First-Citizens Bank & Trust Co

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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Balanced Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 64.7%

Consumer Durables - 0.2%
YETI Holdings, Inc. ^*		3,500		134,925


Consumer Non-Durables - 2.1%
Constellation Brands, Inc.		2,750		747,340
Mondelez International, Inc.		3,400		238,000
PepsiCo, Inc.		1,825		319,393

				1,304,733


Consumer Services - 2.0%
McDonald’s Corp.		1,450		408,828
Visa, Inc.		2,800		781,424

				1,190,252


Electronic Technology - 15.2%
Apple, Inc.		13,700		2,349,276
Applied Materials, Inc.		2,600		536,198
Arista Networks, Inc. ^*		765		221,835
Broadcom, Inc.		1,485		1,968,234
NVIDIA Corp.		4,025		3,636,829
Palo Alto Networks, Inc. ^*		2,160		613,721

				9,326,093


Energy Minerals - 1.5%
ConocoPhillips		5,775		735,042
Shell, PLC, ADR		2,400		160,896

				895,938


Finance - 3.5%
Ameriprise Financial, Inc.		1,150		504,206
Chubb, Ltd.		1,400		362,782
Goldman Sachs Group, Inc.		1,600		668,304
JPMorgan Chase & Co.		2,925		585,878

				2,121,170


Health Services - 2.9%
Centene Corp. ^*		2,475		194,238
HCA Healthcare, Inc.		600		200,118
Quest Diagnostics, Inc.		1,475		196,337
UnitedHealth Group, Inc.		2,450		1,212,015

				1,802,708


Health Technology - 4.7%
Abbott Laboratories		3,550		403,493
Dexcom, Inc. ^*		5,260		729,562
Gilead Sciences, Inc.		5,975		437,669
Intuitive Surgical, Inc. ^*		510		203,536
Johnson & Johnson		1,250		197,738
Novo Nordisk A/S, ADR		1,550		199,020
Thermo Fisher Scientific, Inc.		1,200		697,452
Zimmer Biomet Holdings, Inc.		650		85,787

				2,954,257


Industrial Services - 0.7%
Cheniere Energy, Inc.		2,750		443,520


Process Industries - 1.5%
Linde, PLC		1,225		568,792
Sherwin-Williams Co.		1,000		347,330

				916,122



Name of Issuer	Quantity		Fair Value ($)

Producer Manufacturing - 5.0%
General Dynamics Corp.		700		197,743
Honeywell International, Inc.		1,450		297,613
Motorola Solutions, Inc.		1,400		496,972
Northrop Grumman Corp.		375		179,497
Parker-Hannifin Corp.		1,350		750,316
Safran SA, ADR		11,550		654,307
Siemens AG, ADR		5,175		493,850

				3,070,298


Retail Trade - 6.5%
Amazon.com, Inc. ^*		9,700		1,749,686
Home Depot, Inc.		1,825		700,070
Lululemon Athletica, Inc. ^*		885		345,725
Netflix, Inc. ^*		460		279,372
TJX Cos., Inc.		5,100		517,242
Ulta Beauty, Inc. ^*		795		415,690

				4,007,785


Technology Services - 16.9%
Accenture, PLC		2,025		701,885
Adobe, Inc. ^*		1,060		534,876
Alphabet, Inc. - Class A ^*		12,400		1,871,532
Alphabet, Inc. - Class C ^*		4,100		624,266
Atlassian Corp. ^*		1,050		204,865
Autodesk, Inc. ^*		1,275		332,035
Dynatrace, Inc. ^*		4,250		197,370
Intuit, Inc.		1,200		780,000
Meta Platforms, Inc.		635		308,343
Microsoft Corp.		7,800		3,281,616
Paycom Software, Inc.		600		119,406
Salesforce, Inc.		3,650		1,099,307
ServiceNow, Inc. ^*		560		426,944

				10,482,445


Transportation - 1.6%
FedEx Corp.		1,775		514,289
Union Pacific Corp.		2,050		504,157

				1,018,446


Utilities - 0.4%
NextEra Energy, Inc.		4,140		264,587


Total Common Stocks (cost: $17,815,315)				39,933,279



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

Bonds – 29.3%

Asset-Backed Securities - 0.2%

Small Business Administration:
2008-20A 1, 5.17%, 1/1/28		8,845		8,688
2007-20H 1, 5.78%, 8/1/27		7,991		7,892

Towd Point Mortgage Trust:
2020-MH1 A1A, 2.18%, 2/25/60 1, 4		59,041		56,259
2019-MH1 A2, 3.00%, 11/25/58 ^{1, 4}		84,518		83,710

				156,549



MARCH 31, 2024		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Balanced Fund (Continued)



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

Collateralized Mortgage Obligations - 6.9%

Chase Home Lending Mortgage Trust:
2023-6 A2, 6.00%, 6/25/54 ^{1, 4}		144,652		144,048

Chase Home Lending Mortgage Trust Series:
2024-1 A8A, 6.00%, 1/25/55 ^{1, 4}		200,000		197,770
2024-2 A8A, 6.00%, 2/25/55 ^{1, 4}		200,000		198,417
2024-3 A8, 6.00%, 2/25/55 ^{1, 4}		100,000		100,374

Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		16,569		14,366
2003-34 A1, 6.00%, 4/25/43		22,204		22,165
2004-T1 1A1, 6.00%, 1/25/44		13,066		13,275
1999-17 C, 6.35%, 4/25/29		3,723		3,719
2001-82 ZA, 6.50%, 1/25/32		6,132		6,154
2009-30 AG, 6.50%, 5/25/39		22,715		23,847
2013-28 WD, 6.50%, 5/25/42		21,047		22,009
2004-T1 1A2, 6.50%, 1/25/44		33,733		34,114
2004-W9 2A1, 6.50%, 2/25/44		22,685		22,850
2004-T3 1A3, 7.00%, 2/25/44		4,623		4,737

Freddie Mac:
5280 A, 3.50%, 1/25/50		148,782		136,727
4812 CZ, 4.00%, 5/15/48		155,556		143,796
4293 BA, 5.29%, 10/15/47 ¹		6,601		6,643
2122 ZE, 6.00%, 2/15/29		19,974		20,069
2126 C, 6.00%, 2/15/29		13,817		13,830
2480 Z, 6.00%, 8/15/32		16,945		17,208
2485 WG, 6.00%, 8/15/32		17,716		18,111
2575 QE, 6.00%, 2/15/33		6,634		6,760
2980 QA, 6.00%, 5/15/35		8,208		8,443
5354 AB, 6.00%, 5/25/49		183,598		185,637
2357 ZJ, 6.50%, 9/15/31		13,932		14,235
4520 HM, 6.50%, 8/15/45		11,693		12,648
3704 CT, 7.00%, 12/15/36		7,411		7,769

Government National Mortgage Association:
2021-86 WB, 4.75%, 5/20/51 ¹		132,739		128,678
2021-104 HT, 5.50%, 6/20/51		168,132		168,065
2021-27 AW, 5.86%, 2/20/51 ¹		180,373		185,725
2015-80 BA, 7.00%, 6/20/45 ¹		6,037		6,300
2018-147 AM, 7.00%, 10/20/48		22,283		23,110
2018-160 DA, 7.00%, 11/20/48		20,820		21,548
2014-69 W, 7.20%, 11/20/34 ¹		9,545		9,963
2013-133 KQ, 7.31%, 8/20/38 ¹		11,539		12,076
2005-74 HA, 7.50%, 9/16/35		164		166

JP Morgan Mortgage Trust:
2021-6 A4, 2.50%, 10/25/51 ^{1, 4}		282,774		247,066
2021-13 A4, 2.50%, 4/25/52 ^{1, 4}		253,270		220,306
2021-6 A12, 5.00%, 10/25/51 ^{1, 4}		273,071		262,080
2021-13 A11, 5.00%, 4/25/52 ^{1, 4}		277,453		256,323
2022-1 A11, 5.00%, 7/25/52 ^{1, 4}		326,100		300,763
2022-2 A11, 5.00%, 8/25/52 ^{1, 4}		307,969		287,131
2023-6 A2, 6.00%, 12/26/53 ^{1, 4}		135,180		134,784
2023-10 A8, 6.00%, 5/25/54 ^{1, 4}		150,000		150,443
2024-1 A8, 6.00%, 6/25/54 ^{1, 4}		200,000		196,629
2024-2 A8A, 6.00%, 8/25/54 ^{1, 4}		125,000		124,657

New Residential Mortgage Loan Trust:
2018-3A A1, 4.50%, 5/25/58 ^{1, 4}		31,806		30,553

Sequoia Mortgage Trust:
2020-4 A5, 2.50%, 11/25/50 ^{1, 4}		39,423		35,445



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

Vendee Mortgage Trust:
2008-1 B, 5.72%, 3/15/25 ¹		5,815		5,833

Wells Fargo Mortgaged Backed Securities Trust:
2020-5 A3, 2.50%, 9/25/50 ^{1, 4}		32,022		28,686

				4,236,051


Corporate Bonds - 6.4%
American Tower Trust, 5.49%, 3/15/28 ⁴		150,000		151,327
Bank of New York Mellon Corp., 6.47%, 10/25/34 ¹		175,000		190,799
Charles Stark Draper Lab., Inc., 4.39%, 9/1/48		100,000		87,291
Consumers Energy Co., 4.35%, 8/31/64		50,000		39,256
CVS Pass-Through Trust, 7.51%, 1/10/32 ⁴		133,113		137,870
Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.63%, 7/30/27		110,170		104,199
Duke Energy Florida, LLC:
2.54%, 9/1/29		39,398		36,474
2.86%, 3/1/33		120,000		103,596
Entergy Louisiana, LLC, 4.95%, 1/15/45		200,000		184,566
Equifax, Inc., 7.00%, 7/1/37		116,000		128,696
Evergy Kansas Central, Inc., 5.90%, 11/15/33		175,000		183,725
Evergy Missouri West Storm Funding I, LLC, 5.10%, 12/1/38		100,000		100,871
Exelon Corp., 7.60%, 4/1/32		75,000		85,218
Fairfax Financial Holdings, 7.75%, 7/15/37		150,000		165,466
First-Citizens Bank & Trust Co. (Subordinated), 4.13%, 11/13/29 ¹		175,000		168,352
GATX Corp., 6.90%, 5/1/34		175,000		191,053
Halliburton Co., 7.60%, 8/15/96 ⁴		75,000		85,058
JPMorgan Chase & Co., 4.59%, 4/26/33 ¹		50,000		47,925
KeyCorp, 2.55%, 10/1/29		225,000		190,301
Leidos, Inc., 7.13%, 7/1/32		50,000		54,026
Louisville Gas & Electric Co., 5.45%, 4/15/33		50,000		51,067
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29, 7.88%, 12/15/24 ^{1, 4}		195,000		195,016
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/32 ¹		250,000		233,137
Polar Tankers, Inc., 5.95%, 5/10/37 ⁴		93,479		95,358
Principal Life Global Funding II, 5.10%, 1/25/29 ⁴		100,000		99,797
SBA Tower Trust, 6.60%, 1/15/28 ⁴		145,000		148,614
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 ⁴		100,000		95,347
State Street Corp., 5.16%, 5/18/34 ¹		175,000		174,314
Truist Financial Corp., 7.16%, 10/30/29 ¹		175,000		186,769
Union Electric Co., 4.00%, 4/1/48		100,000		79,819
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32		125,021		107,021
Unum Group, 7.25%, 3/15/28		25,000		26,470

				3,928,798


Federal Home Loan Mortgage Corporation - 0.2%
7.50%, 10/1/38		97,855		103,820
8.50%, 5/1/31		43,383		44,528

				148,348


Federal National Mortgage Association - 2.5%
4.50%, 7/1/52		312,428		297,782



2

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Balanced Fund (Continued)



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

4.50%, 9/1/52		318,195		303,278
5.00%, 1/1/30		130,252		129,472
5.50%, 8/1/56		150,624		154,434
6.00%, 7/1/41		124,120		128,039
6.00%, 9/1/53		166,046		167,637
6.00%, 10/1/53		339,975		343,812
6.50%, 9/1/27		12,719		13,000
7.00%, 1/1/32		4,155		4,143
7.00%, 3/1/33		7,921		8,035
7.00%, 12/1/38		5,935		6,005
8.36%, 7/15/26		424		422

				1,556,059


Government National Mortgage Association - 1.6%
3.50%, 2/20/52		258,218		235,166
4.00%, 9/20/52		235,718		216,651
5.00%, 5/20/48		20,612		20,486
5.50%, 9/20/52		88,237		87,116
5.50%, 8/20/62		207,867		206,611
6.00%, 9/20/53		173,730		174,165
6.50%, 11/20/38		8,674		8,781
7.00%, 12/15/24		664		665
7.00%, 11/20/27		3,247		3,320
7.00%, 9/20/29		10,682		10,922
7.00%, 9/20/38		5,458		5,606
7.50%, 4/20/32		7,169		7,207

				976,696


Taxable Municipal Securities - 5.1%
Benton & Polk Sch. Dist. No. 17J G.O., 5.47%, 6/15/27		150,000		153,026

Chicago Park Dist., 2.53%, 1/1/34		235,000		187,861

City of Aurora G.O., 5.01%, 12/30/30		300,000		302,682

CO Health Facs. Auth., 3.13%, 5/15/27		250,000		224,215

Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56		205,000		163,557

Coventry Local Sch. Dist., 2.20%, 11/1/29		200,000		174,422

LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40		230,000		182,588

Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 ⁴		100,000		78,828

Massachusetts Edu. Auth.:

4.41%, 7/1/34		15,000		14,334

4.95%, 7/1/38		195,000		186,445

5.95%, 7/1/44		150,000		151,137

MN Hsg. Fin. Agy., 2.31%, 1/1/27		135,000		126,126

NY State Dormitory Auth., 2.69%, 7/1/35		200,000		159,676

Public Fin. Auth., 4.23%, 7/1/32		105,000		99,572
State of Connecticut G.O., 5.09%, 10/1/30		100,000		100,233
Texas Children’s Hospital, 3.37%, 10/1/29 ¹⁷		115,000		108,372
Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27		205,000		187,714
VA Hsg. Dev. Auth., 2.21%, 11/1/30		250,000		214,915
VT Hsg. Fin. Agy., 6.25%, 11/1/54		200,000		207,430
WA State Hsg. Fin. Comm., 3.50%, 7/1/24 ⁴		20,000		19,860
Wichita Falls, 1.65%, 9/1/28		145,000		128,293

				3,171,286



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

U.S. Treasury / Federal Agency Securities - 6.4%

U.S. Treasury - 6.4%

U.S. Treasury Bonds:
3.63%, 2/15/53		275,000		241,936
4.25%, 2/15/54		100,000		98,531
4.75%, 11/15/53		1,200,000		1,283,250

U.S. Treasury Notes:
3.75%, 12/31/28		150,000		146,883
4.00%, 1/31/29		1,725,000		1,708,154
4.50%, 11/15/33		450,000		460,406

				3,939,160

Total Bonds (cost $19,006,921)				18,112,947




Name of Issuer	Quantity		Fair Value ($)

Investment Companies 4.6%
Angel Oak Financial Strategies Income Trust		6,700		83,683
BlackRock Credit Allocation Income Trust		12,250		130,953
BlackRock Enhanced Government Fund		4,174		39,611
BlackRock Income Trust, Inc.		3,200		38,080
BlackRock Municipal Income Fund, Inc.		11,100		133,866
BlackRock Taxable Municipal Bond Trust		10,671		174,364
DWS Municipal Income Trust		10,500		94,815
Eaton Vance California Municipal Bond Fund		2,000		18,900
Eaton Vance Municipal Bond Fund		11,100		114,885
Eaton Vance New York Municipal Bond Fund		1,100		10,681
First Trust Mortgage Income Fund		3,800		46,265
Invesco Municipal Opportunity Trust		21,395		208,173
Invesco PA Value Municipal Income Trust		3,900		39,975
Invesco Trust for Investment Grade NY Munis		5,500		59,125
MFS Intermediate Income Trust		62,200		165,452
Nuveen AMT-Free Muni Credit Income Fund		20,900		253,935
Nuveen AMT-Free Quality Muni Income Fund		18,300		202,581
Nuveen Multi-Market Income Fund		17,353		105,680
Nuveen NJ Quality Muni Income Fund		8,100		97,848
Nuveen NY AMT-Free Quality Muni Fund		7,400		80,438
Nuveen PA Quality Muni Income Fund		7,100		83,922
Nuveen Quality Municipal Income Fund		12,500		143,250
Nuveen Taxable Municipal Income Fund		5,967		91,414
Putnam Master Intermediate Income Trust		61,000		195,200
Putnam Premier Income Trust		45,692		160,836
TCW Strategic Income Fund, Inc.		18,000		86,580


Total Investment Companies (cost: $2,958,957)				2,860,512


Short-Term Securities - 1.5%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $905,732)		905,732		905,732


Total Investments in Securities - 100.1% (cost $40,686,925)				61,812,470

Other Assets and Liabilities, net - (0.1)%				(89,563	)


Net Assets - 100.0%				$61,722,907



MARCH 31, 2024		3

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Balanced Fund (Continued)

^*	Non-income producing security.

Variable rate security. Rate disclosed is as of March 31, 2024. 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, 2024 was $4,162,519 and represented 6.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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.

ADR — American Depositary Receipt

LLC — Limited Liability Company

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, 2024 is as follows:


	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Prices ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Common Stocks**		39,933,279		—		—		39,933,279
Asset-Backed Securities		—		156,549		—		156,549
Collateralized Mortgage Obligations		—		4,236,051		—		4,236,051
Corporate Bonds		—		3,928,798		—		3,928,798
Federal Home Loan Mortgage Corporation		—		148,348		—		148,348
Federal National Mortgage Association		—		1,556,059		—		1,556,059
Government National Mortgage Association		—		976,696		—		976,696
Taxable Municipal Securities		—		3,171,286		—		3,171,286
U.S. Treasury / Federal Agency Securities		—		3,939,160		—		3,939,160
Investment Companies		2,860,512		—		—		2,860,512
Short-Term Securities		905,732		—		—		905,732
Total:		43,699,523		18,112,947		—		61,812,470

**	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.



4