| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| Municipal Bonds - 94.8% |
||||||||||||||||||||
| Education/Student Loan - 15.7% |
||||||||||||||||||||
| Baytown Township Rev. (St. Croix Prep) |
1,000,000 | 4.00 | 8/1/36 | 1,053,570 | ||||||||||||||||
| Baytown Township Rev. (St. Croix Prep) |
1,250,000 | 4.00 | 8/1/41 | 1,303,888 | ||||||||||||||||
| Baytown Township Rev. (St. Croix Prep) |
1,935,000 | 4.25 | 8/1/46 | 2,029,834 | ||||||||||||||||
| Bethel Charter School Lease Rev. (Spectrum High School Proj.) |
500,000 | 3.50 | 7/1/27 | 519,785 | ||||||||||||||||
| Bethel Charter School Lease Rev. (Spectrum High School Proj.) |
900,000 | 4.00 | 7/1/32 | 964,314 | ||||||||||||||||
| Bethel Charter School Lease Rev. (Spectrum High School Proj.) |
1,100,000 | 4.00 | 7/1/37 | 1,163,756 | ||||||||||||||||
| Bethel Charter School Lease Rev. (Spectrum High School Proj.) |
1,750,000 | 4.25 | 7/1/47 | 1,847,440 | ||||||||||||||||
| Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.) |
605,000 | 5.25 | 7/1/30 | 650,448 | ||||||||||||||||
| Cologne Charter School Lease Rev. (Cologne Academy Proj.) |
285,000 | 4.00 | 7/1/21 | 288,443 | ||||||||||||||||
| Cologne Charter School Lease Rev. (Cologne Academy Proj.) |
295,000 | 4.00 | 7/1/22 | 305,508 | ||||||||||||||||
| Cologne Charter School Lease Rev. (Cologne Academy Proj.) |
575,000 | 5.00 | 7/1/29 | 627,164 | ||||||||||||||||
| Cologne Charter School Lease Rev. (Cologne Academy Proj.) |
500,000 | 5.00 | 7/1/34 | 536,490 | ||||||||||||||||
| Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) |
855,000 | 5.25 | 7/1/37 | 946,588 | ||||||||||||||||
| Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) |
600,000 | 5.25 | 7/1/40 | 661,068 | ||||||||||||||||
| Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) |
1,000,000 | 5.50 | 7/1/50 | 1,102,940 | ||||||||||||||||
| Forest Lake Charter School Lease Rev. (Lake International Language Academy) |
580,000 | 4.50 | 8/1/26 | 614,783 | ||||||||||||||||
| Forest Lake Charter School Lease Rev. (Lake International Language Academy) |
1,000,000 | 5.00 | 8/1/36 | 1,126,590 | ||||||||||||||||
| Forest Lake Charter School Lease Rev. (Lake International Language Academy) |
750,000 | 5.50 | 8/1/36 | 794,918 | ||||||||||||||||
| Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) |
875,000 | 5.00 | 7/1/31 | 950,460 | ||||||||||||||||
| Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) |
1,000,000 | 5.00 | 7/1/36 | 1,076,530 | ||||||||||||||||
| Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) |
1,000,000 | 4.00 | 11/1/26 | 1,058,100 | ||||||||||||||||
| Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) |
2,720,000 | 5.00 | 11/1/36 | 3,003,941 | ||||||||||||||||
| Hugo Charter School Lease Rev. (Noble Academy Proj.) |
460,000 | 4.00 | 7/1/21 | 464,453 | ||||||||||||||||
| Hugo Charter School Lease Rev. (Noble Academy Proj.) |
750,000 | 5.00 | 7/1/29 | 808,102 | ||||||||||||||||
| Hugo Charter School Lease Rev. (Noble Academy Proj.) |
1,000,000 | 5.00 | 7/1/34 | 1,066,120 | ||||||||||||||||
| Independence Charter School Lease Rev. (Beacon Academy Proj.) |
440,000 | 4.25 | 7/1/26 | 463,311 | ||||||||||||||||
| Independence Charter School Lease Rev. (Beacon Academy Proj.) |
750,000 | 4.75 | 7/1/31 | 786,510 | ||||||||||||||||
| Independence Charter School Lease Rev. (Beacon Academy Proj.) |
1,200,000 | 5.00 | 7/1/36 | 1,248,408 | ||||||||||||||||
| Minneapolis Charter School Lease Rev. (Hiawatha Academy Proj.) |
800,000 | 4.00 | 7/1/26 | 833,784 | ||||||||||||||||
| Minneapolis Educational Fac. Lease Rev. (Seed/Harvest Preparatory Proj.) 4 |
270,000 | 6.25 | 3/1/21 | 267,616 | ||||||||||||||||
| Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 |
585,000 | 4.00 | 12/1/31 | 597,022 | ||||||||||||||||
| Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 |
1,385,000 | 5.25 | 12/1/43 | 1,474,748 | ||||||||||||||||
| Minneapolis School Lease Rev. (Twin Cities International School) 4 |
1,000,000 | 4.25 | 12/1/27 | 1,090,450 | ||||||||||||||||
| Minneapolis School Lease Rev. (Twin Cities International School) 4 |
1,000,000 | 5.00 | 12/1/37 | 1,100,940 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Augsburg College) |
3,275,000 | 4.25 | 5/1/40 | 3,076,764 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Bethel Univ.) |
1,200,000 | 5.00 | 5/1/37 | 1,323,468 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Bethel Univ.) |
3,500,000 | 5.00 | 5/1/47 | 3,789,835 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (College of St. Benedict) |
1,000,000 | 4.00 | 3/1/43 | 1,036,130 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (College of St. Benedict) |
1,900,000 | 5.00 | 3/1/37 | 2,108,620 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (College of St. Scholastica) |
1,100,000 | 4.00 | 12/1/40 | 1,208,933 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Gustavus Adolphus College) |
1,250,000 | 4.00 | 10/1/41 | 1,340,100 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (St. Olaf College) |
500,000 | 4.00 | 10/1/32 | 563,700 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (St. Olaf College) |
500,000 | 4.00 | 10/1/34 | 559,690 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (St. Olaf College) |
500,000 | 4.00 | 10/1/35 | 558,565 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
400,000 | 4.00 | 10/1/35 | 449,664 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
500,000 | 4.00 | 10/1/37 | 559,245 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
3,150,000 | 4.00 | 4/1/39 | 3,436,209 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
750,000 | 4.00 | 10/1/41 | 851,820 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
4,000,000 | 4.00 | 10/1/44 | 4,505,240 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
750,000 | 5.00 | 4/1/35 | 872,835 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) |
850,000 | 5.00 | 10/1/40 | 1,044,089 | ||||||||||||||||
| DECEMBER 31, 2020 | 1 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| MN Office of Higher Education Rev. 8 |
3,500,000 | 2.65 | 11/1/38 | 3,569,405 | ||||||||||||||||
| MN Office of Higher Education Rev. 8 |
5,000,000 | 4.00 | 11/1/37 | 5,524,500 | ||||||||||||||||
| Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.) |
1,250,000 | 5.00 | 12/1/40 | 1,381,900 | ||||||||||||||||
| Olmsted Co. Hsg. & Redev. Auth. Rev. (Schaeffer Academy Proj.) |
488,555 | 4.98 | 4/25/27 | 488,750 | ||||||||||||||||
| Ramsey Lease Rev. (Pact Charter School Proj.) |
385,000 | 5.00 | 12/1/26 | 396,823 | ||||||||||||||||
| Ramsey Lease Rev. (Pact Charter School Proj.) |
1,850,000 | 5.50 | 12/1/33 | 1,904,538 | ||||||||||||||||
| Rice Co. Educational Fac. Rev. (Shattuck-St. Mary’s School) 4 |
3,300,000 | 5.00 | 8/1/22 | 3,378,012 | ||||||||||||||||
| Rochester Rev. (Math & Science Academy) |
1,430,000 | 5.13 | 9/1/38 | 1,567,709 | ||||||||||||||||
| Savage Charter School Lease Rev. (Aspen Academy) |
500,000 | 4.00 | 10/1/26 | 516,555 | ||||||||||||||||
| Savage Charter School Lease Rev. (Aspen Academy) |
1,000,000 | 4.75 | 10/1/31 | 1,055,910 | ||||||||||||||||
| St. Cloud Charter School Lease Rev. (Stride Academy Proj.) 2 |
350,000 | 3.00 | 4/1/21 | 238,000 | ||||||||||||||||
| St. Cloud Charter School Lease Rev. (Stride Academy Proj.) 2 |
1,850,000 | 5.00 | 4/1/36 | 1,258,000 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
700,000 | 5.00 | 12/1/30 | 773,255 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
1,150,000 | 5.00 | 12/1/37 | 1,257,640 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
705,000 | 5.00 | 12/1/46 | 759,031 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (German Immersion School) |
285,000 | 4.00 | 7/1/23 | 293,430 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (German Immersion School) |
855,000 | 5.00 | 7/1/33 | 900,760 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (German Immersion School) |
500,000 | 5.00 | 7/1/44 | 521,485 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) |
815,000 | 4.25 | 12/1/23 | 856,492 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) |
1,500,000 | 5.00 | 12/1/33 | 1,581,345 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) |
390,000 | 5.13 | 12/1/38 | 410,744 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) |
730,000 | 3.88 | 12/1/30 | 730,577 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) |
720,000 | 4.50 | 12/1/29 | 744,185 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) |
500,000 | 5.00 | 12/1/45 | 526,320 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) |
1,135,000 | 4.63 | 3/1/43 | 1,158,631 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) |
1,185,000 | 4.00 | 7/1/25 | 1,245,696 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) |
955,000 | 5.00 | 7/1/35 | 1,026,759 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School) |
555,000 | 5.00 | 7/1/49 | 615,578 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School) |
870,000 | 5.00 | 7/1/55 | 959,593 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Lease Rev. (Nova Classical Academy Proj.) |
135,000 | 5.70 | 9/1/21 | 138,962 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) |
600,000 | 4.00 | 12/1/39 | 651,294 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) |
1,000,000 | 4.00 | 12/1/49 | 1,060,450 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Hmong College Preparatory Academy Proj.) |
1,000,000 | 5.25 | 9/1/31 | 1,161,910 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) 4 |
700,000 | 5.00 | 6/15/38 | 738,430 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) |
600,000 | 4.00 | 9/1/36 | 638,238 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) |
1,000,000 | 4.13 | 9/1/47 | 1,052,650 | ||||||||||||||||
| University of Minnesota Rev. |
1,000,000 | 5.00 | 4/1/41 | 1,193,160 | ||||||||||||||||
| Victoria Private School Fac. Rev. (Holy Family Catholic High) |
1,610,000 | 4.00 | 9/1/23 | 1,560,621 | ||||||||||||||||
| Woodbury Charter School Lease Rev. |
500,000 | 3.00 | 12/1/30 | 517,600 | ||||||||||||||||
| Woodbury Charter School Lease Rev. |
400,000 | 4.00 | 12/1/40 | 427,152 | ||||||||||||||||
| Woodbury Charter School Lease Rev. |
555,000 | 4.00 | 12/1/50 | 586,008 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 105,481,027 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Escrowed To Maturity/Prerefunded - 1.7% |
||||||||||||||||||||
| Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) |
1,280,000 | 5.13 | 7/1/33 | 1,430,643 | ||||||||||||||||
| Goodhue Co. Education District No. 6051 Lease Rev. |
1,030,000 | 5.00 | 2/1/34 | 1,177,929 | ||||||||||||||||
| Goodhue Co. Education District No. 6051 Lease Rev. |
1,500,000 | 5.00 | 2/1/39 | 1,715,430 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Hamline Univ.) |
750,000 | 6.00 | 10/1/32 | 781,867 | ||||||||||||||||
| MN Higher Education Fac. Auth. Rev. (Hamline Univ.) |
1,000,000 | 6.00 | 10/1/40 | 1,042,490 | ||||||||||||||||
| Western MN Municipal Power Agy. Rev. |
4,725,000 | 5.00 | 1/1/46 | 5,400,533 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 11,548,892 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| 2 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| General Obligation - 10.8% |
||||||||||||||||||||
| Brainerd Independent School District No. 181 |
1,000,000 | 4.00 | 2/1/42 | 1,143,160 | ||||||||||||||||
| Brainerd Independent School District No. 181 |
4,000,000 | 4.00 | 2/1/43 | 4,563,200 | ||||||||||||||||
| Brooklyn Center Independent School District No. 286 |
4,000,000 | 4.00 | 2/1/40 | 4,496,960 | ||||||||||||||||
| Cloquet Independent School District No. 94 |
4,250,000 | 4.00 | 2/1/36 | 4,632,160 | ||||||||||||||||
| Elk River Independent School District No. 728 |
7,000,000 | 3.00 | 2/1/40 | 7,648,550 | ||||||||||||||||
| Fosston Independent School District No. 601 |
250,000 | 4.00 | 2/1/36 | 282,308 | ||||||||||||||||
| Fosston Independent School District No. 601 |
1,000,000 | 4.00 | 2/1/38 | 1,124,440 | ||||||||||||||||
| Itasca G.O. |
2,500,000 | 2.38 | 2/1/45 | 2,560,075 | ||||||||||||||||
| Itasca G.O. |
4,000,000 | 2.50 | 2/1/50 | 4,099,200 | ||||||||||||||||
| Long Prairie G.O. 8 |
750,000 | 4.00 | 2/1/37 | 825,795 | ||||||||||||||||
| Minneapolis Capital Improvement |
4,000,000 | 4.00 | 12/1/43 | 4,598,360 | ||||||||||||||||
| Minneapolis Capital Improvement |
2,000,000 | 4.00 | 12/1/46 | 2,287,720 | ||||||||||||||||
| Minneapolis G.O. |
5,000,000 | 3.00 | 12/1/42 | 5,371,100 | ||||||||||||||||
| Minneapolis Special School District No. 1 |
1,000,000 | 4.00 | 2/1/40 | 1,201,280 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
1,900,000 | 5.00 | 2/1/41 | 2,194,158 | ||||||||||||||||
| Morrison Co. Education District No. 6979 |
1,000,000 | 4.50 | 2/1/34 | 966,370 | ||||||||||||||||
| Richfield Independent School District No. 280 |
6,000,000 | 4.00 | 2/1/37 | 6,841,140 | ||||||||||||||||
| Robbinsdale Independent School District No. 281 |
1,000,000 | 2.25 | 2/1/41 | 1,019,980 | ||||||||||||||||
| Roseville Independent School District No. 623 |
930,000 | 4.00 | 2/1/35 | 1,074,996 | ||||||||||||||||
| Roseville Independent School District No. 623 |
4,895,000 | 4.00 | 2/1/36 | 5,644,229 | ||||||||||||||||
| South Washington Co. Independent School District No. 833 |
5,000,000 | 4.00 | 2/1/31 | 5,700,200 | ||||||||||||||||
| St. Francis Independent School District No. 15 |
550,000 | 4.00 | 2/1/35 | 586,218 | ||||||||||||||||
| St. Francis Independent School District No. 15 |
750,000 | 4.00 | 2/1/36 | 798,668 | ||||||||||||||||
| United Hospital District Health Care Facs. G.O (Lake Wood Health System) |
1,005,000 | 5.00 | 12/1/30 | 1,242,160 | ||||||||||||||||
| Worthington Independent School District No. 518 |
1,000,000 | 3.00 | 2/1/37 | 1,073,490 | ||||||||||||||||
| Worthington Independent School District No. 518 |
500,000 | 3.00 | 2/1/40 | 534,255 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 72,510,172 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Hospital/Health Care - 14.6% |
||||||||||||||||||||
| Anoka Health Care and Hsg. Facs. Rev. |
1,135,000 | 5.38 | 11/1/34 | 1,209,626 | ||||||||||||||||
| Anoka Health Care and Hsg. Facs. Rev. (Walker Methodist Plaza) |
1,500,000 | 5.25 | 7/1/35 | 1,511,910 | ||||||||||||||||
| Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) |
3,000,000 | 4.50 | 11/1/34 | 3,265,110 | ||||||||||||||||
| Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) |
250,000 | 5.00 | 11/1/29 | 281,315 | ||||||||||||||||
| Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) |
500,000 | 5.00 | 11/1/44 | 546,380 | ||||||||||||||||
| Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) |
350,000 | 4.00 | 9/1/39 | 301,339 | ||||||||||||||||
| Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) |
500,000 | 5.00 | 9/1/44 | 493,820 | ||||||||||||||||
| Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) |
1,225,000 | 5.00 | 9/1/52 | 1,179,724 | ||||||||||||||||
| Chippewa Co. Rev. (Monte Video Hospital Proj.) |
2,000,000 | 4.00 | 3/1/32 | 2,107,200 | ||||||||||||||||
| Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) |
1,000,000 | 4.00 | 5/1/32 | 1,000,000 | ||||||||||||||||
| Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) |
1,000,000 | 5.00 | 5/1/34 | 1,000,870 | ||||||||||||||||
| Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) |
1,000,000 | 5.00 | 5/1/38 | 1,003,050 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) |
1,700,000 | 5.75 | 8/1/30 | 1,595,110 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) |
1,050,000 | 6.00 | 8/1/35 | 945,231 | ||||||||||||||||
| Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group) |
575,000 | 4.75 | 6/15/22 | 590,772 | ||||||||||||||||
| Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group) |
1,600,000 | 5.75 | 6/15/32 | 1,683,152 | ||||||||||||||||
| Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group) |
2,000,000 | 6.00 | 6/15/39 | 2,104,760 | ||||||||||||||||
| Glencoe Health Care Fac. Rev. (Glencoe Regional Health Services Proj.) |
2,110,000 | 4.00 | 4/1/31 | 2,166,295 | ||||||||||||||||
| Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) |
1,350,000 | 5.38 | 8/1/34 | 1,354,064 | ||||||||||||||||
| Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) |
500,000 | 5.75 | 2/1/44 | 503,820 | ||||||||||||||||
| Hayward Hsg. & Health Care Fac. Rev. (St. John Lutheran Home of Albert Lea Proj.) |
1,900,000 | 5.00 | 10/1/34 | 1,821,454 | ||||||||||||||||
| Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) |
4,175,000 | 4.00 | 5/1/37 | 4,534,092 | ||||||||||||||||
| Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) |
825,000 | 5.00 | 5/1/32 | 989,299 | ||||||||||||||||
| DECEMBER 31, 2020 | 3 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| Maple Grove Health Care System Rev. (Memorial Health Care) |
1,375,000 | 4.00 | 9/1/35 | 1,491,792 | ||||||||||||||||
| Minneapolis Health Care System Rev. (Fairview Health Services) |
3,000,000 | 4.00 | 11/15/37 | 3,489,150 | ||||||||||||||||
| Minneapolis Health Care System Rev. (Fairview Health Services) |
1,000,000 | 4.00 | 11/15/38 | 1,160,180 | ||||||||||||||||
| Minneapolis Health Care System Rev. (Fairview Health Services) |
2,590,000 | 5.00 | 11/15/34 | 3,040,867 | ||||||||||||||||
| Minneapolis Health Care System Rev. (Fairview Health Services) |
2,500,000 | 5.00 | 11/15/49 | 3,046,475 | ||||||||||||||||
| Moorhead Economic Dev. Auth. Rev. |
550,000 | 4.60 | 9/1/25 | 550,022 | ||||||||||||||||
| Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) |
1,500,000 | 5.50 | 8/1/28 | 1,536,000 | ||||||||||||||||
| Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) |
1,000,000 | 6.00 | 8/1/36 | 1,030,870 | ||||||||||||||||
| Rochester Health Care Facs. Rev. (Mayo Clinic) |
7,500,000 | 4.00 | 11/15/48 | 8,552,700 | ||||||||||||||||
| Rochester Health Care Facs. Rev. (Mayo Clinic) |
5,000,000 | 5.00 | 11/15/33 | 7,340,550 | ||||||||||||||||
| Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.) |
745,000 | 5.00 | 9/1/28 | 842,580 | ||||||||||||||||
| Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.) |
1,350,000 | 5.00 | 9/1/34 | 1,492,088 | ||||||||||||||||
| St. Cloud Health Care Rev. (CentraCare Health System Proj.) |
2,500,000 | 4.00 | 5/1/37 | 2,771,275 | ||||||||||||||||
| St. Cloud Health Care Rev. (CentraCare Health System Proj.) |
500,000 | 4.00 | 5/1/49 | 567,170 | ||||||||||||||||
| St. Cloud Health Care Rev. (CentraCare Health System Proj.) |
3,750,000 | 5.00 | 5/1/46 | 4,352,287 | ||||||||||||||||
| St. Cloud Health Care Rev. (CentraCare Health System Proj.) |
500,000 | 5.00 | 5/1/48 | 614,710 | ||||||||||||||||
| St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) 1 |
2,250,000 | 4.60 | 6/1/41 | 2,232,248 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) |
750,000 | 4.00 | 11/15/35 | 862,028 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) |
4,000,000 | 4.00 | 11/15/43 | 4,514,760 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) |
1,000,000 | 5.00 | 11/15/47 | 1,198,800 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) |
4,800,000 | 5.00 | 7/1/32 | 5,599,008 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) |
2,000,000 | 5.00 | 7/1/33 | 2,325,460 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) |
525,000 | 4.25 | 11/1/25 | 525,168 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) |
750,000 | 4.75 | 11/1/31 | 750,375 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) |
2,150,000 | 5.00 | 5/1/38 | 2,150,774 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) |
500,000 | 5.15 | 11/1/42 | 500,235 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Nursing Home NTS-Episcopal) |
1,763,680 | 5.63 | 10/1/33 | 1,766,925 | ||||||||||||||||
| Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC) |
820,000 | 4.25 | 8/1/24 | 822,099 | ||||||||||||||||
| West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp) |
1,000,000 | 5.00 | 11/1/37 | 1,028,820 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 98,343,809 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Industrial/Pollution Control - 0.6% |
||||||||||||||||||||
| International Falls Rev. (Boise Cascade Corp. Proj.) |
950,000 | 5.65 | 12/1/22 | 949,914 | ||||||||||||||||
| St. Paul Port Auth. Rev. 8 |
1,000,000 | 4.00 | 10/1/40 | 1,119,920 | ||||||||||||||||
| St. Paul Port Auth. Rev. |
1,000,000 | 4.00 | 10/1/42 | 1,130,980 | ||||||||||||||||
| St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) 4, 8 |
1,000,000 | 4.50 | 10/1/37 | 1,024,160 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 4,224,974 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Insured - 0.4% |
||||||||||||||||||||
| Guam Power Auth. Rev. (AGM Insured) 11 |
500,000 | 5.00 | 10/1/30 | 537,640 | ||||||||||||||||
| MN Governmental Agy. Fin. Group (Flex Terminal Prog.) (AGC Insured) |
55,000 | 4.00 | 3/1/22 | 55,120 | ||||||||||||||||
| Puerto Rico Public Improvement G.O. (AGM Insured) 11 |
750,000 | 5.13 | 7/1/30 | 768,952 | ||||||||||||||||
| Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) (NATL Insured) 11 |
1,000,000 | 5.00 | 10/1/23 | 1,015,260 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 2,376,972 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Multifamily Mortgage - 20.6% |
||||||||||||||||||||
| Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) |
315,000 | 4.00 | 11/1/21 | 317,426 | ||||||||||||||||
| Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) |
1,000,000 | 4.75 | 11/1/35 | 1,068,260 | ||||||||||||||||
| Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) |
1,000,000 | 5.50 | 11/1/46 | 1,090,760 | ||||||||||||||||
| Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) |
500,000 | 3.90 | 2/1/31 | 480,610 | ||||||||||||||||
| Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) |
500,000 | 4.15 | 2/1/36 | 472,595 | ||||||||||||||||
| Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) |
2,000,000 | 5.00 | 9/1/58 | 2,075,480 | ||||||||||||||||
| Apple Valley Senior Hsg. Rev. (Presbyterian Homes) |
1,500,000 | 5.00 | 9/1/43 | 1,567,470 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,100,000 | 4.00 | 1/1/25 | 1,039,731 | ||||||||||||||||
| 4 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
500,000 | 4.00 | 1/1/25 | 459,160 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,235,000 | 4.00 | 1/1/26 | 1,148,995 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,000,000 | 4.00 | 1/1/30 | 865,740 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,500,000 | 4.25 | 1/1/37 | 1,191,645 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
2,775,000 | 4.38 | 1/1/47 | 2,031,577 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
3,000,000 | 5.00 | 1/1/47 | 2,038,410 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,530,000 | 6.75 | 1/1/27 | 1,366,749 | ||||||||||||||||
| Apple Valley Senior Living Rev. (Senior Living LLC Proj.) |
1,000,000 | 7.00 | 1/1/37 | 785,550 | ||||||||||||||||
| Bethel Rev. (Grandview Christian Home Proj.) |
3,000,000 | 5.00 | 10/1/41 | 3,112,020 | ||||||||||||||||
| Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) |
485,000 | 5.13 | 7/1/25 | 476,905 | ||||||||||||||||
| Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) |
1,645,000 | 5.75 | 7/1/35 | 1,580,960 | ||||||||||||||||
| Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) |
2,000,000 | 6.13 | 7/1/45 | 1,915,760 | ||||||||||||||||
| Cambridge Hsg. & Health Care Facs. Rev. (Walker Methodist Levande, LLC Proj.) |
1,250,000 | 5.13 | 3/1/39 | 1,346,225 | ||||||||||||||||
| Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.) |
565,000 | 6.00 | 1/1/27 | 566,124 | ||||||||||||||||
| Chisago Hsg. and Health Care Rev. (CDL Homes LLC) |
750,000 | 6.00 | 8/1/33 | 797,047 | ||||||||||||||||
| City of Otsego Rev. (Riverview Landing Proj.) |
1,500,000 | 5.00 | 10/1/42 | 1,531,140 | ||||||||||||||||
| Cloquet Hsg. Fac. Ref. (HADC Cloquet LLC Proj.) |
1,020,000 | 5.00 | 8/1/38 | 1,022,815 | ||||||||||||||||
| Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.) |
1,000,000 | 5.00 | 1/1/34 | 942,500 | ||||||||||||||||
| Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.) |
1,000,000 | 5.25 | 1/1/40 | 920,990 | ||||||||||||||||
| Crystal Multifamily Hsg. Rev. (Cavanagh Proj.) |
2,500,000 | 5.25 | 6/1/31 | 2,489,975 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. (Glen at Valley Creek Proj.) |
1,400,000 | 4.50 | 8/1/36 | 1,337,980 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. |
3,500,000 | 4.00 | 1/1/42 | 3,656,800 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) 4 |
750,000 | 5.00 | 8/1/36 | 777,068 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) 4 |
500,000 | 5.00 | 8/1/51 | 515,235 | ||||||||||||||||
| Deephaven Hsg. & Healthcare Rev. (St. Therese Senior Living Proj.) |
1,345,000 | 5.00 | 4/1/38 | 1,347,340 | ||||||||||||||||
| Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) |
3,421,567 | 3.75 | 11/1/34 | 4,018,528 | ||||||||||||||||
| Independence Health Care Facs. Rev. (Augustana Chapel View Home) |
250,000 | 4.00 | 12/1/32 | 245,575 | ||||||||||||||||
| Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) |
1,000,000 | 4.25 | 7/1/39 | 1,010,740 | ||||||||||||||||
| Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) |
1,000,000 | 4.45 | 7/1/44 | 1,013,500 | ||||||||||||||||
| Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) |
500,000 | 5.00 | 7/1/39 | 528,035 | ||||||||||||||||
| Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) |
1,000,000 | 5.00 | 7/1/49 | 1,046,180 | ||||||||||||||||
| Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) 8 |
2,765,000 | 4.75 | 1/20/42 | 2,769,618 | ||||||||||||||||
| Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) |
5,000,000 | 2.35 | 2/1/38 | 5,189,700 | ||||||||||||||||
| Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) |
1,015,000 | 5.75 | 7/15/31 | 1,061,517 | ||||||||||||||||
| Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) |
375,000 | 4.75 | 11/1/28 | 379,331 | ||||||||||||||||
| Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) |
1,500,000 | 5.00 | 11/1/35 | 1,516,935 | ||||||||||||||||
| Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.) 4 |
1,000,000 | 4.75 | 8/1/43 | 1,016,110 | ||||||||||||||||
| Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.) 4 |
500,000 | 5.00 | 8/1/53 | 512,925 | ||||||||||||||||
| Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) |
1,923,559 | 3.00 | 11/1/34 | 2,063,498 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured) |
250,000 | 5.05 | 8/1/31 | 255,060 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured) |
1,760,000 | 5.45 | 8/1/41 | 1,794,144 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rental Hsg. Rev. |
1,000,000 | 5.20 | 8/1/43 | 1,076,030 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
270,000 | 4.00 | 8/1/29 | 304,552 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
255,000 | 4.00 | 8/1/31 | 285,320 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
335,000 | 4.00 | 8/1/34 | 372,068 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
335,000 | 4.00 | 8/1/35 | 371,525 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
515,000 | 4.00 | 8/1/39 | 616,151 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
535,000 | 4.00 | 8/1/40 | 638,084 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
815,000 | 4.00 | 8/1/41 | 969,679 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (State Appropriation) |
250,000 | 4.00 | 8/1/33 | 289,412 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (State Appropriation) |
2,000,000 | 5.00 | 8/1/34 | 2,278,820 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (State Appropriation) |
1,000,000 | 5.00 | 8/1/35 | 1,137,150 | ||||||||||||||||
| Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) |
280,000 | 4.65 | 9/1/26 | 279,994 | ||||||||||||||||
| DECEMBER 31, 2020 | 5 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) |
1,000,000 | 5.00 | 9/1/32 | 999,980 | ||||||||||||||||
| Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) |
250,000 | 5.13 | 9/1/37 | 249,985 | ||||||||||||||||
| New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) |
1,500,000 | 5.00 | 8/1/39 | 1,499,940 | ||||||||||||||||
| North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) |
2,000,000 | 4.00 | 10/1/33 | 2,073,640 | ||||||||||||||||
| North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) |
1,500,000 | 5.00 | 10/1/35 | 1,624,335 | ||||||||||||||||
| North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) |
1,000,000 | 5.00 | 10/1/47 | 1,065,290 | ||||||||||||||||
| Oakdale Rev. (Sr. Hsg. Oak Meadows Proj.) |
875,000 | 5.00 | 4/1/34 | 875,385 | ||||||||||||||||
| Red Wing Senior Hsg. Rev. (Deer Crest Proj.) |
325,000 | 5.00 | 11/1/27 | 328,474 | ||||||||||||||||
| Red Wing Senior Hsg. Rev. (Deer Crest Proj.) |
330,000 | 5.00 | 11/1/32 | 333,511 | ||||||||||||||||
| Red Wing Senior Hsg. Rev. (Deer Crest Proj.) |
500,000 | 5.00 | 11/1/42 | 505,275 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.) |
1,950,000 | 5.00 | 12/1/30 | 2,043,015 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.) |
1,325,000 | 5.00 | 12/1/49 | 1,340,701 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.) |
1,000,000 | 5.00 | 8/1/37 | 1,056,780 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.) |
1,800,000 | 5.00 | 8/1/48 | 1,879,074 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) |
720,000 | 6.38 | 12/1/33 | 778,133 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) |
2,500,000 | 6.50 | 12/1/35 | 2,701,075 | ||||||||||||||||
| Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) |
250,000 | 6.88 | 12/1/48 | 270,018 | ||||||||||||||||
| Rochester Multifamily Hsg. Rev. (Essex Place Apartments Proj.) (FHLMC) |
4,000,000 | 3.75 | 6/1/29 | 4,130,120 | ||||||||||||||||
| Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) |
1,275,000 | 5.00 | 9/1/42 | 1,305,345 | ||||||||||||||||
| Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) |
1,135,000 | 5.25 | 9/1/27 | 1,157,269 | ||||||||||||||||
| Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) |
1,000,000 | 5.25 | 9/1/30 | 1,016,890 | ||||||||||||||||
| Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) |
2,150,000 | 5.30 | 9/1/37 | 2,193,000 | ||||||||||||||||
| Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) |
1,705,000 | 5.13 | 1/1/39 | 1,712,178 | ||||||||||||||||
| St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) |
250,000 | 5.75 | 12/1/28 | 267,545 | ||||||||||||||||
| St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) |
2,000,000 | 6.00 | 12/1/30 | 2,139,060 | ||||||||||||||||
| St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) |
750,000 | 4.25 | 7/1/39 | 704,190 | ||||||||||||||||
| St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) |
1,125,000 | 4.25 | 7/1/44 | 1,023,626 | ||||||||||||||||
| St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) |
1,500,000 | 5.00 | 7/1/55 | 1,508,565 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) |
3,965,000 | 4.25 | 12/1/27 | 4,176,929 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) |
2,400,000 | 5.00 | 12/1/47 | 2,583,168 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) |
555,000 | 5.20 | 11/1/22 | 555,422 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) |
1,000,000 | 5.30 | 11/1/30 | 1,000,400 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) |
2,590,000 | 5.38 | 5/1/43 | 2,590,052 | ||||||||||||||||
| St. Paul Park Health Care Facs. Rev (Presbyterian Homes Interlu Proj.) |
1,000,000 | 5.00 | 5/1/43 | 1,074,670 | ||||||||||||||||
| St. Paul Park Hsg. Rev. (Buffalo Senior Housing Proj.) |
1,115,000 | 5.00 | 10/1/38 | 1,122,861 | ||||||||||||||||
| St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) |
1,000,000 | 5.00 | 9/1/42 | 1,052,200 | ||||||||||||||||
| St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.) 8 |
2,515,000 | 5.70 | 8/1/36 | 2,609,891 | ||||||||||||||||
| St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.) |
700,000 | 5.00 | 3/1/40 | 738,941 | ||||||||||||||||
| Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) |
1,000,000 | 4.25 | 8/1/43 | 1,001,290 | ||||||||||||||||
| Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) |
1,500,000 | 4.00 | 8/1/44 | 1,524,705 | ||||||||||||||||
| Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) |
1,000,000 | 5.00 | 8/1/49 | 1,059,950 | ||||||||||||||||
| Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) |
2,750,000 | 5.00 | 8/1/54 | 2,907,272 | ||||||||||||||||
| West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp) |
250,000 | 5.00 | 11/1/49 | 253,292 | ||||||||||||||||
| Willmar Hsg. & Redev. Auth. Multifamily Rev. (Eagle Ridge Apartments) |
2,610,000 | 4.63 | 4/1/30 | 2,639,441 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 139,050,106 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Municipal Lease 9 -4.5% |
||||||||||||||||||||
| Anoka-Hennepin Independent School District No. 11 Lease Rev. |
600,000 | 4.00 | 2/1/41 | 625,650 | ||||||||||||||||
| Chaska Economic Dev. Auth. Lease Rev. |
1,100,000 | 4.00 | 2/1/31 | 1,217,436 | ||||||||||||||||
| Chaska Economic Dev. Auth. Lease Rev. |
690,000 | 4.00 | 2/1/33 | 759,380 | ||||||||||||||||
| Chaska Economic Dev. Auth. Lease Rev. |
500,000 | 4.00 | 2/1/35 | 548,790 | ||||||||||||||||
| Duluth Independent School District No. 709 |
1,000,000 | 4.00 | 2/1/27 | 1,151,290 | ||||||||||||||||
| Duluth Independent School District No. 709 |
750,000 | 4.20 | 3/1/34 | 784,320 | ||||||||||||||||
| 6 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($) |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| Duluth Independent School District No. 709 |
2,000,000 | 5.00 | 2/1/25 | 2,338,380 | ||||||||||||||||
| Duluth Independent School District No. 709 |
785,000 | 5.13 | 3/1/29 | 787,520 | ||||||||||||||||
| Golden Valley Hsg. & Redev. Auth. Rev. |
1,000,000 | 4.00 | 2/1/30 | 1,084,570 | ||||||||||||||||
| Golden Valley Hsg. & Redev. Auth. Rev. |
500,000 | 4.00 | 2/1/32 | 539,325 | ||||||||||||||||
| Guam Education Fin. Foundation 11 |
1,000,000 | 5.00 | 10/1/21 | 1,019,110 | ||||||||||||||||
| Guam Education Fin. Foundation 11 |
1,730,000 | 5.00 | 10/1/22 | 1,806,380 | ||||||||||||||||
| Lake Agassiz Education Cooperative No. 0397-52 |
645,000 | 2.50 | 2/1/32 | 648,754 | ||||||||||||||||
| Lake Agassiz Education Cooperative No. 0397-52 |
365,000 | 2.75 | 2/1/36 | 366,117 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
450,000 | 4.00 | 3/1/30 | 502,794 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
340,000 | 4.00 | 2/1/33 | 359,795 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
300,000 | 4.00 | 3/1/33 | 331,218 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
400,000 | 4.00 | 2/1/36 | 421,040 | ||||||||||||||||
| Minnetonka Independent School District No. 276 |
500,000 | 4.50 | 1/1/41 | 554,750 | ||||||||||||||||
| MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation) |
750,000 | 3.88 | 8/1/38 | 842,490 | ||||||||||||||||
| MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation) |
1,040,000 | 4.00 | 8/1/36 | 1,232,150 | ||||||||||||||||
| MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation) |
580,000 | 4.00 | 8/1/37 | 684,406 | ||||||||||||||||
| MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation) |
945,000 | 4.00 | 8/1/40 | 1,107,086 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (State Appropriation) |
300,000 | 5.00 | 8/1/35 | 330,552 | ||||||||||||||||
| Northeastern Metropolitan Intermediate School District No. 916 |
1,000,000 | 5.00 | 2/1/34 | 1,153,100 | ||||||||||||||||
| Osseo Independent School District No. 279 |
1,000,000 | 4.00 | 2/1/28 | 1,093,760 | ||||||||||||||||
| Plymouth Intermediate District No. 287 |
535,000 | 3.00 | 5/1/32 | 569,673 | ||||||||||||||||
| Plymouth Intermediate District No. 287 |
470,000 | 4.00 | 5/1/31 | 520,323 | ||||||||||||||||
| Plymouth Intermediate District No. 287 |
600,000 | 4.00 | 2/1/37 | 682,626 | ||||||||||||||||
| Rochester Economic Dev. Auth. Rev. |
1,000,000 | 2.13 | 2/1/38 | 1,025,750 | ||||||||||||||||
| Southern Plains Education Cooperative No. 915 |
1,215,000 | 4.00 | 2/1/37 | 1,199,326 | ||||||||||||||||
| Southern Plains Education Cooperative No. 915 |
1,000,000 | 4.50 | 2/1/39 | 1,014,380 | ||||||||||||||||
| St. Cloud Independent School District No. 742 |
750,000 | 4.00 | 2/1/38 | 814,912 | ||||||||||||||||
| Waconia Independent School District No. 110 |
500,000 | 5.00 | 2/1/37 | 567,360 | ||||||||||||||||
| Winona School District No. 861 Lease Purchase |
184,456 | 6.04 | 8/1/24 | 184,663 | ||||||||||||||||
| Wright Co. |
1,350,000 | 3.00 | 12/1/39 | 1,488,186 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 30,357,362 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Municipal Money Market - 0.8% |
||||||||||||||||||||
| City of Minneapolis Rev. (Univ. Gateway Proj.) 1 |
5,400,000 | 0.09 | 12/1/27 | 5,400,000 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| Other Revenue Bonds - 3.6% |
||||||||||||||||||||
| Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) |
1,000,000 | 4.00 | 11/1/41 | 1,120,730 | ||||||||||||||||
| Crystal Governmental Fac. Rev. |
329,451 | 5.10 | 12/15/26 | 320,154 | ||||||||||||||||
| Milaca Rev. (Edina Headquarters Proj.) |
250,000 | 5.00 | 2/1/44 | 252,540 | ||||||||||||||||
| Minneapolis Rev. (YMCA Greater Twin Cities Proj.) |
165,000 | 4.00 | 6/1/29 | 181,170 | ||||||||||||||||
| Minneapolis Rev. (YMCA Greater Twin Cities Proj.) |
125,000 | 4.00 | 6/1/30 | 136,147 | ||||||||||||||||
| Minneapolis Rev. (YMCA Greater Twin Cities Proj.) |
250,000 | 4.00 | 6/1/31 | 270,407 | ||||||||||||||||
| Minneapolis Tax Increment Rev. |
320,000 | 3.50 | 3/1/23 | 326,362 | ||||||||||||||||
| Minneapolis Tax Increment Rev. |
170,000 | 3.80 | 3/1/25 | 173,970 | ||||||||||||||||
| Minneapolis Tax Increment Rev. |
200,000 | 4.00 | 3/1/27 | 205,024 | ||||||||||||||||
| Minneapolis Tax Increment Rev. |
260,000 | 4.00 | 3/1/30 | 265,002 | ||||||||||||||||
| MN Development Rev. Limited Tax Supported Comm. Board |
1,000,000 | 6.00 | 12/1/40 | 1,022,830 | ||||||||||||||||
| MN Development Rev. Limited Tax Supported Comm. Board |
2,000,000 | 6.25 | 12/1/30 | 2,047,680 | ||||||||||||||||
| Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.) |
634,000 | 5.00 | 2/15/27 | 634,514 | ||||||||||||||||
| Northeastern Metropolitan Intermediate School District No. 916 |
4,500,000 | 4.00 | 2/1/38 | 4,889,475 | ||||||||||||||||
| St. Louis Park Economic Dev. Auth. Tax Increment Rev. (Hoigaard Vlg.) |
575,000 | 5.00 | 2/1/23 | 575,512 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) |
1,750,000 | 5.00 | 12/1/36 | 2,067,712 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) |
733,000 | 6.38 | 2/15/28 | 734,576 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Drake Marble Proj.) |
370,000 | 6.75 | 3/1/28 | 370,244 | ||||||||||||||||
| DECEMBER 31, 2020 | 7 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
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.) |
695,000 | 6.50 | 3/1/29 | 695,987 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) |
867,000 | 7.00 | 2/15/28 | 868,985 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) |
648,000 | 7.50 | 2/15/28 | 648,868 | ||||||||||||||||
| St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) |
3,875,000 | 5.00 | 8/1/36 | 3,878,604 | ||||||||||||||||
| Territory of Guam. Rev. 11 |
500,000 | 5.00 | 12/1/46 | 567,660 | ||||||||||||||||
| Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) 11 |
2,000,000 | 5.00 | 10/1/42 | 1,807,260 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 24,061,413 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Public Facilities - 0.2% |
||||||||||||||||||||
| Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.) |
1,250,000 | 4.00 | 2/1/32 | 1,416,037 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| Sales Tax Revenue - 1.2% |
||||||||||||||||||||
| American Samoa Economic Development Authority Rev. 4, 11 |
700,000 | 6.00 | 9/1/23 | 743,897 | ||||||||||||||||
| American Samoa Economic Development Authority Rev. 11 |
2,000,000 | 6.25 | 9/1/29 | 2,318,880 | ||||||||||||||||
| Guam Govt. Business Privilege Tax Rev. 11 |
2,750,000 | 5.00 | 11/15/35 | 3,113,192 | ||||||||||||||||
| St. Paul Sales Tax Rev. |
1,400,000 | 5.00 | 11/1/31 | 1,624,434 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 7,800,403 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Single Family Mortgage - 17.8% |
||||||||||||||||||||
| Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) |
805,000 | 4.45 | 12/1/32 | 814,266 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) |
245,000 | 4.63 | 12/1/30 | 245,164 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) |
415,000 | 4.88 | 12/1/33 | 415,241 | ||||||||||||||||
| Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) 8 |
16,766 | 5.13 | 12/1/40 | 16,793 | ||||||||||||||||
| Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) |
330,000 | 4.45 | 12/1/27 | 330,211 | ||||||||||||||||
| Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) 8 |
301 | 5.00 | 12/1/38 | 301 | ||||||||||||||||
| Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) 8 |
13,775 | 5.25 | 12/1/40 | 13,799 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. |
1,863,340 | 2.35 | 6/1/50 | 1,906,178 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
3,750,000 | 2.45 | 7/1/45 | 3,851,700 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,967,640 | 2.47 | 1/1/50 | 2,024,209 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
6,100,000 | 2.55 | 1/1/51 | 6,260,857 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,885,231 | 3.15 | 6/1/49 | 1,964,316 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
3,532,493 | 3.30 | 3/1/48 | 3,699,616 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
3,242,161 | 3.30 | 5/1/48 | 3,395,548 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,376,038 | 3.45 | 3/1/49 | 1,445,266 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,226,977 | 3.60 | 1/1/49 | 1,291,774 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,255,899 | 3.75 | 11/1/48 | 1,325,363 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
2,525,000 | 4.40 | 7/1/32 | 2,560,148 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
2,270,000 | 4.45 | 7/1/31 | 2,302,279 | ||||||||||||||||
| MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) |
1,215,000 | 4.70 | 1/1/31 | 1,234,501 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. |
890,000 | 3.30 | 7/1/29 | 964,520 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured) |
1,225,000 | 3.63 | 7/1/25 | 1,231,982 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured) |
1,590,000 | 3.90 | 7/1/30 | 1,629,480 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
2,520,000 | 2.45 | 7/1/34 | 2,640,280 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
8,070,000 | 2.55 | 7/1/39 | 8,400,709 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
3,650,000 | 2.70 | 7/1/44 | 3,790,890 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
5,910,000 | 2.75 | 7/1/44 | 6,134,166 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
4,245,000 | 2.80 | 1/1/44 | 4,448,633 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
650,000 | 3.10 | 7/1/35 | 695,312 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
730,000 | 3.15 | 1/1/37 | 780,399 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8 |
795,000 | 3.30 | 1/1/30 | 852,765 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
450,000 | 3.30 | 7/1/33 | 482,026 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
4,185,000 | 3.30 | 1/1/34 | 4,522,897 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
1,260,000 | 3.35 | 7/1/29 | 1,280,097 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
720,000 | 3.40 | 7/1/38 | 771,934 | ||||||||||||||||
| 8 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| Name of Issuer | Principal Amount ($)/ Quantity |
Coupon Rate (%) |
Maturity Date |
Fair Value ($) | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
5,760,000 | 3.50 | 1/1/32 | 6,128,064 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
2,390,000 | 3.60 | 7/1/31 | 2,493,654 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
1,965,000 | 3.60 | 7/1/33 | 2,038,884 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) 8 |
835,000 | 3.63 | 7/1/32 | 872,408 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
1,650,000 | 3.65 | 7/1/37 | 1,817,508 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
3,000,000 | 3.75 | 1/1/50 | 3,324,570 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
380,000 | 3.80 | 1/1/33 | 394,493 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
4,415,000 | 3.80 | 7/1/38 | 4,581,357 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
3,990,000 | 3.90 | 7/1/43 | 4,133,680 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
35,000 | 4.00 | 7/1/40 | 35,549 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
1,315,000 | 4.00 | 1/1/48 | 1,440,083 | ||||||||||||||||
| MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) |
3,235,000 | 4.00 | 7/1/48 | 3,548,957 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
3,500,000 | 2.00 | 7/1/40 | 3,513,265 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
3,250,000 | 2.15 | 7/1/45 | 3,258,710 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. |
4,500,000 | 2.20 | 1/1/51 | 4,501,935 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (GNMA-FNMA Collateralized) |
420,000 | 5.00 | 1/1/31 | 426,812 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC) |
1,765,000 | 3.70 | 1/1/31 | 1,917,125 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC) |
915,000 | 4.00 | 1/1/47 | 981,502 | ||||||||||||||||
| MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) 8 |
720,000 | 4.00 | 1/1/41 | 758,203 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 119,890,379 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Transportation - 0.3% |
||||||||||||||||||||
| Minneapolis & St. Paul Metro Airport Commission Sub. Rev. |
1,100,000 | 5.00 | 1/1/33 | 1,227,171 | ||||||||||||||||
| Minneapolis & St. Paul Metro Airport Commission Sub. Rev. |
600,000 | 5.00 | 1/1/34 | 668,424 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 1,895,595 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Utility - 2.0% |
||||||||||||||||||||
| Guam Govt. Waterworks Auth. Rev. 11 |
2,000,000 | 5.00 | 1/1/46 | 2,286,480 | ||||||||||||||||
| MN Municipal Power Agy. Electric Rev. |
500,000 | 4.00 | 10/1/31 | 552,520 | ||||||||||||||||
| MN Municipal Power Agy. Electric Rev. |
1,250,000 | 4.00 | 10/1/32 | 1,376,475 | ||||||||||||||||
| MN Municipal Power Agy. Electric Rev. |
1,155,000 | 4.00 | 10/1/33 | 1,268,306 | ||||||||||||||||
| Northern Municipal Power Agy. Electric Rev. |
695,000 | 5.00 | 1/1/31 | 750,795 | ||||||||||||||||
| Rochester Electric Utility Rev. |
500,000 | 5.00 | 12/1/42 | 601,360 | ||||||||||||||||
| Southern Minnesota Municipal Power Agency |
1,000,000 | 5.00 | 1/1/41 | 1,181,990 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
900,000 | 3.38 | 10/1/37 | 960,957 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
880,000 | 4.00 | 10/1/31 | 1,016,655 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
650,000 | 4.00 | 10/1/33 | 743,775 | ||||||||||||||||
| St. Paul Hsg. & Redev. Auth. |
800,000 | 4.00 | 10/1/37 | 907,160 | ||||||||||||||||
| St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.) 8 |
1,250,000 | 5.45 | 8/1/28 | 1,300,200 | ||||||||||||||||
| Western MN Municipal Power Agy. Rev. |
600,000 | 5.00 | 1/1/35 | 713,676 | ||||||||||||||||
|
|
|
|||||||||||||||||||
| 13,660,349 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Municipal Bonds |
638,017,490 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Investment Companies - 1.0% |
||||||||||||||||||||
| Delaware Investments Minnesota Municipal Income Fund II (VMM) |
334,436 | 4,387,800 | ||||||||||||||||||
| Nuveen Minnesota Municipal Income Fund (NMS) |
159,408 | 2,364,021 | ||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Investment Companies |
6,751,821 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Investments in Securities - 95.8% |
644,769,311 | |||||||||||||||||||
| Other Assets and Liabilities, net - 4.2% |
28,529,981 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Net Assets - 100.0% |
$673,299,292 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| DECEMBER 31, 2020 | 9 |
| SCHEDULE OF INVESTMENTS (Unaudited) December 31, 2020
Sit Minnesota Tax-Free Income Fund (Continued) |
| 1 | Variable rate security. Rate disclosed is as of December 31, 2020. 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 December 31, 2020 was $1,496,000 and represented 0.2% of net assets. |
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2020 was $13,236,613 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. |
| 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 December 31, 2020, 3.2% of net assets in the Fund was invested in such securities. |
| 9 | Municipal Lease Security. The total value of such securities as of December 31, 2020 was $30,357,362 and represented 4.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
| 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 December 31, 2020 was $15,984,711 and represented 2.4% of net assets. |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of December 31, 2020 is as follows:
| Investment in Securities | ||||||||||||||||
| Level 1 Quoted Price ($) |
Level 2 observable inputs ($) |
Level 3 Significant unobservable inputs ($) |
Total ($) | |||||||||||||
| Assets |
||||||||||||||||
| Municipal Bonds |
— | 638,017,490 | — | 638,017,490 | ||||||||||||
| Investment Companies |
6,751,821 | — | — | 6,751,821 | ||||||||||||
| 6,751,821 | 638,017,490 | — | 644,769,311 | |||||||||||||
There were no transfers into or out of level 3 during the reporting period.
For additional information about significant policies, including valuation of investments, refer to the Fund’s most recent annual report.
| 10 |