SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2020
Sit Balanced Fund Investments are grouped by economic sectors. |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 63.3% | ||||||||
Communications - 2.2% | ||||||||
American Tower Corp. | 2,975 | 719,147 | ||||||
Verizon Communications, Inc. | 7,100 | 422,379 | ||||||
|
| |||||||
1,141,526 | ||||||||
|
| |||||||
Consumer Durables - 0.8% | ||||||||
YETI Holdings, Inc. * | 9,600 | 435,072 | ||||||
|
| |||||||
Consumer Non-Durables - 4.1% | ||||||||
Conagra Brands, Inc. | 8,900 | 317,819 | ||||||
Constellation Brands, Inc. | 2,275 | 431,135 | ||||||
Estee Lauder Cos., Inc. - Class A | 2,375 | 518,344 | ||||||
Mondelez International, Inc. | 6,300 | 361,935 | ||||||
NIKE, Inc. | 1,775 | 222,833 | ||||||
PepsiCo, Inc. | 2,475 | 343,035 | ||||||
|
| |||||||
2,195,101 | ||||||||
|
| |||||||
Consumer Services - 3.8% | ||||||||
McDonald’s Corp. | 2,300 | 504,827 | ||||||
Starbucks Corp. | 4,850 | 416,712 | ||||||
Visa, Inc. | 5,550 | 1,109,834 | ||||||
|
| |||||||
2,031,373 | ||||||||
|
| |||||||
Electronic Technology - 8.8% | ||||||||
Advanced Micro Devices, Inc. * | 2,500 | 204,975 | ||||||
Apple, Inc. | 16,500 | 1,910,865 | ||||||
Applied Materials, Inc. | 9,300 | 552,885 | ||||||
Broadcom, Inc. | 1,660 | 604,771 | ||||||
Ciena Corp. * | 7,250 | 287,752 | ||||||
Keysight Technologies, Inc. * | 5,100 | 503,778 | ||||||
NVIDIA Corp. | 1,125 | 608,872 | ||||||
|
| |||||||
4,673,898 | ||||||||
|
| |||||||
Finance - 4.5% | ||||||||
Ameriprise Financial, Inc. | 2,250 | 346,748 | ||||||
Aon, PLC | 1,900 | 391,970 | ||||||
Chubb, Ltd. | 2,950 | 342,554 | ||||||
Everest Re Group, Ltd. | 500 | 98,770 | ||||||
First Republic Bank | 1,750 | 190,855 | ||||||
Goldman Sachs Group, Inc. | 2,100 | 422,037 | ||||||
JPMorgan Chase & Co. | 3,425 | 329,725 | ||||||
T Rowe Price Group, Inc. | 2,075 | 266,056 | ||||||
|
| |||||||
2,388,715 | ||||||||
|
| |||||||
Health Services - 2.6% | ||||||||
HCA Healthcare, Inc. | 3,900 | 486,252 | ||||||
UnitedHealth Group, Inc. | 2,925 | 911,927 | ||||||
|
| |||||||
1,398,179 | ||||||||
|
| |||||||
Health Technology - 6.7% | ||||||||
Abbott Laboratories | 3,550 | 386,347 | ||||||
AbbVie, Inc. | 2,600 | 227,734 | ||||||
Boston Scientific Corp. * | 5,600 | 213,976 | ||||||
Bristol-Myers Squibb Co. | 7,300 | 440,117 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Bristol-Myers Squibb Co., Rights * | 1,025 | 2,306 | ||||||
DexCom, Inc. * | 1,150 | 474,064 | ||||||
Illumina, Inc. * | 350 | 108,178 | ||||||
Intuitive Surgical, Inc. * | 620 | 439,915 | ||||||
Johnson & Johnson | 3,000 | 446,640 | ||||||
Medtronic, PLC | 2,500 | 259,800 | ||||||
Thermo Fisher Scientific, Inc. | 1,250 | 551,900 | ||||||
|
| |||||||
3,550,977 | ||||||||
|
| |||||||
Process Industries - 1.5% | ||||||||
Ecolab, Inc. | 1,875 | 374,700 | ||||||
Sherwin-Williams Co. | 600 | 418,044 | ||||||
|
| |||||||
792,744 | ||||||||
|
| |||||||
Producer Manufacturing - 4.2% | ||||||||
3M Co. | 875 | 140,158 | ||||||
Honeywell International, Inc. | 2,275 | 374,488 | ||||||
L3Harris Technologies, Inc. | 2,775 | 471,306 | ||||||
Motorola Solutions, Inc. | 1,700 | 266,577 | ||||||
Northrop Grumman Corp. | 500 | 157,745 | ||||||
Otis Worldwide Corp. | 1,500 | 93,630 | ||||||
Parker-Hannifin Corp. | 450 | 91,053 | ||||||
Safran SA, ADR * | 13,950 | 345,541 | ||||||
Trane Technologies, PLC | 2,175 | 263,719 | ||||||
|
| |||||||
2,204,217 | ||||||||
|
| |||||||
Retail Trade - 5.8% | ||||||||
Amazon.com, Inc. * | 485 | 1,527,134 | ||||||
CVS Health Corp. | 7,250 | 423,400 | ||||||
Home Depot, Inc. | 2,050 | 569,305 | ||||||
TJX Cos., Inc. | 6,550 | 364,508 | ||||||
Ulta Beauty, Inc. * | 795 | 178,064 | ||||||
|
| |||||||
3,062,411 | ||||||||
|
| |||||||
Technology Services - 16.4% | ||||||||
Accenture, PLC | 2,025 | 457,630 | ||||||
Adobe, Inc. * | 1,525 | 747,906 | ||||||
Alphabet, Inc. - Class A * | 620 | 908,672 | ||||||
Alphabet, Inc. - Class C * | 205 | 301,268 | ||||||
Atlassian Corp., PLC * | 3,250 | 590,818 | ||||||
Autodesk, Inc. * | 1,600 | 369,616 | ||||||
Dynatrace, Inc. * | 3,100 | 127,162 | ||||||
Facebook, Inc. * | 3,065 | 802,723 | ||||||
Intuit, Inc. | 1,200 | 391,452 | ||||||
Microsoft Corp. | 7,800 | 1,640,574 | ||||||
Paycom Software, Inc. * | 600 | 186,780 | ||||||
PayPal Holdings, Inc. * | 3,300 | 650,199 | ||||||
salesforce.com, Inc. * | 3,575 | 898,469 | ||||||
ServiceNow, Inc. * | 560 | 271,600 | ||||||
Splunk, Inc. * | 1,950 | 366,853 | ||||||
|
| |||||||
8,711,722 | ||||||||
|
|
SEPTEMBER 30, 2020 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2020
Sit Balanced Fund (Continued) |
Name of Issuer | Quantity /Principal Amount ($) | Fair Value ($) | ||||||
Transportation - 1.4% | ||||||||
FedEx Corp. | 1,375 | 345,840 | ||||||
Union Pacific Corp. | 2,050 | 403,584 | ||||||
|
| |||||||
749,424 | ||||||||
|
| |||||||
Utilities - 0.5% | ||||||||
NextEra Energy, Inc. | 1,035 | 287,275 | ||||||
|
| |||||||
Total Common Stocks | 33,622,634 | |||||||
|
| |||||||
Bonds - 31.7% | ||||||||
Asset-Backed Securities - 1.6% | ||||||||
Bayview Opportunity Master Fund, 2017-SPL1 A, 4.00%, 10/28/64 1, 4 | 48,242 | 50,159 | ||||||
Credit Suisse First Boston Mortgage Corp., 2005-AGE1 M3, 1 Mo. Libor + 0.65, 0.80%, 2/25/32 1 | 16,820 | 16,814 | ||||||
Irwin Home Equity Corp., 2005-1 M1, 5.92%, 6/25/35 14 | 20,264 | 20,720 | ||||||
New Century Home Equity Loan Trust, 2005-A A4W, 4.71%, 8/25/35 14 | 4,884 | 4,956 | ||||||
OSCAR US Funding Trust VII, LLC: | ||||||||
2017-2A A3, 2.45%, 12/10/21 4 | 12,258 | 12,281 | ||||||
2017-2A A4, 2.76%, 12/10/24 4 | 100,000 | 101,530 | ||||||
Small Business Administration: | ||||||||
2008-20A 1, 5.17%, 1/1/28 | 31,605 | 34,565 | ||||||
2007-20H 1, 5.78%, 8/1/27 | 30,194 | 32,863 | ||||||
Towd Point Mortgage Trust: | ||||||||
2020-MH1 A1A, 2.18%, 2/25/60 1, 4 | 174,058 | 176,774 | ||||||
2019-MH1 A2, 3.00%, 11/25/58 1, 4 | 100,000 | 103,081 | ||||||
2019-SJ3 A2, 3.00%, 11/25/59 1, 4 | 125,000 | 127,505 | ||||||
2019-SJ1 A1, 3.75%, 11/25/58 1, 4 | 78,228 | 79,112 | ||||||
2019-SJ1 A2, 4.17%, 11/25/58 1, 4 | 100,000 | 102,959 | ||||||
|
| |||||||
863,319 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - 4.2% |
| |||||||
Fannie Mae: | ||||||||
2017-84 JP, 2.75%, 10/25/47 | 63,619 | 67,416 | ||||||
2003-34 A1, 6.00%, 4/25/43 | 34,390 | 40,024 | ||||||
2004-T1 1A1, 6.00%, 1/25/44 | 21,059 | 24,626 | ||||||
1999-17 C, 6.35%, 4/25/29 | 10,673 | 11,984 | ||||||
2001-82 ZA, 6.50%, 1/25/32 | 14,939 | 16,907 | ||||||
2009-30 AG, 6.50%, 5/25/39 | 46,466 | 53,892 | ||||||
2013-28 WD, 6.50%, 5/25/42 | 44,978 | 54,242 | ||||||
2004-T1 1A2, 6.50%, 1/25/44 | 67,397 | 79,672 | ||||||
2004-W9 2A1, 6.50%, 2/25/44 | 38,562 | 45,606 | ||||||
2010-108 AP, 7.00%, 9/25/40 | 1,889 | 2,222 | ||||||
2004-T3, 1A3, 7.00%, 2/25/44 | 7,108 | 8,553 | ||||||
1993-21 KA, 7.70%, 3/25/23 | 17,775 | 18,768 | ||||||
Freddie Mac: | ||||||||
4784 BV, 3.50%, 12/15/32 | 100,000 | 103,883 | ||||||
4293 BA, 5.28%, 10/15/47 1 | 12,416 | 14,194 | ||||||
2122 ZE, 6.00%, 2/15/29 | 57,382 | 66,145 |
Name of Issuer | Principal Amount ($) | Fair Value ($) | ||||||
2126 C, 6.00%, 2/15/29 | 36,294 | 41,288 | ||||||
2485 WG, 6.00%, 8/15/32 | 36,158 | 42,354 | ||||||
2480 Z, 6.00%, 8/15/32 | 34,766 | 39,648 | ||||||
2575 QE, 6.00%, 2/15/33 | 17,398 | 20,082 | ||||||
2980 QA, 6.00%, 5/15/35 | 18,203 | 21,695 | ||||||
2283 K, 6.50%, 12/15/23 | 4,116 | 4,376 | ||||||
2357 ZJ, 6.50%, 9/15/31 | 23,139 | 26,059 | ||||||
4520 HM, 6.50%, 8/15/45 | 31,557 | 37,739 | ||||||
1142 IA, 7.00%, 10/15/21 | 5,339 | 5,392 | ||||||
3704 CT, 7.00%, 12/15/36 | 15,844 | 19,360 | ||||||
2238 PZ, 7.50%, 6/15/30 | 13,611 | 16,351 | ||||||
Government National Mortgage Association: | ||||||||
2015-80 BA, 6.99%, 6/20/45 1 | 23,898 | 27,924 | ||||||
2018-147 AM, 7.00%, 10/20/48 | 84,373 | 94,803 | ||||||
2018-160 DA, 7.00%, 11/20/48 | 79,883 | 90,049 | ||||||
2014-69 W, 7.20%, 11/20/34 1 | 27,000 | 31,839 | ||||||
2013-133 KQ, 7.30%, 8/20/38 1 | 26,812 | 31,847 | ||||||
2005-74 HA, 7.50%, 9/16/35 | 8,406 | 9,065 | ||||||
JP Morgan Mortgage Trust: | ||||||||
2019-HYB1 A5A, 3.00%, 10/25/49 1, 4 | 125,023 | 127,386 | ||||||
2019-8 A4, 3.50%, 3/25/50 1, 4 | 84,486 | 85,288 | ||||||
2019-9 A8, 3.50%, 5/25/50 1, 4 | 125,000 | 128,493 | ||||||
2020-2 A4, 3.50%, 7/25/50 1, 4 | 144,532 | 148,046 | ||||||
New Residential Mortgage Loan Trust: | ||||||||
2018-3A A1, 4.50%, 5/25/58 1, 4 | 67,989 | 73,594 | ||||||
PMT Loan Trust: 2013-J1 A11, 3.50%, 9/25/43 1, 4 | 98,081 | 102,557 | ||||||
Sequoia Mortgage Trust: | ||||||||
2019-5 A4, 3.50%, 12/25/49 1, 4 | 72,591 | 73,692 | ||||||
2020-2 A4, 3.50%, 3/25/50 1, 4 | 122,945 | 126,692 | ||||||
Vendee Mortgage Trust: | ||||||||
2008-1 B, 6.26%, 3/15/25 1 | 10,950 | 12,776 | ||||||
1994-2 2, 6.55%, 5/15/24 1 | 8,130 | 8,371 | ||||||
Wells Fargo Mortgaged Backed Securities Trust: | ||||||||
2020-2 A17, 3.00%, 12/25/49 1, 4 | 93,136 | 95,430 | ||||||
2020-2 A3, 3.00%, 12/25/49 1, 4 | 90,847 | 92,537 | ||||||
|
| |||||||
2,242,867 | ||||||||
|
| |||||||
Corporate Bonds - 12.8% | ||||||||
Alleghany Corp., 3.63%, 5/15/30 | 100,000 | 112,408 | ||||||
American Airlines, 3.20%, 6/15/28 | 83,200 | 78,202 | ||||||
American Financial Group, 5.25%, 4/2/30 | 200,000 | 242,264 | ||||||
AXIS Specialty Finance, 3.90%, 7/15/29 | 100,000 | 109,296 | ||||||
Bank of America Corp., 3.25%, 10/21/27 | 100,000 | 110,628 | ||||||
Booking Holdings, Inc., 4.63%, 4/13/30 | 150,000 | 180,209 | ||||||
Burlington Resources, LLC, 7.40%, 12/1/31 | 50,000 | 74,069 | ||||||
Cabot Corp., 3.40%, 9/15/26 | 183,000 | 192,036 | ||||||
Cadence BanCorp. (Subordinated), 3 Mo. Libor + 4.66, 4.91%, 3/11/25 1, 4 | 200,000 | 183,012 |
2 |
SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2020
Sit Balanced Fund (Continued) |
Name of Issuer | Principal Amount ($) | Fair Value ($) | ||||||
Canadian Pacific Railway Co., 7.13%, 10/15/31 | 100,000 | 148,072 | ||||||
Charles Schwab Corp., 3.25%, 5/22/29 | 100,000 | 114,992 | ||||||
Charles Stark Draper Laboratory, Inc., 4.39%, 9/1/48 | 100,000 | 124,545 | ||||||
CNO Financial Group, Inc., 5.25%, 5/30/29 | 100,000 | 115,465 | ||||||
Comerica, Inc., 4.00%, 2/1/29 | 150,000 | 171,406 | ||||||
Cox Communications, Inc., 8.38%, 3/1/39 4 | 100,000 | 163,207 | ||||||
Delta Air Lines 2015-1 Class A Pass Through Trust, 3.88%, 7/30/27 | 156,593 | 146,874 | ||||||
Delta Air Lines, Inc./SkyMiles, 4.75%, 10/20/28 4 | 150,000 | 155,742 | ||||||
Doric Nimrod Air Alpha 2013-1 Trust, 5.25%, 5/30/23 4 | 34,313 | 30,717 | ||||||
Doric Nimrod Air Finance Alpha 2012-1 Trust, 5.13%, 11/30/22 4 | 25,998 | 23,224 | ||||||
Duke Energy Florida, LLC, 2.54%, 9/1/29 | 50,000 | 53,702 | ||||||
Emerson Electric Co., 1.95%, 10/15/30 | 50,000 | 51,820 | ||||||
Entergy Louisiana, LLC, 4.95%, 1/15/45 | 150,000 | 165,074 | ||||||
Equifax, Inc., 6.90%, 7/1/28 | 150,000 | 186,580 | ||||||
Fidelity National Financial, 3.40%, 6/15/30 | 50,000 | 54,079 | ||||||
Flex, Ltd., 4.88%, 5/12/30 | 200,000 | 228,232 | ||||||
Fulton Financial Corp. (Subordinated), 4.50%, 11/15/24 | 150,000 | 163,874 | ||||||
Georgia-Pacific, LLC: | ||||||||
1.75%, 9/30/25 4 | 150,000 | 156,354 | ||||||
7.38%, 12/1/25 | 100,000 | 129,235 | ||||||
ITT, LLC, 7.40%, 11/15/25 | 25,000 | 31,433 | ||||||
Johnson & Johnson, 3.55%, 3/1/36 | 150,000 | 182,166 | ||||||
JPMorgan Chase & Co., 8.75%, 9/1/30 | 100,000 | 147,105 | ||||||
Kemper Corp., 2.40%, 9/30/30 | 75,000 | 74,212 | ||||||
Lincoln National Corp., 7.00%, 6/15/40 | 100,000 | 146,577 | ||||||
Mercury General Corp., 4.40%, 3/15/27 | 100,000 | 108,305 | ||||||
NetApp, Inc., 1.88%, 6/22/25 | 150,000 | 155,370 | ||||||
Northern Trust Corp. (Subordinated), 3 Mo. Libor + 1.13, 3.38%, 5/8/32 1 | 150,000 | 164,044 | ||||||
Phillips 66, 2.15%, 12/15/30 | 50,000 | 48,625 | ||||||
Principal Financial Group, Inc., 3 Mo. Libor + 3.04, 3.32%, 5/15/55 1 | 100,000 | 89,470 | ||||||
Principal Life Global Funding, 6.13%, 10/15/33 4 | 100,000 | 144,052 | ||||||
Ross Stores, Inc., 4.70%, 4/15/27 | 150,000 | 176,726 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 150,000 | 151,430 | ||||||
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 4 | 100,000 | 133,199 | ||||||
Simon Property Group LP, 2.45%, 9/13/29 | 150,000 | 148,579 | ||||||
Southwest Airlines Co., 2.63%, 2/10/30 | 185,000 | 175,389 | ||||||
Spirit Airlines 2015-1A Trust, 4.10%, 4/1/28 | 117,158 | 105,156 | ||||||
Tyson Foods, Inc., 5.10%, 9/28/48 | 100,000 | 138,212 | ||||||
Union Pacific Railroad Co., 2014-1 Pass Through Trust, 3.23%, 5/14/26 | 119,040 | 132,066 |
Name of Issuer | Principal Amount ($) | Fair Value ($) | ||||||
Unum Group, 4.50%, 12/15/49 | 25,000 | 24,226 | ||||||
Wachovia Corp., (Subordinated), 7.57%, 8/1/26 14 | 100,000 | 128,970 | ||||||
Webster Financial Corp., 4.38%, 2/15/24 | 125,000 | 132,226 | ||||||
WestRock MWV, LLC, 7.95%, 2/15/31 | 100,000 | 141,944 | ||||||
Weyerhaeuser Co., 6.88%, 12/15/33 | 150,000 | 206,300 | ||||||
Xilinx, Inc., 2.38%, 6/1/30 | 50,000 | 52,489 | ||||||
|
| |||||||
6,803,589 | ||||||||
|
| |||||||
Federal Home Loan Mortgage Corporation - 0.3% |
| |||||||
6.50%, 2/1/22 | 3,447 | 3,489 | ||||||
7.50%, 7/1/29 | 104,170 | 122,052 | ||||||
8.00%, 2/1/34 | 12,800 | 15,467 | ||||||
8.50%, 9/1/24 | 6,628 | 6,718 | ||||||
|
| |||||||
147,726 | ||||||||
|
| |||||||
Federal National Mortgage Association - 1.3% |
| |||||||
2.68%, 2/1/35 | 150,000 | 166,967 | ||||||
5.50%, 10/1/33 | 68,863 | 77,921 | ||||||
6.50%, 2/1/24 | 13,274 | 13,946 | ||||||
6.50%, 9/1/27 | 40,530 | 45,330 | ||||||
6.50%, 6/1/40 | 104,115 | 118,380 | ||||||
7.00%, 1/1/32 | 10,359 | 11,348 | ||||||
7.00%, 3/1/33 | 19,034 | 21,560 | ||||||
7.00%, 12/1/38 | 38,176 | 42,531 | ||||||
8.00%, 6/1/24 | 8,300 | 8,914 | ||||||
8.00%, 1/1/31 | 10,600 | 10,719 | ||||||
8.00%, 2/1/31 | 18,231 | 22,804 | ||||||
8.00%, 9/1/37 | 66,536 | 84,533 | ||||||
8.43%, 7/15/26 | 2,577 | 2,633 | ||||||
8.50%, 10/1/30 | 23,287 | 27,851 | ||||||
10.00%, 6/1/31 | 24,259 | 27,143 | ||||||
|
| |||||||
682,580 | ||||||||
|
| |||||||
Government National Mortgage Association - 0.4% |
| |||||||
5.00%, 5/20/48 | 75,117 | 82,796 | ||||||
5.75%, 12/15/22 | 17,597 | 18,734 | ||||||
6.50%, 11/20/38 | 15,045 | 16,823 | ||||||
7.00%, 12/15/24 | 7,999 | 8,549 | ||||||
7.00%, 11/20/27 | 11,503 | 13,246 | ||||||
7.00%, 9/20/29 | 30,125 | 34,914 | ||||||
7.00%, 9/20/38 | 10,970 | 13,181 | ||||||
7.50%, 4/20/32 | 24,332 | 28,287 | ||||||
8.00%, 7/15/24 | 4,647 | 4,873 | ||||||
|
| |||||||
221,403 | ||||||||
|
| |||||||
Taxable Municipal Securities - 8.4% |
| |||||||
Bucks Co. Industrial Dev. Auth., 4.00%, 10/1/21 | 65,000 | 65,123 | ||||||
Buffalo State Col. Foundation Hsg. Corp., 2.80%, 11/1/30 | 100,000 | 105,209 | ||||||
Chippewa Valley Sch., 1.63%, 5/1/30 | 200,000 | 200,570 | ||||||
Florida Dev. Fin. Corp., 4.11%, 4/1/50 | 150,000 | 154,312 | ||||||
GBG, LLC, 3.50%, 6/1/37 4 | 150,000 | 149,232 |
SEPTEMBER 30, 2020 | 3 |
SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2020
Sit Balanced Fund (Continued) |
Name of Issuer | Principal Amount ($)/ Quantity | Fair Value ($) | ||||||
Great Lakes Water Auth. Sewage Disposal System, 3.51%, 7/1/44 | 150,000 | 162,673 | ||||||
Kentucky Higher Edu. Student Loan Corp. (Subordinated), 5.27%, 6/1/36 | 100,000 | 106,053 | ||||||
LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 | 230,000 | 231,536 | ||||||
Massachusetts Edu. Auth.: | ||||||||
4.00%, 1/1/32 | 90,000 | 92,069 | ||||||
4.41%, 7/1/34 | 50,000 | 54,916 | ||||||
MI Hsg. Dev. Auth., 3.53%, 6/1/50 | 80,000 | 82,270 | ||||||
Middleburg Heights Hosp., 4.07%, 8/1/47 | 100,000 | 99,919 | ||||||
MN Hsg. Fin. Agy.: | ||||||||
2.31%, 1/1/27 | 225,000 | 233,541 | ||||||
4.73%, 1/1/49 | 85,000 | 91,566 | ||||||
Montgomery Co. Indst. Dev. Auth., 2.65%, 11/15/25 | 100,000 | 99,581 | ||||||
ND Hsg. Fin. Agy., 3.70%, 7/1/33 | 100,000 | 107,005 | ||||||
NH Business Fin. Auth., 3.82%, 9/1/38 | 200,000 | 204,502 | ||||||
NJ Higher Edu. Student Assit. Auth., 3.50%, 12/1/39 8 | 100,000 | 100,541 | ||||||
North Hudson Sewer Auth., 2.88%, 6/1/28 | 150,000 | 165,604 | ||||||
NY Mortgage Agency, 2.98%, 10/1/40 | 150,000 | 153,121 | ||||||
Oregon State Fac. Auth., 3.29%, 10/1/40 | 100,000 | 98,310 | ||||||
Public Fin. Auth., 4.23%, 7/1/32 | 105,000 | 126,429 | ||||||
So. Dakota Hsg. Dev. Auth., 3.89%, 5/1/32 | 15,000 | 16,085 | ||||||
South Carolina Ports Auth., 3.88%, 7/1/55 | 150,000 | 156,055 | ||||||
South Carolina Student Loan Corp., 2.92%, 12/1/28 | 200,000 | 200,202 | ||||||
St. John’s Co. Indst. Dev. Auth., 3.80%, 10/1/50 | 235,000 | 236,586 | ||||||
Texas Children’s Hospital, 3.37%, 10/1/29 17 | 115,000 | 126,501 | ||||||
Tulane University, 0.58%, 2/15/36 1 | 90,000 | 84,977 | ||||||
Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 | 205,000 | 207,331 | ||||||
Village of Bolingbrook, 2.57%, 1/1/36 | 150,000 | 154,339 | ||||||
Westchester Co. Local Dev. Corp., 3.85%, 11/1/50 | 200,000 | 201,118 | ||||||
Wisconsin Center District, 4.17%, 12/15/50 | 150,000 | 162,362 | ||||||
|
| |||||||
4,429,638 | ||||||||
|
| |||||||
U.S. Treasury / Federal Agency Securities - 2.7% |
| |||||||
U.S. Treasury Bond, 2.00%, 2/15/50 | 150,000 | 170,180 | ||||||
U.S. Treasury Inflation Indexed Bonds: | ||||||||
0.13%, 4/15/22 | 479,430 | 487,932 | ||||||
0.13%, 7/15/30 | 202,114 | 224,831 | ||||||
0.63%, 4/15/23 | 521,560 | 545,723 | ||||||
|
| |||||||
1,428,666 | ||||||||
|
| |||||||
Total Bonds | 16,819,788 | |||||||
|
|
Name of Issue | Quantity | Fair Value ($) | ||||||
Investment Companies - 2.4% |
| |||||||
BlackRock Enhanced Government Fund | 4,886 | 65,375 | ||||||
BlackRock Income Trust | 23,300 | 142,130 | ||||||
Duff & Phelps Utility & Corp. Bond Tr., Inc. | 8,900 | 82,147 | ||||||
Eaton Vance Short Duration Div. Inc. Fund | 14,000 | 160,300 | ||||||
Eaton Vance, Ltd. Duration Inc. Fund | 13,100 | 148,161 | ||||||
Franklin, Ltd. Duration, Income Trust | 17,300 | 147,569 | ||||||
MFS Intermediate Income Trust | 2,200 | 8,206 | ||||||
Nuveen Multi-Market Income Fund, Inc. | 3,953 | 27,595 | ||||||
Putnam Master Intermediate Income Trust | 33,700 | 138,507 | ||||||
Putnam Premier Income Trust | 39,175 | 174,329 | ||||||
WA Inflation-Linked Sec. & Inc. Fund | 15,200 | 185,136 | ||||||
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| |||||||
Total Investment Companies | 1,279,455 | |||||||
|
| |||||||
Short-Term Securities - 1.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 860,745 | 860,745 | ||||||
|
| |||||||
(cost: $860,745) | ||||||||
Total Investments in Securities - 99.0% | ||||||||
(cost: $40,051,880) | 52,582,622 | |||||||
Other Assets and Liabilities, net - 1.0% | 520,313 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $53,102,935 | |||||||
|
|
* | Non-income producing security. |
1 | Variable rate security. Rate disclosed is as of September 30, 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 September 30, 2020 was $2,945,855 and represented 5.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
8 | Securities the income from which is treated as a tax preference that is included in alternative minimum taxable income for purposes of computing federal alternative minimum tax (AMT). At September 30, 2020, 0.2% of net assets in the Fund was invested in such securities. |
14 | Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of September 30, 2020. |
17 | Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities. |
ADR — American Depositary Receipt |
LLC — Limited Liability Company |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
SEPTEMBER 30, 2020 | 4 |
SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2020
Sit Balanced Fund (Continued)
|
A summary of the levels for the Fund’s investments as of September 30, 2020 is as follows:
Investment in Securities | ||||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||
Common Stocks ** | 33,622,634 | — | — | 33,622,634 | ||||||||||
Asset-Backed Securities | — | 863,319 | — | 863,319 | ||||||||||
Collateralized Mortgage Obligations | — | 2,242,867 | — | 2,242,867 | ||||||||||
Corporate Bonds | — | 6,803,589 | — | 6,803,589 | ||||||||||
Federal Home Loan Mortgage Corporation | — | 147,726 | — | 147,726 | ||||||||||
Federal National Mortgage Association | — | 682,580 | — | 682,580 | ||||||||||
Government National Mortgage Association | — | 221,403 | — | 221,403 | ||||||||||
Taxable Municipal Securities | — | 4,429,638 | — | 4,429,638 | ||||||||||
U.S. Treasury / Federal Agency Securities | — | 1,428,666 | — | 1,428,666 | ||||||||||
Investment Companies | 1,279,455 | — | — | 1,279,455 | ||||||||||
Short-Term Securities | 860,745 | — | — | 860,745 | ||||||||||
Total: | 35,762,834 | 16,819,788 | — | 52,582,622 | ||||||||||
** | 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.
SEPTEMBER 30, 2020 | 5 |