SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Municipal Bonds - 94.7%
Education/Student Loan - 17.2%
Baytown Township Rev. (St. Croix Prep)		1,000,000		4.00		8/1/36		960,840
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,100,000		4.00		7/1/37		1,043,064
Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,750,000		4.25		7/1/47		1,574,003
Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.)		605,000		5.25		7/1/30		593,366
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		320,000		4.00		7/1/24		320,000
Cologne Charter School Lease Rev. (Cologne Academy Proj.)		575,000		5.00		7/1/29		575,155
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		855,000		5.25		7/1/37		864,439
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		600,000		5.25		7/1/40		605,286
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		1,000,000		5.50		7/1/50		1,007,920
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)		1,100,000		5.00		11/1/38		1,033,274
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)		350,000		5.00		11/1/48		304,672
Forest Lake Charter School Lease Rev. (Lake International Language Academy)		850,000		5.50		8/1/36		850,689
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)		875,000		5.00		7/1/31		875,621
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		625,000		4.00		11/1/26		619,031
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		2,720,000		5.00		11/1/36		2,746,547
Hugo Charter School Lease Rev. (Noble Academy Proj.)		750,000		5.00		7/1/29		750,255
Hugo Charter School Lease Rev. (Noble Academy Proj.)		1,000,000		5.00		7/1/34		1,000,330
Independence Charter School Lease Rev. (Beacon Academy Proj.)		235,000		4.25		7/1/26		230,927
Independence Charter School Lease Rev. (Beacon Academy Proj.)		750,000		4.75		7/1/31		726,480
Independence Charter School Lease Rev. (Beacon Academy Proj.)		1,200,000		5.00		7/1/36		1,160,940
Independence Charter School Lease Rev. (Paladin High School Proj.)		225,000		3.25		6/1/31		199,028
Independence Charter School Lease Rev. (Paladin High School Proj.)		1,410,000		4.00		6/1/51		1,041,680
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4		560,000		4.00		12/1/31		511,560
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4		1,385,000		5.25		12/1/43		1,254,948
Minneapolis School Lease Rev. (Twin Cities International School) 4		825,000		4.25		12/1/27		821,791
Minneapolis School Lease Rev. (Twin Cities International School) 4		1,000,000		5.00		12/1/37		1,007,090
MN Higher Education Fac. Auth. Rev. (Augsburg College)		2,950,000		4.25		5/1/40		2,543,637
MN Higher Education Fac. Auth. Rev. (Bethel Univ.)		1,500,000		5.00		5/1/47		1,328,280
MN Higher Education Fac. Auth. Rev. (College of St. Benedict)		1,900,000		5.00		3/1/37		1,920,197
MN Higher Education Fac. Auth. Rev. (College of St. Olaf)		2,530,000		3.00		10/1/41		2,155,762
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		2,000,000		5.00		10/1/47		2,090,240
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		4,000,000		5.00		10/1/47		4,178,240
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		750,000		5.00		4/1/35		762,502
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		1,150,000		4.00		4/1/39		1,126,206
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		850,000		5.00		10/1/40		891,540
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		4,000,000		4.00		10/1/44		3,926,720
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		3,650,000		5.00		10/1/49		3,878,198
MN Office of Higher Education Rev. 8		2,000,000		4.00		11/1/42		1,901,560
MN Office of Higher Education Rev. 8		2,260,000		2.65		11/1/38		1,948,346
MN Office of Higher Education Rev. 8		990,000		4.00		11/1/37		974,784
Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.)		1,250,000		5.00		12/1/40		1,257,225
Savage Charter School Lease Rev. (Aspen Academy)		325,000		4.00		10/1/26		319,816
St. Cloud Charter School Lease Rev. (Stride Academy Proj.)		1,850,000		5.00		4/1/36		1,715,838
St. Paul Hsg. & Redev. Auth.		700,000		5.00		12/1/30		700,805

JUNE 30, 2024 1

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
St. Paul Hsg. & Redev. Auth.		1,150,000		5.00		12/1/37		1,150,288
St. Paul Hsg. & Redev. Auth.		705,000		5.00		12/1/46		661,960
St. Paul Hsg. & Redev. Auth. (German Immersion School)		855,000		5.00		7/1/33		855,239
St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)		720,000		4.50		12/1/29		665,928
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4		800,000		3.00		6/1/31		697,040
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4		1,225,000		4.00		6/1/51		873,045
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.)		250,000		2.00		9/1/26		237,658
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.)		350,000		4.00		9/1/31		344,796
St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists)		1,135,000		4.63		3/1/43		1,006,575
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		500,000		4.00		7/1/25		497,950
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		955,000		5.00		7/1/35		957,006
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		880,000		3.00		12/1/29		798,635
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		600,000		4.00		12/1/39		520,248
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		1,000,000		4.00		12/1/49		778,980
St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) 4		700,000		5.00		6/15/38		700,168
St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.)		1,000,000		4.13		9/1/47		889,490
Woodbury Charter School Lease Rev.		400,000		4.00		12/1/40		353,900
Woodbury Charter School Lease Rev.		555,000		4.00		12/1/50		454,390
								68,742,128
Escrowed To Maturity/Prerefunded - 0.5%
Duluth Independent School District No. 709		920,000		3.00		3/1/32		914,112
Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.)		1,250,000		4.00		2/1/32		1,259,462
								2,173,574
General Obligation - 9.6%
Beltrami G.O.		1,000,000		4.00		12/1/44		1,012,590
Blooming Prairie Independent School District No. 756		1,300,000		2.25		2/1/45		873,379
Itasca County Independent School District No. 318		4,050,000		2.00		2/1/39		2,805,921
Itasca County Independent School District No. 318		4,250,000		2.00		2/1/40		2,872,448
Itasca G.O.		2,500,000		2.38		2/1/45		1,714,700
Itasca G.O.		4,000,000		2.50		2/1/50		2,630,160
Madison Lake G.O.		590,000		2.13		2/1/42		404,699
Minnetonka Independent School District No. 276		1,900,000		5.00		2/1/41		1,908,721
Moorhead G.O.		510,000		2.13		2/1/42		344,204
Morrison Co. Education District No. 6979		1,000,000		4.50		2/1/34		1,003,310
Norwood Young America Independent School District No. 108		1,400,000		2.13		2/1/42		962,010
Norwood Young America Independent School District No. 108		1,500,000		2.25		2/1/45		998,940
Richfield Independent School District No. 280		2,000,000		4.00		2/1/37		2,016,820
Robbinsdale Independent School District No. 281		1,000,000		2.25		2/1/41		724,610
Roseau Independent School District No. 682		400,000		2.25		2/1/46		262,892
Sauk Centre Independent School District No. 743		1,000,000		2.00		2/1/40		705,760
St. Cloud G.O.		1,090,000		2.00		2/1/41		800,997
St. Paul Independent School District No. 625		2,475,000		2.00		2/1/40		1,744,627
State of Minnesota G.O.		5,550,000		2.00		9/1/41		3,790,594
Virginia G.O.		825,000		5.00		2/1/41		829,472
White Bear Lake Independent School District No. 624		10,850,000		3.00		2/1/43		9,068,105

2

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Zumbrota-Mazeppa Independent School District No. 2805		1,500,000		2.50		2/1/44		1,074,090
								38,549,049
Hospital/Health Care - 13.5%
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		500,000		5.00		11/1/44		500,740
Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center)		1,225,000		5.00		9/1/52		1,028,828
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)		1,000,000		4.00		5/1/32		747,240
Cuyuna Range Hospital District Health Care Facs. Rev.		1,000,000		5.50		5/1/48		1,020,440
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		1,300,000		5.75		8/1/30		995,332
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		1,050,000		6.00		8/1/35		734,853
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		400,000		4.00		6/15/35		414,204
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		170,000		4.00		6/15/35		175,365
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		170,000		4.00		6/15/36		174,820
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		350,000		4.00		6/15/37		360,056
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		170,000		4.00		6/15/37		174,344
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		375,000		4.00		6/15/38		382,624
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		150,000		4.00		6/15/38		152,712
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		225,000		4.00		6/15/39		228,064
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		150,000		4.00		6/15/39		151,818
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		850,000		3.00		6/15/44		715,139
Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.)		1,900,000		5.00		10/1/34		1,159,000
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		825,000		5.00		5/1/32		841,219
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		2,175,000		4.00		5/1/37		2,040,259
Minneapolis Health Care System Rev. (Fairview Health Services)		2,590,000		5.00		11/15/34		2,613,802
Minneapolis Health Care System Rev. (Fairview Health Services)		2,500,000		5.00		11/15/49		2,512,650
MN Agricultural & Economic Dev. Board Rev. (HealthPartners Oblig. Group Proj.)		2,000,000		5.25		1/1/54		2,157,140
Moorhead Economic Dev. Auth. Rev.		550,000		4.60		9/1/25		542,371
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,500,000		5.50		8/1/28		1,493,970
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,000,000		6.00		8/1/36		994,840
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11		175,000		4.00		7/1/37		165,904
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11		200,000		4.00		7/1/39		187,934
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11		220,000		4.00		7/1/41		202,605
Rochester Health Care Facs. Rev. (Mayo Clinic)		7,500,000		4.00		11/15/48		7,310,025
Rochester Health Care Facs. Rev. (Mayo Clinic)		5,000,000		5.00		11/15/34		5,832,950
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		3,750,000		5.00		5/1/46		3,786,187
St. Cloud Health Care Rev. (CentraCare Health System Proj.)		500,000		5.00		5/1/48		516,100
St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) 1		2,250,000		4.60		6/1/41		2,042,595
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.)		2,000,000		4.00		11/15/43		1,793,900
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		4,800,000		5.00		7/1/32		4,833,744
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		2,000,000		5.00		7/1/33		2,012,240
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		2,150,000		5.00		5/1/38		1,962,864
Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC)		110,000		4.25		8/1/24		109,835
Wadena Rev. (Wadena Cancer Center Proj.)		1,000,000		5.00		12/1/45		1,057,070
								54,125,783
Industrial/Pollution Control - 0.5% 8
St. Paul Port Auth. Rev.		1,000,000		4.00		10/1/40		896,840

JUNE 30, 2024 3

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) 4		1,000,000		4.50		10/1/37		982,160
								1,879,000
Multifamily Mortgage - 21.9%
Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)		1,000,000		5.50		11/1/46		961,400
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center)		500,000		4.15		2/1/36		410,000
Apple Valley Rev. (Orchard Path Phase II Proj.)		260,000		4.00		9/1/30		259,566
Apple Valley Rev. (Orchard Path Phase II Proj.)		300,000		4.00		9/1/36		287,679
Apple Valley Rev. (Orchard Path Phase II Proj.)		440,000		4.00		9/1/41		402,019
Apple Valley Rev. (Orchard Path Phase II Proj.)		830,000		4.00		9/1/51		705,160
Apple Valley Rev. (Orchard Path Phase II Proj.)		750,000		4.00		9/1/61		600,488
Apple Valley Senior Hsg. Rev. (Orchard Path Proj.)		2,000,000		5.00		9/1/58		1,970,840
Apple Valley Senior Hsg. Rev. (Presbyterian Homes)		1,500,000		5.00		9/1/43		1,502,745
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,045,000		4.00		1/1/25		1,033,798
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		475,000		4.00		1/1/25		464,745
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,175,000		4.00		1/1/26		1,138,340
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		680,000		6.75		1/1/27		597,414
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		950,000		4.00		1/1/30		851,380
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,430,000		4.25		1/1/37		1,151,164
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		950,000		7.00		1/1/37		599,849
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,640,000		4.38		1/1/47		1,148,623
Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		2,850,000		5.00		1/1/47		1,717,182
Bethel Hsg. and Health Care Facs. Rev. (Ecumen Obligated Group)		2,000,000		6.13		3/1/44		2,034,060
Bethel Rev. (Grandview Christian Home Proj.)		1,500,000		5.00		10/1/41		1,494,720
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2		1,250,000		5.13		7/1/25		812,500
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2		1,645,000		5.75		7/1/35		1,069,250
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2		2,000,000		6.13		7/1/45		1,300,000
Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.)		270,000		6.00		1/1/27		270,127
Chisago Hsg. and Health Care Rev. (CDL Homes LLC)		750,000		6.00		8/1/33		750,270
Cloquet Rev. (HADC Cloquet, LLC Proj.)		180,000		2.20		8/1/28		161,217
Cloquet Rev. (HADC Cloquet, LLC Proj.)		250,000		2.60		8/1/30		216,940
Cloquet Rev. (HADC Cloquet, LLC Proj.)		200,000		2.80		8/1/31		171,746
Cloquet Rev. (HADC Cloquet, LLC Proj.)		200,000		3.20		8/1/34		166,678
Cloquet Rev. (HADC Cloquet, LLC Proj.)		500,000		4.00		8/1/41		393,565
Cloquet Rev. (HADC Cloquet, LLC Proj.)		500,000		4.00		8/1/48		361,845
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev.		3,500,000		4.00		1/1/42		3,462,935
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) 4		2,500,000		3.55		4/1/39		2,018,200
Duluth Hsg. & Redevelopment Auth. Rev. (Pennel Park Proj.)		1,250,000		4.50		8/1/41		1,252,965
Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.)		3,260,371		3.75		11/1/34		3,184,633
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		1,350,000		5.38		8/1/34		1,196,694
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		500,000		5.75		2/1/44		411,325
Independence Health Care Facs. Rev. (Augustana Chapel View Home)		250,000		4.00		12/1/32		235,612
Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.)		2,000,000		5.13		1/1/40		1,944,780
Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) 8		2,765,000		4.75		1/20/42		2,765,747
Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized)		4,619,470		2.35		2/1/38		3,620,925
Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing)		1,015,000		5.75		7/15/31		1,015,051
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		375,000		4.75		11/1/28		364,399

4

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		1,500,000		5.00		11/1/35		1,411,905
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		575,000		4.00		11/1/25		565,173
Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized)		1,818,252		3.00		11/1/34		1,670,919
MN Hsg. Fin. Agy. Rental Hsg. Rev.		1,000,000		5.20		8/1/43		1,000,840
Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC)		280,000		4.65		9/1/26		273,011
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		1,000,000		5.00		9/1/32		918,500
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		250,000		5.13		9/1/37		219,872
New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.)		1,500,000		5.00		8/1/39		1,235,325
North Oaks Rev. (Waverly Gardens Proj.)		150,000		4.25		10/1/41		140,052
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		2,000,000		4.00		10/1/33		1,920,500
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,500,000		5.00		10/1/35		1,521,225
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,000,000		5.00		10/1/47		1,001,600
Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.)		1,950,000		5.00		12/1/30		1,839,357
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		720,000		6.38		12/1/33		720,252
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		2,500,000		6.50		12/1/35		2,500,925
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		250,000		6.88		12/1/48		249,997
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		2,150,000		5.30		9/1/37		2,150,150
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		500,000		5.00		9/1/35		501,125
Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.)		1,715,000		5.13		1/1/39		1,501,551
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		250,000		5.75		12/1/28		250,083
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		2,000,000		6.00		12/1/30		2,000,660
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)		1,500,000		5.00		7/1/55		1,301,295
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)		1,000,000		5.50		12/1/38		1,053,330
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		2,400,000		4.25		12/1/27		2,363,208
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		2,400,000		5.00		12/1/47		2,370,528
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		840,000		5.30		11/1/30		827,081
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		2,590,000		5.38		5/1/43		2,325,069
St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.)		1,500,000		5.00		9/1/42		1,499,910
Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.)		1,000,000		4.25		8/1/43		789,200
Vergas Rev. (CDL Homes Proj.)		120,000		4.00		8/1/25		118,374
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		1,500,000		4.00		8/1/44		1,362,600
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		1,000,000		5.00		8/1/49		1,003,680
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		2,750,000		5.00		8/1/54		2,755,802
								87,841,675
Municipal Lease - 2.4% 9
Lake Agassiz Education Cooperative No. 0397-52		645,000		2.50		2/1/32		548,869
Minnetonka Independent School District No. 276		1,410,000		2.25		2/1/44		965,540
Minnetonka Independent School District No. 276		1,000,000		2.13		2/1/41		710,750
Minnetonka Independent School District No. 276		750,000		2.38		7/1/51		471,450
MN Hsg. Fin. Agy. Rev.		2,065,000		3.00		8/1/43		1,646,342
MN Hsg. Fin. Agy. Rev. (State Appropriation)		2,000,000		5.00		8/1/34		2,001,640
Northeastern Metropolitan Intermediate School District No. 916		1,000,000		5.00		2/1/34		1,007,980
Pine Island Independent School District No. 255		525,000		2.00		2/1/40		371,401
Pine Island Independent School District No. 255		1,110,000		2.20		2/1/44		746,575
Pine Island Independent School District No. 255		895,000		2.25		2/1/47		574,948
Waconia Independent School District No. 110		500,000		5.00		2/1/37		500,845

JUNE 30, 2024 5

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
Winona School District No. 861 Lease Purchase		50,245		6.04		8/1/24		50,294
								9,596,634
Other Revenue Bonds - 2.9%
Crystal Governmental Fac. Rev.		176,567		5.10		12/15/26		169,490
Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.)		203,000		5.00		2/15/27		198,846
Northeastern Metropolitan Intermediate School District No. 916		2,500,000		4.00		2/1/38		2,499,925
St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.)		1,750,000		5.00		12/1/36		1,822,975
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.)		306,000		6.38		2/15/28		306,064
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.)		405,000		6.50		3/1/29		405,057
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		636,000		7.00		2/15/28		636,191
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		340,000		7.50		2/15/28		340,007
St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.)		3,510,000		5.00		8/1/36		3,511,650
Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) 11		2,000,000		5.00		10/1/42		1,737,760
								11,627,965
Sales Tax Revenue - 1.2% 11
American Samoa Economic Development Authority Rev.		2,000,000		6.25		9/1/29		2,040,720
Guam Govt. Business Privilege Tax Rev.		2,750,000		5.00		11/15/35		2,778,105
								4,818,825
Single Family Mortgage - 22.8%
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA)		490,000		4.45		12/1/32		490,059
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA)		20,000		4.63		12/1/30		20,003
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)		235,000		4.88		12/1/33		235,049
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA)		55,000		4.45		12/1/27		54,865
MN Hsg. Fin. Agy. Homeownership Fin.		7,295,000		2.25		7/1/41		5,366,494
MN Hsg. Fin. Agy. Homeownership Fin.		8,270,000		2.40		7/1/46		5,619,548
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,130,000		2.45		7/1/45		2,188,152
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		4,985,000		2.45		7/1/46		3,427,836
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,600,492		3.30		5/1/48		1,440,331
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		512,262		3.75		11/1/48		473,156
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		511,368		3.60		1/1/49		471,568
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		538,329		3.45		3/1/49		492,900
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		899,169		3.15		6/1/49		803,668
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		943,970		2.47		1/1/50		811,965
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		8,585,000		2.55		1/1/51		5,929,144
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		4,290,000		2.50		7/1/51		2,914,669
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		475,000		2.38		7/1/46		320,844
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		9,340,000		2.45		1/1/52		6,219,132
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,440,000		2.40		1/1/35		2,868,031
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,410,000		2.75		7/1/42		2,717,600
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,270,000		2.90		1/1/45		999,122
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		2,300,000		3.00		7/1/43		1,867,347
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		32,000		3.80		7/1/38		30,889
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		4,290,000		2.55		7/1/39		3,482,794
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		2,885,000		2.80		1/1/44		2,275,399
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		2,775,000		2.70		7/1/44		2,136,889

6

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Principal  Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		3,130,000		2.75		7/1/44		2,435,234
MN Hsg. Fin. Agy. Rev. 8		1,000,000		5.35		7/1/36		1,045,080
MN Hsg. Fin. Agy. Rev. 8		1,000,000		4.60		7/1/39		1,021,910
MN Hsg. Fin. Agy. Rev.		3,518,842		2.05		12/1/51		2,953,575
MN Hsg. Fin. Agy. Rev.		3,165,000		2.00		7/1/40		2,270,887
MN Hsg. Fin. Agy. Rev.		3,850,000		2.15		7/1/45		2,507,081
MN Hsg. Fin. Agy. Rev.		6,205,000		2.20		1/1/51		3,876,636
MN Hsg. Fin. Agy. Rev.		9,360,000		2.35		7/1/41		7,024,774
MN Hsg. Fin. Agy. Rev.		5,580,000		2.55		1/1/46		4,000,581
MN Hsg. Fin. Agy. Rev.		2,380,000		5.00		7/1/53		2,443,308
MN Hsg. Fin. Agy. Rev.		1,000,000		6.00		7/1/53		1,072,870
MN Hsg. Fin. Agy. Rev.		1,000,000		6.25		1/1/54		1,088,670
MN Hsg. Fin. Agy. Rev.		1,250,000		5.10		7/1/42		1,324,625
MN Hsg. Fin. Agy. Rev.		1,715,000		5.15		7/1/45		1,793,478
MN Hsg. Fin. Agy. Rev.		1,460,000		6.00		1/1/53		1,547,556
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC)		1,000,000		4.60		7/1/45		1,004,230
								91,067,949
Transportation - 0.7% 8
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		675,000		5.00		1/1/25		678,240
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		450,000		5.00		1/1/26		457,740
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		1,000,000		5.00		1/1/47		1,040,470
Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		500,000		5.25		1/1/47		531,110
								2,707,560
Utility - 1.5%
Guam Govt. Waterworks Auth. Rev. 11		2,000,000		5.00		1/1/46		2,032,080
Rochester Electric Utility Rev.		500,000		5.00		12/1/42		507,865
Southern Minnesota Municipal Power Agency		1,000,000		5.00		1/1/41		1,013,800
Southern Minnesota Municipal Power Agency		650,000		5.00		1/1/46		656,611
St. Paul Port Auth. Rev. 8		750,000		5.25		10/1/42		763,410
Western MN Municipal Power Agy. Rev.		550,000		5.00		1/1/25		554,317
Western MN Municipal Power Agy. Rev.		600,000		5.00		1/1/35		611,178
								6,139,261
Total Municipal Bonds (cost: $434,396,442)								379,269,403

JUNE 30, 2024 7

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Investment Companies - 0.4%
Nuveen Minnesota Quality Municipal Income Fund (NMS)		132,458		1,503,398
Total Investment Companies (cost: $1,829,974)				1,503,398
Total Investments in Securities - 95.1% (cost: $436,226,416)				380,772,801
Other Assets and Liabilities, net - 4.9%				19,624,459
Net Assets - 100.0%			$	400,397,260

¹  Variable rate security. Rate disclosed is as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

²  Security considered illiquid by the Investment Adviser. The total value of such securities as of June 30, 2024 was $3,181,750 and represented 0.8% of net assets.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2024 was $8,866,002 and represented 2.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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, 2024, 3.7% 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, 2024 was $9,596,634 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.

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, 2024 was $9,145,108 and represented 2.3% of net assets.

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

Short futures contracts outstanding as of June 30, 2024 were as follows:

Type	Contracts		Expiration  Date		Notional  Amount ($)		Value/ Unrealized Appreciation   (Depreciation) ($)
Short Futures: 10
U.S. Treasury Long Bond		118		September 2024		(13,960,875)		(167,225)
U.S. Treasury 5-Year		240		September 2024		(25,578,751)		(149,844)
U.S. Treasury 10-Year		394		September 2024		(43,333,846)		(344,687)
								(661,756)

¹⁰  The amount of $8,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of June 30, 2024.

8

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows: 

	Investment in Securities
	Level 1 Quoted   Prices ($)			Level 2 Other significant observable inputs ($)			Level 3 Significant unobservable inputs ($)			Total ($)
Assets
Municipal Bonds		—			379,269,403			—			379,269,403
Investment Companies		1,503,398			—			—			1,503,398
Total:		1,503,398			379,269,403			—			380,772,801
Liabilities
Futures		(661,756	)		—			—			(661,756)

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, 2024 9