|
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
Sit International Growth Fund
Investments are grouped by geographic region.
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Common Stocks - 98.0% | ||||||||
Asia - 31.5% | ||||||||
Australia - 5.0% | ||||||||
Amcor, Ltd. | 9,125 | 100,940 | ||||||
Atlassian Corp., PLC * | 2,125 | 386,304 | ||||||
CSL, Ltd. | 1,175 | 242,716 | ||||||
Macquarie Group, Ltd. | 2,600 | 225,379 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 265,716 | ||||||
|
| |||||||
1,221,055 | ||||||||
|
| |||||||
China/Hong Kong - 11.7% | ||||||||
AIA Group, Ltd. | 32,200 | 320,071 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,350 | 690,853 | ||||||
Baidu, Inc., ADR * | 2,175 | 275,333 | ||||||
China Tower Corp., Ltd. | 1,342,000 | 233,480 | ||||||
CSPC Pharmaceutical Group, Ltd. | 105,600 | 206,136 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 201,908 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 347,758 | ||||||
Tencent Holdings, Ltd. | 9,000 | 607,891 | ||||||
|
| |||||||
2,883,430 | ||||||||
|
| |||||||
Japan - 9.8% | ||||||||
Astellas Pharma, Inc. | 17,700 | 263,847 | ||||||
Keyence Corp. | 1,000 | 467,479 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 444,812 | ||||||
Shiseido Co., Ltd. | 4,100 | 237,349 | ||||||
Sony Corp., ADR | 6,300 | 483,525 | ||||||
Terumo Corp. | 13,100 | 521,573 | ||||||
|
| |||||||
2,418,585 | ||||||||
|
| |||||||
Singapore - 1.8% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 229,341 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 199,788 | ||||||
|
| |||||||
429,129 | ||||||||
|
| |||||||
South Korea - 3.2% | ||||||||
LG Chem, Ltd. | 975 | 544,216 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 234,566 | ||||||
|
| |||||||
778,782 | ||||||||
|
| |||||||
Europe - 58.3% | ||||||||
Denmark - 1.0% | ||||||||
Bavarian Nordic * | 7,550 | 233,419 | ||||||
|
| |||||||
France - 8.2% | ||||||||
AXA SA | 11,750 | 217,470 | ||||||
Dassault Systemes SA | 2,625 | 489,781 | ||||||
Safran SA * | 3,200 | 314,841 | ||||||
Sanofi, ADR | 3,800 | 190,646 | ||||||
Schneider Electric SE | 5,000 | 621,498 | ||||||
Talend SA, ADR * | 4,900 | 191,296 | ||||||
|
| |||||||
2,025,532 | ||||||||
|
|
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Germany - 5.9% | ||||||||
adidas AG * | 1,630 | 526,399 | ||||||
Allianz SE | 2,250 | 431,845 | ||||||
Aurelius SE & Co. * | 4,660 | 75,603 | ||||||
Muenchener Rueckversicherungs AG | 435 | 110,585 | ||||||
Siemens AG | 2,225 | 280,995 | ||||||
Siemens Energy AG * | 1,113 | 30,000 | ||||||
|
| |||||||
1,455,427 | ||||||||
|
| |||||||
Ireland - 2.1% | ||||||||
CRH, PLC, ADR | 4,800 | 173,232 | ||||||
STERIS, PLC | 1,950 | 343,570 | ||||||
|
| |||||||
516,802 | ||||||||
|
| |||||||
Netherlands - 3.7% | ||||||||
ASML Holding NV | 1,700 | 627,759 | ||||||
Koninklijke Philips NV * | 5,866 | 276,582 | ||||||
|
| |||||||
904,341 | ||||||||
|
| |||||||
Spain - 4.2% | ||||||||
Cellnex Telecom SA | 7,733 | 469,416 | ||||||
Iberdrola SA | 45,900 | 564,967 | ||||||
|
| |||||||
1,034,383 | ||||||||
|
| |||||||
Sweden - 1.9% | ||||||||
Hexagon AB * | 3,800 | 287,026 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 17,400 | 189,486 | ||||||
|
| |||||||
476,512 | ||||||||
|
| |||||||
Switzerland - 16.9% | ||||||||
Garmin, Ltd. | 3,600 | 341,496 | ||||||
Interroll Holding AG | 120 | 303,513 | ||||||
Logitech International SA | 8,125 | 628,144 | ||||||
Lonza Group AG | 1,075 | 663,421 | ||||||
Nestle SA | 6,600 | 785,479 | ||||||
Novartis AG | 4,325 | 375,515 | ||||||
Partners Group Holding AG | 385 | 354,125 | ||||||
Roche Holding AG | 1,320 | 452,154 | ||||||
Zurich Insurance Group AG | 680 | 237,126 | ||||||
|
| |||||||
4,140,973 | ||||||||
|
| |||||||
United Kingdom - 14.4% | ||||||||
Ashtead Group, PLC | 9,600 | 345,711 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 454,840 | ||||||
BAE Systems, PLC | 52,600 | 326,675 | ||||||
Coca-Cola European Partners, PLC | 5,400 | 209,574 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 261,954 | ||||||
Diageo, PLC, ADR | 2,775 | 382,007 | ||||||
GVC Holdings, PLC * | 8,375 | 104,891 | ||||||
HomeServe, PLC | 15,000 | 239,023 | ||||||
London Stock Exchange Group, PLC | 5,100 | 585,059 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 302,268 | ||||||
RELX, PLC | 14,700 | 327,257 | ||||||
|
| |||||||
3,539,259 | ||||||||
|
|
SEPTEMBER 30, 2020 | 1 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
Sit International Growth Fund (Continued)
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Latin America - 1.6% | ||||||||
Argentina - 1.6% | ||||||||
Globant SA * | 2,225 | 398,764 | ||||||
|
| |||||||
North America - 6.6% | ||||||||
Canada - 3.0% | ||||||||
Alimentation Couche-Tard, Inc. | 5,200 | 181,085 | ||||||
BRP, Inc. | 2,925 | 154,537 | ||||||
Colliers International Group, Inc. | 1,600 | 106,704 | ||||||
Waste Connections, Inc. | 2,750 | 285,450 | ||||||
|
| |||||||
727,776 | ||||||||
|
| |||||||
United States - 3.6% | ||||||||
Broadcom, Inc. | 1,025 | 373,428 | ||||||
Euronet Worldwide, Inc. * | 2,675 | 243,693 | ||||||
Mondelez International, Inc. | 4,800 | 275,760 | ||||||
|
| |||||||
892,881 | ||||||||
|
| |||||||
Total Common Stocks | 24,077,050 | |||||||
|
| |||||||
Investment Companies - 1.2% | ||||||||
iShares MSCI India ETF | 8,700 | 294,582 | ||||||
|
| |||||||
(cost: $258,117) | ||||||||
Short-Term Securities - 0.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 147,094 | 147,094 | ||||||
|
| |||||||
(cost: $147,094) | ||||||||
Total Investments in Securities - 99.8% |
| 24,518,726 | ||||||
Other Assets and Liabilities, net - 0.2% |
| 44,074 | ||||||
|
| |||||||
Total Net Assets - 100.0% |
| $24,562,800 | ||||||
|
|
* | Non-income producing security. |
ADR | — | American Depositary Receipt | ||
GDR | — | Global Depositary Receipt | ||
PLC | — | Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Health Technology | 17.1% | |
Finance | 14.2 | |
Technology Services | 12.4 | |
Electronic Technology | 11.6 | |
Consumer Non-Durables | 11.1 | |
Producer Manufacturing | 10.7 | |
Retail Trade | 3.5 | |
Utilities | 3.1 | |
Communications | 2.9 | |
Process Industries | 2.6 | |
Consumer Durables | 2.6 | |
Non-Energy Minerals | 1.8 | |
Consumer Services | 1.8 | |
Commercial Services | 1.4 | |
Industrial Services | 1.2 | |
Investment Companies | 1.2 | |
Short-Term Securities | 0.6 | |
| ||
99.8 | ||
Other Assets and Liabilities, net | 0.2 | |
| ||
100.0% | ||
|
2 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2020 is as follows:
Investment in Securities | ||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||
Quoted | Other significant | Significant | ||||||||||||
Price ($) | observable inputs ($) | unobservable inputs ($) | Total ($) | |||||||||||
Common Stocks | ||||||||||||||
Argentina | 398,764 | — | — | 398,764 | ||||||||||
Australia | 652,020 | 569,035 | — | 1,221,055 | ||||||||||
Canada | 727,776 | — | — | 727,776 | ||||||||||
China/Hong Kong | 966,186 | 1,917,244 | — | 2,883,430 | ||||||||||
Denmark | — | 233,419 | — | 233,419 | ||||||||||
France | 381,942 | 1,643,590 | — | 2,025,532 | ||||||||||
Germany | 30,000 | 1,425,427 | — | 1,455,427 | ||||||||||
Ireland | 516,802 | — | — | 516,802 | ||||||||||
Japan | 483,525 | 1,935,060 | — | 2,418,585 | ||||||||||
Netherlands | 904,341 | — | — | 904,341 | ||||||||||
Singapore | — | 429,129 | — | 429,129 | ||||||||||
South Korea | — | 778,782 | — | 778,782 | ||||||||||
Spain | — | 1,034,383 | — | 1,034,383 | ||||||||||
Sweden | 189,486 | 287,026 | — | 476,512 | ||||||||||
Switzerland | 969,640 | 3,171,333 | — | 4,140,973 | ||||||||||
United Kingdom | 1,046,421 | 2,492,838 | — | 3,539,259 | ||||||||||
United States | 892,881 | — | — | 892,881 | ||||||||||
Investment Companies | 294,582 | — | — | 294,582 | ||||||||||
Short-Term Securities | 147,094 | — | — | 147,094 | ||||||||||
Total: | 8,601,460 | 15,917,266 | — | 24,518,726 |
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, 2020 | 3 |