NPORT-EX 2 SI40SitMNTFIncFd.htm HTML

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

 

Municipal Bonds - 93.3%

         

Education/Student Loan - 15.3%

         

Baytown Township Rev. (St. Croix Prep)

      1,000,000           4.00           8/1/36           1,075,580      

Baytown Township Rev. (St. Croix Prep)

      1,250,000       4.00       8/1/41       1,332,150  

Baytown Township Rev. (St. Croix Prep)

      1,935,000       4.25       8/1/46       2,071,708  

Bethel Charter School Lease Rev. (Spectrum High School Proj.)

      500,000       3.50       7/1/27       525,615  

Bethel Charter School Lease Rev. (Spectrum High School Proj.)

      900,000       4.00       7/1/32       978,876  

Bethel Charter School Lease Rev. (Spectrum High School Proj.)

      1,100,000       4.00       7/1/37       1,183,622  

Bethel Charter School Lease Rev. (Spectrum High School Proj.)

      1,750,000       4.25       7/1/47       1,879,395  

Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.)

      605,000       5.25       7/1/30       658,052  

Cologne Charter School Lease Rev. (Cologne Academy Proj.)

      285,000       4.00       7/1/21       285,000  

Cologne Charter School Lease Rev. (Cologne Academy Proj.)

      295,000       4.00       7/1/22       303,369  

Cologne Charter School Lease Rev. (Cologne Academy Proj.)

      320,000       4.00       7/1/24       344,531  

Cologne Charter School Lease Rev. (Cologne Academy Proj.)

      575,000       5.00       7/1/29       625,813  

Cologne Charter School Lease Rev. (Cologne Academy Proj.)

      500,000       5.00       7/1/34       538,130  

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)

      855,000       5.25       7/1/37       964,397  

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)

      600,000       5.25       7/1/40       673,812  

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)

      1,000,000       5.50       7/1/50       1,123,570  

Forest Lake Charter School Lease Rev. (Lake International Language Academy)

      580,000       4.50       8/1/26       611,216  

Forest Lake Charter School Lease Rev. (Lake International Language Academy)

      1,000,000       5.00       8/1/36       1,151,860  

Forest Lake Charter School Lease Rev. (Lake International Language Academy)

      750,000       5.50       8/1/36       790,170  

Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)

      875,000       5.00       7/1/31       963,961  

Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)

      1,000,000       5.00       7/1/36       1,094,290  

Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)

      1,000,000       4.00       11/1/26       1,072,110  

Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)

      2,720,000       5.00       11/1/36       3,067,426  

Hugo Charter School Lease Rev. (Noble Academy Proj.)

      460,000       4.00       7/1/21       460,000  

Hugo Charter School Lease Rev. (Noble Academy Proj.)

      750,000       5.00       7/1/29       807,645  

Hugo Charter School Lease Rev. (Noble Academy Proj.)

      1,000,000       5.00       7/1/34       1,066,980  

Independence Charter School Lease Rev. (Beacon Academy Proj.)

      440,000       4.25       7/1/26       472,745  

Independence Charter School Lease Rev. (Beacon Academy Proj.)

      750,000       4.75       7/1/31       801,863  

Independence Charter School Lease Rev. (Beacon Academy Proj.)

      1,200,000       5.00       7/1/36       1,273,380  

Minneapolis Charter School Lease Rev. (Hiawatha Academy Proj.)

      800,000       4.00       7/1/26       840,704  

Minneapolis School Lease Rev. (Friendship Academy of the Arts)  4

     585,000       4.00       12/1/31       614,004  

Minneapolis School Lease Rev. (Friendship Academy of the Arts)  4

     1,385,000       5.25       12/1/43       1,510,647  

Minneapolis School Lease Rev. (Twin Cities International School)  4

     1,000,000       4.25       12/1/27       1,123,260  

Minneapolis School Lease Rev. (Twin Cities International School)  4

     1,000,000       5.00       12/1/37       1,132,700  

MN Higher Education Fac. Auth. Rev. (Augsburg College)

      3,275,000       4.25       5/1/40       3,276,277  

MN Higher Education Fac. Auth. Rev. (Bethel Univ.)

      1,200,000       5.00       5/1/37       1,317,540  

MN Higher Education Fac. Auth. Rev. (Bethel Univ.)

      3,500,000       5.00       5/1/47       3,794,035  

MN Higher Education Fac. Auth. Rev. (College of St. Benedict)

      1,000,000       4.00       3/1/43       1,082,110  

MN Higher Education Fac. Auth. Rev. (College of St. Benedict)

      1,900,000       5.00       3/1/37       2,170,104  

MN Higher Education Fac. Auth. Rev. (College of St. Scholastica)

      1,100,000       4.00       12/1/40       1,220,153  

MN Higher Education Fac. Auth. Rev. (Gustavus Adolphus College)

      1,250,000       4.00       10/1/41       1,385,900  

MN Higher Education Fac. Auth. Rev. (Macalester College)

      300,000       3.00       3/1/43       327,894  

MN Higher Education Fac. Auth. Rev. (St. John’s University)

      500,000       3.00       10/1/37       551,465  

MN Higher Education Fac. Auth. Rev. (St. John’s University)

      250,000       3.00       10/1/38       275,075  

MN Higher Education Fac. Auth. Rev. (St. Olaf College)

      500,000       4.00       10/1/32       572,355  

MN Higher Education Fac. Auth. Rev. (St. Olaf College)

      500,000       4.00       10/1/34       570,350  

MN Higher Education Fac. Auth. Rev. (St. Olaf College)

      500,000       4.00       10/1/35       569,730  

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      400,000       4.00       10/1/35       461,328  

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      500,000       4.00       10/1/37       574,680  

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      3,150,000       4.00       4/1/39       3,506,800  

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      750,000       4.00       10/1/41       874,568  

 

JUNE 30, 2021    1

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

 

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      4,000,000           4.00           10/1/44           4,636,040      

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      750,000       5.00       4/1/35       876,113  

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)

      850,000       5.00       10/1/40       1,069,504  

MN Office of Higher Education Rev.  8

     3,500,000       2.65       11/1/38       3,595,830  

MN Office of Higher Education Rev.  8

     5,000,000       4.00       11/1/37       5,501,000  

Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.)

      1,250,000       5.00       12/1/40       1,406,000  

Olmsted Co. Hsg. & Redev. Auth. Rev. (Schaeffer Academy Proj.)

      472,559       4.98       4/25/27       473,008  

Ramsey Lease Rev. (Pact Charter School Proj.)

      385,000       5.00       12/1/26       390,355  

Ramsey Lease Rev. (Pact Charter School Proj.)

      1,850,000       5.50       12/1/33       1,875,049  

Rice Co. Educational Fac. Rev. (Shattuck-St. Mary’s School) 4

     3,300,000       5.00       8/1/22       3,402,036  

Rochester Rev. (Math & Science Academy)

      1,430,000       5.13       9/1/38       1,502,887  

Savage Charter School Lease Rev. (Aspen Academy)

      500,000       4.00       10/1/26       528,570  

Savage Charter School Lease Rev. (Aspen Academy)

      1,000,000       4.75       10/1/31       1,077,280  

St. Cloud Charter School Lease Rev. (Stride Academy Proj.)

      1,850,000       5.00       4/1/36       1,751,839  

St. Paul Hsg. & Redev. Auth.

      700,000       5.00       12/1/30       778,022  

St. Paul Hsg. & Redev. Auth.

      1,150,000       5.00       12/1/37       1,270,198  

St. Paul Hsg. & Redev. Auth.

      705,000       5.00       12/1/46       772,539  

St. Paul Hsg. & Redev. Auth. (German Immersion School)

      285,000       4.00       7/1/23       292,661  

St. Paul Hsg. & Redev. Auth. (German Immersion School)

      855,000       5.00       7/1/33       901,179  

St. Paul Hsg. & Redev. Auth. (German Immersion School)

      500,000       5.00       7/1/44       522,610  

St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)

      815,000       4.25       12/1/23       849,360  

St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)

      1,500,000       5.00       12/1/33       1,562,685  

St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)

      390,000       5.13       12/1/38       405,959  

St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)

      730,000       3.88       12/1/30       762,208  

St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)

      720,000       4.50       12/1/29       754,063  

St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)

      500,000       5.00       12/1/45       545,655  

St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists)

      1,135,000       4.63       3/1/43       1,163,182  

St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)

      1,185,000       4.00       7/1/25       1,248,113  

St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)

      955,000       5.00       7/1/35       1,039,584  

St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School)

      555,000       5.00       7/1/49       629,387  

St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School)

      870,000       5.00       7/1/55       981,456  

St. Paul Hsg. & Redev. Auth. Lease Rev. (Nova Classical Academy Proj.)

      135,000       5.70       9/1/21       136,145  

St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)

      600,000       4.00       12/1/39       683,154  

St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)

      1,000,000       4.00       12/1/49       1,120,060  

St. Paul Hsg. & Redev. Auth. Rev. (Hmong College Preparatory Academy Proj.)

      1,000,000       5.25       9/1/31       1,169,370  

St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.)  4

     700,000       5.00       6/15/38       756,413  

St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.)

      600,000       4.00       9/1/36       634,476  

St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.)

      1,000,000       4.13       9/1/47       1,050,680  

University of Minnesota Rev.

      1,000,000       5.00       4/1/41       1,186,980  

Victoria Private School Fac. Rev. (Holy Family Catholic High)

      1,610,000       4.00       9/1/23       1,600,034  

Woodbury Charter School Lease Rev.

      500,000       3.00       12/1/30       514,400  

Woodbury Charter School Lease Rev.

      400,000       4.00       12/1/40       426,744  

Woodbury Charter School Lease Rev.

      555,000       4.00       12/1/50       587,606  

Woodbury Charter School Lease Rev.

      660,000       4.00       7/1/51       722,304  
        

 

 

 

               109,101,683  
        

 

 

 

Escrowed To Maturity/Prerefunded - 1.6%

         

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)

      1,280,000       5.13       7/1/33       1,400,448  

Goodhue Co. Education District No. 6051 Lease Rev.

      1,030,000       5.00       2/1/34       1,152,920  

Goodhue Co. Education District No. 6051 Lease Rev.

      1,500,000       5.00       2/1/39       1,679,010  

MN Higher Education Fac. Auth. Rev. (Hamline Univ.)

      750,000       6.00       10/1/32       760,702  

 

2

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

 

MN Higher Education Fac. Auth. Rev. (Hamline Univ.)

      1,000,000           6.00           10/1/40           1,014,270      

Western MN Municipal Power Agy. Rev.

      4,725,000       5.00       1/1/46       5,283,353  
        

 

 

 

           11,290,703  
        

 

 

 

General Obligation - 11.0%

         

Brainerd Independent School District No. 181

      1,000,000       4.00       2/1/42       1,133,020  

Brainerd Independent School District No. 181

      4,000,000       4.00       2/1/43       4,526,480  

Brooklyn Center Independent School District No. 286

      4,000,000       4.00       2/1/40       4,547,360  

Cloquet Independent School District No. 94

      4,250,000       4.00       2/1/36       4,686,008  

Elk River Independent School District No. 728

      7,000,000       3.00       2/1/40       7,614,670  

Fosston Independent School District No. 601

      250,000       4.00       2/1/36       281,443  

Fosston Independent School District No. 601

      1,000,000       4.00       2/1/38       1,122,680  

Itasca G.O.

      2,500,000       2.38       2/1/45       2,515,175  

Itasca G.O.

      4,000,000       2.50       2/1/50       4,043,880  

Lakeville Independent School District No. 194

      500,000       2.00       2/1/37       498,850  

Long Prairie G.O.  8

     750,000       4.00       2/1/37       812,003  

Madison Lake G.O.

      590,000       2.13       2/1/42       590,696  

Minneapolis Capital Improvement

      4,000,000       4.00       12/1/43       4,589,840  

Minneapolis Capital Improvement

      2,000,000       4.00       12/1/46       2,287,260  

Minneapolis G.O.

      5,000,000       3.00       12/1/42       5,419,600  

Minneapolis Special School District No. 1

      1,000,000       4.00       2/1/40       1,183,280  

Minnetonka Independent School District No. 276

      1,900,000       5.00       2/1/41       2,157,545  

Morrison Co. Education District No. 6979

      1,000,000       4.50       2/1/34       1,007,530  

Owatonna Independent School District No. 761

      750,000       2.13       2/1/40       762,285  

Richfield Independent School District No. 280

      6,000,000       4.00       2/1/37       6,814,800  

Robbinsdale Independent School District No. 281

      1,000,000       2.25       2/1/41       1,023,320  

Roseau Independent School District No. 682

      750,000       2.25       2/1/46       747,472  

Roseville Independent School District No. 623

      930,000       4.00       2/1/35       1,057,782  

Roseville Independent School District No. 623

      4,895,000       4.00       2/1/36       5,555,678  

South Washington Co. Independent School District No. 833

      5,000,000       4.00       2/1/31       5,674,900  

Springfield Independent School District No. 85

      750,000       2.00       2/1/39       734,955  

Springfield Independent School District No. 85

      500,000       2.00       2/1/40       486,370  

St. Francis Independent School District No. 15

      550,000       4.00       2/1/35       576,433  

St. Francis Independent School District No. 15

      750,000       4.00       2/1/36       785,528  

St. Paul Independent School District No. 625

      2,475,000       2.00       2/1/40       2,452,478  

United Hospital District Health Care Facs. G.O (Lake Wood Health System)

      1,005,000       5.00       12/1/30       1,209,286  

Worthington Independent School District No. 518

      1,000,000       3.00       2/1/37       1,070,410  

Worthington Independent School District No. 518

      500,000       3.00       2/1/40       533,325  
        

 

 

 

               78,502,342  
        

 

 

 

Hospital/Health Care - 13.6%

         

Anoka Health Care and Hsg. Facs. Rev.

      1,135,000       5.38       11/1/34       1,213,826  

Anoka Health Care and Hsg. Facs. Rev. (Walker Methodist Plaza)

      1,500,000       5.25       7/1/35       1,520,205  

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)

      3,000,000       4.50       11/1/34       3,278,760  

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)

      250,000       5.00       11/1/29       281,380  

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)

      500,000       5.00       11/1/44       548,380  

Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center)

      350,000       4.00       9/1/39       335,983  

Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center)

      500,000       5.00       9/1/44       514,825  

Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center)

      1,225,000       5.00       9/1/52       1,246,303  

Chippewa Co. Rev. (Monte Video Hospital Proj.)

      2,000,000       4.00       3/1/32       2,126,920  

Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)

      1,000,000       4.00       5/1/32       1,010,060  

Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)

      1,000,000       5.00       5/1/34       1,052,640  

Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)

      1,000,000       5.00       5/1/38       1,051,850  

 

JUNE 30, 2021    3

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

 

Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)

      1,700,000           5.75           8/1/30           1,374,841      

Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)

      1,050,000       6.00       8/1/35       849,755  

Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)

      295,000       4.75       6/15/22       304,121  

Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)

      1,600,000       5.75       6/15/32       1,652,192  

Duluth Economic Dev. Auth. Rev. (St. Lukes Hospital Oblig. Group)

      2,000,000       6.00       6/15/39       2,067,040  

Glencoe Health Care Fac. Rev. (Glencoe Regional Health Services Proj.)

      2,110,000       4.00       4/1/31       2,140,468  

Hayward Hsg. & Health Care Fac. Rev. (St. John Lutheran Home of Albert Lea Proj.)

      1,900,000       5.00       10/1/34       1,894,376  

Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)

      4,175,000       4.00       5/1/37       4,711,446  

Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)

      825,000       5.00       5/1/32       993,094  

Maple Grove Health Care System Rev. (Memorial Health Care)

      1,375,000       4.00       9/1/35       1,508,389  

Minneapolis Health Care System Rev. (Fairview Health Services)

      3,000,000       4.00       11/15/37       3,460,890  

Minneapolis Health Care System Rev. (Fairview Health Services)

      1,000,000       4.00       11/15/38       1,153,670  

Minneapolis Health Care System Rev. (Fairview Health Services)

      2,590,000       5.00       11/15/34       3,021,131  

Minneapolis Health Care System Rev. (Fairview Health Services)

      2,500,000       5.00       11/15/49       3,020,150  

Moorhead Economic Dev. Auth. Rev.

      550,000       4.60       9/1/25       550,182  

Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)

      1,500,000       5.50       8/1/28       1,541,415  

Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)

      1,000,000       6.00       8/1/36       1,033,240  

Rochester Health Care Facs. Rev. (Mayo Clinic)

      7,500,000       4.00       11/15/48       8,677,800  

Rochester Health Care Facs. Rev. (Mayo Clinic)

      5,000,000       5.00       11/15/33       7,181,700  

Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.)

      745,000       5.00       9/1/28       824,968  

Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.)

      1,350,000       5.00       9/1/34       1,466,532  

St. Cloud Health Care Rev. (CentraCare Health System Proj.)

      2,500,000       4.00       5/1/37       2,809,100  

St. Cloud Health Care Rev. (CentraCare Health System Proj.)

      500,000       4.00       5/1/49       561,935  

St. Cloud Health Care Rev. (CentraCare Health System Proj.)

      3,750,000       5.00       5/1/46       4,430,212  

St. Cloud Health Care Rev. (CentraCare Health System Proj.)

      500,000       5.00       5/1/48       618,890  

St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.)  1

     2,250,000       4.60       6/1/41       2,283,502  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)

      750,000       4.00       11/15/35       858,570  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)

      4,000,000       4.00       11/15/43       4,527,240  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)

      1,000,000       5.00       11/15/47       1,216,680  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)

      4,800,000       5.00       7/1/32       5,631,744  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)

      2,000,000       5.00       7/1/33       2,343,960  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)

      525,000       4.25       11/1/25       525,436  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)

      750,000       4.75       11/1/31       750,660  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)

      2,150,000       5.00       5/1/38       2,171,178  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)

      500,000       5.15       11/1/42       500,425  

St. Paul Hsg. & Redev. Auth. Rev. (Nursing Home NTS-Episcopal)

      1,717,389       5.63       10/1/33       1,722,369  

Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC)

      720,000       4.25       8/1/24       720,439  

West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp)

      1,000,000       5.00       11/1/37       1,040,960  
        

 

 

 

               96,321,832  
        

 

 

 

Industrial/Pollution Control - 0.6%

         

International Falls Rev. (Boise Cascade Corp. Proj.)

      950,000       5.65       12/1/22       951,463  

St. Paul Port Auth. Rev. 8

     1,000,000       4.00       10/1/40       1,103,320  

St. Paul Port Auth. Rev.

      1,000,000       4.00       10/1/42       1,113,420  

St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.)  4, 8

      1,000,000       4.50       10/1/37       1,022,630  
        

 

 

 

           4,190,833  
        

 

 

 

Insured - 0.3%

         

Guam Power Auth. Rev. (AGM Insured)  11

     500,000       5.00       10/1/30       526,450  

MN Governmental Agy. Fin. Group (Flex Terminal Prog.) (AGC Insured)

      55,000       4.00       3/1/22       55,140  

Puerto Rico Public Improvement G.O. (AGM Insured)  11

     750,000       5.13       7/1/30       773,415  

Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) (NATL Insured)  11

     1,000,000       5.00       10/1/23       1,017,020  
        

 

 

 

           2,372,025  
        

 

 

 

 

4

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

 

Multifamily Mortgage - 20.1%

         

Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)

      315,000           4.00           11/1/21           316,342      

Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)

      1,000,000       4.75       11/1/35       1,075,470  

Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)

      1,000,000       5.50       11/1/46       1,094,030  

Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center)

      500,000       3.90       2/1/31       500,100  

Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center)

      500,000       4.15       2/1/36       500,010  

Apple Valley Senior Hsg. Rev. (Orchard Path Proj.)

      2,000,000       5.00       9/1/58       2,099,420  

Apple Valley Senior Hsg. Rev. (Presbyterian Homes)

      1,500,000       5.00       9/1/43       1,584,270  

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

      1,045,000       4.00       1/1/25       1,032,575  

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

      475,000       4.00       1/1/25       446,134  

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

      1,175,000       4.00       1/1/26       1,153,650  

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

      950,000       4.00       1/1/30       890,521  

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

      1,430,000       4.25       1/1/37       1,290,890  

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

      2,640,000       4.38       1/1/47       2,254,666  

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

      2,850,000       5.00       1/1/47       2,073,147  

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

      1,290,000       6.75       1/1/27       1,180,324  

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

      950,000       7.00       1/1/37       773,148  

Bethel Rev. (Grandview Christian Home Proj.)

      3,000,000       5.00       10/1/41       3,194,250  

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.)

      1,985,000       5.13       7/1/25       1,975,432  

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.)

      1,645,000       5.75       7/1/35       1,594,318  

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.)

      2,000,000       6.13       7/1/45       1,954,560  

Cambridge Hsg. & Health Care Facs. Rev. (Walker Methodist Levande, LLC Proj.)

      1,250,000       5.13       3/1/39       1,359,638  

Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.)

      495,000       6.00       1/1/27       496,228  

Chisago Hsg. and Health Care Rev. (CDL Homes LLC)

      750,000       6.00       8/1/33       793,785  

City of Otsego Rev. (Riverview Landing Proj.)

      1,500,000       5.00       10/1/42       1,544,235  

Cloquet Hsg. Fac. Ref. (HADC Cloquet LLC Proj.)

      1,020,000       5.00       8/1/38       1,020,632  

Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.)

      1,000,000       5.00       1/1/34       997,230  

Columbus Hsg. Rev. (Richfield Senior Hsg., Inc.)

      1,000,000       5.25       1/1/40       1,001,130  

Crystal Multifamily Hsg. Rev. (Cavanagh Proj.)

      2,500,000       5.25       6/1/31       2,506,500  

Dakota Co. Community Dev. Agy. (Glen at Valley Creek Proj.)

      1,400,000       4.50       8/1/36       1,390,858  

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev.

      3,500,000       4.00       1/1/42       3,636,710  

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC)  4

     750,000       5.00       8/1/36       770,663  

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC)  4

     500,000       5.00       8/1/51       512,150  

Deephaven Hsg. & Healthcare Rev. (St. Therese Senior Living Proj.)

      1,345,000       5.00       4/1/38       1,368,981  

Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.)

      3,396,735       3.75       11/1/34       3,940,042  

Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)

      1,350,000       5.38       8/1/34       1,367,685  

Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)

      500,000       5.75       2/1/44       508,560  

Independence Health Care Facs. Rev. (Augustana Chapel View Home)

      250,000       4.00       12/1/32       251,393  

Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.)

      1,000,000       4.25       7/1/39       1,029,880  

Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.)

      1,000,000       4.45       7/1/44       1,032,390  

Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.)

      500,000       5.00       7/1/39       533,740  

Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.)

      1,000,000       5.00       7/1/49       1,060,930  

Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized)  8

     2,765,000       4.75       1/20/42       2,770,060  

Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized)

      5,000,000       2.35       2/1/38       5,148,000  

Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing)

      1,015,000       5.75       7/15/31       1,059,081  

Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)

      375,000       4.75       11/1/28       380,955  

Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)

      1,500,000       5.00       11/1/35       1,523,490  

Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.)  4

     1,000,000       4.75       8/1/43       1,051,740  

Minneapolis Student Hsg. Rev. (Riverton Community Housing Proj.)  4

     500,000       5.00       8/1/53       528,730  

Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized)

      1,907,283       3.00       11/1/34       2,046,477  

MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured)

      250,000       5.05       8/1/31       250,680  

MN Hsg. Fin. Agy. Rental Hsg. (G.O. of AGY. Insured)

      1,760,000       5.45       8/1/41       1,764,752  

MN Hsg. Fin. Agy. Rental Hsg. Rev.

      1,000,000       5.20       8/1/43       1,061,710  

 

JUNE 30, 2021    5

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

MN Hsg. Fin. Agy. Rev.

      270,000           4.00           8/1/29           304,646      

MN Hsg. Fin. Agy. Rev.

      255,000       4.00       8/1/31       286,531  

MN Hsg. Fin. Agy. Rev.

      335,000       4.00       8/1/34       374,798  

MN Hsg. Fin. Agy. Rev.

      335,000       4.00       8/1/35       374,510  

MN Hsg. Fin. Agy. Rev.

      515,000       4.00       8/1/39       604,177  

MN Hsg. Fin. Agy. Rev.

      535,000       4.00       8/1/40       626,244  

MN Hsg. Fin. Agy. Rev.

      815,000       4.00       8/1/41       952,499  

MN Hsg. Fin. Agy. Rev. (State Appropriation)

      250,000       4.00       8/1/33       290,390  

MN Hsg. Fin. Agy. Rev. (State Appropriation)

      2,000,000       5.00       8/1/34       2,269,660  

MN Hsg. Fin. Agy. Rev. (State Appropriation)

      1,000,000       5.00       8/1/35       1,133,180  

Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC)

      280,000       4.65       9/1/26       280,073  

Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)

      1,000,000       5.00       9/1/32       1,000,260  

Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)

      250,000       5.13       9/1/37       250,052  

New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.)

      1,500,000       5.00       8/1/39       1,505,715  

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)

      2,000,000       4.00       10/1/33       2,157,320  

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)

      150,000       4.25       10/1/41       160,803  

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)

      1,500,000       5.00       10/1/35       1,672,410  

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)

      1,000,000       5.00       10/1/47       1,103,540  

Red Wing Senior Hsg. Rev. (Deer Crest Proj.)

      325,000       5.00       11/1/27       328,926  

Red Wing Senior Hsg. Rev. (Deer Crest Proj.)

      330,000       5.00       11/1/32       333,838  

Red Wing Senior Hsg. Rev. (Deer Crest Proj.)

      500,000       5.00       11/1/42       505,645  

Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.)

      1,950,000       5.00       12/1/30       2,069,360  

Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.)

      1,325,000       5.00       12/1/49       1,362,113  

Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)

      1,000,000       5.00       8/1/37       1,064,370  

Rochester Health Care & Hsg. Rev. (Samaritan Bethany, Inc. Proj.)

      1,800,000       5.00       8/1/48       1,894,788  

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)

      720,000       6.38       12/1/33       776,153  

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)

      2,500,000       6.50       12/1/35       2,694,325  

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)

      250,000       6.88       12/1/48       269,358  

Rochester Multifamily Hsg. Rev. (Essex Place Apartments Proj.) (FHLMC)

      4,000,000       3.75       6/1/29       4,080,280  

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)

      1,275,000       5.00       9/1/42       1,336,162  

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)

      1,135,000       5.25       9/1/27       1,160,799  

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)

      1,000,000       5.25       9/1/30       1,018,700  

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)

      2,150,000       5.30       9/1/37       2,207,706  

Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.)

      1,705,000       5.13       1/1/39       1,721,487  

St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)

      250,000       5.75       12/1/28       266,548  

St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)

      2,000,000       6.00       12/1/30       2,131,300  

St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)

      750,000       4.25       7/1/39       737,940  

St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)

      1,125,000       4.25       7/1/44       1,080,281  

St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)

      1,500,000       5.00       7/1/55       1,532,550  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)

      3,965,000       4.25       12/1/27       4,251,828  

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)

      2,400,000       5.00       12/1/47       2,600,400  

St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)

      420,000       5.20       11/1/22       420,790  

St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)

      1,000,000       5.30       11/1/30       1,001,230  

St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)

      2,590,000       5.38       5/1/43       2,591,968  

St. Paul Park Health Care Facs. Rev (Presbyterian Homes Interlu Proj.)

      1,000,000       5.00       5/1/43       1,065,590  

St. Paul Park Hsg. Rev. (Buffalo Senior Housing Proj.)

      1,115,000       5.00       10/1/38       1,140,578  

St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.)

      1,000,000       5.00       9/1/42       1,064,250  

St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.)  8

     2,515,000       5.70       8/1/36       2,582,477  

St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.)

      700,000       5.00       3/1/40       737,219  

Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.)

      1,000,000       4.25       8/1/43       1,011,190  

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)

      1,500,000       4.00       8/1/44       1,574,790  

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)

      1,000,000       5.00       8/1/49       1,078,500  

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)

      2,750,000       5.00       8/1/54       2,957,405  

 

6

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp)

      250,000           5.00           11/1/49           256,632      

Willmar Hsg. & Redev. Auth. Multifamily Rev. (Eagle Ridge Apartments)

      2,610,000       4.63       4/1/30       2,657,424  
        

 

 

 

                 142,604,000  
        

 

 

 

Municipal Lease  9 - 5.5%

         

Anoka-Hennepin Independent School District No. 11 Lease Rev.

      600,000       4.00       2/1/41       628,710  

Chaska Economic Dev. Auth. Lease Rev.

      1,100,000       4.00       2/1/31       1,220,725  

Chaska Economic Dev. Auth. Lease Rev.

      690,000       4.00       2/1/33       763,561  

Chaska Economic Dev. Auth. Lease Rev.

      500,000       4.00       2/1/35       552,080  

Duluth Independent School District No. 709

      1,875,000       2.60       3/1/28       1,902,319  

Duluth Independent School District No. 709

      245,000       3.00       3/1/22       246,686  

Duluth Independent School District No. 709

      920,000       3.00       3/1/32       931,086  

Duluth Independent School District No. 709

      1,000,000       4.00       2/1/27       1,148,160  

Duluth Independent School District No. 709

      750,000       4.20       3/1/34       802,178  

Duluth Independent School District No. 709

      2,000,000       5.00       2/1/25       2,287,760  

Golden Valley Hsg. & Redev. Auth. Rev.

      1,000,000       4.00       2/1/30       1,082,870  

Golden Valley Hsg. & Redev. Auth. Rev.

      500,000       4.00       2/1/32       539,785  

Guam Education Fin. Foundation  11

     1,000,000       5.00       10/1/21       1,008,040  

Guam Education Fin. Foundation  11

     1,730,000       5.00       10/1/22       1,799,684  

Hibbing Independent School District No. 701

      2,000,000       3.00       3/1/41       2,160,300  

Lake Agassiz Education Cooperative No. 0397-52

      645,000       2.50       2/1/32       643,536  

Lake Agassiz Education Cooperative No. 0397-52

      365,000       2.75       2/1/36       366,467  

Minnetonka Independent School District No. 276

      750,000       2.38       7/1/51       744,848  

Minnetonka Independent School District No. 276

      500,000       3.00       7/1/50       525,880  

Minnetonka Independent School District No. 276

      450,000       4.00       3/1/30       501,714  

Minnetonka Independent School District No. 276

      340,000       4.00       2/1/33       355,603  

Minnetonka Independent School District No. 276

      300,000       4.00       3/1/33       332,673  

Minnetonka Independent School District No. 276

      400,000       4.00       2/1/36       417,660  

Minnetonka Independent School District No. 276

      500,000       4.50       1/1/41       555,950  

MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)

      750,000       3.88       8/1/38       834,720  

MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)

      1,040,000       4.00       8/1/36       1,216,186  

MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)

      580,000       4.00       8/1/37       675,897  

MN Hsg. Fin. Agy. Hsg. Infrastructure (State Appropriation)

      945,000       4.00       8/1/40       1,094,924  

MN Hsg. Fin. Agy. Rev. (State Appropriation)

      300,000       5.00       8/1/35       328,053  

MN State Armory Building Commission Rev.

      1,900,000       3.00       6/1/38       2,079,702  

MN State Armory Building Commission Rev.

      750,000       3.00       6/1/41       810,825  

Northeastern Metropolitan Intermediate School District No. 916

      1,000,000       5.00       2/1/34       1,143,120  

Osseo Independent School District No. 279

      1,000,000       4.00       2/1/28       1,086,290  

Plymouth Intermediate District No. 287

      535,000       3.00       5/1/32       567,148  

Plymouth Intermediate District No. 287

      470,000       4.00       5/1/31       518,302  

Plymouth Intermediate District No. 287

      600,000       4.00       2/1/37       669,534  

Rochester Economic Dev. Auth. Rev.

      1,000,000       2.13       2/1/38       1,020,910  

Southern Plains Education Cooperative No. 915

      1,215,000       4.00       2/1/37       1,314,338  

Southern Plains Education Cooperative No. 915

      1,000,000       4.50       2/1/39       1,100,250  

St. Cloud Independent School District No. 742

      750,000       4.00       2/1/38       802,200  

Waconia Independent School District No. 110

      500,000       5.00       2/1/37       559,725  

Winona School District No. 861 Lease Purchase

      184,456       6.04       8/1/24       184,723  

Wright Co.

      1,350,000       3.00       12/1/39       1,474,024  
        

 

 

 

           38,999,146  
        

 

 

 

Municipal Money Market - 0.8%

         

City of Minneapolis Rev. (Univ. Gateway Proj.)  1

     5,400,000       0.04       12/1/27       5,400,000  
        

 

 

 

 

JUNE 30, 2021    7

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

Other Revenue Bonds - 3.4%

         

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)

      1,000,000           4.00           11/1/41           1,143,310  

Crystal Governmental Fac. Rev.

      305,711       5.10       12/15/26       301,064  

Milaca Rev. (Edina Headquarters Proj.)

      250,000       5.00       2/1/44       253,610  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      165,000       4.00       6/1/29       179,731  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      125,000       4.00       6/1/30       135,201  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      250,000       4.00       6/1/31       269,050  

Minneapolis Tax Increment Rev.

      320,000       3.50       3/1/23       328,790  

Minneapolis Tax Increment Rev.

      170,000       3.80       3/1/25       175,131  

Minneapolis Tax Increment Rev.

      200,000       4.00       3/1/27       206,144  

Minneapolis Tax Increment Rev.

      260,000       4.00       3/1/30       266,698  

MN Development Rev. Limited Tax Supported Comm. Board

      1,300,000       6.00       12/1/40       1,330,628  

MN Development Rev. Limited Tax Supported Comm. Board

      2,000,000       6.25       12/1/30       2,049,180  

Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.)

      537,000       5.00       2/15/27       537,908  

Northeastern Metropolitan Intermediate School District No. 916

      4,500,000       4.00       2/1/38       4,852,035  

St. Louis Park Economic Dev. Auth. Tax Increment Rev. (Hoigaard Vlg.)

      475,000       5.00       2/1/23       475,750  

St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.)

      1,750,000       5.00       12/1/36       2,118,182  

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.)

      679,000       6.38       2/15/28       680,820  

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Drake Marble Proj.)

      200,000       6.75       3/1/28       200,220  

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.)

      660,000       6.50       3/1/29       661,406  

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)

      836,000       7.00       2/15/28       838,742  

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)

      607,000       7.50       2/15/28       608,244  

St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.)

      3,875,000       5.00       8/1/36       3,879,766  

Territory of Guam. Rev. 11

     500,000       5.00       12/1/46       578,040  

Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note)  11

     2,000,000       5.00       10/1/42       1,923,500  
        

 

 

 

                 23,993,150  
        

 

 

 

Public Facilities - 0.2%

         

Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.)

      1,250,000       4.00       2/1/32       1,396,963  
        

 

 

 

Sales Tax Revenue - 1.1%

         

American Samoa Economic Development Authority Rev.  4, 11

      700,000       6.00       9/1/23       740,551  

American Samoa Economic Development Authority Rev.  11

     2,000,000       6.25       9/1/29       2,348,280  

Guam Govt. Business Privilege Tax Rev.  11

     2,750,000       5.00       11/15/35       3,149,245  

St. Paul Sales Tax Rev.

      1,400,000       5.00       11/1/31       1,604,456  
        

 

 

 

           7,842,532  
        

 

 

 

Single Family Mortgage - 17.4%

         

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA)

      665,000       4.45       12/1/32       665,432  

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)

      165,000       4.63       12/1/30       165,153  

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)

      385,000       4.88       12/1/33       385,316  

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)  8

     15,464       5.13       12/1/40       15,479  

Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA)

      240,000       4.45       12/1/27       240,199  

Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA)  8

     162       5.00       12/1/38       162  

MN Hsg. Fin. Agy. Homeownership Fin.

      1,724,338       2.35       6/1/50       1,782,931  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,345,000       1.60       1/1/30       1,351,174  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,200,000       1.65       7/1/30       1,205,460  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      3,550,000       2.45       7/1/45       3,594,588  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      3,815,000       2.45       7/1/46       3,861,924  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      10,000,000       2.45       1/1/52       10,066,700  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,640,447       2.47       1/1/50       1,669,598  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      4,500,000       2.50       7/1/51       4,533,570  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      8,735,000       2.55       1/1/51       8,823,573  

 

8

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
Amount ($)

   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,438,371           3.15           6/1/49           1,502,796      

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      2,922,124       3.30       3/1/48       3,073,081  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      2,589,396       3.30       5/1/48       2,723,164  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,075,102       3.45       3/1/49       1,134,307  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,002,547       3.60       1/1/49       1,056,314  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      998,576       3.75       11/1/48       1,054,656  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      2,110,000       4.40       7/1/32       2,110,000  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,985,000       4.45       7/1/31       1,989,903  

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)

      1,035,000       4.70       1/1/31       1,035,000  

MN Hsg. Fin. Agy. Residential Hsg. Rev.

      200,000       3.30       7/1/29       208,542  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured)

      870,000       3.63       7/1/25       880,048  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (G.O. of AGY. Insured)

      1,135,000       3.90       7/1/30       1,147,156  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      2,115,000       2.45       7/1/34       2,204,168  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      6,770,000       2.55       7/1/39       7,019,678  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      3,370,000       2.70       7/1/44       3,511,338  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      4,955,000       2.75       7/1/44       5,153,943  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      3,725,000       2.80       1/1/44       3,856,940  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      500,000       3.10       7/1/35       516,505  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      555,000       3.15       1/1/37       573,864  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)  8

     420,000       3.30       1/1/30       448,035  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      60,000       3.30       7/1/33       60,000  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      2,205,000       3.30       1/1/34       2,367,839  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      1,060,000       3.35       7/1/29       1,076,674  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      250,000       3.40       7/1/38       256,962  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      4,870,000       3.50       1/1/32       5,074,248  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      1,160,000       3.60       7/1/31       1,193,489  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      1,780,000       3.60       7/1/33       1,823,450  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      2,875,000       3.75       1/1/50       3,169,802  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      4,012,000       3.80       7/1/38       4,109,813  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      3,625,000       3.90       7/1/43       3,715,081  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      10,000       4.00       7/1/40       10,000  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      1,180,000       4.00       1/1/48       1,291,262  

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)

      3,050,000       4.00       7/1/48       3,329,319  

MN Hsg. Fin. Agy. Rev.

      3,445,000       2.00       7/1/40       3,423,848  

MN Hsg. Fin. Agy. Rev.

      4,190,000       2.15       7/1/45       4,161,592  

MN Hsg. Fin. Agy. Rev.

      6,750,000       2.20       1/1/51       6,667,042  

MN Hsg. Fin. Agy. Rev. (GNMA-FNMA Collateralized)

      385,000       5.00       1/1/31       386,228  

MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC)

      455,000       3.70       1/1/31       460,806  

MN Hsg. Fin. Agy. Rev. (GNMA-FNMA FHLMC)

      780,000       4.00       1/1/47       836,004  

MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC)  8

     605,000       4.00       1/1/41       636,642  
        

 

 

 

           123,610,798  
        

 

 

 

Transportation - 0.3%

         

Minneapolis & St. Paul Metro Airport Commission Sub. Rev.

      1,100,000       5.00       1/1/33       1,222,441  

Minneapolis & St. Paul Metro Airport Commission Sub. Rev.

      600,000       5.00       1/1/34       665,994  
        

 

 

 

           1,888,435  
        

 

 

 

Utility - 2.1%

         

Guam Govt. Waterworks Auth. Rev.  11

     2,000,000       5.00       1/1/46       2,266,880  

MN Municipal Power Agy. Electric Rev.

      500,000       4.00       10/1/31       547,590  

MN Municipal Power Agy. Electric Rev.

      1,250,000       4.00       10/1/32       1,367,400  

MN Municipal Power Agy. Electric Rev.

      1,155,000       4.00       10/1/33       1,261,930  

Northern Municipal Power Agy. Electric Rev.

      695,000       5.00       1/1/31       741,273  

 

JUNE 30, 2021    9

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer    Principal
Amount ($)/
Quantity		   Coupon
Rate (%)		   Maturity
Date		   Fair
Value ($)

Rochester Electric Utility Rev.

      500,000           5.00           12/1/42           598,210      

Southern Minnesota Municipal Power Agency

      1,000,000       5.00       1/1/41       1,169,110  

St. Paul Hsg. & Redev. Auth.

      900,000       3.38       10/1/37       968,076  

St. Paul Hsg. & Redev. Auth.

      880,000       4.00       10/1/31       1,004,934  

St. Paul Hsg. & Redev. Auth.

      650,000       4.00       10/1/33       737,412  

St. Paul Hsg. & Redev. Auth.

      800,000       4.00       10/1/37       900,656  

St. Paul Port Auth. Rev.  8

     1,000,000       4.00       10/1/40       1,103,320  

St. Paul Port Auth. Rev.

      550,000       4.00       10/1/41       613,547  

St. Paul Port Auth. Rev. (Energy Park Utility Company Proj.)  8

     1,250,000       5.45       8/1/28       1,284,675  

Western MN Municipal Power Agy. Rev.

      600,000       5.00       1/1/35       708,108  
        

 

 

 

           15,273,121  
        

 

 

 

Total Municipal Bonds
(cost: $633,705,001)

            662,787,563  
        

 

 

 

Investment Companies - 1.0%

         

Delaware Investments Minnesota Municipal Income Fund II (VMM)

      334,436           4,727,253  

Nuveen Minnesota Municipal Income Fund (NMS)

      159,408           2,599,944  
        

 

 

 

Total Investment Companies
(cost: $7,237,880)

            7,327,197  
        

 

 

 

Total Investments in Securities - 94.3%
(cost: $640,942,881)

            670,114,760  

Other Assets and Liabilities, net - 5.7%

            40,747,030  
        

 

 

 

Total Net Assets - 100.0%

            $ 710,861,790  
        

 

 

 

 

 

1 

Variable rate security. Rate disclosed is as of June 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

 

4 

144A Restricted Security. The total value of such securities as of June 30, 2021 was $13,165,524 and represented 1.9% 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 June 30, 2021, 2.9% of net assets in the Fund was invested in such securities.

 

9 

Municipal Lease Security. The total value of such securities as of June 30, 2021 was $38,999,146 and represented 5.5% 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 June 30, 2021 was $16,131,105 and represented 2.3% of net assets.

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

 

10

 

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

A summary of the levels for the Fund’s investments as of June 30, 2021 is as follows:

 

     Investment in Securities  
  

 

 

  
     Level 1      Level 2      Level 3         
     Quoted
Price ($)		      Other significant
observable inputs ($)		      Significant
unobservable inputs ($)		      Total ($)  
  

 

 

  

Assets

            

Municipal Bonds

      —            662,787,563        —        662,787,563    

Investment Companies

              7,327,197            —              —        7,327,197    
  

 

 

  
             7,327,197            662,787,563        —        670,114,760    
  

 

 

  

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.

 

JUNE 30, 2021    11