SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Global Dividend Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 97.5% | ||||||||
Asia - 6.0% | ||||||||
Australia - 3.4% | ||||||||
Atlassian Corp. * | 3,525 | 603,374 | ||||||
BHP Group, Ltd. ADR | 6,150 | 389,972 | ||||||
Macquarie Group, Ltd. | 3,900 | 461,759 | ||||||
Woodside Energy Group, Ltd., ADR | 2,222 | 49,839 | ||||||
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1,504,944 |
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Japan - 1.6% | ||||||||
Astellas Pharma, Inc. | 29,900 | 424,799 | ||||||
Recruit Holdings Co., Ltd. | 10,800 | 297,098 | ||||||
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721,897 |
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Singapore - 1.0% | ||||||||
Singapore Technologies Engineering, Ltd. | 158,600 | 436,603 | ||||||
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Europe - 33.6% | ||||||||
France - 0.6% | ||||||||
Safran SA, ADR | 7,700 | 285,054 | ||||||
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Germany - 5.6% | ||||||||
Allianz SE, ADR | 35,000 | 806,750 | ||||||
Deutsche Post AG | 4,050 | 189,684 | ||||||
Infineon Technologies AG | 6,425 | 263,844 | ||||||
Muenchener Rueckversicherungs AG | 1,500 | 524,454 | ||||||
Siemens AG | 4,350 | 704,717 | ||||||
Siemens Energy AG * | 1,600 | 35,282 | ||||||
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2,524,731 |
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Ireland - 4.9% | ||||||||
Accenture, PLC | 3,675 | 1,050,352 | ||||||
Linde, PLC | 1,475 | 524,274 | ||||||
Medtronic, PLC | 2,625 | 211,627 | ||||||
Trane Technologies, PLC | 2,175 | 400,157 | ||||||
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2,186,410 |
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Spain - 1.7% | ||||||||
Iberdrola SA | 60,400 | 752,452 | ||||||
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Switzerland - 6.9% | ||||||||
Chubb, Ltd. | 2,650 | 514,577 | ||||||
Logitech International SA | 9,625 | 558,827 | ||||||
Lonza Group AG | 950 | 571,900 | ||||||
Nestle SA | 6,075 | 740,728 | ||||||
Partners Group Holding AG | 725 | 682,749 | ||||||
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3,068,781 |
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United Kingdom - 13.9% | ||||||||
AstraZeneca, PLC, ADR | 15,400 | 1,068,914 | ||||||
BAE Systems, PLC | 74,675 | 903,279 | ||||||
Compass Group, PLC | 14,500 | 364,408 | ||||||
Diageo, PLC, ADR | 4,225 | 765,485 | ||||||
Glencore, PLC, ADR | 25,200 | 288,288 | ||||||
London Stock Exchange Group, PLC | 6,875 | 667,767 | ||||||
Man Group, PLC | 162,675 | 473,909 | ||||||
RELX, PLC | 14,450 | 468,008 | ||||||
Shell, PLC, ADR | 20,525 | 1,181,009 | ||||||
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6,181,067 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
North America - 57.9% | ||||||||
United States - 57.9% | ||||||||
Abbott Laboratories | 7,400 | 749,324 | ||||||
AES Corp. | 5,100 | 122,808 | ||||||
Alphabet, Inc. - Class A * | 9,000 | 933,570 | ||||||
Apple, Inc. | 19,200 | 3,166,080 | ||||||
Applied Materials, Inc. | 8,175 | 1,004,135 | ||||||
Arthur J Gallagher & Co. | 3,775 | 722,195 | ||||||
Bank of America Corp. | 8,500 | 243,100 | ||||||
Broadcom, Inc. | 1,825 | 1,170,810 | ||||||
Cheniere Energy, Inc. | 2,900 | 457,040 | ||||||
ConocoPhillips | 4,125 | 409,241 | ||||||
Constellation Brands, Inc. | 2,750 | 621,198 | ||||||
CVS Health Corp. | 6,625 | 492,304 | ||||||
Equifax, Inc. | 1,000 | 202,840 | ||||||
Euronet Worldwide, Inc. * | 2,800 | 313,320 | ||||||
FedEx Corp. | 1,950 | 445,556 | ||||||
Goldman Sachs Group, Inc. | 1,400 | 457,954 | ||||||
Home Depot, Inc. | 2,550 | 752,556 | ||||||
Honeywell International, Inc. | 3,200 | 611,584 | ||||||
Johnson & Johnson | 6,925 | 1,073,375 | ||||||
JPMorgan Chase & Co. | 7,350 | 957,778 | ||||||
Lockheed Martin Corp. | 1,565 | 739,822 | ||||||
McDonald’s Corp. | 1,860 | 520,075 | ||||||
Microsoft Corp. | 10,725 | 3,092,017 | ||||||
Mondelez International, Inc. | 7,100 | 495,012 | ||||||
Otis Worldwide Corp. | 3,875 | 327,050 | ||||||
PepsiCo, Inc. | 4,875 | 888,712 | ||||||
Salesforce, Inc. * | 725 | 144,841 | ||||||
Sherwin-Williams Co. | 1,875 | 421,444 | ||||||
Starbucks Corp. | 2,950 | 307,184 | ||||||
T Rowe Price Group, Inc. | 2,450 | 276,605 | ||||||
Thermo Fisher Scientific, Inc. | 1,175 | 677,235 | ||||||
Union Pacific Corp. | 4,050 | 815,103 | ||||||
UnitedHealth Group, Inc. | 1,625 | 767,959 | ||||||
Waste Management, Inc. | 5,100 | 832,167 | ||||||
WEC Energy Group, Inc. | 6,150 | 582,958 | ||||||
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25,794,952 |
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Total Common Stocks | 43,456,891 | |||||||
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Short-Term Securities - 2.3% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% | 1,020,497 | 1,020,497 | ||||||
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| |||||||
Total Investments in Securities - 99.8% | 44,477,388 | |||||||
Other Assets and Liabilities, net - 0.2% | 67,307 | |||||||
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Net Assets - 100.0% |
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$44,544,695 |
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* | Non-income producing security. |
ADR — American Depositary Receipt |
PLC — Public Limited Company |
MARCH 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Global Dividend Growth Fund (Continued)
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Finance | 15.2% | |||
Technology Services | 14.4 | |||
Electronic Technology | 13.8 | |||
Health Technology | 10.7 | |||
Producer Manufacturing | 10.0 | |||
Consumer Non-Durables | 7.9 | |||
Consumer Services | 3.7 | |||
Energy Minerals | 3.7 | |||
Utilities | 3.3 | |||
Transportation | 3.3 | |||
Industrial Services | 2.9 | |||
Retail Trade | 2.8 | |||
Process Industries | 2.1 | |||
Health Services | 1.7 | |||
Non-Energy Minerals | 1.5 | |||
Commercial Services | 0.5 | |||
Short-Term Securities | 2.3 | |||
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99.8 |
| ||
Other Assets and Liabilities, net | 0.2 | |||
|
| |||
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100.0% |
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A summary of the levels for the Fund’s investments as of March 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | 1,043,185 | 461,759 | — | 1,504,944 | ||||||||||||
France | 285,054 | — | — | 285,054 | ||||||||||||
Germany | 806,750 | 1,717,981 | — | 2,524,731 | ||||||||||||
Ireland | 2,186,410 | — | — | 2,186,410 | ||||||||||||
Japan | — | 721,897 | — | 721,897 | ||||||||||||
Singapore | — | 436,603 | — | 436,603 | ||||||||||||
Spain | — | 752,452 | — | 752,452 | ||||||||||||
Switzerland | 1,073,404 | 1,995,377 | — | 3,068,781 | ||||||||||||
United Kingdom | 3,303,696 | 2,877,371 | — | 6,181,067 | ||||||||||||
United States | 25,794,952 | — | — | 25,794,952 | ||||||||||||
Short-Term Securities | 1,020,497 | — | — | 1,020,497 | ||||||||||||
Total: | 35,513,948 | 8,963,440 | — | 44,477,388 |
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 |