NPORT-EX 2 SI80SIT09302022.htm FOR VALIDATION PURPOSES ONLY - [351958.BAL]
    

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
(cost: $18,497,668)

          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
(cost $17,872,958)

        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
(cost: $1,319,242)

        1,080,615  
    

 

 

 

Short-Term Securities - 1.6%

     

Fidelity Inst. Money Mkt. Gvt. Fund, 2.74%
(cost $699,864)

     699,864        699,864  
    

 

 

 

Total Investments in Securities - 100.0%
(cost $38,389,732)

        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