SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
Municipal Bonds - 95.3% | ||||||||||||||||
Education/Student Loan - 16.3% | ||||||||||||||||
Baytown Township Rev. (St. Croix Prep) | 1,000,000 | 4.00 | 8/1/36 | 897,890 | ||||||||||||
Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1,100,000 | 4.00 | 7/1/37 | 975,084 | ||||||||||||
Bethel Charter School Lease Rev. (Spectrum High School Proj.) | 1,750,000 | 4.25 | 7/1/47 | 1,433,478 | ||||||||||||
Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.) | 605,000 | 5.25 | 7/1/30 | 584,031 | ||||||||||||
Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 320,000 | 4.00 | 7/1/24 | 319,069 | ||||||||||||
Cologne Charter School Lease Rev. (Cologne Academy Proj.) | 575,000 | 5.00 | 7/1/29 | 575,023 | ||||||||||||
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 855,000 | 5.25 | 7/1/37 | 859,865 | ||||||||||||
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 600,000 | 5.25 | 7/1/40 | 601,188 | ||||||||||||
Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.) | 1,000,000 | 5.50 | 7/1/50 | 1,000,130 | ||||||||||||
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 1,100,000 | 5.00 | 11/1/38 | 1,052,161 | ||||||||||||
Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.) | 350,000 | 5.00 | 11/1/48 | 313,365 | ||||||||||||
Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 310,000 | 4.50 | 8/1/26 | 307,167 | ||||||||||||
Forest Lake Charter School Lease Rev. (Lake International Language Academy) | 850,000 | 5.50 | 8/1/36 | 852,490 | ||||||||||||
Ham Lake Charter School Lease Rev. (Davinci Academy Proj.) | 875,000 | 5.00 | 7/1/31 | 857,867 | ||||||||||||
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 625,000 | 4.00 | 11/1/26 | 607,869 | ||||||||||||
Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.) | 2,720,000 | 5.00 | 11/1/36 | 2,671,829 | ||||||||||||
Hugo Charter School Lease Rev. (Noble Academy Proj.) | 750,000 | 5.00 | 7/1/29 | 750,968 | ||||||||||||
Hugo Charter School Lease Rev. (Noble Academy Proj.) | 1,000,000 | 5.00 | 7/1/34 | 1,000,660 | ||||||||||||
Independence Charter School Lease Rev. (Beacon Academy Proj.) | 235,000 | 4.25 | 7/1/26 | 229,569 | ||||||||||||
Independence Charter School Lease Rev. (Beacon Academy Proj.) | 750,000 | 4.75 | 7/1/31 | 718,043 | ||||||||||||
Independence Charter School Lease Rev. (Beacon Academy Proj.) | 1,200,000 | 5.00 | 7/1/36 | 1,134,876 | ||||||||||||
Independence Charter School Lease Rev. (Paladin High School Proj.) | 225,000 | 3.25 | 6/1/31 | 193,030 | ||||||||||||
Independence Charter School Lease Rev. (Paladin High School Proj.) | 1,410,000 | 4.00 | 6/1/51 | 982,164 | ||||||||||||
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 | 560,000 | 4.00 | 12/1/31 | 504,666 | ||||||||||||
Minneapolis School Lease Rev. (Friendship Academy of the Arts) 4 | 1,385,000 | 5.25 | 12/1/43 | 1,248,785 | ||||||||||||
Minneapolis School Lease Rev. (Twin Cities International School) 4 | 825,000 | 4.25 | 12/1/27 | 810,686 | ||||||||||||
Minneapolis School Lease Rev. (Twin Cities International School) 4 | 1,000,000 | 5.00 | 12/1/37 | 985,180 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Augsburg College) | 3,075,000 | 4.25 | 5/1/40 | 2,564,642 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Bethel Univ.) | 1,500,000 | 5.00 | 5/1/47 | 1,363,515 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (College of St. Benedict) | 1,900,000 | 5.00 | 3/1/37 | 1,942,237 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (College of St. Olaf) | 2,530,000 | 3.00 | 10/1/41 | 2,177,773 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 2,000,000 | 5.00 | 10/1/47 | 2,105,200 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 4,000,000 | 5.00 | 10/1/47 | 4,210,400 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 750,000 | 5.00 | 4/1/35 | 784,335 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 1,150,000 | 4.00 | 4/1/39 | 1,153,795 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 850,000 | 5.00 | 10/1/40 | 908,446 | ||||||||||||
MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas) | 4,000,000 | 4.00 | 10/1/44 | 3,983,600 | ||||||||||||
MN Office of Higher Education Rev. 8 | 2,000,000 | 4.00 | 11/1/42 | 1,999,620 | ||||||||||||
MN Office of Higher Education Rev. 8 | �� | 2,260,000 | 2.65 | 11/1/38 | 2,029,141 | |||||||||||
MN Office of Higher Education Rev. 8 | 990,000 | 4.00 | 11/1/37 | 966,497 | ||||||||||||
Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.) | 1,250,000 | 5.00 | 12/1/40 | 1,267,950 | ||||||||||||
Savage Charter School Lease Rev. (Aspen Academy) | 325,000 | 4.00 | 10/1/26 | 315,929 | ||||||||||||
St. Cloud Charter School Lease Rev. (Stride Academy Proj.) | 1,850,000 | 5.00 | 4/1/36 | 1,656,897 | ||||||||||||
St. Paul Hsg. & Redev. Auth. | 700,000 | 5.00 | 12/1/30 | 705,775 |
DECEMBER 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
St. Paul Hsg. & Redev. Auth. | 1,150,000 | 5.00 | 12/1/37 | 1,154,439 | ||||||||||||
St. Paul Hsg. & Redev. Auth. | 705,000 | 5.00 | 12/1/46 | 690,562 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (German Immersion School) | 855,000 | 5.00 | 7/1/33 | 854,957 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.) | 720,000 | 4.50 | 12/1/29 | 663,840 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4 | 900,000 | 3.00 | 6/1/31 | 759,609 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Math & Science Academy) 4 | 1,225,000 | 4.00 | 6/1/51 | 823,751 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 250,000 | 2.00 | 9/1/26 | 232,640 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.) | 350,000 | 4.00 | 9/1/31 | 333,070 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists) | 1,135,000 | 4.63 | 3/1/43 | 958,598 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | 500,000 | 4.00 | 7/1/25 | 492,740 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.) | 955,000 | 5.00 | 7/1/35 | 921,012 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 880,000 | 3.00 | 12/1/29 | 820,679 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 600,000 | 4.00 | 12/1/39 | 540,930 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.) | 1,000,000 | 4.00 | 12/1/49 | 813,450 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) 4 | 700,000 | 5.00 | 6/15/38 | 675,535 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.) | 1,000,000 | 4.13 | 9/1/47 | 814,620 | ||||||||||||
Woodbury Charter School Lease Rev. | 400,000 | 3.00 | 12/1/30 | 367,284 | ||||||||||||
Woodbury Charter School Lease Rev. | 400,000 | 4.00 | 12/1/40 | 359,008 | ||||||||||||
Woodbury Charter School Lease Rev. | 555,000 | 4.00 | 12/1/50 | 452,408 | ||||||||||||
|
| |||||||||||||||
65,332,017 | ||||||||||||||||
|
| |||||||||||||||
Escrowed To Maturity/Prerefunded - 0.3% | ||||||||||||||||
Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.) | 1,250,000 | 4.00 | 2/1/32 | 1,277,800 | ||||||||||||
|
| |||||||||||||||
General Obligation - 9.7% | ||||||||||||||||
Blooming Prairie Independent School District No. 756 | 1,300,000 | 2.25 | 2/1/45 | 923,247 | ||||||||||||
Itasca County Independent School District No. 318 | 4,050,000 | 2.00 | 2/1/39 | 2,944,431 | ||||||||||||
Itasca County Independent School District No. 318 | 4,250,000 | 2.00 | 2/1/40 | 3,016,650 | ||||||||||||
Itasca G.O. | 2,500,000 | 2.38 | 2/1/45 | 1,812,050 | ||||||||||||
Itasca G.O. | 4,000,000 | 2.50 | 2/1/50 | 2,776,120 | ||||||||||||
Madison Lake G.O. | 590,000 | 2.13 | 2/1/42 | 426,411 | ||||||||||||
Minnetonka Independent School District No. 276 | 1,900,000 | 5.00 | 2/1/41 | 1,926,125 | ||||||||||||
Moorhead G.O. | 510,000 | 2.13 | 2/1/42 | 362,477 | ||||||||||||
Morrison Co. Education District No. 6979 | 1,000,000 | 4.50 | 2/1/34 | 1,002,780 | ||||||||||||
Norwood Young America Independent School District No. 108 | 1,400,000 | 2.13 | 2/1/42 | 1,013,838 | ||||||||||||
Norwood Young America Independent School District No. 108 | 1,500,000 | 2.25 | 2/1/45 | 1,055,610 | ||||||||||||
Owatonna Independent School District No. 761 | 750,000 | 2.13 | 2/1/40 | 571,148 | ||||||||||||
Richfield Independent School District No. 280 | 2,000,000 | 4.00 | 2/1/37 | 2,046,860 | ||||||||||||
Robbinsdale Independent School District No. 281 | 1,000,000 | 2.25 | 2/1/41 | 762,870 | ||||||||||||
Roseau Independent School District No. 682 | 400,000 | 2.25 | 2/1/46 | 277,532 | ||||||||||||
Sauk Centre Independent School District No. 743 | 1,000,000 | 2.00 | 2/1/40 | 742,600 | ||||||||||||
St. Cloud G.O. | 1,090,000 | 2.00 | 2/1/41 | 834,973 | ||||||||||||
St. Paul Independent School District No. 625 | 2,475,000 | 2.00 | 2/1/40 | 1,835,806 | ||||||||||||
State of Minnesota G.O. | 5,550,000 | 2.00 | 9/1/41 | 3,995,834 | ||||||||||||
White Bear Lake Independent School District No. 624 | 10,850,000 | 3.00 | 2/1/43 | 9,363,441 | ||||||||||||
Zumbrota-Mazeppa Independent School District No. 2805 | 1,500,000 | 2.50 | 2/1/44 | 1,133,490 | ||||||||||||
|
| |||||||||||||||
38,824,293 | ||||||||||||||||
|
|
2
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
Hospital/Health Care - 13.4% | ||||||||||||||||
Anoka Health Care and Hsg. Facs. Rev. | 1,135,000 | 5.38 | 11/1/34 | 1,077,263 | ||||||||||||
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 250,000 | 5.00 | 11/1/29 | 251,452 | ||||||||||||
Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.) | 500,000 | 5.00 | 11/1/44 | 500,685 | ||||||||||||
Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center) | 1,225,000 | 5.00 | 9/1/52 | 959,788 | ||||||||||||
Chippewa Co. Rev. (Monte Video Hospital Proj.) | 1,000,000 | 4.00 | 3/1/32 | 993,630 | ||||||||||||
Crookston Health Care Facs. Rev. (Riverview Health Care Proj.) | 1,000,000 | 4.00 | 5/1/32 | 793,460 | ||||||||||||
Cuyuna Range Hospital District Health Care Facs. Rev. | 1,000,000 | 5.50 | 5/1/48 | 1,002,300 | ||||||||||||
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1,300,000 | 5.75 | 8/1/30 | 982,826 | ||||||||||||
Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.) | 1,050,000 | 6.00 | 8/1/35 | 732,449 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 400,000 | 4.00 | 6/15/35 | 395,388 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170,000 | 4.00 | 6/15/35 | 168,040 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170,000 | 4.00 | 6/15/36 | 164,045 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 350,000 | 4.00 | 6/15/37 | 335,741 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 170,000 | 4.00 | 6/15/37 | 163,074 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 375,000 | 4.00 | 6/15/38 | 352,166 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 150,000 | 4.00 | 6/15/38 | 140,866 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 225,000 | 4.00 | 6/15/39 | 208,588 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 150,000 | 4.00 | 6/15/39 | 139,059 | ||||||||||||
Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth) | 850,000 | 3.00 | 6/15/44 | 618,749 | ||||||||||||
Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.) | 1,900,000 | 5.00 | 10/1/34 | 1,159,000 | ||||||||||||
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 825,000 | 5.00 | 5/1/32 | 859,733 | ||||||||||||
Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.) | 2,175,000 | 4.00 | 5/1/37 | 2,090,588 | ||||||||||||
Minneapolis Health Care System Rev. (Fairview Health Services) | 2,590,000 | 5.00 | 11/15/34 | 2,641,929 | ||||||||||||
Minneapolis Health Care System Rev. (Fairview Health Services) | 2,500,000 | 5.00 | 11/15/49 | 2,503,375 | ||||||||||||
Moorhead Economic Dev. Auth. Rev. | 550,000 | 4.60 | 9/1/25 | 536,685 | ||||||||||||
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1,500,000 | 5.50 | 8/1/28 | 1,473,795 | ||||||||||||
Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center) | 1,000,000 | 6.00 | 8/1/36 | 966,570 | ||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | 175,000 | 4.00 | 7/1/37 | 170,362 | ||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | 200,000 | 4.00 | 7/1/39 | 191,130 | ||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. 11 | 220,000 | 4.00 | 7/1/41 | 207,863 | ||||||||||||
Rochester Health Care Facs. Rev. (Mayo Clinic) | 7,500,000 | 4.00 | 11/15/48 | 7,416,975 | ||||||||||||
Rochester Health Care Facs. Rev. (Mayo Clinic) | 5,000,000 | 5.00 | 11/15/34 | 6,143,700 | ||||||||||||
St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 3,750,000 | 5.00 | 5/1/46 | 3,816,712 | ||||||||||||
St. Cloud Health Care Rev. (CentraCare Health System Proj.) | 500,000 | 5.00 | 5/1/48 | 524,685 | ||||||||||||
St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) 1 | 2,250,000 | 4.60 | 6/1/41 | 1,963,103 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Fairview Health Services Proj.) | 2,000,000 | 4.00 | 11/15/43 | 1,801,360 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | 4,800,000 | 5.00 | 7/1/32 | 4,893,360 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.) | 2,000,000 | 5.00 | 7/1/33 | 2,038,860 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.) | 2,150,000 | 5.00 | 5/1/38 | 1,895,978 | ||||||||||||
Victoria Health Care Facs. Rev. (Augustana Emerald Care LLC) | 220,000 | 4.25 | 8/1/24 | 217,494 | ||||||||||||
|
| |||||||||||||||
53,492,826 | ||||||||||||||||
|
| |||||||||||||||
Industrial/Pollution Control - 0.5% 8 | ||||||||||||||||
St. Paul Port Auth. Rev. | 1,000,000 | 4.00 | 10/1/40 | 931,370 |
DECEMBER 31, 2023 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) 4 | 1,000,000 | 4.50 | 10/1/37 | 962,200 | ||||||||||||
|
| |||||||||||||||
1,893,570 | ||||||||||||||||
|
| |||||||||||||||
Multifamily Mortgage - 21.4% | ||||||||||||||||
Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.) | 1,000,000 | 5.50 | 11/1/46 | 900,390 | ||||||||||||
Apple Valley Economic Dev. Auth. Rev. (Augustana Healthcare Center) | 500,000 | 4.15 | 2/1/36 | 392,710 | ||||||||||||
Apple Valley Rev. (Orchard Path Phase II Proj.) | 260,000 | 4.00 | 9/1/30 | 255,068 | ||||||||||||
Apple Valley Rev. (Orchard Path Phase II Proj.) | 300,000 | 4.00 | 9/1/36 | 279,030 | ||||||||||||
Apple Valley Rev. (Orchard Path Phase II Proj.) | 440,000 | 4.00 | 9/1/41 | 386,874 | ||||||||||||
Apple Valley Rev. (Orchard Path Phase II Proj.) | 830,000 | 4.00 | 9/1/51 | 672,200 | ||||||||||||
Apple Valley Rev. (Orchard Path Phase II Proj.) | 750,000 | 4.00 | 9/1/61 | 570,000 | ||||||||||||
Apple Valley Senior Hsg. Rev. (Orchard Path Proj.) | 2,000,000 | 5.00 | 9/1/58 | 1,878,040 | ||||||||||||
Apple Valley Senior Hsg. Rev. (Presbyterian Homes) | 1,500,000 | 5.00 | 9/1/43 | 1,475,925 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1,045,000 | 4.00 | 1/1/25 | 1,019,930 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 475,000 | 4.00 | 1/1/25 | 454,072 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1,175,000 | 4.00 | 1/1/26 | 1,120,233 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 900,000 | 6.75 | 1/1/27 | 804,177 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950,000 | 4.00 | 1/1/30 | 830,186 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1,430,000 | 4.25 | 1/1/37 | 1,110,309 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 950,000 | 7.00 | 1/1/37 | 664,202 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 1,640,000 | 4.38 | 1/1/47 | 1,099,718 | ||||||||||||
Apple Valley Senior Living Rev. (Senior Living LLC Proj.) | 2,850,000 | 5.00 | 1/1/47 | 1,670,243 | ||||||||||||
Bethel Rev. (Grandview Christian Home Proj.) | 3,000,000 | 5.00 | 10/1/41 | 2,644,980 | ||||||||||||
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2 | 1,250,000 | 5.13 | 7/1/25 | 812,500 | ||||||||||||
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2 | 1,645,000 | 5.75 | 7/1/35 | 1,069,250 | ||||||||||||
Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) 2 | 2,000,000 | 6.13 | 7/1/45 | 1,300,000 | ||||||||||||
Champlin Multifamily Hsg. Rev. (Champlin Drive Apts.) | 350,000 | 6.00 | 1/1/27 | 350,084 | ||||||||||||
Chisago Hsg. and Health Care Rev. (CDL Homes LLC) | 750,000 | 6.00 | 8/1/33 | 750,083 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 180,000 | 2.20 | 8/1/28 | 156,974 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 250,000 | 2.60 | 8/1/30 | 210,550 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200,000 | 2.80 | 8/1/31 | 166,454 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 200,000 | 3.20 | 8/1/34 | 160,818 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500,000 | 4.00 | 8/1/41 | 377,040 | ||||||||||||
Cloquet Rev. (HADC Cloquet, LLC Proj.) | 500,000 | 4.00 | 8/1/48 | 344,785 | ||||||||||||
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. | 3,500,000 | 4.00 | 1/1/42 | 3,501,085 | ||||||||||||
Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) 4 | 2,500,000 | 3.55 | 4/1/39 | 1,939,950 | ||||||||||||
Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.) | 3,284,316 | 3.75 | 11/1/34 | 3,280,933 | ||||||||||||
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | 1,350,000 | 5.38 | 8/1/34 | 1,180,548 | ||||||||||||
Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.) | 500,000 | 5.75 | 2/1/44 | 402,850 | ||||||||||||
Independence Health Care Facs. Rev. (Augustana Chapel View Home) | 250,000 | 4.00 | 12/1/32 | 216,960 | ||||||||||||
Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.) | 2,000,000 | 5.13 | 1/1/40 | 1,880,340 | ||||||||||||
Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) 8 | 2,765,000 | 4.75 | 1/20/42 | 2,766,410 | ||||||||||||
Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized) | 4,651,859 | 2.35 | 2/1/38 | 3,582,768 | ||||||||||||
Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing) | 1,015,000 | 5.75 | 7/15/31 | 1,012,503 | ||||||||||||
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 375,000 | 4.75 | 11/1/28 | 358,290 | ||||||||||||
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 1,500,000 | 5.00 | 11/1/35 | 1,369,350 | ||||||||||||
Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter) | 750,000 | 4.00 | 11/1/25 | 728,490 |
4
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized) | 1,833,819 | 3.00 | 11/1/34 | 1,754,378 | ||||||||||||
MN Hsg. Fin. Agy. Rental Hsg. Rev. | 1,000,000 | 5.20 | 8/1/43 | 1,001,030 | ||||||||||||
Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC) | 280,000 | 4.65 | 9/1/26 | 269,478 | ||||||||||||
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 1,000,000 | 5.00 | 9/1/32 | 895,620 | ||||||||||||
Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC) | 250,000 | 5.13 | 9/1/37 | 212,898 | ||||||||||||
New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.) | 1,500,000 | 5.00 | 8/1/39 | 1,190,265 | ||||||||||||
North Oaks Rev. (Waverly Gardens Proj.) | 150,000 | 4.25 | 10/1/41 | 133,607 | ||||||||||||
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 2,000,000 | 4.00 | 10/1/33 | 1,860,240 | ||||||||||||
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1,500,000 | 5.00 | 10/1/35 | 1,510,965 | ||||||||||||
North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.) | 1,000,000 | 5.00 | 10/1/47 | 959,660 | ||||||||||||
Rochester Health Care & Hsg. Rev. (Homestead Rochester, Inc.) | 1,950,000 | 5.00 | 12/1/30 | 1,811,667 | ||||||||||||
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 720,000 | 6.38 | 12/1/33 | 720,130 | ||||||||||||
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 2,500,000 | 6.50 | 12/1/35 | 2,500,350 | ||||||||||||
Rochester Health Care & Hsg. Rev. (The Homestead at Rochester) | 250,000 | 6.88 | 12/1/48 | 247,480 | ||||||||||||
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | 2,150,000 | 5.30 | 9/1/37 | 2,100,829 | ||||||||||||
Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.) | 500,000 | 5.00 | 9/1/35 | 484,080 | ||||||||||||
Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.) | 1,715,000 | 5.13 | 1/1/39 | 1,448,969 | ||||||||||||
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 250,000 | 5.75 | 12/1/28 | 250,030 | ||||||||||||
St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.) | 2,000,000 | 6.00 | 12/1/30 | 2,000,240 | ||||||||||||
St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.) | 1,500,000 | 5.00 | 7/1/55 | 1,208,445 | ||||||||||||
St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.) | 1,000,000 | 5.50 | 12/1/38 | 1,027,680 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2,400,000 | 4.25 | 12/1/27 | 2,318,496 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.) | 2,400,000 | 5.00 | 12/1/47 | 2,265,672 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 895,000 | 5.30 | 11/1/30 | 865,098 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.) | 2,590,000 | 5.38 | 5/1/43 | 2,240,972 | ||||||||||||
St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.) | 1,500,000 | 5.00 | 9/1/42 | 1,450,425 | ||||||||||||
St. Peter Hsg. & Health Care Fac. Rev. (Ecumen Second Century & Owatonna Senior Living Proj.) | 875,000 | 5.00 | 3/1/40 | 793,608 | ||||||||||||
Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.) | 1,000,000 | 4.25 | 8/1/43 | 757,290 | ||||||||||||
Vergas Rev. (CDL Homes Proj.) | 160,000 | 4.00 | 8/1/25 | 156,155 | ||||||||||||
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1,500,000 | 4.00 | 8/1/44 | 1,277,535 | ||||||||||||
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 1,000,000 | 5.00 | 8/1/49 | 970,460 | ||||||||||||
Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community) | 2,750,000 | 5.00 | 8/1/54 | 2,629,660 | ||||||||||||
|
| |||||||||||||||
85,460,714 | ||||||||||||||||
|
| |||||||||||||||
Municipal Lease - 3.2% 9 | ||||||||||||||||
Duluth Independent School District No. 709 | 1,875,000 | 2.60 | 3/1/28 | 1,756,706 | ||||||||||||
Duluth Independent School District No. 709 | 920,000 | 3.00 | 3/1/32 | 836,593 | ||||||||||||
Lake Agassiz Education Cooperative No. 0397-52 | 645,000 | 2.50 | 2/1/32 | 569,000 | ||||||||||||
Lake Agassiz Education Cooperative No. 0397-52 | 365,000 | 2.75 | 2/1/36 | 317,930 | ||||||||||||
Minnetonka Independent School District No. 276 | 1,410,000 | 2.25 | 2/1/44 | 1,019,585 | ||||||||||||
Minnetonka Independent School District No. 276 | 1,000,000 | 2.13 | 2/1/41 | 748,370 | ||||||||||||
Minnetonka Independent School District No. 276 | 750,000 | 2.38 | 7/1/51 | 498,037 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 2,065,000 | 3.00 | 8/1/43 | 1,741,146 | ||||||||||||
MN Hsg. Fin. Agy. Rev. (State Appropriation) | 2,000,000 | 5.00 | 8/1/34 | 2,018,680 | ||||||||||||
Northeastern Metropolitan Intermediate School District No. 916 | 1,000,000 | 5.00 | 2/1/34 | 1,019,570 | ||||||||||||
Pine Island Independent School District No. 255 | 525,000 | 2.00 | 2/1/40 | 399,047 | ||||||||||||
Pine Island Independent School District No. 255 | 1,110,000 | 2.20 | 2/1/44 | 787,911 |
DECEMBER 31, 2023 | 5 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||||||||||
Name of Issuer | Principal Amount ($) | Coupon Rate (%) | Maturity Date | Fair Value ($) | ||||||||||||
| ||||||||||||||||
Pine Island Independent School District No. 255 | 895,000 | 2.25 | 2/1/47 | 608,502 | ||||||||||||
Waconia Independent School District No. 110 | 500,000 | 5.00 | 2/1/37 | 504,780 | ||||||||||||
Winona School District No. 861 Lease Purchase | 50,245 | 6.04 | 8/1/24 | 50,318 | ||||||||||||
|
| |||||||||||||||
12,876,175 | ||||||||||||||||
|
| |||||||||||||||
Other Revenue Bonds - 3.1% | ||||||||||||||||
Crystal Governmental Fac. Rev. | 177,621 | 5.10 | 12/15/26 | 167,788 | ||||||||||||
Minneapolis Tax Increment Rev. | 170,000 | 3.80 | 3/1/25 | 169,084 | ||||||||||||
Minneapolis Tax Increment Rev. | 200,000 | 4.00 | 3/1/27 | 199,206 | ||||||||||||
Minneapolis Tax Increment Rev. | 260,000 | 4.00 | 3/1/30 | 254,623 | ||||||||||||
Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.) | 308,000 | 5.00 | 2/15/27 | 303,537 | ||||||||||||
Northeastern Metropolitan Intermediate School District No. 916 | 2,500,000 | 4.00 | 2/1/38 | 2,509,175 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.) | 1,750,000 | 5.00 | 12/1/36 | 1,741,688 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.) | 369,000 | 6.38 | 2/15/28 | 368,970 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.) | 515,000 | 6.50 | 3/1/29 | 515,185 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 666,000 | 7.00 | 2/15/28 | 666,446 | ||||||||||||
St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.) | 389,000 | 7.50 | 2/15/28 | 389,101 | ||||||||||||
St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.) | 3,510,000 | 5.00 | 8/1/36 | 3,512,703 | ||||||||||||
Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) 11 | 2,000,000 | 5.00 | 10/1/42 | 1,586,120 | ||||||||||||
|
| |||||||||||||||
12,383,626 | ||||||||||||||||
|
| |||||||||||||||
Sales Tax Revenue - 1.2% 11 | ||||||||||||||||
American Samoa Economic Development Authority Rev. | 2,000,000 | 6.25 | 9/1/29 | 2,077,120 | ||||||||||||
Guam Govt. Business Privilege Tax Rev. | 2,750,000 | 5.00 | 11/15/35 | 2,789,298 | ||||||||||||
|
| |||||||||||||||
4,866,418 | ||||||||||||||||
|
| |||||||||||||||
Single Family Mortgage - 23.9% | ||||||||||||||||
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | 490,000 | 4.45 | 12/1/32 | 490,093 | ||||||||||||
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA) | 30,000 | 4.63 | 12/1/30 | 30,007 | ||||||||||||
Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC) | 245,000 | 4.88 | 12/1/33 | 245,064 | ||||||||||||
Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA) | 75,000 | 4.45 | 12/1/27 | 74,759 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. | 7,295,000 | 2.25 | 7/1/41 | 5,509,184 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. | 8,270,000 | 2.40 | 7/1/46 | 5,847,386 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3,130,000 | 2.45 | 7/1/45 | 2,280,487 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4,985,000 | 2.45 | 7/1/46 | 3,566,867 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1,564,922 | 3.30 | 3/1/48 | 1,493,530 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 1,654,986 | 3.30 | 5/1/48 | 1,571,145 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 522,450 | 3.75 | 11/1/48 | 502,555 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 550,176 | 3.60 | 1/1/49 | 526,232 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 557,165 | 3.45 | 3/1/49 | 529,886 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 928,255 | 3.15 | 6/1/49 | 852,221 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 987,207 | 2.47 | 1/1/50 | 872,583 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 8,585,000 | 2.55 | 1/1/51 | 6,206,612 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 4,290,000 | 2.50 | 7/1/51 | 3,009,778 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 475,000 | 2.38 | 7/1/46 | 333,844 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 9,340,000 | 2.45 | 1/1/52 | 6,511,848 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3,440,000 | 2.40 | 1/1/35 | 2,994,898 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 3,410,000 | 2.75 | 7/1/42 | 2,835,142 |
6
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
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 | 1,019,874 | ||||||||||||
MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC) | 2,300,000 | 3.00 | 7/1/43 | 1,969,950 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 1,340,000 | 2.45 | 7/1/34 | 1,189,531 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 37,000 | 3.80 | 7/1/38 | 37,006 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 4,290,000 | 2.55 | 7/1/39 | 3,528,053 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 150,000 | 3.90 | 7/1/43 | 147,594 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2,885,000 | 2.80 | 1/1/44 | 2,278,948 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 2,775,000 | 2.70 | 7/1/44 | 2,200,464 | ||||||||||||
MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC) | 3,130,000 | 2.75 | 7/1/44 | 2,507,881 | ||||||||||||
MN Hsg. Fin. Agy. Rev. 8 | 1,000,000 | 5.35 | 7/1/36 | 1,080,050 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 3,671,448 | 2.05 | 12/1/51 | 3,177,308 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 3,165,000 | 2.00 | 7/1/40 | 2,323,806 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 3,850,000 | 2.15 | 7/1/45 | 2,784,744 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 6,205,000 | 2.20 | 1/1/51 | 4,083,386 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 9,360,000 | 2.35 | 7/1/41 | 7,213,190 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 5,580,000 | 2.55 | 1/1/46 | 4,102,528 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 2,425,000 | 5.00 | 7/1/53 | 2,521,079 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 1,000,000 | 6.00 | 7/1/53 | 1,093,370 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 1,250,000 | 5.10 | 7/1/42 | 1,357,413 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 1,715,000 | 5.15 | 7/1/45 | 1,829,391 | ||||||||||||
MN Hsg. Fin. Agy. Rev. | 1,480,000 | 6.00 | 1/1/53 | 1,595,884 | ||||||||||||
MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC) | 1,000,000 | 4.60 | 7/1/45 | 1,027,200 | ||||||||||||
|
| |||||||||||||||
95,352,771 | ||||||||||||||||
|
| |||||||||||||||
Transportation - 0.7% 8 | ||||||||||||||||
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 675,000 | 5.00 | 1/1/25 | 685,159 | ||||||||||||
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 450,000 | 5.00 | 1/1/26 | 463,918 | ||||||||||||
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 1,000,000 | 5.00 | 1/1/47 | 1,051,090 | ||||||||||||
Minneapolis & St. Paul Metro Airport Commission Sub. Rev. | 500,000 | 5.25 | 1/1/47 | 535,700 | ||||||||||||
|
| |||||||||||||||
2,735,867 | ||||||||||||||||
|
| |||||||||||||||
Utility - 1.6% | ||||||||||||||||
Guam Govt. Waterworks Auth. Rev. 11 | 2,000,000 | 5.00 | 1/1/46 | 2,030,260 | ||||||||||||
Rochester Electric Utility Rev. | 500,000 | 5.00 | 12/1/42 | 518,590 | ||||||||||||
Southern Minnesota Municipal Power Agency | 1,000,000 | 5.00 | 1/1/41 | 1,028,780 | ||||||||||||
St. Paul Hsg. & Redev. Auth. | 900,000 | 3.38 | 10/1/37 | 874,125 | ||||||||||||
St. Paul Port Auth. Rev. 8 | 750,000 | 5.25 | 10/1/42 | 780,825 | ||||||||||||
Western MN Municipal Power Agy. Rev. | 550,000 | 5.00 | 1/1/25 | 561,473 | ||||||||||||
Western MN Municipal Power Agy. Rev. | 600,000 | 5.00 | 1/1/35 | 621,966 | ||||||||||||
|
| |||||||||||||||
6,416,019 | ||||||||||||||||
|
| |||||||||||||||
Total Municipal Bonds | 380,912,096 | |||||||||||||||
|
|
DECEMBER 31, 2023 | 7 |
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Investment Companies - 0.3% | ||||||||
Nuveen Minnesota Quality Municipal Income Fund (NMS) | 132,458 | 1,454,389 | ||||||
|
| |||||||
Total Investment Companies | 1,454,389 | |||||||
|
| |||||||
Total Investments in Securities - 95.6% | 382,366,485 | |||||||
|
| |||||||
Other Assets and Liabilities, net - 4.4% | 17,369,863 | |||||||
|
| |||||||
Net Assets - 100.0% | $ | 399,736,348 | ||||||
|
|
1 | Variable rate security. Rate disclosed is as of December 31, 2023. 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, 2023 was $3,181,750 and represented 0.8% of net assets. |
4 | 144A Restricted Security. The total value of such securities as of December 31, 2023 was $8,710,362 and represented 2.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At December 31, 2023, 3.6% 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, 2023 was $12,876,175 and represented 3.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
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, 2023 was $9,052,153 and represented 2.3% of net assets. |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Short futures contracts outstanding as of December 31, 2023 were as follows:
Type | Contracts | Expiration Date | Notional Amount ($) | Value/ Unrealized Appreciation (Depreciation) ($) | ||||||||||||
| ||||||||||||||||
Short Futures: 10 | ||||||||||||||||
U.S. Treasury Long Bond | 361 | March 2024 | (39,267,212) | (909,522) | ||||||||||||
U.S. Treasury 2-Year | 199 | March 2024 | (40,976,898) | (426,866) | ||||||||||||
U.S. Treasury 5-Year | 122 | March 2024 | (15,242,375) | (1,151,179) | ||||||||||||
U.S. Treasury 10-Year | 607 | March 2024 | (68,524,613) | (2,316,955) | ||||||||||||
|
| |||||||||||||||
(4,804,522) | ||||||||||||||||
|
|
10 | The amount of $8,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2023. |
8
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2023
Sit Minnesota Tax-Free Income Fund (Continued)
A summary of the levels for the Fund’s investments as of December 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
|
| |||||||||||||||
Level 1 Quoted Prices ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
|
| |||||||||||||||
Assets | ||||||||||||||||
Municipal Bonds | — | 380,912,096 | — | 380,912,096 | ||||||||||||
Investment Companies | 1,454,389 | — | — | 1,454,389 | ||||||||||||
|
| |||||||||||||||
Total: | 1,454,389 | 380,912,096 | — | 382,366,485 | ||||||||||||
|
| |||||||||||||||
Liabilities | ||||||||||||||||
Futures | (4,804,522 | ) | — | — | (4,804,522) | |||||||||||
|
|
There were no transfers into or out of level 3 during the reporting period.
For additional information about significant policies, including valuation of investments, refer to the Fund’s most recent annual report.
DECEMBER 31, 2023 | 9 |