SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Common Stocks - 93.1% | ||||||||
Africa/Middle East - 7.0% | ||||||||
Israel - 2.1% | ||||||||
NICE, Ltd., ADR * | 1,050 | 229,950 | ||||||
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| |||||||
South Africa - 4.9% | ||||||||
Bid Corp., Ltd. | 13,200 | 287,279 | ||||||
Bidvest Group, Ltd. | 5,525 | 84,581 | ||||||
Naspers, Ltd. | 1,425 | 160,943 | ||||||
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532,803 | ||||||||
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Asia - 69.8% | ||||||||
Australia - 3.1% | ||||||||
Atlassian Corp., PLC * | 450 | 132,224 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 198,990 | ||||||
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| |||||||
331,214 | ||||||||
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| |||||||
China/Hong Kong - 30.4% | ||||||||
AIA Group, Ltd. | 21,400 | 223,456 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,950 | 320,960 | ||||||
Baidu, Inc., ADR * | 1,100 | 145,530 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 121,470 | ||||||
China International Capital Corp., Ltd. | 58,400 | 129,106 | ||||||
China Mengniu Dairy Co., Ltd. | 43,000 | 230,540 | ||||||
China Petroleum & Chemical Corp., ADR | 1,400 | 69,328 | ||||||
China Tower Corp., Ltd. | 486,000 | 54,404 | ||||||
CSPC Pharmaceutical Group, Ltd. | 230,400 | 264,003 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 295,731 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 39,250 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 239,054 | ||||||
JD.com, Inc. * | 542 | 15,401 | ||||||
JD.com, Inc., ADR * | 3,600 | 208,332 | ||||||
Meituan * | 6,000 | 113,664 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 139,122 | ||||||
Sands China, Ltd. * | 42,400 | 100,869 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 101,925 | ||||||
Tencent Holdings, Ltd. | 8,200 | 377,974 | ||||||
Trip.com Group, Ltd., ADR * | 4,450 | 102,884 | ||||||
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3,293,003 | ||||||||
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India - 3.0% | ||||||||
HDFC Bank, Ltd., ADR | 5,350 | 328,115 | ||||||
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Indonesia - 2.3% | ||||||||
Astra International Tbk PT | 176,000 | 80,571 | ||||||
XL Axiata Tbk PT | 948,800 | 174,614 | ||||||
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255,185 | ||||||||
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Singapore - 6.1% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 379,932 | ||||||
Flex, Ltd. * | 4,000 | 74,200 | ||||||
Sea, Ltd, ADR * | 600 | 71,874 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 133,278 | ||||||
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659,284 | ||||||||
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South Korea - 12.2% | ||||||||
LG Chem, Ltd. | 575 | 251,256 | ||||||
NAVER Corp. | 450 | 125,068 | ||||||
Samsung Electronics Co., Ltd. | 12,250 | 700,981 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 244,575 | ||||||
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1,321,880 | ||||||||
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Taiwan - 11.3% | ||||||||
Cathay Financial Holding Co., Ltd. | 82,085 | 183,225 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 23,700 | 173,958 | ||||||
Taiwan Semiconductor Co. | 37,482 | 768,888 | ||||||
Taiwan Semiconductor Co., ADR | 1,000 | 104,260 | ||||||
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1,230,331 | ||||||||
|
| |||||||
Thailand - 1.4% | ||||||||
Bangkok Bank PCL | 36,500 | 149,546 | ||||||
|
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Europe - 0.8% | ||||||||
Netherlands - 0.8% | ||||||||
Prosus NV | 1,700 | 91,677 | ||||||
|
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Latin America - 10.1% | ||||||||
Argentina - 2.8% | ||||||||
Globant SA * | 1,175 | 307,932 | ||||||
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Brazil - 3.6% | ||||||||
Ambev SA, ADR | 21,575 | 69,687 | ||||||
Banco Bradesco SA | 27,591 | 128,536 | ||||||
Lojas Renner SA | 19,030 | 110,398 | ||||||
Pagseguro Digital, Ltd. * | 3,800 | 76,190 | ||||||
|
| |||||||
384,811 | ||||||||
|
| |||||||
Chile - 1.0% | ||||||||
Banco Santander Chile, ADR | 4,700 | 106,173 | ||||||
|
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Peru - 2.7% | ||||||||
Southern Copper Corp. | 3,900 | 296,010 | ||||||
|
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North America - 5.4% | ||||||||
Mexico - 1.2% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 130,489 | ||||||
|
| |||||||
United States - 4.2% | ||||||||
Broadcom, Inc. | 550 | 346,324 | ||||||
Skyworks Solutions, Inc. | 775 | 103,292 | ||||||
|
| |||||||
449,616 | ||||||||
|
| |||||||
Total Common Stocks | 10,098,019 | |||||||
|
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Investment Companies 4.3% | ||||||||
iShares MSCI India ETF | 10,400 | 463,528 | ||||||
|
| |||||||
Short-Term Securities - 2.1% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.12% | 227,490 | 227,490 | ||||||
|
| |||||||
Total Investments in Securities - 99.5% | 10,789,037 | |||||||
Other Assets and Liabilities, net - 0.5% | 55,854 | |||||||
|
| |||||||
Total Net Assets - 100.0% | $10,844,891 | |||||||
|
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MARCH 31, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit Developing Markets Growth Fund (Continued)
* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Electronic Technology | 23.1% | |
Finance | 20.7 | |
Technology Services | 13.7 | |
Retail Trade | 9.6 | |
Consumer Non-Durables | 5.1 | |
Non-Energy Minerals | 4.6 | |
Health Technology | 3.4 | |
Consumer Services | 3.2 | |
Utilities | 2.7 | |
Process Industries | 2.3 | |
Communications | 2.1 | |
Producer Manufacturing | 2.0 | |
Energy Minerals | 0.6 | |
Investment Companies | 4.3 | |
Short-Term Securities | 2.1 | |
| ||
99.5 | ||
Other Assets and Liabilities, net | 0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit Developing Markets Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Prices ($) | Level 2 Other significant | Level 3 Significant | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 307,932 | — | — | 307,932 | ||||||||||||
Australia | 331,214 | — | — | 331,214 | ||||||||||||
Brazil | 384,811 | — | — | 384,811 | ||||||||||||
Chile | 106,173 | — | — | 106,173 | ||||||||||||
China/Hong Kong | 886,284 | 2,406,719 | — | 3,293,003 | ||||||||||||
India | 328,115 | — | — | 328,115 | ||||||||||||
Indonesia | 80,571 | 174,614 | — | 255,185 | ||||||||||||
Israel | 229,950 | — | — | 229,950 | ||||||||||||
Mexico | 130,489 | — | — | 130,489 | ||||||||||||
Netherlands | — | 91,677 | — | 91,677 | ||||||||||||
Peru | 296,010 | — | — | 296,010 | ||||||||||||
Singapore | 146,074 | 513,210 | — | 659,284 | ||||||||||||
South Africa | 371,860 | 160,943 | — | 532,803 | ||||||||||||
South Korea | — | 1,321,880 | — | 1,321,880 | ||||||||||||
Taiwan | 278,218 | 952,113 | — | 1,230,331 | ||||||||||||
Thailand | — | 149,546 | — | 149,546 | ||||||||||||
United States | 449,616 | — | — | 449,616 | ||||||||||||
Investment Companies | 463,528 | — | — | 463,528 | ||||||||||||
Short-Term Securities | 227,490 | — | — | 227,490 | ||||||||||||
Total: | 5,018,335 | 5,770,702 | — | 10,789,037 |
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, 2022 | 3 |