SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit Developing Markets Growth Fund Investments are grouped by geographic region. |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Common Stocks - 93.9% | ||||||||
Africa/Middle East - 8.4% | ||||||||
Israel - 2.3% | ||||||||
NICE Systems, Ltd., ADR * | 1,500 | 326,955 | ||||||
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| |||||||
South Africa - 6.1% | ||||||||
Bid Corp., Ltd. * | 13,200 | 255,781 | ||||||
Bidvest Group, Ltd. | 5,525 | 63,781 | ||||||
Naspers, Ltd. | 1,425 | 340,968 | ||||||
Prosus NV | 1,700 | 188,992 | ||||||
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| |||||||
849,522 | ||||||||
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| |||||||
Asia - 73.4% | ||||||||
Australia - 2.1% | ||||||||
Atlassian Corp., PLC * | 450 | 94,842 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 192,184 | ||||||
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| |||||||
287,026 | ||||||||
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| |||||||
China/Hong Kong - 40.6% | ||||||||
AIA Group, Ltd. | 21,400 | 259,582 | ||||||
Alibaba Group Holding, Ltd., ADR * | 3,150 | 714,199 | ||||||
Baidu, Inc., ADR * | 1,700 | 369,835 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 137,276 | ||||||
China Construction Bank Corp. | 82,000 | 68,983 | ||||||
China International Capital Corp., Ltd. * | 58,400 | 141,528 | ||||||
China Mengniu Dairy Co., Ltd. | 48,000 | 274,758 | ||||||
China Petroleum & Chemical Corp., ADR | 1,400 | 73,822 | ||||||
China Tower Corp., Ltd. | 704,000 | 104,141 | ||||||
CSPC Pharmaceutical Group, Ltd. | 230,400 | 278,587 | ||||||
ENN Energy Holdings, Ltd. | 21,900 | 351,286 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 81,090 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 300,066 | ||||||
JD.com, Inc., ADR * | 4,450 | 375,268 | ||||||
Meituan Dianping * | 6,000 | 230,149 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 236,908 | ||||||
Sands China, Ltd. * | 7,400 | 36,980 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 108,697 | ||||||
TAL Education Group, ADR * | 5,825 | 313,676 | ||||||
Tencent Holdings, Ltd. | 11,400 | 894,509 | ||||||
Tencent Music Entertainment Group, ADR * | 5,525 | 113,207 | ||||||
Trip.com Group, Ltd., ADR * | 2,700 | 107,001 | ||||||
WH Group, Ltd. | 132,500 | 107,376 | ||||||
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5,678,924 | ||||||||
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| |||||||
India - 3.0% | ||||||||
HDFC Bank, Ltd., ADR * | 5,350 | 415,642 | ||||||
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Indonesia - 1.4% | ||||||||
Astra International Tbk PT | 176,000 | 63,917 | ||||||
XL Axiata Tbk PT | 948,800 | 136,523 | ||||||
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| |||||||
200,440 | ||||||||
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|
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Singapore - 4.2% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 310,329 | ||||||
Flex, Ltd. * | 4,000 | 73,240 | ||||||
Sea, Ltd., ADR * | 365 | 81,479 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 127,238 | ||||||
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| |||||||
592,286 | ||||||||
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| |||||||
South Korea - 12.0% | ||||||||
LG Chem, Ltd. | 575 | 408,990 | ||||||
Medytox, Inc. | 15 | 2,500 | ||||||
NAVER Corp. | 450 | 149,901 | ||||||
Samsung Electronics Co., Ltd. | 12,250 | 881,069 | ||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 238,250 | ||||||
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| |||||||
1,680,710 | ||||||||
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| |||||||
Taiwan - 9.0% | ||||||||
Cathay Financial Holding Co., Ltd. | 82,085 | 137,945 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 26,835 | 235,611 | ||||||
Taiwan Semiconductor Co. | 37,482 | 771,105 | ||||||
Taiwan Semiconductor Co., ADR | 1,000 | 118,280 | ||||||
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| |||||||
1,262,941 | ||||||||
|
| |||||||
Thailand - 1.1% | ||||||||
Bangkok Bank PCL | 36,500 | 147,168 | ||||||
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| |||||||
Latin America - 7.9% | ||||||||
Argentina - 1.7% | ||||||||
Globant SA * | 1,175 | 243,942 | ||||||
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| |||||||
Brazil - 3.5% | ||||||||
Ambev SA, ADR | 21,575 | 59,115 | ||||||
Banco Bradesco SA | 25,083 | 118,716 | ||||||
Lojas Renner SA | 17,300 | 130,657 | ||||||
Pagseguro Digital, Ltd. * | 3,800 | 175,940 | ||||||
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| |||||||
484,428 | ||||||||
|
| |||||||
Chile - 0.8% | ||||||||
Banco Santander Chile, ADR | 4,700 | 116,701 | ||||||
|
| |||||||
Peru - 1.9% | ||||||||
Southern Copper Corp. | 3,900 | 264,693 | ||||||
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| |||||||
North America - 4.2% | ||||||||
Mexico - 0.9% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 118,645 | ||||||
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| |||||||
United States - 3.3% | ||||||||
Broadcom, Inc. | 550 | 255,013 | ||||||
Skyworks Solutions, Inc. | 1,150 | 211,002 | ||||||
|
| |||||||
466,015 | ||||||||
|
| |||||||
Total Common Stocks | 13,136,038 | |||||||
|
| |||||||
Investment Companies - 3.3% | ||||||||
iShares MSCI India ETF | 11,100 | 468,198 | ||||||
|
| |||||||
(cost: $333,061) |
MARCH 31, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit Developing Markets Growth Fund (Continued) |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Short-Term Securities - 2.7% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 371,890 | 371,890 | ||||||
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| |||||||
(cost: $371,890) | ||||||||
Total Investments in Securities - 99.9% | 13,976,126 | |||||||
Other Assets and Liabilities, net - 0.1% | 15,828 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $13,991,954 | |||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Electronic Technology | 20.5 | % | ||
Technology Services | 18.8 | |||
Finance | 17.8 | |||
Retail Trade | 11.3 | |||
Consumer Services | 5.4 | |||
Consumer Non-Durables | 5.0 | |||
Non-Energy Minerals | 3.3 | |||
Process Industries | 2.9 | |||
Health Technology | 2.8 | |||
Utilities | 2.5 | |||
Communications | 1.7 | |||
Producer Manufacturing | 1.4 | |||
Energy Minerals | 0.5 | |||
Investment Companies | 3.3 | |||
Short-Term Securities | 2.7 | |||
|
|
| ||
99.9 | ||||
Other Assets and Liabilities, net | 0.1 | |||
|
|
| ||
100.0 | % | |||
|
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|
2 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021
Sit Developing Markets Growth Fund (Continued) |
A summary of the levels for the Fund’s investments as of March 31, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 243,942 | — | — | 243,942 | ||||||||||||
Australia | 287,026 | — | — | 287,026 | ||||||||||||
Brazil | 484,428 | — | — | 484,428 | ||||||||||||
Chile | 116,701 | — | — | 116,701 | ||||||||||||
China/Hong Kong | 5,678,924 | — | — | 5,678,924 | ||||||||||||
India | 415,642 | — | — | 415,642 | ||||||||||||
Indonesia | 200,440 | — | — | 200,440 | ||||||||||||
Israel | 326,955 | — | — | 326,955 | ||||||||||||
Mexico | 118,645 | — | — | 118,645 | ||||||||||||
Peru | 264,693 | — | — | 264,693 | ||||||||||||
Singapore | 592,286 | — | — | 592,286 | ||||||||||||
South Africa | 849,522 | — | — | 849,522 | ||||||||||||
South Korea | 1,680,710 | — | — | 1,680,710 | ||||||||||||
Taiwan | 1,262,941 | — | — | 1,262,941 | ||||||||||||
Thailand | 147,168 | — | — | 147,168 | ||||||||||||
United States | 466,015 | — | — | 466,015 | ||||||||||||
Investment Companies | 468,198 | — | — | 468,198 | ||||||||||||
Short-Term Securities | 371,890 | — | — | 371,890 | ||||||||||||
Total: | 13,976,126 | — | — | 13,976,126 |
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 |