Sit Balanced Fund (SIBAX) NPORT-P Sit Dividend Growth Fund (Mar 2020 report)

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 99.0%
Commercial Services - 0.9%
S&P Global, Inc.		6,725		1,647,961
Communications - 4.2%
American Tower Corp.		11,575		2,520,456
Verizon Communications, Inc.		97,525		5,240,018
				7,760,474
Consumer Durables - 0.6%
Activision Blizzard, Inc.		19,400		1,153,912
Consumer Non-Durables - 9.0%
Coca-Cola Co.		58,300		2,579,775
Conagra Brands, Inc.		58,875		1,727,392
Mondelez International, Inc.		49,050		2,456,424
NIKE, Inc.		14,975		1,239,032
PepsiCo, Inc.		33,575		4,032,358
Procter & Gamble Co.		29,200		3,212,000
Tyson Foods, Inc.		23,125		1,338,244
				16,585,225
Consumer Services - 4.3%
McDonald’s Corp.		14,950		2,471,982
Starbucks Corp.		8,100		532,494
Visa, Inc.		20,125		3,242,540
Walt Disney Co.		17,250		1,666,350
				7,913,366
Electronic Technology - 13.4%
Apple, Inc.		31,225		7,940,205
Applied Materials, Inc.		76,600		3,509,812
Broadcom, Inc.		17,200		4,078,120
Garmin, Ltd.		25,800		1,933,968
Intel Corp.		64,125		3,470,445
Qualcomm, Inc.		17,100		1,156,815
Skyworks Solutions, Inc.		29,425		2,630,006
				24,719,371
Energy Minerals - 2.1%
ConocoPhillips		44,600		1,373,680
Suncor Energy, Inc.		75,300		1,189,740
Valero Energy Corp.		29,875		1,355,130
				3,918,550
Finance - 13.6%
Allstate Corp.		19,150		1,756,630
Ameriprise Financial, Inc.		21,350		2,187,948
Aon, PLC		13,200		2,178,528
BlackRock, Inc.		3,150		1,385,906

Name of Issuer	Quantity		Fair Value ($)
Camden Property Trust		23,125		1,832,425
Chubb, Ltd.		20,000		2,233,800
Everest Re Group, Ltd.		9,025		1,736,590
Goldman Sachs Group, Inc.		3,375		521,741
Hartford Financial Services Group, Inc.		40,825		1,438,673
JPMorgan Chase & Co.		25,025		2,253,001
Morgan Stanley		18,750		637,500
New York Community Bancorp, Inc.		102,850		965,762
Physicians Realty Trust		144,350		2,012,239
Realty Income Corp.		14,725		734,188
T Rowe Price Group, Inc.		18,575		1,813,849
Truist Financial Corp.		46,600		1,437,144
				25,125,924
Health Services - 2.9%
Quest Diagnostics, Inc.		24,150		1,939,245
UnitedHealth Group, Inc.		13,450		3,354,161
				5,293,406
Health Technology - 15.3%
Abbott Laboratories		43,375		3,422,721
Agilent Technologies, Inc.		13,925		997,309
Amgen, Inc.		12,550		2,544,262
AstraZeneca, PLC, ADR		54,100		2,416,106
Becton Dickinson and Co.		8,325		1,912,835
Johnson & Johnson		42,725		5,602,529
Medtronic, PLC		40,600		3,661,308
Merck & Co., Inc.		50,975		3,922,016
Sanofi, ADR		41,900		1,831,868
Zimmer Biomet Holdings, Inc.		20,650		2,087,302
				28,398,256
Industrial Services - 1.8%
Jacobs Engineering Group, Inc.		18,550		1,470,458
TC Energy Corp.		41,600		1,842,880
				3,313,338
Process Industries - 1.3%
Air Products & Chemicals, Inc.		11,835		2,362,384
Producer Manufacturing - 7.6%
Dover Corp.		25,675		2,155,160
Eaton Corp., PLC		32,975		2,561,828
Honeywell International, Inc.		16,700		2,234,293
Lockheed Martin Corp.		7,350		2,491,282
Motorola Solutions, Inc.		11,775		1,565,133
Raytheon Co.		8,925		1,170,514
United Technologies Corp.		19,600		1,848,868
				14,027,078

MARCH 31, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Retail Trade - 6.0%
CVS Health Corp.		30,500		1,809,565
Home Depot, Inc.		21,725		4,056,275
Target Corp.		28,850		2,682,184
TJX Cos., Inc.		52,575		2,513,611
				11,061,635
Technology Services - 9.6%
Accenture, PLC		16,200		2,644,812
Alphabet, Inc. - Class A*		1,430		1,661,589
Intuit, Inc.		6,050		1,391,500
Microsoft Corp.		69,500		10,960,845
Oracle Corp.		22,375		1,081,384
				17,740,130
Transportation - 2.0%
FedEx Corp.		5,625		682,088
Union Pacific Corp.		21,525		3,035,886
				3,717,974

Name of Issuer	Quantity		Fair Value ($)
Utilities - 4.4%
American Electric Power Co., Inc.		5,975		477,880
Dominion Resources, Inc.		13,825		998,027
Entergy Corp.		18,925		1,778,382
FirstEnergy Corp.		60,575		2,427,240
NextEra Energy, Inc.		10,525		2,532,526
				8,214,055
Total Common Stocks (cost: $181,757,044)				182,953,039
Short-Term Securities - 1.1%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.30%		2,138,271		2,138,271
(cost: $2,138,271)
Total Investments in Securities - 100.1% (cost: $183,895,315)				185,091,310
Other Assets and Liabilities, net - (0.1%)				(238,120	)
Total Net Assets - 100.0%				$184,853,190

* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of March 31, 2020 is as follows:

	Investment in Securities
	Level 1 Quoted Price ($)		Level 2 Other significant observable inputs ($)	Level 3 Significant unobservable inputs ($)	Total ($)
Common Stocks**		182,953,039	—	—		182,953,039
Short-Term Securities		2,138,271	—	—		2,138,271
Total:		185,091,310	—	—		185,091,310

** 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.

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