Sit Mutual Funds Ii NPORTP Sit Minnesota Tax-Free Income Fund (Dec 2024 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


Municipal Bonds - 95.2%

Education/Student Loan - 17.2%

Baytown Township Rev. (St. Croix Prep)		1,000,000		4.00		8/1/36		941,380

Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,100,000		4.00		7/1/37		1,045,814

Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,750,000		4.25		7/1/47		1,573,915

Bethel Charter School Lease Rev. (Spectrum High School Proj.)		1,000,000		5.00		7/1/59		973,080

Brooklyn Park Charter School Lease Rev. (Athlos Leadership Academy Proj.)		605,000		5.25		7/1/30		579,626

Cologne Charter School Lease Rev. (Cologne Academy Proj.)		575,000		5.00		7/1/29		575,144

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		1,255,000		5.25		7/1/37		1,260,547

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		600,000		5.25		7/1/40		601,920

Deephaven Charter School Lease Rev. (Eagle Ridge Academy Proj.)		1,000,000		5.50		7/1/50		1,002,270

Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)		1,100,000		5.00		11/1/38		1,027,906

Duluth Hsg. & Redevelopment Auth. Rev. (Public School Academy Proj.)		350,000		5.00		11/1/48		301,927

Forest Lake Charter School Lease Rev. (Lake International Language Academy)		850,000		5.50		8/1/36		850,621

Ham Lake Charter School Lease Rev. (Davinci Academy Proj.)		875,000		5.00		7/1/31		873,994

Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		425,000		4.00		11/1/26		420,754

Ham Lake Charter School Lease Rev. (Parnassus Prep. Sch. Proj.)		2,720,000		5.00		11/1/36		2,737,734

Hugo Charter School Lease Rev. (Noble Academy Proj.)		750,000		5.00		7/1/29		750,240

Hugo Charter School Lease Rev. (Noble Academy Proj.)		1,000,000		5.00		7/1/34		1,000,300

Independence Charter School Lease Rev. (Beacon Academy Proj.)		160,000		4.25		7/1/26		157,584

Independence Charter School Lease Rev. (Beacon Academy Proj.)		750,000		4.75		7/1/31		725,535

Independence Charter School Lease Rev. (Beacon Academy Proj.)		1,200,000		5.00		7/1/36		1,155,252

Independence Charter School Lease Rev. (Paladin High School Proj.)		225,000		3.25		6/1/31		201,085

Independence Charter School Lease Rev. (Paladin High School Proj.)		1,410,000		4.00		6/1/51		1,050,577

Minneapolis School Lease Rev. (Friendship Academy of the Arts) ⁴		490,000		4.00		12/1/31		414,560

Minneapolis School Lease Rev. (Friendship Academy of the Arts) ⁴		1,385,000		5.25		12/1/43		1,098,568

Minneapolis School Lease Rev. (Twin Cities International School) ⁴		625,000		4.25		12/1/27		619,719

Minneapolis School Lease Rev. (Twin Cities International School) ⁴		1,000,000		5.00		12/1/37		982,210

MN Higher Education Fac. Auth. Rev. (Augsburg College)		2,950,000		4.25		5/1/40		2,067,242

MN Higher Education Fac. Auth. Rev. (Bethel Univ.)		1,000,000		5.00		5/1/47		912,780

MN Higher Education Fac. Auth. Rev. (College of St. Benedict)		1,900,000		5.00		3/1/37		1,907,904

MN Higher Education Fac. Auth. Rev. (College of St. Olaf)		2,530,000		3.00		10/1/41		2,159,962

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		2,000,000		5.00		10/1/47		2,082,340

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		4,000,000		5.00		10/1/47		4,164,680

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		750,000		5.00		4/1/35		762,427

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		1,150,000		4.00		4/1/39		1,114,752

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		850,000		5.00		10/1/40		891,030

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		4,000,000		4.00		10/1/44		3,851,360

MN Higher Education Fac. Auth. Rev. (Univ. of St. Thomas)		3,650,000		5.00		10/1/49		3,828,448

MN Office of Higher Education Rev. ⁸		2,000,000		4.00		11/1/42		1,897,100

MN Office of Higher Education Rev. ⁸		2,260,000		2.65		11/1/38		2,017,705

MN Office of Higher Education Rev. ⁸		990,000		4.00		11/1/37		980,625

Moorhead Educational Fac. Rev. (Concordia College Corp. Proj.)		1,250,000		5.00		12/1/40		1,253,088

Savage Charter School Lease Rev. (Aspen Academy)		215,000		4.00		10/1/26		211,812

St. Cloud Charter School Lease Rev. (Stride Academy Proj.)		1,850,000		5.00		4/1/36		1,709,992

St. Paul Hsg. & Redev. Auth.		700,000		5.00		12/1/30		700,343


DECEMBER 31, 2024				1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


St. Paul Hsg. & Redev. Auth.		1,150,000		5.00		12/1/37		1,150,127

St. Paul Hsg. & Redev. Auth.		705,000		5.00		12/1/46		694,531

St. Paul Hsg. & Redev. Auth. (German Immersion School)		775,000		5.00		7/1/33		775,194

St. Paul Hsg. & Redev. Auth. (Hope Community Academy Proj.)		720,000		4.50		12/1/29		666,490

St. Paul Hsg. & Redev. Auth. (Math & Science Academy) ⁴		800,000		3.00		6/1/31		700,992

St. Paul Hsg. & Redev. Auth. (Math & Science Academy) ⁴		1,225,000		4.00		6/1/51		864,605

St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.)		175,000		2.00		9/1/26		167,916

St. Paul Hsg. & Redev. Auth. (Nova Classical Academy Proj.)		350,000		4.00		9/1/31		343,938

St. Paul Hsg. & Redev. Auth. (St. Paul Conservatory for Performing Artists)		1,135,000		4.63		3/1/43		997,983

St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		255,000		4.00		7/1/25		254,324

St. Paul Hsg. & Redev. Auth. (Twin Cities Academy Proj.)		955,000		5.00		7/1/35		955,735

St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		770,000		3.00		12/1/29		724,454

St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		600,000		4.00		12/1/39		538,812

St. Paul Hsg. & Redev. Auth. Rev. (Community of Peace Academy Proj.)		1,000,000		4.00		12/1/49		839,830

St. Paul Hsg. & Redev. Auth. Rev. (Metro Deaf School Proj.) ⁴		700,000		5.00		6/15/38		697,263

St. Paul Hsg. & Redev. Auth. Rev. (Nova Classical Academy Proj.)		1,000,000		4.13		9/1/47		880,840

Woodbury Charter School Lease Rev.		400,000		4.00		12/1/40		351,224

Woodbury Charter School Lease Rev.		555,000		4.00		12/1/50		449,916


								67,490,026

Escrowed To Maturity/Prerefunded - 0.3%

Lakeville Hsg. & Redev. Auth. Parking Rev. (Ice Arena. Proj.)		1,250,000		4.00		2/1/32		1,259,675

General Obligation - 9.5%

Blooming Prairie Independent School District No. 756		1,300,000		2.25		2/1/45		875,979

Itasca County Independent School District No. 318		4,050,000		2.00		2/1/39		2,881,494

Itasca County Independent School District No. 318		4,250,000		2.00		2/1/40		2,960,550

Itasca G.O.		2,500,000		2.38		2/1/45		1,728,000

Itasca G.O.		4,000,000		2.50		2/1/50		2,644,720

Madison Lake G.O.		590,000		2.13		2/1/42		398,781

Minnetonka Independent School District No. 276		1,900,000		5.00		2/1/41		1,902,603

Moorhead G.O.		510,000		2.13		2/1/42		357,280

Morrison Co. Education District No. 6979		1,000,000		4.50		2/1/34		1,000,380

Norwood Young America Independent School District No. 108		1,400,000		2.13		2/1/42		960,484

Norwood Young America Independent School District No. 108		1,500,000		2.25		2/1/45		996,870

Richfield Independent School District No. 280		1,000,000		4.00		2/1/37		1,006,270

Robbinsdale Independent School District No. 281		1,000,000		2.25		2/1/41		723,020

Roseau Independent School District No. 682		400,000		2.25		2/1/46		264,828

Sauk Centre Independent School District No. 743		1,000,000		2.00		2/1/40		705,240

St. Cloud G.O.		1,090,000		2.00		2/1/41		801,281

St. Paul Independent School District No. 625		2,475,000		2.00		2/1/40		1,756,557

State of Minnesota G.O.		5,550,000		2.00		9/1/41		3,947,271

Virginia G.O.		825,000		5.00		2/1/41		831,559

White Bear Lake Independent School District No. 624		10,850,000		3.00		2/1/43		9,381,236

Zumbrota-Mazeppa Independent School District No. 2805		1,500,000		2.50		2/1/44		1,054,020


								37,178,423

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


Hospital/Health Care - 12.9%

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		500,000		5.00		11/1/44		500,115

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		1,000,000		5.00		11/1/44		1,059,790

Center City Heath Care Facs. Rev. (Hazelden Betty Ford Foundation Proj.)		500,000		5.00		11/1/47		523,755

Chatfield Health Care and Hsg. Facs. Rev. (Chosen Valley Care Center)		1,225,000		5.00		9/1/52		1,036,130

Crookston Health Care Facs. Rev. (Riverview Health Care Proj.)		1,000,000		4.00		5/1/32		725,220

Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		1,100,000		5.75		8/1/30		852,676

Dakota Co. Community Dev. Agy. (Sanctuary at W. St. Paul Proj.)		1,050,000		6.00		8/1/35		735,914

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		170,000		4.00		6/15/36		173,558

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		350,000		4.00		6/15/37		355,890

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		170,000		4.00		6/15/37		172,754

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		150,000		4.00		6/15/38		151,785

Duluth Economic Dev. Auth. Rev. (St. Luke Hospital of Duluth)		850,000		3.00		6/15/44		701,743

Hayward Hsg. & Health Care Fac. Rev. (St. Johns Lutheran Home of Albert Lea Proj.)		1,900,000		5.00		10/1/34		1,140,000

Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		825,000		5.00		5/1/32		839,578

Maple Grove Health Care System Rev. (Maple Grove Hospital Corp.)		2,175,000		4.00		5/1/37		2,075,820

Minneapolis Health Care System Rev. (Fairview Health Services)		2,590,000		5.00		11/15/34		2,603,882

Minneapolis Health Care System Rev. (Fairview Health Services)		2,500,000		5.00		11/15/49		2,511,700

MN Agricultural & Economic Dev. Board Rev. (HealthPartners Oblig. Group Proj.)		2,000,000		5.25		1/1/54		2,147,300

Moorhead Economic Dev. Auth. Rev.		550,000		4.60		9/1/25		545,837

Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,500,000		5.50		8/1/28		1,496,385

Oak Park Heights Nursing Home Rev. (Boutwells Landing Care Center)		1,000,000		6.00		8/1/36		998,230

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. ¹¹		175,000		4.00		7/1/37		162,818

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. ¹¹		200,000		4.00		7/1/39		184,244

Puerto Rico Industrial Tourist Educational Medical & Environmental Ctl. Facs. Fin. Auth. Rev. ¹¹		220,000		4.00		7/1/41		198,845

Rochester Health Care Facs. Rev. (Mayo Clinic)		7,500,000		4.00		11/15/48		7,119,675

Rochester Health Care Facs. Rev. (Mayo Clinic)		3,000,000		5.00		11/15/34		3,448,800

St. Cloud Health Care Rev. (CentraCare Health System Proj.)		5,385,000		5.00		5/1/46		5,432,603

St. Cloud Health Care Rev. (CentraCare Health System Proj.)		500,000		5.00		5/1/48		512,610

St. Louis Park Health Care Facs. Rev. (Mount Olivet Careview Home Health Proj.) ¹		2,250,000		4.60		6/1/41		2,056,027

St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		4,800,000		5.00		7/1/32		4,823,520

St. Paul Hsg. & Redev. Auth. Health Care Rev. (HealthPartners Oblig. Group Proj.)		2,000,000		5.00		7/1/33		2,009,160

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Senior Episcopal Homes Proj.)		2,150,000		5.00		5/1/38		1,974,818

Wadena Rev. (Wadena Cancer Center Proj.)		1,000,000		5.00		12/1/45		1,051,090


								50,322,272

Industrial/Pollution Control - 0.5% ⁸

St. Paul Port Auth. Rev.		1,000,000		4.00		10/1/40		892,570
St. Paul Port Auth. Solid Waste Disposal Rev. (Gerdau St. Paul Steel Mill Proj.) ⁴		1,000,000		4.50		10/1/37		962,960


								1,855,530

Multifamily Mortgage - 21.6%

Anoka Hsg. Rev. (Homestead at Anoka, Inc. Proj.)		1,000,000		5.50		11/1/46		966,870

Apple Valley Rev. (Orchard Path Phase II Proj.)		300,000		4.00		9/1/36		287,784

Apple Valley Rev. (Orchard Path Phase II Proj.)		440,000		4.00		9/1/41		400,950

Apple Valley Rev. (Orchard Path Phase II Proj.)		830,000		4.00		9/1/51		697,889

Apple Valley Rev. (Orchard Path Phase II Proj.)		750,000		4.00		9/1/61		596,257



DECEMBER 31, 2024		3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


Apple Valley Senior Hsg. Rev. (Orchard Path Proj.)		2,000,000		5.00		9/1/58		1,940,300

Apple Valley Senior Hsg. Rev. (Presbyterian Homes)		1,500,000		5.00		9/1/43		1,501,170

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,045,000		4.00		1/1/25		1,045,000

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		475,000		4.00		1/1/25		475,000

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,175,000		4.00		1/1/26		1,163,861

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		680,000		6.75		1/1/27		523,858

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		950,000		4.00		1/1/30		906,756

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,430,000		4.25		1/1/37		1,284,998

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		950,000		7.00		1/1/37		522,234

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		1,640,000		4.38		1/1/47		1,334,402

Apple Valley Senior Living Rev. (Senior Living LLC Proj.)		2,850,000		5.00		1/1/47		1,673,834

Bethel Hsg. and Health Care Facs. Rev. (Ecumen Obligated Group)		2,000,000		6.13		3/1/44		2,047,220

Bethel Rev. (Grandview Christian Home Proj.)		1,500,000		5.00		10/1/41		1,500,180

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) ²		1,250,000		5.13		7/1/25		662,500

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) ²		1,645,000		5.75		7/1/35		871,850

Blaine Senior Hsg. & Health Care Fac. Rev. (Crest View Senior Community Proj.) ²		2,000,000		6.13		7/1/45		1,060,000

Chisago Hsg. and Health Care Rev. (CDL Homes LLC)		750,000		6.00		8/1/33		750,345

Cloquet Rev. (HADC Cloquet, LLC Proj.)		180,000		2.20		8/1/28		163,255

Cloquet Rev. (HADC Cloquet, LLC Proj.)		250,000		2.60		8/1/30		219,170

Cloquet Rev. (HADC Cloquet, LLC Proj.)		200,000		2.80		8/1/31		173,312

Cloquet Rev. (HADC Cloquet, LLC Proj.)		200,000		3.20		8/1/34		167,796

Cloquet Rev. (HADC Cloquet, LLC Proj.)		500,000		4.00		8/1/41		395,045

Cloquet Rev. (HADC Cloquet, LLC Proj.)		500,000		4.00		8/1/48		362,735

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev.		3,500,000		4.00		1/1/42		3,399,130

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (FNMA)		1,050,000		4.20		5/1/43		1,018,153

Dakota Co. Community Dev. Agy. Multifamily Hsg. Rev. (The Quill Proj.) ⁴		2,500,000		3.55		4/1/39		2,051,225

Duluth Hsg. & Redevelopment Auth. Rev. (Pennel Park Proj.)		1,247,366		4.50		8/1/41		1,263,407

Fridley Multifamily Hsg. Rev. (Village Green Apartments Proj.)		3,235,855		3.75		11/1/34		3,252,391

Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		1,350,000		5.38		8/1/34		1,167,844

Hayward Health Care Fac. Rev. (American Baptist Homes Midwest Proj.)		500,000		5.75		2/1/44		394,995

Lauderdale Multifamily Hsg. Rev. (The Fern Senior Affordable Housing Proj.)		2,000,000		5.13		1/1/40		1,966,520

Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. (GNMA Collateralized) ⁸		2,765,000		4.75		1/20/42		2,765,442

Minneapolis Multifamily Hsg. Rev. (14th & Central LLLP Proj.) (FNMA Collateralized)		4,586,458		2.35		2/1/38		3,609,910

Minneapolis Multifamily Hsg. Rev. (Greenway Heights Family Housing)		1,015,000		5.75		7/15/31		1,014,980

Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		375,000		4.75		11/1/28		365,963

Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		1,500,000		5.00		11/1/35		1,419,285

Minneapolis Senior Hsg. & Health Care Rev. (Ecumen Mill City Quarter)		375,000		4.00		11/1/25		371,047

Minnetonka MF Hsg. Rev. (Elmbrooke & Golden Valley Townhome Proj.) (FNMA Collateralized)		1,802,349		3.00		11/1/34		1,639,038

MN Hsg. Fin. Agy. Rental Hsg. Rev.		1,000,000		5.20		8/1/43		1,000,750

Moorhead Economic Dev. Auth. Rev. Ref. (EverCare Sr. Living LLC)		280,000		4.65		9/1/26		274,873

Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		1,000,000		5.00		9/1/32		928,060

Moorhead Health Care Rev. Ref. (EverCare Sr. Living LLC)		250,000		5.13		9/1/37		222,605

New Ulm Economic Dev. Auth. Rev. (HADC Ridgeway Proj.)		1,500,000		5.00		8/1/39		1,245,555

North Oaks Rev. (Waverly Gardens Proj.)		150,000		4.25		10/1/41		140,931

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		2,000,000		4.00		10/1/33		1,929,400

North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,500,000		5.00		10/1/35		1,517,625

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


North Oaks Senior Hsg. Rev. (Waverly Gardens Proj.)		1,000,000		5.00		10/1/47		1,001,940

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		720,000		6.38		12/1/33		720,626

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		2,500,000		6.50		12/1/35		2,502,200

Rochester Health Care & Hsg. Rev. (The Homestead at Rochester)		250,000		6.88		12/1/48		250,148

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		2,150,000		5.30		9/1/37		2,149,850

Sartell Health Care & Hsg. Fac. Rev. (Country Manor Campus LLC Proj.)		500,000		5.00		9/1/35		493,435

Sauk Rapids Health Care & Hsg. Facs. Rev. (Good Shepherd Lutheran Home Proj.)		1,715,000		5.13		1/1/39		1,512,184

St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		250,000		5.75		12/1/28		250,063

St. Anthony Multifamily Hsg. Rev. (Silver Lake Village Hsg.)		2,000,000		6.00		12/1/30		2,000,520

St. Joseph Senior Hsg. & Health Care Rev. (Woodcrest of Country Manor Proj.)		1,500,000		5.00		7/1/55		1,363,410

St. Paul Hsg. & Redev. Auth. (Higher Ground Academy Proj.)		1,000,000		5.50		12/1/38		1,046,100

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		1,075,000		4.25		12/1/27		1,066,121

St. Paul Hsg. & Redev. Auth. Health Care Rev. (Carondelet Village Proj.)		2,400,000		5.00		12/1/47		2,400,840

St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		780,000		5.30		11/1/30		779,485

St. Paul Hsg. & Redev. Auth. Multifamily Housing Rev. (Marian Center Proj.)		2,590,000		5.38		5/1/43		2,506,809

St. Paul Park Senior Hsg. Rev. (Presbyterian Homes Bloomin Proj.)		1,820,000		5.00		9/1/42		1,819,982

Vergas Hsg. & Healthcare Facs. Rev. (CDL Homes Proj.)		1,000,000		4.25		8/1/43		801,880

Vergas Rev. (CDL Homes Proj.)		80,000		4.00		8/1/25		79,443

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		1,500,000		4.00		8/1/44		1,374,060

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		1,000,000		5.00		8/1/49		1,002,540

Wayzata Senior Hsg. Rev. (Folkestone Senior Living Community)		2,750,000		5.00		8/1/54		2,752,860


								84,528,196

Municipal Lease - 2.4% ⁹

Lake Agassiz Education Cooperative No. 0397-52		645,000		2.50		2/1/32		553,300

Minnetonka Independent School District No. 276		1,410,000		2.25		2/1/44		965,878

Minnetonka Independent School District No. 276		1,000,000		2.13		2/1/41		711,690

Minnetonka Independent School District No. 276		750,000		2.38		7/1/51		463,312

MN Hsg. Fin. Agy. Rev.		2,065,000		3.00		8/1/43		1,694,105

MN Hsg. Fin. Agy. Rev. (State Appropriation)		2,000,000		5.00		8/1/34		2,001,640

Northeastern Metropolitan Intermediate School District No. 916		1,000,000		5.00		2/1/34		1,001,260

Pine Island Independent School District No. 255		525,000		2.00		2/1/40		365,474

Pine Island Independent School District No. 255		1,110,000		2.20		2/1/44		733,133

Pine Island Independent School District No. 255		895,000		2.25		2/1/47		565,676

Waconia Independent School District No. 110		500,000		5.00		2/1/37		500,190


								9,555,658

Municipal Money Market - 0.8%

Rochester Health Care Facs. Rev. (Mayo Clinic) ¹		3,000,000		2.65		11/15/38		3,000,000

Other Revenue Bonds - 2.7%

Crystal Governmental Fac. Rev.		121,350		5.10		12/15/26		117,342

Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. (Metroplain Proj.)		103,000		5.00		2/15/27		102,019

Northeastern Metropolitan Intermediate School District No. 916		2,500,000		4.00		2/1/38		2,472,100

St. Paul Hsg. & Redev. Auth. Rev. (Amherst H Wilder Foundation Proj.)		1,000,000		5.00		12/1/36		1,042,500

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (9th St. Lofts Proj.)		244,000		6.38		2/15/28		244,020

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (Emerald Gardens Proj.)		405,000		6.50		3/1/29		405,154

St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		588,000		7.00		2/15/28		588,417



DECEMBER 31, 2024		5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


St. Paul Hsg. & Redev. Auth. Tax Increment Rev. (North Quadrant Owner Occupied Proj.)		285,000		7.50		2/15/28		285,086

St. Paul Port Auth. Lease Rev. (Regions Hospital Parking Ramp Proj.)		3,310,000		5.00		8/1/36		3,311,456

Virgin Islands Public Fin. Auth. (Gross Receipts Taxes Loan Note) ¹¹		2,000,000		5.00		10/1/42		1,815,500


								10,383,594

Sales Tax Revenue - 1.2% ¹¹

American Samoa Economic Development Authority Rev.		2,000,000		6.25		9/1/29		2,025,780

Guam Govt. Business Privilege Tax Rev.		2,750,000		5.00		11/15/35		2,765,565


								4,791,345

Single Family Mortgage - 22.7%

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA)		475,000		4.45		12/1/32		475,062

Dakota Co. Community Dev. Agy. Single Family Mtg. Rev. (GNMA-FNMA-FHLMC)		235,000		4.88		12/1/33		235,052

Minneapolis St. Paul Hsg. Fin. Board Single Family Mtg. Rev. (GNMA-FNMA)		30,000		4.45		12/1/27		30,000

MN Hsg. Fin. Agy. Homeownership Fin.		7,295,000		2.25		7/1/41		5,199,803

MN Hsg. Fin. Agy. Homeownership Fin.		8,270,000		2.40		7/1/46		5,725,486

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,130,000		2.45		7/1/45		2,238,075

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		2,360,000		2.45		7/1/46		1,635,527

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,546,918		3.30		5/1/48		1,396,851

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		482,116		3.75		11/1/48		452,326

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		497,191		3.60		1/1/49		464,446

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		504,538		3.45		3/1/49		459,977

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		860,102		3.15		6/1/49		776,328

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		895,481		2.47		1/1/50		716,331

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		6,210,000		2.55		1/1/51		4,124,185

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		6,635,000		2.50		7/1/51		4,333,053

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		475,000		2.38		7/1/46		326,928

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		9,340,000		2.45		1/1/52		6,102,569

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,440,000		2.40		1/1/35		2,837,931

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		3,410,000		2.75		7/1/42		2,661,812

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		1,270,000		2.90		1/1/45		955,637

MN Hsg. Fin. Agy. Homeownership Fin. (GNMA-FNMA-FHLMC)		2,300,000		3.00		7/1/43		1,852,075

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		32,000		3.80		7/1/38		31,042

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		4,290,000		2.55		7/1/39		3,410,121

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		5,170,000		2.80		1/1/44		3,956,756

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		500,000		2.70		7/1/44		370,985

MN Hsg. Fin. Agy. Residential Hsg. Rev. (GNMA-FNMA-FHLMC)		3,130,000		2.75		7/1/44		2,385,530

MN Hsg. Fin. Agy. Rev. ⁸		1,000,000		5.35		7/1/36		1,043,600

MN Hsg. Fin. Agy. Rev. ⁸		1,000,000		4.60		7/1/39		1,016,150

MN Hsg. Fin. Agy. Rev.		3,423,610		2.05		12/1/51		2,732,144

MN Hsg. Fin. Agy. Rev.		3,165,000		2.00		7/1/40		2,221,450

MN Hsg. Fin. Agy. Rev.		3,850,000		2.15		7/1/45		2,483,481

MN Hsg. Fin. Agy. Rev.		6,205,000		2.20		1/1/51		3,808,505

MN Hsg. Fin. Agy. Rev.		9,360,000		2.35		7/1/41		6,805,001

MN Hsg. Fin. Agy. Rev.		8,145,000		2.55		1/1/46		5,801,439

MN Hsg. Fin. Agy. Rev.		2,280,000		5.00		7/1/53		2,340,146

MN Hsg. Fin. Agy. Rev.		970,000		6.00		7/1/53		1,034,020

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)




Name of Issuer	Principal Amount ($)		Coupon Rate (%)		Maturity Date		Fair Value ($)


MN Hsg. Fin. Agy. Rev.		1,000,000		6.25		1/1/54		1,085,390

MN Hsg. Fin. Agy. Rev.		1,250,000		5.10		7/1/42		1,302,650

MN Hsg. Fin. Agy. Rev.		1,715,000		5.15		7/1/45		1,768,800

MN Hsg. Fin. Agy. Rev.		1,335,000		6.00		1/1/53		1,410,147

MN Hsg. Fin. Agy. Rev. (GNMA-FNMA-FHLMC)		1,000,000		4.60		7/1/45		999,920


								89,006,731

Transportation - 1.5%

Minneapolis & St. Paul Metro Airport Commission Sub. Rev. ⁸		2,500,000		5.25		1/1/49		2,646,275

Minneapolis & St. Paul Metro Airport Commission Sub. Rev. ⁸		1,000,000		5.00		1/1/47		1,030,700

Minneapolis & St. Paul Metro Airport Commission Sub. Rev. ⁸		500,000		5.25		1/1/47		523,400

Minneapolis & St. Paul Metro Airport Commission Sub. Rev.		1,750,000		4.00		1/1/54		1,668,712


								5,869,087

Utility - 1.9%

Guam Govt. Waterworks Auth. Rev. ¹¹		2,000,000		5.00		1/1/46		2,018,380

MN Rural Water Fin. Auth. Inc. Rev.		500,000		4.38		4/1/25		499,740

Rochester Electric Utility Rev.		500,000		5.00		12/1/42		510,090

Southern Minnesota Municipal Power Agency		1,000,000		5.00		1/1/41		1,011,870

Southern Minnesota Municipal Power Agency		650,000		5.00		1/1/46		655,934

St Paul Port Auth. Rev.		650,000		5.00		10/1/46		680,895

St. Paul Port Auth. Rev. ⁸		750,000		5.25		10/1/42		777,637

Western MN Municipal Power Agy. Rev.		550,000		5.00		1/1/25		550,000

Western MN Municipal Power Agy. Rev.		600,000		5.00		1/1/35		609,654


								7,314,200

Total Municipal Bonds (cost: $426,561,242)								372,554,737




	Quantity


Investment Companies - 0.3%

Nuveen Minnesota Quality Municipal Income Fund (NMS)		99,926						1,233,087


Total Investment Companies (cost: $1,403,715)								1,233,087


Total Investments in Securities - 95.5% (cost: $427,964,957)								373,787,824


Other Assets and Liabilities, net - 4.5%								17,636,070


Net Assets - 100.0%							$	391,423,894



DECEMBER 31, 2024		7

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Minnesota Tax-Free Income Fund (Continued)

Variable rate security. Rate disclosed is as of December 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

Security considered illiquid by the Investment Adviser. The total value of such securities as of December 31, 2024 was $2,594,350 and represented 0.7% of net assets.

⁴

144A Restricted Security. The total value of such securities as of December 31, 2024 was $8,392,102 and represented 2.1% 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, 2024, 4.2% 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, 2024 was $9,555,658 and represented 2.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

¹¹

The Fund may invest in obligations issued by U.S. territories, for example Guam, Puerto Rico, and Virgin Islands. The total value of such securities as of December 31, 2024 was $9,171,132 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, 2024 were as follows:


Type	Contracts		Expiration Date		Notional Amount ($)		Value/ Unrealized Appreciation (Depreciation) ($)

Short Futures: ¹⁰
U.S. Treasury Long Bond		110		March 2025		(12,522,812)		320,067
U.S. Treasury 5-Year		224		March 2025		(23,812,251)		133,571
U.S. Treasury 10-Year		364		March 2025		(39,585,000)		425,862


								879,500

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, 2024.

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows:


	Investment in Securities


	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Municipal Bonds		—		372,554,737		—		372,554,737
Investment Companies		1,233,087		—		—		1,233,087
Futures		879,500		—		—		879,500

Total:		2,112,587		372,554,737		—		374,667,324

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.

Sit Mutual Funds Ii NPORT-PSit Minnesota Tax-Free Income Fund (Dec 2024 report)