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SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
Sit International Growth Fund
Investments are grouped by geographic region.
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Name of Issuer | Quantity |
Fair Value ($) | ||||||
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Common Stocks - 96.8% | ||||||||
Asia - 27.3% | ||||||||
Australia - 4.4% | ||||||||
Amcor, Ltd. | 12,100 | 116,378 | ||||||
Atlassian Corp., PLC* | 2,000 | 250,880 | ||||||
Macquarie Group, Ltd. | 2,600 | 230,029 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 229,196 | ||||||
Westpac Banking Corp., ADR | 8,300 | 165,917 | ||||||
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| |||||||
992,400 | ||||||||
China/Hong Kong - 10.4% | ||||||||
AIA Group, Ltd. | 32,200 | 304,223 | ||||||
Alibaba Group Holding, Ltd., ADR* | 2,350 | 392,991 | ||||||
Baidu, Inc., ADR* | 950 | 97,622 | ||||||
China Tower Corp., Ltd. | 972,000 | 220,748 | ||||||
CSPC Pharmaceutical Group, Ltd. | 116,000 | 232,956 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 190,393 | ||||||
HSBC Holdings, PLC, ADR | 3,825 | 146,383 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 384,893 | ||||||
Tencent Holdings, Ltd. | 9,000 | 379,167 | ||||||
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| |||||||
2,349,376 | ||||||||
Japan - 9.0% | ||||||||
Astellas Pharma, Inc. | 14,300 | 203,473 | ||||||
Keyence Corp. | 600 | 371,237 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 340,376 | ||||||
Shiseido Co., Ltd. | 4,100 | 327,204 | ||||||
Sony Corp., ADR | 6,300 | 372,519 | ||||||
Terumo Corp. | 13,100 | 421,623 | ||||||
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| |||||||
2,036,432 | ||||||||
Singapore - 1.7% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 282,169 | ||||||
Singapore Technologies Engineering, Ltd. | 39,700 | 110,298 | ||||||
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| |||||||
392,467 | ||||||||
South Korea - 1.8% | ||||||||
LG Chem, Ltd. | 825 | 206,569 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 188,330 | ||||||
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394,899 | ||||||||
Europe - 59.1% | ||||||||
Finland - 1.1% | ||||||||
Nokia OYJ, ADR | 48,300 | 244,398 | ||||||
France- 7.6% | ||||||||
AXA SA | 11,750 | 300,067 | ||||||
Dassault Systemes SA | 2,625 | 374,093 | ||||||
Safran SA | 3,200 | 503,820 | ||||||
Schneider Electric SE | 5,000 | 438,706 | ||||||
Talend SA, ADR* | 3,200 | 108,736 | ||||||
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| |||||||
1,725,422 |
| ||||||||
Name of Issuer | Quantity |
Fair Value ($) | ||||||
| ||||||||
Germany - 6.5% | ||||||||
adidas AG | 1,630 | 507,493 | ||||||
Allianz SE | 2,250 | 524,445 | ||||||
Aurelius SE & Co. | 4,660 | 192,298 | ||||||
Siemens AG | 2,225 | 238,271 | ||||||
1,462,507 | ||||||||
Ireland - 2.4% | ||||||||
CRH, PLC, ADR | 7,400 | 254,264 | ||||||
STERIS, PLC | 1,950 | 281,755 | ||||||
536,019 | ||||||||
Luxembourg - 1.8% | ||||||||
Globant SA* | 4,350 | 398,373 | ||||||
Netherlands - 4.3% | ||||||||
ASML Holding NV | 1,700 | 422,314 | ||||||
ING Groep NV | 27,400 | 286,821 | ||||||
Koninklijke Philips NV | 5,750 | 265,247 | ||||||
974,382 | ||||||||
Spain - 3.7% | ||||||||
Cellnex Telecom SA* | 2,900 | 119,797 | ||||||
Iberdrola SA | 45,900 | 477,075 | ||||||
Industria de Diseno Textil SA | 7,900 | 244,542 | ||||||
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| |||||||
841,414 | ||||||||
Sweden - 1.1% | ||||||||
Hexagon AB | 5,200 | 250,702 | ||||||
Switzerland - 13.5% | ||||||||
Alcon, Inc.* | 865 | 50,441 | ||||||
Garmin, Ltd. | 3,600 | 304,884 | ||||||
Interroll Holding AG | 120 | 222,434 | ||||||
Logitech International SA | 5,925 | 241,384 | ||||||
Lonza Group AG* | 825 | 278,899 | ||||||
Nestle SA | 6,600 | 716,044 | ||||||
Novartis AG | 4,325 | 375,017 | ||||||
Partners Group Holding AG | 300 | 230,189 | ||||||
Roche Holding AG | 1,320 | 384,143 | ||||||
Zurich Insurance Group AG | 680 | 260,268 | ||||||
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| |||||||
3,063,703 | ||||||||
United Kingdom - 17.1% | ||||||||
Ashtead Group, PLC | 9,600 | 267,234 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 369,931 | ||||||
BAE Systems, PLC | 52,600 | 368,642 | ||||||
Cineworld Group, PLC | 99,900 | 280,056 | ||||||
Coca-Cola European Partners, PLC | 5,400 | 299,430 | ||||||
Diageo, PLC, ADR | 2,375 | 388,360 | ||||||
DS Smith, PLC | 63,600 | 281,829 | ||||||
London Stock Exchange Group, PLC | 2,500 | 224,638 | ||||||
Prudential, PLC | 12,200 | 221,256 | ||||||
Reckitt Benckiser Group, PLC | 4,400 | 343,210 | ||||||
RELX, PLC | 14,700 | 349,767 |
SEPTEMBER 30, 2019 | 1 |
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SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
Sit International Growth Fund (Continued)
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Name of Issuer | Quantity | Fair Value ($) | ||||||
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Royal Dutch Shell, PLC, ADR - Class A | 4,500 | 264,825 | ||||||
Royal Dutch Shell, PLC, ADR - Class B | 3,700 | 221,630 | ||||||
3,880,808 | ||||||||
North America - 10.4% | ||||||||
Canada - 5.4% | ||||||||
Alimentation Couche-Tard, Inc. | 5,200 | 159,354 | ||||||
BRP, Inc. | 2,925 | 113,812 | ||||||
Canopy Growth Corp.* | 2,800 | 64,204 | ||||||
Colliers International Group, Inc. | 1,600 | 120,080 | ||||||
Cronos Group, Inc.* | 7,300 | 66,065 | ||||||
Suncor Energy, Inc. | 13,100 | 413,698 | ||||||
Waste Connections, Inc. | 3,250 | 299,000 | ||||||
1,236,213 | ||||||||
United States - 5.0% | ||||||||
Booking Holdings, Inc.* | 60 | 117,757 | ||||||
Broadcom, Inc. | 1,025 | 282,972 | ||||||
Euronet Worldwide, Inc.* | 3,150 | 460,845 | ||||||
Mondelez International, Inc. | 4,800 | 265,536 | ||||||
1,127,110 | ||||||||
Total Common Stocks | 21,906,625 | |||||||
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Investment Companies - 1.3% | ||||||||
iShares MSCI India ETF | 8,700 | 292,059 | ||||||
(cost: $258,887) | ||||||||
Short-Term Securities - 1.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 1.86% | 360,137 | 360,137 | ||||||
(cost: $360,137) | ||||||||
Total Investments in Securities - 99.7% |
| 22,558,821 | ||||||
Other Assets and Liabilities, net - 0.3% |
| 66,240 | ||||||
|
| |||||||
Total Net Assets - 100.0% | $22,625,061 | |||||||
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* | Non-income producing security. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Finance | 17.8 | % | ||
ConsumerNon-Durables | 12.6 | |||
Health Technology | 11.8 | |||
Technology Services | 11.2 | |||
Producer Manufacturing | 10.6 | |||
Electronic Technology | 9.1 | |||
Energy Minerals | 4.0 | |||
Consumer Durables | 3.2 | |||
Utilities | 3.0 | |||
Consumer Services | 2.8 | |||
Process Industries | 2.7 | |||
Retail Trade | 2.4 | |||
Non-Energy Minerals | 2.1 | |||
Communications | 1.5 | |||
Industrial Services | 1.3 | |||
Commercial Services | 0.5 | |||
Health Services | 0.2 | |||
Investment Companies | 1.3 | |||
Short-Term Securities | 1.6 | |||
|
|
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99.7 | ||||
Other Assets and Liabilities, net | 0.3 | |||
|
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100.0 | % | |||
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2 |
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SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2019 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Price ($) |
Level 2 Other significant observable inputs ($) |
Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | 992,400 | — | — | 992,400 | ||||||||||||
Canada | 1,236,213 | — | — | 1,236,213 | ||||||||||||
China/Hong Kong | 2,349,376 | — | — | 2,349,376 | ||||||||||||
Finland | 244,398 | — | — | 244,398 | ||||||||||||
France | 1,725,422 | — | — | 1,725,422 | ||||||||||||
Germany | 1,462,507 | — | — | 1,462,507 | ||||||||||||
Ireland | 536,019 | — | — | 536,019 | ||||||||||||
Japan | 2,036,432 | — | — | 2,036,432 | ||||||||||||
Luxembourg | 398,373 | — | — | 398,373 | ||||||||||||
Netherlands | 974,382 | — | — | 974,382 | ||||||||||||
Singapore | 392,467 | — | — | 392,467 | ||||||||||||
South Korea | 394,899 | — | — | 394,899 | ||||||||||||
Spain | 841,414 | — | — | 841,414 | ||||||||||||
Sweden | 250,702 | — | — | 250,702 | ||||||||||||
Switzerland | 3,063,703 | — | — | 3,063,703 | ||||||||||||
United Kingdom | 3,880,808 | — | — | 3,880,808 | ||||||||||||
United States | 1,127,110 | — | — | 1,127,110 | ||||||||||||
Investment Companies | 292,059 | — | — | 292,059 | ||||||||||||
Short-Term Securities | 360,137 | — | — | 360,137 | ||||||||||||
Total: | 22,558,821 | — | — | 22,558,821 |
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.
SEPTEMBER 30, 2019 | 3 |