SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit International Growth Fund Investments are grouped by geographic region. |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Common Stocks - 97.0% | ||||||||
Asia - 30.6% | ||||||||
Australia - 4.5% | ||||||||
Amcor, Ltd. | 12,100 | 96,873 | ||||||
Atlassian Corp., PLC* | 2,500 | 343,150 | ||||||
Macquarie Group, Ltd. | 2,600 | 138,471 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 200,464 | ||||||
Westpac Banking Corp., ADR | 8,300 | 85,075 | ||||||
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| |||||||
864,033 | ||||||||
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| |||||||
China/Hong Kong - 11.8% | ||||||||
AIA Group, Ltd. | 32,200 | 288,339 | ||||||
Alibaba Group Holding, Ltd., ADR* | 2,350 | 457,028 | ||||||
Baidu, Inc., ADR* | 1,525 | 153,705 | ||||||
China Tower Corp., Ltd. | 1,136,000 | 252,420 | ||||||
CSPC Pharmaceutical Group, Ltd. | 88,000 | 173,104 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 178,245 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 327,170 | ||||||
Tencent Holdings, Ltd. | 9,000 | 444,849 | ||||||
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| |||||||
2,274,860 | ||||||||
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| |||||||
Japan - 10.1% | ||||||||
Astellas Pharma, Inc. | 17,700 | 272,710 | ||||||
Keyence Corp. | 1,000 | 321,513 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 289,310 | ||||||
Shiseido Co., Ltd. | 4,100 | 240,967 | ||||||
Sony Corp., ADR | 6,300 | 372,834 | ||||||
Terumo Corp. | 13,100 | 448,824 | ||||||
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1,946,158 | ||||||||
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| |||||||
Singapore - 2.0% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 203,551 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 171,526 | ||||||
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| |||||||
375,077 | ||||||||
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South Korea - 2.2% | ||||||||
LG Chem, Ltd. | 975 | 241,490 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 182,990 | ||||||
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424,480 | ||||||||
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| |||||||
Europe - 57.7% | ||||||||
Denmark - 0.5% | ||||||||
Bavarian Nordic* | 5,850 | 92,367 | ||||||
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France- 8.1% | ||||||||
AXA SA | 11,750 | 198,951 | ||||||
Dassault Systemes SA | 2,625 | 383,227 | ||||||
Safran SA | 3,200 | 283,511 | ||||||
Sanofi, ADR | 3,800 | 166,136 | ||||||
Schneider Electric SE | 5,000 | 422,615 | ||||||
Talend SA, ADR* | 4,900 | 109,907 | ||||||
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1,564,347 | ||||||||
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Germany - 5.3% | ||||||||
adidas AG | 1,630 | 361,905 |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Allianz SE | 2,250 | 383,170 | ||||||
Aurelius SE & Co. | 4,660 | 84,819 | ||||||
Siemens AG | 2,225 | 186,311 | ||||||
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1,016,205 | ||||||||
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| |||||||
Ireland - 2.3% | ||||||||
CRH, PLC, ADR | 6,100 | 163,724 | ||||||
STERIS, PLC | 1,950 | 272,942 | ||||||
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436,666 | ||||||||
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| |||||||
Netherlands - 3.5% | ||||||||
ASML Holding NV | 1,700 | 444,788 | ||||||
Koninklijke Philips NV | 5,750 | 230,920 | ||||||
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675,708 | ||||||||
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Spain - 4.7% | ||||||||
Cellnex Telecom SA | 6,123 | 277,755 | ||||||
Iberdrola SA | 45,900 | 448,949 | ||||||
Industria de Diseno Textil SA | 6,900 | 178,804 | ||||||
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905,508 | ||||||||
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Sweden - 0.8% | ||||||||
Hexagon AB | 3,800 | 160,684 | ||||||
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Switzerland - 16.7% | ||||||||
Garmin, Ltd. | 3,600 | 269,856 | ||||||
Interroll Holding AG | 120 | 198,525 | ||||||
Logitech International SA | 8,125 | 348,806 | ||||||
Lonza Group AG | 1,075 | 442,173 | ||||||
Nestle SA | 6,600 | 675,627 | ||||||
Novartis AG | 4,325 | 356,807 | ||||||
Partners Group Holding AG | 385 | 263,596 | ||||||
Roche Holding AG | 1,320 | 424,699 | ||||||
Zurich Insurance Group AG | 680 | 238,888 | ||||||
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3,218,977 | ||||||||
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| |||||||
United Kingdom - 15.8% | ||||||||
Ashtead Group, PLC | 9,600 | 207,494 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 370,678 | ||||||
BAE Systems, PLC | 52,600 | 337,955 | ||||||
Coca-Cola European Partners, PLC | 5,400 | 202,662 | ||||||
Diageo, PLC, ADR | 2,775 | 352,758 | ||||||
DS Smith, PLC | 63,600 | 215,567 | ||||||
HomeServe, PLC | 15,000 | 195,383 | ||||||
London Stock Exchange Group, PLC | 5,100 | 456,224 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 236,144 | ||||||
RELX, PLC | 14,700 | 314,282 | ||||||
Royal Dutch Shell, PLC, ADR | 4,500 | 157,005 | ||||||
|
| |||||||
3,046,152 | ||||||||
|
| |||||||
Latin America - 1.5% | ||||||||
Argentina - 1.5% | ||||||||
Globant SA* | 3,225 | 283,413 | ||||||
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MARCH 31, 2020 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit International Growth Fund (Continued) |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
North America - 7.2% | ||||||||
Canada - 3.3% | ||||||||
Alimentation Couche-Tard, Inc. | 5,200 | 122,490 | ||||||
BRP, Inc. | 2,925 | 47,721 | ||||||
Colliers International Group, Inc. | 1,600 | 76,816 | ||||||
Suncor Energy, Inc. | 8,650 | 136,670 | ||||||
Waste Connections, Inc. | 3,250 | 251,875 | ||||||
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| |||||||
635,572 | ||||||||
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| |||||||
United States - 3.9% | ||||||||
Broadcom, Inc. | 1,025 | 243,028 | ||||||
Euronet Worldwide, Inc.* | 3,150 | 270,018 | ||||||
Mondelez International, Inc. | 4,800 | 240,384 | ||||||
|
| |||||||
753,430 | ||||||||
|
| |||||||
Total Common Stocks | 18,673,637 | |||||||
|
| |||||||
Investment Companies - 1.1% | ||||||||
iShares MSCI India ETF | 8,700 | 209,757 | ||||||
|
| |||||||
(cost: $258,117) | ||||||||
Short-Term Securities - 1.5% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.30% | 286,422 | 286,422 | ||||||
|
| |||||||
(cost: $286,422) | ||||||||
Total Investments in Securities - 99.6% | 19,169,816 | |||||||
Other Assets and Liabilities, net - 0.4% | 84,907 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $19,254,723 | |||||||
|
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* | Non-income producing security. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Health Technology | 15.7 | % | ||
Finance | 14.9 | |||
ConsumerNon-Durables | 12.0 | |||
Technology Services | 11.8 | |||
Producer Manufacturing | 10.4 | |||
Electronic Technology | 9.4 | |||
Utilities | 3.3 | |||
Consumer Durables | 3.1 | |||
Retail Trade | 3.0 | |||
Process Industries | 2.9 | |||
Communications | 2.8 | |||
Non-Energy Minerals | 1.9 | |||
Consumer Services | 1.6 | |||
Energy Minerals | 1.5 | |||
Commercial Services | 1.4 | |||
Industrial Services | 1.3 | |||
Investment Companies | 1.1 | |||
Short-Term Securities | 1.5 | |||
|
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99.6 | ||||
Other Assets and Liabilities, net | 0.4 | |||
|
|
| ||
100.0 | % | |||
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2 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit International Growth Fund (Continued) |
A summary of the levels for the Fund’s investments as of March 31, 2020 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 283,413 | — | — | 283,413 | ||||||||||||
Australia | 628,689 | 235,344 | — | 864,033 | ||||||||||||
Canada | 635,572 | — | — | 635,572 | ||||||||||||
China/Hong Kong | 610,733 | 1,664,127 | — | 2,274,860 | ||||||||||||
Denmark | — | 92,367 | — | 92,367 | ||||||||||||
France | 276,043 | 1,288,304 | — | 1,564,347 | ||||||||||||
Germany | — | 1,016,205 | — | 1,016,205 | ||||||||||||
Ireland | 436,666 | — | — | 436,666 | ||||||||||||
Japan | 372,834 | 1,573,324 | — | 1,946,158 | ||||||||||||
Netherlands | 675,708 | — | — | 675,708 | ||||||||||||
Singapore | — | 375,077 | — | 375,077 | ||||||||||||
South Korea | — | 424,480 | — | 424,480 | ||||||||||||
Spain | — | 905,508 | — | 905,508 | ||||||||||||
Sweden | — | 160,684 | — | 160,684 | ||||||||||||
Switzerland | 618,662 | 2,600,315 | — | 3,218,977 | ||||||||||||
United Kingdom | 1,083,103 | 1,963,049 | — | 3,046,152 | ||||||||||||
United States | 753,430 | — | — | 753,430 | ||||||||||||
Investment Companies | 209,757 | — | — | 209,757 | ||||||||||||
Short-Term Securities | 286,422 | — | — | 286,422 | ||||||||||||
Total: | 6,871,032 | 12,298,784 | — | 19,169,816 |
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.
MARCH 31, 2020 | 3 |