Fannie Mae Pool

FOR VALIDATION PURPOSES ONLY - [864914.BAL]

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Balanced Fund

Investments are grouped by economic sectors.


Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 58.6%
Communications - 0.9%
Verizon Communications, Inc.		5,700		306,261

Consumer Durables - 0.5%
YETI Holdings, Inc. ^*		9,600		187,392

Consumer Non-Durables - 4.2%
Conagra Brands, Inc.		8,900		261,126
Constellation Brands, Inc.		1,700		243,712
Estee Lauder Cos., Inc. - Class A		1,950		310,713
Mondelez International, Inc.		5,000		250,400
NIKE, Inc.		1,775		146,864
PepsiCo, Inc.		1,975		237,198


				1,450,013

Consumer Services - 4.3%
McDonald’s Corp.		1,975		326,566
Starbucks Corp.		3,800		249,812
Visa, Inc.		4,750		765,320
Walt Disney Co.		1,200		115,920


				1,457,618

Electronic Technology - 8.0%
Advanced Micro Devices, Inc. ^*		2,500		113,700
Apple, Inc.		4,125		1,048,946
Applied Materials, Inc.		7,200		329,904
Broadcom, Inc.		1,460		346,166
Ciena Corp. ^*		5,500		218,955
Intel Corp.		5,575		301,719
Keysight Technologies, Inc. ^*		2,275		190,372
NVIDIA Corp.		675		177,930


				2,727,692

Energy Minerals - 0.8%
Chevron Corp.		1,825		132,239
Marathon Petroleum Corp.		6,000		141,720


				273,959

Finance - 4.5%
Ameriprise Financial, Inc.		1,625		166,530
Aon, PLC		1,150		189,796
Chubb, Ltd.		2,025		226,172
Everest Re Group, Ltd.		225		43,294
First Republic Bank		1,750		143,990
Goldman Sachs Group, Inc.		1,375		212,561
JPMorgan Chase & Co.		2,800		252,084
T Rowe Price Group, Inc.		2,075		202,624
US Bancorp		2,675		92,154


				1,529,205

Health Services - 2.2%
HCA Healthcare, Inc.		1,525		137,021
UnitedHealth Group, Inc.		2,450		610,981


				748,002


Name of Issuer	Quantity		Fair Value ($)

Health Technology - 5.2%
Abbott Laboratories		2,950		232,784
Boston Scientific Corp. ^*		5,600		182,728
Bristol-Myers Squibb Co.		1,900		105,906
Bristol-Myers Squibb Co., Rights ^*		1,025		3,895
DexCom, Inc. ^*		900		242,343
Illumina, Inc. ^*		350		95,592
Intuitive Surgical, Inc. ^*		520		257,509
Johnson & Johnson		2,300		301,599
Thermo Fisher Scientific, Inc.		1,250		354,500


				1,776,856

Process Industries - 1.7%
Ecolab, Inc.		2,050		319,451
Sherwin-Williams Co.		600		275,712


				595,163

Producer Manufacturing - 4.4%
3M Co.		875		119,446
Honeywell International, Inc.		1,925		257,546
L3Harris Technologies, Inc.		1,450		261,174
Motorola Solutions, Inc.		1,125		149,535
Northrop Grumman Corp.		500		151,275
Raytheon Co.		1,175		154,101
Safran SA, ADR		3,400		74,154
Trane Technologies, PLC		2,175		179,633
United Technologies Corp.		1,550		146,212


				1,493,076

Retail Trade - 4.5%
Amazon.com, Inc. ^*		485		945,614
Home Depot, Inc.		2,050		382,756
TJX Cos., Inc.		3,150		150,602
Ulta Beauty, Inc. ^*		430		75,551


				1,554,523

Technology Services - 15.6%
Accenture, PLC		2,025		330,602
Adobe, Inc. ^*		1,525		485,316
Alphabet, Inc. - Class A^*		550		639,073
Alphabet, Inc. - Class C^*		205		238,376
Atlassian Corp., PLC ^*		2,200		301,972
Autodesk, Inc. ^*		1,700		265,370
Facebook, Inc. ^*		2,700		450,360
Intuit, Inc.		1,200		276,000
Microsoft Corp.		7,375		1,163,111
Paycom Software, Inc. ^*		550		111,106
PayPal Holdings, Inc. ^*		3,300		315,942
salesforce.com, Inc. ^*		3,575		514,729
Splunk, Inc. ^*		1,950		246,148


				5,338,105


MARCH 31, 2020		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Balanced Fund (Continued)


Name of Issuer	Quantity /Principal Amount ($)		Fair Value ($)

Transportation - 1.1%
FedEx Corp.		700		84,882
Union Pacific Corp.		2,050		289,132


				374,014

Utilities - 0.7%
NextEra Energy, Inc.		1,035		249,042


Total Common Stocks (cost: $16,146,193)				20,060,921

Bonds - 33.4%

Asset-Backed Securities - 3.3%
Bayview Opportunity Master Fund, 2017-SPL1 A, 4.00%, 10/28/64 ^1,⁴		54,893		54,847
Credit Suisse First Boston Mortgage Corp., 2005-AGE1 M3, 1 Mo. Libor + 0.65, 1.60%, 2/25/32 ¹		60,642		60,245
Irwin Home Equity Corp., 2005-1 M1, 5.92%, 6/25/35 ¹⁴		23,081		22,839
New Century Home Equity Loan Trust, 2005-A A4W, 4.67%, 8/25/35 ¹⁴		6,641		6,541
OSCAR US Funding Trust VII, LLC:
2017-2A A3, 2.45%, 12/10/21 ⁴		79,996		80,107
2017-2A A4, 2.76%, 12/10/24 ⁴		100,000		101,784
Small Business Administration:
2008-20A 1, 5.17%, 1/1/28		34,506		37,137
2007-20H 1, 5.78%, 8/1/27		34,603		37,271
Towd Point Mortgage Trust:
2020-MH1 A1A, 2.18%, 2/25/60 ^1,⁴		197,053		192,989
2019-MH1 A2, 3.00%, 11/25/58 ^1,⁴		100,000		94,576
2019-SJ3 A2, 3.00%, 11/25/59 ^1,⁴		125,000		119,590
2019-SJ1 A1, 3.75%, 11/25/58 ^1,⁴		126,999		124,234
2019-3 A2, 4.00%, 2/25/59 ^1,4		100,000		91,489
2019-SJ1 A2, 4.17%, 11/25/58 ^1,⁴		100,000		84,266


				1,107,915

Collateralized Mortgage Obligations - 9.0%
Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		99,792		105,185
2004-10 ZB, 6.00%, 2/25/34		115,159		133,660
2003-34 A1, 6.00%, 4/25/43		36,791		42,716
2004-T1 1A1, 6.00%, 1/25/44		23,243		27,016
1999-17 C, 6.35%, 4/25/29		12,236		13,722
2001-82 ZA, 6.50%, 1/25/32		17,195		19,162
2009-30 AG, 6.50%, 5/25/39		53,578		61,657
2013-28 WD, 6.50%, 5/25/42		50,205		60,085
2004-T1 1A2, 6.50%, 1/25/44		73,115		86,081
2004-W9 2A1, 6.50%, 2/25/44		40,597		47,768
2015-88 CJ, 6.50%, 7/25/44		104,652		117,613
2010-108 AP, 7.00%, 9/25/40		2,122		2,463
2004-T3, 1A3, 7.00%, 2/25/44		7,680		9,210
1993-21 KA, 7.70%, 3/25/23		23,332		24,873


Name of Issuer	Principal Amount ($)		Fair Value ($)

Freddie Mac:
4784 BV, 3.50%, 12/15/32		100,000		106,371
4293 BA, 5.29%, 10/15/47 ¹		12,720		14,402
2953 PG, 5.50%, 3/15/35		137,945		159,665
2122 ZE, 6.00%, 2/15/29		63,325		72,851
2126 C, 6.00%, 2/15/29		41,705		47,378
2485 WG, 6.00%, 8/15/32		41,363		48,237
2480 Z, 6.00%, 8/15/32		39,253		46,240
2575 QE, 6.00%, 2/15/33		18,913		22,103
2980 QA, 6.00%, 5/15/35		21,350		25,245
2283 K, 6.50%, 12/15/23		5,395		5,782
2357 ZJ, 6.50%, 9/15/31		23,912		26,757
T-59 1A1, 6.50%, 10/25/43		65,832		81,598
4520 HM, 6.50%, 8/15/45		39,869		48,300
1142 IA, 7.00%, 10/15/21		14,003		14,331
3946 KW, 7.00%, 11/15/29		1,066		1,081
3704 CT, 7.00%, 12/15/36		17,440		21,179
2238 PZ, 7.50%, 6/15/30		15,751		18,932
Government National Mortgage Association:
2015-80 BA, 6.99%, 6/20/45¹		27,389		32,514
2018-147 AM, 7.00%, 10/20/48		105,812		125,980
2018-160 DA, 7.00%, 11/20/48		95,300		115,058
2014-69 W, 7.21%, 11/20/34 ¹		30,208		35,594
2013-133 KQ, 7.30%, 8/20/38 ¹		29,646		35,255
2005-74 HA, 7.50%, 9/16/35		10,975		11,964
JP Morgan Mortgage Trust:
2019-HYB1 A5A, 3.00%, 10/25/49 ^1,⁴		155,384		146,237
2019-8 A4, 3.50%, 3/25/50^1,⁴		135,388		133,793
2019-9 A8, 3.50%, 5/25/50^1,⁴		125,000		120,365
2020-2 A4, 3.50%, 7/25/50^1,⁴		198,148		197,991
New Residential Mortgage Loan Trust:
2019-NQM5 A2, 2.86%, 11/25/59 ^1,⁴		96,583		94,914
2018-3A A1, 4.50%, 5/25/58^1,⁴		74,625		77,447
2016-2A B3, 5.64%, 11/26/35^1,⁴		41,745		41,159
PMT Loan Trust: 2013-J1 A11, 3.50%, 9/25/43 ^1,⁴		131,495		134,299
Sequoia Mortgage Trust:
2019-5 A4, 3.50%, 12/25/49^1,⁴		94,463		95,550
2020-2 A4, 3.50%, 3/25/50^1,⁴		148,810		149,438
Vendee Mortgage Trust:
2008-1 B, 6.36%, 3/15/25¹		12,342		14,437
1994-2 2, 6.83%, 5/15/24¹		11,703		12,178


				3,085,836

Corporate Bonds - 7.6%
3M Co., 6.38%, 2/15/28		150,000		191,961
Alphabet, Inc., 3.63%, 5/19/21		50,000		51,462
American Airlines 2016-2 Trust, 3.20%, 6/15/28		85,450		92,887
Archer-Daniels-Midland Co., 6.75%, 12/15/27		150,000		187,256
Brighthouse Financial, Inc., 4.70%, 6/22/47		100,000		77,972

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Balanced Fund (Continued)


Name of Issuer	Principal Amount ($)		Fair Value ($)

Brown & Brown, Inc., 4.20%, 9/15/24		68,000		71,717
Charles Stark Draper Laboratory, Inc., 4.39%, 9/1/48		100,000		128,618
Delta Air Lines 2015-1 Class A Pass Through Trust, 3.88%, 7/30/27		160,976		145,306
Doric Nimrod Air Alpha 2013-1 Trust, 5.25%, 5/30/23 ⁴		39,611		40,019
Doric Nimrod Air Finance Alpha 2012-1 Trust, 5.13%, 11/30/22 ⁴		30,824		31,274
Duke Energy Florida, LLC, 2.54%, 9/1/29		50,000		52,741
Entergy Louisiana, LLC, 4.95%, 1/15/45		150,000		158,554
Georgia-Pacific, LLC, 7.38%, 12/1/25		100,000		126,432
ITT, LLC, 7.40%, 11/15/25		25,000		30,233
Johnson & Johnson, 3.55%, 3/1/36		150,000		169,503
Lincoln National Corp., 7.00%, 6/15/40		100,000		110,195
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/32 ¹		150,000		145,245
Principal Financial Group, Inc., 3 Mo. Libor + 3.04, 4.70%, 5/15/55 ¹		100,000		88,000
Progressive Corp., 4.13%, 4/15/47		100,000		112,281
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 ⁴		100,000		133,655
Spirit Airlines 2015-1A Trust, 4.10%, 4/1/28		114,773		111,651
Union Pacific Railroad Co., 2014-1 Pass Through Trust, 3.23%, 5/14/26		124,200		127,079
Wachovia Corp., (Subordinated), 7.57%, 8/1/26 ¹⁴		75,000		93,325
WestRock MWV, LLC, 7.95%, 2/15/31		100,000		136,020


				2,613,386

Federal Home Loan Mortgage Corporation - 1.2%
5.00%, 10/1/43		75,908		83,403
6.50%, 2/1/22		8,323		8,494
7.50%, 7/1/29		117,633		138,622
7.50%, 3/1/33		110,765		133,662
8.00%, 2/1/34		14,183		17,312
8.50%, 9/1/24		10,103		10,575


				392,068

Federal National Mortgage Association - 3.0%
2.48%, 2/1/35		150,000		158,324
2.68%, 2/1/35		150,000		161,108
4.50%, 8/1/40		50,337		53,457
5.50%, 10/1/33		70,880		78,029
6.00%, 2/1/38		52,278		60,301
6.02%, 11/1/43		29,005		34,166
6.50%, 2/1/24		17,259		18,311
6.50%, 9/1/27		47,507		53,175
6.50%, 6/1/40		112,481		128,843
7.00%, 1/1/32		10,660		11,648
7.00%, 3/1/33		22,828		26,469
7.00%, 12/1/38		43,823		49,109
8.00%, 6/1/24		9,818		10,605


Name of Issuer	Principal Amount ($)		Fair Value ($)

8.00%, 1/1/31		11,598		11,720
8.00%, 2/1/31		18,931		23,828
8.00%, 9/1/37		67,408		86,184
8.43%, 7/15/26		2,826		2,892
8.50%, 10/1/30		24,304		29,161
10.00%, 6/1/31		27,619		31,002


				1,028,332

Government National Mortgage Association - 1.1%
5.00%, 5/20/48		97,626		105,534
5.75%, 12/15/22		26,468		27,852
6.50%, 2/20/32		92,887		109,313
6.50%, 11/20/38		19,785		22,368
7.00%, 12/15/24		10,026		10,769
7.00%, 11/20/27		12,708		14,718
7.00%, 9/20/29		34,335		40,003
7.00%, 9/20/38		11,653		14,137
7.50%, 4/20/32		25,430		29,718
8.00%, 7/15/24		7,006		7,412


				381,824

Taxable Municipal Securities - 7.4%
Baptist Health Obligated Group, 4.10%, 12/1/49		100,000		98,447
Bucks Co. Industrial Dev. Auth., 4.00%, 10/1/21		65,000		65,641
Buffalo State Col. Foundation Hsg. Corp., 2.80%, 11/1/30		100,000		101,762
Hartford HealthCare Corp., 3.45%, 7/1/54		250,000		237,001
Kentucky Higher Edu. Student Loan Corp. (Subordinated), 5.27%, 6/1/36		100,000		104,960
Lane Cnty. Sch. Dist. No. 52 Bethel, 2.52%, 6/15/27		60,000		62,016
Massachusetts Edu. Auth.:
4.00%, 1/1/32		105,000		108,904
4.41%, 7/1/34		50,000		56,533
MI Hsg. Dev. Auth., 3.53%, 6/1/50		100,000		100,277
MN Hsg. Fin. Agy.:
2.31%, 1/1/27		230,000		230,761
4.73%, 1/1/49		95,000		100,270
ND Hsg. Fin. Agy., 3.70%, 7/1/33		100,000		103,898
North Hudson Sewer Auth., 2.88%, 6/1/28		150,000		157,081
Oregon State Fac. Auth., 3.29%, 10/1/40		100,000		91,541
Port Huron, MI, 3.02%, 3/1/45		150,000		154,383
Public Finance Authority, 4.23%, 7/1/32		105,000		120,617
So. Dakota Hsg. Dev. Auth., 3.89%, 5/1/32		15,000		15,634
South Carolina Ports Auth., 3.88%, 7/1/55		150,000		153,387
Texas Children’s Hospital, 3.37%, 10/1/29 ¹⁷		115,000		122,350
Tulane University, 1.99%, 2/15/36 ¹		90,000		84,601


MARCH 31, 2020		3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Balanced Fund (Continued)


Name of Issuer	Principal Amount ($)/ Quantity		Fair Value ($)

Western MI Univ. Homer Stryker MD. Sch. of Med.,, 4.75%, 11/15/28		100,000		115,946
Willoughby-Eastlake City Sch. Dist., 3.36%, 12/1/46		150,000		148,694


				2,534,704

U.S. Treasury / Federal Agency Securities - 0.8%
U.S. Treasury Bond, 2.00%, 2/15/50		200,000		231,695
U.S. Treasury Note, 1.63%, 10/31/26		50,000		53,521


				285,216

Total Bonds (cost: $11,304,568)				11,429,281

Investment Companies - 1.5%
BlackRock Enhanced Government Fund		4,886		62,736
BlackRock Income Trust		23,300		134,208
Eaton Vance Short Duration Div. Inc. Fund		9,700		106,021
Eaton Vance, Ltd. Duration Inc. Fund		4,600		48,622
Franklin, Ltd. Duration, Income Trust		1,200		9,420
MFS Intermediate Income Trust		1,200		4,320
Nuveen Multi-Market Income Fund, Inc.		3,953		24,124
Putnam Master Intermediate Income Trust		9,700		39,576
Putnam Premier Income Trust		15,700		71,278

Total Investment Companies (cost: $503,201)				500,305

Short-Term Securities - 6.3%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.30%		2,174,120		2,174,120

(cost: $2,174,120)
Total Investments in Securities - 99.8%
(cost: $30,128,082)				34,164,627
Other Assets and Liabilities, net - 0.2%				70,038


Total Net Assets - 100.0%			$	34,234,665

*	Non-income producing security.

Variable rate security. Rate disclosed is as of March 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴	144A Restricted Security. The total value of such securities as of March 31, 2020 was $2,340,023 and represented 6.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

¹⁴	Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of March 31, 2020.

¹⁷	Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

LLC — Limited Liability Company

PLC — Public Limited Company

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

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2020

Sit Balanced Fund (Continued)

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 ^**		20,060,921		—	—		20,060,921
Asset-Backed Securities		—		1,107,915	—		1,107,915
Collateralized Mortgage Obligations		—		3,085,836	—		3,085,836
Corporate Bonds		—		2,613,386	—		2,613,386
Federal Home Loan Mortgage Corporation		—		392,068	—		392,068
Federal National Mortgage Association		—		1,028,332	—		1,028,332
Government National Mortgage Association		—		381,824	—		381,824
Taxable Municipal Securities		—		2,534,704	—		2,534,704
U.S. Treasury / Federal Agency Securities		—		285,216	—		285,216
Investment Companies		500,305		—	—		500,305
Short-Term Securities		2,174,120		—	—		2,174,120

Total:		22,735,346		11,429,281	—		34,164,627

**	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.


MARCH 31, 2020		5