SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair     Value ($)
Asset-Backed Securities - 10.5%
Agency - 1.9%
FNMA Grantor Trust, Series 2004-T5, Class A11 1		671,862		3.36		5/28/35		661,113
FNMA REMICS, Series 2001-W2, Class AS5 14		4,118		6.47		10/25/31		4,246
Small Business Administration, Series 2000-20D		25,669		7.47		4/1/20		25,931
Small Business Administration, Series 2006-20D, Class 1		258,694		5.64		4/1/26		275,387
Small Business Administration, Series 2007-20B, Class 1		206,790		5.49		2/1/27		220,531
Small Business Administration, Series 2007-20J, Class 1		300,355		5.57		10/1/27		321,379
								1,508,587
Non-Agency - 8.6%
Aegis Asset Backed Securities Corp., Series 2003-2, Class M1, 1 Mo. Libor + 1.13% 1		747,206		3.53		11/25/33		748,709
Bayview Opportunity Master Fund, Series 2017-SPL5, Class A 1, 4		400,071		3.50		6/28/57		407,251
Bear Stearns Asset Backed Securities I Trust, Series 2005-AQ2, Class A3, 1 Mo. Libor + 0.36% 1		81,430		2.76		9/25/35		81,419
Centex Home Equity Loan Trust, Series 2004-A, Class AF4 14		102,684		5.01		8/25/32		107,814
Centex Home Equity Loan Trust, Series 2004-A, Class AF5 14		310,000		5.43		1/25/34		330,837
Centex Home Equity Loan Trust, Series 2004-D, Class AF6 14		3,575		5.17		9/25/34		3,602
CIT Home Equity Loan Trust, Series 2003-1, Class A6 14		2,382		4.56		10/20/32		2,389
Countrywide Asset-Backed Certificates, Series 2004-S1, Class A3 14		130,963		5.12		2/25/35		132,090
Credit Acceptance Auto Loan Trust, Series 2018-2A, Class B 4		500,000		3.94		7/15/27		514,852
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-AGE1, Class M3, 1 Mo. Libor + 0.65% 1		257,774		3.05		2/25/32		257,544
GSAMP Trust, Series 2004-FM1, Class M1, 1 Mo. Libor + 0.98% 1		192,862		3.38		11/25/33		192,580
Home Equity Mortgage Loan Asset-Backed Trust, Series 2003-A, Class AV2, 1 Mo. Libor + 0.86% 1		371,467		3.26		10/25/33		370,152
Irwin Whole Loan Home Equity Trust, Series 2005-A, Class M1, 1 Mo. Libor + 0.86% 1		322,275		3.26		6/25/34		321,981
Mill City Mortgage Loan Trust, Series 2017-3, Class A1 1, 4		341,444		2.75		1/25/61		342,787
New Century Home Equity Loan Trust, Series 2003-5, Class AI7 1		4,263		5.05		11/25/33		4,366
NovaStar Mortgage Funding Trust, Series 2004-2, Class M2, 1 Mo. Libor + 1.02% 1		44,812		3.42		9/25/34		45,329
OSCAR US Funding Trust VI, LLC, Series 2017-1A, Class A3 4		779,340		2.82		6/10/21		780,056
OSCAR US Funding Trust VI, LLC, Series 2017-1A, Class A4 4		940,000		3.30		5/10/24		953,098
OSCAR US Funding Trust VII, LLC, Series 2017-2A, Class A3 4		880,000		2.45		12/10/21		879,409
OSCAR US Funding Trust VIII, LLC, Series 2018-1A, Class A2A 4		155,614		2.91		4/12/21		155,724
OSCAR US Funding Trust VIII, LLC, Series 2018-1A, Class A2B, 1 Mo. Libor + 0.49% 1, 4		444,610		2.90		4/12/21		444,673
								7,076,662
Total Asset-Backed Securities (cost: $8,507,021)								8,585,249
Collateralized Mortgage Obligations - 20.4%
Agency - 12.3%
FHLMC Multifamily Structured Pass Through Certificates, Series K007, Class A2		95,710		4.22		3/25/20		96,206
FHLMC REMICS, Series 2528, Class KM		35,507		5.50		11/15/22		36,592
FHLMC REMICS, Series 3104, Class BY		125,235		5.50		1/15/26		132,760
FHLMC REMICS, Series 3806, Class JA		322,329		3.50		2/15/26		328,847
FHLMC REMICS, Series 4759, Class NA		896,591		3.00		8/15/44		906,718
FHLMC REMICS, Series 4776, Class QG		911,077		3.00		9/15/42		915,975
FNMA ACES, Series 2009-M1, Class A2		328		4.29		7/25/19		327
FNMA Grantor Trust, Series 2004-T1, Class 2A 1		492,570		3.91		8/25/43		504,345
FNMA REMICS, Series 2003-52, Class NA		44,401		4.00		6/25/23		44,949
FNMA REMICS, Series 2005-19, Class PA		27,686		5.50		7/25/34		27,952
FNMA REMICS, Series 2005-68, Class PC		6,827		5.50		7/25/35		6,912
FNMA REMICS, Series 2008-65, Class CD		11,569		4.50		8/25/23		11,574
FNMA REMICS, Series 2009-13, Class NX		56,125		4.50		3/25/24		56,184
FNMA REMICS, Series 2009-71, Class MB		42,818		4.50		9/25/24		44,102
FNMA REMICS, Series 2009-88, Class DA		2,117		4.50		10/25/20		2,121

See accompanying notes to schedule of investments.
JUNE 30, 2019	1

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair     Value ($)
FNMA REMICS, Series 2012-19, Class GH		33,655		3.00		11/25/30		34,047
FNMA REMICS, Series 2013-74, Class AD		159,878		2.00		7/25/23		159,391
FNMA REMICS, Series 2017-97, Class DP		1,053,447		3.50		10/25/46		1,083,181
FNMA REMICS, Series 2018-1, Class TE		672,563		3.50		3/25/44		692,293
FNMA REMICS, Series 2018-25, Class AG		728,638		3.50		4/25/47		758,294
FREMF Multifamily Aggregation Risk Transfer Trust, Series 2017-KT01, Class A, 1 Mo. Libor + 0.32% 1		1,000,000		2.72		2/25/20		999,777
FRESB Mortgage Trust, Series 2018-SB45, Class A5H, 1 Mo. Libor + 2.96% 1		947,669		2.96		11/25/37		968,305
FRESB Mortgage Trust, Series 2018-SB46, Class A5H, 1 Mo. Libor + 2.89% 1		880,672		2.89		12/25/37		894,780
GNMA, Series 2011-29, Class JA		10,222		4.50		4/20/40		10,238
NCUA Guaranteed Notes Trust, Series 2010-R1, Class 1A, 1 Mo. Libor + 0.45% 1		298,720		2.87		10/7/20		299,176
NCUA Guaranteed Notes Trust, Series 2010-R3, Class 2A, 1 Mo. Libor + 0.56% 1		1,029,041		2.98		12/8/20		1,032,464
Vendee Mortgage Trust, Series 1993-1, Class ZB		68,428		7.25		2/15/23		73,330
								10,120,840
Non-Agency - 8.1%
COLT Mortgage Loan Trust, Series 2017-2, Class A2A 1, 4		147,963		2.57		10/25/47		147,679
COLT Mortgage Loan Trust, Series 2019-1, Class A1 1, 4		453,841		3.71		3/25/49		460,984
GSR Mortgage Loan Trust, Series 2005-5F, Class 8A1, 1 Mo. Libor + 0.50% 1		41,062		2.90		6/25/35		38,827
JPMorgan Mortgage Trust, Series 2019-1, Class A6 1, 4		564,416		4.00		5/25/49		570,300
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A1 1		198,681		4.66		11/21/34		206,253
MASTR Alternative Loan Trust, Series 2003-4, Class 2A1		69,708		6.25		6/25/33		74,634
MASTR Alternative Loan Trust, Series 2003-5, Class 4A1		100,699		5.50		7/25/33		107,965
MASTR Alternative Loan Trust, Series 2003-8, Class 3A1		102,381		5.50		12/25/33		105,564
MASTR Asset Securitization Trust, Series 2005-2, Class 1A3		40,000		5.35		11/25/35		41,531
New Residential Mortgage Loan Trust, Series 2017-2A, Class A4 1, 4		590,572		4.00		3/25/57		608,175
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1 1, 4		632,876		4.00		4/25/57		658,551
New Residential Mortgage Loan Trust, Series 2017-5A, Class A1, 1 Mo. Libor + 1.50% 1, 4		281,044		3.90		6/25/57		285,769
New Residential Mortgage Loan Trust, Series 2017-6A, Class A1 1, 4		210,185		4.00		8/27/57		218,166
New Residential Mortgage Loan Trust, Series 2018-1A, Class A1A 1, 4		423,357		4.00		12/25/57		438,945
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 1 Mo. Libor + 0.75% 1, 4		782,243		3.15		1/25/48		781,699
Prime Mortgage Trust, Series 2004-CL1, Class 1A1		74,018		6.00		2/25/34		79,016
RAAC Trust, Series 2004-SP3, Class AI5 1		414		4.89		12/25/32		422
Sequoia Mortgage Trust, Series 2012-2, Class B1 1		629,088		4.22		4/25/42		655,031
Sequoia Mortgage Trust, Series 2017-4, Class A4 1, 4		355,240		3.50		7/25/47		360,902
Sequoia Mortgage Trust, Series 2018-3, Class A4 1, 4		631,694		3.50		3/25/48		641,351
Structured Asset Securities, Corp. Mtg Pass-Through Certificates, Series 2003-22A, Class 3A 1		75,058		4.63		6/25/33		77,043
WaMu Mortgage Pass Through Certificates, Series 2002-AR2 Class A, US FED + 1.25% 1		69,019		2.35		2/27/34		68,748
WaMu Mortgage Pass Through Certificates, Series 2004-CB2, Class 7A		17		5.50		8/25/19		17
								6,627,572
Total Collateralized Mortgage Obligations (cost: $16,556,731)								16,748,412
Corporate Bonds - 25.3%
Anheuser-Busch InBev Worldwide, Inc.		750,000		4.15		1/23/25		812,418
Arrow Electronics, Inc.		1,000,000		3.25		9/8/24		990,587
Assured Guaranty US Holdings, Inc.		800,000		5.00		7/1/24		871,832
Brown & Brown, Inc.		1,000,000		4.20		9/15/24		1,056,160
Cantor Fitzgerald LP 4		1,000,000		4.88		5/1/24		1,031,424
Comcast Corp.		400,000		3.38		2/15/25		418,758
CommonSpirit Health		600,000		2.95		11/1/22		605,860
Credit Suisse Group Funding Guernsey, Ltd. 4		400,000		3.75		3/26/25		417,756
CVS Health Corp.		900,000		4.10		3/25/25		949,221

See accompanying notes to schedule of investments.

2

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair     Value ($)
Doric Nimrod Air Finance Alpha 2012-1 Trust 4		438,220		5.13		11/30/22		456,257
Duke Energy Florida, LLC		1,000,000		1.73		9/1/22		986,093
Equifax, Inc., 3 Mo. Libor + 0.87% 1		800,000		3.39		8/15/21		797,919
Goldman Sachs Group, Inc., 3 Mo. Libor + 1.00% 1		150,000		3.58		7/24/23		150,255
Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A		724,182		3.90		1/15/26		736,711
HSBC Holdings, PLC, 3 Mo. Libor + 1.00% 1		700,000		3.52		5/18/24		701,864
Kraft Heinz Foods Co. 4		1,000,000		4.88		2/15/25		1,031,477
Liberty Mutual Insurance Co. (Subordinated) 4		700,000		8.50		5/15/25		882,731
Manufacturers & Traders Trust Co. (Subordinated), 3 Mo. Libor + 0.64% 1		900,000		3.16		12/1/21		897,644
Marathon Petroleum Corp.		650,000		5.38		10/1/22		659,970
Massachusetts Mutual Life Insurance Co. (Subordinated) 4		750,000		7.50		3/1/24		896,253
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29% 1, 4		725,000		4.70		12/15/24		724,645
RenaissanceRe Finance, Inc.		500,000		3.70		4/1/25		520,210
Sherwin-Williams Co.		800,000		3.30		2/1/25		811,879
Silversea Cruise Finance, Ltd. 4		800,000		7.25		2/1/25		859,760
TCF National Bank (Subordinated), 3 Mo. Libor + 2.38% 1		750,000		4.13		7/2/29		750,139
United Airlines 2013-1 Class A Pass Through Trust		847,549		4.30		8/15/25		901,103
US Airways 2012-2 Class A Pass Through Trust		155,507		4.63		6/3/25		167,999
US Airways 2013-1 Class A Pass Through Trust		687,296		3.95		11/15/25		723,804
Total Corporate Bonds (cost: $20,429,808)								20,810,729
Mortgage Pass-Through Securities - 6.6%
Federal Home Loan Mortgage Corporation - 0.9%
Freddie Mac		146,499		3.00		9/1/27		150,016
Freddie Mac		31,489		3.50		7/1/26		32,779
Freddie Mac		206,721		4.00		7/1/26		217,230
Freddie Mac		214,473		4.00		1/1/27		225,416
Freddie Mac		18,076		4.50		12/1/21		18,458
Freddie Mac		10,463		4.50		7/1/26		10,706
Freddie Mac		361		5.00		7/1/19		361
Freddie Mac		14,455		5.00		10/1/25		15,287
Freddie Mac		208		5.50		10/1/19		208
Freddie Mac		4,552		5.50		5/1/20		4,561
Freddie Mac		1,379		5.50		7/1/20		1,382
Freddie Mac		1,252		5.50		12/1/20		1,254
Freddie Mac		14,884		5.50		3/1/21		15,025
Freddie Mac		11,656		5.50		3/1/21		11,826
								704,509
Federal National Mortgage Association - 1.9%
Fannie Mae		376,926		2.50		6/1/23		379,779
Fannie Mae		242,348		3.00		8/1/28		248,027
Fannie Mae		588,702		3.50		1/1/26		607,652
Fannie Mae		17,024		4.00		9/1/24		17,671
Fannie Mae		127,944		4.00		6/1/25		133,079
Fannie Mae		21,405		4.00		10/1/31		22,360
Fannie Mae		114,113		4.50		4/1/25		118,481
Fannie Mae		34,115		4.73		2/1/20		34,295
Fannie Mae		528		5.00		8/1/19		532
Fannie Mae		24,446		5.00		9/1/20		25,013

See accompanying notes to schedule of investments.
JUNE 30, 2019	3

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair     Value ($)
Fannie Mae		3,674		5.50		1/1/21		3,695
Fannie Mae		2,454		5.50		10/1/21		2,470
								1,593,054
Government National Mortgage Association - 0.2%
Ginnie Mae, US Treasury + 1.50% 1		41,713		3.63		4/20/33		43,282
Ginnie Mae, US Treasury + 1.50% 1		9,166		3.63		4/20/42		9,416
Ginnie Mae		27,005		5.00		12/20/23		28,604
Ginnie Mae		17,820		5.00		9/15/24		18,341
Ginnie Mae		43,950		5.00		6/20/26		47,798
								147,441
Other Federal Agency Securities - 3.6%
Small Business Administration Pools, PRIME - 2.50% 1		665,730		3.00		5/25/43		663,504
Small Business Administration Pools, PRIME + 0.77% 1		546,181		6.27		3/25/30		595,835
Small Business Administration Pools, PRIME + 0.79% 1		1,568,683		6.29		2/25/28		1,701,150
								2,960,489
Total Mortgage Pass-Through Securities (cost: $5,401,726)								5,405,493
Taxable Municipal Bonds - 8.6%
Atlanta Downtown Development Authority 17		435,000		6.88		2/1/21		457,650
Berks County Industrial Development Authority		270,000		3.20		5/15/21		270,537
Century Housing Corp.		500,000		3.82		11/1/20		503,597
City of Wilkes-Barre PA 17		1,000,000		3.24		11/15/21		1,028,450
City of Worcester MA 17		250,000		6.75		11/1/34		265,713
Colorado Housing & Finance Authority		10,000		4.00		11/1/31		10,254
County of Lake IL		500,000		5.13		11/30/27		505,775
Kentucky Higher Education Student Loan Corp.		550,000		3.92		6/1/32		575,531
Massachusetts Educational Financing Authority		415,000		4.00		1/1/32		429,089
Massachusetts Educational Financing Authority		750,000		4.41		7/1/34		815,400
Municipality of Penn Hills PA		500,000		2.60		12/1/25		499,745
New Hampshire Housing Finance Authority		195,000		4.00		7/1/35		198,960
New Hampshire Housing Finance Authority		10,000		4.00		1/1/37		10,273
San Francisco Comm. Facs. Dist. No. 2014-1		375,000		3.03		9/1/23		384,844
San Francisco Comm. Facs. Dist. No. 2014-1		310,000		3.11		9/1/24		318,999
Southern California Public Power Authority		400,000		5.61		7/1/24		427,772
Tennessee Housing Development Agency		105,000		3.50		7/1/31		106,287
Town of Mammoth Lakes CA		225,000		2.75		10/1/22		228,105
Total Taxable Municipal Bonds (cost: $6,897,362)								7,036,981
U.S. Treasury / Federal Agency Securities - 26.4%
Federal Agency Issues - 1.7%
Federal Agricultural Mortgage Corp., 3 Mo. Libor + 0.37% 1		250,000		2.82		3/9/23		252,373
Pershing Road Development Co., LLC, 3 Mo. Libor + 0.40% 1, 4		325,000		2.69		9/15/21		325,000
U. S. Department of Housing and Urban Development		800,000		4.28		8/1/27		818,071
								1,395,444
U.S. Treasury - 24.7%
U. S. Treasury Bill 6		4,000,000		2.12		8/13/19		3,989,415
U. S. Treasury Bill 6		5,750,000		2.30		7/30/19		5,738,674
U.S. Treasury Floating Rate Note, 3 Mo. Libor + 0.04% 1		2,500,000		2.20		7/31/20		2,497,353

See accompanying notes to schedule of investments.

4

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair     Value ($)
U.S. Treasury Floating Rate Note, 3 Mo. Libor + 0.05% 1		4,000,000		2.20		10/31/20		3,994,112
U.S. Treasury Note		4,000,000		2.25		11/15/24		4,093,125
								20,312,679
Total U.S. Treasury / Federal Agency Securities (cost: $21,575,559)								21,708,123
Short-Term Securities - 2.3%
Fidelity Inst. Money Mkt. Gvt. Fund, 2.26%		1,870,240						1,870,240
(cost: $1,870,240)
Total Investments in Securities - 100.1% (cost: $81,238,447)								82,165,227
Other Assets and Liabilities, net - (0.1%)								(78,858	)
Total Net Assets - 100.0%								$82,086,369

¹  Variable rate security. Rate disclosed is as of June 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2019 was $16,275,674 and represented 19.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁶  Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

¹⁴  Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of June 30, 2019.

¹⁷  Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

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

See accompanying notes to schedule of investments.
JUNE 30, 2019	5

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Quality Income Fund (Continued)

Short futures contracts outstanding as of June 30, 2019 were as follows:

								Value/
								Unrealized
			Expiration		Notional			Appreciation
Type	Contracts		Date		Amount ($)			(Depreciation) ($)
Short Futures: 10
U.S. Treasury 5-Year		163		September 2019		(19,259,469	)		(41,022	)

¹⁰  The amount of $700,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of June 30, 2019.

A summary of the levels for the Fund’s investments as of June 30, 2019 is as follows (see notes to Schedule of Investments):

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted		Other Significant		Other Significant
	Price ($)		Observable Inputs ($)		Observable Inputs ($)		Total ($)
Assets
Asset-Backed Securities		—		8,585,249		—		8,585,249
Collateralized Mortgage Obligations		—		16,748,412		—		16,748,412
Corporate Bonds		—		20,810,729		—		20,810,729
Mortgage Pass-Through Securities		—		5,405,493		—		5,405,493
Taxable Municipal Bonds		—		7,036,981		—		7,036,981
U.S. Treasury / Federal Agency Securities		—		21,708,123		—		21,708,123
Short-Term Securities		1,870,240		—		—		1,870,240
		1,870,240		80,294,987		—		82,165,227
Liabilities
Futures		(41,022)		—		—		(41,022)

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

See accompanying notes to schedule of investments.

6

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Municipal Bonds - 90.1%
Alabama - 0.2%
Pell City Special Care Facs. Finance Auth. Rev. (Noland Health Services, Inc.)		500,000		5.00		12/1/31		536,265
Alaska - 1.0%
AK Hsg. Finance Corp. Mtg. Rev.		640,000		4.13		12/1/37		656,749
AK Hsg. Finance Corp. Mtg. Rev.		550,000		4.25		12/1/40		551,298
AK Hsg. Finance Corp. Mtg. Rev. (G.O. of Corp. Insured)		500,000		4.50		12/1/35		503,635
AK Hsg. Finance Corp. Rev. (State Capital Proj.)		500,000		4.00		6/1/36		538,865
AK Industrial Dev. & Export Auth. Rev. (Boys & Girls Home) 2, 5, 15		250,000		5.50		N/A		12,500
AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation)		250,000		5.00		4/1/33		272,403
								2,535,450
Arizona - 2.6%
AZ Health Facs. Auth. Rev. (Scottsdale Lincoln Hospital Proj.) 1		250,000		2.75		12/1/39		249,933
AZ Industrial Dev. Auth. Rev. (Bridgewater Avondale Proj.)		500,000		5.38		1/1/38		513,330
AZ Industrial Dev. Auth. Rev. (Pinecrest Academy Horizon) 4		500,000		5.75		7/15/38		560,350
Glendale Industrial Dev. & Auth. Rev. (Beatitudes Campus Proj.)		300,000		5.00		11/15/36		322,995
Glendale Industrial Dev. & Auth. Rev. (Glencroft Retirement Community)		300,000		5.00		11/15/36		316,227
La Paz Co. Industrial Dev. Auth. (Charter School Solutions Harmony Public Proj.)		750,000		5.00		2/15/48		841,778
Maricopa Co. Industrial Dev. Auth. Education Rev. (Horizon Community Learning Center)		300,000		5.00		7/1/35		317,403
Maricopa Co. Industrial Dev. Auth. Rev. (Christian Care Surprise Inc.) 4		250,000		5.75		1/1/36		262,080
Peoria Industrial Dev. Auth. Rev. (Sierra Winds Life Care Community)		400,000		5.25		11/15/29		407,272
Phoenix City Industrial Dev. Auth. Rev. (Great Hearts Academies Proj.)		250,000		6.30		7/1/42		274,252
Phoenix City Industrial Dev. Auth. Rev. (Vista College Preparatory Proj.)		400,000		4.13		7/1/38		431,568
Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4		1,000,000		5.38		6/15/35		1,087,070
Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4		370,000		4.75		6/15/37		379,098
Quechan Indian Tribe of Fort Yuma Rev. (Tribal Economic Dev.)		370,000		9.75		5/1/25		407,696
Tempe Industrial Dev. Auth. Rev. (Mirabella at ASU Proj.) 4		500,000		4.70		10/1/24		512,965
								6,884,017
Arkansas - 0.6%
Rogers City Rev.		1,000,000		3.88		11/1/39		1,064,130
Springdale City Sales & Use Tax Rev. Ref. (BAM Insured)		500,000		3.60		4/1/41		512,840
								1,576,970
California - 5.7%
CA School Facs. Finance Auth. Rev. (Azusa Unified School District) (AGM Insured) 6		500,000		6.00		8/1/29		645,515
CA State G.O.		500,000		4.00		12/1/40		528,970
Carlsbad Unified School District G.O. Capital Appreciation 6		400,000		6.00		8/1/31		490,448
Colton Joint Unified School District G.O. (AGM Insured) 6		1,000,000		6.00		8/1/35		1,093,310
Encinitas Union School District G.O. Capital Appreciation 6		500,000		7.00		8/1/35		633,030
Hartnell Community College G.O. 6		500,000		7.00		8/1/34		567,535
Healdsburg Unified School District G.O. 6		1,250,000		5.00		8/1/37		1,221,862
Imperial Community College District G.O. Capital Appreciation (AGM Insured) 6		250,000		6.75		8/1/40		330,265
Los Alamitos Unified School District Capital Appreciation C.O.P. 6		1,100,000		6.00		8/1/34		1,133,088
Martinez Unified School District G.O. 6		250,000		6.13		8/1/35		311,065
Morongo Band of Mission Indians Rev. 4		300,000		5.00		10/1/42		333,639
Placentia-Yorba Linda Unified School District C.O.P. Capital Appreciation (AGM Insured) 6		500,000		6.25		10/1/28		555,590
Redondo Beach School District G.O. 6		600,000		6.38		8/1/34		783,474
Reef-Sunset Unified School District (BAM Insured) 6		750,000		5.00		8/1/38		767,805
Ripon Unified School District G.O. (BAM Insured) 6		270,000		4.50		8/1/30		302,057
Ripon Unified School District G.O. (BAM Insured) 6		80,000		4.50		8/1/30		87,863
Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) 1		500,000		2.26		6/1/39		472,325

See accompanying notes to schedule of investments.
JUNE 30, 2019	7

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
San Jose Financing Auth. Rev. (Civic Center Garage Proj.) 9		400,000		5.00		6/1/39		451,312
San Jose G.O. Capital Appreciation (Libraries Parks and Public Safety Proj.) (NATL Insured)		500,000		5.00		9/1/32		501,410
South Tahoe Joint Powers Financing Auth. Tax Allocation Ref. (South Tahoe Redev. Proj.) (AGM Insured)		500,000		5.00		10/1/30		575,045
Sulphur Springs Union School District C.O.P. (AGM Insured) 6		450,000		6.50		12/1/37		565,407
Tracy Joint Unified School District G.O. Capital Appreciation 6		600,000		7.00		8/1/41		572,760
Tustin Unified School District G.O. Capital Appreciation 6		500,000		6.00		8/1/28		545,785
Upland Unified School District G.O. Capital Appreciation 6		1,000,000		7.00		8/1/41		1,235,660
Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) 6		500,000		6.00		8/1/34		592,415
								15,297,635
Colorado - 3.5%
Aerotropolis Regional Transportation Auth. Rev.		400,000		5.00		12/1/51		406,920
Broadway Station Metropolitan District No. 2 G.O.		750,000		5.13		12/1/48		780,893
Buffalo Highlands Metropolitan District G.O.		350,000		5.25		12/1/38		360,416
CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.)		250,000		5.60		7/1/34		256,418
CO Educational & Cultural Facs. Auth. Rev. Ref. (Windsor Charter Academy) 4		800,000		5.00		9/1/36		813,560
CO Health Facs. Auth. Rev. (Covenant Retirement Community)		650,000		5.00		12/1/48		736,560
CO Science and Technology Park Metropolitan District No.1 Rev.		500,000		5.00		12/1/33		527,845
Copperleaf Metro District No. 2 G.O.		500,000		5.75		12/1/45		524,300
Crystal Crossing Metro District G.O.		500,000		5.25		12/1/40		513,385
Denver 9th Avenue Metropolitan District No.2 G.O		500,000		5.00		12/1/48		519,425
Denver Urban Renewal Auth. Tax Allocation 4		500,000		5.25		12/1/39		528,560
East Morgan Co. Hospital District C.O.P. 9		500,000		5.88		12/1/38		503,330
Lambertson Farms Metro District No. 1 G.O.		500,000		5.00		12/15/25		513,080
Leyden Rock Metropolitan District No. 10 G.O.		250,000		5.00		12/1/45		259,970
Palisade Metropolitan District No. 2 G.O.		500,000		5.00		12/1/46		511,390
St. Vrain Lakes Metropolitan District No. 2 G.O.		500,000		5.00		12/1/37		518,850
Tallman Gulch Metropolitan District G.O.		500,000		5.25		12/1/47		507,310
Velocity Metropolitan District No. 3 G.O.		500,000		5.38		12/1/39		518,050
								9,300,262
Connecticut - 0.6%
CT Hsg. Finance Auth. Rev.		550,000		3.88		11/15/35		586,421
CT Hsg. Finance Auth. Rev. 9		505,000		4.25		6/15/43		537,078
CT Hsg. Finance Auth. Rev. 9		455,000		4.30		6/15/48		483,861
								1,607,360
District of Columbia - 0.4%
District of Columbia Hsg. Finance Agency Rev. (Multi-Family Dev. Program)		600,000		4.05		9/1/43		642,306
District of Columbia Rev. (Ingleside Rock Creek Proj.)		500,000		5.00		7/1/37		536,645
								1,178,951
Florida - 9.1%
Alachua Co. Health Facs. Auth. Rev. (Oak Hammock University)		385,000		8.00		10/1/32		438,323
Alta Lakes Community Dev. District Special Assessment		500,000		4.40		5/1/39		499,970
Ave Maria Stewardship Community District Special Assessment. (AGM Insured)		300,000		3.00		5/1/38		296,304
Bay Co. Educational Facs. Rev. (Bay Haven Charter)		455,000		5.25		9/1/30		468,150
Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.)		200,000		6.25		5/1/35		216,692
Capital Trust Agency Rev. (Elim Senior Housing, Inc.) 4		250,000		5.00		8/1/27		257,423
Capital Trust Agency Rev. (Elim Senior Housing, Inc.) 4		250,000		5.38		8/1/32		259,695
Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.)		500,000		5.38		2/1/35		514,400
Capital Trust Agency Rev. (Tallahassee Tapestry) 4		550,000		6.75		12/1/35		567,237
Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) 4		250,000		6.75		7/1/37		262,743
Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center)		250,000		7.00		4/1/35		250,780

See accompanying notes to schedule of investments.

8

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Capital Trust Agency Rev. (University Bridge LLC Student Housing Proj.) 4		500,000		5.25		12/1/43		518,780
Celebration Pointe Community Dev. District Special Assessment Rev. 4		250,000		5.00		5/1/32		268,835
Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 4		250,000		7.25		5/15/26		247,902
Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 4		750,000		8.13		5/15/44		744,765
Collier Co. Industrial Dev. Auth. Rev. (NCH Healthcare System Proj.)		415,000		6.25		10/1/39		446,951
Dowden West Community Dev. District Special Assessment 4		360,000		5.40		5/1/39		377,896
Durbin Crossing Community Dev. District Special Assessment (AGM Insured)		520,000		5.00		5/1/32		623,516
Escambia Co. Housing Finance Auth. Rev. (Multi-County Program)		990,000		3.75		10/1/49		1,019,522
Fiddlers Creek Community Dev. District No. 2 Special Assessment Rev. 2, 5, 15		100,000		5.75		N/A		63,000
FL Hsg. Finance Corp. (GNMA/FNMA Collateralized)		90,000		5.00		7/1/26		91,655
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		135,000		5.00		7/1/39		135,113
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		4.20		1/1/45		1,079,630
Gramercy Farms Community Dev. District Special Assessment 6		420,000		3.24		5/1/39		201,600
Heritage Harbour North Community Dev. District Special Assessment		200,000		5.00		5/1/34		217,562
Lake Co. Educational Project. Rev. (Imagine South Lake Charter School Proj.) 4		550,000		5.00		1/15/39		588,978
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev.		250,000		4.25		5/1/25		257,280
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Country Club East Proj.)		150,000		6.70		5/1/33		162,578
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Center)		200,000		7.40		5/1/30		217,194
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)		300,000		5.25		5/1/37		323,724
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)		400,000		5.00		5/1/36		416,368
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.)		300,000		5.00		5/1/38		311,460
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) 4		550,000		5.30		5/1/39		585,959
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) 4		320,000		5.00		5/1/37		336,698
Lakewood Ranch Stewardship District Special Assessment (Lake Club Phase 4 Proj.)		500,000		4.50		5/1/49		501,945
Lee Co. Industrial Dev. Auth. Rev. (Shell Point/Waterside Health Proj.)		400,000		5.00		11/15/49		458,788
Lexington Oaks Community Dev. District Special Assessment Rev.		240,000		5.65		5/1/33		250,363
Live Oak No. 2 Community Dev. District Special Assessment Rev.		400,000		4.00		5/1/35		413,828
Long Lake Ranch Community Dev. District Special Assessment		110,000		5.63		5/1/24		113,903
Long Lake Ranch Community Dev. District Special Assessment		500,000		4.63		5/1/36		509,680
Long Lake Ranch Community Dev. District Special Assessment		435,000		5.00		5/1/38		451,965
Magnolia Creek Community Dev. District Rev. 2, 5, 15		250,000		5.60		N/A		45,000
Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev.		250,000		5.00		5/1/32		256,462
Miami-Dade Co. Transit Sales Tax Rev.		500,000		5.00		7/1/34		580,755
New River Community Dev. District Cap. Improvement Special Assessment Rev. 2, 5, 15		230,000		5.00		N/A		2
Northern Palm Beach Co. Improvement District Special Assessment		500,000		5.00		8/1/29		533,660
Northern Palm Beach Co. Improvement District Special Assessment		250,000		5.00		8/1/37		266,042
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)		550,000		5.00		8/1/34		606,864
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)		500,000		5.00		8/1/35		559,950
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)		250,000		5.00		8/1/41		274,870
Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		480,000		3.95		3/1/40		499,363
Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		435,000		4.00		9/1/48		467,886
Orlando Tourist Dev. Rev. (Senior Lien Tourist Dev.) (AGM Insured)		250,000		5.00		11/1/38		296,445
Palm Beach Co. Health Facs. Auth. Rev. (ACTS Retirement-Life Community, Inc.)		500,000		5.00		11/15/32		582,195
Port St. Lucie Research Foundation Rev. (Vaccine Gene Therapy Inst.)		500,000		5.00		5/1/33		514,590
Seven Oaks Community Dev. District Special Assessment Rev		250,000		5.50		5/1/33		263,280
Tolomato Community Dev. District Special Assessment		500,000		4.25		5/1/37		500,395
Tolomato Community Dev. District Special Assessment 2, 5		120,000		6.61		5/1/40		1
Tolomato Community Dev. District Special Assessment 6		85,000		6.61		5/1/40		85,246
Tolomato Community Dev. District Special Assessment 6		185,000		7.00		5/1/40		154,257
Tolomato Community Dev. District Special Assessment 6		110,000		7.00		5/1/40		75,459
Tolomato Community Dev. District Special Assessment 6		45,000		7.00		5/1/40		38,035
Tolomato Community Dev. District Special Assessment (AGM Insured)		500,000		3.75		5/1/40		522,425

See accompanying notes to schedule of investments.
JUNE 30, 2019	9

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Trout Creek Community Dev. District Special Assessment		300,000		5.38		5/1/38		316,926
Waters Edge Community Dev. District Cap. Improvement Rev.		9,000		5.35		5/1/39		9,001
Waters Edge Community Dev. District Cap. Improvement Rev. 6		165,000		6.60		5/1/39		165,924
Wiregrass Community Dev. District Special Assessment		245,000		5.38		5/1/35		260,562
Zephyr Ridge Community Dev. District Special Assessment 2, 5, 15		450,000		5.25		N/A		378,000
								24,222,750
Georgia - 3.8%
Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center)		500,000		5.00		3/15/44		591,585
GA Housing & Finance Authority Rev.		1,280,000		3.80		12/1/37		1,317,517
GA Housing & Finance Authority Rev.		1,000,000		4.00		12/1/37		1,024,000
GA Housing & Finance Authority Rev.		500,000		3.85		12/1/38		531,300
GA Housing & Finance Authority Rev.		500,000		4.00		12/1/39		531,005
GA Housing & Finance Authority Rev.		650,000		3.80		12/1/40		678,418
GA Housing & Finance Authority Rev.		605,000		3.85		12/1/41		621,389
GA Housing & Finance Authority Rev.		540,000		3.95		12/1/43		573,356
GA Housing & Finance Authority Rev.		1,000,000		3.50		12/1/46		1,027,650
GA Housing & Finance Authority Rev.		600,000		4.00		12/1/48		633,822
GA Housing & Finance Authority Rev.		1,100,000		4.20		12/1/48		1,180,718
GA Tax Allocation (Beltline Proj.)		500,000		5.00		1/1/30		508,560
Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.)		500,000		5.00		2/15/37		589,315
Glynn-Brunswick Memorial Hospital Auth. Rev. (Southeast Georgia Health System Proj.)		350,000		5.00		8/1/47		396,067
								10,204,702
Idaho - 0.7%
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		475,000		7.00		10/1/24		526,632
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		250,000		7.38		10/1/29		276,110
ID Health Facs. Authority Rev. (Terraces Boise Proj.)		500,000		8.00		10/1/44		564,000
ID Hsg. & Fin. Assoc. Nonprofit Facs. Rev. (Idaho Arts Charter School Proj.)		425,000		5.75		12/1/32		462,787
								1,829,529
Illinois - 7.6%
Bellwood G.O.		500,000		5.88		12/1/27		563,545
Bolingbrook Special Tax (AGM Insured)		999,000		4.00		3/1/30		1,097,521
Burbank Educational Facs. Rev. (Intercultural Montessori Language School) 4		500,000		6.00		9/1/35		552,110
Bureau Co. Township High School Dist. No. 502 G.O. (BAM Insured)		500,000		6.25		12/1/33		604,630
Chicago Heights G.O. (NATL-RE Insured)		500,000		4.50		12/1/29		542,815
Chicago Midway Airport Rev. (Second Lien)		500,000		5.25		1/1/35		555,475
Chicago Park Dist. G.O (Limited Tax)		1,000,000		5.00		1/1/28		1,115,930
Chicago Transit Auth. Sales Tax Rev.		250,000		5.25		12/1/30		267,532
IL Educational Facs. Auth. Rev.		250,000		4.50		11/1/36		267,015
IL Educational Facs. Auth. Rev. (Field Museum of Natural History)		500,000		3.90		11/1/36		533,100
IL Fin. Auth. Rev. (Admiral Lake Proj.)		670,000		5.13		5/15/38		692,076
IL Fin. Auth. Rev. (Christian Homes, Inc.)		500,000		5.00		5/15/36		533,465
IL Fin. Auth. Rev. (Edward Elmhurst Healthcare)		1,000,000		5.00		1/1/44		1,136,530
IL Fin. Auth. Rev. (Lifespace Communities)		500,000		5.00		5/15/35		548,375
IL Fin. Auth. Rev. (Lifespace Communities)		500,000		5.00		5/15/45		540,580
IL Fin. Auth. Rev. (Rogers Park Montessori School Proj.)		200,000		5.00		2/1/24		208,732
IL Fin. Auth. Rev. (Westminster Village)		500,000		5.25		5/1/38		532,675
IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.)		1,000,000		6.25		12/1/38		714,920
IL G.O.		250,000		5.50		7/1/33		275,012
IL G.O. (AGM Insured)		500,000		4.00		2/1/30		545,140
IL Housing Dev. Auth. Rev. (Evergreen Towers)		140,000		4.95		7/1/34		144,557

See accompanying notes to schedule of investments.

10

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		450,000		3.88		4/1/41		472,424
IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		385,000		4.00		10/1/48		412,816
IL Rev.		500,000		5.00		6/15/33		569,765
IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured)		1,000,000		5.25		6/15/31		1,117,810
Johnson Co. School Dist. No. 55 Vienna G.O. (AGM Insured)		500,000		5.40		12/1/27		507,545
La Salle & Bureau Counties Township High School Dist. No. 120 LaSalle-Peru G.O. (BAM Insured)		250,000		5.00		12/1/31		294,900
Lake Co. Community Consolidated School District No. 50 Woodland G.O.		250,000		5.63		1/1/26		265,750
Macon & Moultrie Counties Community Unit School District No. 3 Mt Zion G.O.		335,000		5.50		12/1/41		375,873
Macon Co. School District No. 61 Decatur G.O. (AGM Insured)		250,000		5.25		1/1/37		261,652
Macoupin Sangamon & Montgomery Counties Community Unit School District G.O. (AGM Insured)		990,000		4.25		12/1/35		1,045,272
Madison Counties Community College District No. 536 G.O. (Lewis & Clark Cmnty. College)		345,000		5.00		5/1/29		353,908
Malta Tax Allocation Rev. 2, 5		1,921,000		5.75		12/30/25		614,720
Metropolitan Pier & Exposition Auth. Rev. (McCormick Place Expansion Proj.)		250,000		5.00		6/15/57		274,352
Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) 2		415,000		7.00		10/1/22		240,700
University of Illinois (AGM Insured)		1,000,000		4.13		4/1/48		1,082,320
Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4		250,000		4.00		12/1/22		249,755
Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4		250,000		5.25		12/1/37		259,808
								20,371,105
Indiana - 1.6%
Carmel Multifamily Hsg. Rev. (Barrington Carmel Proj.) 2, 5		495,000		6.00		11/15/22		346,500
Damon Run Conservancy Dist. G.O. (State Intercept Insured)		300,000		6.10		7/1/25		301,134
Evansville Hsg. Rev. (Silver Birch Evansville Proj.)		250,000		5.45		1/1/38		259,112
IN Finance Auth. Rev. (BHI Senior Living)		775,000		5.88		11/15/41		869,031
IN Finance Auth. Rev. (BHI Senior Living)		425,000		6.00		11/15/41		479,664
IN Finance Auth. Rev. (Greencroft Obligated Group)		350,000		6.50		11/15/33		387,846
IN Housing & Community Dev. Auth. Rev. (Hammond Assisted Living Proj.)		500,000		5.75		1/1/36		507,040
Merrillville Industry Economic Dev. Rev. (Belvedere Housing Proj.)		300,000		5.75		4/1/36		294,909
Mishawaka Multifamily Hsg. Rev. (Silver Birch Mishawaka Proj.) 4		500,000		5.38		1/1/38		515,645
Richmond Hospital Auth. Rev. (Reid Hospital & Health Care)		350,000		5.00		1/1/35		391,216
								4,352,097
Iowa - 0.8%
IA Fin. Auth. Rev. (Lifespace Communities, Inc.)		650,000		5.00		5/15/36		716,456
IA Student Loan Liquidity Corp. Rev.		250,000		5.80		12/1/31		254,072
North Polk Community School District G.O. (AGM Insured)		1,000,000		4.00		6/1/31		1,021,040
								1,991,568
Kansas - 0.3%
Wichita Health Care Facs. Rev. (Kansas Masonic Home)		300,000		5.25		12/1/36		324,042
Wichita Health Care Facs. Rev. (Presbyterian Manors, Inc.)		500,000		6.25		5/15/34		500,700
								824,742
Kentucky - 0.2%
Pikeville Hospital Rev. Ref. (Pikeville Medical Center)		425,000		6.50		3/1/41		451,775
Louisiana - 1.8%
Denham Springs/Livingston Hsg. & Mtg. Finance Auth. Rev. (GNMA/FHLMC Collateralized)		21,867		5.00		11/1/40		21,961
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Mtg. Backed Sec. Prog.) (GNMA/FHLMC Collateralized)		125,000		4.60		6/1/29		129,209
LA Local Government Environmental Facilities & Community Development Auth.		500,000		5.25		11/15/25		537,225
LA Local Government Environmental Facilities & Community Development Auth.		500,000		6.00		11/15/30		558,390
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		300,000		5.65		11/1/37		333,765
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		500,000		5.00		7/1/39		539,585
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		300,000		5.50		11/1/39		320,571

See accompanying notes to schedule of investments.
JUNE 30, 2019	11

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4		495,000		4.40		11/1/44		498,450
LA Public Facs. Auth. Rev. (Belle-Chase Educational Foundation Proj.) (NATL-RE Insured)		510,000		6.50		5/1/31		536,658
LA Public Facs. Auth. Rev. (Franciscan Missionaries Health System Proj.)		300,000		5.00		7/1/35		339,117
LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) 1		595,000		2.39		2/15/36		575,585
St. Tammany Parish Fin. Auth. Rev. (Christwood Proj.)		300,000		5.25		11/15/37		321,537
								4,712,053
Maine - 1.2%
ME Hsg. Auth. Rev.		600,000		4.00		11/15/35		631,632
ME Hsg. Auth. Rev.		500,000		4.00		11/15/37		530,175
ME Hsg. Auth. Rev.		105,000		4.50		11/15/37		109,906
ME Hsg. Auth. Rev.		750,000		4.13		11/15/38		813,112
ME Hsg. Auth. Rev.		500,000		3.85		11/15/40		520,330
ME Hsg. Auth. Rev.		500,000		4.25		11/15/48		546,140
								3,151,295
Maryland - 0.6%
MD Community Dev. Administration Rev.		350,000		4.10		9/1/38		377,206
MD Community Dev. Administration Rev.		350,000		3.75		3/1/39		360,332
MD Community Dev. Administration Rev.		350,000		4.20		7/1/46		375,050
Montgomery Co. Housing Opportunities Commission Rev.		405,000		4.00		7/1/38		412,399
								1,524,987
Massachusetts - 3.4%
Dedham Municipal Purpose Loan. G.O. (NATL Insured)		480,000		4.00		10/15/24		480,974
Ipswich Muncipal Purpose Loan G.O. (AGM Insured)		500,000		4.00		6/1/25		500,980
MA Dev. Finance Agy. Rev.		890,000		5.00		7/1/44		1,036,903
MA Dev. Finance Agy. Rev. (Atrius Health Issue)		1,375,000		4.00		6/1/49		1,448,948
MA Dev. Finance Agy. Rev. (Newbridge on the Charles, Inc.) 4		300,000		5.00		10/1/47		326,400
MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.)		400,000		5.00		10/1/49		446,772
MA Education Finance Auth. Education Rev.		105,000		5.15		1/1/26		106,479
MA Housing Finance Agy. Rev.		250,000		4.75		6/1/35		261,778
MA Housing Finance Agy. Rev.		500,000		4.00		12/1/38		540,535
MA Housing Finance Agy. Rev.		500,000		3.75		12/1/40		516,130
MA Housing Finance Agy. Rev.		900,000		3.85		12/1/47		943,578
MA Housing Finance Agy. Rev.		825,000		3.60		12/1/59		827,285
MA Housing Finance Agy. Rev. (FHA Insured)		500,000		5.30		12/1/38		514,365
MA Housing Finance Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		270,000		3.90		12/1/38		274,050
Northbridge Muncipal Purpose Loan G.O (AGM Insured)		500,000		4.00		6/15/25		500,900
Rowley Land Acquisition Loan G.O (AGM Insured)		360,000		4.00		5/1/27		360,670
								9,086,747
Michigan - 2.7%
Chandler Park Academy Rev.		170,000		5.00		11/1/22		170,248
City of Allen Park G.O. (BAM Insured)		300,000		3.25		5/1/34		304,998
MI Finance Auth. Rev. (Presbyterian Village)		250,000		5.25		11/15/35		261,115
MI Hsg. Dev. Auth. (G.O. of Authority Insured)		250,000		4.63		10/1/41		259,520
MI Hsg. Dev. Auth. Rev.		500,000		4.10		10/1/35		528,345
MI Hsg. Dev. Auth. Rev.		500,000		3.70		12/1/36		522,110
MI Hsg. Dev. Auth. Rev.		1,500,000		4.13		12/1/38		1,618,065
MI Hsg. Dev. Auth. Rev.		300,000		3.75		10/1/42		311,511
MI Hsg. Dev. Auth. Rev.		750,000		4.00		10/1/43		795,225
MI Hsg. Dev. Auth. Rev.		1,000,000		4.00		6/1/49		1,056,230
MI Public Educational Facs. Auth. Rev. (Chandler Park Academy)		300,000		6.35		11/1/28		300,543

See accompanying notes to schedule of investments.

12

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
MI Strategic Fund. Rev. (United Methodist Retirement Facs.)		300,000		5.00		11/15/49		340,548
Muskegon Heights Water Supply Rev. (NATL Insured)		165,000		4.15		11/1/23		166,341
Muskegon Heights Water Supply Rev. (NATL Insured)		135,000		4.20		11/1/24		136,126
Taylor Brownfield Redevelopment Authority (NATL Insured)		250,000		5.00		5/1/32		277,828
Universal Academy Michigan Public School Rev.		160,000		6.50		12/1/23		165,493
								7,214,246
Minnesota - 0.5%
Apple Valley Rev. (Senior Living, LLC Proj.)		500,000		5.00		1/1/47		513,045
MN Hsg. Fin. Agy. Mtg. Rev. (Mtg. Backed Securities Program) (GNMA/FNMA Collateralized)		100,000		4.40		7/1/32		101,589
MN Hsg. Fin. Agy. Residential Hsg. Rev.		145,000		5.10		1/1/40		145,000
Rochester City Rev. (Math & Science Academy Proj.)		500,000		5.13		9/1/38		514,330
								1,273,964
Mississippi - 0.9%
MS Development Bank Rev. (Green Bond-Hancock County) 4		1,000,000		4.55		11/1/39		1,011,320
MS Gaming Tax Rev.		740,000		4.00		10/15/38		800,036
MS Home Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		420,000		4.00		12/1/43		446,510
								2,257,866
Missouri - 0.7%
Kansas City Industrial Dev. Auth. Rev. (Kansas City Pkg. LLC)		200,000		5.45		9/1/23		204,400
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 4		500,000		5.75		11/15/36		449,735
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		730,000		3.80		11/1/48		766,880
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		3.35		11/1/49		500,685
								1,921,700
Montana - 0.6%
Forsyth Pollution Control Rev.		250,000		5.00		5/1/33		260,568
MT Board of Housing Single Family Rev.		205,000		4.00		12/1/38		216,865
MT Board of Housing Single Family Rev. (BRD Insured)		500,000		4.00		6/1/45		532,800
MT Board of Housing Single Family Rev. (FHA Insured)		270,000		3.75		12/1/38		277,142
MT Board of Housing Single Family Rev. (G.O. of BRD Insured)		90,000		4.70		12/1/26		91,613
MT Facs. Finance Auth. Rev. (Great Falls Pre-Release Services Proj.)		180,524		5.08		4/1/21		182,030
								1,561,018
Nebraska - 0.3%
Douglas Co. Hospital Auth. No. 3 (Methodist Hospital)		400,000		5.00		11/1/30		461,208
Mead Village Tax Allocation Rev. (E3 Biofuels - Mead LLC Proj.) 2, 5, 15		410,000		5.13		N/A		17,015
Nebraska Investment Fin. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)		310,000		3.75		9/1/35		329,465
								807,688
Nevada - 0.8%
City of North Las Vegas (Special Northern Beltway Commercial Area) 4		375,000		4.00		12/1/27		385,931
City of North Las Vegas (Special Northern Beltway Commercial Area) 4		380,000		5.00		12/1/37		406,573
NV Hsg. Dev. Single Family Mtg. Program Mezzanine (GNMA/FNMA/FHLMC Collateralized)		30,000		5.10		10/1/40		30,197
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		345,000		3.85		10/1/39		355,702
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		3.40		10/1/49		1,010,150
								2,188,553
New Hampshire - 0.4%
NH Health & Educ. Facs. Auth. Rev. (Wentworth Douglas Hospital)		400,000		6.00		1/1/34		427,108
NH Hsg. Fin. Agy. Rev. (Cimarron, Whittier Falls & Mars) (FHA Insured)		725,000		4.00		7/1/52		758,517
								1,185,625

See accompanying notes to schedule of investments.
JUNE 30, 2019	13

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
New Jersey - 2.5%
NJ Economic Dev. Auth. Rev. (North Star Academy Charter School Newark)		250,000		5.00		7/15/47		276,252
NJ Economic Dev. Auth. Rev. (State Government Buildings Proj.) 9		500,000		5.00		6/15/42		560,695
NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9		250,000		5.00		6/15/37		286,132
NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9		500,000		5.00		6/15/43		565,490
NJ Higher Education Assistance Auth. Student Loan Rev.		5,000		5.00		12/1/28		5,188
NJ Hsg. & Mtg. Finance Agy. Rev.		750,000		3.95		11/1/43		792,285
NJ Hsg. & Mtg. Finance Agy. Rev. (Mciver Homes Hsg. Proj.) (FHLMC Collateralized)		550,000		3.60		1/1/30		573,122
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		340,000		4.50		10/1/30		355,715
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		980,000		3.75		10/1/35		1,039,506
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		655,000		4.50		10/1/48		720,094
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.		500,000		4.00		4/1/49		530,905
NJ Transportation Trust Fund Auth. Rev. 9		500,000		5.25		6/15/43		575,975
Tobacco Settlement Financing Corp. Rev.		300,000		5.00		6/1/46		321,597
								6,602,956
New Mexico - 1.5%
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (FHA Insured)		350,000		3.90		9/1/42		357,256
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		185,000		4.80		9/1/29		185,448
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		340,000		4.13		9/1/42		350,486
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		745,000		3.85		7/1/43		785,357
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		495,000		3.85		7/1/43		521,814
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		440,000		3.80		9/1/46		455,906
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		845,000		4.00		7/1/48		892,996
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.00		7/1/49		535,135
								4,084,398
New York - 3.4%
Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.)		350,000		4.00		7/1/33		370,058
New York City Housing Development Corp. Multifamily Mtg. Rev.		250,000		4.60		11/1/36		260,910
New York City Housing Development Corp. Multifamily Mtg. Rev.		300,000		4.05		11/1/41		317,553
New York City Housing Development Corp. Multifamily Mtg. Rev.		300,000		3.85		11/1/42		311,775
New York City Housing Development Corp. Multifamily Mtg. Rev.		650,000		3.65		11/1/47		667,960
New York City Housing Development Corp. Multifamily Mtg. Rev.		500,000		3.95		11/1/49		526,005
New York City Housing Development Corp. Rev.		500,000		3.80		11/1/37		512,010
New York City Municipal Water Finance Authority		750,000		5.00		6/15/38		841,132
NY Mortgage Agency Rev.		175,000		3.75		10/1/42		178,000
NY Mortgage Agency Rev.		500,000		4.20		10/1/43		539,995
NY Mortgage Agency Rev.		1,315,000		3.80		10/1/48		1,366,416
NY State Dormitory Auth. Rev. Ref. (Miriam Osborne Memorial Home)		500,000		5.00		7/1/42		500,000
NY State Dormitory Auth. Rev. Ref. (N. Shore-Long Island Jewish Obligation)		300,000		5.00		5/1/33		347,001
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.)		590,000		3.75		11/1/37		601,765
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.)		400,000		4.88		11/1/42		417,444
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (FNMA/FHLMC Collateralized)		500,000		3.65		11/1/34		518,975
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (GNMA/FNMA/FHLMC Collateralized)		500,000		3.95		11/1/37		531,075
NY State Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		250,000		4.10		11/1/41		265,482
								9,073,556
North Carolina - 1.9%
NC Housing Finance Agency Rev.		650,000		3.85		7/1/37		687,004
NC Housing Finance Agency Rev.		300,000		3.95		1/1/41		315,519
NC Housing Finance Agency Rev.		1,090,000		4.00		7/1/47		1,163,357
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		4.10		1/1/41		1,078,900
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		4.00		1/1/48		528,365

See accompanying notes to schedule of investments.

14

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		1,000,000		3.63		7/1/49		1,030,710
NC Medical Care Comm. Rev. (Salemtowne Proj.)		300,000		5.00		10/1/38		325,893
								5,129,748
North Dakota - 0.4%
ND Housing Finance Agency Rev.		550,000		3.85		1/1/42		580,206
ND Housing Finance Agency Rev.		480,000		4.00		7/1/48		515,141
								1,095,347
Ohio - 1.9%
Dayton-Montgomery Co. Port Auth. Rev. (Storypoint Troy Proj.)		400,000		7.00		1/15/40		410,464
Lake Co. Port & Economic Dev. Auth. Rev. (Tapestry Wickliffe Proj.) 4		250,000		6.50		12/1/37		258,148
Lucas Metro Hsg. Auth.		500,000		5.00		11/1/36		546,265
OH Housing Finance Agency Rev.		1,000,000		3.35		9/1/49		1,006,170
OH Housing Finance Agency Rev. (GNMA/FNMA Collateralized)		450,000		4.05		3/1/37		476,208
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		455,000		3.35		9/1/39		463,072
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		995,000		4.00		9/1/48		1,063,317
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)		750,000		4.00		3/1/49		794,895
								5,018,539
Oklahoma - 0.4%
Fort Sill Apache Tribe Economic Dev. Auth. 4		505,000		8.50		8/25/26		565,792
Sallisaw Municipal Auth. Rev. (AGM Insured)		500,000		4.45		1/1/28		505,605
								1,071,397
Oregon - 1.6%
Clackamas Co. Hospital Fac. Auth. Rev. (Willamette View Proj.)		460,000		5.00		11/15/52		514,510
Clackamas Co. Hsg. Auth. Rev. (Easton Ridge Apts. Proj.)		350,000		3.50		9/1/33		358,421
Forest Grove Rev. (Campus Improvement-Pacific Unv. Proj.)		250,000		5.25		5/1/34		268,105
Marion Co. School District No.1 Gervais G.O.		500,000		4.00		6/1/33		501,550
OR Hsg. & Community Services Dept. Rev.		250,000		3.80		7/1/34		267,655
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		275,000		3.75		7/1/35		284,738
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		390,000		4.00		7/1/38		398,042
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)		460,000		3.75		7/1/48		476,427
OR State Ref G.O. (Veterans Welfare Service)		1,000,000		3.90		12/1/39		1,034,420
Polk Co. Hospital Fac. Auth. Rev. (Dallas Retirement Village Proj.)		250,000		5.13		7/1/35		264,182
								4,368,050
Pennsylvania - 3.9%
Allegheny Co. Industrial Dev. Auth. Charter School Rev. (Propel Charter-McKeesport)		145,000		5.90		8/15/26		149,405
Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) 1		465,000		2.44		10/1/34		446,925
Central Bradford Progress Auth. Rev. (Guthrie Healthcare System)		250,000		5.50		12/1/31		270,265
Commonwealth Financing Auth. Rev. (Tobacco Master Settlement Payment) (AGM Insured)		350,000		4.00		6/1/39		380,513
Dauphin Co. General Auth. Rev. (Harrisburg University Science Technology) 4		400,000		4.00		10/15/22		405,504
Erie Co. Hospital Auth. Rev. (St. Vincent Health Center Proj.)		250,000		7.00		7/1/27		263,815
PA Higher Educational Facs. Auth. Rev. (La Salle University)		280,000		5.00		5/1/42		293,020
PA Hsg. Finance Agy. Rev.		500,000		3.90		10/1/36		531,055
PA Hsg. Finance Agy. Rev.		530,000		3.95		10/1/38		561,508
PA Hsg. Finance Agy. Rev.		500,000		4.05		10/1/40		523,360
PA Hsg. Finance Agy. Rev.		500,000		4.05		10/1/40		521,490
PA Hsg. Finance Agy. Rev.		825,000		3.65		10/1/42		854,056
PA Hsg. Finance Agy. Rev.		250,000		4.00		10/1/42		262,952
PA Hsg. Finance Agy. Rev.		195,000		4.00		10/1/46		206,823
PA Hsg. Finance Agy. Rev.		500,000		4.00		10/1/47		528,190

See accompanying notes to schedule of investments.
JUNE 30, 2019	15

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
PA Hsg. Finance Agy. Rev.		1,000,000		3.40		10/1/49		1,010,950
PA Turnpike Commission Rev. Capital Appreciation 6		500,000		5.13		12/1/35		526,630
PA Turnpike Commission Rev. Capital Appreciation 6		1,250,000		5.00		12/1/38		1,478,812
Palmerton Area School District G.O.		500,000		4.00		8/15/35		513,665
Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.)		250,000		5.63		8/1/36		261,788
Upper Uwchlan Township G.O.		500,000		4.00		12/1/39		504,590
								10,495,316
Rhode Island - 0.1%
RI Hsg. & Mortgage Finance Corp. Rev.		250,000		3.90		10/1/37		256,705
South Carolina - 0.8%
SC Education Assistance Auth. Student Loan Rev.		185,000		5.10		10/1/29		186,410
SC Public Service Auth. Rev. (Santee Cooper)		250,000		5.00		12/1/38		278,768
SC Public Service Auth. Rev. (Santee Cooper)		500,000		5.75		12/1/43		593,955
SC State Hsg. Finance & Dev. Auth. Rev.		1,035,000		4.00		1/1/47		1,089,627
								2,148,760
South Dakota - 0.2%
SD Health & Educational Facs. Auth. Rev. (Westhills Village Retirement Community)		500,000		5.00		9/1/40		572,605
Tennessee - 2.9%
Franklin Health & Education Facs. Board Rev. (Provision Cares Proton Therapy Center) 4		500,000		6.50		6/1/27		525,335
Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation 4		300,000		5.13		6/1/36		326,025
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5, 15		1,850,000		5.35		N/A		4,625
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5		7,875,000		5.55		1/1/29		19,688
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5		1,630,000		6.00		1/1/29		16
TN Hsg. Dev. Agency. Rev.		410,000		3.60		1/1/31		418,438
TN Hsg. Dev. Agency. Rev.		550,000		3.88		7/1/35		579,782
TN Hsg. Dev. Agency. Rev.		300,000		3.95		7/1/35		315,819
TN Hsg. Dev. Agency. Rev.		695,000		4.00		7/1/39		742,357
TN Hsg. Dev. Agency. Rev.		490,000		3.85		7/1/42		515,127
TN Hsg. Dev. Agency. Rev.		495,000		3.90		7/1/42		519,265
TN Hsg. Dev. Agency. Rev.		1,000,000		4.00		7/1/44		1,067,710
TN Hsg. Dev. Agency. Rev.		1,000,000		3.95		1/1/49		1,052,570
TN Hsg. Dev. Agency. Rev.		1,600,000		4.05		1/1/49		1,700,528
								7,787,285
Texas - 5.7%
Arlington Higher Education Finance Corp., Education Rev. (Arlington Classics Academy)		845,000		7.00		8/15/28		893,393
Arlington Higher Education Finance Corp., Education Rev. (Leadership Prep School)		200,000		5.00		6/15/36		203,980
Arlington Special Tax (BAM Insured)		350,000		5.00		2/15/41		392,749
Bexar Co. Rev. (Venue Proj.)		1,000,000		5.00		8/15/39		1,090,250
City of Pearland Waterworks & Sewer System Rev.		500,000		4.50		9/1/35		502,385
Dallas/Fort Worth International Airport Rev. (JT Improvement)		500,000		5.25		11/1/37		563,615
Fort Bend Co. Municipal Utility District No. 25 G.O. (AGM Insured)		350,000		5.00		10/1/38		353,178
Harris Co. Cultural Education Facs. Finance Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.)		500,000		5.00		1/1/37		547,320
Harris Co. Cultural Education Facs. Finance Corp. Rev. (Space Center Houston Proj.)		600,000		6.75		8/15/21		603,906
Huffman Independent School District G.O.		955,000		4.00		2/15/28		969,153
New Hope Cultural Education Facs. Corp. Rev. (Cardinal Bay, Inc.)		400,000		5.00		7/1/46		451,604
New Hope Cultural Education Facs. Corp. Rev. (Jubilee Academic Center) 4		250,000		5.00		8/15/36		255,430
New Hope Cultural Education Facs. Corp. Rev. (Legacy Preparatory Charter Academy) 4		500,000		6.00		8/15/37		533,910
New Hope Cultural Education Facs. Corp. Rev. (Presbyterian Village North Proj.)		500,000		5.00		10/1/34		540,310
New Hope Cultural Education Facs. Corp. Rev. (Wesleyan Homes Inc. Proj.)		250,000		5.50		1/1/35		269,235

See accompanying notes to schedule of investments.

16

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
North Central Texas Health Facility Development Corp. (CC Young Memorial Home)		161,000		5.38		2/15/25		161,193
North Mission Glen Municipal Utility District, G.O. (AGM Insured)		575,000		4.00		9/1/32		588,346
Red River Health Facs. Dev. Corp. Rev. (MRC Crossings Proj.)		250,000		7.50		11/15/34		289,662
Sheldon Independent School District G.O.		360,000		4.00		2/15/27		365,926
Sugar Land Dev. Corp. Rev. (BAM Insured)		500,000		5.00		2/15/33		552,180
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) 2, 5		500,000		5.63		11/15/27		350,000
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Retirement Service)		500,000		5.00		11/15/37		568,750
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Senior Living Ventana Proj.)		250,000		5.63		11/15/24		252,008
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Senior Living Ventana Proj.)		500,000		6.63		11/15/37		574,010
Travis Co. Health Facs. Dev. Corp. Rev. (Longhorn Village Proj.)		300,000		7.13		1/1/46		325,080
Travis Co. Health Facs. Dev. Corp. Rev. (Longhorn Village Proj.) 1		425,000		5.25		1/1/47		437,499
TX Department of Housing & Community Affairs (GNMA Collateralized)		500,000		4.13		9/1/38		536,390
TX Grand Parkway Transportation Corp. Rev. 6		500,000		6.00		10/1/35		522,565
TX State Affordable Hsg. Corp. Rev. (Heroes Home Loan Program) (GNMA Collateralized)		550,000		3.00		3/1/35		562,634
TX State Affordable Hsg. Corp. Rev. (Heroes Home Loan Program) (GNMA Collateralized)		1,000,000		4.00		3/1/50		1,062,110
								15,318,771
Utah - 0.8%
UT Charter School Finance Auth. Rev. (Academy Sciences Proj.) 4		625,000		4.65		7/15/33		631,862
UT Charter School Finance Auth. Rev. (Spectrum Academy Proj.) 4		500,000		6.00		4/15/45		506,890
UT Hsg. Corp. Single Family Mtg. Rev.		50,000		5.75		1/1/33		50,779
UT Hsg. Corp. Single Family Mtg. Rev.		90,000		4.60		7/1/34		91,682
UT Hsg. Corp. Single Family Mtg. Rev. (FHA Insured)		365,000		4.00		1/1/36		377,713
West Valley City Municipal Building Auth. Rev. (AGM Insured)		400,000		5.00		2/1/39		467,684
								2,126,610
Vermont - 0.2%
VT Hsg. Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)		500,000		3.50		5/1/38		516,110
Virginia - 0.9%
VA Hsg. Dev. Auth. Rev. (Commonwealth Mtg.)		1,000,000		3.63		1/1/31		1,034,690
VA Hsg. Dev. Auth. Rev. (Commonwealth Mtg.)		525,000		3.88		1/1/38		541,648
VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.)		400,000		4.13		7/1/33		422,256
VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.) (G.O. of Auth. Insured)		250,000		4.60		12/1/38		257,115
								2,255,709
Washington - 2.2%
Chelan Co. Public Utility District No. 1 Rev.		1,000,000		5.00		7/1/29		1,002,610
Kalispel Tribe of Indians Rev. 4		300,000		5.25		1/1/38		329,964
Pike Place Market Preservation Dev. Auth. Rev.		500,000		5.00		12/1/40		575,640
Snohomish County Hsg. Auth. Rev.		500,000		4.00		4/1/44		528,175
Vancouver Hsg. Auth. Rev.		500,000		3.75		8/1/34		528,655
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4		250,000		5.00		7/1/31		271,260
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4		750,000		5.00		7/1/36		803,392
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Horizon House Proj.) 4		500,000		5.00		1/1/38		559,785
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Wesley Homes Lea Hill Proj.) 4		300,000		5.00		7/1/36		317,778
WA Hsg. Fin. Commission Rev. (Heron’s Key Senior Living) 4		400,000		6.50		7/1/30		440,760
WA Hsg. Fin. Commission Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		60,000		4.60		10/1/33		61,552
WA Hsg. Fin. Commission Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)		470,000		4.00		12/1/47		494,322
								5,913,893
West Virginia - 0.5%
WV Hsg. Dev. Fund Rev.		250,000		3.75		11/1/32		263,482
WV Hsg. Dev. Fund Rev.		295,000		3.80		11/1/35		305,349
WV Hsg. Dev. Fund Rev.		500,000		4.00		11/1/37		530,705

See accompanying notes to schedule of investments.
JUNE 30, 2019	17

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
WV Hsg. Dev. Fund Rev.		150,000		4.10		11/1/45		156,892
								1,256,428
Wisconsin - 5.0%
WI Health & Education Facs. Auth. Rev. (Medical College)		870,000		5.25		12/1/35		873,019
WI Health & Education Facs. Auth. Rev. (PHW Oconomowoc, Inc. Proj.)		1,000,000		5.13		10/1/48		1,065,250
WI Health & Education Facs. Auth. Rev. (Rogers Memorial Hospital)		700,000		4.40		7/1/38		700,441
WI Health & Education Facs. Auth. Rev. (St. John’s Communities, Inc. Proj.)		500,000		5.00		9/15/40		524,465
WI Health & Education Facs. Auth. Rev. (Three Pillars Senior Living)		1,000,000		5.00		8/15/43		1,082,090
WI Health & Educational Facs. Auth. Rev. (Aspirus, Inc. Obligation Group)		500,000		5.00		8/15/32		570,790
WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Community)		300,000		5.00		6/1/37		321,135
WI Health & Educational Facs. Auth. Rev. (Froedtert Health, Inc. Obligated Group)		500,000		5.00		4/1/35		590,090
WI Housing & Economic Dev. Auth. Rev.		250,000		3.88		11/1/35		263,265
WI Housing & Economic Dev. Auth. Rev.		560,000		3.90		11/1/42		590,139
WI Housing & Economic Dev. Auth. Rev.		1,500,000		4.15		5/1/55		1,584,630
WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) 4		750,000		6.25		11/1/28		837,570
WI Public Finance Auth. Rev. (Glenridge Palmer Ranch Proj.) 4		500,000		8.25		6/1/46		556,100
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,520		9.00		1/1/46		551
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,287		9.00		1/1/47		539
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		447		12.00		1/1/47		15
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,171		9.00		1/1/48		532
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		390		12.00		1/1/48		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,055		9.00		1/1/49		524
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		384		11.00		1/1/49		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,822		9.00		1/1/50		513
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		372		11.00		1/1/50		12
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		17,334		9.00		1/1/51		558
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		365		11.00		1/1/51		12
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 1, 2, 4		451,406		3.75		7/1/51		405,530
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		17,218		9.00		1/1/52		551
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		475		10.00		1/1/52		15
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,985		9.00		1/1/53		540
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		469		10.00		1/1/53		15
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,869		9.00		1/1/54		534
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		453		10.00		1/1/54		14
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,636		9.00		1/1/55		523
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		444		9.00		1/1/55		14
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,404		9.00		1/1/56		513
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		434		9.00		1/1/56		14
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4		21,153		5.50		7/1/56		20,214
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,287		9.00		1/1/57		507
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		481		9.00		1/1/57		15
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		16,055		9.00		1/1/58		497
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		469		9.00		1/1/58		15
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,938		9.00		1/1/59		491
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		456		9.00		1/1/59		14
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		447		8.00		1/1/60		14
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,822		9.00		1/1/60		485
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		440		8.00		1/1/61		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,589		9.00		1/1/61		476
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		428		8.00		1/1/62		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,473		9.00		1/1/62		470
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		419		8.00		1/1/63		13

See accompanying notes to schedule of investments.

18

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)/ Quantity		Coupon Rate (%)		Maturity Date		Fair       Value ($)
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,240		9.00		1/1/63		461
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		409		8.00		1/1/64		12
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,124		9.00		1/1/64		455
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		403		7.00		1/1/65		12
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		15,008		9.00		1/1/65		450
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		434		7.00		1/1/66		13
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		14,775		9.00		1/1/66		441
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		5,235		7.00		1/1/67		156
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6		192,429		9.00		1/1/67		5,723
WI Public Finance Auth. Rev. (MD Proton Treatment Center) 4		500,000		6.13		1/1/33		546,350
WI Public Finance Auth. Rev. (MN College of Osteopathic Medicine) 4		250,000		5.50		12/1/48		267,418
WI Public Finance Auth. Rev. (Mountain Island Charter School)		820,000		5.00		7/1/37		881,000
WI Public Finance Auth. Rev. (North Carolina Leadership Academy) 4		410,000		5.00		6/15/39		432,501
WI Public Finance Auth. Rev. (Rose Villa Proj.) 4		450,000		5.00		11/15/24		486,423
WI Public Finance Auth. Rev. (Roseman University Health Sciences)		240,000		5.00		4/1/25		256,150
WI Public Finance Auth. Rev. (Roseman University Health Sciences)		500,000		5.50		4/1/32		528,230
								13,399,561
Wyoming - 0.7%
WY Community Dev. Auth. Rev.		505,000		3.75		12/1/32		520,509
WY Community Dev. Auth. Rev.		1,000,000		3.90		12/1/38		1,059,580
WY Community Dev. Auth. Rev.		285,000		4.05		12/1/38		293,234
								1,873,323
Total Municipal Bonds (cost: $242,347,829)								240,415,987
Investment Companies - 3.8%
BlackRock Long-Term Municipal Advantage Trust (BTA)		59,383						750,007
BlackRock Municipal Income Investment Quality Trust (BAF)		25,000						356,250
BlackRock MuniEnhanced Fund, Inc. (MEN)		24,000						266,400
BlackRock MuniHoldings Florida Insured Fund (MFL)		85,398						1,135,793
BlackRock MuniHoldings Fund II, Inc. (MUH)		36,000						543,240
BlackRock MuniHoldings Quality Fund II, Inc. (MUE)		39,714						499,602
BlackRock MuniHoldings Quality Fund, Inc. (MUS)		26,438						328,624
BlackRock MuniYield Insured Fund (MYI)		71,171						939,457
BlackRock MuniYield Michigan Insured Fund (MIY)		21,538						295,932
DWS Municipal, Income Trust (KTF)		50,436						568,414
Invesco Municipal Opportunity Trust (VMO)		38,400						472,320
Invesco Municipal Trust (VKQ)		25,000						308,000
Invesco Quality Municipal Income Trust (IQI)		25,000						310,500
Invesco Van Kampen Advantage Muni Income Trust (VKI)		40,200						442,200
Invesco Van Kampen Trust For Investment Grade Municipals (VGM)		25,000						316,750
Nuveen AMT-Free Quality Municipal Income Fund (NEA)		117,572						1,623,669
Nuveen Quality Municipal Income Fund (NAD)		46,173						646,422
Putnam Municipal Opportunities Trust (PMO)		15,000						189,900
Total Investment Companies (cost: $9,850,280)								9,993,480
Total Investments in Securities - 93.9% (cost: $252,198,109)								250,409,467
Other Assets and Liabilities, net - 6.1%								16,374,743
Total Net Assets - 100.0%								$266,784,210

See accompanying notes to schedule of investments.
JUNE 30, 2019	19

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Tax-Free Income Fund (Continued)

¹  Variable rate security. Rate disclosed is as of June 30, 2019. 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  Securities considered illiquid by the Investment Adviser. The total value of such securities as of June 30, 2019 was $2,534,272 and represented 1.0% of net assets.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2019 was $25,644,583 and represented 9.6% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁵  The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of June 30, 2019 was $1,851,067 and represented 0.7% of net assets.

⁶  Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

⁹  Municipal Lease Security. The total value of such securities as of June 30, 2019 was $3,963,873 and represented 1.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

¹⁵  Securities with a “N/A” maturity date have passed their stated maturity date and have pending restructuring arrangements.

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

Short futures contracts outstanding as of June 30, 2019 were as follows:

							Value/
							Unrealized
			Expiration	Notional			Appreciation
Type	Contracts		Date	Amount ($)			Depreciation ($)
Short Futures: 10
U.S. Treasury 10-Year		85	September 2019		(10,877,344	)	(212,114)
U.S. Treasury 5-Year		69	September 2019		(8,152,781	)	(105,333)
U.S. Treasury Long Bond		36	September 2019		(5,601,375	)	(169,994)
							(487,441)

¹⁰  The amount of $3,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of June 30, 2019.

A summary of the levels for the Fund’s investments as of June 30, 2019 is as follows (see notes to Schedule of Investments):

	Investment in Securities
	Level 1			Level 2		Level 3
	Quoted			Other significant		Significant
	Price ($)			observable inputs ($)		unobservable inputs ($)		Total ($)
Assets
Municipal Bonds		—			240,415,987		—		240,415,987
Investment Companies		9,993,480			—		—		9,993,480
		9,993,480			240,415,987		—		250,409,467
Liabilities
Futures		(487,441	)		—		—		(487,441	)

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

See accompanying notes to schedule of investments.

20

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
Municipal Bonds - 92.9%
Education/Student Loan - 13.5%
Baytown Township Rev. (St. Croix Prep)		1,000,000		4.00		8/1/36		1,013,530
Baytown Township Rev. (St. Croix Prep)		1,250,000		4.00		8/1/41		1,251,500
Baytown Township Rev. (St. Croix Prep)		1,000,000		4.25		8/1/46		1,012,180
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		500,000		3.50		7/1/27		509,095
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		900,000		4.00		7/1/32		925,452
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,100,000		4.00		7/1/37		1,114,289
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,500,000		4.25		7/1/47		1,519,290
Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.)		605,000		5.25		7/1/30		634,772
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		285,000		4.00		7/1/21		291,264
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		295,000		4.00		7/1/22		303,995
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		575,000		5.00		7/1/29		617,498
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		500,000		5.00		7/1/34		529,410
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		585,000		5.25		7/1/37		632,718
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		600,000		5.25		7/1/40		645,936
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		1,000,000		5.50		7/1/50		1,082,500
Forest Lake Charter School Lease Rev. (Lake International Language Academy)		580,000		4.50		8/1/26		614,928
Forest Lake Charter School Lease Rev. (Lake International Language Academy)		1,000,000		5.00		8/1/36		1,090,950
Forest Lake Charter School Lease Rev. (Lake International Language Academy)		750,000		5.50		8/1/36		803,475
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)		625,000		5.00		7/1/31		666,250
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)		1,000,000		5.00		7/1/36		1,054,270
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		1,000,000		4.00		11/1/26		1,037,950
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		2,720,000		5.00		11/1/36		2,898,323
Hugo Charter School Lease Rev. (Noble Academy Proj.)		460,000		4.00		7/1/21		470,828
Hugo Charter School Lease Rev. (Noble Academy Proj.)		750,000		5.00		7/1/29		798,338
Hugo Charter School Lease Rev. (Noble Academy Proj.)		1,000,000		5.00		7/1/34		1,053,220
Independence Charter School Lease Rev. (Beacon Academy Proj.)		500,000		4.25		7/1/26		511,240
Independence Charter School Lease Rev. (Beacon Academy Proj.)		750,000		4.75		7/1/31		770,663
Independence Charter School Lease Rev. (Beacon Academy Proj.)		1,200,000		5.00		7/1/36		1,235,676
Minneapolis Charter School Lease Rev. (Hiawatha Academy Proj.)		975,000		4.00		7/1/26		1,000,984
Minneapolis Educational Fac. Lease Rev. (Seed/Harvest Preparatory Proj.) 4		525,000		6.25		3/1/21		485,242
Minneapolis School Lease Rev. (Twin Cities International School) 4		1,000,000		4.25		12/1/27		1,012,690
Minneapolis School Lease Rev. (Twin Cities International School) 4		1,000,000		5.00		12/1/37		1,010,910
MN Higher Education Fac. Auth. Rev. (Bethel Univ.)		1,200,000		5.00		5/1/37		1,355,616
MN Higher Education Fac. Auth. Rev. (Bethel Univ.)		1,000,000		5.00		5/1/47		1,112,780
MN Higher Education Fac. Auth. Rev. (College of St. Benedict)		1,000,000		4.00		3/1/43		1,030,220
MN Higher Education Fac. Auth. Rev. (College of St. Benedict)		1,900,000		5.00		3/1/37		2,129,083
MN Higher Education Fac. Auth. Rev. (Gustavus Adolphus College)		1,250,000		4.00		10/1/41		1,345,875
MN Higher Education Fac. Auth. Rev. (St. Olaf College)		500,000		4.00		10/1/32		557,335
MN Higher Education Fac. Auth. Rev. (St. Olaf College)		500,000		4.00		10/1/34		553,970
MN Higher Education Fac. Auth. Rev. (St. Olaf College)		500,000		4.00		10/1/35		553,055
MN Higher Education Fac. Auth. Rev. (St. Scholastica College)		1,400,000		5.00		12/1/27		1,403,360
MN Higher Education Fac. Auth. Rev. (St. Scholastica College)		1,800,000		6.30		12/1/40		1,828,692
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		400,000		4.00		10/1/35		441,444
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		500,000		4.00		10/1/37		548,315
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		3,150,000		4.00		4/1/39		3,399,323
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		750,000		4.00		10/1/41		836,385
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		2,750,000		4.00		10/1/44		3,041,308
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		750,000		5.00		4/1/35		876,195
MN Office of Higher Education Rev. 8		5,000,000		4.00		11/1/37		5,323,750
MN State Colleges and Universities Rev.		510,000		4.00		10/1/35		535,133
Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.)		1,250,000		5.00		12/1/40		1,373,600

See accompanying notes to schedule of investments.
JUNE 30, 2019	21

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
Olmsted Co. Hsg. & Redev. Auth. Rev. (Schaeffer Academy Proj.)		534,249		4.98		4/25/27		534,478
Ramsey Lease Rev. (Pact Charter School Proj.)		385,000		5.00		12/1/26		401,513
Ramsey Lease Rev. (Pact Charter School Proj.)		1,850,000		5.50		12/1/33		1,927,460
Rice Co. Educational Fac. Rev. (Shattuck-St. Mary’s School) 4		3,500,000		5.00		8/1/22		3,682,840
Rochester Rev. (Math & Science Academy)		1,430,000		5.13		9/1/38		1,470,984
Savage Charter School Lease Rev. (Aspen Academy)		500,000		4.00		10/1/26		490,415
Savage Charter School Lease Rev. (Aspen Academy)		1,000,000		4.75		10/1/31		1,005,410
St. Cloud Charter School Lease Rev. (Stride Academy Proj.) 2		350,000		3.00		4/1/21		210,000
St. Cloud Charter School Lease Rev. (Stride Academy Proj.) 2		1,850,000		5.00		4/1/36		1,127,427
St. Paul Hsg. & Redev, Auth. Rev. (Hmong College Preparatory Academy Proj.)		1,000,000		5.25		9/1/31		1,096,710
St. Paul Hsg. & Redev, Auth. Rev. (Metro Deaf School Proj.) 4		700,000		5.00		6/15/38		723,254
St. Paul Hsg. & Redev, Auth. Rev. (Nova Classical Academy Proj.)		600,000		4.00		9/1/36		616,542
St. Paul Hsg. & Redev, Auth. Rev. (Nova Classical Academy Proj.)		1,000,000		4.13		9/1/47		1,017,350
St. Paul Hsg. & Redev. Auth.		700,000		5.00		12/1/30		762,160
St. Paul Hsg. & Redev. Auth.		1,000,000		5.00		12/1/37		1,069,290
St. Paul Hsg. & Redev. Auth.		705,000		5.00		12/1/46		735,505
St. Paul Hsg. & Redev. Auth. (German Immersion School)		450,000		4.00		7/1/23		457,533
St. Paul Hsg. & Redev. Auth. (German Immersion School)		855,000		5.00		7/1/33		897,895
St. Paul Hsg. & Redev. Auth. (German Immersion School)		500,000		5.00		7/1/44		517,930
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)		1,300,000		4.25		12/1/23		1,330,667
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)		1,500,000		5.00		12/1/33		1,544,475
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)		390,000		5.13		12/1/38		400,472
St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)		720,000		4.50		12/1/29		751,241
St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists)		1,135,000		4.63		3/1/43		1,135,125
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		1,600,000		4.00		7/1/25		1,640,368
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		955,000		5.00		7/1/35		1,011,737
St. Paul Hsg. & Redev. Auth. Lease Rev. (Hmong College Preparatory Academy)		295,000		4.75		9/1/22		303,564
St. Paul Hsg. & Redev. Auth. Lease Rev. (Hmong College Preparatory Academy)		500,000		5.00		9/1/27		514,650
St. Paul Hsg. & Redev. Auth. Lease Rev. (Nova Classical Academy Proj.)		390,000		5.70		9/1/21		404,824
University of Minnesota Rev.		1,000,000		5.00		4/1/41		1,172,960
Victoria Private School Fac. Rev. (Holy Family Catholic High)		1,610,000		4.00		9/1/23		1,626,148
Woodbury Charter School Lease Rev. (MSA Building)		355,000		5.00		12/1/27		373,691
Woodbury Charter School Lease Rev. (MSA Building)		225,000		5.00		12/1/32		235,300
								88,034,723
Escrowed To Maturity/Prerefunded - 3.0%
Anoka Co. Charter School Lease Rev.		295,000		5.00		6/1/27		310,570
Anoka Co. Charter School Lease Rev.		2,435,000		5.00		6/1/43		2,563,519
Bemidji Sales Tax G.O.		1,000,000		5.00		2/1/34		1,057,530
Bemidji Sales Tax G.O.		1,350,000		6.00		2/1/41		1,448,712
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		1,280,000		5.13		7/1/33		1,465,805
MN Higher Education Fac. Auth. Rev. (Hamline Univ.)		750,000		6.00		10/1/32		826,568
MN Higher Education Fac. Auth. Rev. (Hamline Univ.)		1,000,000		6.00		10/1/40		1,102,090
Oak Park Heights Hsg. Rev. (Oakgreen Commons Proj.)		1,000,000		6.00		8/1/25		1,049,040
Oak Park Heights Hsg. Rev. (Oakgreen Commons Proj.)		1,000,000		6.25		8/1/33		1,070,840
Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)		475,000		5.75		12/1/19		483,388
Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)		2,515,000		7.38		12/1/41		2,576,215
St. Louis Park Health Care Facs. Rev. (Park Nicollet Health Proj.)		2,000,000		5.50		7/1/29		2,000,000
St. Paul Hsg. & Redev. Auth. Rev. (HealthEast Care System Proj.)		1,000,000		5.00		11/15/26		1,049,200
St. Paul Hsg. & Redev. Auth. Rev. (HealthEast Care System Proj.)		1,000,000		5.25		11/15/28		1,052,580
St. Paul Hsg. & Redev. Auth. Rev. (HealthEast Care System Proj.)		1,000,000		5.25		11/15/35		1,052,580
West St. Paul Health Care (Walker Thompson Hill)		525,000		6.75		9/1/31		529,510
								19,638,147

See accompanying notes to schedule of investments.

22

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
General Obligation - 8.4%
Brainerd Independent School District No. 181		1,000,000		4.00		2/1/42		1,087,700
Brainerd Independent School District No. 181		4,000,000		4.00		2/1/43		4,343,840
Brooklyn Center Independent School District No. 286		4,000,000		4.00		2/1/40		4,301,560
Cloquet Independent School District No. 94		5,000,000		4.00		2/1/36		5,358,650
Deer River G.O.		500,000		4.00		2/1/48		532,655
Fosston Independent School District No. 601		1,000,000		4.00		2/1/36		1,096,840
Fosston Independent School District No. 601		1,000,000		4.00		2/1/38		1,088,100
Fridley Independent School District No. 14		400,000		4.00		2/1/30		447,628
Glencoe-Silver Lake Independent School District No. 2859		1,300,000		4.00		2/1/40		1,389,401
Inver Grove Heights Independent School District No. 199		520,000		4.00		2/1/25		527,909
Long Prairie G.O. 8		750,000		4.00		2/1/37		792,803
Minneapolis Capital Improvement		4,000,000		4.00		12/1/43		4,382,480
Minneapolis Capital Improvement		2,000,000		4.00		12/1/46		2,188,760
Minnetonka Independent School District No. 276		1,900,000		5.00		2/1/41		2,157,488
Morrison Co. Education District No. 6979		1,000,000		4.50		2/1/34		1,037,930
Mounds View Independent School District No. 621		500,000		4.00		2/1/24		506,930
Richfield Independent School District No. 280		6,000,000		4.00		2/1/37		6,567,420
Robbinsdale Independent School District No. 281		1,050,000		4.00		2/1/31		1,153,246
Roseville Independent School District No. 623		930,000		4.00		2/1/35		1,024,042
Roseville Independent School District No. 623		4,895,000		4.00		2/1/36		5,374,269
South Washington Co. Independent School District No. 833		5,000,000		4.00		2/1/31		5,573,850
St. Cloud Independent School District No. 742		1,000,000		4.00		2/1/37		1,088,810
St. Francis Independent School District No. 15		550,000		4.00		2/1/35		579,711
St. Francis Independent School District No. 15		750,000		4.00		2/1/36		789,345
St. Michael-Albertville Independent School District No. 885		500,000		4.00		2/1/30		562,480
United Hospital District Health Care Facs. G.O (Lake Wood Health System)		1,005,000		5.00		12/1/30		1,180,131
								55,133,978
Hospital/Health Care - 15.8%
Anoka Health Care and Hsg. Facs. Rev.		1,135,000		5.38		11/1/34		1,222,168
Anoka Health Care and Hsg. Facs. Rev. (Walker Methodist Plaza)		1,500,000		5.25		7/1/35		1,526,460
Breckenridge Rev. (Catholic Health Initiatives Proj.)		3,260,000		5.00		5/1/30		3,296,577
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		3,000,000		4.50		11/1/34		3,259,530
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		500,000		4.75		11/1/31		503,670
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		250,000		5.00		11/1/29		283,090
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		500,000		5.00		11/1/44		550,095
Chippewa Co. Rev. (Monte Video Hospital Proj.)		2,000,000		4.00		3/1/32		2,117,660
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)		1,000,000		4.00		5/1/32		1,026,320
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)		1,000,000		5.00		5/1/34		1,105,470
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)		1,000,000		5.00		5/1/38		1,083,400
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		2,000,000		5.75		8/1/30		2,043,100
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		1,050,000		6.00		8/1/35		1,073,877
Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)		840,000		4.75		6/15/22		861,134
Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)		1,600,000		5.75		6/15/32		1,747,952
Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)		2,000,000		6.00		6/15/39		2,202,520
Glencoe Health Care Fac. Rev. (Glencoe Regional Health Services Proj.)		2,110,000		4.00		4/1/31		2,189,146
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		1,350,000		5.38		8/1/34		1,393,781
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		500,000		5.75		2/1/44		520,940
Hayward Hsg. & Health Care Fac. Rev. (St. John Lutheran Home of Albert Lea Proj.)		1,900,000		5.00		10/1/34		1,942,940
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		3,500,000		4.00		5/1/37		3,760,610
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		325,000		5.00		5/1/32		384,316
Maple Grove Health Care System Rev. (Memorial Health Care)		1,275,000		4.00		9/1/35		1,360,106

See accompanying notes to schedule of investments.
JUNE 30, 2019	23

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
Minneapolis Health Care System Rev. (Fairview Health Services)		3,000,000		4.00		11/15/37		3,287,010
Minneapolis Health Care System Rev. (Fairview Health Services)		1,000,000		4.00		11/15/38		1,092,640
Minneapolis Health Care System Rev. (Fairview Health Services)		2,590,000		5.00		11/15/34		2,996,112
Minneapolis Health Care System Rev. (Fairview Health Services)		2,500,000		5.00		11/15/49		2,929,575
Minneapolis Rev. Ref. (Walker Campus)		1,160,000		4.50		11/15/20		1,182,666
Moorhead Economic Dev. Auth. Rev.		550,000		4.60		9/1/25		556,694
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,500,000		5.50		8/1/28		1,609,575
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,000,000		6.00		8/1/36		1,081,220
Rochester Health Care Facs. Rev. (Mayo Clinic)		7,500,000		4.00		11/15/48		8,203,950
Rochester Health Care Facs. Rev. (Mayo Clinic)		5,000,000		5.00		11/15/33		6,749,800
Rochester Health Care Facs. Rev. (Olmsted Medical Center Proj.)		1,500,000		5.88		7/1/30		1,560,600
Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.)		745,000		5.00		9/1/28		851,095
Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.)		1,350,000		5.00		9/1/34		1,501,024
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		2,500,000		4.00		5/1/37		2,706,525
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		500,000		4.00		5/1/49		541,575
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		3,750,000		5.00		5/1/46		4,326,638
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		500,000		5.00		5/1/48		597,880
St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) 1		2,250,000		4.60		6/1/41		2,333,520
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)		750,000		4.00		11/15/35		822,510
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)		4,000,000		4.00		11/15/43		4,311,080
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)		1,000,000		5.00		11/15/47		1,163,250
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		4,800,000		5.00		7/1/32		5,483,376
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		2,000,000		5.00		7/1/33		2,273,900
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		525,000		4.25		11/1/25		526,727
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		750,000		4.75		11/1/31		753,795
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		2,150,000		5.00		5/1/38		2,187,302
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		500,000		5.15		11/1/42		503,155
St. Paul Hsg. & Redev. Auth. Rev. (Nursing Home NTS-Episcopal)		1,897,923		5.63		10/1/33		1,900,884
Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC)		1,000,000		4.25		8/1/24		1,027,660
West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp)		1,000,000		5.00		11/1/37		1,066,910
Winsted Health Care Rev. (St. Mary’s Care Center Proj.) 2, 5		1,071,148		6.00		9/1/25		749,803
Winsted Health Care Rev. (St. Mary’s Care Center Proj.) 2, 5		1,029,950		6.50		9/1/34		720,965
								103,054,278
Industrial/Pollution Control - 0.5%
International Falls Rev. (Boise Cascade Corp. Proj.)		370,000		5.65		12/1/22		375,158
St. Paul Port Auth. Rev. 8		1,000,000		4.00		10/1/40		1,066,210
St. Paul Port Auth. Rev.		1,000,000		4.00		10/1/42		1,081,440
St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) 4, 8		1,000,000		4.50		10/1/37		1,006,540
								3,529,348
Insured - 0.4%
Guam Power Auth. Rev. (AGM Insured) 11		500,000		5.00		10/1/30		548,670
MN Governmental Agy. Fin. Group (Flex Terminal Prog.) (AGC Insured)		75,000		4.00		3/1/20		75,135
MN Governmental Agy. Fin. Group (Flex Terminal Prog.) (AGC Insured)		90,000		4.00		3/1/22		90,140
Puerto Rico Public Improvement G.O. (AGM Insured) 11		600,000		5.13		7/1/30		611,688
Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) (NATL Insured) 11		1,000,000		5.00		10/1/23		1,010,990
								2,336,623
Multifamily Mortgage - 19.6%
Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)		1,000,000		4.75		11/1/35		1,061,370
Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)		1,000,000		5.50		11/1/46		1,097,130
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center)		500,000		3.90		2/1/31		505,130
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center)		500,000		4.15		2/1/36		504,130

See accompanying notes to schedule of investments.

24

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
Apple Valley Senior Hsg. Rev. (Presbyterian Homes)		1,500,000		5.00		9/1/43		1,608,135
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,100,000		4.00		1/1/25		1,143,516
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		500,000		4.00		1/1/25		510,255
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,235,000		4.00		1/1/26		1,282,486
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,000,000		4.00		1/1/30		1,030,740
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		660,000		4.13		1/1/28		671,867
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,500,000		4.25		1/1/37		1,532,370
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		2,775,000		4.38		1/1/47		2,835,689
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		3,000,000		5.00		1/1/47		3,078,270
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,700,000		6.75		1/1/27		1,725,925
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,000,000		7.00		1/1/37		1,017,450
Bethel Rev. (Grandview Christian Home Proj.)		3,000,000		5.00		10/1/41		3,154,170
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.)		540,000		5.13		7/1/25		542,624
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.)		1,500,000		5.75		7/1/35		1,512,090
Cambridge Hsg. & Health Care Facs. Rev. (Walker Methodist Levande, LLC Proj.)		1,250,000		5.13		3/1/39		1,350,450
Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.)		625,000		6.00		1/1/27		632,075
Chisago Hsg. and Health Care Rev. (CDL Homes LLC)		750,000		6.00		8/1/33		818,018
City of Otsego Rev. (Riverview Landing Proj.)		1,500,000		5.00		10/1/42		1,569,555
Cloquet Hsg. Fac. Ref. (HADC Cloquet LLC Proj.)		1,020,000		5.00		8/1/38		1,037,483
Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.)		1,000,000		5.00		1/1/34		1,007,330
Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.)		1,000,000		5.25		1/1/40		1,004,750
Crystal Multifamily Hsg. Rev. (Cavanagh Proj.)		2,500,000		5.25		6/1/31		2,557,425
Dakota Co. Community Dev. Agy. (Glen at Valley Creek Proj.)		1,400,000		4.50		8/1/36		1,432,452
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev.		3,500,000		4.00		1/1/42		3,661,560
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) 4		750,000		5.00		8/1/36		780,113
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) 4		500,000		5.00		8/1/51		515,070
Deephaven Hsg. & Healthcare Rev. (St. Therese Senior Living Proj.)		1,345,000		5.00		4/1/38		1,366,466
Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.)		3,480,295		3.75		11/1/34		3,788,510
Independence Health Care Facs. Rev. (Augustana Chapel View Home)		250,000		4.00		12/1/32		253,743
Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) 8		2,765,000		4.75		1/20/42		2,767,931
Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing)		1,015,000		5.75		7/15/31		1,073,992
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		375,000		4.75		11/1/28		389,603
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		1,500,000		5.00		11/1/35		1,551,090
Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.) 4		1,000,000		4.75		8/1/43		1,047,080
Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.) 4		500,000		5.00		8/1/53		526,455
Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized)		1,962,543		3.00		11/1/34		1,993,001
MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured)		250,000		5.05		8/1/31		263,465
MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured)		2,560,000		5.25		8/1/40		2,623,181
MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured)		1,760,000		5.45		8/1/41		1,849,883
MN Hsg. Fin. Agy. Rental Hsg. Rev.		1,000,000		5.20		8/1/43		1,084,620
MN Hsg. Fin. Agy. Rev.		270,000		4.00		8/1/29		300,264
MN Hsg. Fin. Agy. Rev.		255,000		4.00		8/1/31		280,982
MN Hsg. Fin. Agy. Rev.		335,000		4.00		8/1/34		366,302
MN Hsg. Fin. Agy. Rev.		335,000		4.00		8/1/35		365,374
MN Hsg. Fin. Agy. Rev. (State Appropriation)		250,000		4.00		8/1/33		281,382
MN Hsg. Fin. Agy. Rev. (State Appropriation)		2,000,000		5.00		8/1/34		2,299,720
MN Hsg. Fin. Agy. Rev. (State Appropriation)		1,000,000		5.00		8/1/35		1,147,940
Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC)		280,000		4.65		9/1/26		283,116
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		1,000,000		5.00		9/1/32		1,010,750
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		250,000		5.13		9/1/37		252,500
New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.)		1,500,000		5.00		8/1/39		1,540,830
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		2,000,000		4.00		10/1/33		2,117,300
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,500,000		5.00		10/1/35		1,656,330

See accompanying notes to schedule of investments.
JUNE 30, 2019	25

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,000,000		5.00		10/1/47		1,087,450
Oakdale Rev. (Sr. Hsg. Oak Meadows Proj.)		875,000		5.00		4/1/34		888,536
Red Wing Sr. Hsg. Rev. (Deer Crest Proj.)		325,000		5.00		11/1/27		336,398
Red Wing Sr. Hsg. Rev. (Deer Crest Proj.)		330,000		5.00		11/1/32		341,045
Red Wing Sr. Hsg. Rev. (Deer Crest Proj.)		500,000		5.00		11/1/42		515,875
Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.)		1,950,000		5.00		12/1/30		2,033,499
Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.)		1,325,000		5.00		12/1/49		1,349,672
Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)		1,000,000		5.00		8/1/37		1,061,790
Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)		800,000		5.00		8/1/48		839,696
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		720,000		6.38		12/1/33		780,350
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		2,500,000		6.50		12/1/35		2,714,675
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		250,000		6.88		12/1/48		271,952
Rochester Multifamily Hsg. Rev. (Essex Place Apartments Proj.) (FHLMC)		4,000,000		3.75		6/1/29		4,162,880
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		930,000		4.00		9/1/20		944,276
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		850,000		5.00		9/1/42		936,649
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		1,135,000		5.25		9/1/27		1,231,509
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		2,150,000		5.30		9/1/37		2,340,361
Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.)		1,705,000		5.13		1/1/39		1,751,888
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		250,000		5.75		12/1/28		272,812
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		2,000,000		6.00		12/1/30		2,188,860
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)		750,000		4.25		7/1/39		751,350
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)		1,125,000		4.25		7/1/44		1,104,592
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)		1,500,000		5.00		7/1/55		1,559,190
St. Paul Hsg. & Redev. Auth. (Pioneer Press Apts. Proj.) 1, 4		1,500,000		3.38		5/1/21		1,500,060
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		2,415,000		4.25		12/1/27		2,565,599
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		2,400,000		5.00		12/1/47		2,622,096
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		935,000		5.20		11/1/22		935,720
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		1,000,000		5.30		11/1/30		1,000,360
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		2,590,000		5.38		5/1/43		2,590,155
St. Paul Park Health Care Facs. Rev (Presbyterian Homes Interlu Proj.)		1,000,000		5.00		5/1/43		1,063,360
St. Paul Park Hsg. Rev. (Buffalo Senior Housing Proj.)		1,115,000		5.00		10/1/38		1,163,502
St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.)		1,000,000		5.00		9/1/42		1,090,480
St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.) 8		2,515,000		5.70		8/1/36		2,586,954
St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.)		700,000		5.00		3/1/40		729,841
Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.)		1,000,000		4.25		8/1/43		1,015,040
Wayzata Sr. Hsg. Rev. (Folkestone Sr. Living Community)		730,000		5.20		5/1/25		746,549
Wayzata Sr. Hsg. Rev. (Folkestone Sr. Living Community)		1,250,000		5.50		11/1/32		1,277,162
Wayzata Sr. Hsg. Rev. (Folkestone Sr. Living Community)		1,135,000		5.75		11/1/39		1,159,743
Willmar Hsg. & Redev. Auth. Multifamily Rev. (Eagle Ridge Apartments)		2,610,000		4.63		4/1/30		2,621,849
								127,795,213
Municipal Lease 9 - 5.1%
Anoka Co. Hsg. & Redev. Rev.		320,000		5.63		5/1/22		324,854
Anoka Co. Hsg. & Redev. Rev.		500,000		6.63		5/1/30		510,420
Anoka Co. Hsg. & Redev. Rev.		500,000		6.88		5/1/40		509,685
Anoka-Hennepin Independent School District No. 11 Lease Rev.		600,000		4.00		2/1/41		621,636
Chaska Economic Dev. Auth. Lease Rev.		1,100,000		4.00		2/1/31		1,201,497
Chaska Economic Dev. Auth. Lease Rev.		690,000		4.00		2/1/33		747,408
Chaska Economic Dev. Auth. Lease Rev.		500,000		4.00		2/1/35		539,490
Duluth Independent School District No. 709		1,000,000		4.00		2/1/27		1,111,070
Duluth Independent School District No. 709		750,000		4.20		3/1/34		779,453
Duluth Independent School District No. 709		2,000,000		5.00		2/1/25		2,334,420
Duluth Independent School District No. 709		785,000		5.13		3/1/29		796,241

See accompanying notes to schedule of investments.

26

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
Golden Valley Hsg. & Redev. Auth. Rev.		1,000,000		4.00		2/1/30		1,079,100
Golden Valley Hsg. & Redev. Auth. Rev.		500,000		4.00		2/1/32		536,200
Goodhue Co. Education District No. 6051 Lease Rev.		1,030,000		5.00		2/1/34		1,149,954
Goodhue Co. Education District No. 6051 Lease Rev.		1,500,000		5.00		2/1/39		1,653,645
Guam Education Fin. Foundation 11		1,000,000		5.00		10/1/21		1,057,220
Guam Education Fin. Foundation 11		1,730,000		5.00		10/1/22		1,869,940
Minnetonka Independent School District No. 276		450,000		4.00		3/1/30		495,842
Minnetonka Independent School District No. 276		340,000		4.00		2/1/33		360,138
Minnetonka Independent School District No. 276		300,000		4.00		3/1/33		327,411
Minnetonka Independent School District No. 276		400,000		4.00		2/1/36		421,684
Minnetonka Independent School District No. 276		500,000		4.50		1/1/41		548,655
MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)		750,000		3.88		8/1/38		801,480
MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)		1,040,000		4.00		8/1/36		1,134,047
MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)		580,000		4.00		8/1/37		630,141
MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)		945,000		4.00		8/1/40		1,009,487
MN Hsg. Fin. Agy. Rev. (State Appropriation)		300,000		5.00		8/1/35		337,608
Northeastern Metropolitan Intermediate School District No. 916		1,000,000		5.00		2/1/34		1,150,470
Osseo Independent School District No. 279		1,000,000		4.00		2/1/28		1,090,660
Plymouth Intermediate District No. 287		1,285,000		3.00		5/1/32		1,316,380
Plymouth Intermediate District No. 287		470,000		4.00		5/1/31		511,139
Plymouth Intermediate District No. 287		600,000		4.00		2/1/37		655,014
Southern Plains Education Cooperative No. 915		1,215,000		4.00		2/1/37		1,221,257
Southern Plains Education Cooperative No. 915		1,000,000		4.50		2/1/39		1,026,900
St. Cloud Independent School District No. 742		750,000		4.00		2/1/38		800,280
Waconia Independent School District No. 110		500,000		5.00		2/1/37		571,830
Winona School District No. 861 Lease Purchase		384,501		6.04		8/1/24		385,324
Worthington Independent School District No. 518		1,400,000		4.00		2/1/45		1,488,480
								33,106,460
Municipal Money Market - 0.9%
City of Minneapolis Hsg. Dev. Rev. (One Ten Grant Proj.) 1		3,440,000		1.52		9/1/26		3,440,000
City of Minneapolis Rev. (Univ. Gateway Proj.) 1		2,200,000		1.52		12/1/27		2,200,000
City of Minneapolis Rev. (Univ. Gateway Proj.) 1		500,000		1.52		6/1/32		500,000
								6,140,000
Other Revenue Bonds - 4.4%
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		1,000,000		4.00		11/1/41		1,083,260
Crystal Governmental Fac. Rev.		397,193		5.10		12/15/26		398,278
Milaca Rev. (Edina Headquarters Proj.)		250,000		5.00		2/1/44		254,905
Minneapolis Rev. (YMCA Greater Twin Cities Proj.)		165,000		4.00		6/1/29		180,989
Minneapolis Rev. (YMCA Greater Twin Cities Proj.)		125,000		4.00		6/1/30		136,370
Minneapolis Rev. (YMCA Greater Twin Cities Proj.)		250,000		4.00		6/1/31		271,360
Minneapolis Tax Increment Rev.		320,000		3.50		3/1/23		328,640
Minneapolis Tax Increment Rev.		170,000		3.80		3/1/25		175,217
Minneapolis Tax Increment Rev.		200,000		4.00		3/1/27		206,392
Minneapolis Tax Increment Rev.		260,000		4.00		3/1/30		266,586
MN Development Rev. Limited Tax Supported Comm. Board		1,000,000		6.00		12/1/40		1,062,240
MN Development Rev. Limited Tax Supported Comm. Board		2,000,000		6.25		12/1/30		2,131,440
Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.)		875,000		5.00		2/15/27		875,280
Northeastern Metropolitan Intermediate School District No. 916		4,500,000		4.00		2/1/38		4,801,680
St. Louis Park Economic Dev. Auth. Tax Increment Rev. (Hoigaard Vlg.)		850,000		5.00		2/1/23		850,680
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.)		870,000		6.38		2/15/28		871,479
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Drake Marble Proj.)		430,000		6.75		3/1/28		430,297

See accompanying notes to schedule of investments.
JUNE 30, 2019	27

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.)		720,000		6.50		3/1/29		728,784
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		929,000		7.00		2/15/28		931,285
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		753,000		7.50		2/15/28		754,017
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		180,000		5.00		9/1/19		180,623
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		185,000		5.00		3/1/20		187,590
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		220,000		5.00		9/1/20		225,267
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		225,000		5.00		3/1/21		232,445
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		1,000,000		5.00		9/1/26		1,030,360
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Upper Landing Proj.)		930,000		5.00		3/1/29		956,644
St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.)		3,875,000		5.00		8/1/36		3,881,975
St. Paul Port Auth. Rev. (Amherst H. Wilder Foundation)		3,000,000		5.00		12/1/36		3,037,920
Territory of Guam. Rev. 11		500,000		5.00		12/1/46		545,780
Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) 11		2,000,000		5.00		10/1/42		1,875,000
								28,892,783
Public Facilities - 0.2%
Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.)		1,250,000		4.00		2/1/32		1,371,513
Sales Tax Revenue - 1.2%
American Samoa Economic Development Authority Rev. 4, 11		1,000,000		6.00		9/1/23		1,028,690
American Samoa Economic Development Authority Rev. 11		2,000,000		6.25		9/1/29		2,114,960
Guam Govt. Business Privilege Tax Rev. 11		2,750,000		5.00		11/15/35		3,016,283
St. Paul Sales Tax Rev.		1,400,000		5.00		11/1/31		1,617,280
								7,777,213
Single Family Mortgage - 16.3%
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA)		1,040,000		4.45		12/1/32		1,064,648
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)		335,000		4.63		12/1/30		340,591
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)		620,000		4.88		12/1/33		632,716
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) 8		52,340		5.13		12/1/40		52,700
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) 8		38,295		5.30		12/1/39		38,319
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA)		375,000		4.45		12/1/27		390,825
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) 8		4,475		5.00		12/1/38		4,477
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) 8		42,211		5.25		12/1/40		42,523
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA)		3,230,000		4.40		7/1/32		3,281,325
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		2,477,617		3.15		6/1/49		2,520,356
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		4,746,558		3.30		3/1/48		4,860,855
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,868,138		3.30		5/1/48		3,961,283
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,992,438		3.45		3/1/49		2,050,378
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,959,777		3.60		1/1/49		2,026,566
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,745,935		3.75		11/1/48		1,814,166
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		2,650,000		4.45		7/1/31		2,735,913
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,400,000		4.70		1/1/31		1,422,932
MN Hsg. Fin. Agy. Residential Hsg. Rev. 8		995,000		3.20		1/1/33		1,021,009
MN Hsg. Fin. Agy. Residential Hsg. Rev.		1,960,000		3.30		7/1/29		2,062,077
MN Hsg. Fin. Agy. Residential Hsg. Rev.		2,545,000		5.10		1/1/40		2,545,000
MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured)		1,470,000		3.63		7/1/25		1,495,166
MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured)		1,910,000		3.90		7/1/30		1,970,432
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8		1,880,000		3.10		7/1/31		1,928,072
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		5,845,000		3.10		7/1/35		5,971,953
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		1,840,000		3.15		1/1/37		1,865,944
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8		1,220,000		3.20		7/1/30		1,232,944
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8		920,000		3.30		1/1/30		954,169
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		1,000,000		3.30		7/1/33		1,043,990

See accompanying notes to schedule of investments.

28

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair       Value ($)
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		6,805,000		3.30		1/1/34		7,070,327
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		1,605,000		3.35		7/1/29		1,635,848
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		1,435,000		3.40		7/1/38		1,475,955
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		7,320,000		3.50		1/1/32		7,534,330
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		4,865,000		3.60		7/1/31		5,028,561
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		2,235,000		3.60		7/1/33		2,306,609
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8		2,270,000		3.63		7/1/32		2,372,808
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		4,540,000		3.65		7/1/37		4,759,464
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		995,000		3.80		1/1/33		1,070,988
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		5,035,000		3.80		7/1/38		5,174,117
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		4,565,000		3.90		7/1/43		4,680,495
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		215,000		4.00		7/1/40		219,816
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		1,715,000		4.00		1/1/48		1,838,583
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		3,665,000		4.00		7/1/48		3,959,923
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA Collateralized)		460,000		5.00		1/1/31		475,714
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC)		3,710,000		3.70		1/1/31		3,962,836
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC)		1,415,000		4.00		1/1/47		1,493,716
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC)		380,000		3.10		7/1/26		387,136
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) 8		1,105,000		4.00		1/1/41		1,154,913
MN Hsg. Fin. Agy. Single Family Mtg. Rev.		30,000		4.90		7/1/29		30,000
MN Hsg. Fin. Agy. Single Family Mtg. Rev.		880,000		5.05		7/1/34		880,000
								106,843,468
Transportation - 0.3%
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		1,100,000		5.00		1/1/33		1,246,795
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		600,000		5.00		1/1/34		678,960
								1,925,755
Utility - 3.3%
Guam Govt. Waterworks Auth. Rev. 11		2,000,000		5.00		1/1/46		2,212,400
MN Municipal Power Agy. Electric Rev.		500,000		4.00		10/1/31		540,275
MN Municipal Power Agy. Electric Rev.		1,250,000		4.00		10/1/32		1,347,100
MN Municipal Power Agy. Electric Rev.		1,155,000		4.00		10/1/33		1,239,777
MN Municipal Power Agy. Electric Rev.		1,000,000		5.25		10/1/35		1,045,870
Northern Municipal Power Agy. Electric Rev.		695,000		5.00		1/1/31		763,972
Rochester Electric Utility Rev.		500,000		5.00		12/1/42		586,515
Southern Minnesota Municipal Power Agency		1,000,000		5.00		1/1/41		1,152,350
St. Paul Hsg. & Redev. Auth.		900,000		3.38		10/1/37		924,768
St. Paul Hsg. & Redev. Auth.		880,000		4.00		10/1/31		968,950
St. Paul Hsg. & Redev. Auth.		650,000		4.00		10/1/33		710,158
St. Paul Hsg. & Redev. Auth.		800,000		4.00		10/1/37		860,120
St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.) 8		1,250,000		5.45		8/1/28		1,288,462
Western MN Municipal Power Agy. Rev.		600,000		5.00		1/1/35		705,498
Western MN Municipal Power Agy. Rev.		1,750,000		5.00		1/1/36		1,976,608
Western MN Municipal Power Agy. Rev.		4,725,000		5.00		1/1/46		5,310,428
								21,633,251
Total Municipal Bonds (cost: $587,263,106)								607,212,753

See accompanying notes to schedule of investments.
JUNE 30, 2019	29

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2019

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Investment Companies - 1.0%
Delaware Investments Minnesota Municipal Income Fund II (VMM)		334,436		4,300,847
Nuveen Minnesota Municipal Income Fund (NMS)		159,408		2,183,890
Total Investment Companies (cost: $7,237,880)				6,484,737
Total Investments in Securities - 93.9% (cost: $594,500,986)				613,697,490
Other Assets and Liabilities, net - 6.1%				39,629,004
Total Net Assets - 100.0%				$653,326,494

¹  Variable rate security. Rate disclosed is as of June 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

²  Security considered illiquid by the Investment Adviser. The total value of such securities as of June 30, 2019 was $2,808,195 and represented 0.4% of net assets.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2019 was $13,318,944 and represented 2.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁵  The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of June 30, 2019 was $1,470,768 and represented 0.2% 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 June 30, 2019, 3.6% of net assets in the Fund was invested in such securities.

⁹  Municipal Lease Security. The total value of such securities as of June 30, 2019 was $33,106,460 and represented 5.1% 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 Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of June 30, 2019 was $15,891,621 and represented 2.4% of net assets.

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

A summary of the levels for the Fund’s investments as of June 30, 2019 is as follows (see notes to Schedule of Investments):

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Price ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Assets
Municipal Bonds		—		607,212,753		—		607,212,753
Investment Companies		6,484,737		—		—		6,484,737
		6,484,737		607,212,753		—		613,697,490

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

See accompanying notes to schedule of investments.

30

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

June 30, 2019

Securities Valuation:

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. 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”) 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. Option and future contracts entered into and held by the Funds are valued at the close of the securities and commodities exchange on which they are traded.

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 futures traded on a U.S. exchange. Risks of entering into futures 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.

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.

31

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

June 30, 2019 (Continued)

During the three months ended June 30, 2019, the average volume of derivative activity was as follows:

				Average			Average
	Average			Premium			Notional
	Cost			Received			Amount
Quality Income Fund
Written Call options		$	—		$	74,477		$	17,192,500
Treasury Futures			—			—			9,629,735
Tax-Free Income Fund
Treasury Futures			—			—			38,678,289
Minnesota Tax-Free Income Fund
Treasury Futures			—			—			12,464,430

  The number of open futures contracts outstanding as of June 30, 2019 also serve as indicators of the volume of activity for the Fund throughout the period.

  Balance Sheet - Values of derivatives as of June 30, 2019.

	Asset Derivatives Value		Liability Derivatives Value
Interest rate risk:
Quality Income Fund
Treasury Futures		—		$41,022
Tax-Free Income Fund
Treasury Futures		—		487,441
Minnesota Tax-Free Income Fund
Treasury Futures		—		—

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

JUNE 30, 2019 32

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

June 30, 2019 (Continued)

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 June 30, 2019 is included with the Funds’ schedule of investments.

At June 30, 2019, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes were as follows:

									Cost (Proceeds)
	Unrealized		Unrealized			Net Unrealized			of Investments
	Appreciation		Depreciation			Appreciation (Depreciation)			on a Tax Basis
Quality Income - Investments		$989,879		($63,099	)		$926,780			$81,238,447
Tax-Free Income - Investments		13,147,405		(14,936,047	)		(1,788,642	)		252,198,109
Minnesota Tax-Free Income - Investments		21,729,555		(2,533,051	)		19,196,504			594,500,986

33