SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 97.4%
Consumer Durables - 1.4%
Sony Group Corp., ADR		66,000		1,675,740
Take-Two Interactive Software, Inc. *		6,350		1,316,037
				2,991,777
Consumer Non-Durables - 2.0%
Constellation Brands, Inc.		7,425		1,362,636
Mondelez International, Inc.		12,850		871,873
NIKE, Inc.		9,050		574,494
PepsiCo, Inc.		10,000		1,499,400
				4,308,403
Consumer Services - 3.3%
McDonald’s Corp.		6,650		2,077,260
Visa, Inc.		13,650		4,783,779
				6,861,039
Electronic Technology - 27.0%
Apple, Inc.		104,575		23,229,245
Applied Materials, Inc.		22,175		3,218,036
Arista Networks, Inc. *		15,000		1,162,200
Broadcom, Inc.		41,800		6,998,574
NVIDIA Corp.		173,100		18,760,578
Palo Alto Networks, Inc. *		18,450		3,148,308
Vertiv Holdings Co.		6,175		445,835
				56,962,776
Energy Minerals - 1.2%
ConocoPhillips		24,600		2,583,492
Finance - 2.6%
Chubb, Ltd.		5,050		1,525,050
Goldman Sachs Group, Inc.		5,150		2,813,393
JPMorgan Chase & Co.		4,900		1,201,970
				5,540,413
Health Services - 3.0%
Centene Corp. *		16,425		997,162
UnitedHealth Group, Inc.		10,125		5,302,968
				6,300,130
Health Technology - 6.6%
Abbott Laboratories		15,500		2,056,075
AbbVie, Inc.		2,975		623,322
Dexcom, Inc. *		22,000		1,502,380
Eli Lilly & Co.		5,160		4,261,696
Intuitive Surgical, Inc. *		3,800		1,882,026
Novo Nordisk A/S, ADR		7,600		527,744
Thermo Fisher Scientific, Inc.		5,250		2,612,400
Zimmer Biomet Holdings, Inc.		3,075		348,028
				13,813,671
Industrial Services - 1.8%
Cheniere Energy, Inc.		13,675		3,164,395
Williams Cos., Inc.		11,800		705,168
				3,869,563
Non-Energy Minerals - 0.4%
Trex Co., Inc. *		13,800		801,780

Name of Issuer	Quantity		Fair Value ($)
Process Industries - 1.5%
Linde, PLC		2,650		1,233,946
Sherwin-Williams Co.		5,225		1,824,518
				3,058,464
Producer Manufacturing - 5.5%
BAE Systems, PLC, ADR		15,500		1,274,565
Eaton Corp., PLC		3,975		1,080,524
Emerson Electric Co.		9,800		1,074,472
General Dynamics Corp.		3,550		967,659
Honeywell International, Inc.		8,425		1,783,994
Northrop Grumman Corp.		1,875		960,019
Parker-Hannifin Corp.		3,150		1,914,728
Siemens AG, ADR		21,675		2,500,861
				11,556,822
Retail Trade - 10.3%
Amazon.com, Inc. *		63,000		11,986,380
Home Depot, Inc.		8,425		3,087,678
Lululemon Athletica, Inc. *		4,425		1,252,541
Netflix, Inc. *		2,300		2,144,819
TJX Cos., Inc.		18,075		2,201,535
Ulta Beauty, Inc. *		2,800		1,026,312
				21,699,265
Technology Services - 28.5%
Accenture, PLC		10,200		3,182,808
Adobe, Inc. *		6,250		2,397,063
Alphabet, Inc. - Class A		12,500		1,933,000
Alphabet, Inc. - Class C		73,500		11,482,905
Atlassian Corp. *		7,675		1,628,712
Autodesk, Inc. *		6,300		1,649,340
Intuit, Inc.		5,200		3,192,748
Meta Platforms, Inc.		13,225		7,622,361
Microsoft Corp.		55,000		20,646,450
Paycom Software, Inc.		2,500		546,200
salesforce.com, Inc.		15,225		4,085,781
ServiceNow, Inc. *		2,275		1,811,218
				60,178,586
Transportation - 1.9%
FedEx Corp.		7,575		1,846,634
Union Pacific Corp.		9,200		2,173,408
				4,020,042
Utilities - 0.4%
NextEra Energy, Inc.		13,100		928,659
Total Common Stocks (cost: $71,479,124)				205,474,882
Short-Term Securities - 2.7%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.23% (cost $5,797,143)		5,797,143		5,797,143
Total Investments in Securities - 100.1% (cost $77,276,267)				211,272,025
Other Assets and Liabilities, net - (0.1)%				(174,273)
Net Assets - 100.0%				$211,097,752

MARCH 31, 2025 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

Sit Large Cap Growth Fund (Continued)

* 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, 2025 is as follows:

	Investment in Securities
	Level 1  Quoted  Prices ($)		Level 2 Other significant observable inputs ($)	Level 3 Significant unobservable inputs ($)	Total ($)
Common Stocks**		205,474,882	—	—		205,474,882
Short-Term Securities		5,797,143	—	—		5,797,143
Total:		211,272,025	—	—		211,272,025

** For equity securities categorized in a single level, refer to the detail above 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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