |
|  TN Hsg. Dev. Agency Rev. | 385000 | 2.55 | 7/1/46 | 282923 |
|  TN Hsg. Dev. Agency Rev. | 730000 | 5.05 | 7/1/48 | 737992 |
|  TN Hsg. Dev. Agency Rev. | 990000 | 2.50 | 7/1/51 | 661086 |
|  TN Hsg. Dev. Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.35 | 7/1/48 | 515457 |
|  |  |  |  | 4459526 |
|  **Texas - 11.7%** |  |  |  |  |
|  Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy) | 750000 | 2.38 | 8/15/51 | 460167 |
|  Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan) | 1000000 | 3.00 | 4/1/40 | 797125 |
|  Clifton Higher Education Finance Corp. Rev. (Aristoi Classical Academy) | 500000 | 6.00 | 8/15/50 | 490561 |
|  Clifton Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.) | 250000 | 5.25 | 2/15/49 | 257501 |
|  Dallas Special Tax (Fair Park Venue Proj.) <sup>1, 4</sup> | 250000 | 6.25 | 8/15/53 | 250288 |
|  El Paso Hsg. Finance Corp. Rev. (GNMA Collateralized) | 770000 | 5.20 | 3/1/55 | 775501 |
|  Houston Airport System Rev. (AGM Insured) | 1000000 | 5.25 | 7/1/48 | 1030721 |
|  Houston Hotel Occupancy Tax & Special Rev. (Second Lien) | 500000 | 5.50 | 9/1/58 | 524173 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) <sup>2</sup> | 460000 | 4.00 | 7/1/26 | 358800 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **17** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Tax-Free Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  New Hope Cultural Education Facs. Finance Corp. Rev. | 500000 | 6.50 | 10/1/55 | 510110 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) <sup>1</sup> | 540977 | 2.00 | 11/15/61 | 249045 |
|  North Central Texas Health Facility Development Corp. (CC Young Memorial Home) <sup>2, 5, 15</sup> | 204000 | 5.38 | N/A | 165750 |
|  TX Affordable Hsg. Corp. Rev. (GNMA Collateralized) | 500000 | 5.00 | 3/1/49 | 510836 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 9/1/45 | 394943 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 985000 | 2.50 | 7/1/51 | 657747 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1750000 | 3.13 | 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303655 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 5.00 | 1/1/49 | 507059 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.00 | 1/1/50 | 1008024 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 750000 | 5.25 | 9/1/52 | 759514 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.25 | 1/1/53 | 1513668 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.25 | 9/1/53 | 1009257 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.13 | 1/1/54 | 1517092 |
|  |  |  |  | 15051537 |
|  **Utah - 2.3%** |  |  |  |  |
|  Fields Estates Public Infrastructure District Special Assessment (Fields Estates Assessment Area) <sup>4</sup> | 500000 | 5.25 | 12/1/53 | 480791 |
|  Jordanelle Ridge Public Infrastructure District No. 2 G.O. <sup>4</sup> | 500000 | 7.75 | 3/1/54 | 518507 |
|  Northpoint Infrastructure Financing District Special Assessment <sup>4</sup> | 250000 | 6.63 | 12/1/55 | 245987 |
|  Panorama Public Infrastructure District No. 1 G.O. <sup>4</sup> | 500000 | 6.25 | 3/1/55 | 500753 |
|  UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) <sup>4</sup> | 495000 | 3.50 | 12/15/31 | 457080 |
|  UT Charter School Finance Auth. Rev. (Wasatch Peak Academy Proj.) | 325000 | 5.00 | 10/15/49 | 324448 |
|  UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 455000 | 5.00 | 1/1/54 | 456827 |
|  |  |  |  | 2984393 |
|  **Virginia - 0.3%** |  |  |  |  |
|  VA Beach Dev. Auth. Rev. (Westminster Canterbury Proj.) | 320000 | 6.25 | 9/1/30 | 322081 |
|  **Washington - 0.6%** |  |  |  |  |
|  King Co. Hsg. Auth. Rev. | 250000 | 5.38 | 7/1/45 | 261209 |
|  WA State Hsg. Finance Commission Rev. (Horizon House Proj.) | 500000 | 6.25 | 1/1/56 | 498056 |
|  |  |  |  | 759265 |
|  **West Virginia - 0.5%** |  |  |  |  |
|  WV Hsg. Dev. Fund Rev. | 500000 | 2.50 | 11/1/51 | 333019 |
|  WV Hsg. Dev. Fund Rev. | 250000 | 5.13 | 11/1/55 | 251946 |
|  |  |  |  | 584965 |
|  **Wisconsin - 2.3%** |  |  |  |  |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) | 500000 | 5.00 | 2/1/52 | 480156 |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) <sup>4</sup> | 500000 | 6.00 | 2/1/62 | 508021 |
|  Public Finance Auth. Rev. (Legacy Hills Proj.) <sup>4</sup> | 500000 | 6.00 | 11/15/45 | 489787 |
|  Public Finance Auth. Rev. (Viticus Group Proj.) <sup>4</sup> | 250000 | 6.25 | 12/1/45 | 255789 |
|  WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Communities) | 500000 | 5.50 | 6/1/61 | 494490 |
|  WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) <sup>2, 4, 5</sup> | 750000 | 6.25 | 11/1/28 | 262500 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16520 | 9.00 | 1/1/46 | 103 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16287 | 9.00 | 1/1/47 | 101 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 447 | 12.00 | 1/1/47 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16171 | 9.00 | 1/1/48 | 100 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 390 | 12.00 | 1/1/48 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16055 | 9.00 | 1/1/49 | 99 |

---

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| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **18** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal**<br> **Amount ($)**  | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 384 | 11.00 | 1/1/49 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15822 | 9.00 | 1/1/50 | 97 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 372 | 11.00 | 1/1/50 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 17334 | 9.00 | 1/1/51 | 105 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 365 | 11.00 | 1/1/51 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>1, 2, 4</sup> | 429120 | 3.75 | 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287561 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 17218 | 9.00 | 1/1/52 | 104 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 475 | 10.00 | 1/1/52 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16985 | 9.00 | 1/1/53 | 102 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 469 | 10.00 | 1/1/53 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16869 | 9.00 | 1/1/54 | 101 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 453 | 10.00 | 1/1/54 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16636 | 9.00 | 1/1/55 | 99 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 444 | 9.00 | 1/1/55 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 434 | 9.00 | 1/1/56 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16404 | 9.00 | 1/1/56 | 98 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16287 | 9.00 | 1/1/57 | 97 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 481 | 9.00 | 1/1/57 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16055 | 9.00 | 1/1/58 | 95 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 469 | 9.00 | 1/1/58 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 456 | 9.00 | 1/1/59 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15938 | 9.00 | 1/1/59 | 94 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 447 | 8.00 | 1/1/60 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15822 | 9.00 | 1/1/60 | 93 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 440 | 8.00 | 1/1/61 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15589 | 9.00 | 1/1/61 | 91 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 428 | 8.00 | 1/1/62 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15473 | 9.00 | 1/1/62 | 90 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 419 | 8.00 | 1/1/63 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15240 | 9.00 | 1/1/63 | 89 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 409 | 8.00 | 1/1/64 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15124 | 9.00 | 1/1/64 | 88 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 403 | 7.00 | 1/1/65 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15008 | 9.00 | 1/1/65 | 87 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 434 | 7.00 | 1/1/66 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 14775 | 9.00 | 1/1/66 | 85 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 5235 | 5.00 | 1/1/67 | 30 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 192429 | 9.00 | 1/1/67 | 1106 |
|  WI Public Finance Auth. Rev. (MD Proton Treatment Center) <sup>2, 4, 5</sup> | 500000 | 6.13 | 1/1/33 | 225000 |
|  |  |  |  | 3006509 |
|  **Total Municipal Bonds<br>(Cost: $144,213,273)** |  |  |  | 117413267 |

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| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **19** |

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SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Tax-Free Income Fund (Continued)

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| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair**<br> **Value ($)** |
|  **Investment Companies - 3.9%** |  |  |
|  BlackRock MuniHoldings Fund, Inc. (MHD) | 45523 | 513499 |
|  BlackRock MuniYield Quality Fund III, Inc. (MYI) | 36183 | 380283 |
|  DWS Municipal Income Trust (KTF) | 76592 | 696987 |
|  Invesco Advantage Municipal Income Trust II (VKI) | 31673 | 274288 |
|  Invesco Municipal Opportunity Trust (VMO) | 62240 | 591902 |
|  Invesco Municipal Trust (VKQ) | 67772 | 645190 |
|  Invesco Pennsylvania Value Municipal Income Trust (VPV) | 3459 | 36562 |
|  Invesco Quality Municipal Income Trust (IQI) | 78114 | 751457 |
|  Invesco Trust for Investment Grade Municipals (VGM) | 56447 | 557132 |
|  Nuveen AMT-Free Municipal Credit Income Fund (NVG) | 25123 | 309767 |
|  Nuveen AMT-Free Quality Municipal Income Fund (NEA) | 20612 | 231473 |
|  Nuveen Quality Municipal Income Fund (NAD) | 7010 | 80615 |
|  **Total Investment Companies<br>(cost: $6,234,890)** |  | 5069155 |
|  **Total Investments in Securities - 95.0%<br>(cost: $150,448,163)** |  | 122482422 |
|  **Other Assets and Liabilities, net - 5.0%** |  | 6468986 |
|  **Net Assets - 100.0%** |  | $128951408 |

---

<sup>1</sup> Variable rate security. Rate disclosed is as of March 31, 2026. 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. 

<sup>2</sup> Security considered illiquid by the Investment Adviser. The total value of such securities as of March 31, 2026 was $2,024,656 and represented 1.6% of net assets. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of March 31, 2026 was $13,403,296 and represented 10.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>5</sup> 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 March 31, 2026 was $1,378,295 and represented 1.1% of net assets. 

<sup>6</sup> 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.

<sup>9</sup> Municipal Lease Security. The total value of such securities as of March 31, 2026 was $300,225 and represented 0.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>15</sup> 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.

A summary of the levels for the Fund's investments as of March 31, 2026 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> Prices ($) | **Level 2**<br> Other significant<br>observable inputs ($) | **Level 3**<br> Significant<br>unobservable inputs ($)  | Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 117413267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 117413267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069155 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5069155 |
|  Total: | 5069155 | 117413267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 122482422 |
|  | There were no transfers into or out of level 3 during the reporting period. | There were no transfers into or out of level 3 during the reporting period. | There were no transfers into or out of level 3 during the reporting period. | There were no transfers into or out of level 3 during the reporting period. |

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| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **20** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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| | |
|:---|:---|
| MARCH 31, 2026 | **21** |

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SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Minnesota Tax-Free Income Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of Issuer | Principal<br> Amount ($) | **Coupon**<br> **Rate (%)** | **Maturity**<br> **Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 96.7%** |  |  |  |  |
|  **Education/Student Loan - 16.8%** |  |  |  |  |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1100000 | 4.00 | 7/1/37 | 1041258 |
|  Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1750000 | 4.25 | 7/1/47 | 1486332 |
|  Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 470000 | 5.00 | 7/1/29 | 470179 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1575000 | 5.25 | 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575955 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 600000 | 5.25 | 7/1/40 | 600237 |
|  Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1000000 | 5.50 | 7/1/50 | 999958 |
|  Duluth Hsg. & Redev. Auth. Rev. (Public School Academy Proj.) | 1100000 | 5.00 | 11/1/38 | 993096 |
|  Duluth Hsg. & Redev. Auth. Rev. (Public School Academy Proj.) | 350000 | 5.00 | 11/1/48 | 277975 |
|  Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 850000 | 5.50 | 8/1/36 | 850589 |
|  Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | 875000 | 5.00 | 7/1/31 | 875012 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 215000 | 4.00 | 11/1/26 | 214658 |
|  Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 2720000 | 5.00 | 11/1/36 | 2724544 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 615000 | 5.00 | 7/1/29 | 615239 |
|  Hugo Charter School Lease Rev. (Noble Academy Proj.) | 1000000 | 5.00 | 7/1/34 | 1000187 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 80000 | 4.25 | 7/1/26 | 79874 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 750000 | 4.75 | 7/1/31 | 746752 |
|  Independence Charter School Lease Rev. (Beacon Academy Proj.) | 1200000 | 5.00 | 7/1/36 | 1180016 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 225000 | 3.25 | 6/1/31 | 206909 |
|  Independence Charter School Lease Rev. (Paladin High School Proj.) | 1410000 | 4.00 | 6/1/51 | 993949 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup> | 440000 | 4.00 | 12/1/31 | 369919 |
|  Minneapolis School Lease Rev. (Friendship Academy of the Arts) <sup>4</sup> | 1385000 | 5.25 | 12/1/43 | 1034184 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup> | 425000 | 4.25 | 12/1/27 | 423812 |
|  Minneapolis School Lease Rev. (Twin Cities International School) <sup>4</sup> | 1000000 | 5.00 | 12/1/37 | 968467 |
|  MN Health & Education Facs. Auth. Rev. (Augsburg College) | 2815000 | 4.25 | 5/1/40 | 1959021 |
|  MN Health & Education Facs. Auth. Rev. (Bethel Univ.) | 1000000 | 5.00 | 5/1/47 | 902873 |
|  MN Health & Education Facs. Auth. Rev. (College of St. Benedict) | 1900000 | 5.00 | 3/1/37 | 1900336 |
|  MN Health & Education Facs. Auth. Rev. (College of St. Olaf) | 2530000 | 3.00 | 10/1/41 | 2142725 |
|  MN Health & Education Facs. Auth. Rev. (Macalester College) | 1000000 | 5.25 | 3/1/56 | 1035835 |
|  MN Health & Education Facs. Auth. Rev. (Macalester College) | 2000000 | 5.50 | 3/1/66 | 2104314 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 2000000 | 5.00 | 10/1/47 | 2045406 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 3000000 | 5.00 | 10/1/52 | 3039817 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 750000 | 5.00 | 4/1/35 | 751114 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 1150000 | 4.00 | 4/1/39 | 1084495 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 850000 | 5.00 | 10/1/40 | 880274 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 4000000 | 4.00 | 10/1/44 | 3846286 |
|  MN Health & Education Facs. Auth. Rev. (Univ. of St. Thomas) | 3650000 | 5.00 | 10/1/49 | 3703520 |
|  MN Office of Higher Education Rev. <sup>8</sup> | 2000000 | 4.00 | 11/1/42 | 1883215 |
|  MN Office of Higher Education Rev. <sup>8</sup> | 2260000 | 2.65 | 11/1/38 | 2084699 |
|  MN Office of Higher Education Rev. <sup>8</sup> | 990000 | 4.00 | 11/1/37 | 987645 |
|  Savage Charter School Lease Rev. (Aspen Academy) | 90000 | 4.00 | 10/1/26 | 89769 |
|  St. Cloud Charter School Lease Rev. (Stride Academy Proj.) | 1850000 | 5.00 | 4/1/36 | 1714761 |
|  St. Paul Hsg. & Redev. Auth. | 700000 | 5.00 | 12/1/30 | 700495 |
|  St. Paul Hsg. & Redev. Auth. | 1150000 | 5.00 | 12/1/37 | 1150125 |
|  St. Paul Hsg. & Redev. Auth. | 705000 | 5.00 | 12/1/46 | 668742 |

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| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **22** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br> Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  St. Paul Hsg. & Redev. Auth. (German Immersion School) | 700000 | 5.00 | 7/1/33 | 700303 |
|  St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) | 585000 | 4.50 | 12/1/29 | 557305 |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup> | 700000 | 3.00 | 6/1/31 | 561715 |
|  St. Paul Hsg. & Redev. Auth. (Math & Science Academy) <sup>4</sup> | 1225000 | 4.00 | 6/1/51 | 699441 |
|  St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 75000 | 2.00 | 9/1/26 | 74289 |
|  St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) | 1135000 | 4.63 | 3/1/43 | 940522 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 625000 | 3.00 | 12/1/29 | 602746 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 600000 | 4.00 | 12/1/39 | 539318 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 1000000 | 4.00 | 12/1/49 | 793514 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) <sup>4</sup> | 1000000 | 6.38 | 6/15/61 | 985220 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 475000 | 4.13 | 9/1/47 | 402518 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 555000 | 5.50 | 9/1/55 | 535855 |
|  Woodbury Charter School Lease Rev. (Math & Science Academy) <sup>4</sup> | 3000000 | 5.25 | 6/1/45 | 2869565 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64666879 |
|  **General Obligation - 9.4%** |  |  |  |  |
|  American Samoa Economic Dev. Auth. Rev. <sup>4, 11</sup> | 750000 | 5.25 | 9/1/45 | 738586 |
|  Belle Plaine Independent School District No. 716 | 500000 | 5.00 | 2/1/52 | 512932 |
|  Blooming Prairie Independent School District No. 756 | 1300000 | 2.25 | 2/1/45 | 854068 |
|  Duluth Independent School District No. 709 | 2000000 | 4.00 | 9/30/26 | 2009258 |
|  Itasca County Independent School District No. 318 | 3000000 | 2.00 | 2/1/39 | 2252923 |
|  Itasca County Independent School District No. 318 | 4250000 | 2.00 | 2/1/40 | 3109366 |
|  Itasca G.O. | 2000000 | 2.38 | 2/1/45 | 1346601 |
|  Itasca G.O. | 4000000 | 2.50 | 2/1/50 | 2458453 |
|  Madison Lake G.O. | 590000 | 2.13 | 2/1/42 | 394056 |
|  Mankato Independent School District No. 77 | 1150000 | 4.00 | 2/1/42 | 1117396 |
|  Minnesota G.O. | 5000000 | 2.00 | 9/1/40 | 3578655 |
|  Moorhead G.O. | 510000 | 2.13 | 2/1/42 | 344252 |
|  Morrison Co. Education District No. 6979 | 1000000 | 4.50 | 2/1/34 | 1000482 |
|  Norwood Young America Independent School District No. 108 | 1400000 | 2.13 | 2/1/42 | 989296 |
|  Norwood Young America Independent School District No. 108 | 1500000 | 2.25 | 2/1/45 | 1010230 |
|  Richfield Independent School District No. 280 | 1000000 | 4.00 | 2/1/37 | 1004305 |
|  Robbinsdale Independent School District No. 281 | 1000000 | 2.25 | 2/1/41 | 726330 |
|  Roseau Independent School District No. 682 | 400000 | 2.25 | 2/1/46 | 254987 |
|  Sartell Independent School District No. 748 | 1000000 | 4.50 | 2/1/46 | 1005603 |
|  Sauk Centre Independent School District No. 743 | 1000000 | 2.00 | 2/1/40 | 730721 |
|  Waite Park G.O. | 750000 | 5.00 | 12/15/50 | 773503 |
|  White Bear Lake Independent School District No. 624 | 10850000 | 3.00 | 2/1/43 | 8962411 |
|  Zumbrota-Mazeppa Independent School District No. 2805 | 1500000 | 2.50 | 2/1/44 | 1050179 |
|  |  |  |  | 36224593 |
|  **Hospital/Health Care - 14.2%** |  |  |  |  |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 1000000 | 5.00 | 11/1/44 | 1035402 |
|  Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 500000 | 5.00 | 11/1/47 | 508003 |
|  Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) | 1225000 | 5.00 | 9/1/52 | 1018691 |
|  Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) | 1000000 | 4.00 | 5/1/32 | 638116 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 900000 | 5.75 | 8/1/30 | 852472 |
|  Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1050000 | 6.00 | 8/1/35 | 939445 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **23** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Minnesota Tax-Free Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br> Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 350000 | 4.00 | 6/15/37 | 354906 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 850000 | 3.00 | 6/15/44 | 711161 |
|  Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 1100000 | 5.25 | 6/15/52 | 1120519 |
|  Hayward Hsg. & Health Care Facs. Rev. (St. Johns Lutheran Home of Albert Lea Proj.) <sup>2, 5</sup> | 1900000 | 5.00 | 10/1/34 | 1016500 |
|  Lakes Area Economic Dev. Auth. Rev. (Vivie Nelson Care Center Proj.) | 850000 | 5.50 | 11/1/46 | 844644 |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 825000 | 5.00 | 5/1/32 | 831938 |
|  Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 2175000 | 4.00 | 5/1/37 | 2083590 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Health Care Rev. (Children's Health Care) | 2500000 | 5.00 | 8/15/42 | 2635174 |
|  Minneapolis & St. Paul Hsg. & Redev. Auth. Health Care Rev. (Children's Health Care) | 1000000 | 5.00 | 8/15/43 | 1049518 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2590000 | 5.00 | 11/15/34 | 2591266 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 2500000 | 5.00 | 11/15/49 | 2421654 |
|  Minneapolis Health Care System Rev. (Fairview Health Services) | 200000 | 5.00 | 11/15/29 | 200145 |
|  MN Agricultural & Economic Dev. Board Rev. (HealthPartners Oblig. Group Proj.) | 5200000 | 5.25 | 1/1/54 | 5307841 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1265000 | 5.50 | 8/1/28 | 1264973 |
|  Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1000000 | 6.00 | 8/1/36 | 992215 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup> | 175000 | 4.00 | 7/1/37 | 164810 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup> | 200000 | 4.00 | 7/1/39 | 183537 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. <sup>11</sup> | 220000 | 4.00 | 7/1/41 | 193857 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 7500000 | 4.00 | 11/15/48 | 7052611 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 4000000 | 4.38 | 11/15/53 | 3801405 |
|  Rochester Health Care Facs. Rev. (Mayo Clinic) | 3000000 | 5.00 | 11/15/34 | 3413242 |
|  St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 5385000 | 5.00 | 5/1/46 | 5387056 |
|  St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) <sup>1</sup> | 2250000 | 4.60 | 6/1/41 | 2093552 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) | 2150000 | 5.00 | 5/1/38 | 1993140 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Episcopal Homes Obligated Group) <sup>4</sup> | 1750000 | 5.63 | 11/1/46 | 1738034 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54439417 |
|  **Industrial/Pollution Control - 0.5% <sup>8</sup>** |  |  |  |  |
|  St. Paul Port Auth. Rev. | 1000000 | 4.00 | 10/1/40 | 918262 |
|  St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) <sup>4</sup> | 1000000 | 4.50 | 10/1/37 | 961829 |
|  |  |  |  | 1880091 |
|  **Multifamily Mortgage - 21.0%** |  |  |  |  |
|  Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) | 1000000 | 5.50 | 11/1/46 | 955921 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 300000 | 4.00 | 9/1/36 | 289054 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 440000 | 4.00 | 9/1/41 | 398072 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 830000 | 4.00 | 9/1/51 | 650446 |
|  Apple Valley Rev. (Orchard Path Phase II Proj.) | 750000 | 4.00 | 9/1/61 | 554936 |
|  Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) | 2000000 | 5.00 | 9/1/58 | 1796381 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 400000 | 5.38 | 9/1/45 | 406098 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 500000 | 5.50 | 9/1/55 | 501288 |
|  Apple Valley Senior Hsg. Rev. (PHS Apple Valley Senior Housing, Inc.) | 750000 | 5.63 | 9/1/65 | 753429 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 200000 | 6.75 | 1/1/27 | 180390 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 4.00 | 1/1/30 | 889237 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1430000 | 4.25 | 1/1/37 | 1176133 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950000 | 7.00 | 1/1/37 | 493671 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1640000 | 4.38 | 1/1/47 | 1178036 |
|  Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 2850000 | 5.00 | 1/1/47 | 1524894 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **24** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br> Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  Bethel Hsg. and Health Care Facs. Rev. (Ecumen Obligated Group) | 2000000 | 6.13 | 3/1/44 | 2031800 |
|  Bethel Rev. (Grandview Christian Home Proj.) | 1500000 | 5.00 | 10/1/41 | 1499270 |
|  Blaine Senior Hsg. & Health Care Facs. Rev. (Crest View Senior Community Proj.) <sup>2, 5, 15</sup> | 892133 | 5.13 | N/A | 847526 |
|  Blaine Senior Hsg. & Health Care Facs. Rev. (Crest View Senior Community Proj.) <sup>2, 5</sup> | 1174047 | 5.75 | 7/1/35 | 1115345 |
|  Blaine Senior Hsg. & Health Care Facs. Rev. (Crest View Senior Community Proj.) <sup>2, 5</sup> | 1427413 | 6.13 | 7/1/45 | 1356042 |
|  Brainerd Senior Hsg. & Health Care Facs. Rev. (Pinecrest of Country Manor Proj.) | 1000000 | 6.00 | 5/1/55 | 1013362 |
|  Chisago Hsg. and Health Care Rev. (CDL Homes LLC) | 750000 | 6.00 | 8/1/33 | 750381 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 180000 | 2.20 | 8/1/28 | 171341 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200000 | 3.20 | 8/1/34 | 177133 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418949 |
|  Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500000 | 4.00 | 8/1/48 | 366746 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. | 2500000 | 4.00 | 1/1/42 | 2494637 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (FNMA) | 1050000 | 4.20 | 5/1/43 | 995144 |
|  Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) <sup>4</sup> | 2500000 | 3.55 | 4/1/39 | 2074057 |
|  Duluth Hsg. & Redev. Auth. Rev. (Pennel Park Proj.) | 1236581 | 4.50 | 8/1/41 | 1249708 |
|  Duluth Hsg. & Redev. Auth. Rev. (Woodland Garden Apartments) | 1293000 | 4.95 | 8/1/42 | 1353388 |
|  Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) | 3170925 | 3.75 | 11/1/34 | 3140268 |
|  Hayward Health Care Facs. Rev. (American Baptist Homes Midwest Proj.) <sup>2, 5</sup> | 1350000 | 5.38 | 8/1/34 | 940691 |
|  Hayward Health Care Facs. Rev. (American Baptist Homes Midwest Proj.) <sup>2, 5</sup> | 500000 | 5.75 | 2/1/44 | 344491 |
|  Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.) | 2000000 | 5.13 | 1/1/40 | 1964640 |
|  Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) | 4499932 | 2.35 | 2/1/38 | 3610006 |
|  Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) | 1015000 | 5.75 | 7/15/31 | 1015187 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 375000 | 4.75 | 11/1/28 | 374972 |
|  Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 1500000 | 5.00 | 11/1/35 | 1481731 |
|  Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) | 1760551 | 3.00 | 11/1/34 | 1622844 |
|  Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) | 140000 | 4.65 | 9/1/26 | 139320 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 1000000 | 5.00 | 9/1/32 | 932610 |
|  Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 250000 | 5.13 | 9/1/37 | 220161 |
|  New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) | 1500000 | 5.00 | 8/1/39 | 1281048 |
|  North Oaks Rev. (Waverly Gardens Proj.) | 150000 | 4.25 | 10/1/41 | 140360 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 2000000 | 4.00 | 10/1/33 | 1937843 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1500000 | 5.00 | 10/1/35 | 1504829 |
|  North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1000000 | 5.00 | 10/1/47 | 962532 |
|  Oakdale Hsg. & Health Care Facs. Rev. (Ebenezer Obligated Group) | 2550000 | 5.70 | 12/1/50 | 2539874 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 640000 | 6.38 | 12/1/33 | 640693 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 2500000 | 6.50 | 12/1/35 | 2502485 |
|  Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 250000 | 6.88 | 12/1/48 | 250129 |
|  Sartell Health Care & Hsg. Facs. Rev. (Country Manor Campus LLC Proj.) | 2150000 | 5.30 | 9/1/37 | 2150009 |
|  Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) | 1565000 | 5.13 | 1/1/39 | 1419955 |
|  Shakopee Senior Hsg. Rev. (Benedictine Senior Living Obligated Group) | 1500000 | 5.75 | 11/1/55 | 1479754 |
|  St. Bonifacius Health Care Rev. (Augustana Chapel View Homes, Inc. Proj.) | 2225000 | 6.00 | 6/1/45 | 2268488 |
|  St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | 1500000 | 5.00 | 7/1/55 | 1337253 |
|  St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 1000000 | 5.50 | 12/1/38 | 1031989 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 725000 | 4.25 | 12/1/27 | 724011 |
|  St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2400000 | 5.00 | 12/1/47 | 2317900 |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 660000 | 5.30 | 11/1/30 | 660045 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **25** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Minnesota Tax-Free Income Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br> Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 2590000 | 5.38 | 5/1/43 | 2498256 |
|  St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) | 1820000 | 5.00 | 9/1/42 | 1819926 |
|  Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) | 1000000 | 4.25 | 8/1/43 | 800820 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1500000 | 4.00 | 8/1/44 | 1372080 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1000000 | 5.00 | 8/1/49 | 973429 |
|  Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 2750000 | 5.00 | 8/1/54 | 2617597 |
|  |  |  |  | 80681041 |
|  **Municipal Lease - 3.7% <sup>9</sup>** |  |  |  |  |
|  Big Lake Economic Dev. Auth. Rev. (Option To Purchase Proj.) | 3825000 | 5.00 | 2/1/52 | 3881652 |
|  Minnetonka Independent School District No. 276 | 1410000 | 2.25 | 2/1/44 | 947440 |
|  Minnetonka Independent School District No. 276 | 1000000 | 2.13 | 2/1/41 | 707267 |
|  Minnetonka Independent School District No. 276 | 750000 | 2.38 | 7/1/51 | 442480 |
|  MN Hsg. Fin. Agy. Rev. | 2065000 | 3.00 | 8/1/43 | 1748256 |
|  MN Hsg. Fin. Agy. Rev. (State Appropriation) | 2000000 | 5.00 | 8/1/34 | 2002705 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 1000000 | 5.00 | 2/1/34 | 1001837 |
|  Pine Island Independent School District No. 255 | 525000 | 2.00 | 2/1/40 | 368388 |
|  Pine Island Independent School District No. 255 | 1110000 | 2.20 | 2/1/44 | 722782 |
|  Pine Island Independent School District No. 255 | 895000 | 2.25 | 2/1/47 | 550914 |
|  Rum River Special Education Cooperative | 1200000 | 5.50 | 2/1/46 | 1212833 |
|  Waconia Independent School District No. 110 | 500000 | 5.00 | 2/1/37 | 500439 |
|  |  |  |  | 14086993 |
|  **Other Revenue Bonds - 3.5%** |  |  |  |  |
|  Crystal Governmental Facs. Rev. | 61840 | 5.10 | 12/15/26 | 61162 |
|  Northeastern Metropolitan Intermediate School District No. 916 | 2500000 | 4.00 | 2/1/38 | 2499973 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/43 | 1066887 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/44 | 1056498 |
|  St. Paul Hsg. & Redev. Auth. Parking Enterprise Rev. | 1000000 | 5.25 | 12/1/45 | 1048763 |
|  St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) | 2000000 | 5.00 | 12/1/36 | 2061084 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) | 32000 | 6.38 | 2/15/28 | 32055 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 451000 | 7.00 | 2/15/28 | 456208 |
|  St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 120000 | 7.50 | 2/15/28 | 120355 |
|  St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) | 3105000 | 5.00 | 8/1/36 | 3106529 |
|  Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) <sup>11</sup> | 2000000 | 5.00 | 10/1/42 | 1931365 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13440879 |
|  **Single Family Mortgage - 21.5%** |  |  |  |  |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 7295000 | 2.25 | 7/1/41 | 5463608 |
|  MN Hsg. Fin. Agy. Homeownership Fin. | 8270000 | 2.40 | 7/1/46 | 5869554 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3130000 | 2.45 | 7/1/45 | 2268298 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 7645000 | 2.45 | 7/1/46 | 5486765 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1352550 | 3.30 | 5/1/48 | 1200532 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 421375 | 3.75 | 11/1/48 | 388812 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 460817 | 3.45 | 3/1/49 | 413825 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 745552 | 3.15 | 6/1/49 | 656797 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 771278 | 2.47 | 1/1/50 | 619136 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 6210000 | 2.55 | 1/1/51 | 4215908 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **26** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br> Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 5635000 | 2.50 | 7/1/51 | 3762848 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1680000 | 2.20 | 7/1/41 | 1246531 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 475000 | 2.38 | 7/1/46 | 338770 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 9340000 | 2.45 | 1/1/52 | 6099355 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4530000 | 2.63 | 1/1/40 | 3732032 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3410000 | 2.75 | 7/1/42 | 2692551 |
|  MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 2300000 | 3.00 | 7/1/43 | 1936594 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 22000 | 3.80 | 7/1/38 | 21225 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3420000 | 2.80 | 1/1/44 | 2719209 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2250000 | 2.70 | 7/1/44 | 1762234 |
|  MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3130000 | 2.75 | 7/1/44 | 2475392 |
|  MN Hsg. Fin. Agy. Rev. <sup>8</sup> | 945000 | 5.35 | 7/1/36 | 979985 |
|  MN Hsg. Fin. Agy. Rev. | 3165000 | 2.00 | 7/1/40 | 2240422 |
|  MN Hsg. Fin. Agy. Rev. | 3850000 | 2.15 | 7/1/45 | 2615411 |
|  MN Hsg. Fin. Agy. Rev. | 5000000 | 2.20 | 1/1/51 | 3128371 |
|  MN Hsg. Fin. Agy. Rev. | 7680000 | 2.35 | 7/1/41 | 5841437 |
|  MN Hsg. Fin. Agy. Rev. | 2565000 | 2.55 | 1/1/46 | 1893230 |
|  MN Hsg. Fin. Agy. Rev. | 1720000 | 5.00 | 7/1/53 | 1785130 |
|  MN Hsg. Fin. Agy. Rev. | 845000 | 6.00 | 7/1/53 | 905379 |
|  MN Hsg. Fin. Agy. Rev. | 4750000 | 4.60 | 1/1/47 | 4693437 |
|  MN Hsg. Fin. Agy. Rev. | 905000 | 6.25 | 1/1/54 | 979765 |
|  MN Hsg. Fin. Agy. Rev. | 1190000 | 5.10 | 7/1/42 | 1247228 |
|  MN Hsg. Fin. Agy. Rev. | 1625000 | 5.15 | 7/1/45 | 1648989 |
|  MN Hsg. Fin. Agy. Rev. | 1055000 | 6.00 | 1/1/53 | 1120845 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82449605 |
|  **Transportation - 2.9%** |  |  |  |  |
|  Minneapolis & St. Paul Metro Airport Commission Senior Rev. | 500000 | 5.00 | 1/1/41 | 504457 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup> | 2500000 | 5.25 | 1/1/49 | 2540318 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup> | 3250000 | 5.00 | 1/1/47 | 3269035 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. <sup>8</sup> | 2650000 | 5.25 | 1/1/47 | 2705037 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 1750000 | 4.00 | 1/1/54 | 1529365 |
|  Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 500000 | 5.00 | 1/1/52 | 503650 |
|  |  |  |  | 11051862 |
|  **Utility - 3.2%** |  |  |  |  |
|  Guam Govt. Waterworks Auth. Rev. <sup>11</sup> | 2000000 | 5.00 | 1/1/46 | 2001231 |
|  Guam Govt. Waterworks Auth. Rev. <sup>11</sup> | 1000000 | 5.50 | 7/1/55 | 1031928 |
|  MN Muni. Gas Agy. Rev. | 7000000 | 5.00 | 9/1/35 | 7212308 |
|  Rochester Electric Utility Rev. | 500000 | 5.00 | 12/1/42 | 505063 |
|  St. Paul Port Auth. Rev. <sup>8</sup> | 750000 | 5.25 | 10/1/42 | 773387 |
|  St. Paul Port Auth. Rev. | 650000 | 5.00 | 10/1/46 | 671162 |
|  |  |  |  | 12195079 |
|  **Total Municipal Bonds<br>(cost: $413,053,494)** |  |  |  | 371116439 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| MARCH 31, 2026 | **27** |

---

------

SCHEDULE OF INVESTMENTS

March 31, 2026

Sit Minnesota Tax-Free Income Fund (Continued)

---

| | | |
|:---|:---|:---|
| Name of Issuer | Quantity | **Fair**<br> **Value ($)** |
|  **Investment Companies - 0.2%** |  |  |
|  Nuveen Minnesota Quality Municipal Income Fund (NMS) | 71621 | 873060 |
|  **Total Investment Companies<br>(cost: $986,105)** |  | 873060 |
|  **Total Investments in Securities - 96.9%<br>(cost: $414,039,599)** |  | 371989499 |
|  **Other Assets and Liabilities, net - 3.1%** |  | 11884421 |
|  **Net Assets - 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$383873920 |

---

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of March 31, 2026. 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 March 31, 2026 was $5,620,595 and represented 1.5% of net assets.  |

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of March 31, 2026 was $13,424,829 and represented 3.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

---

| | |
|:---|:---|
| 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 March 31, 2026 was $5,620,595 and represented 1.5% of net assets.  |

---

---

| | |
|:---|:---|
| 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 March 31, 2026, 4.5% of net assets in the Fund was invested in such securities.  |

---

---

| | |
|:---|:---|
| 9 | Municipal Lease Security. The total value of such securities as of March 31, 2026 was $14,086,993 and represented 3.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

---

| | |
|:---|:---|
| 11 | The Fund may invest in obligations issued by U.S. territories, for example American Samoa, Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of March 31, 2026 was $6,245,314 and represented 1.6% of net assets.  |

---

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.

A summary of the levels for the Fund's investments as of March 31, 2026 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> Prices ($) | **Level 2**<br> Other significant<br> observable inputs ($) | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable inputs ($)  | Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 371116439 |  | 371116439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 873060 |  |  | 873060 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873060 | 371116439 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371989499 |

---

There were no transfers into or out of level 3 during the reporting period.

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **28** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit U.S.**<br>**Government**<br>**Securities**<br>**Fund** | **Sit Quality**<br>**Income**<br>**Fund** | **Sit Tax-Free**<br>**Income**<br>**Fund** | **Sit**<br>**Minnesota**<br>**Tax-Free**<br>**Income**<br>**Fund** |
|  **ASSETS** |  |  |  |  |
|  Investments in securities, at identified cost | $205964119 | $136490001 | $150448163 | $414039599 |
|  Investments in securities, at fair value - see accompanying schedule for detail | $196438873 | $136551096 | $122482422 | $371989499 |
|  Cash in bank on demand deposit |  |  | 6422744 | 9815276 |
|  Accrued interest and dividends receivable | 929622 | 941484 | 1831921 | 4360914 |
|  Receivable for investment securities sold |  | 6751 |  | 22095 |
|  Receivable for Fund shares sold | 206602 | 4142 | 16249 | 344015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 197575097 | 137503473 | 130753336 | 386531799 |
|  **LIABILITIES** |  |  |  |  |
|  Disbursements in excess of cash balances |  | 1014 |  |  |
|  Payable for investment securities purchased |  |  | 1511528 | 1750000 |
|  Payable for Fund shares redeemed | 461356 | 15801 | 125673 | 515883 |
|  Cash portion of dividends payable to shareholders | 31354 | 7055 | 86702 | 130181 |
|  Accrued supervisory and administrative fees | 88383 | 46104 | 55965 | 196361 |
|  Accrued investment management fees | 33777 | 23186 | 22060 | 65454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 614870 | 93160 | 1801928 | 2657879 |
|  Net assets applicable to outstanding capital stock | $196960227 | $137410313 | $128951408 | $383873920 |
|  **Net assets consist of:** |  |  |  |  |
|  Capital (par value and paid-in surplus) | $237461936 | $143531379 | $189111284 | $446834485 |
|  Total distributable earnings (loss), including unrealized appreciation (depreciation) | (40501709) | (6121066) | (60159876) | (62960565) |
|  | $196960227 | $137410313 | $128951408 | $383873920 |
|  Outstanding shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares (Class S)\* | 13181562 | 2704472 | 9380214 | 40160784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares (Class Y)\* | 5853214 | 11601410 | 5478543 |  |
|  Net assets applicable to outstanding shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets (Class S)\* | $136421592 | $25952905 | $81410013 | $383873920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets (Class Y)\* | 60538635 | 111457408 | 47541395 |  |
|  Net asset value per share of outstanding capital stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets Value (Class S)\* | $10.35 | $9.60 | $8.68 | $9.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets Value (Class Y)\* | 10.34 | 9.61 | 8.68 |  |

---

\* Sit U.S. Government Securities Fund, Sit Quality Income Fund and Sit Tax-Free Income Fund offer multiple share classes (S and Y). Sit Minnesota Tax-Free Income Fund offers a single share class.

---

| | |
|:---|:---|
|  | *See accompanying notes to financial statements.* |
| FINANCIAL STATEMENTS AND OTHER INFORMATION | **29** |

---

------

STATEMENTS OF OPERATIONS

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit U.S.**<br>**Government**<br>**Securities**<br>**Fund** | **Sit Quality**<br>**Income**<br>**Fund** | **Sit Tax-Free**<br>**Income**<br>**Fund** | **Sit**<br>**Minnesota**<br>**Tax-Free**<br>**Income**<br>**Fund** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |  | $254638 | $54520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $9341323 | $6437788 | 5906918 | 15913889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 9341323 | 6437788 | 6161556 | 15968409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses (note 4):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fee |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 290445 | 77852 | 171636 | 749759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 118216 | 307390 | 94658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment management fee | 408661 | 385242 | 266294 | 749759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supervisory and administrative fee |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 871557 | 155703 | 514916 | 2249278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 206749 | 358622 | 165647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total supervisory and administrative fee | 1078306 | 514325 | 680563 | 2249278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1486967 | 899567 | 946857 | 2999037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees and expenses waived by investment adviser |  | (128414) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net expenses | 1486967 | 771153 | 946857 | 2999037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7854356 | 5666635 | 5214699 | 12969372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized and unrealized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (566936) | 248673 | (6119906) | (8662481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on futures |  |  | (92530) | (364076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1261432 | (172723) | 6914156 | 17628592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on futures |  |  | 354935 | 1385314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 694496 | 75950 | 1056655 | 9987349 |
|  Net increase (decrease) in net assets resulting from operations | $8548852 | $5742585 | $6271354 | $22956721 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **30** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit U.S. Government**<br>**Securities Fund** | **Sit U.S. Government**<br>**Securities Fund** | **Sit Quality**<br>**Income Fund** | **Sit Quality**<br>**Income Fund** |
|  | **Year**<br>**Ended<br>March 31, 2026** | **Year**<br>**Ended<br>March 31, 2025** | **Year**<br>**Ended<br>March 31, 2026** | **Year**<br>**Ended<br>March 31, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7854356 | $8578145 | $5666635 | $5728091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures | (566936) | (4170561) | 248673 | (591654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and futures | 1261432 | 7225489 | (172723) | 2119160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 8548852 | 11633073 | 5742585 | 7255597 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) | (5463921) | (6261423) | (1094155) | (1186566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class Y) | (2391814) | (2316974) | (4573251) | (4541524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (7855735) | (8578397) | (5667406) | (5728090) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 13753588 | 15387801 | 21953210 | 15669662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 9054119 | 9060549 | 29109020 | 54446285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 5034390 | 5773483 | 1073211 | 1162292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 2391814 | 2316974 | 4507963 | 4513640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (36754457) | (51781243) | (19404754) | (26408373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (9322409) | (19107113) | (35469683) | (48670071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (15842955) | (38349549) | 1768967 | 713435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (15149838) | (35294873) | 1844146 | 2240942 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 212110065 | 247404938 | 135566167 | 133325225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $196960227 | $212110065 | $137410313 | $135566167 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 1322320 | 1500690 | 2285327 | 1649737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 869608 | 883322 | 3020788 | 5721540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 484311 | 564598 | 111469 | 122265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 230206 | 226677 | 467743 | 473777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (3533764) | (5061757) | (2018371) | (2782388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (897605) | (1876881) | (3698641) | (5121254) |
|  Net increase (decrease) | (1524924) | (3763351) | 168315 | 63677 |

---

---

| | |
|:---|:---|
| *See accompanying notes to financial statements.*<br>|  |
| **31** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit Tax-Free**<br>**Income Fund** | **Sit Tax-Free**<br>**Income Fund** | **Sit Minnesota Tax-Free**<br>**Income Fund** | **Sit Minnesota Tax-Free**<br>**Income Fund** |
|  | **Year**<br>**Ended**<br>**March 31, 2026** | **Year**<br>**Ended**<br>**March 31, 2025** | **Year**<br>**Ended**<br>**March 31, 2026** | **Year**<br>**Ended**<br>**March 31, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5214699 | $5933589 | $12969372 | $12570680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures | (6212436) | (4262354) | (9026557) | (3124076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and futures | 7269091 | 3366906 | 19013906 | (4104916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 6271354 | 5038141 | 22956721 | 5341688 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) | (3341198) | (3501820) | (12969372) | (12570680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class Y) | (1965305) | (2378895) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (5306503) | (5880715) | (12969372) | (12570680) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 9272583 | 14892378 | 61391859 | 77720848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 5929416 | 11289682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 2984712 | 3167649 | 11507148 | 11117568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 1116166 | 1280180 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (27507322) | (21769538) | (88342210) | (98263345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (19834945) | (15882334) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in net assets from capital transactions | (28039390) | (7021983) | (15443203) | (9424929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (27074539) | (7864557) | (5455854) | (16653921) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 156025947 | 163890504 | 389329774 | 405983695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $128951408 | $156025947 | $383873920 | $389329774 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 1069353 | 1702384 | 6512074 | 8172945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 677285 | 1296842 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | 346458 | 363908 | 1223413 | 1171643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | 129614 | 147012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares | (3194187) | (2504067) | (9476257) | (10333590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Shares | (2332487) | (1814075) |  |  |
|  Net increase (decrease) | (3303964) | (807996) | (1740770) | (989002) |

---

---

| | |
|:---|:---|
| MARCH 31, 2026 | **32** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit U.S. Government Securities Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $10.32 | $10.17 | $10.35 | $10.83 | $11.17 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.39 | 0.38 | 0.33 | 0.27 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written options | 0.03 | 0.16 | (0.17) | (0.48) | (0.34) |
|  Total from operations | 0.42 | 0.54 | 0.16 | (0.21) | (0.24) |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.39) | (0.34) | (0.27) | (0.10) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $10.35 | $10.32 | $10.17 | $10.35 | $10.83 |
|  Total investment return <sup>2</sup> | 4.16% | 5.38% | 1.64% | (1.89%) | (2.16%) |
|  Net assets at end of period (000's omitted) | $136422 | $153834 | $182150 | $266067 | $318439 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.77% | 3.74% | 3.29% | 2.55% | 0.90% |
|  Portfolio turnover rate (excluding short-term securities) | 12.51% | 25.55% | 18.08% | 56.81% | 40.96% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| MARCH 31, 2026 | **33** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit U.S. Government Securities Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class Y | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $10.31 | $10.17 | $10.35 | $10.83 | $11.17 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.42 | 0.41 | 0.36 | 0.29 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written options | 0.03 | 0.14 | (0.17) | (0.47) | (0.34) |
|  Total from operations | 0.45 | 0.55 | 0.19 | (0.18) | (0.21) |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.42) | (0.41) | (0.37) | (0.30) | (0.13) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $10.34 | $10.31 | $10.17 | $10.35 | $10.83 |
|  Total investment return <sup>2</sup> | 4.42% | 5.55% | 1.91% | (1.67%) | (1.91%) |
|  Net assets at end of period (000's omitted) | $60539 | $58276 | $65255 | $91639 | $109305 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.03% | 3.99% | 3.54% | 2.80% | 1.14% |
|  Portfolio turnover rate (excluding short-term securities) | 12.51% | 25.55% | 18.08% | 56.81% | 40.96% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| **34** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Quality Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $9.58 | $9.46 | $9.46 | $9.98 | $10.04 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.40 | 0.40 | 0.37 | 0.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments, written options and futures | 0.03 | 0.12 | 0.01 | (0.33) | (0.05) |
|  Total from operations | 0.43 | 0.52 | 0.38 | (0.05) | 0.10 |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.40) | (0.38) | (0.29) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.18) | (0.01) |
|  Total distributions | (0.41) | (0.40) | (0.38) | (0.47) | (0.16) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $9.60 | $9.58 | $9.46 | $9.46 | $9.98 |
|  Total investment return <sup>2</sup> | 4.51% | 5.66% | 4.05% | (0.47%) | 0.92% |
|  Net assets at end of period (000's omitted) | $25953 | $22281 | $31574 | $34440 | $135246 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 0.90%<sup>4</sup> | 0.90%<sup>4</sup> | 0.90%<sup>4</sup> | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.80%<sup>4</sup> | 0.80%<sup>4</sup> | 0.80%<sup>4</sup> | 0.80% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 4.12% | 4.16% | 3.87% | 2.76% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 4.22% | 4.26% | 3.97% | 2.86% |  |
|  Portfolio turnover rate (excluding short-term securities) | 48.23% | 59.03% | 89.98% | 109.93% | 63.03% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>4</sup> Total Fund expenses are limited to 0.90% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| MARCH 31, 2026 | **35** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Quality Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Class Y | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | 2026 | 2025 | 2024 | 2023&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> |
|  **Net Asset Value:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $9.59 | $9.48 | $9.48 | $9.97 |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>2</sup> | 0.43 | 0.43 | 0.40 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments, written options and futures | 0.02 | 0.11 |  | (0.32) |
|  Total from operations | 0.45 | 0.54 | 0.40 |  |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.43) | (0.40) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.18) |
|  Total distributions | (0.43) | (0.43) | (0.40) | (0.49) |
|  **Net Asset Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $9.61 | $9.59 | $9.48 | $9.48 |
|  Total investment return <sup>3</sup> | 4.77% | 5.82% | 4.42% | (0.11%) |
|  Net assets at end of period (000's omitted) | $111457 | $113285 | $101751 | $110243 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 0.65%<sup>5</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.55%<sup>5</sup> | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 4.36% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 4.46% | 4.52% | 4.24% | 3.28% |
|  Portfolio turnover rate (excluding short-term securities) | 48.23% | 59.03% | 89.98% | 109.93% |

---

<sup>1</sup> The inception date of Class Y shares was March 31, 2022.

<sup>2</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 0.65% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **36** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Tax-Free Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $8.59 | $8.64 | $8.54 | $9.20 | $9.91 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.33 | 0.31 | 0.30 | 0.27 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and futures | 0.10 | (0.05) | 0.10 | (0.66) | (0.71) |
|  Total from operations | 0.43 | 0.26 | 0.40 | (0.39) | (0.44) |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.31) | (0.30) | (0.27) | (0.27) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $8.68 | $8.59 | $8.64 | $8.54 | $9.20 |
|  Total investment return <sup>2</sup> | 5.05% | 3.03% | 4.88% | (4.17%) | (4.62%) |
|  Net assets at end of period (000's omitted) | $81410 | $95858 | $100185 | $126041 | $185151 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.83% | 3.61% | 3.54% | 3.18% | 2.68% |
|  Portfolio turnover rate (excluding short-term securities) | 27.42% | 26.81% | 21.77% | 15.05% | 20.78% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| MARCH 31, 2026 | **37** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Tax-Free Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class Y | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |  |
| Class Y | 2026 | 2025 | 2024 | 2023 | Period Ended<br> March 31, 2022 <sup>1</sup> |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $8.59 | $8.64 | $8.54 | $9.20 | $10.04 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>2</sup> | 0.35 | 0.34 | 0.32 | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and futures | 0.10 | (0.06) | 0.11 | (0.67) | (0.84) |
|  Total from operations | 0.45 | 0.28 | 0.43 | (0.37) | (0.60) |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.33) | (0.33) | (0.29) | (0.24) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $8.68 | $8.59 | $8.64 | $8.54 | $9.20 |
|  Total investment return <sup>3</sup> | 5.29% | 3.29% | 5.13% | (3.93%) | (6.06%) |
|  Net assets at end of period (000's omitted) | $47541 | $60168 | $63705 | $117115 | $169263 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.08% | 3.86% | 3.79% | 3.43% | 3.57% |
|  Portfolio turnover rate (excluding short-term securities) | 27.42% | 26.81% | 21.77% | 15.05% | 20.78% |

---

<sup>1</sup> The inception date of Class Y shares was June 1, 2021.

<sup>2</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| **38** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Minnesota Tax-Free Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, | Year Ended March 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $9.29 | $9.47 | $9.43 | $9.94 | $10.68 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.32 | 0.30 | 0.29 | 0.27 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and futures | 0.27 | (0.18) | 0.04 | (0.49) | (0.74) |
|  Total from operations | 0.59 | 0.12 | 0.33 | (0.22) | (0.47) |
|  **Distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.30) | (0.29) | (0.27) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (0.02) |  |
|  Total distributions | (0.32) | (0.30) | (0.29) | (0.29) | (0.27) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $9.56 | $9.29 | $9.47 | $9.43 | $9.94 |
|  Total investment return <sup>2</sup> | 6.52% | 1.24% | 3.64% | (2.08%) | (4.56%) |
|  Net assets at end of period (000's omitted) | $383874 | $389330 | $405984 | $466995 | $628164 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.46% | 3.15% | 3.15% | 2.90% | 2.50% |
|  Portfolio turnover rate (excluding short-term securities) | 20.06% | 10.29% | 5.34% | 8.50% | 20.82% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| MARCH 31, 2026 | **39** |

---

------

NOTES TO FINANCIAL STATEMENTS

Year Ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(1)** **Organization** 

The Sit Mutual Funds covered by this report are Sit U.S. Government Securities Fund, Sit Quality Income Fund, Sit Tax-Free Income Fund and Sit Minnesota Tax-Free Income Fund (each a "Fund" and collectively, the "Funds"). The Funds are no-load funds, and are registered under the Investment Company Act of 1940 (as amended) as diversified (except Sit Minnesota Tax-Free Income Fund which is non-diversified), open-end management investment companies, or series thereof. The Sit Quality Income Fund, Sit Tax-Free Income Fund and Sit Minnesota Tax-Free Income Fund are series funds of Sit Mutual Funds II, Inc. Each Fund has 10 billion authorized shares of capital stock. Shares in the Sit U.S. Government Securities Fund have a par value of $0.01, and shares in other Funds have a par value of $0.001. This report covers the bond funds of the Sit Mutual Funds.

The investment objective for each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| U.S. Government Securities Fund | High current income and safety of principal. |
| Quality Income Fund | High current income and safety of principal. |
| Tax-Free Income Fund | High current income that is exempt from federal income tax, consistent with the preservation of capital. |
| Minnesota Tax-Free Income Fund | High current income that is exempt from federal regular income tax and Minnesota regular personal income tax, consistent with the preservation of capital. |

---

The U.S. Government Securities Fund, Quality Income Fund and Tax-Free Income Fund offer Class S and Class Y shares. Both classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets.

**(2)** **Significant Accounting Policies** 

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

*Investments in Securities* 

Investment securities are carried at fair value based upon closing market quotations on the last business day of the period. Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Equity securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available, at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Consistent with the Funds' valuation policies and procedures, the current fair value of certain fixed income securities is provided by an independent pricing service. Fixed income securities for which prices are not available from an independent pricing service but where an active market exists are valued using market quotations obtained from broker-dealers or quotation systems. Securities for which market quotations are not available, such as private placement securities, are valued at fair value according to methods selected in good faith by Sit Investment Associates, Inc. (the "Adviser" or "SIA") and may include dealer-supplied valuations or other inputs and assumptions that pricing services would typically utilize. Short-term investments of sufficient credit quality with maturities of 60 days or less when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Options and futures contracts entered into and held by the Funds are valued at the close of the securities and commodities exchange on which they are traded.

Security transactions are accounted for on the date the securities are purchased or sold. Gains and losses are calculated on the identified cost basis. Interest, including level-yield amortization of long-term bond premium and discount, is recorded on the accrual basis. Amortization of long-term bond premium and discount is calculated using the effective interest rate method. Dividends received from closed-end fund holdings are included in Dividend Income and distributions from capital gains, if any, are included in Net Realized Gain (Loss).

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| | |
|:---|:---|
| **40** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Delivery and payment for securities which have been purchased by the Funds on a forward commitment or when-issued basis can take place two weeks or more after the transaction date. During this period, such securities are subject to market fluctuations and may increase or decrease in value prior to delivery.

The Minnesota Tax-Free Income Fund concentrates its investments in Minnesota, and therefore may have more credit risk related to the economic conditions in the state of Minnesota than a portfolio with broader geographical diversification.

*Derivative Instruments* 

The Funds apply derivative instrument disclosure standards in order to enable investors to understand how and why the Funds use derivatives, how derivatives are accounted for, and how derivative instruments affect the Funds' financial statements.

To hedge interest rate risk, the Funds used Treasury options and futures traded on a U.S. exchange. Risks of entering into futures and options contracts include the possibility of an illiquid market and that a change in the value of the option may not correlate with changes in the value of the underlying securities.

The premiums paid for the options represent the cost of the investment and the options are valued daily at their closing price. The Funds recognize a realized gain or loss when the option is sold or expired. Option holdings within the Funds, which may include put options and call options, are subject to loss of value with the passage of time, and may experience a total loss of value upon expiration. With options, there is minimal counterparty risk to the Funds since they are exchange traded.

Upon entering into a futures contract, a Fund is required to deposit either cash or securities in an amount (initial margin) equal to a certain percentage of the contract value. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily changes in the contract value and are recorded as unrealized gains and losses. The Fund recognizes a realized gain or loss when the contract is closed or expired. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

During the year ended March 31, 2026, the average volume of derivative activity, calculated on a quarterly basis, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Average<br>Cost** | **Average<br>Premium<br>Received** | **Average<br> Notional<br> Amount** |
|  **U.S. Government Securities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased put options | $114396 | $79081 | $22708750 |
|  **Tax-Free Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury futures - short |  |  | 3949506 |
|  **Minnesota Tax-Free Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury futures - short |  |  | 15417494 |

---

Statement of Assets and Liabilities – Values of derivatives as of March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives Value** | **Liability Derivatives Value** |
|  **Interest rate risk:** |  |  |
|  **U.S. Government Securities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Options Purchased<br>$120438<sup>1</sup> |  |  |

---

<sup>1</sup> Statement of Assets and Liabilities location: Investments in Securities, at fair value.

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| | |
|:---|:---|
| MARCH 31, 2026 | **41** |

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NOTES TO FINANCIAL STATEMENTS

Year Ended March 31, 2026 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Amount of Realized<br> Gain (Loss) on<br> Derivatives <sup>2</sup>** | **Change in Unrealized<br> Appreciation (Depreciation) <br>on Derivatives <sup>3</sup>** |
|  **Interest rate risk:** |  |  |
|  **U.S. Government Securities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased put options | ($568942) | $150440 |
|  **Tax-Free Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury futures | (92530) | 354935 |
|  **Minnesota Tax-Free Income Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury futures | (364076) | 1385314 |

---

<sup>2</sup> Statement of Operations location: Net realized gain (loss) on investments and net realized gain (loss) on futures, respectively.

<sup>3</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on investments for purchased put options and net change in unrealized appreciation (depreciation) on futures, respectively.

*Fair Value Measurements* 

The inputs and valuation techniques used to measure fair value of the Funds' net assets are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 – debt securities are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, U.S. government and government agency obligations, and municipal securities the pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For asset-backed securities and mortgage-backed securities, the pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. All of these inputs are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 – significant unobservable inputs, including the Adviser's own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities.

A summary of the levels for the Funds' investments as of March 31, 2026 is included with the Funds' schedules of investments.

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| | |
|:---|:---|
| **42** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Federal Taxes* 

The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. The Funds have recorded in their financial statements the full benefit of their tax positions taken in connection with the Registered Investment Company (RIC) qualification and distribution requirements of the Internal Revenue Code. Therefore, no income tax provision is required. Also, in order to avoid the payment of any federal excise taxes, the Funds will distribute substantially all of their net investment income and net realized gains on a calendar year basis.

Management has analyzed the Funds' tax positions taken in federal tax returns for all open tax years and has concluded that as of March 31, 2026, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue until such time as the applicable statute of limitations for audit has expired. For example, U.S. tax returns are generally subject to audit for three years from the date they are filed.

At March 31, 2026, the gross unrealized appreciation (depreciation) on investments and cost of investments on a tax basis for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Cost (Proceeds)<br>of Investments<br>on a Tax Basis** |
|  U.S. Government Securities Fund - Investments | $981881 | ($10723708) | ($9741827) | $206140170 |
|  Quality Income Fund - Investments | 986680 | (926425) | 60255 | 136490841 |
|  Tax-Free Income Fund - Investments | 1121658 | (29183558) | (28061900) | 150544322 |
|  Minnesota Tax-Free Income Fund - Investments | 2802095 | (44870318) | (42068223) | 414057722 |

---

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains (losses) may also differ from its ultimate characterization for tax purposes. The tax character of distributions paid during the fiscal years ended March 31, 2026 and 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Year Ended March 31, 2026:** |  |  |  |  |
|  | **Ordinary<br>Income** | **Tax-Exempt<br>Income** | **Long Term<br>Capital Gain** | **Total** |
|  U.S. Government Securities Fund | $7855735 |  |  | $7855735 |
|  Quality Income Fund | 5667406 |  |  | 5667406 |
|  Tax-Free Income Fund\* | 21530 | $5287776 |  | 5309306 |
|  Minnesota Tax-Free Income Fund\* | 345061 | 12607038 |  | 12952099 |
| \*99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively. | \*99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively. | \*99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively. | \*99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively. | \*99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively. |
|  **Year Ended March 31, 2025:** |  |  |  |  |
|  | **Ordinary<br>Income** | **Tax-Exempt<br>Income** | **Long Term<br>Capital Gain** | **Total** |
|  U.S. Government Securities Fund | $8578397 |  |  | $8578397 |
|  Quality Income Fund | 5728090 |  |  | 5728090 |
|  Tax-Free Income Fund\* | 72446 | $5821475 |  | 5893921 |
|  Minnesota Tax-Free Income Fund\* | 158431 | 12441636 |  | 12600067 |

---

\*98.8% and 98.7% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income and Minnesota Tax-Free Income Funds, respectively.

---

| | |
|:---|:---|
| MARCH 31, 2026 | **43** |

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NOTES TO FINANCIAL STATEMENTS

Year Ended March 31, 2026 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Tax-Exempt<br>Income** | **Accumulated<br>Gain (Loss)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  U.S. Government Securities Fund |  |  | ($30728528) | ($9741827) |
|  Quality Income Fund | $8254 |  | (6182520) | 60255 |
|  Tax-Free Income Fund |  | $42518 | (32053792) | (28061900) |
|  Minnesota Tax-Free Income Fund |  | 49734 | (20811895) | (42068223) |

---

Net capital loss carryovers and late year losses, if any, as of March 31, 2026, are available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward retain their character as either short-term or long-term capital losses. The net capital loss carryovers and the late year losses deferred as of March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unlimited Period of Net<br>Capital Loss Carryover** | **Unlimited Period of Net<br>Capital Loss Carryover** | **Late Year<br>Losses** | **Accumulated<br>Capital and** |
|  | **Short-Term** | **Long-Term** | **Deferred** | **Other Losses** |
|  U.S. Government Securities Fund | $6080995 | $24647533 |  | $30728528 |
|  Quality Income Fund | $2173232 | $4009288 |  | $6182520 |
|  Tax-Free Income Fund | $2721107 | $29332685 |  | $32053792 |
|  Minnesota Tax-Free Income Fund |  | $20811895 |  | $20811895 |

---

*Distributions* 

Distributions to shareholders are recorded as of the close of business on the record date. Such distributions are payable in cash or reinvested in additional shares of the Funds' capital stock. Distributions from net investment income are declared daily and paid monthly for the Funds. Distributions from net realized gains, if any, will be made annually for each of the Funds.

*Use of Estimates* 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results for the respective periods. Actual results could differ from those estimates.

*Guarantees and Indemnifications* 

Under each Fund's organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to each Fund. In addition, certain of each Fund's contracts with its service providers contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.

*Cash Balance Credit Risk* 

The Funds may place portions of its uninvested cash with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FIDC") up to $250,000 for each account holder. The Funds may be subject to credit risk to the extent amounts on deposit are in excess of the insured limits.

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| | |
|:---|:---|
| **44** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Segment Reporting* 

The Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Executive Officer of the Adviser ("CEO") acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Funds. The CODM monitors the operating results as a whole, and the Funds' long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(3)** **Investment Security Transactions** 

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the year ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Proceeds** | **Proceeds** |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other** |
|  U.S. Government Securities Fund | $25068137 |  | $38986131 | $80510 |
|  Quality Income Fund | 38780689 | $25144370 | 30563578 | 29606679 |
|  Tax-Free Income Fund |  | 34373969 |  | 57075043 |
|  Minnesota Tax-Free Income Fund |  | 73018362 |  | 81119369 |

---

**(4)** **Affiliated Fees and Transactions** 

*Investment Adviser* 

The Funds each have entered into an investment management agreement with Sit Investment Associates Inc., under which SIA manages the Funds' assets and provides research, statistical and advisory services, and pays related office rental, executive expenses and executive salaries. In addition, the Funds have entered into separate supervision and administration agreements with SIA. SIA also is obligated to pay all of the Funds' expenses (excluding extraordinary expenses, stock transfer taxes, interest, brokerage commissions, and other transaction charges relating to investing activities). The fees charged to each Fund by SIA are based on the average daily net assets of the Funds at the annual rate of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment<br>Management Fees** | **Supervisory and<br>Administrative Fees** | **Total<br> Management Fees** |
|  U.S. Government Securities Fund Class S | 0.20% | 0.60% | 0.80% |
|  U.S. Government Securities Fund Class Y | 0.20% | 0.35% | 0.55% |
|  Quality Income Fund Class S<sup>1</sup> | 0.20% | 0.60% | 0.80% |
|  Quality Income Fund Class Y<sup>1</sup> | 0.20% | 0.35% | 0.55% |
|  Tax-Free Income Fund Class S | 0.20% | 0.60% | 0.80% |
|  Tax-Free Income Fund Class Y | 0.20% | 0.35% | 0.55% |
|  Minnesota Tax-Free Income Fund | 0.20% | 0.60% | 0.80% |

---

<sup>1</sup> Effective April 1, 2022, the advisory fee for Sit Quality Income Fund was voluntarily reduced from 0.30% to 0.20%; the fees presented reflect the fees net of the Adviser's voluntary fee waiver. 

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| | |
|:---|:---|
| MARCH 31, 2026 | **45** |

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NOTES TO FINANCIAL STATEMENTS

Year Ended March 31, 2026 (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fees charged to each Fund by SIA, for the year ended March 31, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment<br>Management Fees** | **Supervisory and<br>Administrative Fees** | **Total** |
|  U.S. Government Securities Fund Class S | $290445 | $871557 | $1162002 |
|  U.S. Government Securities Fund Class Y | 118216 | 206749 | 324965 |
|  Quality Income Fund Class S | 77852 | 155703 | 233555 |
|  Quality Income Fund Class Y | 307390 | 358622 | 666012 |
|  Tax-Free Income Fund Class S | 171636 | 514916 | 686552 |
|  Tax-Free Income Fund Class Y | 94658 | 165647 | 260305 |
|  Minnesota Tax-Free Income Fund | 749759 | 2249278 | 2999037 |

---

*Transactions with affiliates* 

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **% Shares Outstanding** |
|  U.S. Government Securities Fund Class S | 141134 | 1.1 |
|  U.S. Government Securities Fund Class Y | 1204028 | 20.6 |
|  Quality Income Fund Class S | 1153345 | 42.6 |
|  Quality Income Fund Class Y | 10728141 | 92.5 |
|  Tax-Free Income Fund Class S | 271904 | 2.9 |
|  Tax-Free Income Fund Class Y | 701673 | 12.8 |
|  Minnesota Tax-Free Income Fund | 1416643 | 3.5 |

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**(5)** **Recent Accounting Pronouncement** 

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid dis-aggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

**(6)** **Credit Facility** 

The Funds, together with the 10 equity Sit Mutual Funds managed by SIA, are borrowers in a $20 million credit facility (Credit Facility) maturing November 24, 2026. The Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund shall pay interest charged on any borrowings made by the Fund. During the year ended March 31, 2026, the Funds did not use the Credit Facility.

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|:---|:---|
| **46** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Shareholders and Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sit U.S. Government Securities Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sit Mutual Funds II, Inc.:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the Sit U.S. Government Securities Fund and Sit Quality Income Fund, Sit Tax-Free Income Fund, and Sit Minnesota Tax-Free Income Fund (each a Series of Sit Mutual Funds II, Inc.) (collectively, the Funds), including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2026, by correspondence with custodians, transfer agents and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/KPMG LLP

We have served as the auditor of one or more Sit Mutual Funds investment companies since 1982.

Columbus, Ohio

May 18, 2026

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| | |
|:---|:---|
| MARCH 31, 2026 | **47** |

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FEDERAL TAX INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sit Bond Funds

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any), for each of the Funds that qualify for the dividends-received deductions for the period of April 1, 2025 to March 31, 2026 is as follows:

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
|  U.S. Government Securities Fund | 0.0% |
|  Quality Income Fund | 0.0 |
|  Tax-Free Income Fund | 0.0 |
|  Minnesota Tax-Free Income Fund | 0.0 |

---

For the year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the 15% dividend income tax rate.

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
|  U.S. Government Securities Fund | 0.0% |
|  Quality Income Fund | 0.0 |
|  Tax-Free Income Fund | 0.0 |
|  Minnesota Tax-Free Income Fund | 0.0 |

---

There were no funds that designated amounts as long-term capital gain dividends during the year ended March 31, 2026. Distributable long-term gains are based on net realized long term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

For the year ended March 31, 2026, 99.6% and 97.3% of dividends were derived from interest on tax-exempt securities for the Tax-Free Income Fund and Minnesota Tax-Free Income Fund, respectively. This portion of exempt-interest dividends is exempt from federal taxes and should not be included in shareholders' gross income. Exempt-interest dividends may be subject to state and local taxes. Each shareholder should consult a tax adviser about reporting this income for state and local tax purposes.

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| | |
|:---|:---|
| **48** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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ADDITIONAL INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### PROXY VOTING
A description of the policies and procedures that the Adviser uses to vote proxies related to the Funds' portfolio securities is set forth in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sitfunds.com, without charge by calling 800-332-5580 and on the Securities and Exchange Commission's (SEC) website at www.sec.gov. The Funds' proxy voting record is available without charge by calling 800-332-5580 and on the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June.

#### QUARTERLY SCHEDULES OF INVESTMENTS
Each Fund files a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. Each Fund's complete schedule of investments, as filed on Form N-PORT, is also available on its website at www.sitfunds.com, or without charge by calling 800-332-5580.

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| | |
|:---|:---|
| MARCH 31, 2026 | **49** |

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| **50** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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| MARCH 31, 2026 | **51** |

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| **52** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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![LOGO](g100696dsp65.jpg)

FINANCIAL STATEMENTS AND OTHER INFORMATION Financial Statements and Other Information March 31, 2026 INVESTMENT ADVISER Sit Investment Associates, Inc. 80 S. Eighth Street Suite 3300 Minneapolis, MN 55402 CUSTODIAN TheBank Of New York Mellon 111 Sanders Creek Parkway Syracuse, NY 13057 TRANSFER AGENT AND DISBURSING AGENT Sit Mutual Funds Attention: 534459 500 Ross Street, 154-0520 Pittsburgh, PA 15262 INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM KPMG LLP Columbus, OH GENERAL COUNSEL Faegre Drinker Biddle & Reath LLPMinneapolis, MN Sit Mutual Funds 1-800-332-5580 www.sitfunds.com SIT BOND 3-2026

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|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**  |

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None.

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|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.**  |

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None.

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|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**  |

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Fiscal year ended March 31, 2026

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| | |
|:---|:---|
| Name of Director | Aggregate Renumeration Paid<br>by all 14 of the Sit Mutual Funds |
|  Edward M. Giles | $59000 |
|  Sidney L. Jones | $69000 |
|  Bruce C. Lueck | $59000 |
|  Donald W. Phillips | $59000 |
|  Barry N. Winslow | $59000 |

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|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.**  |

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During the Registrant's most recent fiscal year ended March 31, 2026, the Boards of Directors approved the renewal of the investment management agreements with the Sit Mutual Funds. Below is the Boards' discussion at the October 28, 2025 board meeting of the material factors and conclusions that formed the basis for the board's approval.

#### BOARD RE-APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
At their joint meeting held on October 28, 2025, the Boards of Directors (the "Boards") of the Sit Tax-Free Income Fund, Sit Minnesota Tax-Free Income Fund, Sit Quality Income Fund and Sit U.S. Government Securities Fund, Inc. (each a "Fund" and collectively, the "Funds") unanimously approved the continuation for another one-year period of the investment management agreements entered into by and between Sit Investment Associates, Inc. ("SIA") and each of Sit Mutual Funds II, Inc., dated November 1, 1992; and Sit U.S. Government Securities Fund, Inc., dated November 1, 1992 (collectively, the "Agreements").

In advance of the October 28, 2025 meeting, the Boards requested and received materials from SIA to assist them in considering the re-approval of the Agreements. The Boards, including all of the Directors who are not "interested persons" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Funds (the "non-interested Directors") approved the Agreements after discussion and consideration of various factors relating to both the Boards' selection of SIA as the Funds' investment adviser and the Boards' approval of the fees to be paid under the Agreements. In evaluating the Agreements, the Directors relied upon their knowledge, resulting from their

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meetings and other interactions throughout the year, of SIA and its services and personnel. The Directors did not consider any single factor as controlling in determining whether to approve the Agreements, and the items described herein are not all-encompassing of the matters considered by the Directors.

**Investment Adviser Criteria.** The Directors began their analysis by discussing their criteria for determining the quality of an investment adviser. In this regard, the Directors noted that their criteria were similar to those used by institutional investors in evaluating and selecting investment advisers. The Directors discussed several factors in assessing the nature, extent and quality of the services performed by SIA, including the following:

*Investment Philosophy and Process.* The Directors considered SIA's philosophy around managing assets. With respect to fixed income securities, the Directors noted that SIA stresses the consistent attainment of superior risk-adjusted returns using a conservative investment management approach that seeks to identify pricing anomalies in the market and manage portfolio duration.

With respect to fixed income securities, the Directors considered that SIA seeks securities with a special emphasis on interest income and significant stability of principal value. They noted that SIA's investment style seeks to avoid excessive return volatility and generate consistent results for the Funds over an economic cycle. The Directors also noted that a component of each Fund's objective is to seek high current income. The Directors reviewed each Fund's portfolio characteristics and noted that SIA has consistently managed each Fund in accordance with its investment objective. The Directors noted that, because the Funds emphasize interest income, they may at times not rank highly in total return compared to funds that pursue different investment objectives.

The Directors discussed SIA's consistent and well-defined investment process. With respect to fixed income securities, the Directors considered that the SIA's portfolio managers are responsible for implementing the strategy set forth in SIA's duration targets and interest rate projections.

*Investment Professionals.* The Directors discussed the experience, knowledge and organizational stability of SIA and its investment professionals. The Directors noted that SIA's senior professionals are actively involved in the investment process and have significant investment industry experience.

The Directors discussed the depth of SIA's investment staff, noting that SIA has over 35 investment professionals. Given the investment products offered by SIA and SIA's amount of assets under management, the Directors determined that SIA's investment staff is well positioned to meet the current needs of its clients, including the Funds, and to accommodate growth in its number of clients and assets under management for the near future. The Directors concluded that the depth of SIA's investment staff, and in particular senior management and investment analysts, exceeds the Funds' current requirement at their present asset size. The Directors noted that SIA has the resources of an investment firm with over $18 billion in assets under management working for the benefit of the Funds' shareholders. The Directors concluded that SIA has substantial resources to provide services to the Funds and that SIA's services had been acceptable.

*Investment Performance.* The Directors reviewed and discussed the Funds' investment performance on an absolute and comparable basis for various periods as discussed below. The Directors noted that the investment performance of the Funds has generally been competitive with indices and other funds with similar investment styles as the Funds, such as fixed income funds seeking to maximize income.

*Corporate Culture.* The Directors discussed SIA's corporate values and commitment to operate under the highest ethical and professional standards. They considered that SIA's culture is set and practiced by senior management of SIA who insist that all SIA professionals exhibit honesty and integrity. The Directors noted that SIA's values are evident in the services it provides to the Funds.

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**Review of Specific Factors.** The Directors continued their analysis by reviewing specific information regarding SIA and the Funds, and the specific terms of the Agreements, including the following:

*Investment Performance.* The Directors reviewed the investment performance of each Fund for the 3-month, 1-year, and 5-year periods ended September 30, 2025, both on an absolute basis and on a comparative basis to indices and mutual funds within the same investment categories. As noted above, the Directors concluded that the investment performance of the Funds has been competitive in relation to funds with similar objectives and strategies.

*Fees and Expenses.* The Directors noted that the Funds pay SIA a monthly fee and SIA is responsible for all of the Funds' expenses, except for supervisory and administrative fees paid to SIA pursuant to Supervision and Administration Agreements, interest, brokerage commissions, portfolio transaction charges (including acquired fund fees and expenses) and certain extraordinary expenses. The Directors considered fees paid in prior years and the fees to be paid under the Agreements and Supervision and Administration Agreements, including both before and after fee waivers with respect to Sit Quality Income Fund.

The Directors compared each Fund's expense ratio to (i) the average and median expense ratios of no-load mutual funds within the same Morningstar, Inc. ("Morningstar") investment category, (ii) the average expense ratio for load funds within the Fund's Morningstar category, and (iii) the average expense ratio for all funds within the Fund's Morningstar category. The Directors also compared each Fund's management fees to (i) the average and median actual management fees of no-load mutual funds within the same Morningstar investment category, (ii) the average actual management fees for load funds within the Fund's Morningstar category, and (iii) the average actual management fees for all funds within the Fund's Morningstar category. Generally, the Funds' expense ratios were higher than or approximated the averages of the applicable category. The Directors noted that the Morningstar no-load categories include funds of various asset sizes, some of which are significantly larger in assets than the Funds. The Directors concluded that the fees paid by the Funds are reasonable and appropriate.

The Directors reviewed the extent to which the fees to be paid under the Agreements by each Fund may be affected by an increase in the Fund's assets, which included reviewing each Fund's current and historical assets and the likelihood and magnitude of future increases in the Fund's assets. The Directors agreed that it is appropriate that the Funds benefit from improved economies of scale as the Funds' assets increase. However, the Directors concluded that, given the amount of the Funds' current assets and the likelihood and magnitude of future increases in the Funds' assets, a graduated fee structure for each Fund was unnecessary at the time because the fees to be paid under the current Agreements were reasonable and appropriate.

The Directors reviewed the expenses paid by SIA relating to the operations of the Funds, and SIA's income with respect to its management of the Funds for the past two calendar years. The Directors concluded that the expenses paid were appropriate and that SIA's profit margin with respect to the management of the Funds was acceptable.

The Directors reviewed SIA's investment advisory fee schedule for investment management services provided to other clients. The Directors compared the services provided to the Funds and other clients of SIA and its affiliates and recognized that the Funds' expenses are borne by SIA, except as noted above. The Directors concluded that the fees paid by the Funds in relation to the fees paid by other clients of SIA and its affiliates were appropriate and reasonable.

The Directors discussed the extent to which SIA receives ancillary benefits from its relationship with the Funds, such as soft dollar arrangements by which brokers provide research services to SIA as a result of brokerage generated by the Funds. The Boards concluded that any benefits SIA receives from its relationship with the Funds are well within industry norms, are reflected in the amount of the fees paid by the Funds to SIA and are appropriate and reasonable.

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*Non-Advisory Services.* The Directors considered the quality of non-advisory services which SIA provides to the Funds (and their shareholders), including services provided pursuant to the Supervision and Administration Agreements applicable to the Funds, and the quality and depth of SIA's non-investment personnel who provide such services. The Directors concluded that the level of such services and the quality and depth of such personnel are acceptable and consistent with industry standards.

Finally, the Directors considered the compliance staff and the regulatory history of SIA and the Funds and concluded that both are acceptable and consistent with industry standards.

Based on these conclusions, without any single conclusion being dispositive, the Directors, including the non-interested Directors by separate vote, determined that renewal of the Agreements was in the interest of each Fund and its shareholders.

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|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

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Not applicable to open-end investment companies.

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|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

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Not applicable to open-end investment companies.

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|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

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Not applicable to open-end investment companies.

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|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.**  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors since the Registrant last submitted a proxy statement to its shareholders.

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|:---|:---|
| **Item 16:** | **Controls and Procedures.**  |

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(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term in defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

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Not applicable to open-end investment companies.

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|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.**  |

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None.

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|:---|:---|
| **Item 19:** | **Exhibits.**  |

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(a)(1) None.

(a)(2) Not applicable.

[(a)(3) A separate certification from the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (certification required by Section 302 of the Sarbanes-Oxley Act of 2002) are attached as an exhibit hereto.](d100696dex99cert.htm)

[(b) The certification required by Rule 30a-2(b) under the Investment Company Act of 1940 (certification required by Section 906 of the Sarbanes-Oxley Act of 2002) is attached as an exhibit hereto.](d100696dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Sit U.S. Government Securities Fund, Inc.</u> 

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, CCO & Secretary |
|  | Principal Financial Officer |

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Date May 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, CCO & Secretary |
|  | Principal Financial Officer |

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Date May 26, 2026

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Roger J. Sit |
|  | Roger J. Sit |
|  | Chairman and President |
|  | Principal Executive Officer |

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Date May 26, 2026

## Ex-99.Cert

**EXHIBIT(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Paul E. Rasmussen, certify that:

1. I have reviewed this report on Form N-CSR of Sit U.S. Government Securities Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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|:---|:---|
| Date: May 26, 2026 | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, CCO & Secretary<br> Principal Financial Officer |

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**<u>CERTIFICATIONS</u>**

I, Roger J. Sit, certify that:

2. I have reviewed this report on Form N-CSR of Sit U.S. Government Securities Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: May 26, 2026 | /s/ Roger J. Sit |
|  | Roger J. Sit |
|  | Chairman and President |
|  | Principal Executive Officer |

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## Exhibit 99.906

**EXHIBIT (b)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Sit U.S. Government Securities Fund, Inc., do hereby certify, to such officer's knowledge, that the report on Form N-CSR of Sit U.S. Government Securities Fund, Inc., for the period ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of Sit U.S. Government Securities Fund, Inc. for the stated periods.

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| | |
|:---|:---|
| Sit U.S. Government Securities Fund, Inc. | Sit U.S. Government Securities Fund, Inc. |
| /s/ Roger J. Sit | /s/ Paul E. Rasmussen |
| Roger J. Sit | Paul E. Rasmussen |
| Chairman and President | VP, Treasurer, CCO & Secretary |
| Principal Executive Officer | Principal Financial Officer |

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Dated: May 26, 2026

A signed original of this written statement required by Section 906 has been provided by Sit U.S. Government Securities Fund, Inc. and will be retained by Sit U.S. Government Securities Fund, Inc. and furnished to the SEC or its staff upon request.