SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Municipal Bonds - 93.2% | | | | | | | | | | | | | | | | |
Education/Student Loan - 15.2% | | | | | | | | | | | | | | | | |
Baytown Township Rev. (St. Croix Prep) | | | 1,000,000 | | | | 4.00 | | | | 8/1/36 | | | | 835,860 | |
Bethel Charter School Lease Rev. (Spectrum High School Proj.) | | | 1,100,000 | | | | 4.00 | | | | 7/1/37 | | | | 905,795 | |
Bethel Charter School Lease Rev. (Spectrum High School Proj.) | | | 1,750,000 | | | | 4.25 | | | | 7/1/47 | | | | 1,319,377 | |
Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.) | | | 605,000 | | | | 5.25 | | | | 7/1/30 | | | | 574,435 | |
Cologne Charter School Lease Rev. (Cologne Academy Proj.) | | | 320,000 | | | | 4.00 | | | | 7/1/24 | | | | 316,672 | |
Cologne Charter School Lease Rev. (Cologne Academy Proj.) | | | 575,000 | | | | 5.00 | | | | 7/1/29 | | | | 572,165 | |
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | | | 855,000 | | | | 5.25 | | | | 7/1/37 | | | | 851,563 | |
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | | | 600,000 | | | | 5.25 | | | | 7/1/40 | | | | 589,530 | |
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | | | 1,000,000 | | | | 5.50 | | | | 7/1/50 | | | | 984,660 | |
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | | | 1,100,000 | | | | 5.00 | | | | 11/1/38 | | | | 1,019,249 | |
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | | | 350,000 | | | | 5.00 | | | | 11/1/48 | | | | 305,134 | |
Forest Lake Charter School Lease Rev. (Lake International Language Academy) | | | 405,000 | | | | 4.50 | | | | 8/1/26 | | | | 402,477 | |
Forest Lake Charter School Lease Rev. (Lake International Language Academy) | | | 1,000,000 | | | | 5.00 | | | | 8/1/36 | | | | 960,880 | |
Forest Lake Charter School Lease Rev. (Lake International Language Academy) | | | 850,000 | | | | 5.50 | | | | 8/1/36 | | | | 852,363 | |
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | | | 875,000 | | | | 5.00 | | | | 7/1/31 | | | | 867,239 | |
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | | | 1,000,000 | | | | 5.00 | | | | 7/1/36 | | | | 958,310 | |
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | | | 815,000 | | | | 4.00 | | | | 11/1/26 | | | | 786,345 | |
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | | | 2,720,000 | | | | 5.00 | | | | 11/1/36 | | | | 2,589,304 | |
Hugo Charter School Lease Rev. (Noble Academy Proj.) | | | 750,000 | | | | 5.00 | | | | 7/1/29 | | | | 748,762 | |
Hugo Charter School Lease Rev. (Noble Academy Proj.) | | | 1,000,000 | | | | 5.00 | | | | 7/1/34 | | | | 969,400 | |
Independence Charter School Lease Rev. (Beacon Academy Proj.) | | | 305,000 | | | | 4.25 | | | | 7/1/26 | | | | 295,005 | |
Independence Charter School Lease Rev. (Beacon Academy Proj.) | | | 750,000 | | | | 4.75 | | | | 7/1/31 | | | | 709,800 | |
Independence Charter School Lease Rev. (Beacon Academy Proj.) | | | 1,200,000 | | | | 5.00 | | | | 7/1/36 | | | | 1,113,120 | |
Independence Charter School Lease Rev. (Paladin High School Proj.) | | | 225,000 | | | | 3.25 | | | | 6/1/31 | | | | 185,648 | |
Independence Charter School Lease Rev. (Paladin High School Proj.) | | | 1,410,000 | | | | 4.00 | | | | 6/1/51 | | | | 959,829 | |
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 | | | 585,000 | | | | 4.00 | | | | 12/1/31 | | | | 517,754 | |
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 | | | 1,385,000 | | | | 5.25 | | | | 12/1/43 | | | | 1,217,180 | |
Minneapolis School Lease Rev. (Twin Cities International School) 4 | | | 1,000,000 | | | | 4.25 | | | | 12/1/27 | | | | 972,330 | |
Minneapolis School Lease Rev. (Twin Cities International School) 4 | | | 1,000,000 | | | | 5.00 | | | | 12/1/37 | | | | 962,310 | |
MN Higher Education Fac. Auth. Rev. (Augsburg College) | | | 3,195,000 | | | | 4.25 | | | | 5/1/40 | | | | 2,624,501 | |
MN Higher Education Fac. Auth. Rev. (Bethel Univ.) | | | 1,500,000 | | | | 5.00 | | | | 5/1/47 | | | | 1,300,605 | |
MN Higher Education Fac. Auth. Rev. (College of St. Benedict) | | | 1,900,000 | | | | 5.00 | | | | 3/1/37 | | | | 1,934,751 | |
MN Higher Education Fac. Auth. Rev. (College of St. Olaf) | | | 2,530,000 | | | | 3.00 | | | | 10/1/41 | | | | 2,040,647 | |
MN Higher Education Fac. Auth. Rev. (Macalester College) | | | 300,000 | | | | 3.00 | | | | 3/1/43 | | | | 239,433 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 2,000,000 | | | | 5.00 | | | | 10/1/47 | | | | 2,085,320 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 4,000,000 | | | | 5.00 | | | | 10/1/47 | | | | 4,170,640 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 750,000 | | | | 5.00 | | | | 4/1/35 | | | | 786,607 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 3,150,000 | | | | 4.00 | | | | 4/1/39 | | | | 2,972,529 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 850,000 | | | | 5.00 | | | | 10/1/40 | | | | 892,279 | |
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | | | 4,000,000 | | | | 4.00 | | | | 10/1/44 | | | | 3,732,480 | |
MN Office of Higher Education Rev. 8 | | | 2,505,000 | | | | 2.65 | | | | 11/1/38 | | | | 2,051,921 | |
MN Office of Higher Education Rev. 8 | | | 1,415,000 | | | | 4.00 | | | | 11/1/37 | | | | 1,403,298 | |
Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.) | | | 1,250,000 | | | | 5.00 | | | | 12/1/40 | | | | 1,272,063 | |
Savage Charter School Lease Rev. (Aspen Academy) | | | 395,000 | | | | 4.00 | | | | 10/1/26 | | | | 379,820 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31,2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
St. Cloud Charter School Lease Rev. (Stride Academy Proj.) | | | 1,850,000 | | | | 5.00 | | | | 4/1/36 | | | | 1,510,173 | |
St. Paul Hsg. & Redev. Auth. | | | 700,000 | | | | 5.00 | | | | 12/1/30 | | | | 707,210 | |
St. Paul Hsg. & Redev. Auth. | | | 1,150,000 | | | | 5.00 | | | | 12/1/37 | | | | 1,151,576 | |
St. Paul Hsg. & Redev. Auth. | | | 705,000 | | | | 5.00 | | | | 12/1/46 | | | | 671,914 | |
St. Paul Hsg. & Redev. Auth. (German Immersion School) | | | 95,000 | | | | 4.00 | | | | 7/1/23 | | | | 94,661 | |
St. Paul Hsg. & Redev. Auth. (German Immersion School) | | | 855,000 | | | | 5.00 | | | | 7/1/33 | | | | 837,242 | |
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | | | 280,000 | | | | 4.25 | | | | 12/1/23 | | | | 279,244 | |
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | | | 1,500,000 | | | | 5.00 | | | | 12/1/33 | | | | 1,454,985 | |
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | | | 390,000 | | | | 5.13 | | | | 12/1/38 | | | | 370,679 | |
St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) | | | 720,000 | | | | 4.50 | | | | 12/1/29 | | | | 677,858 | |
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4 | | | 1,000,000 | | | | 3.00 | | | | 6/1/31 | | | | 825,710 | |
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4 | | | 1,225,000 | | | | 4.00 | | | | 6/1/51 | | | | 829,154 | |
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | | | 325,000 | | | | 2.00 | | | | 9/1/26 | | | | 294,177 | |
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | | | 350,000 | | | | 4.00 | | | | 9/1/31 | | | | 328,675 | |
St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) | | | 1,135,000 | | | | 4.63 | | | | 3/1/43 | | | | 954,966 | |
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | | | 735,000 | | | | 4.00 | | | | 7/1/25 | | | | 717,808 | |
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | | | 955,000 | | | | 5.00 | | | | 7/1/35 | | | | 905,636 | |
St. Paul Hsg. & Redev. Auth. (Twin Cities German Immersion School) | | | 555,000 | | | | 5.00 | | | | 7/1/49 | | | | 484,460 | |
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | | | 950,000 | | | | 3.00 | | | | 12/1/29 | | | | 843,553 | |
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | | | 600,000 | | | | 4.00 | | | | 12/1/39 | | | | 522,948 | |
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | | | 1,000,000 | | | | 4.00 | | | | 12/1/49 | | | | 789,780 | |
St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) 4 | | | 700,000 | | | | 5.00 | | | | 6/15/38 | | | | 661,773 | |
St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | | | 600,000 | | | | 4.00 | | | | 9/1/36 | | | | 513,276 | |
St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | | | 1,000,000 | | | | 4.13 | | | | 9/1/47 | | | | 780,560 | |
Woodbury Charter School Lease Rev. | | | 450,000 | | | | 3.00 | | | | 12/1/30 | | | | 409,167 | |
Woodbury Charter School Lease Rev. | | | 400,000 | | | | 4.00 | | | | 12/1/40 | | | | 354,516 | |
Woodbury Charter School Lease Rev. | | | 555,000 | | | | 4.00 | | | | 12/1/50 | | | | 458,818 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 70,659,909 | |
| | | | | | | | | | | | | | | | |
Escrowed To Maturity/Prerefunded - 1.5% | | | | | | | | | | | | | | | | |
Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.) | | | 1,250,000 | | | | 4.00 | | | | 2/1/32 | | | | 1,297,962 | |
St. Paul Park Health Care Facs. Rev (Presbyterian Homes Interlu Proj.) | | | 1,000,000 | | | | 5.00 | | | | 5/1/43 | | | | 1,025,550 | |
Western MN Municipal Power Agy. Rev. | | | 4,725,000 | | | | 5.00 | | | | 1/1/46 | | | | 4,824,556 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 7,148,068 | |
| | | | | | | | | | | | | | | | |
General Obligation - 10.2% | | | | | | | | | | | | | | | | |
Apple Valley G.O. | | | 365,000 | | | | 2.00 | | | | 12/15/41 | | | | 241,886 | |
Blooming Prairie Independent School District No. 756 | | | 1,300,000 | | | | 2.25 | | | | 2/1/45 | | | | 860,444 | |
Duluth Independent School District No. 709 6 | | | 1,325,000 | | | | 1.90 | | | | 2/1/31 | | | | 975,929 | |
Duluth Independent School District No. 709 6 | | | 1,080,000 | | | | 2.03 | | | | 2/1/32 | | | | 759,856 | |
Duluth Independent School District No. 709 6 | | | 1,075,000 | | | | 2.15 | | | | 2/1/33 | | | | 721,175 | |
Itasca County Independent School District No. 318 | | | 4,050,000 | | | | 2.00 | | | | 2/1/39 | | | | 2,839,050 | |
Itasca County Independent School District No. 318 | | | 4,250,000 | | | | 2.00 | | | | 2/1/40 | | | | 2,916,987 | |
Itasca G.O. | | | 2,500,000 | | | | 2.38 | | | | 2/1/45 | | | | 1,700,550 | |
Itasca G.O. | | | 4,000,000 | | | | 2.50 | | | | 2/1/50 | | | | 2,680,280 | |
Lakeville Independent School District No. 194 | | | 500,000 | | | | 2.00 | | | | 2/1/37 | | | | 368,375 | |
Madison Lake G.O. | | | 590,000 | | | | 2.13 | | | | 2/1/42 | | | | 419,667 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Minnetonka Independent School District No. 276 | | | 1,900,000 | | | | 5.00 | | | | 2/1/41 | | | | 1,951,642 | |
Moorhead G.O. | | | 605,000 | | | | 2.00 | | | | 2/1/38 | | | | 443,017 | |
Moorhead G.O. | | | 365,000 | | | | 2.13 | | | | 2/1/40 | | | | 258,274 | |
Moorhead G.O. | | | 370,000 | | | | 2.13 | | | | 2/1/41 | | | | 258,064 | |
Moorhead G.O. | | | 510,000 | | | | 2.13 | | | | 2/1/42 | | | | 351,614 | |
Morrison Co. Education District No. 6979 | | | 1,000,000 | | | | 4.50 | | | | 2/1/34 | | | | 1,002,320 | |
Norwood Young America Independent School District No. 108 | | | 2,000,000 | | | | 2.13 | | | | 2/1/41 | | | | 1,383,840 | |
Norwood Young America Independent School District No. 108 | | | 1,400,000 | | | | 2.13 | | | | 2/1/42 | | | | 955,304 | |
Norwood Young America Independent School District No. 108 | | | 1,500,000 | | | | 2.25 | | | | 2/1/45 | | | | 1,007,430 | |
Owatonna Independent School District No. 761 | | | 750,000 | | | | 2.13 | | | | 2/1/40 | | | | 526,410 | |
Richfield Independent School District No. 280 | | | 4,000,000 | | | | 4.00 | | | | 2/1/37 | | | | 4,052,240 | |
Robbinsdale Independent School District No. 281 | | | 1,000,000 | | | | 2.25 | | | | 2/1/41 | | | | 710,320 | |
Roseau Independent School District No. 682 | | | 400,000 | | | | 2.25 | | | | 2/1/46 | | | | 264,436 | |
Sauk Centre Independent School District No. 743 | | | 870,000 | | | | 2.00 | | | | 2/1/39 | | | | 613,646 | |
Sauk Centre Independent School District No. 743 | | | 1,000,000 | | | | 2.00 | | | | 2/1/40 | | | | 691,090 | |
Springfield Independent School District No. 85 | | | 750,000 | | | | 2.00 | | | | 2/1/39 | | | | 520,395 | |
Springfield Independent School District No. 85 | | | 500,000 | | | | 2.00 | | | | 2/1/40 | | | | 340,660 | |
St. Cloud G.O. | | | 1,090,000 | | | | 2.00 | | | | 2/1/41 | | | | 788,190 | |
St. Cloud G.O. | | | 560,000 | | | | 2.00 | | | | 2/1/42 | | | | 397,572 | |
St. Paul Independent School District No. 625 | | | 2,475,000 | | | | 2.00 | | | | 2/1/40 | | | | 1,689,014 | |
State of Minnesota G.O. | | | 5,550,000 | | | | 2.00 | | | | 9/1/41 | | | | 3,802,638 | |
United Hospital District Health Care Facs. G.O (Lake Wood Health System) | | | 1,005,000 | | | | 5.00 | | | | 12/1/30 | | | | 1,055,501 | |
White Bear Lake Independent School District No. 624 | | | 10,850,000 | | | | 3.00 | | | | 2/1/43 | | | | 8,890,273 | |
Zumbrota-Mazeppa Independent School District No. 2805 | | | 1,500,000 | | | | 2.50 | | | | 2/1/44 | | | | 1,109,400 | |
| | | | | | | | | | | | | | | 47,547,489 | |
Hospital/Health Care - 13.0% | | | | | | | | | | | | | | | | |
Anoka Health Care and Hsg. Facs. Rev. | | | 1,135,000 | | | | 5.38 | | | | 11/1/34 | | | | 1,078,193 | |
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | | | 250,000 | | | | 5.00 | | | | 11/1/29 | | | | 253,418 | |
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | | | 500,000 | | | | 5.00 | | | | 11/1/44 | | | | 502,125 | |
Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) | | | 1,225,000 | | | | 5.00 | | | | 9/1/52 | | | | 961,992 | |
Chippewa Co. Rev. (Monte Video Hospital Proj.) | | | 2,000,000 | | | | 4.00 | | | | 3/1/32 | | | | 1,973,460 | |
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) | | | 1,000,000 | | | | 4.00 | | | | 5/1/32 | | | | 890,060 | |
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | | | 1,400,000 | | | | 5.75 | | | | 8/1/30 | | | | 1,124,452 | |
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | | | 1,050,000 | | | | 6.00 | | | | 8/1/35 | | | | 803,974 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 400,000 | | | | 4.00 | | | | 6/15/35 | | | | 376,044 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 170,000 | | | | 4.00 | | | | 6/15/35 | | | | 159,819 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 170,000 | | | | 4.00 | | | | 6/15/36 | | | | 157,393 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 375,000 | | | | 4.00 | | | | 6/15/36 | | | | 347,190 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 170,000 | | | | 4.00 | | | | 6/15/37 | | | | 154,758 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 350,000 | | | | 4.00 | | | | 6/15/37 | | | | 318,619 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 150,000 | | | | 4.00 | | | | 6/15/38 | | | | 134,748 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 375,000 | | | | 4.00 | | | | 6/15/38 | | | | 336,870 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 150,000 | | | | 4.00 | | | | 6/15/39 | | | | 133,218 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 225,000 | | | | 4.00 | | | | 6/15/39 | | | | 199,827 | |
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | | | 850,000 | | | | 3.00 | | | | 6/15/44 | | | | 583,313 | |
Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.) 2, 5 | | | 1,900,000 | | | | 5.00 | | | | 10/1/34 | | | | 1,394,505 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | | | 825,000 | | | | 5.00 | | | | 5/1/32 | | | | 858,693 | |
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | | | 4,175,000 | | | | 4.00 | | | | 5/1/37 | | | | 3,843,087 | |
Minneapolis Health Care System Rev. (Fairview Health Services) | | | 2,590,000 | | | | 5.00 | | | | 11/15/34 | | | | 2,674,641 | |
Minneapolis Health Care System Rev. (Fairview Health Services) | | | 2,500,000 | | | | 5.00 | | | | 11/15/49 | | | | 2,549,875 | |
Moorhead Economic Dev. Auth. Rev. | | | 550,000 | | | | 4.60 | | | | 9/1/25 | | | | 529,991 | |
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | | | 1,500,000 | | | | 5.50 | | | | 8/1/28 | | | | 1,428,675 | |
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | | | 1,000,000 | | | | 6.00 | | | | 8/1/36 | | | | 919,780 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | | | 175,000 | | | | 4.00 | | | | 7/1/37 | | | | 157,614 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | | | 200,000 | | | | 4.00 | | | | 7/1/39 | | | | 176,882 | |
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | | | 220,000 | | | | 4.00 | | | | 7/1/41 | | | | 191,825 | |
Rochester Health Care Facs. Rev. (Mayo Clinic) | | | 5,000,000 | | | | 5.00 | | | | 11/15/33 | | | | 5,965,200 | |
Rochester Health Care Facs. Rev. (Mayo Clinic) | | | 7,500,000 | | | | 4.00 | | | | 11/15/48 | | | | 7,159,200 | |
Shakopee Health Care Facs. Rev. (St. Francis Regional Medical Center Proj.) | | | 745,000 | | | | 5.00 | | | | 9/1/28 | | | | 760,459 | |
St. Cloud Health Care Rev. (CentraCare Health System Proj.) | | | 3,750,000 | | | | 5.00 | | | | 5/1/46 | | | | 3,815,175 | |
St. Cloud Health Care Rev. (CentraCare Health System Proj.) | | | 500,000 | | | | 5.00 | | | | 5/1/48 | | | | 510,495 | |
St. Cloud Health Care Rev. (CentraCare Health System Proj.) | | | 500,000 | | | | 4.00 | | | | 5/1/49 | | | | 450,970 | |
St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) 1 | | | 2,250,000 | | | | 4.60 | | | | 6/1/41 | | | | 1,884,015 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | | | 750,000 | | | | 4.00 | | | | 11/15/35 | | | | 750,150 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | | | 4,000,000 | | | | 4.00 | | | | 11/15/43 | | | | 3,672,280 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | | | 1,000,000 | | | | 5.00 | | | | 11/15/47 | | | | 1,018,320 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | | | 4,800,000 | | | | 5.00 | | | | 7/1/32 | | | | 4,962,432 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | | | 2,000,000 | | | | 5.00 | | | | 7/1/33 | | | | 2,065,480 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) | | | 2,150,000 | | | | 5.00 | | | | 5/1/38 | | | | 1,887,248 | |
Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC) | | | 425,000 | | | | 4.25 | | | | 8/1/24 | | | | 413,278 | |
| | | | | | | | | | | | | | | 60,529,743 | |
Industrial/Pollution Control - 0.6% | | | | | | | | | | | | | | | | |
St. Paul Port Auth. Rev. 8 | | | 1,000,000 | | | | 4.00 | | | | 10/1/40 | | | | 924,690 | |
St. Paul Port Auth. Rev. | | | 1,000,000 | | | | 4.00 | | | | 10/1/42 | | | | 929,090 | |
St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) 4, 8 | | | 1,000,000 | | | | 4.50 | | | | 10/1/37 | | | | 928,470 | |
| | | | | | | | | | | | | | | 2,782,250 | |
Insured - 0.2% | | | | | | | | | | | | | | | | |
Luverne Electric Rev. | | | 500,000 | | | | 3.00 | | | | 12/1/47 | | | | 376,755 | |
Luverne Electric Rev. | | | 700,000 | | | | 3.00 | | | | 12/1/51 | | | | 509,166 | |
| | | | | | | | | | | | | | | 885,921 | |
Multifamily Mortgage - 18.7% | | | | | | | | | | | | | | | | |
Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) | | | 1,000,000 | | | | 5.50 | | | | 11/1/46 | | | | 904,160 | |
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) | | | 500,000 | | | | 3.90 | | | | 2/1/31 | | | | 417,620 | |
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) | | | 500,000 | | | | 4.15 | | | | 2/1/36 | | | | 384,950 | |
Apple Valley Rev. (Orchard Path Phase II Proj.) | | | 260,000 | | | | 4.00 | | | | 9/1/30 | | | | 245,032 | |
Apple Valley Rev. (Orchard Path Phase II Proj.) | | | 300,000 | | | | 4.00 | | | | 9/1/36 | | | | 265,359 | |
Apple Valley Rev. (Orchard Path Phase II Proj.) | | | 440,000 | | | | 4.00 | | | | 9/1/41 | | | | 370,863 | |
Apple Valley Rev. (Orchard Path Phase II Proj.) | | | 830,000 | | | | 4.00 | | | | 9/1/51 | | | | 647,417 | |
Apple Valley Rev. (Orchard Path Phase II Proj.) | | | 750,000 | | | | 4.00 | | | | 9/1/61 | | | | 556,335 | |
Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) | | | 2,000,000 | | | | 5.00 | | | | 9/1/58 | | | | 1,873,860 | |
Apple Valley Senior Hsg. Rev. (Presbyterian Homes) | | | 1,500,000 | | | | 5.00 | | | | 9/1/43 | | | | 1,464,030 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair
Value ($) | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 1,045,000 | | | | 4.00 | | | | 1/1/25 | | | | 997,850 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 475,000 | | | | 4.00 | | | | 1/1/25 | | | | 439,337 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 1,175,000 | | | | 4.00 | | | | 1/1/26 | | | | 1,094,771 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 1,100,000 | | | | 6.75 | | | | 1/1/27 | | | | 949,960 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 950,000 | | | | 4.00 | | | | 1/1/30 | | | | 793,582 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 1,430,000 | | | | 4.25 | | | | 1/1/37 | | | | 1,059,802 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 950,000 | | | | 7.00 | | | | 1/1/37 | | | | 649,600 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 1,640,000 | | | | 4.38 | | | | 1/1/47 | | | | 1,076,184 | |
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | | | 2,850,000 | | | | 5.00 | | | | 1/1/47 | | | | 1,661,408 | |
Bethel Rev. (Grandview Christian Home Proj.) | | | 3,000,000 | | | | 5.00 | | | | 10/1/41 | | | | 2,671,020 | |
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | | | 1,250,000 | | | | 5.13 | | | | 7/1/25 | | | | 812,500 | |
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | | | 1,645,000 | | | | 5.75 | | | | 7/1/35 | | | | 1,069,250 | |
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) | | | 2,000,000 | | | | 6.13 | | | | 7/1/45 | | | | 1,300,000 | |
Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.) | | | 425,000 | | | | 6.00 | | | | 1/1/27 | | | | 425,098 | |
Chisago Hsg. and Health Care Rev. (CDL Homes LLC) | | | 750,000 | | | | 6.00 | | | | 8/1/33 | | | | 751,845 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 180,000 | | | | 2.20 | | | | 8/1/28 | | | | 150,572 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 250,000 | | | | 2.60 | | | | 8/1/30 | | | | 201,243 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 200,000 | | | | 2.80 | | | | 8/1/31 | | | | 158,038 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 200,000 | | | | 3.20 | | | | 8/1/34 | | | | 150,402 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 500,000 | | | | 4.00 | | | | 8/1/41 | | | | 370,660 | |
Cloquet Rev. (HADC Cloquet, LLC Proj.) | | | 500,000 | | | | 4.00 | | | | 8/1/48 | | | | 342,765 | |
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. | | | 3,500,000 | | | | 4.00 | | | | 1/1/42 | | | | 3,500,105 | |
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) 4 | | | 2,500,000 | | | | 3.55 | | | | 4/1/39 | | | | 1,772,650 | |
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (Walker Highviews Hills LLC) 4 | | | 500,000 | | | | 5.00 | | | | 8/1/51 | | | | 447,665 | |
Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) | | | 3,334,935 | | | | 3.75 | | | | 11/1/34 | | | | 3,290,580 | |
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | | | 1,350,000 | | | | 5.38 | | | | 8/1/34 | | | | 1,167,223 | |
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | | | 500,000 | | | | 5.75 | | | | 2/1/44 | | | | 412,585 | |
Independence Health Care Facs. Rev. (Augustana Chapel View Home) | | | 250,000 | | | | 4.00 | | | | 12/1/32 | | | | 208,900 | |
Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.) | | | 2,000,000 | | | | 5.13 | | | | 1/1/40 | | | | 1,865,560 | |
Maple Plain Senior Hsg. Health Care Rev. (Haven Home Inc Proj.) | | | 500,000 | | | | 5.00 | | | | 7/1/39 | | | | 451,490 | |
Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) 8 | | | 2,765,000 | | | | 4.75 | | | | 1/20/42 | | | | 2,765,802 | |
Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) | | | 5,000,000 | | | | 2.35 | | | | 2/1/38 | | | | 4,234,000 | |
Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) | | | 1,015,000 | | | | 5.75 | | | | 7/15/31 | | | | 1,010,920 | |
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | | | 375,000 | | | | 4.75 | | | | 11/1/28 | | | | 356,805 | |
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | | | 1,500,000 | | | | 5.00 | | | | 11/1/35 | | | | 1,366,995 | |
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | | | 1,090,000 | | | | 4.00 | | | | 11/1/25 | | | | 1,045,212 | |
Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) | | | 1,866,754 | | | | 3.00 | | | | 11/1/34 | | | | 1,724,340 | |
MN Hsg. Fin. Agy. Rental Hsg. Rev. | | | 1,000,000 | | | | 5.20 | | | | 8/1/43 | | | | 1,006,790 | |
Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) | | | 280,000 | | | | 4.65 | | | | 9/1/26 | | | | 266,403 | |
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | | | 1,000,000 | | | | 5.00 | | | | 9/1/32 | | | | 886,960 | |
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | | | 250,000 | | | | 5.13 | | | | 9/1/37 | | | | 212,327 | |
New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) | | | 1,500,000 | | | | 5.00 | | | | 8/1/39 | | | | 1,194,585 | |
North Oaks Rev. (Waverly Gardens Proj.) | | | 150,000 | | | | 4.25 | | | | 10/1/41 | | | | 135,897 | |
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | | | 2,000,000 | | | | 4.00 | | | | 10/1/33 | | | | 1,874,800 | |
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | | | 1,500,000 | | | | 5.00 | | | | 10/1/35 | | | | 1,509,540 | |
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | | | 1,000,000 | | | | 5.00 | | | | 10/1/47 | | | | 981,810 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.) | | | 1,950,000 | | | | 5.00 | | | | 12/1/30 | | | | 1,813,402 | |
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | | | 720,000 | | | | 6.38 | | | | 12/1/33 | | | | 724,702 | |
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | | | 2,500,000 | | | | 6.50 | | | | 12/1/35 | | | | 2,517,725 | |
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | | | 250,000 | | | | 6.88 | | | | 12/1/48 | | | | 252,127 | |
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | | | 2,150,000 | | | | 5.30 | | | | 9/1/37 | | | | 2,000,467 | |
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | | | 500,000 | | | | 5.00 | | | | 9/1/35 | | | | 455,225 | |
Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) | | | 1,705,000 | | | | 5.13 | | | | 1/1/39 | | | | 1,514,364 | |
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | | | 250,000 | | | | 5.75 | | | | 12/1/28 | | | | 250,625 | |
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | | | 2,000,000 | | | | 6.00 | | | | 12/1/30 | | | | 2,005,060 | |
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | | | 750,000 | | | | 4.25 | | | | 7/1/39 | | | | 603,615 | |
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | | | 1,500,000 | | | | 5.00 | | | | 7/1/55 | | | | 1,209,060 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | | | 2,950,000 | | | | 4.25 | | | | 12/1/27 | | | | 2,848,402 | |
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | | | 2,400,000 | | | | 5.00 | | | | 12/1/47 | | | | 2,317,032 | |
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | | | 1,000,000 | | | | 5.30 | | | | 11/1/30 | | | | 934,180 | |
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | | | 2,590,000 | | | | 5.38 | | | | 5/1/43 | | | | 2,168,918 | |
St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) | | | 1,000,000 | | | | 5.00 | | | | 9/1/42 | | | | 967,120 | |
St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.) | | | 875,000 | | | | 5.00 | | | | 3/1/40 | | | | 803,950 | |
Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) | | | 1,000,000 | | | | 4.25 | | | | 8/1/43 | | | | 765,370 | |
Vergas Rev. (CDL Homes Proj.) | | | 235,000 | | | | 4.00 | | | | 8/1/25 | | | | 226,853 | |
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | | | 1,500,000 | | | | 4.00 | | | | 8/1/44 | | | | 1,217,745 | |
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | | | 1,000,000 | | | | 5.00 | | | | 8/1/49 | | | | 937,160 | |
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | | | 2,750,000 | | | | 5.00 | | | | 8/1/54 | | | | 2,525,737 | |
West St. Paul Hsg. & Health Care Rev. (Walker Westwood Ridge Camp) | | | 250,000 | | | | 5.00 | | | | 11/1/49 | | | | 217,142 | |
| | | | | | | | | | | | | | | 87,221,438 | |
Municipal Lease - 3.0% 9 | | | | | | | | | | | | | | | | |
Duluth Independent School District No. 709 | | | 1,875,000 | | | | 2.60 | | | | 3/1/28 | | | | 1,693,200 | |
Duluth Independent School District No. 709 | | | 920,000 | | | | 3.00 | | | | 3/1/32 | | | | 783,628 | |
Lake Agassiz Education Cooperative No. 0397-52 | | | 645,000 | | | | 2.50 | | | | 2/1/32 | | | | 542,400 | |
Lake Agassiz Education Cooperative No. 0397-52 | | | 365,000 | | | | 2.75 | | | | 2/1/36 | | | | 292,679 | |
Minnetonka Independent School District No. 276 | | | 400,000 | | | | 3.00 | | | | 3/1/42 | | | | 336,984 | |
Minnetonka Independent School District No. 276 | | | 500,000 | | | | 3.00 | | | | 7/1/50 | | | | 400,475 | |
Minnetonka Independent School District No. 276 | | | 1,410,000 | | | | 2.25 | | | | 2/1/44 | | | | 946,928 | |
Minnetonka Independent School District No. 276 | | | 1,000,000 | | | | 2.13 | | | | 2/1/41 | | | | 687,630 | |
Minnetonka Independent School District No. 276 | | | 750,000 | | | | 2.38 | | | | 7/1/51 | | | | 495,307 | |
MN Hsg. Fin. Agy. Rev. | | | 2,065,000 | | | | 3.00 | | | | 8/1/43 | | | | 1,628,934 | |
MN Hsg. Fin. Agy. Rev. (State Appropriation) | | | 2,000,000 | | | | 5.00 | | | | 8/1/34 | | | | 2,053,500 | |
Northeastern Metropolitan Intermediate School District No. 916 | | | 1,000,000 | | | | 5.00 | | | | 2/1/34 | | | | 1,039,570 | |
Pine Island Independent School District No. 255 | | | 525,000 | | | | 2.00 | | | | 2/1/40 | | | | 382,142 | |
Pine Island Independent School District No. 255 | | | 1,110,000 | | | | 2.20 | | | | 2/1/44 | | | | 786,324 | |
Pine Island Independent School District No. 255 | | | 895,000 | | | | 2.25 | | | | 2/1/47 | | | | 610,659 | |
Rochester Economic Dev. Auth. Rev. | | | 485,000 | | | | 2.13 | | | | 2/1/38 | | | | 376,719 | |
Shakopee Independent School Dist. No. 720 | | | 500,000 | | | | 2.00 | | | | 2/1/31 | | | | 431,950 | |
Waconia Independent School District No. 110 | | | 500,000 | | | | 5.00 | | | | 2/1/37 | | | | 513,385 | |
Winona School District No. 861 Lease Purchase | | | 97,630 | | | | 6.04 | | | | 8/1/24 | | | | 97,780 | |
| | | | | | | | | | | | | | | 14,100,194 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Other Revenue Bonds - 2.9% | | | | | | | | | | | | | | | | |
Crystal Governmental Fac. Rev. | | | 230,798 | | | | 5.10 | | | | 12/15/26 | | | | 213,158 | |
Minneapolis Tax Increment Rev. | | | 320,000 | | | | 3.50 | | | | 3/1/23 | | | | 319,421 | |
Minneapolis Tax Increment Rev. | | | 170,000 | | | | 3.80 | | | | 3/1/25 | | | | 166,806 | |
Minneapolis Tax Increment Rev. | | | 200,000 | | | | 4.00 | | | | 3/1/27 | | | | 196,654 | |
Minneapolis Tax Increment Rev. | | | 260,000 | | | | 4.00 | | | | 3/1/30 | | | | 248,386 | |
Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.) | | | 431,000 | | | | 5.00 | | | | 2/15/27 | | | | 414,704 | |
Northeastern Metropolitan Intermediate School District No. 916 | | | 2,500,000 | | | | 4.00 | | | | 2/1/38 | | | | 2,462,975 | |
St. Louis Park Economic Dev. Auth. Tax Increment Rev. (Hoigaard Vlg.) | | | 175,000 | | | | 5.00 | | | | 2/1/23 | | | | 174,904 | |
St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) | | | 1,750,000 | | | | 5.00 | | | | 12/1/36 | | | | 1,758,995 | |
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) | | | 497,000 | | | | 6.38 | | | | 2/15/28 | | | | 496,945 | |
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.) | | | 610,000 | | | | 6.50 | | | | 3/1/29 | | | | 610,073 | |
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | | | 732,000 | | | | 7.00 | | | | 2/15/28 | | | | 732,190 | |
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | | | 481,000 | | | | 7.50 | | | | 2/15/28 | | | | 481,005 | |
St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) | | | 3,695,000 | | | | 5.00 | | | | 8/1/36 | | | | 3,695,443 | |
Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) 11 | | | 2,000,000 | | | | 5.00 | | | | 10/1/42 | | | | 1,631,880 | |
| | | | | | | | | | | | | | | 13,603,539 | |
Sales Tax Revenue - 1.1% 11 | | | | | | | | | | | | | | | | |
American Samoa Economic Development Authority Rev. 4 | | | 300,000 | | | | 6.00 | | | | 9/1/23 | | | | 300,228 | |
American Samoa Economic Development Authority Rev. | | | 2,000,000 | | | | 6.25 | | | | 9/1/29 | | | | 2,097,660 | |
Guam Govt. Business Privilege Tax Rev. | | | 2,750,000 | | | | 5.00 | | | | 11/15/35 | | | | 2,794,192 | |
| | | | | | | | | | | | | | | 5,192,080 | |
Single Family Mortgage - 24.5% | | | | | | | | | | | | | | | | |
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | | | 540,000 | | | | 4.45 | | | | 12/1/32 | | | | 540,086 | |
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | | | 45,000 | | | | 4.63 | | | | 12/1/30 | | | | 45,018 | |
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) | | | 305,000 | | | | 4.88 | | | | 12/1/33 | | | | 305,137 | |
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) | | | 110,000 | | | | 4.45 | | | | 12/1/27 | | | | 109,440 | |
MN Hsg. Fin. Agy. Homeownership Fin. | | | 7,295,000 | | | | 2.25 | | | | 7/1/41 | | | | 5,572,067 | |
MN Hsg. Fin. Agy. Homeownership Fin. | | | 8,270,000 | | | | 2.40 | | | | 7/1/46 | | | | 6,060,835 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 3,130,000 | | | | 2.45 | | | | 7/1/45 | | | | 2,515,988 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 4,985,000 | | | | 2.45 | | | | 7/1/46 | | | | 3,570,556 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 1,756,357 | | | | 3.30 | | | | 3/1/48 | | | | 1,683,064 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 1,796,247 | | | | 3.30 | | | | 5/1/48 | | | | 1,721,290 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 580,201 | | | | 3.75 | | | | 11/1/48 | | | | 562,087 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 576,335 | | | | 3.60 | | | | 1/1/49 | | | | 556,324 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 615,643 | | | | 3.45 | | | | 3/1/49 | | | | 592,107 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 982,444 | | | | 3.15 | | | | 6/1/49 | | | | 938,008 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 1,093,654 | | | | 2.47 | | | | 1/1/50 | | | | 1,002,421 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 8,590,000 | | | | 2.55 | | | | 1/1/51 | | | | 6,887,204 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 4,290,000 | | | | 2.50 | | | | 7/1/51 | | | | 2,953,279 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 1,125,000 | | | | 1.65 | | | | 7/1/30 | | | | 966,803 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 480,000 | | | | 2.38 | | | | 7/1/46 | | | | 347,093 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 9,390,000 | | | | 2.45 | | | | 1/1/52 | | | | 6,684,647 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 3,515,000 | | | | 2.40 | | | | 1/1/35 | | | | 3,094,255 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 2,545,000 | | | | 2.75 | | | | 7/1/42 | | | | 1,990,444 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair
Value ($) | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 1,270,000 | | | | 2.90 | | | | 1/1/45 | | | | 1,007,999 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 575,000 | | | | 2.70 | | | | 7/1/33 | | | | 523,779 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 255,000 | | | | 2.75 | | | | 1/1/34 | | | | 231,968 | |
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | | | 2,310,000 | | | | 3.00 | | | | 7/1/43 | | | | 1,884,983 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 3,995,000 | | | | 3.50 | | | | 1/1/32 | | | | 3,928,323 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 1,530,000 | | | | 3.60 | | | | 7/1/33 | | | | 1,486,426 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 1,340,000 | | | | 2.45 | | | | 7/1/34 | | | | 1,221,986 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 3,452,000 | | | | 3.80 | | | | 7/1/38 | | | | 3,247,400 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 4,290,000 | | | | 2.55 | | | | 7/1/39 | | | | 3,876,144 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 3,130,000 | | | | 3.90 | | | | 7/1/43 | | | | 2,892,965 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 2,945,000 | | | | 2.80 | | | | 1/1/44 | | | | 2,524,955 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 2,800,000 | | | | 2.70 | | | | 7/1/44 | | | | 2,210,264 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 3,135,000 | | | | 2.75 | | | | 7/1/44 | | | | 2,783,943 | |
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | | | 1,195,000 | | | | 3.75 | | | | 1/1/50 | | | | 1,189,754 | |
MN Hsg. Fin. Agy. Rev. 8 | | | 1,000,000 | | | | 5.35 | | | | 7/1/36 | | | | 1,040,850 | |
MN Hsg. Fin. Agy. Rev. 8 | | | 500,000 | | | | 2.30 | | | | 7/1/32 | | | | 437,475 | |
MN Hsg. Fin. Agy. Rev. 8 | | | 1,585,000 | | | | 2.35 | | | | 1/1/33 | | | | 1,382,437 | |
MN Hsg. Fin. Agy. Rev. 8 | | | 1,035,000 | | | | 2.40 | | | | 7/1/33 | | | | 895,534 | |
MN Hsg. Fin. Agy. Rev. | | | 3,855,860 | | | | 2.05 | | | | 12/1/51 | | | | 3,582,364 | |
MN Hsg. Fin. Agy. Rev. | | | 3,165,000 | | | | 2.00 | | | | 7/1/40 | | | | 2,368,844 | |
MN Hsg. Fin. Agy. Rev. | | | 3,850,000 | | | | 2.15 | | | | 7/1/45 | | | | 2,722,412 | |
MN Hsg. Fin. Agy. Rev. | | | 6,205,000 | | | | 2.20 | | | | 1/1/51 | | | | 4,183,101 | |
MN Hsg. Fin. Agy. Rev. | | | 9,375,000 | | | | 2.35 | | | | 7/1/41 | | | | 7,439,344 | |
MN Hsg. Fin. Agy. Rev. | | | 5,590,000 | | | | 2.55 | | | | 1/1/46 | | | | 4,378,926 | |
MN Hsg. Fin. Agy. Rev. | | | 2,500,000 | | | | 5.00 | | | | 7/1/53 | | | | 2,610,950 | |
MN Hsg. Fin. Agy. Rev. | | | 1,250,000 | | | | 5.10 | | | | 7/1/42 | | | | 1,302,987 | |
MN Hsg. Fin. Agy. Rev. | | | 1,715,000 | | | | 5.15 | | | | 7/1/45 | | | | 1,786,464 | |
MN Hsg. Fin. Agy. Rev. | | | 1,500,000 | | | | 6.00 | | | | 1/1/53 | | | | 1,639,065 | |
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) | | | 445,000 | | | | 4.00 | | | | 1/1/47 | | | | 444,484 | |
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) 8 | | | 275,000 | | | | 4.00 | | | | 1/1/41 | | | | 274,200 | |
| | | | | | | | | | | | | | | 114,198,479 | |
Transportation - 0.9% | | | | | | | | | | | | | | | | |
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. 8 | | | 1,000,000 | | | | 5.00 | | | | 1/1/47 | | | | 1,020,010 | |
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. 8 | | | 500,000 | | | | 5.25 | | | | 1/1/47 | | | | 519,075 | |
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | | | 1,100,000 | | | | 5.00 | | | | 1/1/33 | | | | 1,119,624 | |
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | | | 600,000 | | | | 5.00 | | | | 1/1/34 | | | | 610,392 | |
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | | | 1,000,000 | | | | 4.25 | | | | 1/1/52 | | | | 943,610 | |
| | | | | | | | | | | | | | | 4,212,711 | |
Utility - 1.4% | | | | | | | | | | | | | | | | |
Guam Govt. Waterworks Auth. Rev. 11 | | | 2,000,000 | | | | 5.00 | | | | 1/1/46 | | | | 1,967,820 | |
Rochester Electric Utility Rev. | | | 500,000 | | | | 5.00 | | | | 12/1/42 | | | | 524,630 | |
Southern Minnesota Municipal Power Agency | | | 1,000,000 | | | | 5.00 | | | | 1/1/41 | | | | 1,046,010 | |
St. Paul Hsg. & Redev. Auth. | | | 900,000 | | | | 3.38 | | | | 10/1/37 | | | | 801,324 | |
St. Paul Sewer Rev. | | | 1,220,000 | | | | 2.00 | | | | 12/1/41 | | | | 813,130 | |
Western MN Municipal Power Agy. Rev. | | | 550,000 | | | | 5.00 | | | | 1/1/25 | | | | 573,463 | |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Name of Issuer | | Principal
Amount ($) | | | Coupon
Rate (%) | | | Maturity
Date | | | Fair Value ($) | |
Western MN Municipal Power Agy. Rev. | | | 600,000 | | | | 5.00 | | | | 1/1/35 | | | | 633,378 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 6,359,755 | |
| | | | | | | | | | | | | | | | |
Total Municipal Bonds
(cost: $499,149,066) | | | | | | | | | | | | | | | 434,441,576 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Quantity | | | | | | | | | | |
| | | | |
Investment Companies - 0.3% | | | | | | | | | | | | | | | | |
Nuveen Minnesota Quality Municipal Income Fund (NMS) | | | 132,458 | | | | | | | | | | | | 1,490,153 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investment Companies
(cost: $1,829,974) | | | | | | | | | | | | | | | 1,490,153 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Investments in Securities - 93.5%
(cost: $500,979,040) | | | | | | | | | | | | | | | 435,931,729 | |
| | | | | | | | | | | | | | | | |
| | | | |
Other Assets and Liabilities, net - 6.5% | | | | | | | | | | | | | | | 30,250,104 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets - 100.0% | | | | | | | | | | | | | | | $466,181,833 | |
| | | | | | | | | | | | | | | | |
| 1 | Variable rate security. Rate disclosed is as of December 31, 2022. 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, 2022 was $1,394,505 and represented 0.3% of net assets. |
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2022 was $9,435,223 and represented 2.0% 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, 2022 was $1,394,505 and represented 0.3% 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. |
| 8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2022, 2.9% of net assets in the Fund was invested in such securities. |
| 9 | Municipal Lease Security. The total value of such securities as of December 31, 2022 was $14,100,194 and represented 3.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
| 11 | The Fund may invest in obligations issued by U.S. territories, for example Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of December 31, 2022 was $9,318,101 and represented 2.0% of net assets. |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Short futures contracts outstanding as of December 31, 2022 were as follows:
| | | | | | | | | | | | | | | | |
| Type | | Contracts | | | Expiration
Date | | | Notional
Amount ($) | | | Value/
Unrealized
Appreciation
(Depreciation) ($) | |
Short Futures: 10 | | | | | | | | | | | | | | | | |
U.S. Treasury Long Bond | | | 146 | | | | March 2023 | | | | (18,300,188 | ) | | | 265,098 | |
U.S. Treasury 2-Year | | | 254 | | | | March 2023 | | | | (52,089,844 | ) | | | (55,711) | |
U.S. Treasury 5-Year | | | 468 | | | | March 2023 | | | | (50,511,095 | ) | | | 85,682 | |
U.S. Treasury 10-Year | | | 781 | | | | March 2023 | | | | (87,703,863 | ) | | | 604,806 | |
| | | | | | | | | | | | | | | 899,875 | |
| 10 | The amount of $9,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2022. |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2022
Sit Minnesota Tax-Free Income Fund (Continued)
A summary of the levels for the Fund’s investments as of December 31, 2022 is as follows:
| | | | | | | | | | | | | | | | |
| | | Investment in Securities | |
| | | Level 1
Quoted
Prices ($) | | | Level 2
Other significant
observable inputs ($) | | | Level 3 Significant
unobservable inputs ($) | | | Total ($) | |
Assets | | | | | | | | | | | | | | | | |
Municipal Bonds | | | — | | | | 434,441,576 | | | | — | | | | 434,441,576 | |
Investment Companies | | | 1,490,153 | | | | — | | | | — | | | | 1,490,153 | |
Futures | | | 955,586 | | | | — | | | | — | | | | 955,586 | |
Total: | | | 2,445,739 | | | | 434,441,576 | | | | — | | | | 436,887,315 | |
Liabilities | | | | | | | | | | | | | | | | |
Futures | | | (55,711 | ) | | | — | | | | — | | | | (55,711 | ) |
There were no transfers into or out of level 3 during the reporting period.
For additional information about significant policies, including valuation of investments, refer to the Fund’s most recent annual report.
