SCHEDULE OF INVESTMENTS September 30, 2017

Sit Global Dividend Growth Fund

Name of Issuer Quantity Fair Value ($) Name of Issuer Quantity Fair Value ($)

Common Stocks - 95.9% North America - 63.8% Asia - 4.8% Bermuda - 0.6% Australia - 1.0% XL Group, Ltd. 4,700 185,415 Amcor, Ltd. 24,700 295,421 Canada - 3.4% China/Hong Kong - 1.0% BCE, Inc. 10,925 511,618 HSBC Holdings, PLC, ADR 6,475 319,930 Suncor Energy, Inc. 10,275 359,933 Japan - 1.3% Vermilion Energy, Inc. 5,400 192,132 Mitsubishi UFJ Financial Group, Inc., ADR 61,900 398,636 1,063,683 Singapore - 1.5% United States - 59.8% Broadcom, Ltd. 1,915 464,464 3M Co. 2,225 467,028 Europe - 27.3% Abbott Laboratories 8,100 432,216 Belgium - 1.4% AbbVie, Inc. 7,800 693,108 Anheuser-Busch InBev NV,ADR 3,725 444,393 Alphabet, Inc. - Class A * 450 438,174 France-1.4% Apple, Inc. 4,000 616,480 Unibail-Rodamco SE 1,725 419,764 Applied Materials, Inc. 8,175 425,836 Arthur J Gallagher & Co. 4,875 300,056 Germany - 4.0% CenterPoint Energy, Inc. 7,400 216,154 Allianz SE, ADR 16,400 367,196 CenturyLink, Inc. 11,625 219,712 Aurelius SE & Co. 5,500 361,683 CubeSmart 8,900 231,044 Siemens AG 3,675 518,574 Delta Air Lines, Inc. 9,450 455,679 1,247,453 Domtar Corp. 5,400 234,306 Ireland - 1.9% DowDuPont, Inc. 6,525 451,726 Accenture, PLC 2,750 371,442 Home Depot, Inc. 3,600 588,816 Ingersoll-Rand, PLC 2,600 231,842 Honeywell International, Inc. 3,875 549,242 Intel Corp. 8,625 328,440 603,284 International Paper Co. 5,050 286,941 Netherlands - 4.9% Johnson & Johnson 4,575 594,796 ING Groep NV,ADR 34,900 642,858 JPMorgan Chase & Co. 9,050 864,366 LyondellBasell Industries NV 3,225 319,436 KeyCorp 24,100 453,562 RELX NV 25,400 540,344 Kraft Heinz Co. 3,300 255,915 1,502,638 Lockheed Martin Corp. 1,365 423,546 Macquarie Infrastructure Corp. 5,275 380,750 Spain - 3.0% Marathon Petroleum Corp. 6,650 372,932 Iberdrola SA 83,100 646,151 Microsoft Corp. 14,400 1,072,656 Industria de Diseno Textil SA 7,525 283,693 Occidental Petroleum Corp. 5,975 383,655 929,844 Parker-Hannifin Corp. 1,875 328,162 Switzerland - 5.4% PepsiCo, Inc. 4,450 495,864 Chubb, Ltd. 1,950 277,972 Pfizer, Inc. 18,400 656,880 Nestle SA 7,000 587,589 Physicians Realty Trust 23,600 418,428 Roche Holding AG 1,750 447,335 Prudential Financial, Inc. 3,025 321,618 Zurich Insurance Group AG 1,140 348,361 Rockwell Automation, Inc. 1,825 325,233 Scotts Miracle-Gro Co. 3,225 313,922 1,661,257 Starbucks Corp. 9,800 526,358 United Kingdom - 5.3% T Rowe Price Group, Inc. 4,800 435,120 , PLC, ADR 2,300 143,635 Union Pacific Corp. 5,125 594,346 , PLC, ADR 4,625 611,101 United Parcel Service, Inc. 2,700 324,243 DS Smith, PLC 79,025 522,425 United Technologies Corp. 3,000 348,240 WPP, PLC 20,000 371,121 US Bancorp 8,475 454,175 1,648,282

SEPTEMBER 30, 2017 1 SCHEDULE OF INVESTMENTS September 30, 2017

Sit Global Dividend Growth Fund (Continued)

Name of Issuer Quantity Fair Value ($) Fair Value ($)

Verizon Communications, Inc. 15,500 767,095 (cost: $25,561,739) 30,850,642 WEC Energy Group, Inc. 6,775 425,334 Other Assets and Liabilities, net - 0.2% 59,883

18,472,154 Total Net Assets - 100.0% $30,910,525 Total Common Stocks (cost: $24,367,715) 29,656,618

* Non-income producing security. Short-Term Securities - 3.9% Numeric footnotes not disclosed are not applicable to this Schedule of Investments Fidelity Inst. Money Mkt. Gvt. Fund, 0.91% 1,194,024 1,194,024 ADR — American Depositary Receipt (cost: $1,194,024) PLC — Public Limited Company

Total Investments in Securities - 99.8%

The Fund’s portfolio’s holdings are expressed as a percentage of net assets as of the date given, and may vary over time. They are provided for informational purposes only and should not be deemed as a recommendation to buy or sell any securities. Carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus contains this and other important Fund information and may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or at www.sitfunds.com. Read the pro- spectus carefully before investing. Investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security charac- teristics, such as coupon rate, maturity date, issuer credit quality, and prepayment speeds as applicable. When market quotations are not readily available, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Board of Directors. The pro- cedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to deter- mine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which sub- sequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

Security transactions are accounted for on the date the securities are purchased or sold. Securities gains and losses are calculated on the identified-cost basis. Dividend income is recorded on the ex-dividend date or upon the receipt of ex-dividend notification in the case of certain foreign securities. Interest, including level-yield amortization of long-term bond premium and discount, is recorded on the accrual basis.

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