SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Balanced Fund
Investments are grouped by economic sectors.
| Name of Issuer | Quantity | Fair Value ($) | ||||||
| Common Stocks - 60.8% |
||||||||
| Communications - 0.8% |
||||||||
| American Tower Corp. |
1,675 | 359,622 | ||||||
|
|
|
| ||||||
| Consumer Durables - 0.4% |
||||||||
| YETI Holdings, Inc. * |
5,500 | 156,860 | ||||||
|
|
|
| ||||||
| Consumer Non-Durables - 3.1% |
||||||||
| Constellation Brands, Inc. |
2,275 | 522,522 | ||||||
| Estee Lauder Cos., Inc. - Class A |
1,635 | 352,997 | ||||||
| Mondelez International, Inc. |
3,400 | 186,422 | ||||||
| PepsiCo, Inc. |
1,825 | 297,949 | ||||||
|
|
|
| ||||||
| 1,359,890 | ||||||||
|
|
|
| ||||||
| Consumer Services - 2.2% |
||||||||
| McDonald’s Corp. |
2,000 | 461,480 | ||||||
| Visa, Inc. |
3,100 | 550,715 | ||||||
|
|
|
| ||||||
| 1,012,195 | ||||||||
|
|
|
| ||||||
| Electronic Technology - 8.9% |
||||||||
| Apple, Inc. |
16,450 | 2,273,390 | ||||||
| Applied Materials, Inc. |
4,250 | 348,202 | ||||||
| Broadcom, Inc. |
1,485 | 659,355 | ||||||
| NVIDIA Corp. |
4,200 | 509,838 | ||||||
| Qualcomm, Inc. |
1,625 | 183,593 | ||||||
|
|
|
| ||||||
| 3,974,378 | ||||||||
|
|
|
| ||||||
| Energy Minerals - 1.3% |
||||||||
| ConocoPhillips |
5,775 | 591,013 | ||||||
|
|
|
| ||||||
| Finance - 3.6% |
||||||||
| Ameriprise Financial, Inc. |
1,150 | 289,743 | ||||||
| Chubb, Ltd. |
1,400 | 254,632 | ||||||
| First Republic Bank |
1,750 | 228,463 | ||||||
| Goldman Sachs Group, Inc. |
1,600 | 468,880 | ||||||
| JPMorgan Chase & Co. |
2,925 | 305,662 | ||||||
|
|
|
| ||||||
| 1,547,380 | ||||||||
|
|
|
| ||||||
| Health Services - 3.9% |
||||||||
| Centene Corp. * |
3,500 | 272,335 | ||||||
| HCA Healthcare, Inc. |
2,200 | 404,338 | ||||||
| UnitedHealth Group, Inc. |
2,150 | 1,085,836 | ||||||
|
|
|
| ||||||
| 1,762,509 | ||||||||
|
|
|
| ||||||
| Health Technology - 5.4% |
||||||||
| Abbott Laboratories |
3,550 | 343,498 | ||||||
| Baxter International, Inc. |
3,075 | 165,620 | ||||||
| Dexcom, Inc. * |
5,260 | 423,640 | ||||||
| Johnson & Johnson |
3,000 | 490,080 | ||||||
| Medtronic, PLC |
4,600 | 371,450 | ||||||
| Thermo Fisher Scientific, Inc. |
1,200 | 608,628 | ||||||
|
|
|
| ||||||
| 2,402,916 | ||||||||
|
|
|
| ||||||
| Industrial Services - 1.1% |
||||||||
| Cheniere Energy, Inc. |
2,900 | 481,139 | ||||||
|
|
|
| ||||||
| Process Industries - 1.9% |
||||||||
| Darling Ingredients, Inc. * |
3,525 | 233,179 | ||||||
| Linde, PLC |
1,225 | 330,248 | ||||||
| Sherwin-Williams Co. |
1,625 | 332,719 | ||||||
|
|
|
| ||||||
| 896,146 | ||||||||
|
|
|
| ||||||
| Producer Manufacturing - 4.0% |
||||||||
| Honeywell International, Inc. |
1,450 | 242,106 | ||||||
| Name of Issuer | Quantity | Fair Value ($) | ||||||
| Motorola Solutions, Inc. |
1,400 | 313,558 | ||||||
| Northrop Grumman Corp. |
875 | 411,530 | ||||||
| Parker-Hannifin Corp. |
1,350 | 327,118 | ||||||
| Safran SA, ADR |
11,550 | 261,954 | ||||||
| Siemens AG, ADR |
5,175 | 253,316 | ||||||
|
|
|
| ||||||
| 1,809,582 | ||||||||
|
|
|
| ||||||
| Retail Trade - 7.4% |
||||||||
| Amazon.com, Inc. * |
11,200 | 1,265,600 | ||||||
| CVS Health Corp. |
5,800 | 553,146 | ||||||
| Home Depot, Inc. |
2,050 | 565,677 | ||||||
| Lululemon Athletica, Inc. * |
775 | 216,659 | ||||||
| TJX Cos., Inc. |
6,550 | 406,886 | ||||||
| Ulta Beauty, Inc. * |
795 | 318,946 | ||||||
|
|
|
| ||||||
| 3,326,914 | ||||||||
|
|
|
| ||||||
| Technology Services - 14.9% |
||||||||
| Accenture, PLC |
2,025 | 521,033 | ||||||
| Adobe, Inc. * |
1,050 | 288,960 | ||||||
| Alphabet, Inc. - Class A * |
12,400 | 1,186,060 | ||||||
| Alphabet, Inc. - Class C * |
4,100 | 394,215 | ||||||
| Atlassian Corp., PLC * |
2,000 | 421,180 | ||||||
| Autodesk, Inc. * |
1,900 | 354,920 | ||||||
| Dynatrace, Inc. * |
4,250 | 147,943 | ||||||
| Intuit, Inc. |
1,200 | 464,784 | ||||||
| Microsoft Corp. |
7,800 | 1,816,620 | ||||||
| Paycom Software, Inc. * |
600 | 197,994 | ||||||
| PayPal Holdings, Inc. * |
1,675 | 144,167 | ||||||
| Salesforce, Inc. * |
3,650 | 525,016 | ||||||
| ServiceNow, Inc. * |
560 | 211,462 | ||||||
|
|
|
| ||||||
| 6,674,354 | ||||||||
|
|
|
| ||||||
| Transportation - 1.2% |
||||||||
| FedEx Corp. |
975 | 144,758 | ||||||
| Union Pacific Corp. |
2,050 | 399,381 | ||||||
|
|
|
| ||||||
| 544,139 | ||||||||
|
|
|
| ||||||
| Utilities - 0.7% |
||||||||
| NextEra Energy, Inc. |
4,140 | 324,617 | ||||||
|
|
|
| ||||||
| Total Common Stocks |
27,223,654 | |||||||
|
|
|
| ||||||
| Name of Issuer | Principal Amount ($) |
Fair Value ($) | ||||||
| Bonds – 35.2% |
||||||||
| Asset-Backed Securities - 0.5% |
||||||||
| Small Business Administration: |
||||||||
| 2008-20A 1, 5.17%, 1/1/28 |
14,243 | 14,038 | ||||||
| 2007-20H 1, 5.78%, 8/1/27 |
12,118 | 12,005 | ||||||
| Towd Point Mortgage Trust: |
||||||||
| 2020-MH1 A1A, 2.18%, 2/25/60 1, 4 |
99,010 | 91,799 | ||||||
| 2019-MH1 A2, 3.00%, 11/25/58 1, 4 |
100,000 | 94,829 | ||||||
|
|
|
| ||||||
| 212,671 | ||||||||
|
|
|
| ||||||
| Collateralized Mortgage Obligations - 7.0% |
|
|||||||
| Fannie Mae: |
||||||||
| 2017-84 JP, 2.75%, 10/25/47 |
18,607 | 16,663 | ||||||
| SEPTEMBER 30, 2022 | 1 | |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Balanced Fund (Continued)
| Name of Issuer | Principal Amount ($) |
Fair Value ($) | ||||||
| 2003-34 A1, 6.00%, 4/25/43 |
26,076 | 26,592 | ||||||
| 2004-T1 1A1, 6.00%, 1/25/44 |
16,072 | 16,328 | ||||||
| 1999-17 C, 6.35%, 4/25/29 |
5,747 | 5,870 | ||||||
| 2001-82 ZA, 6.50%, 1/25/32 |
9,171 | 9,438 | ||||||
| 2009-30 AG, 6.50%, 5/25/39 |
28,187 | 29,162 | ||||||
| 2013-28 WD, 6.50%, 5/25/42 |
27,001 | 28,255 | ||||||
| 2004-T1 1A2, 6.50%, 1/25/44 |
45,906 | 47,441 | ||||||
| 2004-W9 2A1, 6.50%, 2/25/44 |
27,551 | 28,364 | ||||||
| 2010-108 AP, 7.00%, 9/25/40 |
491 | 514 | ||||||
| 2004-T3 1A3, 7.00%, 2/25/44 |
5,391 | 5,678 | ||||||
| 1993-21 KA, 7.70%, 3/25/23 |
1,042 | 1,044 | ||||||
| Freddie Mac: |
||||||||
| 4293 BA, 5.31%, 10/15/47 1 |
8,230 | 8,250 | ||||||
| 2122 ZE, 6.00%, 2/15/29 |
31,851 | 32,757 | ||||||
| 2126 C, 6.00%, 2/15/29 |
20,509 | 20,987 | ||||||
| 2480 Z, 6.00%, 8/15/32 |
23,869 | 24,423 | ||||||
| 2485 WG, 6.00%, 8/15/32 |
23,393 | 24,036 | ||||||
| 2575 QE, 6.00%, 2/15/33 |
10,292 | 10,514 | ||||||
| 2980 QA, 6.00%, 5/15/35 |
11,431 | 11,736 | ||||||
| 2283 K, 6.50%, 12/15/23 |
895 | 900 | ||||||
| 2357 ZJ, 6.50%, 9/15/31 |
16,325 | 16,612 | ||||||
| 4520 HM, 6.50%, 8/15/45 |
13,660 | 14,754 | ||||||
| 3704 CT, 7.00%, 12/15/36 |
9,747 | 10,432 | ||||||
| 2238 PZ, 7.50%, 6/15/30 |
8,721 | 9,275 | ||||||
| Government National Mortgage Association: |
||||||||
| 2021-86 WB, 4.73%, 5/20/51 1 |
148,554 | 148,733 | ||||||
| 2021-104 HT, 5.50%, 6/20/51 |
186,053 | 191,246 | ||||||
| 2021-27 AW, 5.84%, 2/20/51 1 |
200,298 | 213,546 | ||||||
| 2015-80 BA, 7.00%, 6/20/45 1 |
11,051 | 11,580 | ||||||
| 2018-147 AM, 7.00%, 10/20/48 |
29,423 | 31,048 | ||||||
| 2018-160 DA, 7.00%, 11/20/48 |
26,892 | 28,311 | ||||||
| 2014-69 W, 7.21%, 11/20/34 1 |
14,718 | 15,528 | ||||||
| 2013-133 KQ, 7.32%, 8/20/38 1 |
16,711 | 17,766 | ||||||
| 2005-74 HA, 7.50%, 9/16/35 |
1,566 | 1,596 | ||||||
| JP Morgan Mortgage Trust: |
||||||||
| 2021-3 A4, 2.50%, 7/25/51 1, 4 |
135,222 | 118,118 | ||||||
| 2021-6 A4, 2.50%, 10/25/51 1, 4 |
314,383 | 270,001 | ||||||
| 2021-13 A4, 2.50%, 4/25/52 1, 4 |
292,276 | 251,015 | ||||||
| 2019-HYB1 A5A, 3.00%, 10/25/49 1, 4 |
33,774 | 30,888 | ||||||
| 2020-8 A3, 3.00%, 3/25/51 1, 4 |
19,222 | 15,988 | ||||||
| 2022-1 A11, 3.03%, 7/25/52 1, 4 |
354,314 | 328,668 | ||||||
| 2021-13 A11, 3.13%, 4/25/52 1, 4 |
306,707 | 284,627 | ||||||
| 2022-2 A11, 3.23%, 8/25/52 1, 4 |
334,298 | 313,513 | ||||||
| 2021-6 A12, 5.00%, 10/25/51 1, 4 |
293,814 | 285,825 | ||||||
| New Residential Mortgage Loan Trust: |
||||||||
| 2018-3A A1, 4.50%, 5/25/58 1, 4 |
40,705 | 39,310 | ||||||
| PMT Loan Trust: |
||||||||
| 2013-J1 A11, 3.50%, 9/25/43 1, 4 |
29,248 | 26,261 | ||||||
| Sequoia Mortgage Trust: |
||||||||
| 2020-4 A5, 2.50%, 11/25/50 1, 4 |
45,580 | 41,357 | ||||||
| Vendee Mortgage Trust: |
||||||||
| 1994-2 2, 5.31%, 5/15/24 1 |
223 | 222 | ||||||
| 2008-1 B, 6.01%, 3/15/25 1 |
7,518 | 7,656 | ||||||
| Wells Fargo Mortgaged Backed Securities Trust: |
||||||||
| 2020-5 A3, 2.50%, 9/25/50 1, 4 |
37,674 | 32,708 | ||||||
| 2020-2 A17, 3.00%, 12/25/49 1, 4 |
29,262 | 25,138 | ||||||
| Name of Issuer | Principal Amount ($) |
Fair Value ($) | ||||||
| 2020-2 A3, 3.00%, 12/25/49 1, 4 |
5,683 | 5,573 | ||||||
|
|
|
| ||||||
| 3,136,247 | ||||||||
|
|
|
| ||||||
| Corporate Bonds - 8.4% |
||||||||
| Becton Dickinson & Co., 4.30%, 8/22/32 |
50,000 | 45,596 | ||||||
| British Airways 2020-1 Class B Pass Through Trust, 8.38%, 11/15/28 4 |
48,629 | 49,172 | ||||||
| Charles Stark Draper Lab., Inc., 4.39%, 9/1/48 |
100,000 | 89,908 | ||||||
| ConocoPhillips Co., 6.95%, 4/15/29 |
125,000 | 137,054 | ||||||
| Consumers Energy Co., 4.35%, 8/31/64 |
50,000 | 38,919 | ||||||
| CVS Pass-Through Trust, 7.51%, 1/10/32 4 |
121,220 | 128,248 | ||||||
| Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.63%, 7/30/27 |
121,676 | 109,649 | ||||||
| Duke Energy Florida, LLC: |
||||||||
| 2.54%, 9/1/29 |
49,482 | 44,879 | ||||||
| 2.86%, 3/1/33 |
120,000 | 100,475 | ||||||
| Entergy Louisiana, LLC, 4.95%, 1/15/45 |
150,000 | 134,522 | ||||||
| Equifax, Inc., 3.10%, 5/15/30 |
100,000 | 82,980 | ||||||
| Equinor ASA, 7.15%, 11/15/25 |
150,000 | 158,683 | ||||||
| Fairfax Financial Holdings, 7.75%, 7/15/37 |
150,000 | 152,101 | ||||||
| ITT, LLC, 7.40%, 11/15/25 |
25,000 | 25,685 | ||||||
| Johnson & Johnson, 3.55%, 3/1/36 |
150,000 | 128,789 | ||||||
| JPMorgan Chase & Co., 3 Mo. Libor + 1.16%, 3.22%, 3/1/25 1 |
50,000 | 48,398 | ||||||
| Lincoln National Corp., 7.00%, 6/15/40 |
100,000 | 104,458 | ||||||
| Moody’s Corp., 4.25%, 8/8/32 |
50,000 | 45,291 | ||||||
| Morgan Stanley, 4.68%, 7/17/26 1 |
100,000 | 97,414 | ||||||
| Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29, 5.58%, 12/15/24 1, 4 |
195,000 | 195,023 | ||||||
| Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/32 1 |
250,000 | 224,422 | ||||||
| PacifiCorp, 2.70%, 9/15/30 |
200,000 | 166,929 | ||||||
| Polar Tankers, Inc., 5.95%, 5/10/37 4 |
100,000 | 99,352 | ||||||
| Principal Financial Group, Inc., 3 Mo. Libor + 3.04%, 5.95%, 5/15/55 1 |
100,000 | 95,581 | ||||||
| Prudential Financial, Inc. (Subordinated), 3 Mo. Libor + 3.92%, 5.63%, 6/15/43 1 |
200,000 | 197,052 | ||||||
| Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 4 |
100,000 | 96,917 | ||||||
| Spirit Airlines, 4.10%, 4/1/28 |
111,241 | 96,236 | ||||||
| Tennessee Gas Pipeline, LLC, 7.00%, 10/15/28 |
213,000 | 219,028 | ||||||
| Tyco Intl. Finance, 3.90%, 2/14/26 |
200,000 | 183,781 | ||||||
| United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32 |
136,508 | 108,997 | ||||||
| Unum Group, 7.25%, 3/15/28 |
25,000 | 25,486 | ||||||
| Waste Connections, Inc., 4.20%, 1/15/33 |
100,000 | 90,552 | ||||||
| West Loop BC (Subordinated), 3 Mo. Libor + 1.87, 4.00%, 12/1/27 1 |
225,000 | 224,072 | ||||||
|
|
|
| ||||||
| 3,745,649 | ||||||||
|
|
|
| ||||||
| Federal Home Loan Mortgage Corporation - 0.3% |
|
|||||||
| 7.50%, 7/1/29 |
61,591 | 64,224 | ||||||
| 8.00%, 2/1/34 |
6,185 | 6,419 | ||||||
| 8.50%, 9/1/24 |
4 | 4 | ||||||
| 8.50%, 5/1/31 |
74,107 | 78,418 | ||||||
|
|
|
| ||||||
| 149,065 | ||||||||
|
|
|
| ||||||
| Federal National Mortgage Association - 2.8% |
|
|||||||
| 4.50%, 7/1/52 |
343,257 | 328,028 | ||||||
| 2 | ||
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Balanced Fund (Continued)
| Name of Issuer | Principal Amount ($) |
Fair Value ($) | ||||||
| 4.50%, 9/1/52 |
348,207 | 332,758 | ||||||
| 5.50%, 10/1/33 |
35,616 | 35,501 | ||||||
| 5.50%, 8/1/56 |
175,080 | 180,064 | ||||||
| 6.00%, 7/1/41 |
161,733 | 168,309 | ||||||
| 6.50%, 2/1/24 |
2,259 | 2,258 | ||||||
| 6.50%, 9/1/27 |
21,128 | 21,767 | ||||||
| 6.50%, 6/1/40 |
63,886 | 66,466 | ||||||
| 7.00%, 1/1/32 |
4,724 | 4,761 | ||||||
| 7.00%, 3/1/33 |
13,586 | 13,929 | ||||||
| 7.00%, 12/1/38 |
14,847 | 15,234 | ||||||
| 8.00%, 6/1/24 |
2,390 | 2,419 | ||||||
| 8.00%, 1/1/31 |
4,068 | 4,076 | ||||||
| 8.00%, 2/1/31 |
14,204 | 15,303 | ||||||
| 8.00%, 9/1/37 |
38,749 | 40,858 | ||||||
| 8.42%, 7/15/26 |
1,408 | 1,412 | ||||||
| 8.50%, 10/1/30 |
12,677 | 13,221 | ||||||
|
|
|
| ||||||
| 1,246,364 | ||||||||
|
|
|
| ||||||
| Government National Mortgage Association - 0.6% |
|
|||||||
| 5.00%, 5/20/48 |
30,433 | 30,333 | ||||||
| 5.50%, 8/20/62 |
199,871 | 201,525 | ||||||
| 6.50%, 11/20/38 |
9,357 | 9,557 | ||||||
| 7.00%, 12/15/24 |
3,390 | 3,417 | ||||||
| 7.00%, 11/20/27 |
6,196 | 6,371 | ||||||
| 7.00%, 9/20/29 |
16,559 | 17,309 | ||||||
| 7.00%, 9/20/38 |
6,801 | 7,221 | ||||||
| 7.50%, 4/20/32 |
10,034 | 10,286 | ||||||
| 8.00%, 7/15/24 |
281 | 282 | ||||||
|
|
|
| ||||||
| 286,301 | ||||||||
|
|
|
| ||||||
| Taxable Municipal Securities - 10.1% |
||||||||
| Chicago Park Dist., 2.53%, 1/1/34 |
235,000 | 181,822 | ||||||
| City of Encinitas CA, 1.45%, 9/1/27 |
250,000 | 212,265 | ||||||
| CO Health Facs. Auth., 3.13%, 5/15/27 |
250,000 | 220,243 | ||||||
| Colliers Hill Metropolitan Dist. No. 2 G.O., 3.99%, 12/1/47 |
250,000 | 194,575 | ||||||
| Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56 |
205,000 | 163,289 | ||||||
| Coventry Local Sch. Dist., 2.20%, 11/1/29 |
200,000 | 168,292 | ||||||
| Kentucky Higher Edu. Student Loan Corp. (Subordinated), 5.27%, 6/1/36 |
100,000 | 87,906 | ||||||
| LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 |
230,000 | 175,350 | ||||||
| Louisiana State Trans. Auth., 1.45%, 2/15/27 |
300,000 | 260,490 | ||||||
| Madison Co. Comm. Sch. Dist. No. 7, 1.90%, 12/1/30 |
150,000 | 117,859 | ||||||
| Maricopa Co. Industrial Dev. Auth., 5.00%, 7/1/44 4 |
100,000 | 99,108 | ||||||
| Massachusetts Edu. Auth.: |
||||||||
| 4.00%, 1/1/32 |
25,000 | 23,898 | ||||||
| 4.41%, 7/1/34 |
15,000 | 14,632 | ||||||
| 4.95%, 7/1/38 |
200,000 | 190,674 | ||||||
| MD Comm. Dev. Admin., 4.03%, 9/1/27 |
200,000 | 192,450 | ||||||
| MN Hsg. Fin. Agy., 2.31%, 1/1/27 |
140,000 | 133,507 | ||||||
| NJ Higher Edu. Student Assit. Auth., 3.50%, 12/1/39 8 |
85,000 | 77,862 | ||||||
| No. Dakota Hsg. Fin. Auth., 3.70%, 7/1/33 |
100,000 | 89,909 | ||||||
| NY Mortgage Agency, 2.98%, 10/1/40 |
150,000 | 115,552 | ||||||
| NY State Dormitory Auth., 2.69%, 7/1/35 |
200,000 | 151,898 | ||||||
| Oregon State Fac. Auth., 2.68%, 7/1/31 |
350,000 | 282,310 | ||||||
| Name of Issuer | Principal Amount ($) |
Fair Value ($) | ||||||
| Public Fin. Auth., 4.23%, 7/1/32 |
105,000 | 96,965 | ||||||
| RI Student Loan Auth., 4.13%, 12/1/27 |
200,000 | 189,510 | ||||||
| South Carolina Student Loan Corp., 2.92%, 12/1/28 |
200,000 | 173,104 | ||||||
| Texas Children’s Hospital, 3.37%, 10/1/29 17 |
115,000 | 106,234 | ||||||
| Texas Trans. Comm. State Highway, 5.18%, 4/1/30 |
150,000 | 151,869 | ||||||
| Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 |
205,000 | 182,120 | ||||||
| VA Hsg. Dev. Auth., 2.13%, 7/25/51 |
234,913 | 195,264 | ||||||
| WA State Hsg. Fin. Comm., 3.50%, 7/1/24 4 |
155,000 | 148,643 | ||||||
| Wichita Falls, 1.65%, 9/1/28 |
145,000 | 121,815 | ||||||
|
|
|
| ||||||
| 4,519,415 | ||||||||
|
|
|
| ||||||
| U.S. Treasury / Federal Agency Securities - 5.5% |
|
|||||||
| Federal Agency Issues - 0.2% |
||||||||
| Federal Home Loan Mortgage Corp. 4.05%, 7/21/25 |
75,000 | 73,975 | ||||||
| U.S. Treasury - 5.3% |
||||||||
| U.S. Treasury Bonds 3.00%, 8/15/52 |
150,000 | 129,539 | ||||||
| U.S. Treasury Notes: |
||||||||
| 1.88%, 2/28/27 |
850,000 | 774,529 | ||||||
| 2.75%, 7/31/27 |
1,025,000 | 965,662 | ||||||
| U.S. Treasury Strip: |
||||||||
| 2.18%, 8/15/47 6 |
650,000 | 243,047 | ||||||
| 3.23%, 11/15/50 6 |
850,000 | 297,948 | ||||||
|
|
|
| ||||||
| 2,484,700 | ||||||||
|
|
|
| ||||||
| Total Bonds |
15,780,412 | |||||||
|
|
|
| ||||||
| Name of Issuer | Quantity | Fair Value ($) | ||||||
| Investment Companies 2.4% |
||||||||
| BlackRock Enhanced Government Fund |
4,886 | 46,710 | ||||||
| DWS Municipal Income Trust |
9,800 | 81,536 | ||||||
| MFS Intermediate Income Trust |
63,700 | 178,997 | ||||||
| Nuveen AMT-Free Quality Muni Income Fund |
15,100 | 160,060 | ||||||
| Nuveen Multi-Market Income Fund, Inc. |
3,953 | 23,283 | ||||||
| Putnam Master Intermediate Income Trust |
61,000 | 198,250 | ||||||
| Putnam Premier Income Trust |
58,975 | 211,131 | ||||||
| WA Inflation-Linked Opp. & Inc. Fund |
9,109 | 82,619 | ||||||
| WA Inflation-Linked Sec. & Inc. Fund |
10,953 | 98,029 | ||||||
|
|
|
| ||||||
| Total Investment Companies |
1,080,615 | |||||||
|
|
|
| ||||||
| Short-Term Securities - 1.6% |
||||||||
| Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% |
699,864 | 699,864 | ||||||
|
|
|
| ||||||
| Total Investments in Securities - 100.0% |
44,784,545 | |||||||
| Other Assets and Liabilities, net - (0.0)% |
(15,763 | ) | ||||||
|
|
|
| ||||||
| Net Assets - 100.0% |
$44,768,782 | |||||||
|
|
|
| ||||||
| SEPTEMBER 30, 2022 | 3 | |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Balanced Fund (Continued)
| * | Non-income producing security. |
| 1 | Variable rate security. Rate disclosed is as of September 30, 2022. 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 September 30, 2022 was $3,072,083 and represented 6.9% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
| 6 | Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying. |
| 8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At September 30, 2022, 0.2% of net assets in the Fund was invested in such securities. |
| 17 | Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities. |
| ADR — American Depositary Receipt |
| LLC — Limited Liability Company |
| PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of September 30, 2022 is as follows:
| Investment in Securities | ||||||||||||||||
| Level 1 Quoted Prices ($) |
Level 2 Other significant observable inputs ($) |
Level 3 Significant unobservable inputs ($) |
Total ($) | |||||||||||||
|
|
|
|||||||||||||||
| Common Stocks** |
27,223,654 | — | — | 27,223,654 | ||||||||||||
| Asset-Backed Securities |
— | 212,671 | — | 212,671 | ||||||||||||
| Collateralized Mortgage Obligations |
— | 3,136,247 | — | 3,136,247 | ||||||||||||
| Corporate Bonds |
— | 3,745,649 | — | 3,745,649 | ||||||||||||
| Federal Home Loan Mortgage Corporation |
— | 149,065 | — | 149,065 | ||||||||||||
| Federal National Mortgage Association |
— | 1,246,364 | — | 1,246,364 | ||||||||||||
| Government National Mortgage Association |
— | 286,301 | — | 286,301 | ||||||||||||
| Taxable Municipal Securities |
— | 4,519,415 | — | 4,519,415 | ||||||||||||
| U.S. Treasury / Federal Agency Securities |
— | 2,484,700 | — | 2,484,700 | ||||||||||||
| Investment Companies |
1,080,615 | — | — | 1,080,615 | ||||||||||||
| Short-Term Securities |
699,864 | — | — | 699,864 | ||||||||||||
|
|
|
|||||||||||||||
| Total: |
29,004,133 | 15,780,412 | — | 44,784,545 | ||||||||||||
|
|
|
|||||||||||||||
| ** | 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.
| 4 | ||