SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Global Dividend Growth Fund
Investments are grouped by geographic region
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 98.2% | ||||||||
Asia - 6.8% | ||||||||
Australia - 3.9% | ||||||||
Atlassian Corp., PLC * | 3,525 | 742,330 | ||||||
BHP Group, Ltd. ADR | 6,150 | 307,746 | ||||||
Macquarie Group, Ltd. | 3,900 | 380,485 | ||||||
Woodside Energy Group, Ltd., ADR | 2,222 | 44,795 | ||||||
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1,475,356 | ||||||||
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Japan - 1.9% | ||||||||
Astellas Pharma, Inc. | 29,900 | 396,094 | ||||||
Recruit Holdings Co., Ltd. | 10,800 | 311,101 | ||||||
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707,195 | ||||||||
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Singapore - 1.0% | ||||||||
Singapore Technologies Engineering, Ltd. | 158,600 | 394,035 | ||||||
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Europe - 32.7% | ||||||||
France - 0.8% | ||||||||
Faurecia SE * | 11,926 | 129,097 | ||||||
Safran SA, ADR | 7,700 | 174,636 | ||||||
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303,733 | ||||||||
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Germany - 4.0% | ||||||||
adidas AG | 835 | 95,993 | ||||||
Allianz SE, ADR | 35,000 | 546,350 | ||||||
Deutsche Post AG | 4,050 | 122,066 | ||||||
Infineon Technologies AG | 6,425 | 140,605 | ||||||
Muenchener Rueckversicherungs AG | 650 | 156,468 | ||||||
Siemens AG | 4,350 | 425,181 | ||||||
Siemens Energy AG | 1,600 | 17,617 | ||||||
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1,504,280 | ||||||||
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Ireland - 5.7% | ||||||||
Accenture, PLC | 3,675 | 945,577 | ||||||
Linde, PLC | 1,475 | 397,645 | ||||||
Medtronic, PLC | 6,200 | 500,650 | ||||||
Trane Technologies, PLC | 2,175 | 314,962 | ||||||
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2,158,834 | ||||||||
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Spain - 1.5% | ||||||||
Iberdrola SA | 60,400 | 563,181 | ||||||
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Sweden - 0.9% | ||||||||
Telefonaktiebolaget LM Ericsson, ADR | 57,600 | 330,624 | ||||||
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Switzerland - 6.9% | ||||||||
Chubb, Ltd. | 2,650 | 481,982 | ||||||
Logitech International SA | 9,625 | 442,750 | ||||||
Lonza Group AG | 950 | 462,546 | ||||||
Nestle SA | 6,075 | 657,056 | ||||||
Partners Group Holding AG | 725 | 583,469 | ||||||
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2,627,803 | ||||||||
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United Kingdom - 12.9% | ||||||||
AstraZeneca, PLC, ADR | 15,400 | 844,536 | ||||||
BAE Systems, PLC | 74,675 | 656,126 | ||||||
Diageo, PLC, ADR | 4,225 | 717,447 | ||||||
HomeServe, PLC | 33,725 | 444,353 | ||||||
London Stock Exchange Group, PLC | 6,875 | 580,586 | ||||||
Man Group, PLC | 71,800 | 177,783 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
RELX, PLC | 17,550 | 427,735 | ||||||
Shell, PLC, ADR | 20,525 | 1,021,324 | ||||||
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4,869,890 | ||||||||
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North America - 58.7% | ||||||||
United States - 58.7% | ||||||||
Abbott Laboratories | 7,400 | 716,024 | ||||||
AES Corp. | 5,100 | 115,260 | ||||||
Alphabet, Inc. - Class A * | 9,000 | 860,850 | ||||||
Apple, Inc. | 19,200 | 2,653,440 | ||||||
Applied Materials, Inc. | 8,175 | 669,778 | ||||||
Arthur J Gallagher & Co. | 3,775 | 646,356 | ||||||
Bank of America Corp. | 16,300 | 492,260 | ||||||
Broadcom, Inc. | 1,825 | 810,318 | ||||||
Constellation Brands, Inc. | 2,750 | 631,620 | ||||||
CVS Health Corp. | 6,625 | 631,826 | ||||||
Equifax, Inc. | 1,000 | 171,430 | ||||||
Euronet Worldwide, Inc. * | 2,800 | 212,128 | ||||||
FedEx Corp. | 1,950 | 289,517 | ||||||
Goldman Sachs Group, Inc. | 1,400 | 410,270 | ||||||
Home Depot, Inc. | 2,550 | 703,647 | ||||||
Honeywell International, Inc. | 3,200 | 534,304 | ||||||
Johnson & Johnson | 6,925 | 1,131,268 | ||||||
JPMorgan Chase & Co. | 7,350 | 768,075 | ||||||
Lockheed Martin Corp. | 1,565 | 604,544 | ||||||
McDonald’s Corp. | 1,860 | 429,176 | ||||||
Microsoft Corp. | 10,725 | 2,497,853 | ||||||
Mondelez International, Inc. | 7,100 | 389,293 | ||||||
Otis Worldwide Corp. | 3,875 | 247,225 | ||||||
PepsiCo, Inc. | 5,775 | 942,827 | ||||||
Salesforce, Inc. * | 725 | 104,284 | ||||||
Scotts Miracle-Gro Co. | 2,675 | 114,356 | ||||||
Sherwin-Williams Co. | 1,875 | 383,906 | ||||||
Starbucks Corp. | 2,950 | 248,567 | ||||||
T Rowe Price Group, Inc. | 2,450 | 257,274 | ||||||
Thermo Fisher Scientific, Inc. | 1,175 | 595,948 | ||||||
Union Pacific Corp. | 4,050 | 789,021 | ||||||
UnitedHealth Group, Inc. | 1,625 | 820,690 | ||||||
Waste Management, Inc. | 5,100 | 817,071 | ||||||
WEC Energy Group, Inc. | 6,150 | 549,994 | ||||||
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22,240,400 | ||||||||
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Total Common Stocks | 37,175,331 | |||||||
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Short-Term Securities - 1.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% | 621,127 | 621,127 | ||||||
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Total Investments in Securities - 99.8% | 37,796,458 | |||||||
Other Assets and Liabilities, net - 0.2% | 76,359 | |||||||
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Net Assets - 100.0% | $37,872,817 | |||||||
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* | Non-income producing security. |
ADR — American Depositary Receipt |
PLC — Public Limited Company |
SEPTEMBER 30, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Global Dividend Growth Fund (Continued)
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||||
Technology Services | 15.0% | |||||
Finance | 14.5 | |||||
Electronic Technology | 13.3 | |||||
Health Technology | 12.3 | |||||
Producer Manufacturing | 9.2 | |||||
Consumer Non-Durables | 9.1 | |||||
Retail Trade | 3.5 | |||||
Utilities | 3.2 | |||||
Transportation | 3.2 | |||||
Consumer Services | 2.9 | |||||
Energy Minerals | 2.8 | |||||
Process Industries | 2.4 | |||||
Health Services | 2.2 | |||||
Industrial Services | 2.2 | |||||
Commercial Services | 1.6 | |||||
Non-Energy Minerals | 0.8 | |||||
Short-Term Securities | 1.6 | |||||
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99.8 | ||||||
Other Assets and Liabilities, net | 0.2 | |||||
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100.0% | ||||||
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A summary of the levels for the Fund’s investments as of September 30, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant | Level 3 Significant | Total ($) | |||||||||||||
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Common Stocks | ||||||||||||||||
Australia | 1,094,871 | 380,485 | — | 1,475,356 | ||||||||||||
France | 174,636 | 129,097 | — | 303,733 | ||||||||||||
Germany | 546,350 | 957,930 | — | 1,504,280 | ||||||||||||
Ireland | 2,158,834 | — | — | 2,158,834 | ||||||||||||
Japan | — | 707,195 | — | 707,195 | ||||||||||||
Singapore | — | 394,035 | — | 394,035 | ||||||||||||
Spain | — | 563,181 | — | 563,181 | ||||||||||||
Sweden | 330,624 | — | — | 330,624 | ||||||||||||
Switzerland | 924,732 | 1,703,071 | — | 2,627,803 | ||||||||||||
United Kingdom | 2,583,307 | 2,286,583 | — | 4,869,890 | ||||||||||||
United States | 22,240,400 | — | — | 22,240,400 | ||||||||||||
Short-Term Securities | 621,127 | — | — | 621,127 | ||||||||||||
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Total: | 30,674,881 | 7,121,577 | — | 37,796,458 | ||||||||||||
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Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). 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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