PayPal Holdings Inc

FOR VALIDATION PURPOSES ONLY - [351958.LCG]

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 99.2%

Commercial Services - 0.6%
Equifax, Inc.		4,400		754,292


Communications - 1.1%
American Tower Corp.		6,950		1,492,165


Consumer Durables - 1.0%
Activision Blizzard, Inc.		8,250		613,305
YETI Holdings, Inc. ^*		23,950		683,054


				1,296,359


Consumer Non-Durables - 5.0%
Constellation Brands, Inc.		7,425		1,705,374
Estee Lauder Cos., Inc. - Class A		7,600		1,640,840
Mondelez International, Inc.		12,850		704,566
NIKE, Inc.		9,050		752,236
PepsiCo, Inc.		10,000		1,632,600


				6,435,616


Consumer Services - 3.1%
McDonald’s Corp.		6,650		1,534,421
Visa, Inc.		13,650		2,424,922


				3,959,343


Electronic Technology - 20.6%
Apple, Inc.		123,875		17,119,525
Applied Materials, Inc.		30,000		2,457,900
Broadcom, Inc.		7,800		3,463,278
NVIDIA Corp.		22,700		2,755,553
QUALCOMM, Inc.		6,325		714,598


				26,510,854


Energy Minerals - 1.9%
ConocoPhillips		24,600		2,517,564


Finance - 2.3%
Chubb, Ltd.		5,050		918,494
Goldman Sachs Group, Inc.		5,150		1,509,207
JPMorgan Chase & Co.		4,900		512,050


				2,939,751


Health Services - 5.8%
Centene Corp. ^*		16,425		1,278,029
HCA Healthcare, Inc.		5,850		1,075,172
UnitedHealth Group, Inc.		10,125		5,113,530


				7,466,731


Health Technology - 7.5%
Abbott Laboratories		15,500		1,499,780
Baxter International, Inc.		17,425		938,511
Dexcom, Inc. ^*		22,000		1,771,880
Johnson & Johnson		9,400		1,535,584
Medtronic, PLC		15,825		1,277,869
Thermo Fisher Scientific, Inc.		5,250		2,662,747


				9,686,371


Industrial Services - 1.8%
Cheniere Energy, Inc.		13,675		2,268,819


Process Industries - 2.1%
Darling Ingredients, Inc. ^*		13,700		906,255



Name of Issuer	Quantity		Fair Value ($)

Linde, PLC		2,650		714,413
Sherwin-Williams Co.		5,225		1,069,819


				2,690,487


Producer Manufacturing - 4.4%
Aptiv, PLC ^*		7,275		568,978
Honeywell International, Inc.		8,425		1,406,722
Northrop Grumman Corp.		3,475		1,634,362
Parker-Hannifin Corp.		3,950		957,125
Siemens AG, ADR		21,675		1,060,991


				5,628,178


Retail Trade - 9.0%
Amazon.com, Inc. ^*		63,000		7,119,000
Home Depot, Inc.		8,425		2,324,795
Lululemon Athletica, Inc. ^*		3,575		999,427
TJX Cos., Inc.		18,075		1,122,819


				11,566,041


Technology Services - 29.9%
Accenture, PLC		10,200		2,624,460
Adobe, Inc. ^*		6,250		1,720,000
Alphabet, Inc. - Class A ^*		12,500		1,195,625
Alphabet, Inc. - Class C ^*		73,500		7,067,025
Atlassian Corp., PLC ^*		7,675		1,616,278
Autodesk, Inc. ^*		7,700		1,438,360
EPAM Systems, Inc. ^*		725		262,588
Intuit, Inc.		5,200		2,014,064
Meta Platforms, Inc. ^*		6,750		915,840
Microsoft Corp.		58,900		13,717,810
Paycom Software, Inc. ^*		2,500		824,975
PayPal Holdings, Inc. ^*		17,600		1,514,832
salesforce.com, Inc. ^*		15,225		2,189,964
ServiceNow, Inc. ^*		2,275		859,063
Splunk, Inc. ^*		8,100		609,120


				38,570,004


Transportation - 2.3%
FedEx Corp.		7,575		1,124,660
Union Pacific Corp.		9,200		1,792,344


				2,917,004


Utilities - 0.8%
NextEra Energy, Inc.		13,100		1,027,171


Total Common Stocks (cost: $61,973,687)				127,726,750


Short-Term Securities - 0.8%
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% (cost $1,094,288)		1,094,288		1,094,288


Total Investments in Securities - 100.0% (cost $63,067,975)				128,821,038

Other Assets and Liabilities, net - (0.0)%				(40,301	)


Net Assets - 100.0%				$128,780,737

*	Non-income producing security.



SEPTEMBER 30, 2022		1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

Sit Large Cap Growth Fund (Continued)

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 September 30, 2022 is as follows:


	Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Common Stocks^**		127,726,750		—		—		127,726,750
Short-Term Securities		1,094,288		—		—		1,094,288

Total:		128,821,038		—		—		128,821,038

**	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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