NPORT-EX 2 SI80SIT033124.htm HTML

 

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.

1

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