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

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit International Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 96.8%
Asia - 27.3%
Australia - 4.4%
Amcor, Ltd.		12,100		116,378
Atlassian Corp., PLC*		2,000		250,880
Macquarie Group, Ltd.		2,600		230,029
Rio Tinto, PLC, ADR		4,400		229,196
Westpac Banking Corp., ADR		8,300		165,917
				992,400
China/Hong Kong - 10.4%
AIA Group, Ltd.		32,200		304,223
Alibaba Group Holding, Ltd., ADR*		2,350		392,991
Baidu, Inc., ADR*		950		97,622
China Tower Corp., Ltd.		972,000		220,748
CSPC Pharmaceutical Group, Ltd.		116,000		232,956
ENN Energy Holdings, Ltd.		18,400		190,393
HSBC Holdings, PLC, ADR		3,825		146,383
Ping An Insurance Group Co. of China, Ltd.		33,500		384,893
Tencent Holdings, Ltd.		9,000		379,167
				2,349,376
Japan - 9.0%
Astellas Pharma, Inc.		14,300		203,473
Keyence Corp.		600		371,237
Recruit Holdings Co., Ltd.		11,200		340,376
Shiseido Co., Ltd.		4,100		327,204
Sony Corp., ADR		6,300		372,519
Terumo Corp.		13,100		421,623
				2,036,432
Singapore - 1.7%
DBS Group Holdings, Ltd.		15,600		282,169
Singapore Technologies Engineering, Ltd.		39,700		110,298
				392,467
South Korea - 1.8%
LG Chem, Ltd.		825		206,569
Samsung Electronics Co., Ltd., GDR		185		188,330
				394,899
Europe - 59.1%
Finland - 1.1%
Nokia OYJ, ADR		48,300		244,398
France- 7.6%
AXA SA		11,750		300,067
Dassault Systemes SA		2,625		374,093
Safran SA		3,200		503,820
Schneider Electric SE		5,000		438,706
Talend SA, ADR*		3,200		108,736
				1,725,422

Name of Issuer	Quantity		Fair Value ($)
Germany - 6.5%
adidas AG		1,630		507,493
Allianz SE		2,250		524,445
Aurelius SE & Co.		4,660		192,298
Siemens AG		2,225		238,271
				1,462,507
Ireland - 2.4%
CRH, PLC, ADR		7,400		254,264
STERIS, PLC		1,950		281,755
				536,019
Luxembourg - 1.8%
Globant SA*		4,350		398,373
Netherlands - 4.3%
ASML Holding NV		1,700		422,314
ING Groep NV		27,400		286,821
Koninklijke Philips NV		5,750		265,247
				974,382
Spain - 3.7%
Cellnex Telecom SA*		2,900		119,797
Iberdrola SA		45,900		477,075
Industria de Diseno Textil SA		7,900		244,542
				841,414
Sweden - 1.1%
Hexagon AB		5,200		250,702
Switzerland - 13.5%
Alcon, Inc.*		865		50,441
Garmin, Ltd.		3,600		304,884
Interroll Holding AG		120		222,434
Logitech International SA		5,925		241,384
Lonza Group AG*		825		278,899
Nestle SA		6,600		716,044
Novartis AG		4,325		375,017
Partners Group Holding AG		300		230,189
Roche Holding AG		1,320		384,143
Zurich Insurance Group AG		680		260,268
				3,063,703
United Kingdom - 17.1%
Ashtead Group, PLC		9,600		267,234
AstraZeneca, PLC, ADR		8,300		369,931
BAE Systems, PLC		52,600		368,642
Cineworld Group, PLC		99,900		280,056
Coca-Cola European Partners, PLC		5,400		299,430
Diageo, PLC, ADR		2,375		388,360
DS Smith, PLC		63,600		281,829
London Stock Exchange Group, PLC		2,500		224,638
Prudential, PLC		12,200		221,256
Reckitt Benckiser Group, PLC		4,400		343,210
RELX, PLC		14,700		349,767

SEPTEMBER 30, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit International Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Royal Dutch Shell, PLC, ADR - Class A		4,500		264,825
Royal Dutch Shell, PLC, ADR - Class B		3,700		221,630
				3,880,808
North America - 10.4%
Canada - 5.4%
Alimentation Couche-Tard, Inc.		5,200		159,354
BRP, Inc.		2,925		113,812
Canopy Growth Corp.*		2,800		64,204
Colliers International Group, Inc.		1,600		120,080
Cronos Group, Inc.*		7,300		66,065
Suncor Energy, Inc.		13,100		413,698
Waste Connections, Inc.		3,250		299,000
				1,236,213
United States - 5.0%
Booking Holdings, Inc.*		60		117,757
Broadcom, Inc.		1,025		282,972
Euronet Worldwide, Inc.*		3,150		460,845
Mondelez International, Inc.		4,800		265,536
				1,127,110
Total Common Stocks (cost: $17,940,813)				21,906,625
Investment Companies - 1.3%
iShares MSCI India ETF		8,700		292,059
(cost: $258,887)
Short-Term Securities - 1.6%
Fidelity Inst. Money Mkt. Gvt. Fund, 1.86%		360,137		360,137
(cost: $360,137)
Total Investments in Securities - 99.7% (cost: $18,559,837)				22,558,821
Other Assets and Liabilities, net - 0.3%				66,240
Total Net Assets - 100.0%				$22,625,061

^*  Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

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

Portfolio Structure - By Sector	(% of Total Net Assets)
Finance		17.8	%
ConsumerNon-Durables		12.6
Health Technology		11.8
Technology Services		11.2
Producer Manufacturing		10.6
Electronic Technology		9.1
Energy Minerals		4.0
Consumer Durables		3.2
Utilities		3.0
Consumer Services		2.8
Process Industries		2.7
Retail Trade		2.4
Non-Energy Minerals		2.1
Communications		1.5
Industrial Services		1.3
Commercial Services		0.5
Health Services		0.2
Investment Companies		1.3
Short-Term Securities		1.6
		99.7
Other Assets and Liabilities, net		0.3
		100.0	%

2

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit International Growth 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
Australia		992,400		—		—		992,400
Canada		1,236,213		—		—		1,236,213
China/Hong Kong		2,349,376		—		—		2,349,376
Finland		244,398		—		—		244,398
France		1,725,422		—		—		1,725,422
Germany		1,462,507		—		—		1,462,507
Ireland		536,019		—		—		536,019
Japan		2,036,432		—		—		2,036,432
Luxembourg		398,373		—		—		398,373
Netherlands		974,382		—		—		974,382
Singapore		392,467		—		—		392,467
South Korea		394,899		—		—		394,899
Spain		841,414		—		—		841,414
Sweden		250,702		—		—		250,702
Switzerland		3,063,703		—		—		3,063,703
United Kingdom		3,880,808		—		—		3,880,808
United States		1,127,110		—		—		1,127,110
Investment Companies		292,059		—		—		292,059
Short-Term Securities		360,137		—		—		360,137
Total:		22,558,821		—		—		22,558,821

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). 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 3