SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit International Growth Fund
Investments are grouped by geographic region.
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Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 96.4% | ||||||||
Asia - 30.3% | ||||||||
Australia - 5.9% | ||||||||
Atlassian Corp., PLC * | 1,825 | 714,342 | ||||||
BHP Group, Ltd., ADR | 4,200 | 224,784 | ||||||
Lynas Rare Earths, Ltd. * | 35,775 | 169,293 | ||||||
Macquarie Group, Ltd. | 2,600 | 335,910 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 294,008 | ||||||
Westpac Banking Corp., ADR | 4,425 | 81,995 | ||||||
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| |||||||
1,820,332 | ||||||||
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| |||||||
China/Hong Kong - 8.5% | ||||||||
AIA Group, Ltd. | 32,200 | 370,442 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,350 | 347,917 | ||||||
Baidu, Inc., ADR * | 2,175 | 334,406 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 21,500 | 54,611 | ||||||
China Tower Corp., Ltd. | 1,342,000 | 175,375 | ||||||
CSPC Pharmaceutical Group, Ltd. | 262,960 | 313,805 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 303,480 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 229,119 | ||||||
Tencent Holdings, Ltd. | 8,100 | 483,560 | ||||||
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2,612,715 | ||||||||
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| |||||||
Japan - 10.3% | ||||||||
Astellas Pharma, Inc. | 17,700 | 291,325 | ||||||
Keyence Corp. | 1,000 | 596,871 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 684,610 | ||||||
Shiseido Co., Ltd. | 4,100 | 275,559 | ||||||
Sony Group Corp., ADR | 6,300 | 696,654 | ||||||
Terumo Corp. | 13,100 | 618,561 | ||||||
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3,163,580 | ||||||||
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Singapore - 2.6% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 345,675 | ||||||
Sea, Ltd., ADR * | 675 | 215,143 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 218,849 | ||||||
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779,667 | ||||||||
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South Korea - 3.0% | ||||||||
LG Chem, Ltd. | 975 | 632,356 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 286,994 | ||||||
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919,350 | ||||||||
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Europe - 57.2% | ||||||||
France - 8.3% | ||||||||
AXA SA | 11,750 | 325,631 | ||||||
Dassault Systemes SE | 13,125 | 690,710 | ||||||
Faurecia SE | 6,275 | 295,224 | ||||||
Safran SA | 3,200 | 404,738 | ||||||
Schneider Electric SE | 5,000 | 832,770 | ||||||
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2,549,073 | ||||||||
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Germany - 5.9% | ||||||||
adidas AG | 1,300 | 408,533 | ||||||
Allianz SE | 2,250 | 504,103 | ||||||
Deutsche Post AG | 4,150 | 260,246 | ||||||
Muenchener Rueckversicherungs AG | 435 | 118,698 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
Siemens AG | 3,100 | 507,008 | ||||||
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1,798,588 | ||||||||
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Ireland - 2.2% | ||||||||
CRH, PLC, ADR | 4,800 | 224,352 | ||||||
Linde, PLC | 500 | 146,690 | ||||||
STERIS, PLC | 1,450 | 296,206 | ||||||
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667,248 | ||||||||
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Netherlands - 4.0% | ||||||||
ASML Holding NV | 1,225 | 912,760 | ||||||
Stellantis NV | 16,375 | 312,762 | ||||||
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1,225,522 | ||||||||
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Spain - 3.4% | ||||||||
Cellnex Telecom SA | 9,442 | 582,949 | ||||||
Iberdrola SA | 45,900 | 461,774 | ||||||
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1,044,723 | ||||||||
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Sweden - 2.5% | ||||||||
Hexagon AB | 26,600 | 411,449 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 32,350 | 362,320 | ||||||
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773,769 | ||||||||
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Switzerland - 14.8% | ||||||||
Barry Callebaut AG | 55 | 124,743 | ||||||
Garmin, Ltd. | 1,750 | 272,055 | ||||||
Interroll Holding AG | 120 | 508,611 | ||||||
Logitech International SA | 6,650 | 586,198 | ||||||
Lonza Group AG | 655 | 491,322 | ||||||
Nestle SA | 4,450 | 536,181 | ||||||
Novartis AG | 4,325 | 354,647 | ||||||
Partners Group Holding AG | 490 | 764,713 | ||||||
Roche Holding AG | 1,320 | 481,760 | ||||||
TE Connectivity, Ltd. | 1,100 | 150,942 | ||||||
Zurich Insurance Group AG | 680 | 278,066 | ||||||
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4,549,238 | ||||||||
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United Kingdom - 16.1% | ||||||||
Ashtead Group, PLC | 8,175 | 617,976 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 498,498 | ||||||
BAE Systems, PLC | 52,600 | 398,395 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 298,566 | ||||||
Compass Group, PLC * | 2,950 | 60,331 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 411,698 | ||||||
Diageo, PLC, ADR | 2,775 | 535,575 | ||||||
Entain, PLC * | 13,925 | 397,720 | ||||||
HomeServe, PLC | 22,975 | 280,002 | ||||||
London Stock Exchange Group, PLC | 5,100 | 511,062 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 243,537 | ||||||
RELX, PLC | 12,275 | 355,332 | ||||||
Smith & Nephew, PLC | 18,500 | 318,715 | ||||||
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4,927,407 | ||||||||
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Latin America - 2.0% | ||||||||
Argentina - 2.0% | ||||||||
Globant SA * | 2,225 | 625,247 | ||||||
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SEPTEMBER 30, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit International Growth Fund (Continued)
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
North America - 6.9% | ||||||||
Canada - 3.6% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 283,123 | ||||||
BRP, Inc. | 2,925 | 270,746 | ||||||
Colliers International Group, Inc. | 1,600 | 204,336 | ||||||
Waste Connections, Inc. | 2,750 | 346,308 | ||||||
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1,104,513 | ||||||||
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United States - 3.3% | ||||||||
Broadcom, Inc. | 1,025 | 497,053 | ||||||
Euronet Worldwide, Inc. * | 1,775 | 225,922 | ||||||
Mondelez International, Inc. | 4,800 | 279,264 | ||||||
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1,002,239 | ||||||||
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Total Common Stocks | 29,563,211 | |||||||
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Investment Companies 1.4% | ||||||||
iShares MSCI India ETF | 8,700 | 423,603 | ||||||
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Short-Term Securities - 2.2% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 683,994 | 683,994 | ||||||
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Total Investments in Securities - 100.0% | 30,670,808 | |||||||
Other Assets and Liabilities, net - 0.0% | 8,688 | |||||||
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Total Net Assets - 100.0% | $30,679,496 | |||||||
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* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance | 14.6% | |
Health Technology | 13.3 | |
Technology Services | 13.0 | |
Electronic Technology | 11.9 | |
Producer Manufacturing | 11.7 | |
Consumer Non-Durables | 9.0 | |
Consumer Durables | 4.2 | |
Non-Energy Minerals | 3.0 | |
Consumer Services | 2.6 | |
Process Industries | 2.5 | |
Utilities | 2.5 | |
Communications | 2.5 | |
Retail Trade | 2.1 | |
Commercial Services | 1.6 | |
Industrial Services | 1.1 | |
Transportation | 0.8 | |
Investment Companies | 1.4 | |
Short-Term Securities | 2.2 | |
| ||
100.0 | ||
Other Assets and Liabilities, net | 0.0 | |
| ||
100.0% | ||
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2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant observable inputs ($) | Level 3 Significant | Total ($) | |||||||||||||
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Common Stocks | ||||||||||||||||
Argentina | 625,247 | — | — | 625,247 | ||||||||||||
Australia | 1,315,129 | 505,203 | — | 1,820,332 | ||||||||||||
Canada | 1,104,513 | — | — | 1,104,513 | ||||||||||||
China/Hong Kong | 682,323 | 1,930,392 | — | 2,612,715 | ||||||||||||
France | — | 2,549,073 | — | 2,549,073 | ||||||||||||
Germany | — | 1,798,588 | — | 1,798,588 | ||||||||||||
Ireland | 667,248 | — | — | 667,248 | ||||||||||||
Japan | 696,654 | 2,466,926 | — | 3,163,580 | ||||||||||||
Netherlands | 1,225,522 | — | — | 1,225,522 | ||||||||||||
Singapore | 215,143 | 564,524 | — | 779,667 | ||||||||||||
South Korea | — | 919,350 | — | 919,350 | ||||||||||||
Spain | 582,949 | 461,774 | — | 1,044,723 | ||||||||||||
Sweden | 362,320 | 411,449 | — | 773,769 | ||||||||||||
Switzerland | 1,517,806 | 3,031,432 | — | 4,549,238 | ||||||||||||
United Kingdom | 2,024,339 | 2,903,068 | — | 4,927,407 | ||||||||||||
United States | 1,002,239 | — | — | 1,002,239 | ||||||||||||
Investment Companies | 423,603 | — | — | 423,603 | ||||||||||||
Short-Term Securities | 683,994 | — | — | 683,994 | ||||||||||||
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Total: | 13,129,029 | 17,541,779 | — | 30,670,808 | ||||||||||||
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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 |