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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
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 | |
| | | | | | | | | | | | | | | | |
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 | |
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 | |
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 $15,469,669 and represented 2.1% of net assets. | |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Minnesota Tax-Free Income Fund (Continued)
A summary of the levels for the Fund’s investments as of December 31, 2021 is as follows:
| | | | | | | | | | | | |
| | | Investment in Securities | |
| | | | |
| | | Level 1 | | | Level 2 | | Level 3 | | | |
| | | Quoted
Prices ($) | | | 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.
