SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit ESG Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 95.3% | ||||||||
Asia - 7.1% | ||||||||
Japan - 6.1% | ||||||||
Astellas Pharma, Inc. | 6,400 | 90,927 | ||||||
Keyence Corp. | 200 | 98,022 | ||||||
Recruit Holdings Co., Ltd. | 3,100 | 85,278 | ||||||
Sony Group Corp., ADR | 1,925 | 174,501 | ||||||
Terumo Corp. | 2,600 | 70,318 | ||||||
|
| |||||||
|
519,046 |
| ||||||
|
| |||||||
Singapore - 1.0% | ||||||||
Singapore Technologies Engineering, Ltd. | 31,200 | 85,889 | ||||||
|
| |||||||
Europe - 36.4% | ||||||||
France - 1.8% | ||||||||
Faurecia SE * | 2,358 | 51,248 | ||||||
Safran SA, ADR | 2,750 | 101,805 | ||||||
|
| |||||||
|
153,053 |
| ||||||
|
| |||||||
Germany - 6.7% | ||||||||
Allianz SE, ADR | 8,800 | 202,840 | ||||||
Deutsche Post AG | 1,550 | 72,595 | ||||||
Infineon Technologies AG | 1,225 | 50,305 | ||||||
Muenchener Rueckversicherungs AG | 275 | 96,150 | ||||||
Siemens AG, ADR | 1,775 | 143,686 | ||||||
|
| |||||||
|
565,576 |
| ||||||
|
| |||||||
Ireland - 5.3% | ||||||||
Accenture, PLC | 575 | 164,341 | ||||||
CRH, PLC, ADR | 1,200 | 61,044 | ||||||
Medtronic, PLC | 725 | 58,449 | ||||||
Trane Technologies, PLC | 875 | 160,983 | ||||||
|
| |||||||
|
444,817 |
| ||||||
|
| |||||||
Netherlands - 0.5% | ||||||||
ASML Holding NV | 65 | 44,246 | ||||||
|
| |||||||
Spain - 2.4% | ||||||||
Iberdrola SA, ADR | 4,050 | 201,366 | ||||||
|
| |||||||
Switzerland - 5.4% | ||||||||
Chubb, Ltd. | 250 | 48,545 | ||||||
Logitech International SA | 1,550 | 89,993 | ||||||
Lonza Group AG | 185 | 111,370 | ||||||
Nestle SA, ADR | 1,200 | 146,028 | ||||||
Novartis AG, ADR | 665 | 61,180 | ||||||
|
| |||||||
|
457,116 |
| ||||||
|
| |||||||
United Kingdom - 14.3% | ||||||||
AstraZeneca, PLC, ADR | 3,625 | 251,611 | ||||||
BAE Systems, PLC, ADR | 3,500 | 172,795 | ||||||
Coca-Cola Europacific Partners, PLC | 2,100 | 124,299 | ||||||
Compass Group, PLC | 3,600 | 90,474 | ||||||
Diageo, PLC, ADR | 785 | 142,226 | ||||||
Entain, PLC | 4,300 | 66,780 | ||||||
Man Group, PLC | 44,850 | 130,658 | ||||||
RELX, PLC, ADR | 4,700 | 152,468 | ||||||
Smith & Nephew, PLC | 5,550 | 77,148 | ||||||
|
| |||||||
|
1,208,459 |
| ||||||
|
|
Name of Issuer | Quantity | Fair Value ($) | ||||||
North America - 51.8% | ||||||||
United States - 51.8% | ||||||||
Adobe, Inc. * | 450 | 173,417 | ||||||
AES Corp. | 3,025 | 72,842 | ||||||
Alphabet, Inc. - Class A * | 2,500 | 259,325 | ||||||
Apple, Inc. | 3,600 | 593,640 | ||||||
Broadcom, Inc. | 75 | 48,115 | ||||||
Cheniere Energy, Inc. | 775 | 122,140 | ||||||
CVS Health Corp. | 1,550 | 115,181 | ||||||
Dexcom, Inc. * | 1,080 | 125,474 | ||||||
Ecolab, Inc. | 325 | 53,797 | ||||||
FedEx Corp. | 375 | 85,684 | ||||||
Goldman Sachs Group, Inc. | 600 | 196,266 | ||||||
Home Depot, Inc. | 745 | 219,864 | ||||||
Johnson & Johnson | 1,175 | 182,125 | ||||||
JPMorgan Chase & Co. | 1,075 | 140,083 | ||||||
Lockheed Martin Corp. | 185 | 87,455 | ||||||
Microsoft Corp. | 2,000 | 576,600 | ||||||
NIKE, Inc. | 850 | 104,244 | ||||||
NVIDIA Corp. | 1,000 | 277,770 | ||||||
PepsiCo, Inc. | 875 | 159,513 | ||||||
salesforce.com, Inc. * | 850 | 169,813 | ||||||
Starbucks Corp. | 1,000 | 104,130 | ||||||
T Rowe Price Group, Inc. | 475 | 53,627 | ||||||
TJX Cos., Inc. | 1,380 | 108,137 | ||||||
UnitedHealth Group, Inc. | 500 | 236,295 | ||||||
Visa, Inc. | 475 | 107,094 | ||||||
|
4,372,631 |
| ||||||
|
| |||||||
Total Common Stocks | 8,052,199 | |||||||
|
| |||||||
Short-Term Securities - 4.5% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% | 376,636 | 376,636 | ||||||
|
| |||||||
Total Investments in Securities - 99.8% | 8,428,835 | |||||||
Other Assets and Liabilities, net - 0.2% | 13,430 | |||||||
|
| |||||||
Net Assets - 100.0% | $ | 8,442,265 | ||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
MARCH 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit ESG Growth Fund (Continued)
Portfolio Structure - By Sector | (% of Total Net Assets) | |||||||
Technology Services | 16.9% | |||||||
Electronic Technology | 14.2 | |||||||
Health Technology | 12.2 | |||||||
Finance | 10.3 | |||||||
Producer Manufacturing | 9.5 | |||||||
Consumer Non-Durables | 8.0 | |||||||
Consumer Services | 6.2 | |||||||
Retail Trade | 5.3 | |||||||
Utilities | 3.2 | |||||||
Health Services | 2.8 | |||||||
Consumer Durables | 2.1 | |||||||
Transportation | 1.9 | |||||||
Industrial Services | 1.4 | |||||||
Non-Energy Minerals | 0.7 | |||||||
Process Industries | 0.6 | |||||||
Short-Term Securities | 4.5 | |||||||
| ||||||||
99.8 | ||||||||
Other Assets and Liabilities, net | 0.2 | |||||||
| ||||||||
100.0% | ||||||||
|
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 | ||||||||||||||||
France | 101,805 | 51,248 | — | 153,053 | ||||||||||||
Germany | 346,526 | 219,050 | — | 565,576 | ||||||||||||
Ireland | 444,817 | — | — | 444,817 | ||||||||||||
Japan | 174,501 | 344,545 | — | 519,046 | ||||||||||||
Netherlands | 44,246 | — | — | 44,246 | ||||||||||||
Singapore | — | 85,889 | — | 85,889 | ||||||||||||
Spain | 201,366 | — | — | 201,366 | ||||||||||||
Switzerland | 345,746 | 111,370 | — | 457,116 | ||||||||||||
United Kingdom | 843,399 | 365,060 | — | 1,208,459 | ||||||||||||
United States | 4,372,631 | — | — | 4,372,631 | ||||||||||||
Short-Term Securities | 376,636 | — | — | 376,636 | ||||||||||||
Total: | 7,251,673 | 1,177,162 | — | 8,428,835 |
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.
2 |