SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Global Dividend Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.8%
Asia - 6.4%
Australia - 2.9%
Atlassian Corp., PLC *		3,925		713,526
Macquarie Group, Ltd.		3,900		338,069
				1,051,595
Japan - 2.4%
Astellas Pharma, Inc.		29,900		445,707
Recruit Holdings Co., Ltd.		10,800		428,926
				874,633
Singapore - 1.1%
Singapore Technologies Engineering, Ltd.		158,600		404,164
Europe - 31.0%
France - 0.9%
Safran SA, ADR *		4,900		121,373
Sanofi, ADR		3,800		190,646
				312,019
Germany - 5.0%
adidas AG *		1,385		447,278
Allianz SE, ADR		35,000		670,250
Aurelius SE & Co. *		5,500		89,231
Muenchener Rueckversicherungs AG		650		165,242
Siemens AG		3,200		404,127
Siemens Energy AG *		1,600		43,146
				1,819,274
Ireland - 4.6%
Accenture, PLC		3,675		830,513
Medtronic, PLC		4,575		475,434
Trane Technologies, PLC		2,950		357,688
				1,663,635
Spain - 2.0%
Iberdrola SA		60,400		743,443
Switzerland - 9.8%
Chubb, Ltd.		1,750		203,210
Logitech International SA		12,950		1,001,164
Lonza Group AG		1,450		894,847
Nestle SA		7,525		895,566
Partners Group Holding AG		585		538,085
				3,532,872
United Kingdom - 8.7%
AstraZeneca, PLC, ADR		15,400		843,920
BAE Systems, PLC		74,675		463,772
Diageo, PLC, ADR		4,225		581,614
London Stock Exchange Group, PLC		6,875		788,682
RELX, PLC		21,200		471,962
				3,149,950
North America - 61.4%

Name of Issuer	Quantity		Fair Value ($)
Bermuda - 0.2%
Everest Re Group, Ltd.		350		69,139
United States - 61.2%
Abbott Laboratories		8,300		903,289
AbbVie, Inc.		3,975		348,170
Alphabet, Inc. - Class A *		450		659,520
American Tower Corp.		600		145,038
Apple, Inc.		19,200		2,223,552
Applied Materials, Inc.		8,175		486,004
Arthur J Gallagher & Co.		3,775		398,565
Bank of America Corp.		16,300		392,667
Broadcom, Inc.		1,825		664,884
Constellation Brands, Inc.		2,750		521,153
CVS Health Corp.		7,600		443,840
Euronet Worldwide, Inc. *		2,800		255,080
FedEx Corp.		475		119,472
Goldman Sachs Group, Inc.		1,400		281,358
Home Depot, Inc.		2,550		708,160
Honeywell International, Inc.		3,200		526,752
Johnson & Johnson		6,925		1,030,994
JPMorgan Chase & Co.		7,350		707,584
L3Harris Technologies, Inc.		2,050		348,172
Lockheed Martin Corp.		1,565		599,833
McDonald’s Corp.		1,860		408,251
Microsoft Corp.		12,100		2,544,993
Mondelez International, Inc.		7,100		407,895
Otis Worldwide Corp.		3,875		241,878
PepsiCo, Inc.		5,775		800,415
Scotts Miracle-Gro Co.		2,675		409,034
Sherwin-Williams Co.		800		557,392
Starbucks Corp.		9,875		848,460
T Rowe Price Group, Inc.		4,800		615,456
Thermo Fisher Scientific, Inc.		1,175		518,786
Union Pacific Corp.		4,050		797,324
UnitedHealth Group, Inc.		675		210,445
Verizon Communications, Inc.		12,750		758,498
Waste Management, Inc.		5,900		667,703
WEC Energy Group, Inc.		6,150		595,935
				22,146,552
Total Common Stocks (cost: $23,777,384)				35,767,276

SEPTEMBER 30, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Global Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 1.1%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		414,941		414,941
(cost: $414,941)
Total Investments in Securities - 99.9%
(cost: $24,192,325)				36,182,217
Other Assets and Liabilities, net - 0.1%				34,693
Total Net Assets - 100.0%				$36,216,910

* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

Portfolio Structure - By Sector	(% of Total Net Assets)
Health Technology		15.6	%
Technology Services		15.0
Finance		14.5
Electronic Technology		12.1
Consumer Non-Durables		10.1
Producer Manufacturing		9.7
Consumer Services		4.8
Utilities		3.7
Retail Trade		3.2
Process Industries		2.7
Transportation		2.5
Communications		2.5
Industrial Services		1.8
Health Services		0.6
Short-Term Securities		1.1
		99.9
Other Assets and Liabilities, net		0.1
		100.0	%

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		Other significant		Significant
	Price ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks
Australia		713,526		338,069		—		1,051,595
Bermuda		69,139		—		—		69,139
France		312,019		—		—		312,019
Germany		713,396		1,105,878		—		1,819,274
Ireland		1,663,635		—		—		1,663,635
Japan		—		874,633		—		874,633
Singapore		—		404,164		—		404,164
Spain		—		743,443		—		743,443
Switzerland		1,204,374		2,328,498		—		3,532,872
United Kingdom		1,425,534		1,724,416		—		3,149,950
United States		22,146,552		—		—		22,146,552
Short-Term Securities		414,941		—		—		414,941
Total:		28,663,116		7,519,101		—		36,182,217

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). 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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