SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Common Stocks - 94.5% | ||||||||
Africa/Middle East - 7.7% | ||||||||
Israel - 2.9% | ||||||||
NICE Systems, Ltd., ADR * | 1,275 | 362,151 | ||||||
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| |||||||
South Africa - 4.8% | ||||||||
Bid Corp., Ltd. * | 13,200 | 282,789 | ||||||
Bidvest Group, Ltd. | 5,525 | 71,912 | ||||||
Naspers, Ltd. | 1,425 | 235,524 | ||||||
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| |||||||
590,225 | ||||||||
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| |||||||
Asia - 72.0% | ||||||||
Australia - 2.8% | ||||||||
Atlassian Corp., PLC * | 450 | 176,139 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 165,379 | ||||||
|
| |||||||
341,518 | ||||||||
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| |||||||
China/Hong Kong - 35.1% | ||||||||
AIA Group, Ltd. | 21,400 | 246,194 | ||||||
Alibaba Group Holding, Ltd., ADR * | 3,150 | 466,357 | ||||||
Baidu, Inc., ADR * | 1,300 | 199,875 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 116,842 | ||||||
China Construction Bank Corp. | 82,000 | 58,522 | ||||||
China International Capital Corp., Ltd. | 58,400 | 152,667 | ||||||
China Mengniu Dairy Co., Ltd. | 48,000 | 309,112 | ||||||
China Petroleum & Chemical Corp., ADR | 1,400 | 68,838 | ||||||
China Tower Corp., Ltd. | 704,000 | 92,000 | ||||||
CSPC Pharmaceutical Group, Ltd. | 230,400 | 274,949 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 326,571 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 56,610 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 313,398 | ||||||
JD.com, Inc., ADR * | 4,000 | 288,960 | ||||||
Meituan Dianping * | 6,000 | 191,529 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 136,104 | ||||||
Sands China, Ltd. * | 30,400 | 62,214 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 117,663 | ||||||
Tencent Holdings, Ltd. | 11,400 | 680,566 | ||||||
Trip.com Group, Ltd. * | 4,450 | 136,837 | ||||||
WH Group, Ltd. | 101,857 | 72,527 | ||||||
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4,368,335 | ||||||||
|
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India - 3.1% | ||||||||
HDFC Bank, Ltd., ADR | 5,350 | 391,031 | ||||||
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Indonesia - 2.2% | ||||||||
Astra International Tbk PT | 176,000 | 67,198 | ||||||
XL Axiata Tbk PT | 948,800 | 200,021 | ||||||
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267,219 | ||||||||
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Singapore - 5.7% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 321,300 | ||||||
Flex, Ltd. * | 4,000 | 70,720 | ||||||
Sea, Ltd, ADR * | 600 | 191,238 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 122,824 | ||||||
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706,082 | ||||||||
|
| |||||||
South Korea - 12.2% | ||||||||
LG Chem, Ltd. | 575 | 372,928 | ||||||
NAVER Corp. | 450 | 146,010 | ||||||
Samsung Electronics Co., Ltd. | 12,250 | 759,434 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 243,213 | ||||||
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1,521,585 | ||||||||
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Taiwan - 9.9% | ||||||||
Cathay Financial Holding Co., Ltd. | 82,085 | 169,242 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 23,700 | 178,503 | ||||||
Taiwan Semiconductor Co. | 37,482 | 775,206 | ||||||
Taiwan Semiconductor Co., ADR | 1,000 | 111,650 | ||||||
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1,234,601 | ||||||||
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Thailand - 1.0% | ||||||||
Bangkok Bank PCL | 36,500 | 125,611 | ||||||
|
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Europe - 1.1% | ||||||||
Netherlands - 1.1% | ||||||||
Prosus NV | 1,700 | 136,070 | ||||||
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Latin America - 8.9% | ||||||||
Argentina - 2.6% | ||||||||
Globant SA * | 1,175 | 330,187 | ||||||
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Brazil - 3.8% | ||||||||
Ambev SA, ADR | 21,575 | 59,547 | ||||||
Banco Bradesco SA | 27,591 | 105,383 | ||||||
Lojas Renner SA | 17,300 | 108,805 | ||||||
Pagseguro Digital, Ltd. * | 3,800 | 196,536 | ||||||
|
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470,271 | ||||||||
|
| |||||||
Chile - 0.7% | ||||||||
Banco Santander Chile, ADR | 4,700 | 92,919 | ||||||
|
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Peru - 1.8% | ||||||||
Southern Copper Corp. | 3,900 | 218,946 | ||||||
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North America - 4.8% | ||||||||
Mexico - 1.1% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 136,584 | ||||||
|
| |||||||
United States - 3.7% | ||||||||
Broadcom, Inc. | 550 | 266,712 | ||||||
Skyworks Solutions, Inc. | 1,150 | 189,497 | ||||||
|
| |||||||
456,209 | ||||||||
|
| |||||||
Total Common Stocks | 11,749,544 | |||||||
|
| |||||||
Investment Companies 4.3% | ||||||||
iShares MSCI India ETF | 11,100 | 540,459 | ||||||
|
| |||||||
Short-Term Securities - 1.2% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 143,740 | 143,740 | ||||||
|
| |||||||
Total Investments in Securities - 100.0% |
| 12,433,743 | ||||||
Other Assets and Liabilities, net - 0.0% |
| 159 | ||||||
|
| |||||||
Total Net Assets - 100.0% |
| $12,433,902 | ||||||
|
|
SEPTEMBER 30, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Developing Markets Growth Fund (Continued)
* | Non-income producing security. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Electronic Technology | 21.8% | |
Finance | 18.9 | |
Technology Services | 18.5 | |
Retail Trade | 10.3 | |
Consumer Non-Durables | 5.6 | |
Health Technology | 3.2 | |
Non-Energy Minerals | 3.1 | |
Process Industries | 3.0 | |
Consumer Services | 3.0 | |
Utilities | 2.6 | |
Communications | 2.4 | |
Producer Manufacturing | 1.5 | |
Energy Minerals | 0.6 | |
Investment Companies | 4.3 | |
Short-Term Securities | 1.2 | |
| ||
100.0 | ||
Other Assets and Liabilities, net | 0.0 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Developing Markets Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Prices ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
|
| |||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 330,187 | — | — | 330,187 | ||||||||||||
Australia | 341,518 | — | — | 341,518 | ||||||||||||
Brazil | 470,271 | — | — | 470,271 | ||||||||||||
Chile | 92,919 | — | — | 92,919 | ||||||||||||
China/Hong Kong | 1,217,477 | 3,150,858 | — | 4,368,335 | ||||||||||||
India | 391,031 | — | — | 391,031 | ||||||||||||
Indonesia | — | 267,219 | — | 267,219 | ||||||||||||
Israel | 362,151 | — | — | 362,151 | ||||||||||||
Mexico | 136,584 | — | — | 136,584 | ||||||||||||
Netherlands | — | 136,070 | — | 136,070 | ||||||||||||
Peru | 218,946 | — | — | 218,946 | ||||||||||||
Singapore | 261,958 | 444,124 | — | 706,082 | ||||||||||||
South Africa | 354,701 | 235,524 | — | 590,225 | ||||||||||||
South Korea | — | 1,521,585 | — | 1,521,585 | ||||||||||||
Taiwan | 111,650 | 1,122,951 | — | 1,234,601 | ||||||||||||
Thailand | — | 125,611 | — | 125,611 | ||||||||||||
United States | 456,209 | — | — | 456,209 | ||||||||||||
Investment Companies | 540,459 | — | — | 540,459 | ||||||||||||
Short-Term Securities | 143,740 | — | — | 143,740 | ||||||||||||
|
| |||||||||||||||
Total: | 5,429,801 | 7,003,942 | — | 12,433,743 | ||||||||||||
|
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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, 2021 | 3 |