SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.7%
Commercial Services - 1.5%
Booz Allen Hamilton Holding Corp.		21,150		1,857,816
Equifax, Inc.		7,425		1,760,468
				3,618,284
Communications - 1.8%
American Tower Corp.		17,500		4,396,350
Consumer Durables - 0.6%
Activision Blizzard, Inc.		18,325		1,468,016
Consumer Non-Durables - 5.7%
Constellation Brands, Inc.		9,700		2,234,104
Mondelez International, Inc.		36,300		2,278,914
NIKE, Inc.		14,500		1,951,120
PepsiCo, Inc.		21,925		3,669,807
Procter & Gamble Co.		24,900		3,804,720
				13,938,665
Consumer Services - 2.5%
McDonald’s Corp.		10,450		2,584,076
Visa, Inc.		15,805		3,505,075
				6,089,151
Electronic Technology - 16.7%
Analog Devices, Inc.		23,500		3,881,730
Apple, Inc.		83,350		14,553,743
Applied Materials, Inc.		31,925		4,207,715
Broadcom, Inc.		10,350		6,517,188
Marvell Technology, Inc.		35,500		2,545,705
NVIDIA Corp.		7,250		1,978,235
Qualcomm, Inc.		11,700		1,787,994
Skyworks Solutions, Inc.		18,925		2,522,324
TE Connectivity, Ltd.		20,550		2,691,639
				40,686,273
Energy Minerals - 1.9%
ConocoPhillips		46,000		4,600,000
Finance - 14.2%
Air Lease Corp.		29,175		1,302,664
American International Group, Inc.		42,775		2,684,987
Ameriprise Financial, Inc.		11,300		3,394,068
Chubb, Ltd.		11,150		2,384,985
Everest Re Group, Ltd.		10,575		3,187,093
MetLife, Inc.		30,675		2,155,839
Morgan Stanley		55,500		4,850,700
Realty Income Corp.		56,475		3,913,717
Regions Financial Corp.		86,750		1,931,055
State Street Corp.		31,050		2,705,076
STORE Capital Corp.		50,900		1,487,807
Truist Financial Corp.		84,500		4,791,150
				34,789,141
Health Services - 2.7%
HCA Healthcare, Inc.		9,850		2,468,607
UnitedHealth Group, Inc.		8,150		4,156,256
				6,624,863
Health Technology - 12.7%
Abbott Laboratories		20,575		2,435,257

Name of Issuer	Quantity		Fair Value ($)
AbbVie, Inc.		20,050		3,250,305
Agilent Technologies, Inc.		18,275		2,418,331
AstraZeneca, PLC, ADR		60,750		4,030,155
Baxter International, Inc.		61,525		4,770,649
Johnson & Johnson		39,575		7,013,877
Medtronic, PLC		42,350		4,698,732
Thermo Fisher Scientific, Inc.		4,300		2,539,795
				31,157,101
Industrial Services - 1.1%
Jacobs Engineering Group, Inc.		19,450		2,680,405
Non-Energy Minerals - 1.2%
BHP Group, Ltd., ADR		36,800		2,842,800
Process Industries - 3.6%
Air Products & Chemicals, Inc.		14,325		3,579,961
DuPont de Nemours, Inc.		44,600		3,281,668
Nutrien, Ltd.		17,750		1,845,822
				8,707,451
Producer Manufacturing - 6.0%
Carlisle Cos, Inc.		12,405		3,050,638
Eaton Corp., PLC		19,550		2,966,908
General Dynamics Corp.		11,775		2,839,894
Parker-Hannifin Corp.		9,600		2,724,096
Siemens AG, ADR		44,300		3,062,902
				14,644,438
Retail Trade - 4.7%
CVS Health Corp.		33,175		3,357,642
Home Depot, Inc. *		9,150		2,738,869
Target Corp.		12,260		2,601,817
TJX Cos., Inc.		45,650		2,765,477
				11,463,805
Technology Services - 13.8%
Accenture, PLC		11,200		3,776,976
Alphabet, Inc. - Class A *		1,970		5,479,260
Genpact, Ltd.		55,675		2,422,419
Intuit, Inc.		4,600		2,211,864
Microsoft Corp.		51,015		15,728,435
Oracle Corp.		50,639		4,189,364
				33,808,318
Transportation - 2.0%
FedEx Corp.		7,975		1,845,335
Union Pacific Corp.		11,450		3,128,255
				4,973,590
Utilities - 6.0%
AES Corp.		81,950		2,108,573
Alliant Energy Corp.		57,100		3,567,608
Entergy Corp.		28,850		3,368,238
NextEra Energy, Inc.		37,550		3,180,860
Xcel Energy, Inc.		33,000		2,381,610
				14,606,889
Total Common Stocks (cost: $179,540,353)				241,095,540

MARCH 31, 2022 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

Sit Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 1.3%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.12% (cost $3,101,454)		3,101,454		3,101,454
Total Investments in Securities - 100.0% (cost $182,641,807)				244,196,994
Other Assets and Liabilities, net - 0.0%				80,132
Total Net Assets - 100.0%				$244,277,126

* 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, 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**		241,095,540		—		—		241,095,540
Short-Term Securities		3,101,454		—		—		3,101,454
Total:		244,196,994		—		—		244,196,994

** 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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