Sit Balanced Fund (SIBAX) NPORT-P Sit Dividend Growth Fund (Mar 2023 report)

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.8%
Commercial Services - 2.4%
Booz Allen Hamilton Holding Corp.		21,400		1,983,566
S&P Global, Inc.		1,850		637,824
Sysco Corp.		35,050		2,706,912
				5,328,302
Communications - 1.0%
American Tower Corp.		11,200		2,288,608
Consumer Durables - 0.6%
Activision Blizzard, Inc.		15,450		1,322,365
Consumer Non-Durables - 6.4%
Conagra Brands, Inc.		39,900		1,498,644
Constellation Brands, Inc.		7,225		1,632,055
Mondelez International, Inc.		47,650		3,322,158
PepsiCo, Inc.		23,120		4,214,776
Procter & Gamble Co.		23,750		3,531,388
				14,199,021
Consumer Services - 3.3%
McDonald’s Corp.		8,350		2,334,743
Starbucks Corp.		17,975		1,871,737
Visa, Inc.		13,750		3,100,075
				7,306,555
Electronic Technology - 16.3%
Analog Devices, Inc.		19,725		3,890,165
Apple, Inc.		79,025		13,031,222
Applied Materials, Inc.		22,275		2,736,038
Broadcom, Inc.		9,600		6,158,784
Garmin, Ltd.		17,575		1,773,669
International Business Machines Corp.		16,850		2,208,866
Qualcomm, Inc.		8,775		1,119,515
Skyworks Solutions, Inc.		20,709		2,443,248
TE Connectivity, Ltd.		21,100		2,767,265
				36,128,772
Energy Minerals - 4.0%
ConocoPhillips		44,675		4,432,207
Exxon Mobil Corp.		39,950		4,380,917
				8,813,124
Finance - 13.4%
Air Lease Corp.		30,925		1,217,517
Alexandria Real Estate Equities, Inc.		12,825		1,610,692
American International Group, Inc.		30,650		1,543,534
Ameriprise Financial, Inc.		8,050		2,467,325
Bank of New York Mellon Corp.		67,750		3,078,560
Carlyle Group, Inc.		59,850		1,858,941
Chubb, Ltd.		8,175		1,587,421
Everest Re Group, Ltd.		7,825		2,801,506
Goldman Sachs Group, Inc.		5,075		1,660,083
Morgan Stanley		22,825		2,004,035
Realty Income Corp.		55,500		3,514,260
Reinsurance Group of America, Inc.		19,250		2,555,630
Wells Fargo & Co.		37,625		1,406,423
Willis Towers Watson, PLC		10,075		2,341,229
				29,647,156

Name of Issuer	Quantity		Fair Value ($)
Health Services - 4.1%
HCA Healthcare, Inc.		6,975		1,839,168
Quest Diagnostics, Inc.		19,300		2,730,564
UnitedHealth Group, Inc.		9,550		4,513,234
				9,082,966
Health Technology - 12.6%
Abbott Laboratories		32,825		3,323,860
Agilent Technologies, Inc.		14,325		1,981,721
AstraZeneca, PLC, ADR		53,725		3,729,052
Bristol-Myers Squibb Co.		43,640		3,024,688
Gilead Sciences, Inc.		38,000		3,152,860
Johnson & Johnson		36,250		5,618,750
Medtronic, PLC		28,575		2,303,716
Pfizer, Inc.		54,600		2,227,680
Thermo Fisher Scientific, Inc.		4,370		2,518,737
				27,881,064
Industrial Services - 2.1%
Waste Management, Inc.		15,200		2,480,184
Williams Cos., Inc.		72,270		2,157,982
				4,638,166
Non-Energy Minerals - 0.6%
Glencore, PLC, ADR		119,875		1,371,370
Process Industries - 2.2%
Air Products & Chemicals, Inc.		11,700		3,360,357
Nutrien, Ltd.		20,750		1,532,388
				4,892,745
Producer Manufacturing - 6.4%
Carlisle Cos, Inc.		8,400		1,898,988
Eaton Corp., PLC		15,050		2,578,667
General Dynamics Corp.		15,525		3,542,960
Honeywell International, Inc.		9,550		1,825,196
Parker-Hannifin Corp.		5,150		1,730,966
Siemens AG, ADR		30,325		2,454,809
				14,031,586
Retail Trade - 3.1%
CVS Health Corp.		25,590		1,901,593
Home Depot, Inc.		6,775		1,999,438
TJX Cos., Inc.		35,950		2,817,042
				6,718,073
Technology Services - 13.2%
Accenture, PLC		11,700		3,343,977
Alphabet, Inc. - Class A *		33,250		3,449,023
Genpact, Ltd.		56,900		2,629,918
Intuit, Inc.		5,390		2,403,024
Microsoft Corp.		46,625		13,441,987
Oracle Corp.		42,100		3,911,932
				29,179,861
Transportation - 2.4%
FedEx Corp.		11,200		2,559,088
Union Pacific Corp.		13,975		2,812,609
				5,371,697
Utilities - 4.7%
AES Corp.		64,975		1,564,598

MARCH 31, 2023 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Entergy Corp.		28,700		3,092,138
NextEra Energy, Inc.		30,625		2,360,575
Xcel Energy, Inc.		49,825		3,360,198
				10,377,509
Total Common Stocks (cost: $181,837,081)				218,578,940
Short-Term Securities - 0.9%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% (cost $2,078,399)		2,078,399		2,078,399
Total Investments in Securities - 99.7% (cost $183,915,480)				220,657,339
Other Assets and Liabilities, net - 0.3%				657,636
Net Assets - 100.0%				$221,314,975

* 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, 2023 is as follows:

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Prices ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Common Stocks**		218,578,940		—		—		218,578,940
Short-Term Securities		2,078,399		—		—		2,078,399
Total:		220,657,339		—		—		220,657,339

** 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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