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SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Municipal Bonds - 97.5%

            

Education/Student Loan - 14.2%

            

Baytown Township Rev. (St. Croix Prep)

      1,000,000        4.00        8/1/36        1,065,780  

Baytown Township Rev. (St. Croix Prep)

      1,250,000        4.00        8/1/41        1,320,575  

Baytown Township Rev. (St. Croix Prep)

      1,935,000        4.25        8/1/46        2,052,938  

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

      440,000        3.50        7/1/27        463,047  

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

      900,000        4.00        7/1/32        971,145  

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

      1,100,000        4.00        7/1/37        1,179,618  

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

      1,750,000        4.25        7/1/47        1,873,497  

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

      605,000        5.25        7/1/30        650,012  

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

      295,000        4.00        7/1/22        299,080  

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

      320,000        4.00        7/1/24        339,814  

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

      575,000        5.00        7/1/29        616,285  

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

      500,000        5.00        7/1/34        531,130  

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

      855,000        5.25        7/1/37        949,178  

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

      600,000        5.25        7/1/40        663,306  

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

      1,000,000        5.50        7/1/50        1,106,060  

Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)

      1,100,000        5.00        11/1/38        1,217,678  

Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)

      350,000        5.00        11/1/48        382,960  

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

      495,000        4.50        8/1/26        513,572  

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

      1,000,000        5.00        8/1/36        1,138,300  

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

      850,000        5.50        8/1/36        881,952  

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

      875,000        5.00        7/1/31        950,652  

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

      1,000,000        5.00        7/1/36        1,080,600  

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

      1,000,000        4.00        11/1/26        1,064,620  

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

      2,720,000        5.00        11/1/36        3,041,613  

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

      750,000        5.00        7/1/29        796,695  

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

      1,000,000        5.00        7/1/34        1,054,560  

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

      375,000        4.25        7/1/26        398,775  

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

      750,000        4.75        7/1/31        794,730  

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

      1,200,000        5.00        7/1/36        1,263,492  

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

      1,500,000        4.00        7/1/41        1,672,950  

Independence Charter School Lease Rev. (Paladin High School Proj.)

      225,000        3.25        6/1/31        225,538  

Independence Charter School Lease Rev. (Paladin High School Proj.)

      700,000        4.00        6/1/41        722,442  

Independence Charter School Lease Rev. (Paladin High School Proj.)

      1,410,000        4.00        6/1/51        1,429,853  

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

      725,000        4.00        7/1/26        763,222  

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

      585,000        4.00        12/1/31        609,675  

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

      1,385,000        5.25        12/1/43        1,496,409  

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

      1,000,000        4.25        12/1/27        1,109,460  

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

      1,000,000        5.00        12/1/37        1,119,580  

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

      3,275,000        4.25        5/1/40        3,276,539  

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

      1,200,000        5.00        5/1/37        1,341,180  

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

      3,500,000        5.00        5/1/47        3,865,505  

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

      1,900,000        5.00        3/1/37        2,163,321  

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

      1,000,000        4.00        3/1/43        1,085,100  

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

      1,100,000        4.00        12/1/40        1,259,577  

 

 

DECEMBER 31, 2021

   

 

1

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 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. (Gustavus Adolphus College)

      1,250,000        4.00        10/1/41        1,401,763  

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

      300,000        3.00        3/1/43        327,009  

MN Higher Education Fac. Auth. Rev. (St. Johns Univ.)

      500,000        3.00        10/1/37        548,515  

MN Higher Education Fac. Auth. Rev. (St. Johns Univ.)

      250,000        3.00        10/1/38        273,762  

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

      500,000        4.00        10/1/32        564,750  

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

      500,000        4.00        10/1/34        563,525  

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

      500,000        4.00        10/1/35        563,045  

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

      750,000        5.00        4/1/35        862,328  

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

      500,000        4.00        10/1/37        568,645  

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

      3,150,000        4.00        4/1/39        3,470,355  

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

      850,000        5.00        10/1/40        1,058,446  

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

      750,000        4.00        10/1/41        868,920  

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

      4,000,000        4.00        10/1/44        4,608,080  

MN Office of Higher Education Rev. 8

      3,095,000        2.65        11/1/38        3,163,276  

MN Office of Higher Education Rev. 8

      2,855,000        4.00        11/1/37        3,041,432  

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

      1,250,000        5.00        12/1/40        1,385,463  

Ramsey Lease Rev. (Pact Charter School Proj.)

      385,000        5.00        12/1/26        386,113  

Ramsey Lease Rev. (Pact Charter School Proj.)

      1,850,000        5.50        12/1/33        1,855,254  

Savage Charter School Lease Rev. (Aspen Academy)

      500,000        4.00        10/1/26        524,905  

Savage Charter School Lease Rev. (Aspen Academy)

      1,000,000        4.75        10/1/31        1,083,670  

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

      1,850,000        5.00        4/1/36        1,743,625  

St. Paul Hsg. & Redev. Auth.

      700,000        5.00        12/1/30        771,477  

St. Paul Hsg. & Redev. Auth.

      1,150,000        5.00        12/1/37        1,260,814  

St. Paul Hsg. & Redev. Auth.

      705,000        5.00        12/1/46        767,400  

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

      205,000        4.00        7/1/23        210,720  

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

      855,000        5.00        7/1/33        890,448  

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

      500,000        5.00        7/1/44        518,040  

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

      555,000        4.25        12/1/23        569,819  

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

      1,500,000        5.00        12/1/33        1,539,630  

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

      390,000        5.13        12/1/38        400,089  

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

      720,000        4.50        12/1/29        747,605  

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

      730,000        3.88        12/1/30        756,156  

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

      500,000        5.00        12/1/45        541,300  

St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4

      1,000,000        3.00        6/1/31        985,440  

St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4

      1,225,000        4.00        6/1/51        1,231,652  

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

      350,000        2.00        9/1/26        347,679  

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

      350,000        4.00        9/1/31        371,178  

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

      1,135,000        4.63        3/1/43        1,153,841  

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

      965,000        4.00        7/1/25        1,013,588  

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

      955,000        5.00        7/1/35        1,027,389  

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

      555,000        5.00        7/1/49        622,643  

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

      870,000        5.00        7/1/55        973,208  

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

      600,000        4.00        12/1/39        685,716  

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

      1,000,000        4.00        12/1/49        1,124,910  

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

      1,000,000        5.25        9/1/31        1,142,880  

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

      700,000        5.00        6/15/38        754,320  

 

 

2

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

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

      600,000        4.00        9/1/36        632,628  

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

      1,000,000        4.13        9/1/47        1,049,350  

University of Minnesota Rev.

      1,000,000        5.00        4/1/41        1,165,990  

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

      1,090,000        4.00        9/1/23        1,083,732  

Woodbury Charter School Lease Rev.

      500,000        3.00        12/1/30        527,425  

Woodbury Charter School Lease Rev.

      400,000        4.00        12/1/40        436,680  

Woodbury Charter School Lease Rev.

      555,000        4.00        12/1/50        601,492  

Woodbury Charter School Lease Rev. (Woodbury Leadership Proj.)

      660,000        4.00        7/1/51        716,430  
           

 

 

  
              106,286,565  
           

 

 

  

Escrowed To Maturity/Prerefunded - 1.8%

            

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

      1,280,000        5.13        7/1/33        1,369,190  

Goodhue Co. Education District No. 6051 Lease Rev.

      1,030,000        5.00        2/1/34        1,126,872  

Goodhue Co. Education District No. 6051 Lease Rev.

      1,500,000        5.00        2/1/39        1,641,075  

Minnetonka Independent School District No. 276

      340,000        4.00        2/1/33        353,896  

Minnetonka Independent School District No. 276

      400,000        4.00        2/1/36        416,348  

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

      3,300,000        5.00        8/1/22        3,390,552  

Western MN Municipal Power Agy. Rev.

      4,725,000        5.00        1/1/46        5,160,267  
           

 

 

  
              13,458,200  
           

 

 

  

General Obligation - 14.3%

            

Anoka-Hennepin Independent School District No. 11

      3,850,000        3.00        2/1/45        4,111,800  

Apple Valley G.O.

      365,000        2.00        12/15/41        365,358  

Brainerd Independent School District No. 181

      1,000,000        4.00        2/1/42        1,129,080  

Brainerd Independent School District No. 181

      4,000,000        4.00        2/1/43        4,511,280  

Brooklyn Center Independent School District No. 286

      4,000,000        4.00        2/1/40        4,504,200  

Cloquet Independent School District No. 94

      4,250,000        4.00        2/1/36        4,626,210  

Duluth Independent School District No. 709 6

      1,325,000        1.90        2/1/31        1,122,553  

Duluth Independent School District No. 709 6

      1,080,000        2.03        2/1/32        888,408  

Duluth Independent School District No. 709 6

      1,075,000        2.15        2/1/33        857,345  

Elk River Independent School District No. 728

      7,000,000        3.00        2/1/40        7,579,110  

Fosston Independent School District No. 601

      250,000        4.00        2/1/36        278,115  

Fosston Independent School District No. 601

      1,000,000        4.00        2/1/38        1,110,230  

Itasca County Independent School District No. 318

      4,050,000        2.00        2/1/39        3,995,204  

Itasca County Independent School District No. 318

      4,250,000        2.00        2/1/40        4,163,385  

Itasca G.O.

      2,500,000        2.38        2/1/45        2,518,750  

Itasca G.O.

      4,000,000        2.50        2/1/50        4,047,520  

Lakeville Independent School District No. 194

      500,000        2.00        2/1/37        503,845  

Litchfield G.O.

      230,000        4.00        2/1/33        230,658  

Long Prairie G.O. 8

      750,000        4.00        2/1/37        805,808  

Madison Lake G.O.

      590,000        2.13        2/1/42        591,534  

Minneapolis Capital Improvement

      4,000,000        4.00        12/1/43        4,541,880  

Minneapolis Capital Improvement

      2,000,000        4.00        12/1/46        2,263,180  

Minneapolis G.O.

      5,000,000        3.00        12/1/42        5,388,250  

Minneapolis Special School District No. 1

      1,000,000        4.00        2/1/40        1,173,300  

Minnetonka Independent School District No. 276

      1,900,000        5.00        2/1/41        2,118,044  

Moorhead G.O.  

      160,000        3.00        2/1/23        160,336  

 

 

DECEMBER 31, 2021

   

 

3

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Moorhead G.O.

      605,000        2.00        2/1/38        595,241  

Moorhead G.O.

      605,000        2.00        2/1/39        592,519  

Moorhead G.O.

      365,000        2.13        2/1/40        362,722  

Moorhead G.O.

      370,000        2.13        2/1/41        365,889  

Moorhead G.O.

      510,000        2.13        2/1/42        501,452  

Morrison Co. Education District No. 6979

      1,000,000        4.50        2/1/34        1,042,530  

North Mankato G.O.

      1,000,000        2.00        2/1/37        1,000,290  

North Mankato G.O.

      700,000        2.00        2/1/38        698,194  

Owatonna Independent School District No. 761

      750,000        2.13        2/1/40        752,468  

Richfield Independent School District No. 280

      6,000,000        4.00        2/1/37        6,747,360  

Robbinsdale Independent School District No. 281

      1,000,000        2.25        2/1/41        1,006,420  

Roseau Independent School District No. 682

      750,000        2.25        2/1/46        745,995  

Roseville Independent School District No. 623

      930,000        4.00        2/1/35        1,046,529  

Roseville Independent School District No. 623

      4,895,000        4.00        2/1/36        5,499,484  

South Washington Co. Independent School District No. 833

      5,000,000        4.00        2/1/31        5,630,900  

Springfield Independent School District No. 85

      750,000        2.00        2/1/39        737,700  

Springfield Independent School District No. 85

      500,000        2.00        2/1/40        488,310  

St. Cloud G.O.

      1,090,000        2.00        2/1/41        1,090,305  

St. Cloud G.O.

      560,000        2.00        2/1/42        555,503  

St. Francis Independent School District No. 15

      550,000        4.00        2/1/35        568,007  

St. Francis Independent School District No. 15

      750,000        4.00        2/1/36        774,270  

St. Paul Independent School District No. 625

      2,475,000        2.00        2/1/40        2,450,151  

State of Minnesota G.O.

      5,550,000        2.00        9/1/41        5,566,206  

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

      1,005,000        5.00        12/1/30        1,188,392  

Worthington Independent School District No. 518

      1,000,000        3.00        2/1/37        1,063,340  

Worthington Independent School District No. 518

      500,000        3.00        2/1/40        530,210  

Zumbrota-Mazeppa Independent School District No. 2805

      1,500,000        2.50        2/1/44        1,525,410  
           

 

 

  
              106,711,180  
           

 

 

  

Hospital/Health Care - 13.4%

            

Anoka Health Care and Hsg. Facs. Rev.

      1,135,000        5.38        11/1/34        1,215,074  

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

      1,500,000        5.25        7/1/35        1,516,755  

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

      250,000        5.00        11/1/29        274,930  

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

      3,000,000        4.50        11/1/34        3,230,490  

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

      500,000        5.00        11/1/44        540,090  

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

      350,000        4.00        9/1/39        353,042  

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

      500,000        5.00        9/1/44        528,945  

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

      1,225,000        5.00        9/1/52        1,284,964  

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

      2,000,000        4.00        3/1/32        2,113,860  

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

      1,000,000        4.00        5/1/32        1,008,500  

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

      1,000,000        5.00        5/1/34        1,071,770  

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

      1,000,000        5.00        5/1/38        1,064,850  

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

      1,700,000        5.75        8/1/30        1,377,306  

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

      1,050,000        6.00        8/1/35        845,638  

Duluth Economic Dev. Auth. Rev. (Benedictine Health System)

      360,000        3.00        7/1/26        378,400  

Duluth Economic Dev. Auth. Rev. (Benedictine Health System)

      1,625,000        4.00        7/1/31        1,769,349  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)  

      170,000        4.00        6/15/35        199,014  

 

 

4

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      400,000        4.00        6/15/35        467,404  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      170,000        4.00        6/15/36        198,881  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      375,000        4.00        6/15/36        437,126  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      170,000        4.00        6/15/37        198,570  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      350,000        4.00        6/15/37        406,955  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      375,000        4.00        6/15/38        435,150  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      150,000        4.00        6/15/38        175,020  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      225,000        4.00        6/15/39        260,507  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      150,000        4.00        6/15/39        174,516  

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)

      850,000        3.00        6/15/44        880,447  

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

      295,000        4.75        6/15/22        300,345  

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

      1,600,000        5.75        6/15/32        1,631,872  

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

      2,000,000        6.00        6/15/39        2,039,620  

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

      2,110,000        4.00        4/1/31        2,119,833  

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

      1,900,000        5.00        10/1/34        1,917,765  

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

      825,000        5.00        5/1/32        979,110  

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

      4,175,000        4.00        5/1/37        4,676,417  

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

      1,375,000        4.00        9/1/35        1,494,281  

Minneapolis Health Care System Rev. (Fairview Health Services)

      2,590,000        5.00        11/15/34        2,973,968  

Minneapolis Health Care System Rev. (Fairview Health Services)

      3,000,000        4.00        11/15/37        3,421,080  

Minneapolis Health Care System Rev. (Fairview Health Services)

      1,000,000        4.00        11/15/38        1,140,820  

Minneapolis Health Care System Rev. (Fairview Health Services)

      2,500,000        5.00        11/15/49        3,025,875  

Moorhead Economic Dev. Auth. Rev.

      550,000        4.60        9/1/25        550,126  

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

      1,500,000        5.50        8/1/28        1,529,355  

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

      1,000,000        6.00        8/1/36        1,023,890  

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11

      175,000        4.00        7/1/37        201,763  

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11

      200,000        4.00        7/1/39        229,672  

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11

      220,000        4.00        7/1/41        251,797  

Rochester Health Care Facs. Rev. (Mayo Clinic)

      5,000,000        5.00        11/15/33        7,089,200  

Rochester Health Care Facs. Rev. (Mayo Clinic)

      7,500,000        4.00        11/15/48        8,598,150  

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

      745,000        5.00        9/1/28        822,070  

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

      1,350,000        5.00        9/1/34        1,486,769  

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

      2,500,000        4.00        5/1/37        2,786,800  

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

      3,750,000        5.00        5/1/46        4,350,038  

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

      500,000        5.00        5/1/48        611,910  

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

      500,000        4.00        5/1/49        570,535  

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

      2,250,000        4.60        6/1/41        2,271,353  

St. Paul Hsg. & Redev. Auth. (Episcopal Homes Oblig. Group)

      1,000,000        4.00        11/1/42        1,020,930  

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

      750,000        4.00        11/15/35        857,377  

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

      4,000,000        4.00        11/15/43        4,548,920  

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

      1,000,000        5.00        11/15/47        1,193,120  

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

      4,800,000        5.00        7/1/32        5,479,872  

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

      2,000,000        5.00        7/1/33        2,281,060  

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

      2,150,000        5.00        5/1/38        2,204,223  

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

      625,000        4.25        8/1/24        625,319  

 

 

DECEMBER 31, 2021

   

 

5

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 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)

      1,000,000        5.00        11/1/37        1,033,650  
           

 

 

  
              99,746,438  
           

 

 

  

Industrial/Pollution Control - 0.4%

            

St. Paul Port Auth. Rev. 8

      1,000,000        4.00        10/1/40        1,105,270  

St. Paul Port Auth. Rev.

      1,000,000        4.00        10/1/42        1,109,150  

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

      1,000,000        4.50        10/1/37        1,012,640  
           

 

 

  
              3,227,060  
           

 

 

  

Insured - 0.3%

            

Guam Power Auth. Rev. (AGM Insured) 11

      500,000        5.00        10/1/30        515,635  

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

      55,000        4.00        3/1/22        55,129  

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

      750,000        5.13        7/1/30        753,592  

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

      1,000,000        5.00        10/1/23        1,015,770  
           

 

 

  
              2,340,126  
           

 

 

  

Multifamily Mortgage - 18.5%

            

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

      1,000,000        4.75        11/1/35        1,077,730  

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

      1,000,000        5.50        11/1/46        1,092,460  

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

      500,000        3.90        2/1/31        497,715  

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

      500,000        4.15        2/1/36        495,250  

Apple Valley Rev. (Orchard Path Phase II Proj.)

      260,000        4.00        9/1/30        287,763  

Apple Valley Rev. (Orchard Path Phase II Proj.)

      300,000        4.00        9/1/36        326,973  

Apple Valley Rev. (Orchard Path Phase II Proj.)

      440,000        4.00        9/1/41        474,694  

Apple Valley Rev. (Orchard Path Phase II Proj.)

      830,000        4.00        9/1/51        879,194  

Apple Valley Rev. (Orchard Path Phase II Proj.)

      750,000        4.00        9/1/61        786,030  

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

      2,000,000        5.00        9/1/58        2,084,600  

Apple Valley Senior Hsg. Rev. (Presbyterian Homes)

      1,500,000        5.00        9/1/43        1,570,905  

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

      475,000        4.00        1/1/25        456,218  

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

      1,045,000        4.00        1/1/25        1,045,115  

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

      1,175,000        4.00        1/1/26        1,175,047  

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

      1,290,000        6.75        1/1/27        1,183,033  

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

      950,000        4.00        1/1/30        929,632  

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

      1,430,000        4.25        1/1/37        1,388,273  

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

      950,000        7.00        1/1/37        768,626  

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

      2,640,000        4.38        1/1/47        2,488,675  

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

      2,850,000        5.00        1/1/47        2,203,648  

Bethel Rev. (Grandview Christian Home Proj.)

      3,000,000        5.00        10/1/41        3,167,820  

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

      1,630,000        5.13        7/1/25        1,625,094  

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

      1,645,000        5.75        7/1/35        1,601,391  

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

      2,000,000        6.13        7/1/45        1,962,160  

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

      1,250,000        5.13        3/1/39        1,343,437  

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

      495,000        6.00        1/1/27        496,074  

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

      750,000        6.00        8/1/33        782,685  

Cloquet Rev. (HADC Cloquet, LLC Proj.)

      180,000        2.20        8/1/28        177,496  

Cloquet Rev. (HADC Cloquet, LLC Proj.)

      250,000        2.60        8/1/30        245,645  

Cloquet Rev. (HADC Cloquet, LLC Proj.)

      200,000        2.80        8/1/31        196,198  

Cloquet Rev. (HADC Cloquet, LLC Proj.)  

      200,000        3.20        8/1/34        195,328  

 

 

6

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Cloquet Rev. (HADC Cloquet, LLC Proj.)

      500,000        4.00        8/1/41        507,980  

Cloquet Rev. (HADC Cloquet, LLC Proj.)

      500,000        4.00        8/1/48        500,705  

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

      1,000,000        5.00        1/1/34        990,220  

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

      1,000,000        5.25        1/1/40        999,990  

Crystal Multifamily Hsg. Rev. (Cavanagh Proj.)

      2,500,000        5.25        6/1/31        2,501,650  

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

      1,400,000        4.50        8/1/36        1,454,026  

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

      3,500,000        4.00        1/1/42        3,591,770  

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) 4

      2,500,000        3.55        4/1/39        2,474,425  

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

      750,000        5.00        8/1/36        760,575  

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

      500,000        5.00        8/1/51        506,190  

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

      1,345,000        5.00        4/1/38        1,360,884  

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

      3,375,474        3.75        11/1/34        3,853,103  

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

      1,350,000        5.38        8/1/34        1,363,972  

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

      500,000        5.75        2/1/44        506,885  

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

      250,000        4.00        12/1/32        250,678  

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

      1,000,000        4.25        7/1/39        1,033,630  

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

      500,000        5.00        7/1/39        535,700  

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

      1,000,000        4.45        7/1/44        1,037,460  

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

      1,000,000        5.00        7/1/49        1,061,160  

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

      2,765,000        4.75        1/20/42        2,769,756  

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

      5,000,000        2.35        2/1/38        5,142,050  

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

      1,015,000        5.75        7/15/31        1,045,968  

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

      375,000        4.75        11/1/28        381,439  

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

      1,500,000        5.00        11/1/35        1,524,705  

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

      1,000,000        4.75        8/1/43        1,057,450  

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

      500,000        5.00        8/1/53        531,405  

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

      1,893,299        3.00        11/1/34        2,023,179  

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

      1,000,000        5.20        8/1/43        1,047,390  

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

      280,000        4.65        9/1/26        280,045  

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

      1,000,000        5.00        9/1/32        1,000,160  

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

      250,000        5.13        9/1/37        250,028  

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

      1,500,000        5.00        8/1/39        1,502,370  

North Oaks Rev. (Waverly Gardens Proj.)

      150,000        4.25        10/1/41        160,666  

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

      2,000,000        4.00        10/1/33        2,153,540  

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

      1,500,000        5.00        10/1/35        1,652,505  

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

      1,000,000        5.00        10/1/47        1,092,620  

Otsego Rev. (Riverview Landing Proj.)

      1,500,000        5.00        10/1/42        1,536,525  

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

      1,950,000        5.00        12/1/30        2,050,756  

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

      1,325,000        5.00        12/1/49        1,354,375  

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

      1,000,000        5.00        8/1/37        1,054,090  

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

      1,800,000        5.00        8/1/48        1,878,858  

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

      720,000        6.38        12/1/33        763,610  

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

      2,500,000        6.50        12/1/35        2,650,975  

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

      250,000        6.88        12/1/48        265,053  

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

      4,000,000        3.75        6/1/29        4,035,200  

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

      1,135,000        5.25        9/1/27        1,149,165  

 

 

DECEMBER 31, 2021

   

 

7

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

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

      1,000,000        5.25        9/1/30        1,010,520  

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

      2,150,000        5.30        9/1/37        2,197,407  

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

      1,275,000        5.00        9/1/42        1,334,976  

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

      1,705,000        5.13        1/1/39        1,714,377  

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

      250,000        5.75        12/1/28        267,120  

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

      2,000,000        6.00        12/1/30        2,136,460  

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

      750,000        4.25        7/1/39        731,002  

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

      1,125,000        4.25        7/1/44        1,068,660  

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

      1,500,000        5.00        7/1/55        1,524,690  

St. Louis Park Rev. (Roitenberg Family Assisted)

      620,000        4.63        8/15/44        640,689  

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

      3,475,000        4.25        12/1/27        3,758,734  

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

      2,400,000        5.00        12/1/47        2,646,216  

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

      285,000        5.20        11/1/22        285,476  

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

      1,000,000        5.30        11/1/30        1,001,060  

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

      2,590,000        5.38        5/1/43        2,591,632  

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

      1,000,000        5.00        5/1/43        1,052,100  

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

      1,115,000        5.00        10/1/38        1,134,691  

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

      1,000,000        5.00        9/1/42        1,059,630  

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

      2,515,000        5.70        8/1/36        2,591,456  

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

      875,000        5.00        3/1/40        909,274  

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

      1,000,000        4.25        8/1/43        1,018,040  

Vergas Rev. (CDL Homes Proj.)

      235,000        4.00        8/1/25        242,175  

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

      1,500,000        4.00        8/1/44        1,566,180  

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

      1,000,000        5.00        8/1/49        1,068,990  

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

      2,750,000        5.00        8/1/54        2,932,628  

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

      250,000        5.00        11/1/49        255,213  

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

      2,610,000        4.63        4/1/30        2,638,580  
           

 

 

  
              138,027,771  
           

 

 

  

Municipal Lease - 6.5% 9

            

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

      600,000        4.00        2/1/41        619,314  

Chaska Economic Dev. Auth. Lease Rev.

      1,100,000        4.00        2/1/31        1,202,707  

Chaska Economic Dev. Auth. Lease Rev.

      500,000        4.00        2/1/35        544,810  

Duluth Independent School District No. 709

      245,000        3.00        3/1/22        245,399  

Duluth Independent School District No. 709

      1,875,000        2.60        3/1/28        1,894,800  

Duluth Independent School District No. 709

      920,000        3.00        3/1/32        927,204  

Duluth Independent School District No. 709

      1,000,000        4.00        2/1/27        1,129,900  

Duluth Independent School District No. 709

      750,000        4.20        3/1/34        795,638  

Golden Valley Hsg. & Redev. Auth. Rev.

      1,000,000        4.00        2/1/30        1,065,830  

Golden Valley Hsg. & Redev. Auth. Rev.

      500,000        4.00        2/1/32        531,730  

Guam Education Fin. Foundation 11

      1,730,000        5.00        10/1/22        1,771,278  

Hibbing Independent School District No. 701

      2,000,000        3.00        3/1/41        2,151,800  

Lake Agassiz Education Cooperative No. 0397-52

      645,000        2.50        2/1/32        641,839  

Lake Agassiz Education Cooperative No. 0397-52

      365,000        2.75        2/1/36        366,442  

Minnetonka Independent School District No. 276

      300,000        4.00        3/1/33        328,071  

Minnetonka Independent School District No. 276

      400,000        3.00        3/1/42        420,476  

Minnetonka Independent School District No. 276  

      500,000        3.00        7/1/50        531,000  

 

 

8

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Minnetonka Independent School District No. 276

      1,410,000        2.25        2/1/44        1,405,009  

Minnetonka Independent School District No. 276

      500,000        4.50        1/1/41        548,395  

Minnetonka Independent School District No. 276

      1,000,000        2.13        2/1/41        990,430  

Minnetonka Independent School District No. 276

      750,000        2.38        7/1/51        751,590  

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

      1,040,000        4.00        8/1/36        1,209,562  

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

      580,000        4.00        8/1/37        671,820  

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

      750,000        3.88        8/1/38        829,942  

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

      945,000        4.00        8/1/40        1,087,478  

MN Hsg. Fin. Agy. Rev.

      255,000        4.00        8/1/31        282,412  

MN Hsg. Fin. Agy. Rev.

      335,000        4.00        8/1/34        369,981  

MN Hsg. Fin. Agy. Rev.

      335,000        4.00        8/1/35        369,713  

MN Hsg. Fin. Agy. Rev.

      515,000        4.00        8/1/39        599,846  

MN Hsg. Fin. Agy. Rev.

      535,000        4.00        8/1/40        621,825  

MN Hsg. Fin. Agy. Rev.

      405,000        3.00        8/1/38        443,872  

MN Hsg. Fin. Agy. Rev.

      435,000        3.00        8/1/39        474,916  

MN Hsg. Fin. Agy. Rev.

      1,000,000        3.00        8/1/43        1,079,220  

MN Hsg. Fin. Agy. Rev.

      815,000        4.00        8/1/41        946,028  

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

      290,000        3.00        8/1/38        317,567  

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

      2,000,000        5.00        8/1/34        2,221,580  

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

      1,000,000        5.00        8/1/35        1,109,440  

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

      300,000        5.00        8/1/35        320,889  

MN State Armory Building Commission Rev.

      1,900,000        3.00        6/1/38        2,071,380  

MN State Armory Building Commission Rev.

      750,000        3.00        6/1/41        808,552  

Northeastern Metropolitan Intermediate School District No. 916

      1,000,000        5.00        2/1/34        1,121,210  

Osseo Independent School District No. 279

      1,000,000        4.00        2/1/28        1,068,210  

Pine Island Independent School District No. 255

      525,000        2.00        2/1/40        527,872  

Pine Island Independent School District No. 255

      1,110,000        2.20        2/1/44        1,118,680  

Pine Island Independent School District No. 255

      895,000        2.25        2/1/47        898,347  

Plymouth Intermediate District No. 287

      600,000        4.00        2/1/37        663,882  

Plymouth Intermediate District No. 287

      470,000        4.00        5/1/31        511,567  

Plymouth Intermediate District No. 287

      535,000        3.00        5/1/32        562,494  

Rochester Economic Dev. Auth. Rev.

      1,000,000        2.13        2/1/38        1,006,030  

Shakopee Independent School Dist. No. 720

      500,000        2.00        2/1/31        505,095  

Shakopee Independent School Dist. No. 720

      555,000        2.00        2/1/32        558,907  

Southern Plains Education Cooperative No. 915

      1,215,000        4.00        2/1/37        1,304,910  

Southern Plains Education Cooperative No. 915

      1,000,000        4.50        2/1/39        1,091,000  

St. Cloud Independent School District No. 742

      750,000        4.00        2/1/38        795,457  

Waconia Independent School District No. 110

      500,000        5.00        2/1/37        550,520  

Winona School District No. 861 Lease Purchase

      142,315        6.04        8/1/24        142,500  

Wright Co.

      1,350,000        3.00        12/1/39        1,469,434  
           

 

 

  
              48,595,800  
           

 

 

  

Municipal Money Market - 2.5% 1

            

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

      6,200,000        0.11        12/1/27        6,200,000  

City of Minneapolis St. Paul Hsg. & Redev. Auth. Rev. (Allina Health)

      2,430,000        0.10        11/15/34        2,430,000  

City of Rochester Rev. (Mayo Clinic)

      10,000,000        0.10        11/15/38        10,000,000  
           

 

 

  

  

               18,630,000  
           

 

 

  

 

 

DECEMBER 31, 2021

   

 

9

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

Other Revenue Bonds - 2.7%

            

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

      1,000,000        4.00        11/1/41        1,129,240  

Crystal Governmental Fac. Rev.

      281,365        5.10        12/15/26        276,717  

Milaca Rev. (Edina Headquarters Proj.)

      250,000        5.00        2/1/44        252,637  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      165,000        4.00        6/1/29        178,320  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      125,000        4.00        6/1/30        134,575  

Minneapolis Rev. (YMCA Greater Twin Cities Proj.)

      250,000        4.00        6/1/31        268,500  

Minneapolis Tax Increment Rev.

      320,000        3.50        3/1/23        326,634  

Minneapolis Tax Increment Rev.

      170,000        3.80        3/1/25        173,805  

Minneapolis Tax Increment Rev.

      200,000        4.00        3/1/27        204,554  

Minneapolis Tax Increment Rev.

      260,000        4.00        3/1/30        265,018  

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

      536,000        5.00        2/15/27        536,804  

Northeastern Metropolitan Intermediate School District No. 916

      4,500,000        4.00        2/1/38        4,806,135  

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

      375,000        5.00        2/1/23        375,529  

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

      1,750,000        5.00        12/1/36        2,158,730  

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

      619,000        6.38        2/15/28        620,455  

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

      200,000        6.75        3/1/28        200,182  

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

      660,000        6.50        3/1/29        661,261  

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

      805,000        7.00        2/15/28        807,431  

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

      568,000        7.50        2/15/28        569,039  

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

      3,875,000        5.00        8/1/36        3,879,262  

Territory of Guam. Rev. 11

      500,000        5.00        12/1/46        571,570  

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

      2,000,000        5.00        10/1/42        1,954,000  
           

 

 

  
              20,350,398  
           

 

 

  

Public Facilities - 0.2%

            

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

      1,250,000        4.00        2/1/32        1,379,562  
           

 

 

  

Sales Tax Revenue - 1.0%

            

American Samoa Economic Development Authority Rev. 11, 4

      500,000        6.00        9/1/23        519,680  

American Samoa Economic Development Authority Rev. 11

      2,000,000        6.25        9/1/29        2,314,040  

Guam Govt. Business Privilege Tax Rev. 11

      2,750,000        5.00        11/15/35        3,105,052  

St. Paul Sales Tax Rev.

      1,400,000        5.00        11/1/31        1,570,814  
           

 

 

  
              7,509,586  
           

 

 

  

Single Family Mortgage - 19.4%

            

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

      630,000        4.45        12/1/32        630,315  

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

      95,000        4.63        12/1/30        95,075  

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

      340,000        4.88        12/1/33        340,289  

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

      190,000        4.45        12/1/27        190,114  

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

      21        5.00        12/1/38        21  

MN Hsg. Fin. Agy. Homeownership Fin.

      1,565,879        2.35        6/1/50        1,610,303  

MN Hsg. Fin. Agy. Homeownership Fin.

      7,500,000        2.25        7/1/41        7,502,100  

MN Hsg. Fin. Agy. Homeownership Fin.

      8,500,000        2.40        7/1/46        8,392,815  

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

      3,355,000        2.45        7/1/45        3,400,695  

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

      5,170,000        2.45        7/1/46        5,217,978  

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

      2,314,075        3.30        3/1/48        2,377,781  

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

      2,208,150        3.30        5/1/48        2,270,199  

 

 

10

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 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)

      769,376        3.75        11/1/48        802,636  

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

      752,750        3.60        1/1/49        776,808  

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

      859,441        3.45        3/1/49        885,009  

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

      1,183,265        3.15        6/1/49        1,212,338  

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

      1,389,211        2.47        1/1/50        1,410,452  

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

      9,185,000        2.55        1/1/51        9,305,048  

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

      4,450,000        2.50        7/1/51        4,494,411  

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

      1,325,000        1.60        1/1/30        1,326,140  

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

      1,185,000        1.65        7/1/30        1,187,417  

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

      495,000        2.38        7/1/46        496,747  

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

      9,870,000        2.45        1/1/52        9,900,498  

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

      3,945,000        2.40        1/1/35        4,072,542  

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

      15,000        3.30        7/1/29        15,000  

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

      435,000        3.63        7/1/25        435,722  

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

      570,000        3.90        7/1/30        570,895  

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

      940,000        3.35        7/1/29        965,935  

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

      85,000        3.30        1/1/30        86,929  

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

      355,000        3.60        7/1/31        361,443  

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

      4,300,000        3.50        1/1/32        4,428,140  

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

      1,635,000        3.60        7/1/33        1,654,162  

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

      480,000        3.30        1/1/34        490,891  

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

      1,740,000        2.45        7/1/34        1,799,473  

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

      400,000        3.10        7/1/35        402,140  

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

      440,000        3.15        1/1/37        446,050  

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

      3,697,000        3.80        7/1/38        3,740,292  

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

      5,555,000        2.55        7/1/39        5,755,313  

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

      3,340,000        3.90        7/1/43        3,379,913  

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

      3,305,000        2.80        1/1/44        3,428,243  

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

      3,065,000        2.70        7/1/44        3,174,512  

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

      4,065,000        2.75        7/1/44        4,225,080  

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

      1,045,000        4.00        1/1/48        1,130,669  

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

      2,680,000        3.75        1/1/50        2,916,858  

MN Hsg. Fin. Agy. Rev. 8

      1,595,000        2.35        1/1/33        1,604,044  

MN Hsg. Fin. Agy. Rev. 8

      1,055,000        2.40        7/1/33        1,060,043  

MN Hsg. Fin. Agy. Rev.

      4,000,000        2.05        12/1/51        4,000,880  

MN Hsg. Fin. Agy. Rev.

      3,325,000        2.00        7/1/40        3,333,113  

MN Hsg. Fin. Agy. Rev.

      4,045,000        2.15        7/1/45        4,035,616  

MN Hsg. Fin. Agy. Rev.

      6,515,000        2.20        1/1/51        6,460,274  

MN Hsg. Fin. Agy. Rev.

      9,500,000        2.35        7/1/41        9,502,565  

MN Hsg. Fin. Agy. Rev.

      5,670,000        2.55        1/1/46        5,674,990  

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

      455,000        3.70        1/1/31        460,110  

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

      655,000        4.00        1/1/47        695,879  

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

      490,000        4.00        1/1/41        511,158  
           

 

 

  
              144,644,063  
           

 

 

  

Transportation - 0.2%

            

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

      1,100,000        5.00        1/1/33        1,195,810  

 

 

DECEMBER 31, 2021

   

 

11

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

Name of Issuer   

 

Principal
  Amount ($)  

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

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

      600,000        5.00        1/1/34        651,636  
           

 

 

  
              1,847,446  
           

 

 

  

Utility - 2.1%

            

Guam Govt. Waterworks Auth. Rev. 11

      2,000,000        5.00        1/1/46        2,265,820  

MN Municipal Power Agy. Electric Rev.

      500,000        4.00        10/1/31        539,860  

MN Municipal Power Agy. Electric Rev.

      1,250,000        4.00        10/1/32        1,348,563  

MN Municipal Power Agy. Electric Rev.

      1,155,000        4.00        10/1/33        1,245,321  

Northern Municipal Power Agy. Electric Rev.

      695,000        5.00        1/1/31        725,462  

Rochester Electric Utility Rev.

      500,000        5.00        12/1/42        588,030  

Southern Minnesota Municipal Power Agency

      1,000,000        5.00        1/1/41        1,148,270  

St. Paul Hsg. & Redev. Auth.

      650,000        4.00        10/1/33        730,450  

St. Paul Hsg. & Redev. Auth.

      900,000        3.38        10/1/37        963,486  

St. Paul Hsg. & Redev. Auth.

      800,000        4.00        10/1/37        893,472  

St. Paul Port Auth. Rev. 8

      1,000,000        4.00        10/1/40        1,105,270  

St. Paul Port Auth. Rev.

      550,000        4.00        10/1/41        611,061  

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

      1,250,000        5.45        8/1/28        1,286,200  

St. Paul Sewer Rev.

      1,220,000        2.00        12/1/41        1,200,895  

Western MN Municipal Power Agy. Rev.

      600,000        5.00        1/1/35        694,806  
           

 

 

  
              15,346,966  
           

 

 

  

Total Municipal Bonds
(cost: $702,677,877)

               728,101,161  
           

 

 

  

Investment Companies - 0.3%

            

Nuveen Minnesota Quality Municipal Income Fund (NMS)

      159,408              2,394,308  
           

 

 

  

Total Investment Companies
(cost: $2,186,198)

               2,394,308  
           

 

 

  

Total Investments in Securities - 97.8%
(cost: $704,864,075)

               730,495,469  
           

 

 

  

Other Assets and Liabilities, net - 2.2%

               16,199,847  
           

 

 

  

Total Net Assets - 100.0%

               $746,695,316  
           

 

 

  

 

 

1 

Variable rate security. Rate disclosed is as of December 31, 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 December 31, 2021 was $17,559,453 and represented 2.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

 
6 

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

 
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, 2021, 2.7% 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, 2021 was $48,595,800 and represented 6.5% 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, 2021 was $15,469,669 and represented 2.1% of net assets.

 

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

 

 

12

 

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

Sit Minnesota Tax-Free Income Fund (Continued)

 

A summary of the levels for the Fund’s investments as of December 31, 2021 is as follows:

 

     Investment in Securities  
  

 

 

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

 

 

  

Municipal Bonds

      —          728,101,161    —      728,101,161    

Investment Companies

              2,394,308                         —    —      2,394,308    
  

 

 

  

Total:

              2,394,308          728,101,161    —      730,495,469    
  

 

 

  

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.

 

 

DECEMBER 31, 2021

   

 

13