SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 99.6%
Communications - 2.3%
American Tower Corp.		8,100		1,958,013
Verizon Communications, Inc.		20,925		1,244,828
				3,202,841
Consumer Durables - 1.2%
YETI Holdings, Inc. *		36,425		1,650,781
Consumer Non-Durables - 5.0%
Constellation Brands, Inc.		7,425		1,407,112
Estee Lauder Cos., Inc. - Class A		9,800		2,138,850
Mondelez International, Inc.		17,900		1,028,355
NIKE, Inc.		5,125		643,392
PepsiCo, Inc.		13,125		1,819,125
				7,036,834
Consumer Services - 5.6%
McDonald’s Corp.		6,650		1,459,608
Starbucks Corp.		19,775		1,699,068
Visa, Inc.		23,525		4,704,294
				7,862,970
Electronic Technology - 17.8%
Advanced Micro Devices, Inc. *		11,875		973,631
Apple, Inc.		132,300		15,321,663
Applied Materials, Inc.		38,900		2,312,605
Broadcom, Inc.		7,800		2,841,696
Ciena Corp. *		22,200		881,118
Keysight Technologies, Inc. *		7,875		777,892
NVIDIA Corp.		3,875		2,097,228
				25,205,833
Finance - 3.2%
Aon, PLC		5,975		1,232,642
Chubb, Ltd.		5,050		586,406
Goldman Sachs Group, Inc.		5,150		1,034,996
JPMorgan Chase & Co.		4,900		471,723
T Rowe Price Group, Inc.		9,725		1,246,940
				4,572,707
Health Services - 2.7%
HCA Healthcare, Inc.		2,200		274,296
UnitedHealth Group, Inc.		11,575		3,608,738
				3,883,034
Health Technology - 9.0%
Abbott Laboratories		15,500		1,686,865
AbbVie, Inc.		8,050		705,100
Boston Scientific Corp. *		26,975		1,030,715
Bristol-Myers Squibb Co.		5,675		342,146
DexCom, Inc. *		4,050		1,669,532
Illumina, Inc. *		1,800		556,344
Intuitive Surgical, Inc. *		2,800		1,986,712

Name of Issuer	Quantity		Fair Value ($)
Johnson & Johnson		9,400		1,399,472
Medtronic, PLC		9,700		1,008,024
Thermo Fisher Scientific, Inc.		5,250		2,317,980
				12,702,890
Process Industries - 2.6%
Ecolab, Inc.		7,125		1,423,860
Sherwin-Williams Co.		3,150		2,194,731
				3,618,591
Producer Manufacturing - 3.9%
3M Co.		3,900		624,702
Honeywell International, Inc.		8,425		1,386,839
L3Harris Technologies, Inc.		6,550		1,112,452
Northrop Grumman Corp.		2,700		851,823
Otis Worldwide Corp.		7,450		465,029
Trane Technologies, PLC		8,900		1,079,125
				5,519,970
Retail Trade - 9.6%
Amazon.com, Inc. *		3,150		9,918,500
Home Depot, Inc.		8,425		2,339,707
TJX Cos., Inc.		22,700		1,263,255
				13,521,462
Technology Services - 34.1%
Accenture, PLC		10,200		2,305,098
Adobe, Inc. *		6,725		3,298,142
Alphabet, Inc. - Class A *		625		916,000
Alphabet, Inc. - Class C *		4,385		6,444,196
Atlassian Corp., PLC *		10,375		1,886,071
Autodesk, Inc. *		6,900		1,593,969
Dynatrace, Inc. *		12,550		514,801
Facebook, Inc. *		21,250		5,565,375
Intuit, Inc.		6,100		1,989,881
Microsoft Corp.		58,900		12,388,437
Paycom Software, Inc. *		2,500		778,250
PayPal Holdings, Inc. *		19,300		3,802,679
salesforce.com, Inc. *		16,525		4,153,063
ServiceNow, Inc. *		2,275		1,103,375
Splunk, Inc. *		8,100		1,523,853
				48,263,190
Transportation - 2.0%
FedEx Corp.		3,300		830,016
Union Pacific Corp.		10,150		1,998,230
				2,828,246
Utilities - 0.6%
NextEra Energy, Inc.		3,275		909,009
Total Common Stocks (cost: $57,755,857)				140,778,358

  SEPTEMBER 30, 2020   1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Large Cap Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 0.5%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		694,297		694,297
(cost: $694,297)
Total Investments in Securities - 100.1% (cost: $58,450,154)				141,472,655
Other Assets and Liabilities, net - (0.1%)				(103,230	)
Total Net Assets - 100.0%			$	141,369,425

*     Non-income producing security.

        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 September 30, 2020 is as follows:

	Investment in Securities
	Level 1		Level 2	Level 3
	Quoted Price ($)		Other significant observable inputs ($)	Significant unobservable inputs ($)	Total ($)
Common Stocks **		140,778,358	—	—		140,778,358
Short-Term Securities		694,297	—	—		694,297
Total:		141,472,655	—	—		141,472,655

**     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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