Sit Balanced Fund (SIBAX) NPORT-P Sit Balanced Fund (Sep 2019 report)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Balanced Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 59.0%
Communications - 1.0%
Verizon Communications, Inc.		5,700		344,052
Consumer Durables - 0.5%
YETI Holdings, Inc.*		6,775		189,700
Consumer Non-Durables - 4.5%
Conagra Brands, Inc.		5,750		176,410
Constellation Brands, Inc.		1,400		290,192
Estee Lauder Cos., Inc. - Class A		2,275		452,611
Mondelez International, Inc.		2,000		110,640
PepsiCo, Inc.		2,525		346,178
VF Corp.		1,925		171,306
				1,547,337
Consumer Services - 4.8%
McDonald’s Corp.		1,225		263,020
Starbucks Corp.		3,450		305,049
Visa, Inc.		5,500		946,055
Walt Disney Co.		1,200		156,384
				1,670,508
Electronic Technology - 7.4%
Advanced Micro Devices, Inc.*		1,800		52,182
Apple, Inc.		4,125		923,876
Applied Materials, Inc.		7,200		359,280
Arista Networks, Inc.*		525		125,433
Broadcom, Inc.		1,460		403,062
Ciena Corp.*		5,500		215,765
Corning, Inc.		6,725		191,797
Intel Corp.		5,575		287,280
				2,558,675
Energy Minerals - 2.0%
Chevron Corp.		2,275		269,815
EOG Resources, Inc.		1,025		76,076
Marathon Petroleum Corp.		4,600		279,450
Pioneer Natural Resources Co.		550		69,174
				694,515
Finance - 5.6%
Ameriprise Financial, Inc.		1,625		239,038
Aon, PLC		550		106,464
Chubb, Ltd.		2,025		326,916
Everest Re Group, Ltd.		225		59,870
First Republic Bank		1,750		169,225
Goldman Sachs Group, Inc.		1,375		284,941
JPMorgan Chase & Co.		3,300		388,377
T Rowe Price Group, Inc.		2,075		237,069
US Bancorp		2,675		148,034
				1,959,934

Name of Issuer	Quantity		Fair Value ($)
Health Services - 1.9%
HCA Healthcare, Inc.		1,525		183,640
UnitedHealth Group, Inc.		2,250		488,970
				672,610
Health Technology - 4.3%
Boston Scientific Corp.*		6,875		279,744
Celgene Corp.*		1,025		101,782
Illumina, Inc.*		650		197,743
Intuitive Surgical, Inc.*		520		280,764
Johnson & Johnson		2,300		297,574
Thermo Fisher Scientific, Inc.		1,200		349,524
				1,507,131
Process Industries - 2.3%
Ecolab, Inc.		1,800		356,472
Sherwin-Williams Co.		775		426,149
				782,621
Producer Manufacturing - 5.0%
3M Co.		875		143,850
Boeing Co.		625		237,794
Honeywell International, Inc.		1,925		325,710
Ingersoll-Rand, PLC		2,175		267,982
L3Harris Technologies, Inc.		1,075		224,288
Northrop Grumman Corp.		500		187,395
Raytheon Co.		1,175		230,523
United Technologies Corp.		950		129,694
				1,747,236
Retail Trade - 4.1%
Amazon.com, Inc.*		410		711,723
Home Depot, Inc.		1,875		435,038
TJX Cos., Inc.		3,150		175,581
Ulta Beauty, Inc.*		430		107,780
				1,430,122
Technology Services - 13.3%
Accenture, PLC		2,025		389,509
Adobe, Inc.*		1,525		421,281
Alphabet, Inc. - Class A *		475		580,041
Alphabet, Inc. - Class C *		205		249,895
Autodesk, Inc.*		1,700		251,090
Booking Holdings, Inc.*		97		190,373
Facebook, Inc.*		2,300		409,584
Intuit, Inc.		1,250		332,425
Microsoft Corp.		7,375		1,025,346
PayPal Holdings, Inc.*		3,750		388,462
salesforce.com, Inc.*		2,675		397,077
				4,635,083

SEPTEMBER 30, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Balanced Fund (Continued)

Name of Issuer	Quantity /Principal Amount ($)		Fair Value ($)
Transportation - 1.5%
Delta Air Lines, Inc.		3,400		195,840
Union Pacific Corp.		2,050		332,059
				527,899
Utilities - 0.8%
NextEra Energy, Inc.		1,150		267,938
Total Common Stocks (cost: $13,962,814)				20,535,361
Bonds - 30.6%
Asset-Backed Securities - 2.6%
Bayview Opportunity Master Fund, 2017-SPL1 A, 4.00%, 10/28/641,4		61,317		63,094
Credit Suisse First Boston Mortgage Corp., 2005-AGE1 M3, 1 Mo. Libor + 0.65, 2.67%, 2/25/321		74,989		75,068
Element Rail Leasing II, LLC, 2016-1A B1, 5.93%, 3/19/464		75,000		76,114
Irwin Home Equity Corp., 2005-1 M1, 5.92%, 6/25/3514		27,003		27,494
New Century Home Equity Loan Trust, 2005-A A4W, 4.69%, 8/25/3514		8,432		8,579
OSCAR US Funding Trust VII, LLC:
2017-2A A3, 2.45%, 12/10/214		150,000		150,066
2017-2A A4, 2.76%, 12/10/244		100,000		100,939
Small Business Administration:
2008-20A 1, 5.17%, 1/1/28		40,146		43,018
2007-20H 1, 5.78%, 8/1/27		40,645		43,869
Towd Point Mortgage Trust:
2019-MH1 A2, 3.00%, 11/25/581,4		100,000		101,063
2019-3 A2, 4.00%, 2/25/591,4		100,000		107,288
2019-SJ1 A2, 4.17%, 11/25/581,4		100,000		102,503
				899,095
Collateralized Mortgage Obligations - 5.7%
Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		113,950		115,258
2004-10 ZB, 6.00%, 2/25/34		123,879		139,806
2003-34 A1, 6.00%, 4/25/43		38,949		44,444
2004-T1 1A1, 6.00%, 1/25/44		25,014		28,302
1999-17 C, 6.35%, 4/25/29		14,353		15,703
2001-82 ZA, 6.50%, 1/25/32		19,179		21,199
2009-30 AG, 6.50%, 5/25/39		56,652		63,207
2013-28 WD, 6.50%, 5/25/42		54,582		63,398
2004-T1 1A2, 6.50%, 1/25/44		80,700		92,521
2004-W9 2A1, 6.50%, 2/25/44		17,643		20,228
2015-88 CJ, 6.50%, 7/25/44		117,150		131,663
2010-108 AP, 7.00%, 9/25/40		2,371		2,824
2004-T3, 1A3, 7.00%, 2/25/44		8,112		9,475
1993-21 KA, 7.70%, 3/25/23		28,733		30,479

Name of Issuer	Principal Amount ($)		Fair Value ($)
Freddie Mac:
4784 BV, 3.50%, 12/15/32		100,000		103,524
4293 BA, 5.32%, 10/15/471		18,050		19,859
2122 ZE, 6.00%, 2/15/29		71,541		80,369
2126 C, 6.00%, 2/15/29		46,575		51,662
2485 WG, 6.00%, 8/15/32		46,349		52,487
2480 Z, 6.00%, 8/15/32		41,715		47,799
2575 QE, 6.00%, 2/15/33		20,728		23,550
2980 QA, 6.00%, 5/15/35		25,170		28,887
2283 K, 6.50%, 12/15/23		6,934		7,353
2357 ZJ, 6.50%, 9/15/31		24,663		27,622
T-59 1A1, 6.50%, 10/25/43		69,841		83,781
4520 HM, 6.50%, 8/15/45		45,056		54,685
1142 IA, 7.00%, 10/15/21		22,746		23,328
3946 KW, 7.00%, 11/15/29		2,175		2,221
3704 CT, 7.00%, 12/15/36		19,103		22,515
2238 PZ, 7.50%, 6/15/30		17,514		20,541
Government National Mortgage Association:
2002-57 BC, 6.00%, 8/20/32		25,843		25,945
2002-57 DC, 6.00%, 8/20/32		21,070		21,049
2015-80 BA, 6.99%, 6/20/451		33,155		38,223
2018-147 AM, 7.00%, 10/20/48		142,562		165,380
2018-160 DA, 7.00%, 11/20/48		119,711		139,452
2014-69 W, 7.23%, 11/20/341		33,833		38,867
2013-133 KQ, 7.30%, 8/20/381		32,080		37,135
2005-74 HA, 7.50%, 9/16/35		13,922		14,991
New Residential Mortgage Loan Trust, 2016-2A B3, 5.67%, 11/26/351,4		43,090		47,548
Vendee Mortgage Trust:
2008-1 B, 6.55%, 3/15/25 1		13,824		15,687
1994-2 2, 7.44%, 5/15/24 1		12,863		13,293
				1,986,260
Corporate Bonds - 13.0%
Air Canada 2015-1 Trust, 3.60%, 3/15/274		163,099		170,569
Alltel Corp., 7.88%, 7/1/32		100,000		143,927
Alphabet, Inc., 3.63%, 5/19/21		50,000		51,363
American Airlines 2015-2 Trust, 4.00%, 9/22/27		145,992		154,751
American Airlines 2016-2 Trust, 3.20%, 6/15/28		87,700		89,989
Apple, Inc., 4.65%, 2/23/46		75,000		94,305
Bank of America Corp., 3 Mo. Libor + 1.21, 3.97%, 2/7/301		150,000		163,922
Brighthouse Financial, Inc., 4.70%, 6/22/47		100,000		89,211
Central Fidelity Capital Trust I (Subordinated), 3 Mo. Libor + 1.00, 3.30%, 4/15/271		175,000		162,750
Charles Stark Draper Laboratory, Inc., 4.39%, 9/1/48		100,000		114,270
Cummins, Inc., 7.13%, 3/1/28		125,000		167,475
Delta Air Lines 2015-1 Class A Pass Through Trust, 3.88%, 7/30/27		165,359		176,368

2

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Balanced Fund (Continued)

Name of Issuer	Principal Amount ($)		Fair Value ($)
Doric Nimrod Air Alpha 2013-1 Trust, 5.25%, 5/30/234		44,796		46,032
Doric Nimrod Air Finance Alpha 2012-1 Trust, 5.13%, 11/30/224		35,531		36,101
Duke Energy Florida, LLC, 2.54%, 9/1/29		50,000		50,502
Fairfax Financial Holdings, 4.85%, 4/17/28		50,000		54,089
First Maryland Capital II, 3 Mo. Libor + 0.85, 3.10%, 2/1/271		100,000		92,500
Guardian Life Insurance Co. of America (Subordinated), 4.85%, 1/24/774		38,000		48,074
Hawaiian Airlines 2013-1, 3.90%, 1/15/26		140,050		142,865
ITT, LLC, 7.40%, 11/15/25		25,000		30,752
Johnson & Johnson, 5.95%, 8/15/37		150,000		212,957
Kroger Co., 7.50%, 4/1/31		100,000		136,776
Lincoln National Corp., 7.00%, 6/15/40		100,000		142,548
Manufacturers & Traders Trust Co. (Subordinated), 3 Mo. Libor + 0.64, 2.78%, 12/1/211		150,000		149,896
Mercury General Corp., 4.40%, 3/15/27		125,000		131,376
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/321		150,000		153,940
PNC Bank NA (Subordinated), 4.05%, 7/26/28		100,000		110,355
Principal Financial Group, Inc., 3 Mo. Libor + 3.04, 4.70%, 5/15/551		100,000		99,625
Royal Caribbean Cruises, Ltd., 7.50%, 10/15/27		100,000		127,435
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/334		100,000		133,014
Spirit Airlines 2015-1A Trust, 4.10%, 4/1/28		119,712		125,997
United Airlines 2014-1 Class A Pass Through Trust, 4.00%, 4/11/26		101,173		107,385
United Airlines 2015-1 Trust, 3.70%, 12/1/22		100,000		102,760
UnitedHealth Group, Inc., 4.45%, 12/15/48		150,000		177,382
US Airways 2012-2 Trust, 4.63%, 6/3/25		124,406		134,424
USF&G Capital (Subordinated), 8.31%, 7/1/464		100,000		144,236
Williams Cos, Inc., 7.50%, 1/15/31		45,000		59,123
WW Grainger, Inc., 4.60%, 6/15/45		150,000		176,473
				4,505,517
Federal Home Loan Mortgage Corporation - 0.8%
5.00%, 10/1/43		80,814		87,854
6.50%, 2/1/22		13,965		14,220
7.50%, 7/1/29		128,328		149,491
8.00%, 2/1/34		15,594		18,518
8.38%, 5/17/20		52		53
8.50%, 9/1/24		13,955		14,547
				284,683

Name of Issuer	Principal Amount ($)		Fair Value ($)
Federal National Mortgage Association - 2.3%
4.50%, 8/1/40		51,043		53,042
5.00%, 2/1/33		28,620		29,918
5.50%, 10/1/33		87,569		96,457
6.00%, 2/1/38		54,027		62,205
6.05%, 11/1/43		31,339		35,258
6.50%, 2/1/24		20,284		21,268
6.50%, 9/1/27		54,488		60,705
6.50%, 6/1/40		126,018		141,847
7.00%, 1/1/32		10,972		11,724
7.00%, 3/1/33		28,261		32,072
7.00%, 12/1/38		50,955		56,730
8.00%, 6/1/24		12,332		13,170
8.00%, 1/1/31		12,554		12,692
8.00%, 2/1/31		19,532		24,007
8.00%, 9/1/37		68,246		84,475
8.46%, 7/15/26		3,097		3,305
8.50%, 10/1/30		27,324		31,956
10.00%, 6/1/31		34,071		37,420
				808,251
Government National Mortgage Association - 1.2%
5.00%, 5/20/48		114,073		123,309
5.75%, 12/15/22		34,871		36,590
6.50%, 2/20/32		102,783		117,765
6.50%, 11/20/38		20,083		21,908
7.00%, 12/15/24		10,877		11,469
7.00%, 11/20/27		14,031		15,891
7.00%, 9/20/29		38,010		43,220
7.00%, 9/20/38		12,505		14,767
7.50%, 4/20/32		26,486		30,207
8.00%, 7/15/24		8,504		8,922
				424,048
Taxable Municipal Securities - 3.8%
Bucks Co. Industrial Dev. Auth., 4.00%, 10/1/21		95,000		95,788
Common Spirit Health, 4.19%, 10/1/49		100,000		102,929
Illinois Hsg. Dev. Auth, 3.20%, 12/1/43		96,957		98,347
Iowa Student Loan Liq., 3.75%, 12/1/33 8		100,000		104,831
Kentucky Higher Edu. Student Loan Corp. (Subordinated), 5.27%, 6/1/36		100,000		108,552
Massachusetts Edu. Auth.:
4.00%, 1/1/32		115,000		119,776
4.41%, 7/1/34		50,000		53,996
MN Hsg. Fin. Agy., 4.73%, 1/1/49		100,000		112,800
ND Hsg. Fin. Agy., 3.70%, 7/1/33		100,000		106,426
Public Finance Authority, 4.23%, 7/1/32		105,000		120,150
San Jose Evergreen Community College District, 2.54%, 8/1/30		70,000		70,214
So. Dakota Hsg. Dev. Auth., 3.89%, 5/1/32		15,000		15,968

SEPTEMBER 30, 2019 3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Balanced Fund (Continued)

Name of Issuer	Principal Amount ($)		Fair Value ($)
Texas Children’s Hospital, 3.37%, 10/1/2917		115,000		122,349
Tulane University, 2.46%, 2/15/361		95,000		87,437
				1,319,563
U.S. Treasury / Federal Agency Securities - 1.2%
U.S. Treasury Inflation, 0.88%, 1/15/29		203,222		215,525
U.S. Treasury Strip, 2.49%, 8/15/476		400,000		218,857
				434,382
Total Bonds (cost: $10,291,862)				10,661,799
Investment Companies - 3.0%
BlackRock Enhanced Government Fund		7,197		92,805
BlackRock Income Trust		20,900		127,072
Duff & Phelps Utility and Corp. Bond Trust		14,400		133,200
Eaton Vance Short Duration Div. Inc. Fund		9,500		123,595
Eaton Vance, Ltd. Duration Inc. Fund		9,800		122,500
Franklin, Ltd. Duration, Income Trust		6,453		60,077
MFS Intermediate Income Trust		16,500		63,030
Nuveen Multi-Market Income Fund, Inc.		3,953		29,055
Putnam Master Intermediate Income Trust		25,502		117,054
WA Inflation-Linked Opp. & Inc. Fund		10,600		117,448
WA Inflation-Linked Sec. & Inc. Fund		4,600		53,314
Total Investment Companies (cost: $1,029,240)				1,039,150
Short-Term Securities - 7.0%
Fidelity Inst. Money Mkt. Gvt. Fund, 1.86%		2,427,659		2,427,659
(cost: $2,427,659)
Total Investments in Securities - 99.6% (cost: $27,711,575)				34,663,969
Other Assets and Liabilities, net - 0.4%				127,800
Total Net Assets - 100.0%				$34,791,769

^*  Non-income producing security.

¹  Variable rate security. Rate disclosed is as of September 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴  144A Restricted Security. The total value of such securities as of September 30, 2019 was $1,326,641 and represented 3.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

⁶  Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

⁸  Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal

alternative minimum tax (AMT). At September 30, 2019, 0.3% of net assets in the Fund was invested in such securities.

¹⁴  Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of September 30, 2019.

¹⁷  Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

  LLC — Limited Liability Company

  PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

4

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Balanced Fund (Continued)

A summary of the levels for the Fund’s investments as of September 30, 2019 is as follows:

	Investment in Securities
	Level 1 Quoted     Price ($)		Level 2 Other significant     observable inputs ($)		Level 3 Significant   unobservable inputs ($)	Total ($)
Common Stocks**		20,535,361		—	—		20,535,361
Asset-Backed Securities		—		899,095	—		899,095
Collateralized Mortgage Obligations		—		1,986,260	—		1,986,260
Corporate Bonds		—		4,505,517	—		4,505,517
Federal Home Loan Mortgage Corporation		—		284,683	—		284,683
Federal National Mortgage Association		—		808,251	—		808,251
Government National Mortgage Association		—		424,048	—		424,048
Taxable Municipal Securities		—		1,319,563	—		1,319,563
U.S. Treasury / Federal Agency Securities		—		434,382	—		434,382
Investment Companies		1,039,150		—	—		1,039,150
Short-Term Securities		2,427,659		—	—		2,427,659
Total:		24,002,170		10,661,799	—		34,663,969

^**  For equity securities categorized in a single level, refer to the Schedule of Investments for further breakdown.

There were no transfers into or out of level 3 during the reporting period.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

SEPTEMBER 30, 2019 5