SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Balanced Fund Investments are grouped by economic sectors. |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Common Stocks - 58.6% | ||||||||
Communications - 0.9% | ||||||||
Verizon Communications, Inc. | 5,700 | 306,261 | ||||||
|
| |||||||
Consumer Durables - 0.5% | ||||||||
YETI Holdings, Inc.* | 9,600 | 187,392 | ||||||
|
| |||||||
Consumer Non-Durables - 4.2% | ||||||||
Conagra Brands, Inc. | 8,900 | 261,126 | ||||||
Constellation Brands, Inc. | 1,700 | 243,712 | ||||||
Estee Lauder Cos., Inc. - Class A | 1,950 | 310,713 | ||||||
Mondelez International, Inc. | 5,000 | 250,400 | ||||||
NIKE, Inc. | 1,775 | 146,864 | ||||||
PepsiCo, Inc. | 1,975 | 237,198 | ||||||
|
| |||||||
1,450,013 | ||||||||
|
| |||||||
Consumer Services - 4.3% | ||||||||
McDonald’s Corp. | 1,975 | 326,566 | ||||||
Starbucks Corp. | 3,800 | 249,812 | ||||||
Visa, Inc. | 4,750 | 765,320 | ||||||
Walt Disney Co. | 1,200 | 115,920 | ||||||
|
| |||||||
1,457,618 | ||||||||
|
| |||||||
Electronic Technology - 8.0% | ||||||||
Advanced Micro Devices, Inc.* | 2,500 | 113,700 | ||||||
Apple, Inc. | 4,125 | 1,048,946 | ||||||
Applied Materials, Inc. | 7,200 | 329,904 | ||||||
Broadcom, Inc. | 1,460 | 346,166 | ||||||
Ciena Corp.* | 5,500 | 218,955 | ||||||
Intel Corp. | 5,575 | 301,719 | ||||||
Keysight Technologies, Inc.* | 2,275 | 190,372 | ||||||
NVIDIA Corp. | 675 | 177,930 | ||||||
|
| |||||||
2,727,692 | ||||||||
|
| |||||||
Energy Minerals - 0.8% | ||||||||
Chevron Corp. | 1,825 | 132,239 | ||||||
Marathon Petroleum Corp. | 6,000 | 141,720 | ||||||
|
| |||||||
273,959 | ||||||||
|
| |||||||
Finance - 4.5% | ||||||||
Ameriprise Financial, Inc. | 1,625 | 166,530 | ||||||
Aon, PLC | 1,150 | 189,796 | ||||||
Chubb, Ltd. | 2,025 | 226,172 | ||||||
Everest Re Group, Ltd. | 225 | 43,294 | ||||||
First Republic Bank | 1,750 | 143,990 | ||||||
Goldman Sachs Group, Inc. | 1,375 | 212,561 | ||||||
JPMorgan Chase & Co. | 2,800 | 252,084 | ||||||
T Rowe Price Group, Inc. | 2,075 | 202,624 | ||||||
US Bancorp | 2,675 | 92,154 | ||||||
|
| |||||||
1,529,205 | ||||||||
|
| |||||||
Health Services - 2.2% | ||||||||
HCA Healthcare, Inc. | 1,525 | 137,021 | ||||||
UnitedHealth Group, Inc. | 2,450 | 610,981 | ||||||
|
| |||||||
748,002 | ||||||||
|
|
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Health Technology - 5.2% | ||||||||
Abbott Laboratories | 2,950 | 232,784 | ||||||
Boston Scientific Corp.* | 5,600 | 182,728 | ||||||
Bristol-Myers Squibb Co. | 1,900 | 105,906 | ||||||
Bristol-Myers Squibb Co., Rights* | 1,025 | 3,895 | ||||||
DexCom, Inc.* | 900 | 242,343 | ||||||
Illumina, Inc.* | 350 | 95,592 | ||||||
Intuitive Surgical, Inc.* | 520 | 257,509 | ||||||
Johnson & Johnson | 2,300 | 301,599 | ||||||
Thermo Fisher Scientific, Inc. | 1,250 | 354,500 | ||||||
|
| |||||||
1,776,856 | ||||||||
|
| |||||||
Process Industries - 1.7% | ||||||||
Ecolab, Inc. | 2,050 | 319,451 | ||||||
Sherwin-Williams Co. | 600 | 275,712 | ||||||
|
| |||||||
595,163 | ||||||||
|
| |||||||
Producer Manufacturing - 4.4% | ||||||||
3M Co. | 875 | 119,446 | ||||||
Honeywell International, Inc. | 1,925 | 257,546 | ||||||
L3Harris Technologies, Inc. | 1,450 | 261,174 | ||||||
Motorola Solutions, Inc. | 1,125 | 149,535 | ||||||
Northrop Grumman Corp. | 500 | 151,275 | ||||||
Raytheon Co. | 1,175 | 154,101 | ||||||
Safran SA, ADR | 3,400 | 74,154 | ||||||
Trane Technologies, PLC | 2,175 | 179,633 | ||||||
United Technologies Corp. | 1,550 | 146,212 | ||||||
|
| |||||||
1,493,076 | ||||||||
|
| |||||||
Retail Trade - 4.5% | ||||||||
Amazon.com, Inc.* | 485 | 945,614 | ||||||
Home Depot, Inc. | 2,050 | 382,756 | ||||||
TJX Cos., Inc. | 3,150 | 150,602 | ||||||
Ulta Beauty, Inc.* | 430 | 75,551 | ||||||
|
| |||||||
1,554,523 | ||||||||
|
| |||||||
Technology Services - 15.6% | ||||||||
Accenture, PLC | 2,025 | 330,602 | ||||||
Adobe, Inc.* | 1,525 | 485,316 | ||||||
Alphabet, Inc. - Class A * | 550 | 639,073 | ||||||
Alphabet, Inc. - Class C * | 205 | 238,376 | ||||||
Atlassian Corp., PLC* | 2,200 | 301,972 | ||||||
Autodesk, Inc.* | 1,700 | 265,370 | ||||||
Facebook, Inc.* | 2,700 | 450,360 | ||||||
Intuit, Inc. | 1,200 | 276,000 | ||||||
Microsoft Corp. | 7,375 | 1,163,111 | ||||||
Paycom Software, Inc.* | 550 | 111,106 | ||||||
PayPal Holdings, Inc.* | 3,300 | 315,942 | ||||||
salesforce.com, Inc.* | 3,575 | 514,729 | ||||||
Splunk, Inc.* | 1,950 | 246,148 | ||||||
|
| |||||||
5,338,105 | ||||||||
|
|
MARCH 31, 2020 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Balanced Fund (Continued) |
Name of Issuer | Quantity Amount ($) | Fair Value ($) | ||||||
Transportation - 1.1% | ||||||||
FedEx Corp. | 700 | 84,882 | ||||||
Union Pacific Corp. | 2,050 | 289,132 | ||||||
|
| |||||||
374,014 | ||||||||
|
| |||||||
Utilities - 0.7% | ||||||||
NextEra Energy, Inc. | 1,035 | 249,042 | ||||||
|
| |||||||
Total Common Stocks | 20,060,921 | |||||||
|
| |||||||
Bonds - 33.4% | ||||||||
Asset-Backed Securities - 3.3% | ||||||||
Bayview Opportunity Master Fund, 2017-SPL1 A, 4.00%, 10/28/641,4 | 54,893 | 54,847 | ||||||
Credit Suisse First Boston Mortgage Corp., 2005-AGE1 M3, 1 Mo. Libor + 0.65, 1.60%, 2/25/321 | 60,642 | 60,245 | ||||||
Irwin Home Equity Corp., 2005-1 M1, 5.92%, 6/25/3514 | 23,081 | 22,839 | ||||||
New Century Home Equity Loan Trust, 2005-A A4W, 4.67%, 8/25/3514 | 6,641 | 6,541 | ||||||
OSCAR US Funding Trust VII, LLC: | ||||||||
2017-2A A3, 2.45%, 12/10/214 | 79,996 | 80,107 | ||||||
2017-2A A4, 2.76%, 12/10/244 | 100,000 | 101,784 | ||||||
Small Business Administration: | ||||||||
2008-20A 1, 5.17%, 1/1/28 | 34,506 | 37,137 | ||||||
2007-20H 1, 5.78%, 8/1/27 | 34,603 | 37,271 | ||||||
Towd Point Mortgage Trust: | ||||||||
2020-MH1 A1A, 2.18%, 2/25/601,4 | 197,053 | 192,989 | ||||||
2019-MH1 A2, 3.00%, 11/25/581,4 | 100,000 | 94,576 | ||||||
2019-SJ3 A2, 3.00%, 11/25/591,4 | 125,000 | 119,590 | ||||||
2019-SJ1 A1, 3.75%, 11/25/581,4 | 126,999 | 124,234 | ||||||
2019-3 A2, 4.00%, 2/25/591,4 | 100,000 | 91,489 | ||||||
2019-SJ1 A2, 4.17%, 11/25/581,4 | 100,000 | 84,266 | ||||||
|
| |||||||
1,107,915 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - 9.0% |
| |||||||
Fannie Mae: | ||||||||
2017-84 JP, 2.75%, 10/25/47 | 99,792 | 105,185 | ||||||
2004-10 ZB, 6.00%, 2/25/34 | 115,159 | 133,660 | ||||||
2003-34 A1, 6.00%, 4/25/43 | 36,791 | 42,716 | ||||||
2004-T1 1A1, 6.00%, 1/25/44 | 23,243 | 27,016 | ||||||
1999-17 C, 6.35%, 4/25/29 | 12,236 | 13,722 | ||||||
2001-82 ZA, 6.50%, 1/25/32 | 17,195 | 19,162 | ||||||
2009-30 AG, 6.50%, 5/25/39 | 53,578 | 61,657 | ||||||
2013-28 WD, 6.50%, 5/25/42 | 50,205 | 60,085 | ||||||
2004-T1 1A2, 6.50%, 1/25/44 | 73,115 | 86,081 | ||||||
2004-W9 2A1, 6.50%, 2/25/44 | 40,597 | 47,768 | ||||||
2015-88 CJ, 6.50%, 7/25/44 | 104,652 | 117,613 | ||||||
2010-108 AP, 7.00%, 9/25/40 | 2,122 | 2,463 | ||||||
2004-T3, 1A3, 7.00%, 2/25/44 | 7,680 | 9,210 | ||||||
1993-21 KA, 7.70%, 3/25/23 | 23,332 | 24,873 |
Name of Issuer |
Principal | Fair Value ($) | ||||||
Freddie Mac: | ||||||||
4784 BV, 3.50%, 12/15/32 | 100,000 | 106,371 | ||||||
4293 BA, 5.29%, 10/15/471 | 12,720 | 14,402 | ||||||
2953 PG, 5.50%, 3/15/35 | 137,945 | 159,665 | ||||||
2122 ZE, 6.00%, 2/15/29 | 63,325 | 72,851 | ||||||
2126 C, 6.00%, 2/15/29 | 41,705 | 47,378 | ||||||
2485 WG, 6.00%, 8/15/32 | 41,363 | 48,237 | ||||||
2480 Z, 6.00%, 8/15/32 | 39,253 | 46,240 | ||||||
2575 QE, 6.00%, 2/15/33 | 18,913 | 22,103 | ||||||
2980 QA, 6.00%, 5/15/35 | 21,350 | 25,245 | ||||||
2283 K, 6.50%, 12/15/23 | 5,395 | 5,782 | ||||||
2357 ZJ, 6.50%, 9/15/31 | 23,912 | 26,757 | ||||||
T-59 1A1, 6.50%, 10/25/43 | 65,832 | 81,598 | ||||||
4520 HM, 6.50%, 8/15/45 | 39,869 | 48,300 | ||||||
1142 IA, 7.00%, 10/15/21 | 14,003 | 14,331 | ||||||
3946 KW, 7.00%, 11/15/29 | 1,066 | 1,081 | ||||||
3704 CT, 7.00%, 12/15/36 | 17,440 | 21,179 | ||||||
2238 PZ, 7.50%, 6/15/30 | 15,751 | 18,932 | ||||||
Government National Mortgage Association: | ||||||||
2015-80 BA, 6.99%, 6/20/45 1 | 27,389 | 32,514 | ||||||
2018-147 AM, 7.00%, 10/20/48 | 105,812 | 125,980 | ||||||
2018-160 DA, 7.00%, 11/20/48 | 95,300 | 115,058 | ||||||
2014-69 W, 7.21%, 11/20/341 | 30,208 | 35,594 | ||||||
2013-133 KQ, 7.30%, 8/20/381 | 29,646 | 35,255 | ||||||
2005-74 HA, 7.50%, 9/16/35 | 10,975 | 11,964 | ||||||
JP Morgan Mortgage Trust: | ||||||||
2019-HYB1 A5A, 3.00%, 10/25/491,4 | 155,384 | 146,237 | ||||||
2019-8 A4, 3.50%, 3/25/50 1,4 | 135,388 | 133,793 | ||||||
2019-9 A8, 3.50%, 5/25/50 1,4 | 125,000 | 120,365 | ||||||
2020-2 A4, 3.50%, 7/25/50 1,4 | 198,148 | 197,991 | ||||||
New Residential Mortgage Loan Trust: | ||||||||
2019-NQM5 A2, 2.86%, 11/25/591,4 | 96,583 | 94,914 | ||||||
2018-3A A1, 4.50%, 5/25/58 1,4 | 74,625 | 77,447 | ||||||
2016-2A B3, 5.64%, 11/26/35 1,4 | 41,745 | 41,159 | ||||||
PMT Loan Trust: 2013-J1 A11, 3.50%, 9/25/431,4 | 131,495 | 134,299 | ||||||
Sequoia Mortgage Trust: | ||||||||
2019-5 A4, 3.50%, 12/25/49 1,4 | 94,463 | 95,550 | ||||||
2020-2 A4, 3.50%, 3/25/50 1,4 | 148,810 | 149,438 | ||||||
Vendee Mortgage Trust: | ||||||||
2008-1 B, 6.36%, 3/15/25 1 | 12,342 | 14,437 | ||||||
1994-2 2, 6.83%, 5/15/24 1 | 11,703 | 12,178 | ||||||
|
| |||||||
3,085,836 | ||||||||
|
| |||||||
Corporate Bonds - 7.6% | ||||||||
3M Co., 6.38%, 2/15/28 | 150,000 | 191,961 | ||||||
Alphabet, Inc., 3.63%, 5/19/21 | 50,000 | 51,462 | ||||||
American Airlines 2016-2 Trust, 3.20%, 6/15/28 | 85,450 | 92,887 | ||||||
Archer-Daniels-Midland Co., 6.75%, 12/15/27 | 150,000 | 187,256 | ||||||
Brighthouse Financial, Inc., 4.70%, 6/22/47 | 100,000 | 77,972 |
2 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Balanced Fund (Continued) |
Name of Issuer |
Principal | Fair Value ($) | ||||||
Brown & Brown, Inc., 4.20%, 9/15/24 | 68,000 | 71,717 | ||||||
Charles Stark Draper Laboratory, Inc., 4.39%, 9/1/48 | 100,000 | 128,618 | ||||||
Delta Air Lines 2015-1 Class A Pass Through Trust, 3.88%, 7/30/27 | 160,976 | 145,306 | ||||||
Doric Nimrod Air Alpha 2013-1 Trust, 5.25%, 5/30/234 | 39,611 | 40,019 | ||||||
Doric Nimrod Air Finance Alpha 2012-1 Trust, 5.13%, 11/30/224 | 30,824 | 31,274 | ||||||
Duke Energy Florida, LLC, 2.54%, 9/1/29 | 50,000 | 52,741 | ||||||
Entergy Louisiana, LLC, 4.95%, 1/15/45 | 150,000 | 158,554 | ||||||
Georgia-Pacific, LLC, 7.38%, 12/1/25 | 100,000 | 126,432 | ||||||
ITT, LLC, 7.40%, 11/15/25 | 25,000 | 30,233 | ||||||
Johnson & Johnson, 3.55%, 3/1/36 | 150,000 | 169,503 | ||||||
Lincoln National Corp., 7.00%, 6/15/40 | 100,000 | 110,195 | ||||||
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/321 | 150,000 | 145,245 | ||||||
Principal Financial Group, Inc., 3 Mo. Libor + 3.04, 4.70%, 5/15/551 | 100,000 | 88,000 | ||||||
Progressive Corp., 4.13%, 4/15/47 | 100,000 | 112,281 | ||||||
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/334 | 100,000 | 133,655 | ||||||
Spirit Airlines 2015-1A Trust, 4.10%, 4/1/28 | 114,773 | 111,651 | ||||||
Union Pacific Railroad Co., 2014-1 Pass Through Trust, 3.23%, 5/14/26 | 124,200 | 127,079 | ||||||
Wachovia Corp., (Subordinated), 7.57%, 8/1/2614 | 75,000 | 93,325 | ||||||
WestRock MWV, LLC, 7.95%, 2/15/31 | 100,000 | 136,020 | ||||||
|
| |||||||
2,613,386 | ||||||||
|
| |||||||
Federal Home Loan Mortgage Corporation - 1.2% |
| |||||||
5.00%, 10/1/43 | 75,908 | 83,403 | ||||||
6.50%, 2/1/22 | 8,323 | 8,494 | ||||||
7.50%, 7/1/29 | 117,633 | 138,622 | ||||||
7.50%, 3/1/33 | 110,765 | 133,662 | ||||||
8.00%, 2/1/34 | 14,183 | 17,312 | ||||||
8.50%, 9/1/24 | 10,103 | 10,575 | ||||||
|
| |||||||
392,068 | ||||||||
|
| |||||||
Federal National Mortgage Association - 3.0% |
| |||||||
2.48%, 2/1/35 | 150,000 | 158,324 | ||||||
2.68%, 2/1/35 | 150,000 | 161,108 | ||||||
4.50%, 8/1/40 | 50,337 | 53,457 | ||||||
5.50%, 10/1/33 | 70,880 | 78,029 | ||||||
6.00%, 2/1/38 | 52,278 | 60,301 | ||||||
6.02%, 11/1/43 | 29,005 | 34,166 | ||||||
6.50%, 2/1/24 | 17,259 | 18,311 | ||||||
6.50%, 9/1/27 | 47,507 | 53,175 | ||||||
6.50%, 6/1/40 | 112,481 | 128,843 | ||||||
7.00%, 1/1/32 | 10,660 | 11,648 | ||||||
7.00%, 3/1/33 | 22,828 | 26,469 | ||||||
7.00%, 12/1/38 | 43,823 | 49,109 | ||||||
8.00%, 6/1/24 | 9,818 | 10,605 |
Name of Issuer |
Principal | Fair Value ($) | ||||||
8.00%, 1/1/31 | 11,598 | 11,720 | ||||||
8.00%, 2/1/31 | 18,931 | 23,828 | ||||||
8.00%, 9/1/37 | 67,408 | 86,184 | ||||||
8.43%, 7/15/26 | 2,826 | 2,892 | ||||||
8.50%, 10/1/30 | 24,304 | 29,161 | ||||||
10.00%, 6/1/31 | 27,619 | 31,002 | ||||||
|
| |||||||
1,028,332 | ||||||||
|
| |||||||
Government National Mortgage Association - 1.1% |
| |||||||
5.00%, 5/20/48 | 97,626 | 105,534 | ||||||
5.75%, 12/15/22 | 26,468 | 27,852 | ||||||
6.50%, 2/20/32 | 92,887 | 109,313 | ||||||
6.50%, 11/20/38 | 19,785 | 22,368 | ||||||
7.00%, 12/15/24 | 10,026 | 10,769 | ||||||
7.00%, 11/20/27 | 12,708 | 14,718 | ||||||
7.00%, 9/20/29 | 34,335 | 40,003 | ||||||
7.00%, 9/20/38 | 11,653 | 14,137 | ||||||
7.50%, 4/20/32 | 25,430 | 29,718 | ||||||
8.00%, 7/15/24 | 7,006 | 7,412 | ||||||
|
| |||||||
381,824 | ||||||||
|
| |||||||
Taxable Municipal Securities - 7.4% | ||||||||
Baptist Health Obligated Group, 4.10%, 12/1/49 | 100,000 | 98,447 | ||||||
Bucks Co. Industrial Dev. Auth., 4.00%, 10/1/21 | 65,000 | 65,641 | ||||||
Buffalo State Col. Foundation Hsg. Corp., 2.80%, 11/1/30 | 100,000 | 101,762 | ||||||
Hartford HealthCare Corp., 3.45%, 7/1/54 | 250,000 | 237,001 | ||||||
Kentucky Higher Edu. Student Loan Corp. (Subordinated), 5.27%, 6/1/36 | 100,000 | 104,960 | ||||||
Lane Cnty. Sch. Dist. No. 52 Bethel, 2.52%, 6/15/27 | 60,000 | 62,016 | ||||||
Massachusetts Edu. Auth.: | ||||||||
4.00%, 1/1/32 | 105,000 | 108,904 | ||||||
4.41%, 7/1/34 | 50,000 | 56,533 | ||||||
MI Hsg. Dev. Auth., 3.53%, 6/1/50 | 100,000 | 100,277 | ||||||
MN Hsg. Fin. Agy.: | ||||||||
2.31%, 1/1/27 | 230,000 | 230,761 | ||||||
4.73%, 1/1/49 | 95,000 | 100,270 | ||||||
ND Hsg. Fin. Agy., 3.70%, 7/1/33 | 100,000 | 103,898 | ||||||
North Hudson Sewer Auth., 2.88%, 6/1/28 | 150,000 | 157,081 | ||||||
Oregon State Fac. Auth., 3.29%, 10/1/40 | 100,000 | 91,541 | ||||||
Port Huron, MI, 3.02%, 3/1/45 | 150,000 | 154,383 | ||||||
Public Finance Authority, 4.23%, 7/1/32 | 105,000 | 120,617 | ||||||
So. Dakota Hsg. Dev. Auth., 3.89%, 5/1/32 | 15,000 | 15,634 | ||||||
South Carolina Ports Auth., 3.88%, 7/1/55 | 150,000 | 153,387 | ||||||
Texas Children’s Hospital, 3.37%, 10/1/2917 | 115,000 | 122,350 | ||||||
Tulane University, 1.99%, 2/15/361 | 90,000 | 84,601 |
MARCH 31, 2020 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Balanced Fund (Continued) |
Name of Issuer | Principal Quantity | Fair Value ($) | ||||||
Western MI Univ. Homer Stryker MD. Sch. of Med.,, 4.75%, 11/15/28 | 100,000 | 115,946 | ||||||
Willoughby-Eastlake City Sch. Dist., 3.36%, 12/1/46 | 150,000 | 148,694 | ||||||
|
| |||||||
2,534,704 | ||||||||
|
| |||||||
U.S. Treasury / Federal Agency Securities - 0.8% |
| |||||||
U.S. Treasury Bond, 2.00%, 2/15/50 | 200,000 | 231,695 | ||||||
U.S. Treasury Note, 1.63%, 10/31/26 | 50,000 | 53,521 | ||||||
|
| |||||||
285,216 | ||||||||
|
| |||||||
Total Bonds | 11,429,281 | |||||||
|
| |||||||
Investment Companies - 1.5% | ||||||||
BlackRock Enhanced Government Fund | 4,886 | 62,736 | ||||||
BlackRock Income Trust | 23,300 | 134,208 | ||||||
Eaton Vance Short Duration Div. Inc. Fund | 9,700 | 106,021 | ||||||
Eaton Vance, Ltd. Duration Inc. Fund | 4,600 | 48,622 | ||||||
Franklin, Ltd. Duration, Income Trust | 1,200 | 9,420 | ||||||
MFS Intermediate Income Trust | 1,200 | 4,320 | ||||||
Nuveen Multi-Market Income Fund, Inc. | 3,953 | 24,124 | ||||||
Putnam Master Intermediate Income Trust | 9,700 | 39,576 | ||||||
Putnam Premier Income Trust | 15,700 | 71,278 | ||||||
|
| |||||||
Total Investment Companies | 500,305 | |||||||
|
| |||||||
Short-Term Securities - 6.3% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.30% | 2,174,120 | 2,174,120 | ||||||
|
| |||||||
(cost: $2,174,120) | ||||||||
Total Investments in Securities - 99.8% | ||||||||
(cost: $30,128,082) | 34,164,627 | |||||||
Other Assets and Liabilities, net - 0.2% | 70,038 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $ | 34,234,665 | ||||||
|
|
* | Non-income producing security. |
1 | Variable rate security. Rate disclosed is as of March 31, 2020. 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, 2020 was $2,340,023 and represented 6.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
14 | Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of March 31, 2020. |
17 | Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities. |
LLC — Limited Liability Company |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
4 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Balanced Fund (Continued) |
A summary of the levels for the Fund’s investments as of March 31, 2020 is as follows:
Investment in Securities | ||||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||
Common Stocks** | 20,060,921 | — | — | 20,060,921 | ||||||||||
Asset-Backed Securities | — | 1,107,915 | — | 1,107,915 | ||||||||||
Collateralized Mortgage Obligations | — | 3,085,836 | — | 3,085,836 | ||||||||||
Corporate Bonds | — | 2,613,386 | — | 2,613,386 | ||||||||||
Federal Home Loan Mortgage Corporation | — | 392,068 | — | 392,068 | ||||||||||
Federal National Mortgage Association | — | 1,028,332 | — | 1,028,332 | ||||||||||
Government National Mortgage Association | — | 381,824 | — | 381,824 | ||||||||||
Taxable Municipal Securities | — | 2,534,704 | — | 2,534,704 | ||||||||||
U.S. Treasury / Federal Agency Securities | — | 285,216 | — | 285,216 | ||||||||||
Investment Companies | 500,305 | — | — | 500,305 | ||||||||||
Short-Term Securities | 2,174,120 | — | — | 2,174,120 | ||||||||||
Total: | 22,735,346 | 11,429,281 | — | 34,164,627 |
** | 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.
MARCH 31, 2020 | 5 |