SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Global Dividend Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 99.2% | ||||||||
Asia - 6.3% | ||||||||
Australia - 3.5% | ||||||||
Atlassian Corp. * | 3,525 | 710,323 | ||||||
BHP Group, Ltd. ADR | 6,150 | 349,812 | ||||||
Macquarie Group, Ltd. | 3,900 | 420,584 | ||||||
Woodside Energy Group, Ltd., ADR | 2,222 | 51,750 | ||||||
|
| |||||||
|
1,532,469 |
| ||||||
|
| |||||||
Japan - 1.7% | ||||||||
Astellas Pharma, Inc. | 29,900 | 414,966 | ||||||
Recruit Holdings Co., Ltd. | 10,800 | 333,092 | ||||||
|
| |||||||
|
748,058 |
| ||||||
|
| |||||||
Singapore - 1.1% | ||||||||
Singapore Technologies Engineering, Ltd. | 158,600 | 453,640 | ||||||
|
| |||||||
Europe - 34.1% | ||||||||
France - 0.7% | ||||||||
Safran SA, ADR | 7,700 | 301,378 | ||||||
|
| |||||||
Germany - 5.5% | ||||||||
Allianz SE, ADR | 35,000 | 832,300 | ||||||
Deutsche Post AG | 4,050 | 165,002 | ||||||
Infineon Technologies AG | 6,425 | 212,989 | ||||||
Muenchener Rueckversicherungs AG | 1,500 | 585,347 | ||||||
Siemens AG | 4,350 | 623,905 | ||||||
|
| |||||||
|
2,419,543 |
| ||||||
|
| |||||||
Ireland - 4.8% | ||||||||
Accenture, PLC | 3,675 | 1,128,630 | ||||||
Linde, PLC | 1,475 | 549,216 | ||||||
Trane Technologies, PLC | 2,175 | 441,329 | ||||||
|
| |||||||
|
2,119,175 |
| ||||||
|
| |||||||
Spain - 1.5% | ||||||||
Iberdrola SA | 60,400 | 676,574 | ||||||
|
| |||||||
Switzerland - 7.1% | ||||||||
Chubb, Ltd. | 2,650 | 551,677 | ||||||
Logitech International SA | 8,725 | 601,502 | ||||||
Lonza Group AG | 950 | 441,711 | ||||||
Nestle SA | 6,075 | 688,502 | ||||||
Partners Group Holding AG | 725 | 819,372 | ||||||
|
| |||||||
|
3,102,764 |
| ||||||
|
| |||||||
United Kingdom - 14.5% | ||||||||
AstraZeneca, PLC, ADR | 15,400 | 1,042,888 | ||||||
BAE Systems, PLC | 74,675 | 909,105 | ||||||
Compass Group, PLC | 14,500 | 353,829 | ||||||
Diageo, PLC, ADR | 4,225 | 630,286 | ||||||
Glencore, PLC, ADR | 25,200 | 287,280 | ||||||
London Stock Exchange Group, PLC | 6,875 | 690,683 | ||||||
Man Group, PLC | 221,400 | 603,741 | ||||||
RELX, PLC | 14,450 | 489,636 | ||||||
Shell, PLC, ADR | 20,525 | 1,321,400 | ||||||
|
| |||||||
|
6,328,848 |
| ||||||
|
| |||||||
North America - 58.8% | ||||||||
United States - 58.8% | ||||||||
Abbott Laboratories | 7,400 | 716,690 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Alphabet, Inc. - Class A * | 9,000 | 1,177,740 | ||||||
Apple, Inc. | 19,200 | 3,287,232 | ||||||
Applied Materials, Inc. | 8,175 | 1,131,829 | ||||||
Arthur J Gallagher & Co. | 3,775 | 860,436 | ||||||
Broadcom, Inc. | 1,825 | 1,515,809 | ||||||
Cheniere Energy, Inc. | 2,900 | 481,284 | ||||||
ConocoPhillips | 4,125 | 494,175 | ||||||
Constellation Brands, Inc. | 2,750 | 691,157 | ||||||
FedEx Corp. | 1,950 | 516,594 | ||||||
Goldman Sachs Group, Inc. | 1,400 | 452,998 | ||||||
Home Depot, Inc. | 2,550 | 770,508 | ||||||
Honeywell International, Inc. | 3,200 | 591,168 | ||||||
Johnson & Johnson | 6,925 | 1,078,569 | ||||||
JPMorgan Chase & Co. | 7,350 | 1,065,897 | ||||||
Lockheed Martin Corp. | 1,565 | 640,022 | ||||||
McDonald’s Corp. | 1,860 | 489,998 | ||||||
Microsoft Corp. | 10,725 | 3,386,419 | ||||||
Mondelez International, Inc. | 7,100 | 492,740 | ||||||
NVIDIA Corp. | 500 | 217,495 | ||||||
Otis Worldwide Corp. | 3,875 | 311,201 | ||||||
PepsiCo, Inc. | 4,875 | 826,020 | ||||||
Salesforce, Inc. * | 725 | 147,015 | ||||||
Sherwin-Williams Co. | 1,875 | 478,219 | ||||||
Starbucks Corp. | 2,950 | 269,246 | ||||||
Thermo Fisher Scientific, Inc. | 1,175 | 594,750 | ||||||
Union Pacific Corp. | 4,050 | 824,701 | ||||||
UnitedHealth Group, Inc. | 1,625 | 819,309 | ||||||
Waste Management, Inc. | 5,100 | 777,444 | ||||||
WEC Energy Group, Inc. | 6,150 | 495,383 | ||||||
Williams Cos., Inc. | 4,600 | 154,974 | ||||||
|
| |||||||
|
25,757,022 |
| ||||||
|
| |||||||
Total Common Stocks | 43,439,471 | |||||||
|
| |||||||
Short-Term Securities - 0.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% | 279,141 | 279,141 | ||||||
|
| |||||||
Total Investments in Securities - 99.8% | 43,718,612 | |||||||
Other Assets and Liabilities, net - 0.2% | 96,147 | |||||||
|
| |||||||
Net Assets - 100.0% | $43,814,759 | |||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt |
PLC — Public Limited Company |
SEPTEMBER 30, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Global Dividend Growth Fund (Continued)
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Electronic Technology | 15.9% | |||
Technology Services | 15.7 | |||
Finance | 15.7 | |||
Health Technology | 9.8 | |||
Producer Manufacturing | 9.7 | |||
Consumer Non-Durables | 7.6 | |||
Energy Minerals | 4.3 | |||
Consumer Services | 3.7 | |||
Transportation | 3.4 | |||
Industrial Services | 3.2 | |||
Utilities | 2.7 | |||
Process Industries | 2.3 | |||
Health Services | 1.9 | |||
Retail Trade | 1.8 | |||
Non-Energy Minerals | 1.5 | |||
Short-Term Securities | 0.6 | |||
|
| |||
|
99.8 |
| ||
Other Assets and Liabilities, net | 0.2 | |||
|
| |||
|
100.0% |
| ||
|
|
A summary of the levels for the Fund’s investments as of September 30, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | 1,532,469 | — | — | 1,532,469 | ||||||||||||
France | 301,378 | — | — | 301,378 | ||||||||||||
Germany | 2,419,543 | — | — | 2,419,543 | ||||||||||||
Ireland | 2,119,175 | — | — | 2,119,175 | ||||||||||||
Japan | 748,058 | — | — | 748,058 | ||||||||||||
Singapore | 453,640 | — | — | 453,640 | ||||||||||||
Spain | 676,574 | — | — | 676,574 | ||||||||||||
Switzerland | 3,102,764 | — | — | 3,102,764 | ||||||||||||
United Kingdom | 6,328,848 | — | — | 6,328,848 | ||||||||||||
United States | 25,757,022 | — | — | 25,757,022 | ||||||||||||
Short-Term Securities | 279,141 | — | — | 279,141 | ||||||||||||
Total: | 43,718,612 | — | — | 43,718,612 |
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 |