SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Municipal Bonds - 91.1% | | | | | | | | | | | | | | | | |
| | | | |
Alabama - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Clio Water & Sewer Rev. (AGM Insured) | | | 340,000 | | | | 3.10 | | | | 1/1/33 | | | | 340,745 | |
| | | | |
Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) 4 | | | 500,000 | | | | 4.00 | | | | 11/1/45 | | | | 541,150 | |
| | | | |
Stadium Trace Village Improvement District Rev. | | | 500,000 | | | | 3.63 | | | | 3/1/36 | | | | 502,315 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,384,210 | |
| | | | | | | | | | | | | | | | |
| | | | |
Alaska - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
AK Hsg. Finance Corp. Rev. (State Capital Proj.) | | | 355,000 | | | | 4.00 | | | | 6/1/36 | | | | 385,292 | |
| | | | |
AK Hsg. Finance Corp. Rev. (State Capital Proj.) | | | 145,000 | | | | 4.00 | | | | 6/1/36 | | | | 161,640 | |
| | | | |
AK Industrial Dev. & Export Auth. Rev. (Boys & Girls Home) 2, 5,15 | | | 250,000 | | | | 5.50 | | | | N/A | | | | 10,313 | |
| | | | |
AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation) | | | 250,000 | | | | 5.00 | | | | 4/1/33 | | | | 262,935 | |
| | | | |
AK Industrial Dev. & Export Auth. Rev. (Tanana Chiefs Conference Proj.) | | | 300,000 | | | | 4.00 | | | | 10/1/49 | | | | 339,021 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,159,201 | |
| | | | | | | | | | | | | | | | |
| | | | |
Arizona - 2.3% | | | | | | | | | | | | | | | | |
| | | | |
AZ Health Facs. Auth. Rev. (Scottsdale Lincoln Hospital Proj.) 1 | | | 250,000 | | | | 4.00 | | | | 12/1/39 | | | | 250,245 | |
| | | | |
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 4 | | | 750,000 | | | | 6.75 | | | | 7/1/30 | | | | 868,072 | |
| | | | |
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 4 | | | 100,000 | | | | 5.50 | | | | 7/1/31 | | | | 109,378 | |
| | | | |
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 4 | | | 750,000 | | | | 7.75 | | | | 7/1/50 | | | | 905,535 | |
| | | | |
AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) 4 | | | 200,000 | | | | 6.00 | | | | 7/1/51 | | | | 221,118 | |
| | | | |
AZ Industrial Dev. Auth. Rev. (Social Bond Equitable School Revolving Fund) | | | 500,000 | | | | 4.00 | | | | 11/1/45 | | | | 572,565 | |
| | | | |
Glendale Industrial Dev. & Auth. Rev. (Beatitudes Campus Proj.) | | | 300,000 | | | | 5.00 | | | | 11/15/36 | | | | 321,837 | |
| | | | |
La Paz Co. Industrial Dev. Auth. (Charter School Solutions Harmony Public Proj.) | | | 750,000 | | | | 5.00 | | | | 2/15/48 | | | | 866,115 | |
| | | | |
Maricopa Co. Industrial Dev. Auth. Rev. (Legacy Traditional School Proj.) | | | 500,000 | | | | 4.00 | | | | 7/1/50 | | | | 561,570 | |
| | | | |
Maricopa Co. Industrial Dev. Auth. Rev. (Paradise School Proj.) | | | 1,000,000 | | | | 4.00 | | | | 7/1/54 | | | | 1,137,050 | |
| | | | |
Phoenix City Industrial Dev. Auth. Rev. (Northwest Christian School Proj.) 4 | | | 600,000 | | | | 5.00 | | | | 9/1/45 | | | | 673,842 | |
| | | | |
Phoenix City Industrial Dev. Auth. Rev. (Vista College Preparatory Proj.) | | | 400,000 | | | | 4.13 | | | | 7/1/38 | | | | 446,884 | |
| | | | |
Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4 | | | 1,000,000 | | | | 5.38 | | | | 6/15/35 | | | | 1,098,890 | |
| | | | |
Pima Co. Industrial Dev. Auth. Education Rev. (American Leadership Academy Proj.) 4 | | | 370,000 | | | | 4.75 | | | | 6/15/37 | | | | 377,363 | |
| | | | |
Quechan Indian Tribe of Fort Yuma Rev. (Tribal Economic Dev.) | | | 275,000 | | | | 9.75 | | | | 5/1/25 | | | | 278,630 | |
| | | | |
Tempe Industrial Dev. Auth. Rev. (Mirabella at ASU Proj.) 4 | | | 500,000 | | | | 4.70 | | | | 10/1/24 | | | | 500,335 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 9,189,429 | |
| | | | | | | | | | | | | | | | |
| | | | |
Arkansas - 0.5% | | | | | | | | | | | | | | | | |
| | | | |
Mountain Home City Sales & Use Tax Rev. | | | 500,000 | | | | 2.00 | | | | 9/1/38 | | | | 501,585 | |
| | | | |
Rogers City Rev. | | | 1,000,000 | | | | 3.88 | | | | 11/1/39 | | | | 1,127,280 | |
| | | | |
Springdale City Sales & Use Tax Rev. Ref. (BAM Insured) | | | 500,000 | | | | 3.60 | | | | 4/1/41 | | | | 519,715 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,148,580 | |
| | | | | | | | | | | | | | | | |
| | | | |
California - 4.1% | | | | | | | | | | | | | | | | |
| | | | |
CA Health Facs. Financing Auth. Rev. (On Lok Senior Health Services) | | | 500,000 | | | | 5.00 | | | | 8/1/50 | | | | 611,590 | |
| | | | |
CA Municipal Finance Auth. Rev. (Caritas Proj.) | | | 250,000 | | | | 4.00 | | | | 8/15/56 | | | | 260,547 | |
| | | | |
CA Public Finance Auth. Rev. (Enso Village Proj.) 4 | | | 350,000 | | | | 3.13 | | | | 5/15/29 | | | | 354,526 | |
| | | | |
CA Public Finance Auth. Rev. (Green Bond-Enso Village Proj.) 4 | | | 500,000 | | | | 5.00 | | | | 11/15/46 | | | | 573,680 | |
| | | | |
CA Public Finance Auth. Rev. (Green Bond-Enso Village Proj.) 4 | | | 250,000 | | | | 5.00 | | | | 11/15/56 | | | | 285,518 | |
| | | | |
CA School Facs. Finance Auth. Rev. (Azusa Unified School District) (AGM Insured) 6 | | | 500,000 | | | | 6.00 | | | | 8/1/29 | | | | 617,580 | |
| | | | |
Carlsbad Unified School District G.O. Capital Appreciation 6 | | | 400,000 | | | | 6.13 | | | | 8/1/31 | | | | 552,984 | |
| | | | |
Colton Joint Unified School District G.O. (AGM Insured) 6 | | | 1,000,000 | | | | 5.80 | | | | 8/1/35 | | | | 1,238,660 | |
| | | | |
Encinitas Union School District G.O. Capital Appreciation 6 | | | 500,000 | | | | 7.00 | | | | 8/1/35 | | | | 724,855 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Hartnell Community College G.O. 6 | | | 500,000 | | | | 7.00 | | | | 8/1/34 | | | | 626,335 | |
| | | | |
Healdsburg Unified School District G.O. 6 | | | 1,250,000 | | | | 5.00 | | | | 8/1/37 | | | | 1,398,875 | |
| | | | |
Imperial Community College District G.O. Capital Appreciation (AGM Insured) 6 | | | 250,000 | | | | 6.75 | | | | 8/1/40 | | | | 304,522 | |
| | | | |
Los Alamitos Unified School District Capital Appreciation C.O.P. 6 | | | 1,100,000 | | | | 6.00 | | | | 8/1/34 | | | | 1,274,889 | |
| | | | |
Martinez Unified School District G.O. 6 | | | 250,000 | | | | 6.13 | | | | 8/1/35 | | | | 287,020 | |
| | | | |
Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia) | | | 500,000 | | | | 4.00 | | | | 8/15/45 | | | | 571,415 | |
| | | | |
Redondo Beach School District G.O. 6 | | | 600,000 | | | | 6.38 | | | | 8/1/34 | | | | 749,658 | |
| | | | |
Reef-Sunset Unified School District (BAM Insured) 6 | | | 750,000 | | | | 4.85 | | | | 8/1/38 | | | | 861,795 | |
| | | | |
Ripon Unified School District G.O. (BAM Insured) 6 | | | 80,000 | | | | 4.50 | | | | 8/1/30 | | | | 85,052 | |
| | | | |
Ripon Unified School District G.O. (BAM Insured) 6 | | | 270,000 | | | | 4.50 | | | | 8/1/30 | | | | 287,037 | |
| | | | |
Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) 1 | | | 500,000 | | | | 0.68 | | | | 6/1/39 | | | | 493,655 | |
| | | | |
San Jose Financing Auth. Rev. (Civic Center Garage Proj.) 9 | | | 400,000 | | | | 5.00 | | | | 6/1/39 | | | | 426,544 | |
| | | | |
South Tahoe Joint Powers Financing Auth. Tax Allocation Ref. (South Tahoe Redev. Proj.) (AGM Insured) | | | 500,000 | | | | 5.00 | | | | 10/1/30 | | | | 552,770 | |
| | | | |
Sulphur Springs Union School Dist. C.O.P. (AGM Insured) 6 | | | 245,000 | | | | 6.50 | | | | 12/1/37 | | | | 297,391 | |
| | | | |
Sulphur Springs Union School Dist. C.O.P. (AGM Insured) 6 | | | 205,000 | | | | 6.50 | | | | 12/1/37 | | | | 251,258 | |
| | | | |
Tracy Joint Unified School District G.O. Capital Appreciation 6 | | | 600,000 | | | | 7.00 | | | | 8/1/41 | | | | 677,982 | |
| | | | |
Upland Unified School District G.O. Capital Appreciation 6 | | | 1,000,000 | | | | 7.00 | | | | 8/1/41 | | | | 1,225,570 | |
| | | | |
Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) 6 | | | 500,000 | | | | 6.00 | | | | 8/1/34 | | | | 680,715 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 16,272,423 | |
| | | | | | | | | | | | | | | | |
| | | | |
Colorado - 4.5% | | | | | | | | | | | | | | | | |
| | | | |
Baseline Metropolitan District No. 1 G.O. | | | 280,000 | | | | 5.00 | | | | 12/1/51 | | | | 298,214 | |
| | | | |
Brighton Crossing Metropolitan District No. 6 G.O. | | | 515,000 | | | | 5.00 | | | | 12/1/40 | | | | 565,650 | |
| | | | |
Buffalo Highlands Metropolitan District G.O. | | | 350,000 | | | | 5.25 | | | | 12/1/38 | | | | 373,209 | |
| | | | |
Chambers Highpoint Metropolitan District No. 2 G.O. | | | 515,000 | | | | 5.00 | | | | 12/1/41 | | | | 547,435 | |
| | | | |
CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.) | | | 250,000 | | | | 5.60 | | | | 7/1/34 | | | | 250,942 | |
| | | | |
CO Educational & Cultural Facs. Auth. Rev. (STEM School Proj.) | | | 350,000 | | | | 4.00 | | | | 10/1/61 | | | | 367,570 | |
| | | | |
CO Health Facs. Auth. Rev. (Aberdeen Ridge) | | | 400,000 | | | | 3.50 | | | | 5/15/30 | | | | 401,364 | |
| | | | |
CO Health Facs. Auth. Rev. (Aberdeen Ridge) | | | 500,000 | | | | 5.00 | | | | 5/15/58 | | | | 520,455 | |
| | | | |
CO Health Facs. Auth. Rev. (Covenant Living Community) | | | 500,000 | | | | 4.00 | | | | 12/1/50 | | | | 569,475 | |
| | | | |
CO Health Facs. Auth. Rev. (Covenant Retirement Community) | | | 650,000 | | | | 5.00 | | | | 12/1/48 | | | | 755,411 | |
| | | | |
Copperleaf Metro District No. 4 G.O. | | | 750,000 | | | | 5.00 | | | | 12/1/49 | | | | 809,617 | |
| | | | |
Crystal Crossing Metro District G.O. | | | 500,000 | | | | 5.25 | | | | 12/1/40 | | | | 539,975 | |
| | | | |
Denver City & County Housing Auth. Rev. (Sustainability Bonds - Thrive Proj.) | | | 500,000 | | | | 2.05 | | | | 2/1/39 | | | | 500,205 | |
| | | | |
DIATC Metropolitan District G.O. 4 | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 536,390 | |
| | | | |
Green Valley Ranch East Metropolitan District No. 6 G.O. | | | 1,000,000 | | | | 5.88 | | | | 12/1/50 | | | | 1,100,670 | |
| | | | |
Haskins Station Metropolitan District G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 535,985 | |
| | | | |
Hunters Overlook Metropolitan District No. 5 G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 541,495 | |
| | | | |
Johnstown Village Metropolitan District No. 2. G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/50 | | | | 540,625 | |
| | | | |
Lambertson Farms Metro District No. 1 G.O. | | | 500,000 | | | | 5.00 | | | | 12/15/25 | | | | 473,870 | |
| | | | |
Legato Community Auth. Rev. | | | 500,000 | | | | 5.00 | | | | 12/1/51 | | | | 539,170 | |
| | | | |
Mirabelle Metropolitan District. No. 2 G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 535,035 | |
| | | | |
Peak Metropolitan District No. 1 G.O. 4 | | | 500,000 | | | | 5.00 | | | | 12/1/41 | | | | 548,115 | |
| | | | |
Peak Metropolitan District No. 1 G.O. 4 | | | 500,000 | | | | 5.00 | | | | 12/1/51 | | | | 544,000 | |
| | | | |
Raindance Metropolitan District No. 2 G.O. | | | 330,000 | | | | 5.00 | | | | 12/1/39 | | | | 355,925 | |
| | | | |
Reunion Metropolitan District Rev. | | | 600,000 | | | | 3.63 | | | | 12/1/44 | | | | 595,374 | |
| | | | |
St. Vrain Lakes Metropolitan District No. 2 G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/37 | | | | 525,950 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
STC Metropolitan District No. 2 G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 541,835 | |
| | | | |
Thompson Crossing Metropolitan District No. 4 G.O. | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 536,255 | |
| | | | |
Transport Metropolitan District No. 3 G.O. | | | 750,000 | | | | 5.00 | | | | 12/1/51 | | | | 828,510 | |
| | | | |
Tree Farm Metropolitan District G.O. 4 | | | 500,000 | | | | 4.50 | | | | 12/1/41 | | | | 506,625 | |
| | | | |
Vauxmont Metropolitan District G.O. (AGM Insured) | | | 475,000 | | | | 3.25 | | | | 12/15/50 | | | | 512,891 | |
| | | | |
Wild Plum Metropolitan District G.O. | | | 595,000 | | | | 5.00 | | | | 12/1/49 | | | | 643,647 | |
| | | | |
Windler Public Improvement Auth. Rev. | | | 500,000 | | | | 4.00 | | | | 12/1/41 | | | | 499,300 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 17,941,189 | |
| | | | | | | | | | | | | | | | |
| | | | |
Connecticut - 1.0% | | | | | | | | | | | | | | | | |
| | | | |
CT Health & Educational Facs. Auth. Rev. 4 | | | 250,000 | | | | 3.25 | | | | 1/1/27 | | | | 253,792 | |
| | | | |
CT Health & Educational Facs. Auth. Rev. 4 | | | 250,000 | | | | 5.00 | | | | 1/1/55 | | | | 275,408 | |
| | | | |
CT Hsg. Finance Auth. Rev. | | | 100,000 | | | | 3.88 | | | | 11/15/35 | | | | 100,670 | |
| | | | |
CT Hsg. Finance Auth. Rev. 9 | | | 505,000 | | | | 4.25 | | | | 6/15/43 | | | | 571,675 | |
| | | | |
CT Hsg. Finance Auth. Rev. | | | 1,000,000 | | | | 3.85 | | | | 5/15/45 | | | | 1,027,460 | |
| | | | |
CT Hsg. Finance Auth. Rev. | | | 865,000 | | | | 2.55 | | | | 6/15/46 | | | | 873,788 | |
| | | | |
CT Hsg. Finance Auth. Rev. 9 | | | 455,000 | | | | 4.30 | | | | 6/15/48 | | | | 512,052 | |
| | | | |
Steel Point Infrastructure Improvement District Rev. (Steelpointe Harbor Proj.) 4 | | | 350,000 | | | | 4.00 | | | | 4/1/51 | | | | 366,405 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,981,250 | |
| | | | | | | | | | | | | | | | |
| | | | |
District of Columbia - 0.7% | | | | | | | | | | | | | | | | |
| | | | |
District of Columbia Hsg. Finance Agency Rev. (FHA Insured) | | | 1,500,000 | | | | 2.50 | | | | 3/1/42 | | | | 1,497,855 | |
| | | | |
District of Columbia Hsg. Finance Agency Rev. (Multi-Family Dev. Program) | | | 600,000 | | | | 4.05 | | | | 9/1/43 | | | | 671,766 | |
| | | | |
District of Columbia Rev. (Ingleside Rock Creek Proj.) | | | 500,000 | | | | 5.00 | | | | 7/1/37 | | | | 537,005 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,706,626 | |
| | | | | | | | | | | | | | | | |
| | | | |
Florida - 12.8% | | | | | | | | | | | | | | | | |
| | | | |
Alachua Co. Health Facs. Auth. Rev. (Oak Hammock University) | | | 385,000 | | | | 8.00 | | | | 10/1/32 | | | | 414,094 | |
| | | | |
Artisan Lakes East Community Dev. District Special Assessment | | | 450,000 | | | | 4.00 | | | | 5/1/51 | | | | 475,088 | |
| | | | |
Atlantic Beach, Rev. (Fleet Landing Proj.) | | | 750,000 | | | | 3.00 | | | | 11/15/23 | | | | 753,247 | |
| | | | |
Ave Maria Stewardship Community District Special Assessment. (AGM Insured) | | | 295,000 | | | | 3.00 | | | | 5/1/38 | | | | 318,579 | |
| | | | |
Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.) | | | 200,000 | | | | 6.25 | | | | 5/1/35 | | | | 226,082 | |
| | | | |
Capital Trust Agency Rev. (Academir Charter Schools, Inc. Proj.) 4 | | | 250,000 | | | | 4.00 | | | | 7/1/51 | | | | 270,515 | |
| | | | |
Capital Trust Agency Rev. (Academir Charter Schools, Inc. Proj.) 4 | | | 250,000 | | | | 4.00 | | | | 7/1/56 | | | | 268,378 | |
| | | | |
Capital Trust Agency Rev. (Imagine School at North Manate, Inc. Proj.) 4 | | | 230,000 | | | | 5.00 | | | | 6/1/41 | | | | 252,798 | |
| | | | |
Capital Trust Agency Rev. (Imagine School at North Manate, Inc. Proj.) 4 | | | 325,000 | | | | 5.00 | | | | 6/1/41 | | | | 371,625 | |
| | | | |
Capital Trust Agency Rev. (Lutz Preparatory School, Inc. Proj.) | | | 300,000 | | | | 4.00 | | | | 6/1/41 | | | | 338,160 | |
| | | | |
Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.) | | | 500,000 | | | | 5.38 | | | | 2/1/35 | | | | 524,715 | |
| | | | |
Capital Trust Agency Rev. (River City Educational Services, Inc. Proj.) | | | 300,000 | | | | 5.63 | | | | 2/1/45 | | | | 314,433 | |
| | | | |
Capital Trust Agency Rev. (Tallahassee Tapestry) 2, 4, 5 | | | 550,000 | | | | 6.75 | | | | 12/1/35 | | | | 176,000 | |
| | | | |
Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) 2, 4, 5 | | | 250,000 | | | | 6.75 | | | | 7/1/37 | | | | 76,250 | |
| | | | |
Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) 2, 5 | | | 250,000 | | | | 7.00 | | | | 4/1/35 | | | | 137,500 | |
| | | | |
Capital Trust Agency Rev. (University Bridge LLC Student Housing Proj.) 4 | | | 500,000 | | | | 5.25 | | | | 12/1/43 | | | | 575,430 | |
| | | | |
Celebration Pointe Community Dev. District Special Assessment Rev. 4 | | | 240,000 | | | | 5.00 | | | | 5/1/32 | | | | 267,869 | |
| | | | |
CFM Community Dev. District Special Assessment | | | 500,000 | | | | 4.00 | | | | 5/1/51 | | | | 523,375 | |
| | | | |
Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 2, 4, 5 | | | 250,000 | | | | 7.25 | | | | 5/15/26 | | | | 170,000 | |
| | | | |
Collier Co. Industrial Dev. Auth. Rev. (Arlington of Naples Proj.) 2, 4, 5 | | | 750,000 | | | | 8.13 | | | | 5/15/44 | | | | 510,000 | |
| | | | |
County of Hillsborough Utility Rev. | | | 1,000,000 | | | | 2.50 | | | | 8/1/51 | | | | 1,001,720 | |
| | | | |
Durbin Crossing Community Dev. District Special Assessment (AGM Insured) | | | 510,000 | | | | 5.00 | | | | 5/1/32 | | | | 615,759 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Entrada Community Dev. District Special Assessment Rev. 4 | | | 400,000 | | | | 4.00 | | | | 5/1/52 | | | | 422,300 | |
| | | | |
Escambia Co. Housing Finance Auth. Rev. (Multi-County Program) | | | 525,000 | | | | 3.75 | | | | 10/1/49 | | | | 547,475 | |
| | | | |
Fishhawk Ranch Community Dev. District Special Assessment (AGM Insured) | | | 500,000 | | | | 3.00 | | | | 11/1/41 | | | | 534,960 | |
| | | | |
FL Dev. Finance Corp. Rev. (Discovery High School Proj.) 4 | | | 500,000 | | | | 5.00 | | | | 6/1/40 | | | | 555,445 | |
| | | | |
FL Dev. Finance Corp. Rev. (Green Bond-Brightline Proj.) 4 | | | 650,000 | | | | 7.38 | | | | 1/1/49 | | | | 709,494 | |
| | | | |
FL Dev. Finance Corp. Rev. (Mayflower Retirement Community) 4 | | | 330,000 | | | | 2.38 | | | | 6/1/27 | | | | 330,927 | |
| | | | |
FL Dev. Finance Corp. Rev. (The Glenride on Palmer Ranch Proj.) | | | 650,000 | | | | 5.00 | | | | 6/1/51 | | | | 739,317 | |
| | | | |
FL Higher Educational Facs. Financial Auth. Rev. (Rollins College Proj.) | | | 1,000,000 | | | | 4.00 | | | | 12/1/50 | | | | 1,153,840 | |
| | | | |
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | | | 525,000 | | | | 4.20 | | | | 1/1/45 | | | | 555,188 | |
| | | | |
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | | | 345,000 | | | | 3.30 | | | | 7/1/49 | | | | 354,446 | |
| | | | |
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | | | 905,000 | | | | 2.75 | | | | 7/1/50 | | | | 924,258 | |
| | | | |
FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | | | 1,500,000 | | | | 2.30 | | | | 1/1/52 | | | | 1,493,700 | |
| | | | |
FRERC Community Dev. District Special Assessment | | | 1,000,000 | | | | 5.38 | | | | 11/1/40 | | | | 1,077,970 | |
| | | | |
Gramercy Farms Community Dev. District Special Assessment 6 | | | 330,000 | | | | 3.20 | | | | 5/1/39 | | | | 171,600 | |
| | | | |
Grande Pines Community Dev. District Special Assessment | | | 635,000 | | | | 4.00 | | | | 5/1/51 | | | | 654,939 | |
| | | | |
Harbor Bay Community Dev. District Special Assessment | | | 295,000 | | | | 4.10 | | | | 5/1/48 | | | | 316,948 | |
| | | | |
Heritage Harbour North Community Dev. District Special Assessment | | | 200,000 | | | | 5.00 | | | | 5/1/34 | | | | 232,114 | |
| | | | |
Hollywood Beach Community Dev. District Special Assessment (Public Parking Facilities Proj.) | | | 500,000 | | | | 4.00 | | | | 10/1/45 | | | | 574,520 | |
| | | | |
Lake Co. Retirement Project. Rev. (Lakeside at Waterman Village Proj.) | | | 500,000 | | | | 5.75 | | | | 8/15/50 | | | | 565,630 | |
| | | | |
Lakes of Sarasota Community Dev. District Special Assessment | | | 300,000 | | | | 3.88 | | | | 5/1/31 | | | | 304,569 | |
| | | | |
Lakes of Sarasota Community Dev. District Special Assessment | | | 500,000 | | | | 4.13 | | | | 5/1/31 | | | | 511,055 | |
| | | | |
Lakes of Sarasota Community Dev. District Special Assessment | | | 265,000 | | | | 4.10 | | | | 5/1/51 | | | | 272,439 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. | | | 100,000 | | | | 4.25 | | | | 5/1/25 | | | | 104,168 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Azario Proj.) | | | 520,000 | | | | 3.75 | | | | 5/1/40 | | | | 549,219 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Azario Proj.) | | | 580,000 | | | | 4.00 | | | | 5/1/40 | | | | 627,270 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Country Club East Proj.) | | | 100,000 | | | | 6.70 | | | | 5/1/33 | | | | 104,725 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | | | 300,000 | | | | 5.25 | | | | 5/1/37 | | | | 335,955 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | | | 400,000 | | | | 5.00 | | | | 5/1/36 | | | | 436,320 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | | | 430,000 | | | | 3.00 | | | | 5/1/41 | | | | 426,865 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lorraine Lakes Proj.) 4 | | | 500,000 | | | | 3.63 | | | | 5/1/40 | | | | 523,605 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) | | | 300,000 | | | | 5.00 | | | | 5/1/38 | | | | 335,472 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) | | | 550,000 | | | | 5.30 | | | | 5/1/39 | | | | 634,562 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (NE Sector Proj.) 4 | | | 485,000 | | | | 3.75 | | | | 5/1/40 | | | | 511,602 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Sweetwater Proj.) | | | 490,000 | | | | 3.10 | | | | 5/1/41 | | | | 492,514 | |
| | | | |
Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) 4 | | | 320,000 | | | | 5.00 | | | | 5/1/37 | | | | 355,258 | |
| | | | |
Lakewood Ranch Stewardship District Special Assessment (Lake Club Phase 4 Proj.) | | | 375,000 | | | | 4.50 | | | | 5/1/49 | | | | 410,280 | |
| | | | |
Laurel Road Community Dev. District Special Assessment | | | 700,000 | | | | 3.13 | | | | 5/1/31 | | | | 699,412 | |
| | | | |
Live Oak No. 2 Community Dev. District Special Assessment | | | 400,000 | | | | 4.00 | | | | 5/1/35 | | | | 437,052 | |
| | | | |
LT Ranch Community Dev. District Special Assessment | | | 500,000 | | | | 4.00 | | | | 5/1/40 | | | | 534,430 | |
| | | | |
Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev. | | | 250,000 | | | | 5.00 | | | | 5/1/32 | | | | 264,827 | |
| | | | |
Meadow View at Twin Creeks Community Dev. District Special Assessment | | | 225,000 | | | | 3.75 | | | | 5/1/52 | | | | 227,821 | |
| | | | |
Meadow View at Twin Creeks Community Dev. District Special Assessment | | | 245,000 | | | | 4.00 | | | | 5/1/52 | | | | 258,257 | |
| | | | |
New River Community Dev. District Cap. Improvement Special Assessment Rev. 2, 5,15 | | | 230,000 | | | | 5.00 | | | | N/A | | | | 2 | |
| | | | |
North River Ranch Community Dev. District Cap. Improvement Special Assessment Rev. | | | 550,000 | | | | 4.20 | | | | 5/1/35 | | | | 572,726 | |
| | | | |
Northern Palm Beach Co. Improvement District Special Assessment | | | 500,000 | | | | 5.00 | | | | 8/1/29 | | | | 537,490 | |
| | | | |
Northern Palm Beach Co. Improvement District Special Assessment | | | 250,000 | | | | 5.00 | | | | 8/1/37 | | | | 284,983 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.) | | | 550,000 | | | | 5.00 | | | | 8/1/34 | | | | 604,483 | |
| | | | |
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.) | | | 500,000 | | | | 5.00 | | | | 8/1/35 | | | | 567,800 | |
| | | | |
Orange Co. Health Facs. Auth. Rev. (Presbyterian Retirement Community Proj.) | | | 250,000 | | | | 5.00 | | | | 8/1/41 | | | | 272,232 | |
| | | | |
Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 40,000 | | | | 3.95 | | | | 3/1/40 | | | | 40,171 | |
| | | | |
Orange Co. Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 285,000 | | | | 4.00 | | | | 9/1/48 | | | | 309,353 | |
| | | | |
Orlando Tourist Dev. Rev. (Senior Lien Tourist Dev.) (AGM Insured) | | | 250,000 | | | | 5.00 | | | | 11/1/38 | | | | 300,810 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (ACTS Retirement-Life Community, Inc.) | | | 500,000 | | | | 5.00 | | | | 11/15/32 | | | | 588,980 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.) | | | 500,000 | | | | 4.00 | | | | 5/15/53 | | | | 539,475 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (Sinai Residences Boca Raton Proj.) | | | 600,000 | | | | 7.25 | | | | 6/1/34 | | | | 628,722 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (Sinai Residences Boca Raton Proj.) | | | 690,000 | | | | 7.50 | | | | 6/1/49 | | | | 723,727 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton) | | | 500,000 | | | | 4.00 | | | | 6/1/41 | | | | 521,025 | |
| | | | |
Palm Beach Co. Health Facs. Auth. Rev. (Toby & Leon Cooperman Sinai Residences of Boca Raton) | | | 500,000 | | | | 5.00 | | | | 6/1/55 | | | | 540,930 | |
| | | | |
Palm Coast Park Community Dev. District Special Assessment | | | 500,000 | | | | 4.00 | | | | 5/1/52 | | | | 524,595 | |
| | | | |
Parker Road Community Dev. District Special Assessment | | | 500,000 | | | | 4.10 | | | | 5/1/50 | | | | 529,255 | |
| | | | |
Parkview at Long Lake Ranch Community Dev. District Special Assessment | | | 270,000 | | | | 4.00 | | | | 5/1/51 | | | | 283,851 | |
| | | | |
Pinellas Co. Industrial Dev. Auth. Rev. | | | 500,000 | | | | 5.00 | | | | 7/1/39 | | | | 579,730 | |
| | | | |
Pompano Beach, Rev. (John Knox Village Proj.) | | | 1,250,000 | | | | 4.00 | | | | 9/1/50 | | | | 1,352,588 | |
| | | | |
River Landing Community Dev. District Special Assessment | | | 500,000 | | | | 4.25 | | | | 11/1/35 | | | | 513,150 | |
| | | | |
Sandridge Community Dev. District Special Assessment | | | 500,000 | | | | 3.88 | | | | 5/1/41 | | | | 511,985 | |
| | | | |
Sawyers Landing Community Dev. District Special Assessment Rev. | | | 590,000 | | | | 3.25 | | | | 5/1/26 | | | | 608,685 | |
| | | | |
Sawyers Landing Community Dev. District Special Assessment Rev. | | | 500,000 | | | | 4.13 | | | | 5/1/41 | | | | 540,785 | |
| | | | |
Sawyers Landing Community Dev. District Special Assessment Rev. | | | 1,250,000 | | | | 4.25 | | | | 5/1/53 | | | | 1,343,525 | |
| | | | |
Seminole County Industrial Dev. Auth. Rev. (Galileo Schools For Gifted Learning Proj.) 4 | | | 705,000 | | | | 4.00 | | | | 6/15/56 | | | | 774,788 | |
| | | | |
Southern Groves Community Dev. District No. 5 Special Assessment | | | 500,000 | | | | 4.00 | | | | 5/1/30 | | | | 538,630 | |
| | | | |
Southern Groves Community Dev. District No. 5 Special Assessment | | | 285,000 | | | | 4.00 | | | | 5/1/48 | | | | 300,886 | |
| | | | |
St. Johns Co. Industrial Dev. Auth. Rev. (Presbyterian Retirement Communities Obligated Group Proj.) | | | 1,000,000 | | | | 4.00 | | | | 8/1/55 | | | | 1,123,420 | |
| | | | |
Tolomato Community Dev. District Special Assessment | | | 500,000 | | | | 4.25 | | | | 5/1/37 | | | | 552,545 | |
| | | | |
Tolomato Community Dev. District Special Assessment 2, 5 | | | 120,000 | | | | 6.61 | | | | 5/1/40 | | | | 1 | |
| | | | |
Tolomato Community Dev. District Special Assessment 6 | | | 185,000 | | | | 6.61 | | | | 5/1/40 | | | | 185,524 | |
| | | | |
Tolomato Community Dev. District Special Assessment 6 | | | 110,000 | | | | 7.00 | | | | 5/1/40 | | | | 87,088 | |
| | | | |
Tolomato Community Dev. District Special Assessment 6 | | | 45,000 | | | | 7.00 | | | | 5/1/40 | | | | 44,960 | |
| | | | |
Tolomato Community Dev. District Special Assessment (AGM Insured) | | | 500,000 | | | | 3.75 | | | | 5/1/40 | | | | 554,655 | |
| | | | |
Tradition Community Dev. District No. 9 Special Assessment | | | 645,000 | | | | 4.00 | | | | 5/1/52 | | | | 679,901 | |
| | | | |
Trout Creek Community Dev. District Special Assessment | | | 300,000 | | | | 5.38 | | | | 5/1/38 | | | | 336,642 | |
| | | | |
Trout Creek Community Dev. District Special Assessment | | | 250,000 | | | | 4.00 | | | | 5/1/40 | | | | 263,570 | |
| | | | |
University Park Recreation District Special Assessment (BAM Insured) | | | 750,000 | | | | 3.50 | | | | 5/1/50 | | | | 825,345 | |
| | | | |
Viera Stewardship District Special Assessment | | | 250,000 | | | | 4.00 | | | | 5/1/53 | | | | 263,323 | |
| | | | |
Waters Edge Community Dev. District Cap. Improvement Rev. | | | 9,000 | | | | 5.35 | | | | 5/1/39 | | | | 9,010 | |
| | | | |
Waters Edge Community Dev. District Cap. Improvement Rev. 6 | | | 110,000 | | | | 6.60 | | | | 5/1/39 | | | | 110,477 | |
| | | | |
Wiregrass Community Dev. District Special Assessment | | | 240,000 | | | | 5.38 | | | | 5/1/35 | | | | 259,966 | |
| | | | |
Zephyr Ridge Community Dev. District Special Assessment 2, 5,15 | | | 450,000 | | | | 5.25 | | | | N/A | | | | 189,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 50,775,154 | |
| | | | | | | | | | | | | | | | |
| | | | |
Georgia - 2.1% | | | | | | | | | | | | | | | | |
| | | | |
Burke Co. Dev. Auth. Rev. (Georgia Transmission Corp. Vogtle Proj.) 14 | | | 740,000 | | | | 2.75 | | | | 1/1/52 | | | | 750,382 | |
| | | | |
Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare) | | | 350,000 | | | | 5.00 | | | | 7/1/46 | | | | 410,651 | |
| | | | |
Cobb Co. Dev. Auth. Rev. (Presbyterian Village Proj.) 4 | | | 650,000 | | | | 5.00 | | | | 12/1/39 | | | | 710,352 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center) | | | 500,000 | | | | 5.00 | | | | 3/15/44 | | | | 601,535 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 915,000 | | | | 3.80 | | | | 12/1/37 | | | | 929,942 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 590,000 | | | | 4.00 | | | | 12/1/37 | | | | 591,009 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 255,000 | | | | 3.85 | | | | 12/1/38 | | | | 267,202 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 355,000 | | | | 3.80 | | | | 12/1/40 | | | | 368,508 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 605,000 | | | | 3.85 | | | | 12/1/41 | | | | 614,208 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 925,000 | | | | 3.50 | | | | 12/1/46 | | | | 964,174 | |
| | | | |
GA Housing & Finance Authority Rev. | | | 490,000 | | | | 4.00 | | | | 12/1/48 | | | | 510,551 | |
| | | | |
GA Tax Allocation (Beltline Proj.) | | | 500,000 | | | | 5.00 | | | | 1/1/30 | | | | 505,390 | |
| | | | |
Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.) | | | 500,000 | | | | 5.00 | | | | 2/15/37 | | | | 590,815 | |
| | | | |
Glynn-Brunswick Memorial Hospital Auth. Rev. (Southeast Georgia Health System Proj.) | | | 350,000 | | | | 5.00 | | | | 8/1/47 | | | | 412,559 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 8,227,278 | |
| | | | | | | | | | | | | | | | |
| | | | |
Idaho - 0.5% | | | | | | | | | | | | | | | | |
| | | | |
ID Health Facs. Authority Rev. (Terraces Boise Proj.) | | | 100,000 | | | | 8.00 | | | | 10/1/28 | | | | 100,144 | |
| | | | |
ID Health Facs. Authority Rev. (Terraces Boise Proj.) | | | 290,000 | | | | 3.80 | | | | 10/1/31 | | | | 291,021 | |
| | | | |
ID Health Facs. Authority Rev. (Terraces Boise Proj.) | | | 250,000 | | | | 4.00 | | | | 10/1/33 | | | | 250,995 | |
| | | | |
ID Health Facs. Authority Rev. (Terraces Boise Proj.) | | | 500,000 | | | | 4.50 | | | | 10/1/50 | | | | 501,940 | |
| | | | |
ID Hsg. & Fin. Assoc. Nonprofit Facs. Rev. (Idaho Arts Charter School Proj.) | | | 335,000 | | | | 5.75 | | | | 12/1/32 | | | | 351,311 | |
| | | | |
Spring Valley Community Infrastructure District. No. 1 Special Assessment 4 | | | 500,000 | | | | 3.75 | | | | 9/1/51 | | | | 502,365 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,997,776 | |
| | | | | | | | | | | | | | | | |
| | | | |
Illinois - 5.8% | | | | | | | | | | | | | | | | |
| | | | |
Bellwood Village G.O. | | | 500,000 | | | | 5.88 | | | | 12/1/27 | | | | 525,730 | |
| | | | |
Bolingbrook Special Tax (AGM Insured) | | | 998,000 | | | | 4.00 | | | | 3/1/30 | | | | 1,138,409 | |
| | | | |
Burbank Educational Facs. Rev. (Intercultural Montessori Language School) 4 | | | 500,000 | | | | 6.00 | | | | 9/1/35 | | | | 545,235 | |
| | | | |
Bureau Co. Township High School Dist. No. 502 G.O. (BAM Insured) | | | 500,000 | | | | 6.25 | | | | 12/1/33 | | | | 556,480 | |
| | | | |
Chicago Heights G.O. (NATL-RE Insured) | | | 500,000 | | | | 4.50 | | | | 12/1/29 | | | | 557,745 | |
| | | | |
Chicago Midway Airport Rev. (Second Lien) | | | 500,000 | | | | 5.25 | | | | 1/1/35 | | | | 523,350 | |
| | | | |
Chicago Park Dist. G.O. (BAM Insured) | | | 500,000 | | | | 4.00 | | | | 1/1/42 | | | | 576,350 | |
| | | | |
Chicago Park Dist. G.O. (Limited Tax) | | | 1,000,000 | | | | 5.00 | | | | 1/1/28 | | | | 1,082,710 | |
| | | | |
Evanston Educational Facs. Rev. (Roycemore School) 4 | | | 250,000 | | | | 4.00 | | | | 4/1/32 | | | | 253,603 | |
| | | | |
IL Educational Facs. Auth. Rev. | | | 250,000 | | | | 4.50 | | | | 11/1/36 | | | | 276,037 | |
| | | | |
IL Educational Facs. Auth. Rev. (Field Museum of Natural History) | | | 500,000 | | | | 3.90 | | | | 11/1/36 | | | | 573,550 | |
| | | | |
IL Fin. Auth. Rev. (Admiral Lake Proj.) | | | 670,000 | | | | 5.13 | | | | 5/15/38 | | | | 703,058 | |
| | | | |
IL Fin. Auth. Rev. (Christian Homes, Inc.) | | | 500,000 | | | | 5.00 | | | | 5/15/36 | | | | 563,040 | |
| | | | |
IL Fin. Auth. Rev. (Edward Elmhurst Healthcare) | | | 1,000,000 | | | | 5.00 | | | | 1/1/44 | | | | 1,192,230 | |
| | | | |
IL Fin. Auth. Rev. (Lifespace Communities) | | | 500,000 | | | | 5.00 | | | | 5/15/35 | | | | 550,780 | |
| | | | |
IL Fin. Auth. Rev. (Lifespace Communities) | | | 1,000,000 | | | | 5.00 | | | | 5/15/45 | | | | 1,089,260 | |
| | | | |
IL Fin. Auth. Rev. (Rogers Park Montessori School Proj.) | | | 100,000 | | | | 5.00 | | | | 2/1/24 | | | | 102,839 | |
| | | | |
IL Fin. Auth. Rev. (Westminster Village) | | | 500,000 | | | | 5.25 | | | | 5/1/38 | | | | 530,130 | |
| | | | |
IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.) | | | 1,000,000 | | | | 6.25 | | | | 12/1/38 | | | | 704,000 | |
| | | | |
IL G.O. | | | 250,000 | | | | 5.50 | | | | 7/1/33 | | | | 268,047 | |
| | | | |
IL G.O. (AGM Insured) | | | 500,000 | | | | 4.00 | | | | 2/1/30 | | | | 569,290 | |
| | | | |
IL Housing Dev. Auth. Rev. | | | 500,000 | | | | 5.38 | | | | 12/1/28 | | | | 505,550 | |
| | | | |
IL Housing Dev. Auth. Rev. (FHA Insured) | | | 1,500,000 | | | | 3.00 | | | | 7/1/61 | | | | 1,529,415 | |
| | | | |
IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 155,000 | | | | 3.88 | | | | 4/1/41 | | | | 159,126 | |
| | | | |
IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 1,000,000 | | | | 2.38 | | | | 10/1/42 | | | | 1,002,030 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
IL Housing Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 240,000 | | | | 4.00 | | | | 10/1/48 | | | | 259,118 | |
| | | | |
IL Rev. | | | 500,000 | | | | 5.00 | | | | 6/15/33 | | | | 604,560 | |
| | | | |
IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured) | | | 1,000,000 | | | | 5.25 | | | | 6/15/31 | | | | 1,089,430 | |
| | | | |
La Salle & Bureau Counties Township High School Dist. No. 120 LaSalle-Peru G.O. (BAM Insured) | | | 250,000 | | | | 5.00 | | | | 12/1/31 | | | | 300,615 | |
| | | | |
Macon & Moultrie Counties Community Unit School District No. 3 Mt Zion G.O. | | | 335,000 | | | | 5.50 | | | | 12/1/41 | | | | 368,162 | |
| | | | |
Macoupin Sangamon & Montgomery Counties Community Unit School District G.O. (AGM Insured) | | | 990,000 | | | | 4.25 | | | | 12/1/35 | | | | 1,054,855 | |
| | | | |
Malta Tax Allocation Rev. 2, 5 | | | 1,921,000 | | | | 5.75 | | | | 12/30/25 | | | | 672,350 | |
| | | | |
Metropolitan Pier & Exposition Auth. Rev. (McCormick Place Expansion Proj.) | | | 250,000 | | | | 5.00 | | | | 6/15/57 | | | | 290,955 | |
| | | | |
Richton Park Public Library District G.O. | | | 250,000 | | | | 4.50 | | | | 12/15/32 | | | | 259,125 | |
| | | | |
Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) 2 | | | 350,000 | | | | 7.00 | | | | 10/1/22 | | | | 203,000 | |
| | | | |
University of Illinois (AGM Insured) | | | 1,000,000 | | | | 4.13 | | | | 4/1/48 | | | | 1,139,010 | |
| | | | |
Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4 | | | 140,000 | | | | 4.00 | | | | 12/1/22 | | | | 142,036 | |
| | | | |
Upper Illinois River Valley Dev. Auth. Rev. (Cambridge Lakes Learning Center) 4 | | | 250,000 | | | | 5.25 | | | | 12/1/37 | | | | 269,350 | |
| | | | |
Upper Illinois River Valley Dev. Auth. Rev. (Prairie Crossing Charter) 4 | | | 250,000 | | | | 5.00 | | | | 1/1/45 | | | | 264,220 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 22,994,780 | |
| | | | | | | | | | | | | | | | |
| | | | |
Indiana - 0.9% | | | | | | | | | | | | | | | | |
| | | | |
IN Finance Auth. Rev. (BHI Senior Living) | | | 500,000 | | �� | | 4.00 | | | | 11/15/41 | | | | 578,715 | |
| | | | |
IN Finance Auth. Rev. (BHI Senior Living) | | | 775,000 | | | | 5.88 | | | | 11/15/41 | | | | 854,724 | |
| | | | |
IN Finance Auth. Rev. (BHI Senior Living) | | | 425,000 | | | | 6.00 | | | | 11/15/41 | | | | 469,451 | |
| | | | |
IN Finance Auth. Rev. (BHI Senior Living) | | | 170,000 | | | | 5.25 | | | | 11/15/46 | | | | 195,539 | |
| | | | |
IN Finance Auth. Rev. (Greencroft Obligated Group) | | | 350,000 | | | | 6.50 | | | | 11/15/33 | | | | 388,465 | |
| | | | |
IN Housing & Community Dev. Auth. Rev. (Hammond Assisted Living Proj.) | | | 500,000 | | | | 5.75 | | | | 1/1/36 | | | | 514,330 | |
| | | | |
Merrillville Industry Economic Dev. Rev. (Belvedere Housing Proj.) | | | 300,000 | | | | 5.75 | | | | 4/1/36 | | | | 312,138 | |
| | | | |
Richmond Hospital Auth. Rev. (Reid Hospital & Health Care) | | | 350,000 | | | | 5.00 | | | | 1/1/35 | | | | 391,724 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,705,086 | |
| | | | | | | | | | | | | | | | |
| | | | |
Iowa - 0.8% | | | | | | | | | | | | | | | | |
| | | | |
IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | | | 650,000 | | | | 5.00 | | | | 5/15/36 | | | | 732,225 | |
| | | | |
IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | | | 565,000 | | | | 5.00 | | | | 5/15/47 | | | | 626,240 | |
| | | | |
IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | | | 500,000 | | | | 4.00 | | | | 5/15/53 | | | | 539,265 | |
| | | | |
IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | | | 530,000 | | | | 4.00 | | | | 5/15/55 | | | | 571,340 | |
| | | | |
IA Higher Education Loan Auth. Rev. (Simpson College Proj.) | | | 500,000 | | | | 5.00 | | | | 11/1/30 | | | | 561,930 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,031,000 | |
| | | | | | | | | | | | | | | | |
| | | | |
Louisiana - 1.7% | | | | | | | | | | | | | | | | |
| | | | |
Denham Springs/Livingston Hsg. & Mtg. Finance Auth. Rev. (GNMA/FHLMC Collateralized) | | | 8,694 | | | | 5.00 | | | | 11/1/40 | | | | 8,840 | |
| | | | |
LA Hsg. Corp. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | | | 750,000 | | | | 2.55 | | | | 12/1/46 | | | | 759,713 | |
| | | | |
LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | | | 455,000 | | | | 2.50 | | | | 12/1/45 | | | | 460,765 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. | | | 500,000 | | | | 5.25 | | | | 11/15/25 | | | | 529,700 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. | | | 500,000 | | | | 6.00 | | | | 11/15/30 | | | | 552,200 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 300,000 | | | | 5.65 | | | | 11/1/37 | | | | 357,285 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 500,000 | | | | 5.00 | | | | 7/1/39 | | | | 530,760 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 300,000 | | | | 5.50 | | | | 11/1/39 | | | | 342,255 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 500,000 | | | | 4.00 | | | | 11/1/44 | | | | 540,420 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 495,000 | | | | 4.40 | | | | 11/1/44 | | | | 544,198 | |
| | | | |
LA Local Government Environmental Facilities & Community Development Auth. Rev. 4 | | | 750,000 | | | | 4.00 | | | | 11/1/46 | | | | 816,240 | |
| | | | |
LA Public Facs. Auth. Rev. (Franciscan Missionaries Health System Proj.) | | | 300,000 | | | | 5.00 | | | | 7/1/35 | | | | 340,716 | |
| | | | |
LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) 1 | | | 545,000 | | | | 0.81 | | | | 2/15/36 | | | | 543,272 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
St. Tammany Parish Fin. Auth. Rev. (Christwood Proj.) | | | 300,000 | | | | 5.25 | | | | 11/15/37 | | | | 322,566 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 6,648,930 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maine - 0.1% | | | | | | | | | | | | | | | | |
| | | | |
ME Hsg. Auth. Rev. | | | 310,000 | | | | 3.85 | | | | 11/15/40 | | | | 321,461 | |
| | | | | | | | | | | | | | | | |
| | | | |
Maryland - 0.9% | | | | | | | | | | | | | | | | |
| | | | |
MD Community Dev. Administration Rev. | | | 500,000 | | | | 2.55 | | | | 9/1/44 | | | | 503,075 | |
| | | | |
MD Community Dev. Administration Rev. | | | 350,000 | | | | 4.20 | | | | 7/1/46 | | | | 379,018 | |
| | | | |
MD Community Dev. Administration Rev. | | | 750,000 | | | | 2.95 | | | | 7/1/56 | | | | 761,228 | |
| | | | |
Montgomery Co. Housing Opportunities Commission Rev. | | | 250,000 | | | | 4.00 | | | | 7/1/38 | | | | 253,440 | |
| | | | |
Montgomery Co. Housing Opportunities Commission Rev. (FHA Insured) | | | 1,500,000 | | | | 2.85 | | | | 1/1/51 | | | | 1,517,025 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,413,786 | |
| | | | | | | | | | | | | | | | |
| | | | |
Massachusetts - 3.6% | | | | | | | | | | | | | | | | |
| | | | |
Dedham Municipal Purpose Loan. G.O. (NATL Insured) | | | 480,000 | | | | 4.00 | | | | 10/15/24 | | | | 481,421 | |
| | | | |
MA Dev. Finance Agy. Rev. | | | 890,000 | | | | 5.00 | | | | 7/1/44 | | | | 1,073,687 | |
| | | | |
MA Dev. Finance Agy. Rev. (Atrius Health Issue) | | | 1,375,000 | | | | 4.00 | | | | 6/1/49 | | | | 1,574,086 | |
| | | | |
MA Dev. Finance Agy. Rev. (FNMA Collateralized) | | | 1,500,000 | | | | 2.30 | | | | 1/1/42 | | | | 1,494,075 | |
| | | | |
MA Dev. Finance Agy. Rev. (Newbridge on the Charles, Inc.) 4 | | | 300,000 | | | | 5.00 | | | | 10/1/47 | | | | 323,847 | |
| | | | |
MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.) | | | 400,000 | | | | 5.00 | | | | 10/1/49 | | | | 444,236 | |
| | | | |
MA Education Finance Auth. Education Rev. | | | 485,000 | | | | 3.63 | | | | 7/1/34 | | | | 506,364 | |
| | | | |
MA Education Finance Auth. Education Rev. | | | 1,000,000 | | | | 2.63 | | | | 7/1/36 | | | | 1,029,510 | |
| | | | |
MA Education Finance Auth. Education Rev. | | | 875,000 | | | | 3.75 | | | | 7/1/48 | | | | 915,565 | |
| | | | |
MA Education Finance Auth. Education Rev. | | | 1,000,000 | | | | 3.00 | | | | 7/1/51 | | | | 1,008,120 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 250,000 | | | | 4.75 | | | | 6/1/35 | | | | 250,382 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 500,000 | | | | 4.00 | | | | 12/1/38 | | | | 559,335 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 500,000 | | | | 3.75 | | | | 12/1/40 | | | | 529,755 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 500,000 | | | | 2.40 | | | | 6/1/44 | | | | 505,020 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 1,000,000 | | | | 2.80 | | | | 12/1/46 | | | | 1,026,780 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 900,000 | | | | 3.85 | | | | 12/1/47 | | | | 974,439 | |
| | | | |
MA Housing Finance Agy. Rev. | | | 500,000 | | | | 2.80 | | | | 6/1/63 | | | | 506,005 | |
| | | | |
MA Housing Finance Agy. Rev. (FHA Insured) | | | 355,000 | | | | 5.30 | | | | 12/1/38 | | | | 355,870 | |
| | | | |
Northbridge Municipal Purpose Loan G.O. (AGM Insured) | | | 500,000 | | | | 4.00 | | | | 6/15/25 | | | | 501,480 | |
| | | | |
Rowley Land Acquisition Loan G.O. (AGM Insured) | | | 360,000 | | | | 4.00 | | | | 5/1/27 | | | | 361,066 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 14,421,043 | |
| | | | | | | | | | | | | | | | |
| | | | |
Michigan - 4.3% | | | | | | | | | | | | | | | | |
| | | | |
Chandler Park Academy Rev. | | | 40,000 | | | | 5.00 | | | | 11/1/22 | | | | 40,084 | |
| | | | |
City of Allen Park G.O. (BAM Insured) | | | 300,000 | | | | 3.25 | | | | 5/1/34 | | | | 330,960 | |
| | | | |
City of Kalamazoo Economic Dev. Corp. Rev. (Revel Creek Proj.) | | | 500,000 | | | | 5.00 | | | | 5/15/43 | | | | 564,380 | |
| | | | |
MI Finance Auth. Rev. (Holly Academy Proj.) | | | 500,000 | | | | 3.00 | | | | 12/1/31 | | | | 497,020 | |
| | | | |
MI Finance Auth. Rev. (Madison Academy Proj.) | | | 350,000 | | | | 4.25 | | | | 12/1/39 | | | | 355,474 | |
| | | | |
MI Finance Auth. Rev. (Presbyterian Village) | | | 250,000 | | | | 5.25 | | | | 11/15/35 | | | | 269,705 | |
| | | | |
MI Hsg. Dev. Auth. (G.O. of Authority Insured) | | | 250,000 | | | | 4.63 | | | | 10/1/41 | | | | 252,682 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 500,000 | | | | 4.10 | | | | 10/1/35 | | | | 532,520 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 145,000 | | | | 3.70 | | | | 12/1/36 | | | | 148,223 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 300,000 | | | | 3.75 | | | | 10/1/42 | | | | 323,925 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 750,000 | | | | 4.00 | | | | 10/1/43 | | | | 822,292 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 310,000 | | | | 4.00 | | | | 6/1/49 | | | | 328,219 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 500,000 | | | | 3.35 | | | | 10/1/49 | | | | 529,530 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 905,000 | | | | 3.15 | | | | 6/1/50 | | | | 943,408 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 2,000,000 | | | | 2.75 | | | | 6/1/51 | | | | 2,054,600 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 3,500,000 | | | | 2.50 | | | | 6/1/52 | | | | 3,434,305 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 1,750,000 | | | | 3.50 | | | | 10/1/54 | | | | 1,866,917 | |
| | | | |
MI Hsg. Dev. Auth. Rev. | | | 1,000,000 | | | | 2.70 | | | | 10/1/56 | | | | 1,008,570 | |
| | | | |
MI Public Educational Facs. Auth. Rev. (Chandler Park Academy) | | | 235,000 | | | | 6.35 | | | | 11/1/28 | | | | 235,522 | |
| | | | |
MI Strategic Fund. Rev. (United Methodist Retirement Facs.) | | | 415,000 | | | | 5.00 | | | | 11/15/49 | | | | 472,432 | |
| | | | |
Muskegon Heights Water Supply Rev. (NATL Insured) | | | 165,000 | | | | 4.15 | | | | 11/1/23 | | | | 167,135 | |
| | | | |
Muskegon Heights Water Supply Rev. (NATL Insured) | | | 135,000 | | | | 4.20 | | | | 11/1/24 | | | | 136,773 | |
| | | | |
Richfield Public School Academy Rev. | | | 1,060,000 | | | | 4.00 | | | | 9/1/36 | | | | 1,098,785 | |
| | | | |
Taylor Brownfield Redevelopment Authority (NATL Insured) | | | 250,000 | | | | 5.00 | | | | 5/1/32 | | | | 274,975 | |
| | | | |
Universal Academy Michigan Public School Rev. | | | 350,000 | | | | 4.00 | | | | 12/1/40 | | | | 388,161 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 17,076,597 | |
| | | | | | | | | | | | | | | | |
| | | | |
Minnesota - 0.1% | | | | | | | | | | | | | | | | |
| | | | |
Apple Valley Rev. (Senior Living, LLC Proj.) | | | 475,000 | | | | 5.00 | | | | 1/1/47 | | | | 367,275 | |
| | | | | | | | | | | | | | | | |
| | | | |
Mississippi - 0.7% | | | | | | | | | | | | | | | | |
| | | | |
MS Development Bank Rev. (Green Bond-Hancock County) 4 | | | 1,000,000 | | | | 4.55 | | | | 11/1/39 | | | | 1,117,870 | |
| | | | |
MS Development Bank Rev. (Jackson Co. Gomesa Proj.) 4 | | | 500,000 | | | | 3.63 | | | | 11/1/36 | | | | 496,860 | |
| | | | |
MS Gaming Tax Rev. | | | 740,000 | | | | 4.00 | | | | 10/15/38 | | | | 851,170 | |
| | | | |
MS Home Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 225,000 | | | | 4.00 | | | | 12/1/43 | | | | 240,260 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,706,160 | |
| | | | | | | | | | | | | | | | |
| | | | |
Missouri - 1.3% | | | | | | | | | | | | | | | | |
| | | | |
Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.) | | | 240,000 | | | | 3.50 | | | | 11/1/40 | | | | 241,879 | |
| | | | |
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) 2, 5 | | | 118,010 | | | | 2.00 | | | | 11/15/46 | | | | 5,880 | |
| | | | |
Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) | | | 264,421 | | | | 5.00 | | | | 11/15/46 | | | | 261,441 | |
| | | | |
Lees Summit Industrial Dev. Auth. Rev. (John Knox Village Proj.) | | | 370,000 | | | | 5.00 | | | | 8/15/32 | | | | 413,971 | |
| | | | |
MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services) | | | 500,000 | | | | 4.00 | | | | 2/1/33 | | | | 571,330 | |
| | | | |
MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services) | | | 775,000 | | | | 4.00 | | | | 2/1/42 | | | | 872,952 | |
| | | | |
MO Health & Education Facs. Auth. Rev. (Lutheran Senior Services) | | | 1,000,000 | | | | 4.00 | | | | 2/1/48 | | | | 1,116,620 | |
| | | | |
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 445,000 | | | | 3.80 | | | | 11/1/48 | | | | 479,096 | |
| | | | |
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 365,000 | | | | 3.35 | | | | 11/1/49 | | | | 387,988 | |
| | | | |
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 475,000 | | | | 2.50 | | | | 5/1/50 | | | | 483,697 | |
| | | | |
MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 380,000 | | | | 2.40 | | | | 11/1/51 | | | | 376,823 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,211,677 | |
| | | | | | | | | | | | | | | | |
| | | | |
Montana - 0.4% | | | | | | | | | | | | | | | | |
| | | | |
Gallatin Co., G.O. | | | 360,000 | | | | 3.00 | | | | 7/1/25 | | | | 360,770 | |
| | | | |
MT Board of Housing Single Family Rev. | | | 75,000 | | | | 4.00 | | | | 12/1/38 | | | | 77,374 | |
| | | | |
MT Board of Housing Single Family Rev. | | | 500,000 | | | | 2.40 | | | | 12/1/45 | | | | 504,940 | |
| | | | |
MT Board of Housing Single Family Rev. (BRD Insured) | | | 305,000 | | | | 4.00 | | | | 6/1/45 | | | | 327,683 | |
| | | | |
MT Board of Housing Single Family Rev. (FHA Insured) | | | 215,000 | | | | 3.75 | | | | 12/1/38 | | | | 216,750 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,487,517 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nebraska - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Douglas Co. Hospital Auth. No. 2 Rev. (Children Hospital Obligation) | | | 500,000 | | | | 4.00 | | | | 11/15/50 | | | | 580,960 | |
| | | | |
Douglas Co. Hospital Auth. No. 3 Rev. (Methodist Hospital) | | | 400,000 | | | | 5.00 | | | | 11/1/30 | | | | 459,596 | |
| | | | |
Mead Village Tax Allocation Rev. (E3 Biofuels - Mead LLC Proj.) 2, 5,15 | | | 410,000 | | | | 5.13 | | | | N/A | | | | 17,015 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Nebraska Investment Fin. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 80,000 | | | | 3.05 | | | | 9/1/42 | | | | 81,888 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,139,459 | |
| | | | | | | | | | | | | | | | |
| | | | |
Nevada - 0.9% | | | | | | | | | | | | | | | | |
| | | | |
City of Las Vegas Special Improvement District No. 815 | | | 500,000 | | | | 5.00 | | | | 12/1/49 | | | | 579,770 | |
| | | | |
City of North Las Vegas (Special Northern Beltway Commercial Area) 4 | | | 340,000 | | | | 5.00 | | | | 12/1/37 | | | | 386,543 | |
| | | | |
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 205,000 | | | | 3.85 | | | | 10/1/39 | | | | 208,249 | |
| | | | |
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 750,000 | | | | 2.60 | | | | 4/1/46 | | | | 755,318 | |
| | | | |
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 450,000 | | | | 3.35 | | | | 10/1/49 | | | | 462,168 | |
| | | | |
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 490,000 | | | | 3.40 | | | | 10/1/49 | | | | 510,266 | |
| | | | |
NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 495,000 | | | | 2.45 | | | | 10/1/51 | | | | 497,336 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,399,650 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Hampshire - 0.8% | | | | | | | | | | | | | | | | |
| | | | |
NH Business Finance Auth. Rev. (Springpoint Senior Living Proj.) | | | 650,000 | | | | 4.00 | | | | 1/1/41 | | | | 708,396 | |
| | | | |
NH Business Finance Auth. Rev. (The Vista Proj.) 4 | | | 310,000 | | | | 5.25 | | | | 7/1/39 | | | | 329,663 | |
| | | | |
NH Business Finance Auth. Rev. (The Vista Proj.) 4 | | | 500,000 | | | | 5.63 | | | | 7/1/46 | | | | 534,870 | |
| | | | |
NH Hsg. Fin. Auth. Rev. (Cimarron, Whittier Falls & Mars) (FHA Insured) | | | 725,000 | | | | 4.00 | | | | 7/1/52 | | | | 782,819 | |
| | | | |
NH Hsg. Fin. Auth. Rev. (FHA Insured) | | | 500,000 | | | | 2.60 | | | | 7/1/51 | | | | 502,170 | |
| | | | |
NH Hsg. Fin. Auth. Rev. (FHA Insured) | | | 500,000 | | | | 2.85 | | | | 7/1/61 | | | | 505,735 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,363,653 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Jersey - 2.9% | | | | | | | | | | | | | | | | |
| | | | |
NJ Economic Dev. Auth. Rev. 9 | | | 500,000 | | | | 4.00 | | | | 6/15/50 | | | | 570,985 | |
| | | | |
NJ Economic Dev. Auth. Rev. (North Star Academy Charter School Newark) | | | 250,000 | | | | 5.00 | | | | 7/15/47 | | | | 285,668 | |
| | | | |
NJ Economic Dev. Auth. Rev. (State Government Buildings Proj.) 9 | | | 500,000 | | | | 5.00 | | | | 6/15/42 | | | | 595,145 | |
| | | | |
NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9 | | | 250,000 | | | | 5.00 | | | | 6/15/37 | | | | 305,420 | |
| | | | |
NJ Economic Dev. Auth. Rev. (State Housing Proj.) 9 | | | 500,000 | | | | 5.00 | | | | 6/15/43 | | | | 604,260 | |
| | | | |
NJ Higher Education Student Assistance Auth. Rev. | | | 1,250,000 | | | | 3.50 | | | | 12/1/39 | | | | 1,326,000 | |
| | | | |
NJ Higher Education Student Assistance Auth. Rev. | | | 1,000,000 | | | | 4.25 | | | | 12/1/50 | | | | 1,051,350 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Rev. | | | 750,000 | | | | 3.95 | | | | 11/1/43 | | | | 823,822 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Rev. | | | 500,000 | | | | 2.63 | | | | 11/1/56 | | | | 506,560 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Rev. (Mciver Homes Hsg. Proj.) (FHLMC Collateralized) | | | 550,000 | | | | 3.60 | | | | 1/1/30 | | | | 564,680 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | | | 840,000 | | | | 3.75 | | | | 10/1/35 | | | | 903,638 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | | | 750,000 | | | | 2.30 | | | | 10/1/46 | | | | 734,828 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | | | 445,000 | | | | 4.50 | | | | 10/1/48 | | | | 494,818 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | | | 435,000 | | | | 4.00 | | | | 4/1/49 | | | | 470,761 | |
| | | | |
NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | | | 885,000 | | | | 2.45 | | | | 10/1/50 | | | | 895,124 | |
| | | | |
NJ Transportation Trust Fund Auth. Rev. 9 | | | 500,000 | | | | 4.00 | | | | 12/15/39 | | | | 576,890 | |
| | | | |
NJ Transportation Trust Fund Auth. Rev. 9 | | | 500,000 | | | | 5.25 | | | | 6/15/43 | | | | 613,635 | |
| | | | |
Tobacco Settlement Financing Corp. Rev. | | | 300,000 | | | | 5.00 | | | | 6/1/46 | | | | 349,359 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 11,672,943 | |
| | | | | | | | | | | | | | | | |
| | | | |
New Mexico - 1.6% | | | | | | | | | | | | | | | | |
| | | | |
Las Vegas NM Gross Receipts Tax Rev. | | | 410,000 | | | | 4.00 | | | | 6/1/28 | | | | 415,822 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 255,000 | | | | 3.90 | | | | 9/1/42 | | | | 255,648 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 200,000 | | | | 4.13 | | | | 9/1/42 | | | | 200,578 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 610,000 | | | | 3.85 | | | | 7/1/43 | | | | 639,957 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 385,000 | | | | 3.85 | | | | 7/1/43 | | | | 417,005 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 305,000 | | | | 3.80 | | | | 9/1/46 | | | | 317,346 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 645,000 | | | | 4.00 | | | | 7/1/48 | | | | 699,167 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 885,000 | | | | 3.35 | | | | 7/1/49 | | | | 933,233 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 385,000 | | | | 4.00 | | | | 7/1/49 | | | | 408,635 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 500,000 | | | | 3.00 | | | | 7/1/50 | | | | 520,545 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 500,000 | | | | 2.35 | | | | 7/1/51 | | | | 501,165 | |
| | | | |
NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 1,000,000 | | | | 2.63 | | | | 7/1/51 | | | | 1,010,850 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 6,319,951 | |
| | | | | | | | | | | | | | | | |
| | | | |
New York - 5.7% | | | | | | | | | | | | | | | | |
| | | | |
Brookhaven Local Dev. Corp. Rev. (Jefferson’s Ferry Proj.) | | | 675,000 | | | | 4.00 | | | | 11/1/45 | | | | 748,629 | |
| | | | |
Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.) | | | 350,000 | | | | 4.00 | | | | 7/1/33 | | | | 364,917 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 300,000 | | | | 4.05 | | | | 11/1/41 | | | | 324,876 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 300,000 | | | | 3.85 | | | | 11/1/42 | | | | 323,700 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 500,000 | | | | 2.63 | | | | 8/1/45 | | | | 506,535 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 650,000 | | | | 3.65 | | | | 11/1/47 | | | | 685,340 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 500,000 | | | | 3.95 | | | | 11/1/49 | | | | 543,655 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 500,000 | | | | 2.80 | | | | 2/1/50 | | | | 502,010 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 1,000,000 | | | | 3.00 | | | | 11/1/55 | | | | 1,030,270 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 1,500,000 | | | | 2.60 | | | | 11/1/56 | | | | 1,486,530 | |
| | | | |
New York City Housing Development Corp. Multifamily Mtg. Rev. | | | 1,000,000 | | | | 2.80 | | | | 11/1/60 | | | | 1,008,990 | |
| | | | |
New York City Housing Development Corp. Rev. | | | 500,000 | | | | 3.80 | | | | 11/1/37 | | | | 502,745 | |
| | | | |
New York City Municipal Water Finance Authority | | | 750,000 | | | | 5.00 | | | | 6/15/38 | | | | 798,622 | |
| | | | |
New York Transportation Dev. Corp. Rev. (John F. Kennedy International Airport Proj.) | | | 300,000 | | | | 4.00 | | | | 12/1/40 | | | | 345,906 | |
| | | | |
New York Transportation Dev. Corp. Rev. (Laguardia Airport Proj.) | | | 750,000 | | | | 4.00 | | | | 10/1/30 | | | | 875,760 | |
| | | | |
NY Monroe Co. Industrial Development Corp. Rev. (St. Ann’s Community Proj.) | | | 705,000 | | | | 4.00 | | | | 1/1/30 | | | | 773,188 | |
| | | | |
NY Mortgage Agency Rev. | | | 85,000 | | | | 3.75 | | | | 10/1/42 | | | | 85,320 | |
| | | | |
NY Mortgage Agency Rev. | | | 1,065,000 | | | | 3.80 | | | | 10/1/48 | | | | 1,120,242 | |
| | | | |
NY State Dormitory Auth. Rev. Ref. (N. Shore-Long Island Jewish Obligation) | | | 300,000 | | | | 5.00 | | | | 5/1/33 | | | | 340,149 | |
| | | | |
NY State Housing Finance Agency Rev. | | | 500,000 | | | | 2.75 | | | | 11/1/45 | | | | 513,785 | |
| | | | |
NY State Housing Finance Agency Rev. | | | 1,000,000 | | | | 2.60 | | | | 11/1/46 | | | | 1,015,890 | |
| | | | |
NY State Housing Finance Agency Rev. | | | 500,000 | | | | 2.85 | | | | 11/1/51 | | | | 505,860 | |
| | | | |
NY State Housing Finance Agency Rev. | | | 1,000,000 | | | | 2.75 | | | | 11/1/56 | | | | 1,002,970 | |
| | | | |
NY State Housing Finance Agency Rev. | | | 750,000 | | | | 2.88 | | | | 11/1/56 | | | | 756,135 | |
| | | | |
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) | | | 590,000 | | | | 3.75 | | | | 11/1/37 | | | | 593,699 | |
| | | | |
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (FNMA/FHLMC Collateralized) | | | 500,000 | | | | 3.65 | | | | 11/1/34 | | | | 521,480 | |
| | | | |
NY State Housing Finance Agency Rev. (Affordable Hsg. Proj.) (GNMA/FNMA/FHLMC Collateralized) | | | 500,000 | | | | 3.95 | | | | 11/1/37 | | | | 539,860 | |
| | | | |
NY State Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 250,000 | | | | 4.10 | | | | 11/1/41 | | | | 270,275 | |
| | | | |
NY State Mortgage Agency Rev. | | | 750,000 | | | | 2.20 | | | | 4/1/36 | | | | 754,733 | |
| | | | |
NY State Mortgage Agency Rev. | | | 1,000,000 | | | | 2.50 | | | | 10/1/46 | | | | 991,040 | |
| | | | |
NY State Mortgage Agency Rev. | | | 1,700,000 | | | | 2.55 | | | | 4/1/50 | | | | 1,683,884 | |
| | | | |
Westchester Co. Local Dev. Corp. Rev. (Purchase Senior Learning Community Inc. Proj.) | | | 350,000 | | | | 3.60 | | | | 7/1/29 | | | | 353,182 | |
| | | | |
Westchester Co. Local Dev. Corp. Rev. (Purchase Senior Learning Community Inc. Proj.) 4 | | | 350,000 | | | | 5.00 | | | | 7/1/46 | | | | 375,942 | |
| | | | |
Western Regional Off-Track Betting Corp. Rev. 4 | | | 500,000 | | | | 4.13 | | | | 12/1/41 | | | | 507,190 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 22,753,309 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Carolina - 1.3% | | | | | | | | | | | | | | | | |
| | | | |
Mecklenburg Co. Rev. (Little Rock Apts) | | | 65,000 | | | | 5.15 | | | | 1/1/22 | | | | 65,000 | |
| | | | |
Mecklenburg Co. Rev. (Little Rock Apts) | | | 510,000 | | | | 5.38 | | | | 1/1/36 | | | | 511,586 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
NC Education Assistance Auth. Senior Bond-Student Loan Rev. | | | 335,000 | | | | 3.13 | | | | 6/1/39 | | | | 340,169 | |
| | | | |
NC Housing Finance Agency Rev. | | | 220,000 | | | | 3.95 | | | | 1/1/41 | | | | 233,213 | |
| | | | |
NC Housing Finance Agency Rev. | | | 625,000 | | | | 4.00 | | | | 7/1/47 | | | | 673,012 | |
| | | | |
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 1,000,000 | | | | 2.40 | | | | 7/1/44 | | | | 994,750 | |
| | | | |
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 345,000 | | | | 4.00 | | | | 1/1/48 | | | | 366,180 | |
| | | | |
NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 840,000 | | | | 3.63 | | | | 7/1/49 | | | | 899,128 | |
| | | | |
NC Medical Care Comm. Rev. (Salemtowne Proj.) | | | 400,000 | | | | 5.00 | | | | 10/1/38 | | | | 442,912 | |
| | | | |
University of North Carolina School of the Arts | | | 500,000 | | | | 3.25 | | | | 2/1/46 | | | | 536,765 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,062,715 | |
| | | | | | | | | | | | | | | | |
| | | | |
North Dakota - 0.6% | | | | | | | | | | | | | | | | |
| | | | |
ND Housing Finance Agency Rev. | | | 235,000 | | | | 3.85 | | | | 1/1/42 | | | | 244,470 | |
| | | | |
ND Housing Finance Agency Rev. | | | 1,000,000 | | | | 2.35 | | | | 7/1/44 | | | | 996,450 | |
| | | | |
ND Housing Finance Agency Rev. | | | 1,000,000 | | | | 2.50 | | | | 7/1/44 | | | | 1,015,950 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,256,870 | |
| | | | | | | | | | | | | | | | |
| | | | |
Ohio - 3.2% | | | | | | | | | | | | | | | | |
| | | | |
Butler Co. Port Auth. Rev. | | | 640,000 | | | | 5.00 | | | | 12/1/34 | | | | 641,664 | |
| | | | |
Cleveland-Cuyahoga County Port Auth. Rev. (Cleveland Museum of Natural History Proj.) | | | 500,000 | | | | 4.00 | | | | 7/1/46 | | | | 585,640 | |
| | | | |
Cleveland-Cuyahoga County Port Auth. Tax Allocation (Flats East Bank Proj.) 4 | | | 500,000 | | | | 4.00 | | | | 12/1/55 | | | | 525,595 | |
| | | | |
Cleveland-Cuyahoga County Port Auth. Tax Allocation (Flats East Bank Proj.) 4 | | | 500,000 | | | | 4.50 | | | | 12/1/55 | | | | 531,420 | |
| | | | |
Columbus-Franklin Co. Finance Auth. Rev. (Beulah Park Phase 1 Proj.) | | | 840,000 | | | | 4.00 | | | | 5/15/49 | | | | 941,304 | |
| | | | |
Franklin Co. Health Care Facs. Rev. (Ohio Living Communities) | | | 1,000,000 | | | | 4.00 | | | | 7/1/45 | | | | 1,115,350 | |
| | | | |
Lake Co. Port & Economic Dev. Auth. Rev. (Tapestry Wickliffe Proj.) 2, 4, 5 | | | 250,000 | | | | 6.50 | | | | 12/1/37 | | | | 87,500 | |
| | | | |
Liberty Community Infrastructure Financing Auth. Special Assessment | | | 500,000 | | | | 3.13 | | | | 12/1/46 | | | | 534,185 | |
| | | | |
Lucas Metro Hsg. Auth. | | | 500,000 | | | | 5.00 | | | | 11/1/36 | | | | 547,875 | |
| | | | |
OH Higher Educational Facs. Commission Rev. (Tiffin University Proj.) | | | 1,045,000 | | | | 4.00 | | | | 11/1/49 | | | | 1,089,507 | |
| | | | |
OH Housing Finance Agency Rev. | | | 630,000 | | | | 3.35 | | | | 9/1/49 | | | | 666,786 | |
| | | | |
OH Housing Finance Agency Rev. | | | 1,985,000 | | | | 2.45 | | | | 9/1/51 | | | | 1,956,257 | |
| | | | |
OH Housing Finance Agency Rev. (GNMA/FNMA Collateralized) | | | 250,000 | | | | 4.05 | | | | 3/1/37 | | | | 260,597 | |
| | | | |
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 300,000 | | | | 3.35 | | | | 9/1/39 | | | | 313,944 | |
| | | | |
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 430,000 | | | | 4.00 | | | | 9/1/48 | | | | 452,257 | |
| | | | |
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 380,000 | | | | 4.00 | | | | 3/1/49 | | | | 391,959 | |
| | | | |
OH Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 1,000,000 | | | | 2.75 | | | | 9/1/51 | | | | 1,017,030 | |
| | | | |
Port of Greater Cincinnati Dev. Auth. Rev. (St. Xavier High School, Inc. Proj.) | | | 400,000 | | | | 4.00 | | | | 4/1/40 | | | | 465,224 | |
| | | | |
Toledo-Lucas Co. Port Auth. Rev. (University of Toledo Parking Proj.) | | | 350,000 | | | | 4.00 | | | | 1/1/46 | | | | 388,314 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 12,512,408 | |
| | | | | | | | | | | | | | | | |
| | | | |
Oklahoma - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Oklahoma Dev. Finance Auth. Rev. (Oklahoma City University Proj.) | | | 1,000,000 | | | | 5.00 | | | | 8/1/49 | | | | 1,165,860 | |
| | | | | | | | | | | | | | | | |
| | | | |
Oregon - 1.5% | | | | | | | | | | | | | | | | |
| | | | |
Clackamas Co. Hospital Facs. Auth. Rev. (Rose Villa Proj.) | | | 500,000 | | | | 5.38 | | | | 11/15/55 | | | | 550,365 | |
| | | | |
Clackamas Co. Hsg. Auth. Rev. (Easton Ridge Apts. Proj.) | | | 350,000 | | | | 3.50 | | | | 9/1/33 | | | | 355,876 | |
| | | | |
Forest Grove Rev. (Campus Improvement-Pacific Unv. Proj.) | | | 250,000 | | | | 5.25 | | | | 5/1/34 | | | | 253,985 | |
| | | | |
Marion Co. School District No.1 Gervais G.O. | | | 500,000 | | | | 4.00 | | | | 6/1/33 | | | | 500,930 | |
| | | | |
OR Hsg. & Community Services Dept. Rev. | | | 175,000 | | | | 3.80 | | | | 7/1/34 | | | | 186,088 | |
| | | | |
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | | | 310,000 | | | | 4.00 | | | | 7/1/38 | | | | 313,444 | |
| | | | |
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | | | 500,000 | | | | 2.35 | | | | 1/1/44 | | | | 506,870 | |
| | | | |
OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | | | 320,000 | | | | 3.75 | | | | 7/1/48 | | | | 337,338 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
OR State Ref G.O. (Veterans Welfare Service) | | | 1,000,000 | | | | 3.90 | | | | 12/1/39 | | | | 1,034,910 | |
| | | | |
Polk Co. Hospital Fac. Auth. Rev. (Dallas Retirement Village Proj.) | | | 1,000,000 | | | | 4.00 | | | | 7/1/24 | | | | 1,000,000 | |
| | | | |
Polk Co. Hospital Fac. Auth. Rev. (Dallas Retirement Village Proj.) | | | 500,000 | | | | 5.13 | | | | 7/1/55 | | | | 518,990 | |
| | | | |
Yamhill County Hospital Auth. Rev. (Friendsview) | | | 350,000 | | | | 5.00 | | | | 11/15/56 | | | | 403,813 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 5,962,609 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pennsylvania - 2.2% | | | | | | | | | | | | | | | | |
| | | | |
Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) 1 | | | 465,000 | | | | 0.79 | | | | 10/1/34 | | | | 457,430 | |
| | | | |
Chester Co. Health & Education Fac. Auth. Rev. (The Devereux Foundation) | | | 475,000 | | | | 3.00 | | | | 11/1/30 | | | | 499,244 | |
| | | | |
Commonwealth Financing Auth. Rev. (Tobacco Master Settlement Payment) (AGM Insured) | | | 350,000 | | | | 4.00 | | | | 6/1/39 | | | | 399,707 | |
| | | | |
Dauphin Co. General Auth. Rev. (Harrisburg University Science Technology) 4 | | | 100,000 | | | | 4.00 | | | | 10/15/22 | | | | 101,828 | |
| | | | |
PA Higher Educational Assistance Agy. Rev. | | | 485,000 | | | | 2.63 | | | | 6/1/42 | | | | 488,895 | |
| | | | |
PA Higher Educational Facs. Auth. Rev. (La Salle University) | | | 280,000 | | | | 5.00 | | | | 5/1/42 | | | | 284,623 | |
| | | | |
PA Hsg. Finance Agy. Rev. | | | 765,000 | | | | 3.65 | | | | 10/1/42 | | | | 789,419 | |
| | | | |
PA Hsg. Finance Agy. Rev. | | | 500,000 | | | | 3.00 | | | | 10/1/46 | | | | 516,700 | |
| | | | |
PA Hsg. Finance Agy. Rev. | | | 120,000 | | | | 4.00 | | | | 10/1/46 | | | | 127,511 | |
| | | | |
PA Hsg. Finance Agy. Rev. | | | 1,000,000 | | | | 3.40 | | | | 10/1/49 | | | | 1,055,770 | |
| | | | |
PA Hsg. Finance Agy. Rev. | | | 1,000,000 | | | | 2.55 | | | | 10/1/51 | | | | 998,010 | |
| | | | |
PA Turnpike Commission Rev. Capital Appreciation 6 | | | 1,250,000 | | | | 5.00 | | | | 12/1/38 | | | | 1,549,137 | |
| | | | |
Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.) | | | 350,000 | | | | 5.63 | | | | 8/1/36 | | | | 390,897 | |
| | | | |
Southcentral General Auth. Rev. (York College of Pennsylvania) | | | 500,000 | | | | 4.00 | | | | 11/1/37 | | | | 584,245 | |
| | | | |
West Cornwall Township Municipal Auth. Rev. (Lebanon Valley Brethren Home Proj.) | | | 525,000 | | | | 4.00 | | | | 11/15/46 | | | | 597,712 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 8,841,128 | |
| | | | | | | | | | | | | | | | |
| | | | |
Rhode Island - 0.4% | | | | | | | | | | | | | | | | |
| | | | |
RI Hsg. & Mortgage Finance Corp. Rev. | | | 250,000 | | | | 3.90 | | | | 10/1/37 | | | | 253,705 | |
| | | | |
RI Hsg. & Mortgage Finance Corp. Rev. | | | 500,000 | | | | 2.80 | | | | 4/1/45 | | | | 506,515 | |
| | | | |
RI Student Loan Auth. Rev. | | | 725,000 | | | | 3.63 | | | | 12/1/37 | | | | 755,334 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,515,554 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Carolina - 0.9% | | | | | | | | | | | | | | | | |
| | | | |
Berkeley Co. Nexton Improvement District Special Assessment | | | 350,000 | | | | 4.25 | | | | 11/1/40 | | | | 390,890 | |
| | | | |
SC Education Assistance Auth. Student Loan Rev. | | | 55,000 | | | | 5.10 | | | | 10/1/29 | | | | 55,007 | |
| | | | |
SC Jobs-Economic Dev. Auth. Rev. (Bishop Gadsden Episcopal Retirement Community) | | | 500,000 | | | | 4.00 | | | | 4/1/54 | | | | 540,520 | |
| | | | |
SC Jobs-Economic Dev. Auth. Rev. (Bon Secours Mercy Health, Inc.) | | | 750,000 | | | | 4.00 | | | | 12/1/44 | | | | 868,665 | |
| | | | |
SC Jobs-Economic Dev. Auth. Rev. (Kiawah Life Plan Village, Inc. Proj.) 4 | | | 500,000 | | | | 8.75 | | | | 7/1/25 | | | | 516,770 | |
| | | | |
SC Public Service Auth. Rev. (Santee Cooper) | | | 250,000 | | | | 5.00 | | | | 12/1/38 | | | | 276,078 | |
| | | | |
SC Public Service Auth. Rev. (Santee Cooper) | | | 500,000 | | | | 5.75 | | | | 12/1/43 | | | | 551,525 | |
| | | | |
SC State Hsg. Finance & Dev. Auth. Rev. | | | 490,000 | | | | 3.05 | | | | 7/1/45 | | | | 514,030 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,713,485 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Dakota - 0.1% | | | | | | | | | | | | | | | | |
| | | | |
SD Health & Educational Facs. Auth. Rev. (Westhills Village Retirement Community) | | | 500,000 | | | | 5.00 | | | | 9/1/40 | | | | 568,135 | |
| | | | | | | | | | | | | | | | |
| | | | |
Tennessee - 2.5% | | | | | | | | | | | | | | | | |
| | | | |
Franklin Health & Education Facs. Board Rev. (Provision Cares Proton Therapy Center) 2, 4, 5 | | | 500,000 | | | | 6.50 | | | | 6/1/27 | | | | 135,000 | |
| | | | |
Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills) | | | 895,000 | | | | 4.00 | | | | 11/1/45 | | | | 951,788 | |
| | | | |
Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation 4 | | | 300,000 | | | | 5.13 | | | | 6/1/36 | | | | 341,970 | |
| | | | |
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5,15 | | | 1,850,000 | | | | 5.35 | | | | N/A | | | | 4,625 | |
| | | | |
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5 | | | 7,875,000 | | | | 5.55 | | | | 1/1/29 | | | | 19,687 | |
| | | | |
Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) 2, 5 | | | 1,630,000 | | | | 6.00 | | | | 1/1/29 | | | | 16 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Shelby Co. Health, Education & Hsg. Facs. Rev. (The Farms at Bailey Station Proj.) | | | 650,000 | | | | 5.50 | | | | 10/1/39 | | | | 702,130 | |
| | | | |
TN Hsg. Dev. Agency Rev. | | | 500,000 | | | | 2.55 | | | | 7/1/46 | | | | 504,055 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 245,000 | | | | 3.60 | | | | 1/1/31 | | | | 249,582 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 265,000 | | | | 3.88 | | | | 7/1/35 | | | | 273,300 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 125,000 | | | | 3.95 | | | | 7/1/35 | | | | 130,060 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 235,000 | | | | 4.00 | | | | 7/1/39 | | | | 245,131 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 330,000 | | | | 3.85 | | | | 7/1/42 | | | | 350,981 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 330,000 | | | | 3.90 | | | | 7/1/42 | | | | 354,638 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 760,000 | | | | 4.00 | | | | 7/1/44 | | | | 792,733 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 1,000,000 | | | | 2.55 | | | | 1/1/45 | | | | 1,023,170 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 750,000 | | | | 2.38 | | | | 7/1/46 | | | | 749,453 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 775,000 | | | | 3.95 | | | | 1/1/49 | | | | 807,635 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 1,135,000 | | | | 4.05 | | | | 1/1/49 | | | | 1,214,790 | |
| | | | |
TN Hsg. Dev. Agency. Rev. | | | 1,000,000 | | | | 2.50 | | | | 7/1/51 | | | | 1,000,790 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 9,851,534 | |
| | | | | | | | | | | | | | | | |
| | | | |
Texas - 6.4% | | | | | | | | | | | | | | | | |
| | | | |
Arlington Higher Education Finance Corp., Education Rev. (Ninos, Inc.) | | | 350,000 | | | | 2.38 | | | | 8/15/51 | | | | 335,237 | |
| | | | |
Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy) | | | 750,000 | | | | 2.38 | | | | 8/15/51 | | | | 715,358 | |
| | | | |
Arlington Special Tax (BAM Insured) | | | 350,000 | | | | 5.00 | | | | 2/15/41 | | | | 385,970 | |
| | | | |
Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan) | | | 1,000,000 | | | | 3.00 | | | | 4/1/40 | | | | 968,880 | |
| | | | |
Central Texas Regional Mobility Auth. Rev. | | | 500,000 | | | | 4.00 | | | | 1/1/45 | | | | 569,055 | |
| | | | |
Central Texas Regional Mobility Auth. Rev. | | | 500,000 | | | | 4.00 | | | | 1/1/50 | | | | 572,425 | |
| | | | |
Cypress Hill Municipal Utility Dist. No. 1 G.O. (AGM Insured) | | | 1,000,000 | | | | 4.00 | | | | 9/1/34 | | | | 1,021,580 | |
| | | | |
Dallas/Fort Worth International Airport Rev. (JT Improvement) | | | 500,000 | | | | 5.25 | | | | 11/1/37 | | | | 542,380 | |
| | | | |
Danbury Higher Education Auth. Education Rev. (Golden Rule Schools) | | | 650,000 | | | | 5.13 | | | | 8/15/49 | | | | 660,166 | |
| | | | |
East Downtown Redevelopment Auth. Tax Rev. (AGM Insured) | | | 560,000 | | | | 3.00 | | | | 9/1/40 | | | | 593,925 | |
| | | | |
Edinburg Economic Dev. Corp. Rev. | | | 225,000 | | | | 3.00 | | | | 8/15/31 | | | | 224,809 | |
| | | | |
Edinburg Economic Dev. Corp. Rev. | | | 500,000 | | | | 3.25 | | | | 8/15/41 | | | | 488,610 | |
| | | | |
El Paso Co. Hospital District G.O. | | | 825,000 | | | | 5.00 | | | | 8/15/43 | | | | 880,811 | |
| | | | |
Grand Parkway Transportation Corp. Rev. (Grand Parkway System) (BAM Insured) | | | 1,000,000 | | | | 3.00 | | | | 10/1/50 | | | | 1,063,280 | |
| | | | |
Hale Center Education Facs. Corp. Rev. (Wayland Baptist University Proj.) | | | 500,000 | | | | 5.00 | | | | 3/1/35 | | | | 501,210 | |
| | | | |
Harris Co. Cultural Education Facs. Finance Corp. Rev. (Brazos Presbyterian Homes, Inc. Proj.) | | | 500,000 | | | | 5.00 | | | | 1/1/37 | | | | 551,785 | |
| | | | |
Houston Higher Education Finance Corp. (Cosmos Foundation) | | | 480,000 | | | | 5.00 | | | | 2/15/32 | | | | 482,635 | |
| | | | |
Houston Higher Education Finance Corp. (Houston Baptist University Proj.) | | | 500,000 | | | | 3.38 | | | | 10/1/37 | | | | 500,775 | |
| | | | |
Meadowhill Regional Municipal Utility Dist. G.O. (AGM Insured) | | | 500,000 | | | | 4.00 | | | | 10/1/35 | | | | 511,940 | |
| | | | |
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) | | | 260,000 | | | | 4.00 | | | | 7/1/23 | | | | 253,869 | |
| | | | |
New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) | | | 460,000 | | | | 4.00 | | | | 7/1/26 | | | | 424,750 | |
| | | | |
New Hope Cultural Education Facs. Corp. Rev. (Beta Academy) 4 | | | 425,000 | | | | 5.00 | | | | 8/15/39 | | | | 452,820 | |
| | | | |
New Hope Cultural Education Facs. Corp. Rev. (Flower Mound Campus Proj.) 9 | | | 495,000 | | | | 3.75 | | | | 6/1/28 | | | | 501,351 | |
| | | | |
New Hope Cultural Education Facs. Corp. Rev. (Flower Mound Campus Proj.) 9 | | | 500,000 | | | | 4.00 | | | | 6/1/32 | | | | 506,850 | |
| | | | |
New Hope Cultural Education Facs. Corp. Rev. (Presbyterian Village North Proj.) | | | 500,000 | | | | 5.00 | | | | 10/1/34 | | | | 546,100 | |
| | | | |
New Hope Cultural Education Facs. Corp. Rev. (Wesleyan Homes, Inc. Proj.) | | | 250,000 | | | | 5.50 | | | | 1/1/35 | | | | 262,560 | |
| | | | |
New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) | | | 500,000 | | | | 2.00 | | | | 11/15/61 | | | | 336,810 | |
| | | | |
New Hope Cultural Education Facs. Finance Corp. Rev. (Presbyterian Village North Proj.) | | | 350,000 | | | | 5.25 | | | | 10/1/49 | | | | 380,895 | |
| | | | |
New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.) | | | 750,000 | | | | 5.00 | | | | 1/1/55 | | | | 780,487 | |
| | | | |
New Hope Cultural Education Facs. Finance Corp. Rev. (Westminster Proj.) | | | 500,000 | | | | 4.00 | | | | 11/1/49 | | | | 561,260 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Newark Higher Education Finance Corp. Rev. (Austin Achieve Public School) | | | 1,000,000 | | | | 5.00 | | | | 6/15/42 | | | | 1,021,120 | |
| | | | |
North Central Texas Health Facility Development Corp. (CC Young Memorial Home) 5 | | | 204,000 | | | | 5.38 | | | | 2/15/25 | | | | 142,800 | |
| | | | |
Parkway Utility Dist. G.O. (BAM Insured) | | | 500,000 | | | | 3.63 | | | | 3/1/35 | | | | 501,125 | |
| | | | |
Parkway Utility Dist. G.O. (Waterworks and Sewer System) (BAM Insured) | | | 275,000 | | | | 4.00 | | | | 3/1/33 | | | | 276,455 | |
| | | | |
Red River Health Facs. Dev. Corp. Rev. (MRC Crossings Proj.) | | | 250,000 | | | | 7.50 | | | | 11/15/34 | | | | 297,445 | |
| | | | |
San Antonio Education Facs. Corp. Rev. (Hallmark University Proj.) | | | 290,000 | | | | 5.00 | | | | 10/1/41 | | | | 315,140 | |
| | | | |
Sugar Land Dev. Corp. Rev. (BAM Insured) | | | 500,000 | | | | 5.00 | | | | 2/15/33 | | | | 524,800 | |
| | | | |
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Retirement Service) | | | 500,000 | | | | 5.00 | | | | 11/15/37 | | | | 593,075 | |
| | | | |
Tarrant Co. Cultural Education Facs. Finance Corp. Rev. (Buckner Senior Living Ventana Proj.) | | | 80,000 | | | | 5.63 | | | | 11/15/24 | | | | 80,154 | |
| | | | |
TX Department of Housing & Community Affairs (GNMA Collateralized) | | | 420,000 | | | | 4.13 | | | | 9/1/38 | | | | 449,593 | |
| | | | |
TX Department of Housing & Community Affairs (GNMA Collateralized) | | | 1,100,000 | | | | 3.63 | | | | 9/1/44 | | | | 1,183,809 | |
| | | | |
TX Department of Housing & Community Affairs (GNMA Collateralized) | | | 500,000 | | | | 3.00 | | | | 9/1/45 | | | | 528,300 | |
| | | | |
TX Department of Housing & Community Affairs (GNMA Collateralized) | | | 990,000 | | | | 2.50 | | | | 7/1/51 | | | | 1,002,959 | |
| | | | |
TX Department of Housing & Community Affairs (GNMA Collateralized) | | | 745,000 | | | | 2.35 | | | | 9/1/51 | | | | 723,283 | |
| | | | |
TX Grand Parkway Transportation Corp. Rev. 6 | | | 500,000 | | | | 6.00 | | | | 10/1/35 | | | | 585,655 | |
| | | | |
TX State Affordable Hsg. Corp. Rev. (Heroes Home Loan Program) (GNMA Collateralized) | | | 485,000 | | | | 4.00 | | | | 3/1/50 | | | | 501,713 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 25,306,009 | |
| | | | | | | | | | | | | | | | |
| | | | |
Utah - 0.9% | | | | | | | | | | | | | | | | |
| | | | |
Black Desert Public Infrastructure District G.O. 4 | | | 500,000 | | | | 4.00 | | | | 3/1/51 | | | | 510,590 | |
| | | | |
Military Installation Dev. Auth. Rev. | | | 400,000 | | | | 4.00 | | | | 6/1/41 | | | | 403,132 | |
| | | | |
Military Installation Dev. Auth. Rev. | | | 1,000,000 | | | | 4.00 | | | | 6/1/52 | | | | 980,640 | |
| | | | |
ROAM Public Infrastructure District No. 1 G.O. 4 | | | 500,000 | | | | 4.25 | | | | 3/1/51 | | | | 501,200 | |
| | | | |
UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) 4 | | | 515,000 | | | | 3.50 | | | | 12/15/31 | | | | 512,847 | |
| | | | |
UT Hsg. Corp. Single Family Mtg. Rev. | | | 25,000 | | | | 5.75 | | | | 1/1/33 | | | | 25,055 | |
| | | | |
UT Hsg. Corp. Single Family Mtg. Rev. | | | 45,000 | | | | 4.60 | | | | 7/1/34 | | | | 45,062 | |
| | | | |
UT Hsg. Corp. Single Family Mtg. Rev. (FHA Insured) | | | 195,000 | | | | 4.00 | | | | 1/1/36 | | | | 203,194 | |
| | | | |
West Valley City Municipal Building Auth. Rev. (AGM Insured) | | | 400,000 | | | | 5.00 | | | | 2/1/39 | | | | 469,124 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 3,650,844 | |
| | | | | | | | | | | | | | | | |
| | | | |
Vermont - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
Vermont Economic Dev. Auth. Mtg. Rev. (Wake Robin Corporation Proj.) | | | 500,000 | | | | 4.00 | | | | 5/1/45 | | | | 537,020 | |
| | | | |
VT Hsg. Fin. Agy. Rev. | | | 550,000 | | | | 2.50 | | | | 8/15/41 | | | | 552,376 | |
| | | | |
VT Hsg. Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 230,000 | | | | 3.50 | | | | 5/1/38 | | | | 240,249 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,329,645 | |
| | | | | | | | | | | | | | | | |
| | | | |
Virginia - 0.3% | | | | | | | | | | | | | | | | |
| | | | |
James City Co. Economic Dev. Auth. Rev. | | | 350,000 | | | | 4.00 | | | | 6/1/47 | | | | 377,181 | |
| | | | |
VA Hsg. Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | | | 500,000 | | | | 2.45 | | | | 11/1/45 | | | | 503,805 | |
| | | | |
VA Hsg. Dev. Auth. Rev. (Rental Hsg. Proj.) | | | 400,000 | | | | 4.13 | | | | 7/1/33 | | | | 410,092 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 1,291,078 | |
| | | | | | | | | | | | | | | | |
| | | | |
Washington - 2.8% | | | | | | | | | | | | | | | | |
| | | | |
Kalispel Tribe of Indians Rev. 4 | | | 300,000 | | | | 5.25 | | | | 1/1/38 | | | | 354,360 | |
| | | | |
King Co. Hsg. Auth. Rev. | | | 1,000,000 | | | | 3.00 | | | | 11/1/39 | | | | 1,072,470 | |
| | | | |
King Co. Hsg. Auth. Rev. | | | 500,000 | | | | 2.38 | | | | 10/1/41 | | | | 495,965 | |
| | | | |
King Co. Hsg. Auth. Rev. (Bellevue Manor and Abbey Ridge) | | | 750,000 | | | | 3.00 | | | | 8/1/40 | | | | 789,630 | |
| | | | |
King County Hsg. Auth. Rev. | | | 700,000 | | | | 2.25 | | | | 12/1/41 | | | | 680,575 | |
| | | | |
Pike Place Market Preservation Dev. Auth. Rev. | | | 500,000 | | | | 5.00 | | | | 12/1/40 | | | | 541,075 | |
| | | | |
Seattle Hsg. Auth. Rev. (Hinoki Apartments Proj.) | | | 500,000 | | | | 3.00 | | | | 6/1/52 | | | | 513,505 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
Seattle Hsg. Auth. Rev. (Lam Bow Apartments Proj.) | | | 500,000 | | | | 2.38 | | | | 6/1/41 | | | | 501,190 | |
| | | | |
Snohomish Co. Hsg. Auth. Rev. | | | 500,000 | | | | 4.00 | | | | 4/1/44 | | | | 552,855 | |
| | | | |
Vancouver Hsg. Auth. Rev. | | | 470,000 | | | | 3.75 | | | | 8/1/34 | | | | 511,679 | |
| | | | |
Vancouver Hsg. Auth. Rev. | | | 30,000 | | | | 3.75 | | | | 8/1/34 | | | | 34,318 | |
| | | | |
Vancouver Hsg. Auth. Rev. (Anthem Park & Columbia Hsg. Proj.) | | | 1,000,000 | | | | 3.00 | | | | 6/1/38 | | | | 1,063,560 | |
| | | | |
Vancouver Hsg. Auth. Rev. (Van Vista Plaza Proj.) | | | 1,000,000 | | | | 3.30 | | | | 12/1/51 | | | | 1,065,240 | |
| | | | |
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4 | | | 250,000 | | | | 5.00 | | | | 7/1/31 | | | | 267,750 | |
| | | | |
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Bayview Manor Homes) 4 | | | 1,000,000 | | | | 5.00 | | | | 7/1/36 | | | | 1,066,730 | |
| | | | |
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Horizon House Proj.) 4 | | | 500,000 | | | | 5.00 | | | | 1/1/38 | | | | 570,875 | |
| | | | |
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Transforming Age Proj.) 4 | | | 500,000 | | | | 5.00 | | | | 1/1/44 | | | | 560,950 | |
| | | | |
WA Hsg. Fin. Commission Multi Family Mtg. Rev. (Wesley Homes Lea Hill Proj.) 4 | | | 300,000 | | | | 5.00 | | | | 7/1/36 | | | | 326,484 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 10,969,211 | |
| | | | | | | | | | | | | | | | |
| | | | |
West Virginia - 0.6% | | | | | | | | | | | | | | | | |
| | | | |
WV Hsg. Dev. Fund Rev. | | | 250,000 | | | | 3.75 | | | | 11/1/32 | | | | 262,830 | |
| | | | |
WV Hsg. Dev. Fund Rev. | | | 1,005,000 | | | | 2.75 | | | | 11/1/45 | | | | 1,041,311 | |
| | | | |
WV Hsg. Dev. Fund Rev. | | | 1,005,000 | | | | 2.50 | | | | 11/1/51 | | | | 1,013,321 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 2,317,462 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wisconsin - 4.8% | | | | | | | | | | | | | | | | |
| | | | |
Public Finance Auth. Rev. (Appalachian Regional Healthcare System Obligated Group) | | | 500,000 | | | | 4.00 | | | | 7/1/46 | | | | 578,850 | |
| | | | |
Public Finance Auth. Rev. (Presbyterian Villages of Michigan) 4 | | | 895,000 | | | | 4.75 | | | | 11/15/53 | | | | 947,563 | |
| | | | |
WI Health & Education Facs. Auth. Rev. (Medical College) | | | 870,000 | | | | 5.25 | | | | 12/1/35 | | | | 873,149 | |
| | | | |
WI Health & Education Facs. Auth. Rev. (PHW Oconomowoc, Inc. Proj.) | | | 500,000 | | | | 5.13 | | | | 10/1/48 | | | | 517,575 | |
| | | | |
WI Health & Education Facs. Auth. Rev. (St. John’s Communities, Inc. Proj.) | | | 500,000 | | | | 5.00 | | | | 9/15/40 | | | | 539,185 | |
| | | | |
WI Health & Education Facs. Auth. Rev. (St. John’s Communities, Inc. Proj.) | | | 500,000 | | | | 5.00 | | | | 9/15/45 | | | | 539,185 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (Benevolent Corp. Cedar Community) | | | 300,000 | | | | 5.00 | | | | 6/1/37 | | | | 328,971 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (Froedtert Health, Inc. Obligated Group) | | | 500,000 | | | | 5.00 | | | | 4/1/35 | | | | 595,560 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (Hope Christian Schools) | | | 615,000 | | | | 3.00 | | | | 12/1/31 | | | | 623,130 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (PHW Muskego, Inc. Proj.) | | | 500,000 | | | | 4.00 | | | | 10/1/51 | | | | 521,730 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (St. Camillus Health System, Inc.) | | | 745,000 | | | | 5.00 | | | | 11/1/27 | | | | 856,676 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (St. Camillus Health System, Inc.) | | | 350,000 | | | | 5.00 | | | | 11/1/46 | | | | 389,463 | |
| | | | |
WI Health & Educational Facs. Auth. Rev. (Three Pillars Senior Living Communities) | | | 920,000 | | | | 5.00 | | | | 8/15/43 | | | | 989,727 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 250,000 | | | | 3.88 | | | | 11/1/35 | | | | 265,715 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 560,000 | | | | 3.90 | | | | 11/1/42 | | | | 605,237 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 1,500,000 | | | | 4.15 | | | | 5/1/55 | | | | 1,623,900 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 1,500,000 | | | | 2.70 | | | | 11/1/56 | | | | 1,512,300 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 500,000 | | | | 3.38 | | | | 5/1/57 | | | | 529,230 | |
| | | | |
WI Housing & Economic Dev. Auth. Rev. | | | 500,000 | | | | 2.85 | | | | 11/1/51 | | | | 501,635 | |
| | | | |
WI Public Finance Auth. Rev. (ACTS Retirement-Life Community, Inc.) | | | 600,000 | | | | 4.00 | | | | 11/15/37 | | | | 696,306 | |
| | | | |
WI Public Finance Auth. Rev. (Carmelite System, Inc.) | | | 500,000 | | | | 5.00 | | | | 1/1/45 | | | | 595,115 | |
| | | | |
WI Public Finance Auth. Rev. (Coral Academy of Science Reno) 4 | | | 700,000 | | | | 5.00 | | | | 6/1/39 | | | | 780,864 | |
| | | | |
WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) 4 | | | 750,000 | | | | 6.25 | | | | 11/1/28 | | | | 763,418 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,520 | | | | 9.00 | | | | 1/1/46 | | | | 557 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,287 | | | | 9.00 | | | | 1/1/47 | | | | 527 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 447 | | | | 12.00 | | | | 1/1/47 | | | | 14 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,171 | | | | 9.00 | | | | 1/1/48 | | | | 514 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 390 | | | | 12.00 | | | | 1/1/48 | | | | 12 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,055 | | | | 9.00 | | | | 1/1/49 | | | | 499 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 384 | | | | 11.00 | | | | 1/1/49 | | | | 12 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,822 | | | | 9.00 | | | | 1/1/50 | | | | 472 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 372 | | | | 11.00 | | | | 1/1/50 | | | | 11 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 17,334 | | | | 9.00 | | | | 1/1/51 | | | | 507 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 365 | | | | 11.00 | | | | 1/1/51 | | | | 11 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 1, 2, 4, 5 | | | 446,246 | | | | 3.75 | | | | 7/1/51 | | | | 291,358 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 17,218 | | | | 9.00 | | | | 1/1/52 | | | | 484 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 475 | | | | 10.00 | | | | 1/1/52 | | | | 13 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,985 | | | | 9.00 | | | | 1/1/53 | | | | 468 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 469 | | | | 10.00 | | | | 1/1/53 | | | | 13 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,869 | | | | 9.00 | | | | 1/1/54 | | | | 452 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 453 | | | | 10.00 | | | | 1/1/54 | | | | 12 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,636 | | | | 9.00 | | | | 1/1/55 | | | | 436 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 444 | | | | 9.00 | | | | 1/1/55 | | | | 12 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 434 | | | | 9.00 | | | | 1/1/56 | | | | 11 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,404 | | | | 9.00 | | | | 1/1/56 | | | | 422 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 5 | | | 22,407 | | | | 5.50 | | | | 7/1/56 | | | | 16,859 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,287 | | | | 9.00 | | | | 1/1/57 | | | | 408 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 481 | | | | 9.00 | | | | 1/1/57 | | | | 12 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 16,055 | | | | 9.00 | | | | 1/1/58 | | | | 393 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 469 | | | | 9.00 | | | | 1/1/58 | | | | 11 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 456 | | | | 9.00 | | | | 1/1/59 | | | | 11 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,938 | | | | 9.00 | | | | 1/1/59 | | | | 383 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 447 | | | | 8.00 | | | | 1/1/60 | | | | 10 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,822 | | | | 9.00 | | | | 1/1/60 | | | | 368 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 440 | | | | 8.00 | | | | 1/1/61 | | | | 10 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,589 | | | | 9.00 | | | | 1/1/61 | | | | 352 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 428 | | | | 8.00 | | | | 1/1/62 | | | | 9 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,473 | | | | 9.00 | | | | 1/1/62 | | | | 341 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 419 | | | | 8.00 | | | | 1/1/63 | | | | 9 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,240 | | | | 9.00 | | | | 1/1/63 | | | | 329 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 409 | | | | 8.00 | | | | 1/1/64 | | | | 9 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,124 | | | | 9.00 | | | | 1/1/64 | | | | 321 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 403 | | | | 7.00 | | | | 1/1/65 | | | | 8 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 15,008 | | | | 9.00 | | | | 1/1/65 | | | | 308 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 434 | | | | 7.00 | | | | 1/1/66 | | | | 9 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 14,775 | | | | 9.00 | | | | 1/1/66 | | | | 289 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 5,235 | | | | 5.00 | | | | 1/1/67 | | | | 95 | |
| | | | |
WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) 2, 4, 6 | | | 192,429 | | | | 9.00 | | | | 1/1/67 | | | | 3,500 | |
| | | | |
WI Public Finance Auth. Rev. (MD Proton Treatment Center) 4 | | | 500,000 | | | | 6.13 | | | | 1/1/33 | | | | 412,950 | |
| | | | |
WI Public Finance Auth. Rev. (MN College of Osteopathic Medicine) 2, 4, 5 | | | 7,608 | | | | 5.50 | | | | 12/1/48 | | | | 3,804 | |
| | | | |
WI Public Finance Auth. Rev. (North Carolina Leadership Academy) 4 | | | 410,000 | | | | 5.00 | | | | 6/15/39 | | | | 452,882 | |
| | | | |
WI Public Finance Auth. Rev. (Roseman University Health Sciences) | | | 135,000 | | | | 5.00 | | | | 4/1/25 | | | | 144,245 | |
| | | | |
WI Public Finance Auth. Rev. (Roseman University Health Sciences) | | | 500,000 | | | | 5.50 | | | | 4/1/32 | | | | 505,390 | |
| | | | |
WI Public Finance Auth. Rev. (Searstone CCRC Project) | | | 750,000 | | | | 3.00 | | | | 6/1/28 | | | | 758,730 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | |
Name of Issuer | | Principal Amount ($) | | | Coupon Rate (%) | | | Maturity Date | | | Fair Value ($) | |
| | | | |
WI Public Finance Auth. Rev. (Southminster) 4 | | | 250,000 | | | | 5.00 | | | | 10/1/43 | | | | 274,740 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 19,048,086 | |
| | | | | | | | | | | | | | | | |
| | | | |
Wyoming - 0.1% | | | | | | | | | | | | | | | | |
| | | | |
WY Community Dev. Auth. Rev. | | | 280,000 | | | | 4.05 | | | | 12/1/38 | | | | 282,744 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Municipal Bonds (Cost: $359,112,195) | | | | | | | | | | | | | | | 361,462,770 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investment Companies - 5.1% | | | | | | | | | | | | | | | | |
| | | | |
BlackRock Long-Term Municipal Advantage Trust (BTA) | | | 50,383 | | | | | | | | | | | | 755,745 | |
| | | | |
BlackRock MuniHoldings Florida Insured Fund (MFL) | | | 85,398 | | | | | | | | | | | | 1,269,014 | |
| | | | |
BlackRock MuniHoldings Fund, Inc. (MHD) | | | 81,102 | | | | | | | | | | | | 1,359,270 | |
| | | | |
BlackRock MuniHoldings Quality Fund II, Inc. (MUE) | | | 57,814 | | | | | | | | | | | | 810,552 | |
| | | | |
BlackRock MuniYield Insured Fund (MYI) | | | 71,171 | | | | | | | | | | | | 1,054,754 | |
| | | | |
BlackRock MuniYield Michigan Insured Fund (MIY) | | | 21,538 | | | | | | | | | | | | 330,393 | |
| | | | |
BlackRock MuniYield Quality Fund, Inc. (MQY) | | | 24,512 | | | | | | | | | | | | 395,624 | |
| | | | |
BNY Mellon Strategic Municipal Bond Fund, Inc. (DSM) | | | 35,000 | | | | | | | | | | | | 292,250 | |
| | | | |
DWS Municipal Income Trust (KTF) | | | 93,236 | | | | | | | | | | | | 1,102,050 | |
| | | | |
DWS Strategic Municipal Income Trust (KSM) | | | 29,351 | | | | | | | | | | | | 356,908 | |
| | | | |
Eaton Vance Municipal Bond Fund (EIM) | | | 5,360 | | | | | | | | | | | | 72,789 | |
| | | | |
Invesco Municipal Opportunity Trust (VMO) | | | 67,520 | | | | | | | | | | | | 932,451 | |
| | | | |
Invesco Municipal Trust (VKQ) | | | 76,872 | | | | | | | | | | | | 1,032,391 | |
| | | | |
Invesco Pennsylvania Value Municipal Income Trust (VPV) | | | 31,500 | | | | | | | | | | | | 440,055 | |
| | | | |
Invesco Quality Municipal Income Trust (IQI) | | | 91,114 | | | | | | | | | | | | 1,238,239 | |
| | | | |
Invesco Value Municipal Income Trust (IIM) | | | 45,799 | | | | | | | | | | | | 780,415 | |
| | | | |
Invesco Van Kampen Advantage Muni Income Trust (VKI) | | | 111,341 | | | | | | | | | | | | 1,356,133 | |
| | | | |
Invesco Van Kampen Trust For Investment Grade Municipals (VGM) | | | 66,847 | | | | | | | | | | | | 933,853 | |
| | | | |
Nuveen AMT-Free Quality Municipal Income Fund (NEA) | | | 168,972 | | | | | | | | | | | | 2,635,963 | |
| | | | |
Nuveen Dividend Advantage Municipal Income Fund (NVG) | | | 20,000 | | | | | | | | | | | | 358,600 | |
| | | | |
Nuveen Pennsylvania Quality Municipal Income Fund (NQP) | | | 5,000 | | | | | | | | | | | | 74,500 | |
| | | | |
Nuveen Quality Municipal Income Fund (NAD) | | | 163,973 | | | | | | | | | | | | 2,641,605 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investment Companies (cost: $18,144,739) | | | | | | | | | | | | | | | 20,223,554 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments in Securities - 96.2% (cost: $377,256,934) | | | | | | | | | | | | | | | 381,686,324 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Assets and Liabilities, net - 3.8% | | | | | | | | | | | | | | | 15,281,842 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Net Assets - 100.0% | | | | | | | | | | | | | | | $396,968,166 | |
| | | | | | | | | | | | | | | | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
Sit Tax-Free Income Fund (Continued)
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. |
2 | Security considered illiquid by the Investment Adviser. The total value of such securities as of December 31, 2021 was $2,738,806 and represented 0.7% of net assets. |
4 | 144A Restricted Security. The total value of such securities as of December 31, 2021 was $37,875,300 and represented 9.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
5 | The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of December 31, 2021 was $2,665,961 and represented 0.7% of net assets. |
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. |
9 | Municipal Lease Security. The total value of such securities as of December 31, 2021 was $5,784,807 and represented 1.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
14 | Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2021. |
15 | Securities with a “N/A” maturity date have passed their stated maturity date and have pending restructuring arrangements. |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Short futures contracts outstanding as of December 31, 2021 were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
Type | | Contracts | | | Expiration Date | | | Notional Amount ($) | | | Value/ Unrealized Appreciation (Depreciation) ($) | |
| |
Short Futures: 10 | | | | | | | | | | | | | | | | |
U.S. Treasury Long Bond | | | 72 | | | | March 2022 | | | | (11,551,500 | ) | | | (161,842) | |
U.S. Treasury 2-Year | | | 254 | | | | March 2022 | | | | (55,415,657 | ) | | | 23,583 | |
U.S. Treasury 5-Year | | | 202 | | | | March 2022 | | | | (24,437,265 | ) | | | (119,134) | |
U.S. Treasury 10-Year | | | 230 | | | | March 2022 | | | | (30,007,812 | ) | | | (349,253) | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | (606,646) | |
| | | | | | | | | | | | | | | | |
10 | The amount of $3,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2021. |
A summary of the levels for the Fund’s investments as of December 31, 2021 is as follows:
| | | | | | | | | | | | | | | | |
| | Investment in Securities | |
| | | | |
| | Level 1 | | | Level 2 | | Level 3 | | | |
| | Quoted Prices ($) | | | Other significant observable inputs ($) | | Significant unobservable inputs ($) | | Total ($) | |
Assets | | | | | | | | | | | | | | | | |
Municipal Bonds | | | — | | | | 361,462,770 | | | | — | | | | 361,462,770 | |
Investment Companies | | | 20,223,554 | | | | — | | | | — | | | | 20,223,554 | |
Futures | | | 23,583 | | | | — | | | | — | | | | 23,583 | |
Total: | | | 20,247,137 | | | | 361,462,770 | | | | — | | | | 381,709,907 | |
Liabilities | | | | | | | | | | | | | | | | |
Futures | | | (630,229 | ) | | | — | | | | — | | | | (630,229 | ) |
There were no transfers into or out of level 3 during the reporting period.