SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit International Growth Fund Investments are grouped by geographic region. |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Common Stocks - 96.6% | ||||||||
Asia - 31.0% | ||||||||
Australia - 5.1% | ||||||||
Atlassian Corp., PLC * | 1,825 | 384,637 | ||||||
BHP Group, Ltd., ADR | 1,300 | 90,207 | ||||||
CSL, Ltd. | 1,175 | 236,192 | ||||||
Lynas Rare Earths, Ltd. * | 17,200 | 80,606 | ||||||
Macquarie Group, Ltd. | 2,600 | 301,813 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 341,660 | ||||||
Westpac Banking Corp., ADR | 4,425 | 82,128 | ||||||
|
| |||||||
1,517,243 | ||||||||
|
| |||||||
China/Hong Kong - 11.1% | ||||||||
AIA Group, Ltd. | 32,200 | 390,587 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,350 | 532,815 | ||||||
Baidu, Inc., ADR * | 2,175 | 473,171 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 21,500 | 64,162 | ||||||
China Tower Corp., Ltd. | 1,342,000 | 198,518 | ||||||
CSPC Pharmaceutical Group, Ltd. | 262,960 | 317,956 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 295,144 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 398,815 | ||||||
Tencent Holdings, Ltd. | 8,100 | 635,572 | ||||||
|
| |||||||
3,306,740 | ||||||||
|
| |||||||
Japan - 9.1% | ||||||||
Astellas Pharma, Inc. | 17,700 | 272,074 | ||||||
Keyence Corp. | 1,000 | 454,008 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 546,319 | ||||||
Shiseido Co., Ltd. | 4,100 | 274,827 | ||||||
Sony Group Corp., ADR | 6,300 | 667,863 | ||||||
Terumo Corp. | 13,100 | 473,126 | ||||||
|
| |||||||
2,688,217 | ||||||||
|
| |||||||
Singapore - 2.2% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 333,872 | ||||||
Sea, Ltd., ADR * | 400 | 89,292 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 226,714 | ||||||
|
| |||||||
649,878 | ||||||||
|
| |||||||
South Korea - 3.5% | ||||||||
LG Chem, Ltd. | 975 | 693,506 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 337,440 | ||||||
|
| |||||||
1,030,946 | ||||||||
|
| |||||||
Europe - 57.5% | ||||||||
Denmark - 1.2% | ||||||||
Bavarian Nordic * | 7,550 | 340,885 | ||||||
|
| |||||||
France - 7.8% | ||||||||
AXA SA | 11,750 | 315,338 | ||||||
Dassault Systemes SE | 2,625 | 561,489 | ||||||
Faurecia SE * | 118 | 6,305 | ||||||
Safran SA * | 3,200 | 435,494 |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Schneider Electric SE | 5,000 | 763,721 | ||||||
Talend SA, ADR * | 3,700 | 235,468 | ||||||
|
| |||||||
2,317,815 | ||||||||
|
| |||||||
Germany - 6.4% | ||||||||
adidas AG * | 1,630 | 508,842 | ||||||
Allianz SE | 2,250 | 572,703 | ||||||
Deutsche Post AG | 4,150 | 227,372 | ||||||
Muenchener Rueckversicherungs AG | 435 | 133,959 | ||||||
Siemens AG | 2,575 | 422,758 | ||||||
Siemens Energy AG * | 1,112 | 39,917 | ||||||
|
| |||||||
1,905,551 | ||||||||
|
| |||||||
Ireland - 2.5% | ||||||||
CRH, PLC, ADR | 4,800 | 225,504 | ||||||
Linde, PLC | 500 | 140,070 | ||||||
STERIS, PLC | 1,950 | 371,436 | ||||||
|
| |||||||
737,010 | ||||||||
|
| |||||||
Netherlands - 4.9% | ||||||||
ASML Holding NV | 1,450 | 895,172 | ||||||
Koninklijke Philips NV * | 5,866 | 334,538 | ||||||
Stellantis NV | 12,350 | 219,706 | ||||||
|
| |||||||
1,449,416 | ||||||||
|
| |||||||
Spain - 3.5% | ||||||||
Cellnex Telecom SA | 7,733 | 445,263 | ||||||
Iberdrola SA | 45,900 | 591,289 | ||||||
|
| |||||||
1,036,552 | ||||||||
|
| |||||||
Sweden - 2.4% | ||||||||
Hexagon AB | 3,800 | 350,524 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 27,500 | 362,725 | ||||||
|
| |||||||
713,249 | ||||||||
|
| |||||||
Switzerland - 14.8% | ||||||||
Garmin, Ltd. | 3,600 | 474,660 | ||||||
Interroll Holding AG | 120 | 424,060 | ||||||
Logitech International SA | 6,650 | 694,925 | ||||||
Lonza Group AG | 840 | 469,614 | ||||||
Nestle SA | 5,550 | 618,565 | ||||||
Novartis AG | 4,325 | 369,603 | ||||||
Partners Group Holding AG | 490 | 625,753 | ||||||
Roche Holding AG | 1,320 | 426,593 | ||||||
Zurich Insurance Group AG | 680 | 290,231 | ||||||
|
| |||||||
4,394,004 | ||||||||
|
| |||||||
United Kingdom - 14.0% | ||||||||
Ashtead Group, PLC | 9,600 | 572,659 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 412,676 | ||||||
BAE Systems, PLC | 52,600 | 366,198 | ||||||
Coca-Cola European Partners, PLC | 5,400 | 281,664 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 297,902 |
MARCH 31, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit International Growth Fund (Continued) |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Diageo, PLC, ADR | 2,775 | 455,683 | ||||||
Entain, PLC * | 13,925 | 291,411 | ||||||
HomeServe, PLC | 22,975 | 380,397 | ||||||
London Stock Exchange Group, PLC | 5,100 | 487,942 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 277,702 | ||||||
RELX, PLC | 12,275 | 308,339 | ||||||
|
| |||||||
4,132,573 | ||||||||
|
| |||||||
Latin America - 1.5% | ||||||||
Argentina - 1.5% | ||||||||
Globant SA * | 2,225 | 461,932 | ||||||
|
| |||||||
North America - 6.6% | ||||||||
Canada - 3.2% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 238,599 | ||||||
BRP, Inc. | 2,925 | 253,630 | ||||||
Colliers International Group, Inc. | 1,600 | 157,184 | ||||||
Waste Connections, Inc. | 2,750 | 296,945 | ||||||
|
| |||||||
946,358 | ||||||||
|
| |||||||
United States - 3.4% | ||||||||
Broadcom, Inc. | 1,025 | 475,251 | ||||||
Euronet Worldwide, Inc. * | 1,775 | 245,482 | ||||||
Mondelez International, Inc. | 4,800 | 280,944 | ||||||
|
| |||||||
1,001,677 | ||||||||
|
| |||||||
Total Common Stocks | 28,630,046 | |||||||
|
| |||||||
Investment Companies - 1.2% | ||||||||
iShares MSCI India ETF | 8,700 | 366,966 | ||||||
|
| |||||||
(cost: $258,117) | ||||||||
Short-Term Securities - 2.1% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 607,479 | 607,479 | ||||||
|
| |||||||
(cost: $607,479) | ||||||||
Total Investments in Securities - 99.9% | 29,604,491 | |||||||
Other Assets and Liabilities, net - 0.1% | 20,257 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $29,624,748 | |||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Finance | 15.2 | % | ||
Health Technology | 13.5 | |||
Electronic Technology | 12.5 | |||
Technology Services | 12.2 | |||
Producer Manufacturing | 11.4 | |||
Consumer Non-Durables | 9.3 | |||
Consumer Durables | 3.8 | |||
Utilities | 3.0 | |||
Process Industries | 2.8 | |||
Retail Trade | 2.6 | |||
Non-Energy Minerals | 2.5 | |||
Communications | 2.2 | |||
Consumer Services | 2.0 | |||
Commercial Services | 1.8 | |||
Industrial Services | 1.0 | |||
Transportation | 0.8 | |||
Investment Companies | 1.2 | |||
Short-Term Securities | 2.1 | |||
|
|
| ||
99.9 | ||||
Other Assets and Liabilities, net | 0.1 | |||
|
|
| ||
100.0 | % | |||
|
|
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit International Growth Fund (Continued) |
A summary of the levels for the Fund’s investments as of March 31, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 461,932 | — | — | 461,932 | ||||||||||||
Australia | 1,517,243 | — | — | 1,517,243 | ||||||||||||
Canada | 946,358 | — | — | 946,358 | ||||||||||||
China/Hong Kong | 3,306,740 | — | — | 3,306,740 | ||||||||||||
Denmark | 340,885 | — | — | 340,885 | ||||||||||||
France | 2,317,815 | — | — | 2,317,815 | ||||||||||||
Germany | 1,905,551 | — | — | 1,905,551 | ||||||||||||
Ireland | 737,010 | — | — | 737,010 | ||||||||||||
Japan | 2,688,217 | — | — | 2,688,217 | ||||||||||||
Netherlands | 1,449,416 | — | — | 1,449,416 | ||||||||||||
Singapore | 649,878 | — | — | 649,878 | ||||||||||||
South Korea | 1,030,946 | — | — | 1,030,946 | ||||||||||||
Spain | 1,036,552 | — | — | 1,036,552 | ||||||||||||
Sweden | 713,249 | — | — | 713,249 | ||||||||||||
Switzerland | 4,394,004 | — | — | 4,394,004 | ||||||||||||
United Kingdom | 4,132,573 | — | — | 4,132,573 | ||||||||||||
United States | 1,001,677 | — | — | 1,001,677 | ||||||||||||
Investment Companies | 366,966 | — | — | 366,966 | ||||||||||||
Short-Term Securities | 607,479 | — | — | 607,479 | ||||||||||||
Total: | 29,604,491 | — | — | 29,604,491 |
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, 2021 | 3 |