NPORT-EX 2 SI40SitMNTFIncFd.htm HTML

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
(cost: $612,307,784)

   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
(cost: $7,237,880)

   6,751,821

 

 

  

Total Investments in Securities - 95.8%
(cost: $619,545,664)

   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
Other significant

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