SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit International Growth Fund
Investments are grouped by geographic region.
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Name of Issuer | Quantity | Fair Value ($) | ||||||
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Common Stocks - 97.3% | ||||||||
Asia - 29.1% | ||||||||
Australia - 7.1% | ||||||||
Atlassian Corp., PLC * | 1,825 | 536,240 | ||||||
BHP Group, Ltd., ADR | 4,200 | 324,450 | ||||||
Lynas Rare Earths, Ltd. * | 35,775 | 285,214 | ||||||
Macquarie Group, Ltd. | 2,600 | 393,209 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 353,760 | ||||||
Westpac Banking Corp., ADR | 4,425 | 80,264 | ||||||
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1,973,137 | ||||||||
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China/Hong Kong - 7.9% | ||||||||
AIA Group, Ltd. | 32,200 | 336,229 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,350 | 255,680 | ||||||
Baidu, Inc., ADR * | 1,575 | 208,372 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 21,500 | 56,774 | ||||||
China Tower Corp., Ltd. | 1,342,000 | 150,226 | ||||||
CSPC Pharmaceutical Group, Ltd. | 262,960 | 301,312 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 274,821 | ||||||
JD.com, Inc. * | 385 | 10,940 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 234,201 | ||||||
Tencent Holdings, Ltd. | 8,100 | 373,364 | ||||||
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2,201,919 | ||||||||
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Japan - 8.9% | ||||||||
Astellas Pharma, Inc. | 17,700 | 276,561 | ||||||
Keyence Corp. | 1,000 | 463,703 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 486,607 | ||||||
Shiseido Co., Ltd. | 4,100 | 207,085 | ||||||
Sony Group Corp., ADR | 6,300 | 647,073 | ||||||
Terumo Corp. | 13,100 | 396,386 | ||||||
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2,477,415 | ||||||||
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Singapore - 2.8% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 408,755 | ||||||
Sea, Ltd., ADR * | 1,175 | 140,753 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 237,477 | ||||||
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786,985 | ||||||||
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South Korea - 2.4% | ||||||||
LG Chem, Ltd. | 975 | 426,042 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 260,764 | ||||||
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686,806 | ||||||||
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Europe - 58.3% | ||||||||
France - 9.1% | ||||||||
AXA SA | 11,750 | 343,973 | ||||||
Dassault Systemes SE | 13,125 | 644,813 | ||||||
Elis SA * | 8,125 | 119,724 | ||||||
Faurecia SE | 7,975 | 207,420 | ||||||
Safran SA | 3,200 | 376,754 | ||||||
Schneider Electric SE | 5,000 | 839,452 | ||||||
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2,532,136 | ||||||||
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Germany - 6.1% | ||||||||
adidas AG | 550 | 128,164 | ||||||
Allianz SE | 2,250 | 537,318 | ||||||
Deutsche Post AG | 6,550 | 312,775 | ||||||
Infineon Technologies AG | 5,700 | 192,831 | ||||||
Muenchener Rueckversicherungs AG | 435 | 116,293 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
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Siemens AG | 3,100 | 429,249 | ||||||
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1,716,630 | ||||||||
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Ireland - 2.6% | ||||||||
CRH, PLC, ADR | 4,800 | 192,288 | ||||||
Linde, PLC | 500 | 159,715 | ||||||
STERIS, PLC | 1,450 | 350,567 | ||||||
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702,570 | ||||||||
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Netherlands - 3.4% | ||||||||
ASML Holding NV | 1,025 | 684,629 | ||||||
Stellantis NV | 16,375 | 266,421 | ||||||
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951,050 | ||||||||
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Spain - 3.4% | ||||||||
Cellnex Telecom SA | 9,442 | 454,391 | ||||||
Iberdrola SA | 45,900 | 501,686 | ||||||
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956,077 | ||||||||
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Sweden - 2.4% | ||||||||
Hexagon AB | 26,600 | 372,687 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 32,350 | 295,679 | ||||||
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668,366 | ||||||||
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Switzerland - 14.0% | ||||||||
Barry Callebaut AG | 55 | 128,945 | ||||||
Garmin, Ltd. | 1,050 | 124,541 | ||||||
Interroll Holding AG | 105 | 345,867 | ||||||
Logitech International SA | 6,650 | 490,637 | ||||||
Lonza Group AG | 590 | 427,516 | ||||||
Nestle SA | 3,600 | 468,067 | ||||||
Novartis AG | 1,950 | 171,194 | ||||||
Partners Group Holding AG | 490 | 606,719 | ||||||
Roche Holding AG | 1,675 | 662,734 | ||||||
TE Connectivity, Ltd. | 1,100 | 144,078 | ||||||
Zurich Insurance Group AG | 680 | 335,852 | ||||||
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3,906,150 | ||||||||
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United Kingdom - 17.3% | ||||||||
Ashtead Group, PLC | 5,500 | 346,304 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 550,622 | ||||||
BAE Systems, PLC | 52,600 | 493,991 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 262,494 | ||||||
Compass Group, PLC | 5,925 | 127,507 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 334,480 | ||||||
Diageo, PLC, ADR | 2,775 | 563,713 | ||||||
Entain, PLC * | 13,925 | 298,288 | ||||||
HomeServe, PLC | 15,225 | 168,603 | ||||||
London Stock Exchange Group, PLC | 5,100 | 531,831 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 236,486 | ||||||
RELX, PLC | 12,275 | 381,869 | ||||||
Shell, PLC, ADR | 2,550 | 140,072 | ||||||
Smith & Nephew, PLC | 25,250 | 401,598 | ||||||
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4,837,858 | ||||||||
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Latin America - 1.9% | ||||||||
Argentina - 1.9% | ||||||||
Globant SA * | 2,050 | 537,243 | ||||||
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MARCH 31, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit International Growth Fund (Continued)
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Name of Issuer | Quantity | Fair Value ($) | ||||||
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North America - 8.0% | ||||||||
Canada - 3.8% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 333,375 | ||||||
BRP, Inc. | 1,675 | 137,146 | ||||||
Colliers International Group, Inc. | 1,600 | 208,640 | ||||||
Waste Connections, Inc. | 2,750 | 384,175 | ||||||
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1,063,336 | ||||||||
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United States - 4.2% | ||||||||
Broadcom, Inc. | 1,025 | 645,422 | ||||||
Euronet Worldwide, Inc. * | 1,775 | 231,016 | ||||||
Mondelez International, Inc. | 4,800 | 301,344 | ||||||
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1,177,782 | ||||||||
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Total Common Stocks | 27,175,460 | |||||||
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Investment Companies 1.4% | ||||||||
iShares MSCI India ETF | 8,700 | 387,760 | ||||||
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Short-Term Securities - 0.8% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.12% | 226,998 | 226,998 | ||||||
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Total Investments in Securities - 99.5% |
| 27,790,218 | ||||||
Other Assets and Liabilities, net - 0.5% |
| 135,598 | ||||||
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Total Net Assets - 100.0% | $27,925,816 | |||||||
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* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance | 15.3% | |
Health Technology | 13.9 | |
Producer Manufacturing | 11.8 | |
Electronic Technology | 11.8 | |
Technology Services | 11.3 | |
Consumer Non-Durables | 8.4 | |
Non-Energy Minerals | 4.1 | |
Consumer Durables | 3.8 | |
Consumer Services | 2.9 | |
Utilities | 2.8 | |
Communications | 2.2 | |
Retail Trade | 2.1 | |
Process Industries | 2.1 | |
Commercial Services | 1.8 | |
Industrial Services | 1.4 | |
Transportation | 1.1 | |
Energy Minerals | 0.5 | |
Investment Companies | 1.4 | |
Short-Term Securities | 0.8 | |
| ||
99.5 | ||
Other Assets and Liabilities, net | 0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant | Level 3 Significant | Total ($) | |||||||||||||
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| |||||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 537,243 | — | — | 537,243 | ||||||||||||
Australia | 1,214,450 | 758,687 | — | 1,973,137 | ||||||||||||
Canada | 1,063,336 | — | — | 1,063,336 | ||||||||||||
China/Hong Kong | 464,052 | 1,737,867 | — | 2,201,919 | ||||||||||||
France | — | 2,532,136 | — | 2,532,136 | ||||||||||||
Germany | — | 1,716,630 | — | 1,716,630 | ||||||||||||
Ireland | 702,570 | — | — | 702,570 | ||||||||||||
Japan | 647,073 | 1,830,342 | — | 2,477,415 | ||||||||||||
Netherlands | 684,629 | 266,421 | — | 951,050 | ||||||||||||
Singapore | 140,753 | 646,232 | — | 786,985 | ||||||||||||
South Korea | — | 686,806 | — | 686,806 | ||||||||||||
Spain | — | 956,077 | — | 956,077 | ||||||||||||
Sweden | 295,679 | 372,687 | — | 668,366 | ||||||||||||
Switzerland | 759,256 | 3,146,894 | — | 3,906,150 | ||||||||||||
United Kingdom | 1,685,504 | 3,152,354 | — | 4,837,858 | ||||||||||||
United States | 1,177,782 | — | — | 1,177,782 | ||||||||||||
Investment Companies | 387,760 | — | — | 387,760 | ||||||||||||
Short-Term Securities | 226,998 | — | — | 226,998 | ||||||||||||
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Total: | 9,987,085 | 17,803,133 | — | 27,790,218 | ||||||||||||
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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.
MARCH 31, 2022 | 3 |