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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

 

     
Name of Issuer    Quantity      Fair Value ($)  

Common Stocks - 98.8%

      

Commercial Services - 2.4%

      

Booz Allen Hamilton Holding Corp.

      21,400        1,983,566  

S&P Global, Inc.

      1,850        637,824  

Sysco Corp.

      35,050        2,706,912  
     

 

 

  
     

 

 

 

5,328,302

 

 

     

 

 

  

Communications - 1.0%

      

American Tower Corp.

      11,200        2,288,608  
     

 

 

  

Consumer Durables - 0.6%

      

Activision Blizzard, Inc.

      15,450        1,322,365  
     

 

 

  

Consumer Non-Durables - 6.4%

      

Conagra Brands, Inc.

      39,900        1,498,644  

Constellation Brands, Inc.

      7,225        1,632,055  

Mondelez International, Inc.

      47,650        3,322,158  

PepsiCo, Inc.

      23,120        4,214,776  

Procter & Gamble Co.

      23,750        3,531,388  
     

 

 

  
     

 

 

 

14,199,021

 

 

     

 

 

  

Consumer Services - 3.3%

      

McDonald’s Corp.

      8,350        2,334,743  

Starbucks Corp.

      17,975        1,871,737  

Visa, Inc.

      13,750        3,100,075  
     

 

 

  
     

 

 

 

7,306,555

 

 

     

 

 

  

Electronic Technology - 16.3%

      

Analog Devices, Inc.

      19,725        3,890,165  

Apple, Inc.

      79,025        13,031,222  

Applied Materials, Inc.

      22,275        2,736,038  

Broadcom, Inc.

      9,600        6,158,784  

Garmin, Ltd.

      17,575        1,773,669  

International Business Machines Corp.

      16,850        2,208,866  

Qualcomm, Inc.

      8,775        1,119,515  

Skyworks Solutions, Inc.

      20,709        2,443,248  

TE Connectivity, Ltd.

      21,100        2,767,265  
     

 

 

  
     

 

 

 

36,128,772

 

 

     

 

 

  

Energy Minerals - 4.0%

      

ConocoPhillips

      44,675        4,432,207  

Exxon Mobil Corp.

      39,950        4,380,917  
     

 

 

  
     

 

 

 

8,813,124

 

 

     

 

 

  

Finance - 13.4%

      

Air Lease Corp.

      30,925        1,217,517  

Alexandria Real Estate Equities, Inc.

      12,825        1,610,692  

American International Group, Inc.

      30,650        1,543,534  

Ameriprise Financial, Inc.

      8,050        2,467,325  

Bank of New York Mellon Corp.

      67,750        3,078,560  

Carlyle Group, Inc.

      59,850        1,858,941  

Chubb, Ltd.

      8,175        1,587,421  

Everest Re Group, Ltd.

      7,825        2,801,506  

Goldman Sachs Group, Inc.

      5,075        1,660,083  

Morgan Stanley

      22,825        2,004,035  

Realty Income Corp.

      55,500        3,514,260  

Reinsurance Group of America, Inc.

      19,250        2,555,630  

Wells Fargo & Co.

      37,625        1,406,423  

Willis Towers Watson, PLC

      10,075        2,341,229  
     

 

 

  
     

 

 

 

29,647,156

 

 

     

 

 

  
     
Name of Issuer    Quantity      Fair Value ($)  

Health Services - 4.1%

      

HCA Healthcare, Inc.

      6,975        1,839,168  

Quest Diagnostics, Inc.

      19,300        2,730,564  

UnitedHealth Group, Inc.

      9,550        4,513,234  
     

 

 

  
     

 

 

 

9,082,966

 

 

     

 

 

  

Health Technology - 12.6%

      

Abbott Laboratories

      32,825        3,323,860  

Agilent Technologies, Inc.

      14,325        1,981,721  

AstraZeneca, PLC, ADR

      53,725        3,729,052  

Bristol-Myers Squibb Co.

      43,640        3,024,688  

Gilead Sciences, Inc.

      38,000        3,152,860  

Johnson & Johnson

      36,250        5,618,750  

Medtronic, PLC

      28,575        2,303,716  

Pfizer, Inc.

      54,600        2,227,680  

Thermo Fisher Scientific, Inc.

      4,370        2,518,737  
     

 

 

  
     

 

 

 

27,881,064

 

 

     

 

 

  

Industrial Services - 2.1%

      

Waste Management, Inc.

      15,200        2,480,184  

Williams Cos., Inc.

      72,270        2,157,982  
     

 

 

  
     

 

 

 

4,638,166

 

 

     

 

 

  

Non-Energy Minerals - 0.6%

      

Glencore, PLC, ADR

      119,875        1,371,370  
     

 

 

  

Process Industries - 2.2%

      

Air Products & Chemicals, Inc.

      11,700        3,360,357  

Nutrien, Ltd.

      20,750        1,532,388  
     

 

 

  
     

 

 

 

4,892,745

 

 

     

 

 

  

Producer Manufacturing - 6.4%

      

Carlisle Cos, Inc.

      8,400        1,898,988  

Eaton Corp., PLC

      15,050        2,578,667  

General Dynamics Corp.

      15,525        3,542,960  

Honeywell International, Inc.

      9,550        1,825,196  

Parker-Hannifin Corp.

      5,150        1,730,966  

Siemens AG, ADR

      30,325        2,454,809  
     

 

 

  
     

 

 

 

14,031,586

 

 

     

 

 

  

Retail Trade - 3.1%

      

CVS Health Corp.

      25,590        1,901,593  

Home Depot, Inc.

      6,775        1,999,438  

TJX Cos., Inc.

      35,950        2,817,042  
     

 

 

  
     

 

 

 

6,718,073

 

 

     

 

 

  

Technology Services - 13.2%

      

Accenture, PLC

      11,700        3,343,977  

Alphabet, Inc. - Class A *

     33,250        3,449,023  

Genpact, Ltd.

      56,900        2,629,918  

Intuit, Inc.

      5,390        2,403,024  

Microsoft Corp.

      46,625        13,441,987  

Oracle Corp.

      42,100        3,911,932  
     

 

 

  
     

 

 

 

29,179,861

 

 

     

 

 

  

Transportation - 2.4%

      

FedEx Corp.

      11,200        2,559,088  

Union Pacific Corp.

      13,975        2,812,609  
     

 

 

  
     

 

 

 

5,371,697

 

 

     

 

 

  

Utilities - 4.7%

      

AES Corp.

      64,975        1,564,598  
 

 

 

   
MARCH 31, 2023    1

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Dividend Growth Fund (Continued)

 

     
Name of Issuer    Quantity      Fair Value ($)  

Entergy Corp.

      28,700        3,092,138  

NextEra Energy, Inc.

      30,625        2,360,575  

Xcel Energy, Inc.

      49,825        3,360,198  
     

 

 

  
     

 

 

 

10,377,509

 

 

     

 

 

  

Total Common Stocks
(cost: $181,837,081)

         218,578,940  
     

 

 

  

Short-Term Securities - 0.9%

     

Fidelity Inst. Money Mkt. Gvt. Fund, 4.72%
(cost $2,078,399)

      2,078,399        2,078,399  
     

 

 

  

Total Investments in Securities - 99.7%
(cost $183,915,480)

         220,657,339  

Other Assets and Liabilities, net - 0.3%

         657,636  
     

 

 

  

Net Assets - 100.0%

         $221,314,975  
     

 

 

  

 

                                                                          

 

*

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, 2023 is as follows:

 

     Investment in Securities  
    

 

Level 1

     

 

Level 2

     

 

Level 3

         
    

Quoted

Prices ($)

      Other significant
observable inputs ($)		     

Significant

unobservable inputs ($)

      Total ($)  

Common Stocks**

     218,578,940        —                —                218,578,940  

Short-Term Securities

      2,078,399        —                —                2,078,399  

Total:

      220,657,339        —                —                220,657,339  

 

**

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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