NPORT-EX 2 SI30SITTaxFreeIncome.htm FOR VALIDATION PURPOSES ONLY - [872937.SITTAX]

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund

 

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

Fair       

        Value ($)   

Municipal Bonds - 85.5%

          

Alabama - 0.2%

          

Pell City Special Care Facs. Finance Auth. Rev. (Noland Health Services, Inc.)

     500,000             5.00         12/1/31           531,550    
       

 

 

    

Alaska - 0.5%

          

AK Hsg. Finance Corp. Mtg. Rev.

     375,000       4.13       12/1/37       383,782    

AK Hsg. Finance Corp. Rev. (State Capital Proj.)

     500,000       4.00       6/1/36       543,480    

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       273,202    

AK Industrial Dev. & Export Auth. Rev. (Tanana Chiefs Conference Proj.)

     300,000       4.00       10/1/49       318,936    
       

 

 

    
          1,531,900    
       

 

 

    

Arizona - 2.2%

          

AZ Health Facs. Auth. Rev. (Scottsdale Lincoln Hospital Proj.) 1

    250,000       4.00       12/1/39       250,275    

AZ Industrial Dev. Auth. Rev. (Bridgewater Avondale Proj.)

     500,000       5.38       1/1/38       517,850    

AZ Industrial Dev. Auth. Rev. (Pinecrest Academy Horizon) 4

    500,000       5.75       7/15/38       568,000    

Glendale Industrial Dev. & Auth. Rev. (Beatitudes Campus Proj.)

     300,000       5.00       11/15/36       323,898    

Glendale Industrial Dev. & Auth. Rev. (Glencroft Retirement Community)

     400,000       5.00       11/15/36       431,008    

La Paz Co. Industrial Dev. Auth. (Charter School Solutions Harmony Public Proj.)

     750,000       5.00       2/15/48       843,098    

Maricopa Co. Industrial Dev. Auth. Education Rev. (Horizon Community Learning Center)

     300,000       5.00       7/1/35       326,841    

Maricopa Co. Industrial Dev. Auth. Rev. (Christian Care Surprise Inc.) 4

    250,000       5.75       1/1/36       262,305    

Peoria Industrial Dev. Auth. Rev. (Sierra Winds Life Care Community)

     400,000       5.25       11/15/29       415,792    

Phoenix City Industrial Dev. Auth. Rev. (Great Hearts Academies Proj.)

     250,000       6.30       7/1/42       268,982    

Phoenix City Industrial Dev. Auth. Rev. (Vista College Preparatory Proj.)

     400,000       4.13       7/1/38       438,952    

Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4

    1,000,000       5.38       6/15/35       1,096,960    

Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4

    370,000       4.75       6/15/37       380,497    

Quechan Indian Tribe of Fort Yuma Rev. (Tribal Economic Dev.)

     370,000       9.75       5/1/25       402,601    

Tempe Industrial Dev. Auth. Rev. (Mirabella at ASU Proj.) 4

    500,000       4.70       10/1/24       510,470    
       

 

 

    
          7,037,529    
       

 

 

    

Arkansas - 0.5%

          

Rogers City Rev.

     1,000,000       3.88       11/1/39       1,075,140    

Springdale City Sales & Use Tax Rev. Ref. (BAM Insured)

     500,000       3.60       4/1/41       516,230    
       

 

 

    
          1,591,370    
       

 

 

    

California - 4.6%

          

CA School Facs. Finance Auth. Rev. (Azusa Unified School District) (AGM Insured) 6

    500,000       6.00       8/1/29       643,235    

CA State G.O.

     500,000       4.00       12/1/40       532,990    

Carlsbad Unified School District G.O. Capital Appreciation 6

    400,000       6.00       8/1/31       506,924    

Colton Joint Unified School District G.O. (AGM Insured) 6

    1,000,000       6.00       8/1/35       1,150,370    

Encinitas Union School District G.O. Capital Appreciation 6

    500,000       7.00       8/1/35       654,445    

Hartnell Community College G.O. 6

    500,000       7.00       8/1/34       585,380    

Healdsburg Unified School District G.O. 6

    1,250,000       5.00       8/1/37       1,266,238    

Imperial Community College District G.O. Capital Appreciation (AGM Insured) 6

    250,000       6.75       8/1/40       324,952    

Los Alamitos Unified School District Capital Appreciation C.O.P. 6

    1,100,000       6.00       8/1/34       1,176,021    

Martinez Unified School District G.O. 6

    250,000       6.13       8/1/35       307,945    

Morongo Band of Mission Indians Rev. 4

    300,000       5.00       10/1/42       344,343    

Placentia-Yorba Linda Unified School District C.O.P. Capital Appreciation (AGM Insured) 6

    500,000       6.25       10/1/28       545,260    

Redondo Beach School District G.O. 6

    600,000       6.38       8/1/34       783,360    

Reef-Sunset Unified School District (BAM Insured) 6

    750,000       5.00       8/1/38       792,660    

Ripon Unified School District G.O. (BAM Insured) 6

    270,000       4.50       8/1/30       304,144    

Ripon Unified School District G.O. (BAM Insured) 6

    80,000       4.50       8/1/30       88,637    

Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) 1

    500,000       1.85       6/1/39       475,265    

 

 

DECEMBER 31, 2019       1

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 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           449,172    

South Tahoe Joint Powers Financing Auth. Tax Allocation Ref. (South Tahoe Redev. Proj.) (AGM Insured)

     500,000       5.00       10/1/30       574,445    

Sulphur Springs Union School District C.O.P. (AGM Insured) 6

    450,000       6.50       12/1/37       565,056    

Tracy Joint Unified School District G.O. Capital Appreciation 6

    600,000       7.00       8/1/41       601,032    

Tustin Unified School District G.O. Capital Appreciation 6

    500,000       6.00       8/1/28       539,855    

Upland Unified School District G.O. Capital Appreciation 6

    1,000,000       7.00       8/1/41       1,260,570    

Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) 6

    500,000       6.00       8/1/34       618,475    
       

 

 

    
          15,090,774    
       

 

 

    

Colorado - 4.7%

          

Aerotropolis Regional Transportation Auth. Rev.

     400,000       5.00       12/1/51       417,780    

Broadway Station Metropolitan District No. 2 G.O.

     750,000       5.13       12/1/48       802,357    

Broadway Station Metropolitan District No. 3 G.O.

     500,000       5.00       12/1/49       522,960    

Buffalo Highlands Metropolitan District G.O.

     350,000       5.25       12/1/38       366,107    

CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.)

     250,000       5.60       7/1/34       253,537    

CO Educational & Cultural Facs. Auth. Rev. Ref. (Windsor Charter Academy) 4

    800,000       5.00       9/1/36       813,464    

CO Health Facs. Auth. Rev. (Covenant Retirement Community)

     650,000       5.00       12/1/48       751,848    

CO Science and Technology Park Metropolitan District No. 1 Rev.

     500,000       5.00       12/1/33       533,555    

Copper Ridge Metropolitan District Rev.

     350,000       5.00       12/1/43       363,888    

Copperleaf Metro District No. 2 G.O.

     500,000       5.75       12/1/45       522,245    

Creekwalk Marketplace Business Improvement District Rev. 4

    500,000       5.50       12/1/39       509,540    

Crystal Crossing Metro District G.O.

     500,000       5.25       12/1/40       524,295    

Denver 9th Avenue Metropolitan District No. 2 G.O

     500,000       5.00       12/1/48       526,825    

Denver Urban Renewal Auth. Tax Allocation 4

    500,000       5.25       12/1/39       534,115    

DIATC Metropolitan District G.O. 4

    500,000       5.00       12/1/49       530,315    

Haskins Station Metropolitan District G.O.

     500,000       5.00       12/1/49       508,140    

Hunters Overlook Metropolitan District No. 5 G.O.

     500,000       5.00       12/1/49       529,305    

Iron Mountain Metropolitan District No. 2 G.O.

     635,000       5.00       12/1/39       655,485    

Lambertson Farms Metro District No. 1 G.O.

     500,000       5.00       12/15/25       509,695    

Leyden Rock Metropolitan District No. 10 G.O.

     250,000       5.00       12/1/45       262,028    

Painted Prairie Public Improvement Auth. Rev.

     500,000       5.00       12/1/39       516,465    

Palisade Metropolitan District No. 2 G.O.

     500,000       5.00       12/1/46       517,625    

St. Vrain Lakes Metropolitan District No. 2 G.O.

     500,000       5.00       12/1/37       525,265    

STC Metropolitan District No. 2 G.O.

     500,000       5.00       12/1/49       535,665    

Tallman Gulch Metropolitan District G.O.

     500,000       5.25       12/1/47       514,550    

Thompson Crossing Metropolitan District No. 4 G.O.

     500,000       5.00       12/1/49       532,010    

Vauxmont Metropolitan District G.O. (AGM Insured)

     500,000       3.25       12/15/50       515,415    

Velocity Metropolitan District No. 3 G.O.

     500,000       5.38       12/1/39       532,770    

Wild Plum Metropolitan District G.O.

     595,000       5.00       12/1/49       618,169    
       

 

 

    
          15,245,418    
       

 

 

    

Connecticut - 0.8%

          

CT Hsg. Finance Auth. Rev.

     550,000       3.88       11/15/35       590,546    

CT Hsg. Finance Auth. Rev. 9

    505,000       4.25       6/15/43       546,723    

CT Hsg. Finance Auth. Rev.

     1,000,000       3.85       5/15/45       1,033,990    

CT Hsg. Finance Auth. Rev. 9

    455,000       4.30       6/15/48       491,022    
       

 

 

    
          2,662,281    
       

 

 

    

District of Columbia - 0.4%

          

District of Columbia Hsg. Finance Agency Rev. (Multi-Family Dev. Program)

     600,000       4.05       9/1/43       649,344    

District of Columbia Rev. (Ingleside Rock Creek Proj.)

     500,000       5.00       7/1/37       539,190    
       

 

 

    
          1,188,534    
       

 

 

    

 

 

2      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Florida - 8.9%

          

Alachua Co. Health Facs. Auth. Rev. (Oak Hammock University)

     385,000             8.00         10/1/32           433,891    

Alta Lakes Community Dev. District Special Assessment

     500,000       4.40       5/1/39       511,115    

Ave Maria Stewardship Community District Special Assessment. (AGM Insured)

     295,000       3.00       5/1/38       299,767    

Bay Co. Educational Facs. Rev. (Bay Haven Charter)

     430,000       5.25       9/1/30       438,256    

Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.)

     200,000       6.25       5/1/35       219,404    

Capital Trust Agency Rev. (Elim Senior Housing, Inc.) 4

    250,000       5.00       8/1/27       256,962    

Capital Trust Agency Rev. (Elim Senior Housing, Inc.) 4

    250,000       5.38       8/1/32       260,645    

Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.)

     500,000       5.38       2/1/35       518,495    

Capital Trust Agency Rev. (Tallahassee Tapestry) 4

    550,000       6.75       12/1/35       521,537    

Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) 4

    250,000       6.75       7/1/37       250,725    

Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center)

     250,000       7.00       4/1/35       251,920    

Capital Trust Agency Rev. (University Bridge LLC Student Housing Proj.) 4

    500,000       5.25       12/1/43       526,885    

Celebration Pointe Community Dev. District Special Assessment Rev. 4

    250,000       5.00       5/1/32       272,280    

Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 4, 5

     250,000       7.25       5/15/26       234,755    

Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 4, 5

     750,000       8.13       5/15/44       702,840    

Collier Co. Industrial Dev. Auth. Rev. (NCH Healthcare System Proj.)

     415,000       6.25       10/1/39       438,987    

Dowden West Community Dev. District Special Assessment 4

    360,000       5.40       5/1/39       386,136    

Durbin Crossing Community Dev. District Special Assessment (AGM Insured)

     520,000       5.00       5/1/32       627,370    

Escambia Co. Housing Finance Auth. Rev. (Multi-County Program)

     990,000       3.75       10/1/49       1,035,144    

FL Hsg. Finance Corp. (GNMA/FNMA Collateralized)

     80,000       5.00       7/1/26       80,390    

FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)

     1,000,000       4.20       1/1/45       1,079,230    

FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.30       7/1/49       513,220    

Gramercy Farms Community Dev. District Special Assessment 6

    420,000       3.24       5/1/39       201,600    

Harbor Bay Community Dev. District Special Assessment

     350,000       4.10       5/1/48       345,933    

Heritage Harbour North Community Dev. District Special Assessment

     200,000       5.00       5/1/34       220,874    

Lake Co. Educational Project. Rev. (Imagine South Lake Charter School Proj.) 4

    550,000       5.00       1/15/39       604,208    

Lakewood Ranch Stewardship District Cap. Improvement Special Assesment Rev. (Azario Proj.)

     580,000       4.00       5/1/40       584,373    

Lakewood Ranch Stewardship District Cap. Improvement Special Assesment Rev. (NE Sector Proj.)

     435,000       3.85       5/1/39       436,679    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev.

     250,000       4.25       5/1/25       258,050    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Country Club East Proj.)

     150,000       6.70       5/1/33       162,978    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Center)

     200,000       7.40       5/1/30       213,254    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National)

     300,000       5.25       5/1/37       328,986    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch)

     400,000       5.00       5/1/36       424,876    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.)

     300,000       5.00       5/1/38       318,852    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) 4

    550,000       5.30       5/1/39       600,699    

Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) 4

    320,000       5.00       5/1/37       343,709    

Lakewood Ranch Stewardship District Special Assessment (Lake Club Phase 4 Proj.)

     500,000       4.50       5/1/49       517,190    

Lexington Oaks Community Dev. District Special Assessment Rev.

     235,000       5.65       5/1/33       243,852    

Live Oak No. 2 Community Dev. District Special Assessment

     400,000       4.00       5/1/35       419,600    

Long Lake Ranch Community Dev. District Special Assessment

     110,000       5.63       5/1/24       113,762    

Long Lake Ranch Community Dev. District Special Assessment

     500,000       4.63       5/1/36       519,655    

Long Lake Ranch Community Dev. District Special Assessment

     435,000       5.00       5/1/38       460,156    

LT Ranch Community Dev. District Special Assessment

     500,000       4.00       5/1/40       505,895    

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       259,202    

Miami-Dade Co. Transit Sales Tax Rev.

     500,000       5.00       7/1/34       582,245    

New River Community Dev. District Cap. Improvement Special Assessment Rev. 2, 5, 15

     230,000       5.00       5/1/13       2    

Northern Palm Beach Co. Improvement District Special Assessment

     500,000       5.00       8/1/29       537,150    

Northern Palm Beach Co. Improvement District Special Assessment

     250,000       5.00       8/1/37       270,782    

Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)

     550,000       5.00       8/1/34       612,860    

Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)

     500,000       5.00       8/1/35       567,770    

 

 

DECEMBER 31, 2019       3

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.)

     250,000             5.00         8/1/41           277,160    

Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)

     470,000       3.95       3/1/40       493,133    

Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)

     405,000       4.00       9/1/48       437,647    

Orlando Tourist Dev. Rev. (Senior Lien Tourist Dev.) (AGM Insured)

     250,000       5.00       11/1/38       299,500    

Palm Beach Co. Health Facs. Auth. Rev. (ACTS Retirement-Life Community, Inc.)

     500,000       5.00       11/15/32       585,090    

Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.)

     500,000       4.00       5/15/53       506,675    

Palm Beach Co. Health Facs. Auth. Rev. (Sinai Residences Boca Raton Proj.)

     600,000       7.25       6/1/34       672,432    

Pinellas Co. Industrial Dev. Auth. Rev.

     500,000       5.00       7/1/39       580,745    

Port St. Lucie Research Foundation Rev. (Vaccine Gene Therapy Inst.)

     500,000       5.00       5/1/33       506,320    

Seven Oaks Community Dev. District Special Assessment Rev

     250,000       5.50       5/1/33       261,232    

Southern Groves Community Dev. District No. 5 Special Assessment

     500,000       4.00       5/1/43       504,635    

Tolomato Community Dev. District Special Assessment

     500,000       4.25       5/1/37       511,215    

Tolomato Community Dev. District Special Assessment 2, 5

     120,000       6.61       5/1/40       1    

Tolomato Community Dev. District Special Assessment 6

    185,000       7.00       5/1/40       160,536    

Tolomato Community Dev. District Special Assessment 6

    110,000       7.00       5/1/40       78,150    

Tolomato Community Dev. District Special Assessment 6

    45,000       7.00       5/1/40       39,170    

Tolomato Community Dev. District Special Assessment (AGM Insured)

     500,000       3.75       5/1/40       531,950    

Trout Creek Community Dev. District Special Assessment

     300,000       5.38       5/1/38       322,362    

University Park Recreation District Special Assessment (BAM Insured)

     750,000       3.50       5/1/50       772,560    

Waters Edge Community Dev. District Cap. Improvement Rev.

     9,000       5.35       5/1/39       9,003    

Waters Edge Community Dev. District Cap. Improvement Rev. 6

    165,000       6.60       5/1/39       165,698    

Wiregrass Community Dev. District Special Assessment

     245,000       5.38       5/1/35       263,576    

Zephyr Ridge Community Dev. District Special Assessment 2, 5, 15

     450,000       5.25       N/A       378,000    
       

 

 

    
          28,916,936    
       

 

 

    

Georgia - 3.6%

          

Cobb Co. Dev. Auth. Rev. (Presbyterian Village Proj.) 4

    650,000       5.00       12/1/39       685,308    

Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center)

     500,000       5.00       3/15/44       604,030    

GA Housing & Finance Authority Rev.

     1,280,000       3.80       12/1/37       1,322,573    

GA Housing & Finance Authority Rev.

     1,000,000       4.00       12/1/37       1,024,880    

GA Housing & Finance Authority Rev.

     465,000       3.85       12/1/38       502,577    

GA Housing & Finance Authority Rev.

     340,000       4.00       12/1/39       365,303    

GA Housing & Finance Authority Rev.

     650,000       3.80       12/1/40       682,701    

GA Housing & Finance Authority Rev.

     605,000       3.85       12/1/41       623,537    

GA Housing & Finance Authority Rev.

     540,000       3.95       12/1/43       579,334    

GA Housing & Finance Authority Rev.

     990,000       3.50       12/1/46       1,026,452    

GA Housing & Finance Authority Rev.

     600,000       4.00       12/1/48       641,298    

GA Housing & Finance Authority Rev.

     1,100,000       4.20       12/1/48       1,195,678    

GA Housing & Finance Authority Rev.

     1,000,000       3.25       12/1/49       1,018,540    

GA Tax Allocation (Beltline Proj.)

     500,000       5.00       1/1/30       501,520    

Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.)

     500,000       5.00       2/15/37       594,595    

Glynn-Brunswick Memorial Hospital Auth. Rev. (Southeast Georgia Health System Proj.)

     350,000       5.00       8/1/47       402,658    
       

 

 

    
          11,770,984    
       

 

 

    

Idaho - 0.5%

          

ID Health Facs. Authority Rev. (Terraces Boise Proj.)

     380,000       7.00       10/1/24       419,634    

ID Health Facs. Authority Rev. (Terraces Boise Proj.)

     250,000       7.38       10/1/29       275,220    

ID Health Facs. Authority Rev. (Terraces Boise Proj.)

     500,000       8.00       10/1/44       557,470    

ID Hsg. & Fin. Assoc. Nonprofit Facs. Rev. (Idaho Arts Charter School Proj.)

     380,000       5.75       12/1/32       410,814    
       

 

 

    
          1,663,138    
       

 

 

    

 

 

4      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Illinois - 6.6%

          

Bellwood G.O.

     500,000             5.88         12/1/27           557,605    

Bolingbrook Special Tax (AGM Insured)

     998,000       4.00       3/1/30       1,118,868    

Burbank Educational Facs. Rev. (Intercultural Montessori Language School) 4

    500,000       6.00       9/1/35       554,455    

Bureau Co. Township High School Dist. No. 502 G.O. (BAM Insured)

     500,000       6.25       12/1/33       597,880    

Chicago Heights G.O. (NATL-RE Insured)

     500,000       4.50       12/1/29       545,815    

Chicago Midway Airport Rev. (Second Lien)

     500,000       5.25       1/1/35       554,210    

Chicago Park Dist. G.O (Limited Tax)

     1,000,000       5.00       1/1/28       1,112,030    

Chicago Transit Auth. Sales Tax Rev.

     250,000       5.25       12/1/30       265,542    

IL Educational Facs. Auth. Rev.

     250,000       4.50       11/1/36       268,965    

IL Educational Facs. Auth. Rev. (Field Museum of Natural History)

     500,000       3.90       11/1/36       544,675    

IL Fin. Auth. Rev. (Admiral Lake Proj.)

     670,000       5.13       5/15/38       703,688    

IL Fin. Auth. Rev. (Christian Homes, Inc.)

     500,000       5.00       5/15/36       537,430    

IL Fin. Auth. Rev. (Edward Elmhurst Healthcare)

     1,000,000       5.00       1/1/44       1,140,100    

IL Fin. Auth. Rev. (Institute of Technology)

     500,000       4.00       9/1/41       527,970    

IL Fin. Auth. Rev. (Lifespace Communities)

     500,000       5.00       5/15/35       554,410    

IL Fin. Auth. Rev. (Lifespace Communities)

     500,000       5.00       5/15/45       546,545    

IL Fin. Auth. Rev. (Rogers Park Montessori School Proj.)

     200,000       5.00       2/1/24       207,914    

IL Fin. Auth. Rev. (Westminster Village)

     500,000       5.25       5/1/38       543,865    

IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.)

     1,000,000       6.25       12/1/38       716,250    

IL G.O.

     250,000       5.50       7/1/33       273,925    

IL G.O. (AGM Insured)

     500,000       4.00       2/1/30       549,780    

IL Housing Dev. Auth. Rev.

     1,000,000       3.15       7/1/44       1,006,660    

IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)

     440,000       3.88       4/1/41       468,631    

IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)

     360,000       4.00       10/1/48       388,012    

IL Rev.

     500,000       5.00       6/15/33       573,205    

IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured)

     1,000,000       5.25       6/15/31       1,124,350    

La Salle & Bureau Counties Township High School Dist. No. 120 LaSalle-Peru G.O. (BAM Insured)

     250,000       5.00       12/1/31       296,548    

Lake Co. Community Consolidated School District No. 50 Woodland G.O.

     250,000       5.63       1/1/26       261,158    

Macon & Moultrie Counties Community Unit School District No. 3 Mt Zion G.O.

     335,000       5.50       12/1/41       374,641    

Macon Co. School District No. 61 Decatur G.O. (AGM Insured)

     250,000       5.25       1/1/37       258,528    

Macoupin Sangamon & Montgomery Counties Community Unit School District G.O. (AGM Insured)

     990,000       4.25       12/1/35       1,066,676    

Madison Counties Community College District No. 536 G.O. (Lewis & Clark Cmnty. College)

     345,000       5.00       5/1/29       348,757    

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       278,430    

Richton Park Public Library District G.O.

     250,000       4.50       12/15/32       264,575    

Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) 2

    385,000       7.00       10/1/22       223,300    

University of Illinois (AGM Insured)

     1,000,000       4.13       4/1/48       1,087,750    

Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4

    145,000       4.00       12/1/22       146,237    

Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4

    250,000       5.25       12/1/37       269,158    
       

 

 

    
          21,473,258    
       

 

 

    

Indiana - 1.2%

          

Carmel Multifamily Hsg. Rev. (Barrington Carmel Proj.) 2, 5

     177,563       6.00       11/15/22       4,705    

Damon Run Conservancy Dist. G.O. (State Intercept Insured)

     300,000       6.10       7/1/25       300,246    

Evansville Hsg. Rev. (Silver Birch Evansville Proj.)

     250,000       5.45       1/1/38       263,225    

IN Finance Auth. Rev. (BHI Senior Living)

     775,000       5.88       11/15/41       869,124    

IN Finance Auth. Rev. (BHI Senior Living)

     425,000       6.00       11/15/41       479,396    

IN Finance Auth. Rev. (Greencroft Obligated Group)

     350,000       6.50       11/15/33       394,804    

IN Housing & Community Dev. Auth. Rev. (Hammond Assisted Living Proj.)

     500,000       5.75       1/1/36       510,635    

Merrillville Industry Economic Dev. Rev. (Belvedere Housing Proj.)

     300,000       5.75       4/1/36       300,438    

 

 

DECEMBER 31, 2019       5

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Mishawaka Multifamily Hsg. Rev. (Silver Birch Mishawaka Proj.) 4

    500,000             5.38         1/1/38           517,560    

Richmond Hospital Auth. Rev. (Reid Hospital & Health Care)

     350,000       5.00       1/1/35       390,565    
       

 

 

    
          4,030,698    
       

 

 

    

Iowa - 0.7%

          

IA Fin. Auth. Rev. (Lifespace Communities, Inc.)

     650,000       5.00       5/15/36       729,190    

IA Fin. Auth. Rev. (Lifespace Communities, Inc.)

     500,000       5.00       5/15/47       551,970    

North Polk Community School District G.O. (AGM Insured)

     1,000,000       4.00       6/1/31       1,010,510    
       

 

 

    
          2,291,670    
       

 

 

    

Kansas - 0.1%

          

Wichita Health Care Facs. Rev. (Kansas Masonic Home)

     300,000       5.25       12/1/36       325,263    
       

 

 

    

Kentucky - 0.1%

          

Pikeville Hospital Rev. Ref. (Pikeville Medical Center)

     425,000       6.50       3/1/41       444,864    
       

 

 

    

Louisiana - 1.6%

          

Denham Springs/Livingston Hsg. & Mtg. Finance Auth. Rev. (GNMA/FHLMC Collateralized)

     15,446       5.00       11/1/40       15,499    

LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Mtg. Backed Sec. Prog.) (GNMA/FHLMC Collateralized)

     95,000       4.60       6/1/29       97,721    

LA Local Government Environmental Facilities & Community Development Auth.

     500,000       5.25       11/15/25       543,790    

LA Local Government Environmental Facilities & Community Development Auth.

     500,000       6.00       11/15/30       568,305    

LA Local Government Environmental Facilities & Community Development Auth. Rev. 4

    300,000       5.65       11/1/37       336,732    

LA Local Government Environmental Facilities & Community Development Auth. Rev. 4

    500,000       5.00       7/1/39       547,865    

LA Local Government Environmental Facilities & Community Development Auth. Rev. 4

    300,000       5.50       11/1/39       323,103    

LA Local Government Environmental Facilities & Community Development Auth. Rev. 4

    500,000       4.00       11/1/44       506,065    

LA Local Government Environmental Facilities & Community Development Auth. Rev. 4

    495,000       4.40       11/1/44       518,968    

LA Public Facs. Auth. Rev. (Belle-Chase Educational Foundation Proj.) (NATL-RE Insured)

     510,000       6.50       5/1/31       545,348    

LA Public Facs. Auth. Rev. (Franciscan Missionaries Health System Proj.)

     300,000       5.00       7/1/35       342,144    

LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) 1

    595,000       1.98       2/15/36       587,676    

St. Tammany Parish Fin. Auth. Rev. (Christwood Proj.)

     300,000       5.25       11/15/37       327,642    
       

 

 

    
          5,260,858    
       

 

 

    

Maine - 1.1%

          

ME Hsg. Auth. Rev.

     600,000       4.00       11/15/35       636,978    

ME Hsg. Auth. Rev.

     500,000       4.00       11/15/37       536,775    

ME Hsg. Auth. Rev.

     105,000       4.50       11/15/37       110,049    

ME Hsg. Auth. Rev.

     615,000       4.13       11/15/38       678,259    

ME Hsg. Auth. Rev.

     500,000       3.85       11/15/40       524,455    

ME Hsg. Auth. Rev.

     500,000       3.10       11/15/44       506,175    

ME Hsg. Auth. Rev.

     495,000       4.25       11/15/48       543,540    
       

 

 

    
          3,536,231    
       

 

 

    

Maryland - 0.5%

          

MD Community Dev. Administration Rev.

     350,000       4.10       9/1/38       380,583    

MD Community Dev. Administration Rev.

     350,000       3.75       3/1/39       363,097    

MD Community Dev. Administration Rev.

     350,000       4.20       7/1/46       377,860    

Montgomery Co. Housing Opportunities Commission Rev.

     405,000       4.00       7/1/38       411,091    
       

 

 

    
          1,532,631    
       

 

 

    

Massachusetts - 2.8%

          

Dedham Municipal Purpose Loan. G.O. (NATL Insured)

     480,000       4.00       10/15/24       481,090    

Ipswich Muncipal Purpose Loan G.O. (AGM Insured)

     500,000       4.00       6/1/25       501,100    

MA Dev. Finance Agy. Rev.

     890,000       5.00       7/1/44       1,042,831    

MA Dev. Finance Agy. Rev. (Atrius Health Issue)

     1,375,000       4.00       6/1/49       1,458,600    

MA Dev. Finance Agy. Rev. (Newbridge on the Charles, Inc.) 4

    300,000       5.00       10/1/47       329,418    

 

 

6      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.)

     400,000             5.00         10/1/49           448,264    

MA Education Finance Auth. Education Rev.

     75,000       5.15       1/1/26       75,067    

MA Housing Finance Agy. Rev.

     250,000       4.75       6/1/35       259,752    

MA Housing Finance Agy. Rev.

     500,000       4.00       12/1/38       548,930    

MA Housing Finance Agy. Rev.

     500,000       3.75       12/1/40       521,865    

MA Housing Finance Agy. Rev.

     900,000       3.85       12/1/47       953,154    

MA Housing Finance Agy. Rev.

     825,000       3.60       12/1/59       846,013    

MA Housing Finance Agy. Rev. (FHA Insured)

     500,000       5.30       12/1/38       507,080    

MA Housing Finance Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)

     270,000       3.90       12/1/38       275,386    

Northbridge Muncipal Purpose Loan G.O (AGM Insured)

     500,000       4.00       6/15/25       501,030    

Rowley Land Acquisition Loan G.O (AGM Insured)

     360,000       4.00       5/1/27       360,756    
       

 

 

    
          9,110,336    
       

 

 

    

Michigan - 3.2%

          

Chandler Park Academy Rev.

     130,000       5.00       11/1/22       130,221    

City of Allen Park G.O. (BAM Insured)

     300,000       3.25       5/1/34       310,230    

MI Finance Auth. Rev. (Presbyterian Village)

     250,000       5.25       11/15/35       268,190    

MI Hsg. Dev. Auth. (G.O. of Authority Insured)

     250,000       4.63       10/1/41       259,290    

MI Hsg. Dev. Auth. Rev.

     500,000       4.10       10/1/35       532,420    

MI Hsg. Dev. Auth. Rev.

     500,000       3.70       12/1/36       528,795    

MI Hsg. Dev. Auth. Rev.

     1,500,000       4.13       12/1/38       1,643,265    

MI Hsg. Dev. Auth. Rev.

     300,000       3.75       10/1/42       315,513    

MI Hsg. Dev. Auth. Rev.

     750,000       4.00       10/1/43       805,342    

MI Hsg. Dev. Auth. Rev.

     1,000,000       4.00       6/1/49       1,069,620    

MI Hsg. Dev. Auth. Rev.

     2,000,000       3.15       6/1/50       2,014,500    

MI Hsg. Dev. Auth. Rev.

     1,000,000       3.50       10/1/54       1,018,900    

MI Public Educational Facs. Auth. Rev. (Chandler Park Academy)

     280,000       6.35       11/1/28       280,571    

MI Strategic Fund. Rev. (United Methodist Retirement Facs.)

     300,000       5.00       11/15/49       343,083    

Muskegon Heights Water Supply Rev. (NATL Insured)

     165,000       4.15       11/1/23       166,462    

Muskegon Heights Water Supply Rev. (NATL Insured)

     135,000       4.20       11/1/24       136,228    

Taylor Brownfield Redevelopment Authority (NATL Insured)

     250,000       5.00       5/1/32       277,858    

Universal Academy Michigan Public School Rev.

     135,000       6.50       12/1/23       140,053    
       

 

 

    
          10,240,541    
       

 

 

    

Minnesota - 0.3%

          

Apple Valley Rev. (Senior Living, LLC Proj.)

     500,000       5.00       1/1/47       407,305    

MN Hsg. Fin. Agy. Mtg. Rev. (Mtg. Backed Securities Program) (GNMA/FNMA Collateralized)

     95,000       4.40       7/1/32       95,554    

Rochester City Rev. (Math & Science Academy Proj.)

     500,000       5.13       9/1/38       522,365    
       

 

 

    
          1,025,224    
       

 

 

    

Mississippi - 0.7%

          

MS Development Bank Rev. (Green Bond-Hancock County) 4

    1,000,000       4.55       11/1/39       1,038,260    

MS Gaming Tax Rev.

     740,000       4.00       10/15/38       814,296    

MS Home Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     385,000       4.00       12/1/43       411,604    
       

 

 

    
          2,264,160    
       

 

 

    

Missouri - 1.0%

          

Kansas City Industrial Dev. Auth. Rev. (Kansas City Pkg. LLC)

     200,000       5.45       9/1/23       202,700    

Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 4, 5

     500,000       5.75       11/15/36       399,800    

MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services)

     1,000,000       4.00       2/1/48       1,042,780    

MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)

     710,000       3.80       11/1/48       755,085    

MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.05       11/1/49       496,110    

MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.35       11/1/49       512,690    
       

 

 

    
          3,409,165    
       

 

 

    

 

 

DECEMBER 31, 2019       7

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Montana - 0.5%

          

Forsyth Pollution Control Rev.

     250,000             5.00         5/1/33           256,637    

MT Board of Housing Single Family Rev.

     195,000       4.00       12/1/38       208,268    

MT Board of Housing Single Family Rev. (BRD Insured)

     500,000       4.00       6/1/45       539,475    

MT Board of Housing Single Family Rev. (FHA Insured)

     260,000       3.75       12/1/38       267,735    

MT Board of Housing Single Family Rev. (G.O. of BRD Insured)

     85,000       4.70       12/1/26       85,822    

MT Facs. Finance Auth. Rev. (Great Falls Pre-Release Services Proj.)

     137,077       5.08       4/1/21       138,279    
       

 

 

    
          1,496,216    
       

 

 

    

Nebraska - 0.4%

          

Douglas Co. Hospital Auth. No. 3 (Methodist Hospital)

     400,000       5.00       11/1/30       465,352    

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       333,086    

Nebraska Investment Fin. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.05       9/1/42       500,080    
       

 

 

    
          1,315,533    
       

 

 

    

Nevada - 1.0%

          

City of North Las Vegas (Special Northern Beltway Commercial Area) 4

    340,000       4.00       12/1/27       354,984    

City of North Las Vegas (Special Northern Beltway Commercial Area) 4

    345,000       5.00       12/1/37       377,965    

NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)

     330,000       3.85       10/1/39       342,454    

NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)

     1,000,000       3.35       10/1/49       1,026,800    

NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized)

     1,000,000       3.40       10/1/49       1,021,330    
       

 

 

    
          3,123,533    
       

 

 

    

New Hampshire - 0.6%

          

NH Business Finance Auth. Rev. (The Vista Proj.) 4

    310,000       5.25       7/1/39       337,069    

NH Business Finance Auth. Rev. (The Vista Proj.) 4

    500,000       5.63       7/1/46       548,910    

NH Health & Educ. Facs. Auth. Rev. (Wentworth Douglas Hospital)

     400,000       6.00       1/1/34       419,088    

NH Hsg. Fin. Agy. Rev. (Cimarron, Whittier Falls & Mars) (FHA Insured)

     725,000       4.00       7/1/52       766,818    
       

 

 

    
          2,071,885    
       

 

 

    

New Jersey - 2.3%

          

NJ Economic Dev. Auth. Rev. (North Star Academy Charter School Newark)

     250,000       5.00       7/15/47       281,808    

NJ Economic Dev. Auth. Rev. (State Government Buildings Proj.) 9

    500,000       5.00       6/15/42       566,775    

NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9

    250,000       5.00       6/15/37       289,842    

NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9

    500,000       5.00       6/15/43       572,085    

NJ Higher Education Assistance Auth. Student Loan Rev.

     5,000       5.00       12/1/28       5,000    

NJ Hsg. & Mtg. Finance Agy. Rev.

     750,000       3.95       11/1/43       798,810    

NJ Hsg. & Mtg. Finance Agy. Rev. (Mciver Homes Hsg. Proj.) (FHLMC Collateralized)

     550,000       3.60       1/1/30       574,392    

NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.

     335,000       4.50       10/1/30       348,410    

NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.

     960,000       3.75       10/1/35       1,028,851    

NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.

     615,000       4.50       10/1/48       680,780    

NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev.

     475,000       4.00       4/1/49       508,635    

NJ Transportation Trust Fund Auth. Rev. 9

    500,000       4.00       12/15/39       529,565    

NJ Transportation Trust Fund Auth. Rev. 9

    500,000       5.25       6/15/43       585,605    

Tobacco Settlement Financing Corp. Rev.

     300,000       5.00       6/1/46       333,921    

Wyckoff Township Board of Education G.O.

     350,000       4.00       3/15/23       352,104    
       

 

 

    
          7,456,583    
       

 

 

    

New Mexico - 1.7%

          

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (FHA Insured)

     340,000       3.90       9/1/42       347,868    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     335,000       4.13       9/1/42       345,248    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     745,000       3.85       7/1/43       787,696    

 

 

8      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     495,000             3.85         7/1/43           523,368    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     415,000       3.80       9/1/46       429,488    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     845,000       4.00       7/1/48       903,880    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.10       7/1/49       504,080    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     1,000,000       3.35       7/1/49       1,030,930    

NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     500,000       4.00       7/1/49       542,095    
       

 

 

    
          5,414,653    
       

 

 

    

New York - 3.2%

          

Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.)

     350,000       4.00       7/1/33       370,758    

New York City Housing Development Corp. Multifamily Mtg. Rev.

     250,000       4.60       11/1/36       258,945    

New York City Housing Development Corp. Multifamily Mtg. Rev.

     300,000       4.05       11/1/41       320,127    

New York City Housing Development Corp. Multifamily Mtg. Rev.

     300,000       3.85       11/1/42       317,106    

New York City Housing Development Corp. Multifamily Mtg. Rev.

     650,000       3.65       11/1/47       673,075    

New York City Housing Development Corp. Multifamily Mtg. Rev.

     500,000       3.95       11/1/49       530,080    

New York City Housing Development Corp. Rev.

     500,000       3.80       11/1/37       513,215    

New York City Municipal Water Finance Authority

     750,000       5.00       6/15/38       836,430    

NY Monroe County Industrial Development Corp. Rev. (St Ann’s Community Proj.)

     750,000       5.00       1/1/50       810,308    

NY Mortgage Agency Rev.

     175,000       3.75       10/1/42       178,127    

NY Mortgage Agency Rev.

     500,000       4.20       10/1/43       545,225    

NY Mortgage Agency Rev.

     1,315,000       3.80       10/1/48       1,379,830    

NY State Dormitory Auth. Rev. Ref. (N. Shore-Long Island Jewish Obligation)

     300,000       5.00       5/1/33       351,864    

NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.)

     590,000       3.75       11/1/37       604,130    

NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.)

     400,000       4.88       11/1/42       415,604    

NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (FNMA/FHLMC Collateralized)

     500,000       3.65       11/1/34       521,130    

NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (GNMA/FNMA/FHLMC Collateralized)

     500,000       3.95       11/1/37       536,095    

NY State Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     250,000       4.10       11/1/41       270,318    

NY State Mortgage Agency Rev.

     1,000,000       2.95       10/1/49       982,640    
       

 

 

    
          10,415,007    
       

 

 

    

North Carolina - 1.5%

          

Mecklenburg Co. Rev. (Little Rock Apts)

     315,000       5.15       1/1/22       318,802    

Mecklenburg Co. Rev. (Little Rock Apts)

     510,000       5.38       1/1/36       518,293    

NC Housing Finance Agency Rev.

     650,000       3.85       7/1/37       697,690    

NC Housing Finance Agency Rev.

     300,000       3.95       1/1/41       318,753    

NC Housing Finance Agency Rev.

     1,010,000       4.00       7/1/47       1,082,306    

NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     5,000       4.10       1/1/41       5,461    

NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     480,000       4.00       1/1/48       512,808    

NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     1,000,000       3.63       7/1/49       1,045,350    

NC Medical Care Comm. Rev. (Salemtowne Proj.)

     400,000       5.00       10/1/38       439,684    
       

 

 

    
          4,939,147    
       

 

 

    

North Dakota - 0.3%

          

ND Housing Finance Agency Rev.

     550,000       3.85       1/1/42       583,830    

ND Housing Finance Agency Rev.

     435,000       4.00       7/1/48       468,382    
       

 

 

    
          1,052,212    
       

 

 

    

Ohio - 2.4%

          

Clyde-Green Springs Exempted Village School District G.O.

     330,000       4.20       12/1/31       333,686    

Columbus-Franklin Co. Finance Auth. Rev. (Beulah Park Phase 1 Proj.)

     840,000       4.00       5/15/49       897,196    

Dayton-Montgomery Co. Port Auth. Rev. (Storypoint Troy Proj.)

     400,000       7.00       1/15/40       408,284    

Lake Co. Port & Economic Dev. Auth. Rev. (Tapestry Wickliffe Proj.) 4

    250,000       6.50       12/1/37       252,750    

Liberty Community Infrastructure Financing Auth. Special Assessment

     500,000       3.13       12/1/46       492,455    

 

 

DECEMBER 31, 2019       9

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Lucas Metro Hsg. Auth.

     500,000             5.00         11/1/36           551,175    

OH Higher Educational Facs. Commission Rev. (Tiffin University Proj.)

     1,045,000       4.00       11/1/49       1,035,961    

OH Housing Finance Agency Rev.

     1,000,000       3.35       9/1/49       1,030,510    

OH Housing Finance Agency Rev. (GNMA/FNMA Collateralized)

     440,000       4.05       3/1/37       477,558    

OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     450,000       3.35       9/1/39       464,823    

OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     980,000       4.00       9/1/48       1,048,335    

OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized)

     750,000       4.00       3/1/49       804,938    
       

 

 

    
          7,797,671    
       

 

 

    

Oklahoma - 0.7%

          

Fort Sill Apache Tribe Economic Dev. Auth. 4

    460,000       8.50       8/25/26       503,935    

Oklahoma Dev. Finance Auth. Rev. (Oklahoma City University Proj.)

     1,000,000       5.00       8/1/49       1,117,960    

Sallisaw Municipal Auth. Rev. (AGM Insured)

     500,000       4.45       1/1/28       500,955    
       

 

 

    
          2,122,850    
       

 

 

    

Oregon - 1.5%

          

Clackamas Co. Hospital Fac. Auth. Rev. (Willamette View Proj.)

     460,000       5.00       11/15/52       518,438    

Clackamas Co. Hsg. Auth. Rev. (Easton Ridge Apts. Proj.)

     350,000       3.50       9/1/33       360,122    

Forest Grove Rev. (Campus Improvement-Pacific Unv. Proj.)

     250,000       5.25       5/1/34       266,537    

Marion Co. School District No. 1 Gervais G.O.

     500,000       4.00       6/1/33       500,880    

OR Hsg. & Community Services Dept. Rev.

     250,000       3.80       7/1/34       270,428    

OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)

     245,000       3.75       7/1/35       260,286    

OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)

     380,000       4.00       7/1/38       389,489    

OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program)

     460,000       3.75       7/1/48       479,182    

OR State Ref G.O. (Veterans Welfare Service)

     1,000,000       3.90       12/1/39       1,041,350    

Polk Co. Hospital Fac. Auth. Rev. (Dallas Retirement Village Proj.)

     740,000       5.13       7/1/35       763,021    
       

 

 

    
          4,849,733    
       

 

 

    

Pennsylvania - 3.3%

          

Allegheny Co. Industrial Dev. Auth. Charter School Rev. (Propel Charter-McKeesport)

     130,000       5.90       8/15/26       132,961    

Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) 1

    465,000       1.98       10/1/34       448,674    

Central Bradford Progress Auth. Rev. (Guthrie Healthcare System)

     250,000       5.50       12/1/31       270,247    

Commonwealth Financing Auth. Rev. (Tobacco Master Settlement Payment) (AGM Insured)

     350,000       4.00       6/1/39       386,543    

Dauphin Co. General Auth. Rev. (Harrisburg University Science Technology) 4

    400,000       4.00       10/15/22       410,260    

PA Higher Educational Facs. Auth. Rev. (La Salle University)

     280,000       5.00       5/1/42       292,286    

PA Hsg. Finance Agy. Rev.

     500,000       3.90       10/1/36       532,925    

PA Hsg. Finance Agy. Rev.

     530,000       3.95       10/1/38       568,398    

PA Hsg. Finance Agy. Rev.

     175,000       4.05       10/1/40       182,908    

PA Hsg. Finance Agy. Rev.

     175,000       4.05       10/1/40       182,668    

PA Hsg. Finance Agy. Rev.

     825,000       3.65       10/1/42       854,948    

PA Hsg. Finance Agy. Rev.

     600,000       3.00       10/1/46       600,216    

PA Hsg. Finance Agy. Rev.

     170,000       4.00       10/1/46       181,349    

PA Hsg. Finance Agy. Rev.

     500,000       4.00       10/1/47       529,885    

PA Hsg. Finance Agy. Rev.

     1,000,000       3.40       10/1/49       1,025,960    

PA Turnpike Commission Rev. Capital Appreciation 6

    500,000       5.13       12/1/35       518,420    

PA Turnpike Commission Rev. Capital Appreciation 6

    1,250,000       5.00       12/1/38       1,512,450    

Palmerton Area School District G.O.

     500,000       4.00       8/15/35       511,085    

Philadelphia Industrial Dev. Auth. Rev. (Alliance for Progress Charter School Proj.)

     635,000       5.00       6/15/49       670,395    

Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.)

     350,000       5.63       8/1/36       374,451    

Philadelphia Industrial Dev. Auth. Rev. (Independence Charter School Proj.)

     500,000       5.00       6/15/39       530,380    
       

 

 

    
          10,717,409    
       

 

 

    

Rhode Island - 0.1%

          

RI Hsg. & Mortgage Finance Corp. Rev.

     250,000       3.90       10/1/37       259,788    
       

 

 

    

 

 

10      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

South Carolina - 0.9%

          

Berkeley Co. Nexton Improvement District Special Assessment

     350,000             4.25         11/1/40           350,539    

SC Education Assistance Auth. Student Loan Rev.

     160,000       5.10       10/1/29       160,074    

SC Jobs-Economic Dev. Auth. Rev. (Bishop Gadsden Episcopal Retirement Community)

     500,000       4.00       4/1/54       519,980    

SC Public Service Auth. Rev. (Santee Cooper)

     250,000       5.00       12/1/38       279,918    

SC Public Service Auth. Rev. (Santee Cooper)

     500,000       5.75       12/1/43       587,500    

SC State Hsg. Finance & Dev. Auth. Rev.

     1,035,000       4.00       1/1/47       1,098,735    
       

 

 

    
          2,996,746    
       

 

 

    

South Dakota - 0.2%

          

SD Health & Educational Facs. Auth. Rev. (Westhills Village Retirement Community)

     500,000       5.00       9/1/40       577,155    
       

 

 

    

Tennessee - 2.9%

          

Franklin Health & Education Facs. Board Rev. (Provision Cares Proton Therapy Center) 4

    500,000       6.50       6/1/27       527,945    

Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation 4

    300,000       5.13       6/1/36       335,244    

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    

Shelby Co. Health, Education & Hsg. Facs. Rev. (The Farms at Bailey Station Proj.)

     650,000       5.50       10/1/39       650,904    

TN Hsg. Dev. Agency Rev.

     1,250,000       2.95       7/1/49       1,229,188    

TN Hsg. Dev. Agency. Rev.

     370,000       3.60       1/1/31       384,315    

TN Hsg. Dev. Agency. Rev.

     510,000       3.88       7/1/35       539,136    

TN Hsg. Dev. Agency. Rev.

     260,000       3.95       7/1/35       277,014    

TN Hsg. Dev. Agency. Rev.

     645,000       4.00       7/1/39       694,162    

TN Hsg. Dev. Agency. Rev.

     490,000       3.85       7/1/42       520,703    

TN Hsg. Dev. Agency. Rev.

     490,000       3.90       7/1/42       522,345    

TN Hsg. Dev. Agency. Rev.

     1,000,000       4.00       7/1/44       1,081,930    

TN Hsg. Dev. Agency. Rev.

     1,000,000       3.95       1/1/49       1,060,600    

TN Hsg. Dev. Agency. Rev.

     1,590,000       4.05       1/1/49       1,691,633    
       

 

 

    
          9,539,448    
       

 

 

    

Texas - 5.5%

          

Arlington Higher Education Finance Corp., Education Rev. (Arlington Classics Academy)

     805,000       7.00       8/15/28       833,127    

Arlington Higher Education Finance Corp., Education Rev. (Leadership Prep School)

     200,000       5.00       6/15/36       204,060    

Arlington Special Tax (BAM Insured)

     350,000       5.00       2/15/41       393,711    

Bexar Co. Rev. (Venue Proj.)

     1,000,000       5.00       8/15/39       1,080,180    

Dallas/Fort Worth International Airport Rev. (JT Improvement)

     500,000       5.25       11/1/37       567,190    

Danbury Higher Education Auth. Education Rev. (Golden Rule Schools)

     650,000       5.13       8/15/49       683,696    

El Paso County Hospital District G.O.

     825,000       5.00       8/15/43       876,925    

Harris Co. Cultural Education Facs. Finance Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.)

     500,000       5.00       1/1/37       549,770    

Huffman Independent School District G.O.

     955,000       4.00       2/15/28       958,295    

New Hope Cultural Education Facs. Corp. Rev. (Beta Academy) 4

    425,000       5.00       8/15/39       449,896    

New Hope Cultural Education Facs. Corp. Rev. (Cardinal Bay, Inc.)

     400,000       5.00       7/1/46       431,932    

New Hope Cultural Education Facs. Corp. Rev. (Jubilee Academic Center) 4

    250,000       5.00       8/15/36       255,875    

New Hope Cultural Education Facs. Corp. Rev. (Legacy Preparatory Charter Academy) 4

    500,000       6.00       8/15/37       533,355    

New Hope Cultural Education Facs. Corp. Rev. (Presbyterian Village North Proj.)

     500,000       5.00       10/1/34       553,760    

New Hope Cultural Education Facs. Corp. Rev. (Wesleyan Homes, Inc. Proj.)

     250,000       5.50       1/1/35       270,705    

New Hope Cultural Education Facs. Finance Corp. Rev. (Presbyterian Village North Proj.)

     350,000       5.25       10/1/49       384,790    

New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.)

     750,000       5.00       1/1/55       785,400    

North Central Texas Health Facility Development Corp. (CC Young Memorial Home)

     242,000       5.38       2/15/25       242,334    

North Mission Glen Municipal Utility District, G.O. (AGM Insured)

     575,000       4.00       9/1/32       583,585    

Red River Health Facs. Dev. Corp. Rev. (MRC Crossings Proj.)

     250,000       7.50       11/15/34       295,235    

Sheldon Independent School District G.O.

     360,000       4.00       2/15/27       361,242    

 

 

DECEMBER 31, 2019       11

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

Sugar Land Dev. Corp. Rev. (BAM Insured)

     500,000             5.00         2/15/33           549,625    

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       580,495    

Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Senior Living Ventana Proj.)

     250,000       5.63       11/15/24       250,452    

Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Senior Living Ventana Proj.)

     500,000       6.63       11/15/37       580,580    

Travis Co. Health Facs. Dev. Corp. Rev. (Longhorn Village Proj.)

     300,000       7.13       1/1/46       317,643    

TX Department of Housing & Community Affairs (GNMA Collateralized)

     500,000       4.13       9/1/38       545,985    

TX Department of Housing & Community Affairs (GNMA Collateralized)

     1,100,000       3.63       9/1/44       1,165,164    

TX Grand Parkway Transportation Corp. Rev. 6

    500,000       6.00       10/1/35       545,160    

TX State Affordable Hsg. Corp. Rev. (Heroes Home Loan Program) (GNMA Collateralized)

     535,000       3.00       3/1/35       554,453    

TX State Affordable Hsg. Corp. Rev. (Heroes Home Loan Program) (GNMA Collateralized)

     1,000,000       4.00       3/1/50       1,075,090    
       

 

 

    
          17,809,710    
       

 

 

    

Utah - 0.7%

          

UT Charter School Finance Auth. Rev. (Academy Sciences Proj.) 4

    625,000       4.65       7/15/33       635,831    

UT Charter School Finance Auth. Rev. (Spectrum Academy Proj.) 4

    500,000       6.00       4/15/45       502,800    

UT Hsg. Corp. Single Family Mtg. Rev.

     45,000       5.75       1/1/33       45,886    

UT Hsg. Corp. Single Family Mtg. Rev.

     85,000       4.60       7/1/34       85,910    

UT Hsg. Corp. Single Family Mtg. Rev. (FHA Insured)

     345,000       4.00       1/1/36       370,071    

West Valley City Municipal Building Auth. Rev. (AGM Insured)

     400,000       5.00       2/1/39       471,660    
       

 

 

    
          2,112,158    
       

 

 

    

Vermont - 0.5%

          

VT Hsg. Fin. Agy. Rev.

     1,000,000       3.25       8/15/49       1,009,640    

VT Hsg. Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized)

     490,000       3.50       5/1/38       510,502    
       

 

 

    
          1,520,142    
       

 

 

    

Virginia - 0.7%

          

VA Hsg. Dev. Auth. Rev. (Commonwealth Mtg.)

     1,000,000       3.63       1/1/31       1,035,650    

VA Hsg. Dev. Auth. Rev. (Commonwealth Mtg.)

     525,000       3.88       1/1/38       541,758    

VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.)

     400,000       4.13       7/1/33       422,240    

VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.) (G.O. of Auth. Insured)

     250,000       4.60       12/1/38       255,260    
       

 

 

    
          2,254,908    
       

 

 

    

Washington - 2.5%

          

Chelan Co. Public Utility District No. 1 Rev.

     1,000,000       5.00       7/1/29       1,002,890    

Kalispel Tribe of Indians Rev. 4

    300,000       5.25       1/1/38       344,904    

King Co. Hsg. Auth. Rev.

     1,000,000       3.00       11/1/39       1,009,870    

Pike Place Market Preservation Dev. Auth. Rev.

     500,000       5.00       12/1/40       578,355    

Snohomish Co. Hsg. Auth. Rev.

     500,000       4.00       4/1/44       536,340    

Vancouver Hsg. Auth. Rev.

     500,000       3.75       8/1/34       536,225    

Vancouver Hsg. Auth. Rev. (Van Vista Plaza Proj.)

     1,000,000       3.30       12/1/51       991,930    

WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4

    250,000       5.00       7/1/31       274,695    

WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4

    850,000       5.00       7/1/36       924,570    

WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Horizon House Proj.) 4

    500,000       5.00       1/1/38       568,480    

WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Transforming Age Proj.) 4

    500,000       5.00       1/1/44       549,655    

WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Wesley Homes Lea Hill Proj.) 4

    300,000       5.00       7/1/36       324,672    

WA Hsg. Fin. Commission Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     60,000       4.60       10/1/33       61,965    

WA Hsg. Fin. Commission Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized)

     440,000       4.00       12/1/47       463,206    
       

 

 

    
          8,167,757    
       

 

 

    

 

 

12      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

West Virginia - 0.4%

          

WV Hsg. Dev. Fund Rev.

     250,000             3.75         11/1/32           265,250    

WV Hsg. Dev. Fund Rev.

     265,000       3.80       11/1/35       277,084    

WV Hsg. Dev. Fund Rev.

     500,000       4.00       11/1/37       537,240    

WV Hsg. Dev. Fund Rev.

     130,000       4.10       11/1/45       136,720    
       

 

 

    
          1,216,294    
       

 

 

    

Wisconsin - 4.5%

          

WI Health & Education Facs. Auth. Rev. (Medical College)

     870,000       5.25       12/1/35       873,271    

WI Health & Education Facs. Auth. Rev. (PHW Oconomowoc, Inc. Proj.)

     1,000,000       5.13       10/1/48       1,070,420    

WI Health & Education Facs. Auth. Rev. (St. John’s Communities, Inc. Proj.)

     500,000       5.00       9/15/40       525,435    

WI Health & Education Facs. Auth. Rev. (Three Pillars Senior Living)

     1,000,000       5.00       8/15/43       1,081,080    

WI Health & Educational Facs. Auth. Rev. (Aspirus, Inc. Obligation Group)

     500,000       5.00       8/15/32       571,445    

WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Community)

     300,000       5.00       6/1/37       324,174    

WI Health & Educational Facs. Auth. Rev. (Froedtert Health, Inc. Obligated Group)

     500,000       5.00       4/1/35       600,445    

WI Health & Educational Facs. Auth. Rev. (St. Camillus Health System, Inc.) 4

    350,000       5.00       11/1/46       378,192    

WI Housing & Economic Dev. Auth. Rev.

     250,000       3.88       11/1/35       264,990    

WI Housing & Economic Dev. Auth. Rev.

     560,000       3.90       11/1/42       593,656    

WI Housing & Economic Dev. Auth. Rev.

     1,105,000       3.15       11/1/44       1,120,205    

WI Housing & Economic Dev. Auth. Rev.

     1,500,000       4.15       5/1/55       1,595,685    

WI Public Finance Auth. Rev. (Coral Academy of Science Reno) 4

    700,000       5.00       6/1/39       758,023    

WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) 4

    750,000       6.25       11/1/28       846,630    

WI Public Finance Auth. Rev. (Glenridge Palmer Ranch Proj.) 4

    500,000       8.25       6/1/46       545,790    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     16,520       9.00       1/1/46       564    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     16,287       9.00       1/1/47       545    

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       543    

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       538    

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       518    

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       568    

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       396,104    

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       544    

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       524    

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       517    

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

     21,561       5.50       7/1/56       20,545    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     16,287       9.00       1/1/57       508    

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       492    

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    

 

 

DECEMBER 31, 2019       13

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

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

Fair       

        Value ($)   

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     15,822             9.00         1/1/60           481    

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       468    

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       460    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     419       8.00       1/1/63       12    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     15,240       9.00       1/1/63       451    

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       446    

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       435    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     434       7.00       1/1/66       12    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     14,775       9.00       1/1/66       414    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     5,235       5.00       1/1/67       138    

WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6

     192,429       9.00       1/1/67       5,078    

WI Public Finance Auth. Rev. (MD Proton Treatment Center) 4

    500,000       6.13       1/1/33       519,625    

WI Public Finance Auth. Rev. (MN College of Osteopathic Medicine) 4

    7,608       5.50       12/1/48       7,608    

WI Public Finance Auth. Rev. (Mountain Island Charter School)

     820,000       5.00       7/1/37       891,635    

WI Public Finance Auth. Rev. (North Carolina Leadership Academy) 4

    410,000       5.00       6/15/39       439,356    

WI Public Finance Auth. Rev. (Rose Villa Proj.) 4

    420,000       5.00       11/15/24       445,116    

WI Public Finance Auth. Rev. (Roseman University Health Sciences)

     240,000       5.00       4/1/25       256,877    

WI Public Finance Auth. Rev. (Roseman University Health Sciences)

     500,000       5.50       4/1/32       529,750    
       

 

 

    
          14,672,140    
       

 

 

    

Wyoming - 0.4%

          

WY Community Dev. Auth. Rev.

     265,000       3.75       12/1/32       273,938    

WY Community Dev. Auth. Rev.

     630,000       3.90       12/1/38       669,917    

WY Community Dev. Auth. Rev.

     285,000       4.05       12/1/38       294,160    
       

 

 

    
          1,238,015    
       

 

 

    

Total Municipal Bonds
(cost: $277,454,694)

           277,312,006    
       

 

 

    

Investment Companies - 4.0%

          

BlackRock Long-Term Municipal Advantage Trust (BTA)

     59,383           758,321    

BlackRock Municipal Income Investment Quality Trust (BAF)

     28,500           405,127    

BlackRock MuniEnhanced Fund, Inc. (MEN)

     24,000           267,840    

BlackRock MuniHoldings Florida Insured Fund (MFL)

     85,398           1,134,939    

BlackRock MuniHoldings Fund II, Inc. (MUH)

     36,000           548,280    

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

     44,214           557,539    

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

     41,338           519,619    

BlackRock MuniYield Insured Fund (MYI)

     71,171           960,808    

BlackRock MuniYield Michigan Insured Fund (MIY)

     21,538           305,732    

DWS Municipal, Income Trust (KTF)

     82,036           929,468    

Invesco Municipal Opportunity Trust (VMO)

     38,400           474,624    

Invesco Municipal Trust (VKQ)

     63,400           783,624    

Invesco Quality Municipal Income Trust (IQI)

     70,200           883,116    

Invesco Van Kampen Advantage Muni Income Trust (VKI)

     46,700           521,639    

Invesco Van Kampen Trust For Investment Grade Municipals (VGM)

     40,000           514,000    

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

     135,172           1,943,773    

 

 

14      

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit Tax-Free Income Fund (Continued)

 

         
Name of Issuer   Quantity                                

Fair       

        Value ($)   

Nuveen Quality Municipal Income Fund (NAD)

     90,173           1,316,526    

Putnam Municipal Opportunities Trust (PMO)

     15,000           197,250    
       

 

 

    

Total Investment Companies
(cost: $12,709,331)

           13,022,225    
       

 

 

    

Total Investments in Securities - 89.5%
(cost: $290,164,025)

           290,334,231    

Other Assets and Liabilities, net - 10.5%

           34,214,636    
       

 

 

    

Total Net Assets - 100.0%

           $324,548,867    
       

 

 

    

 

1 

Variable rate security. Rate disclosed is as of December 31, 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 December 31, 2019 was $2,502,104 and represented 0.7% of net assets.

 

4 

144A Restricted Security. The total value of such securities as of December 31, 2019 was $30,071,186 and represented 9.3% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

 

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 December 31, 2019 was $2,783,667 and represented 0.9% 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 December 31, 2019 was $4,030,789 and represented 1.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

 

15 

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

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

A summary of the levels for the Fund’s investments as of December 31, 2019 is as follows:

 

     Investment in Securities  
     Level 1      Level 2      Level 3       
    

Quoted

Price ($)

      Other significant
observable inputs ($)		      Significant
unobservable inputs ($)		      Total ($)

Assets

            

Municipal Bonds

      —            277,312,006            —          277,312,006  

Investment Companies

      13,022,225            —            —          13,022,225  
     13,022,225            277,312,006            —          290,334,231  

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

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

 

 

DECEMBER 31, 2019       15