SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 93.2% | ||||||||
Africa/Middle East - 7.7% | ||||||||
Israel - 2.4% | ||||||||
NICE, Ltd., ADR * | 1,050 | 197,652 | ||||||
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South Africa - 5.3% | ||||||||
Bid Corp., Ltd. | 13,200 | 203,338 | ||||||
Bidvest Group, Ltd. | 5,525 | 59,994 | ||||||
Naspers, Ltd. | 1,425 | 176,734 | ||||||
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440,066 | ||||||||
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Asia - 70.6% | ||||||||
Australia - 2.8% | ||||||||
Atlassian Corp., PLC * | 450 | 94,765 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 136,274 | ||||||
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231,039 | ||||||||
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China/Hong Kong - 33.2% | ||||||||
AIA Group, Ltd. | 21,400 | 178,174 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,700 | 215,973 | ||||||
Baidu, Inc., ADR * | 1,100 | 129,239 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 119,787 | ||||||
China International Capital Corp., Ltd. | 58,400 | 84,226 | ||||||
China Mengniu Dairy Co., Ltd. | 43,000 | 169,983 | ||||||
China Petroleum & Chemical Corp., ADR | 1,400 | 58,800 | ||||||
CSPC Pharmaceutical Group, Ltd. | 230,400 | 228,367 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 263,997 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 17,660 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 174,330 | ||||||
JD.com, Inc. | 542 | 13,674 | ||||||
JD.com, Inc., ADR | 3,600 | 181,080 | ||||||
LK Technology Holdings, Ltd. | 72,500 | 81,908 | ||||||
Meituan * | 6,000 | 126,099 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 99,277 | ||||||
Sands China, Ltd. * | 42,400 | 105,585 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 89,611 | ||||||
Tencent Holdings, Ltd. | 8,200 | 276,966 | ||||||
Trip.com Group, Ltd., ADR * | 4,450 | 121,529 | ||||||
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2,736,265 | ||||||||
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India - 3.8% | ||||||||
HDFC Bank, Ltd., ADR | 5,350 | 312,547 | ||||||
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Indonesia - 2.8% | ||||||||
Astra International Tbk PT | 176,000 | 76,164 | ||||||
XL Axiata Tbk PT | 948,800 | 152,618 | ||||||
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228,782 | ||||||||
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Singapore - 6.6% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 335,434 | ||||||
Flex, Ltd. * | 4,000 | 66,640 | ||||||
Sea, Ltd, ADR * | 600 | 33,630 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 109,316 | ||||||
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545,020 | ||||||||
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South Korea - 10.2% | ||||||||
LG Chem, Ltd. | 575 | 212,310 | ||||||
NAVER Corp. | 450 | 59,947 | ||||||
Samsung Electronics Co., Ltd. | 10,925 | 401,158 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 167,250 | ||||||
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840,665 | ||||||||
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Taiwan - 9.6% | ||||||||
Cathay Financial Holding Co., Ltd. | 82,085 | 102,880 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 23,700 | 151,206 | ||||||
Taiwan Semiconductor Co. | 37,482 | 496,839 | ||||||
Taiwan Semiconductor Co., ADR | 525 | 35,994 | ||||||
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786,919 | ||||||||
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Thailand - 1.6% | ||||||||
Bangkok Bank PCL | 36,500 | 132,085 | ||||||
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Europe - 1.1% | ||||||||
Netherlands - 1.1% | ||||||||
Prosus NV | 1,700 | 88,445 | ||||||
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Latin America - 8.2% | ||||||||
Argentina - 2.7% | ||||||||
Globant SA * | 1,175 | 219,819 | ||||||
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Brazil - 2.6% | ||||||||
Ambev SA, ADR | 21,575 | 61,057 | ||||||
Banco Bradesco SA | 30,350 | 111,625 | ||||||
Lojas Renner SA | 8,130 | 42,079 | ||||||
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214,761 | ||||||||
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Chile - 0.8% | ||||||||
Banco Santander Chile, ADR | 4,700 | 65,847 | ||||||
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Peru - 2.1% | ||||||||
Southern Copper Corp. | 3,900 | 174,876 | ||||||
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North America - 5.6% | ||||||||
Mexico - 1.9% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 98,831 | ||||||
Grupo Bimbo SAB de CV | 16,000 | 56,224 | ||||||
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155,055 | ||||||||
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United States - 3.7% | ||||||||
Broadcom, Inc. | 550 | 244,206 | ||||||
Skyworks Solutions, Inc. | 775 | 66,084 | ||||||
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310,290 | ||||||||
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Total Common Stocks | 7,680,133 | |||||||
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Investment Companies 5.2% | ||||||||
iShares MSCI India ETF | 10,400 | 424,112 | ||||||
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Short-Term Securities - 1.5% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% | 123,233 | 123,233 | ||||||
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Total Investments in Securities - 99.9% | 8,227,478 | |||||||
Other Assets and Liabilities, net - 0.1% | 11,401 | |||||||
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Net Assets - 100.0% | $8,238,879 | |||||||
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SEPTEMBER 30, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Developing Markets Growth Fund (Continued)
* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Finance | 21.4% | |||
Electronic Technology | 20.1 | |||
Technology Services | 12.7 | |||
Retail Trade | 9.4 | |||
Consumer Non-Durables | 6.1 | |||
Consumer Services | 4.2 | |||
Health Technology | 3.9 | |||
Non-Energy Minerals | 3.8 | |||
Producer Manufacturing | 3.2 | |||
Utilities | 3.2 | |||
Process Industries | 2.6 | |||
Communications | 1.9 | |||
Energy Minerals | 0.7 | |||
Investment Companies | 5.2 | |||
Short-Term Securities | 1.5 | |||
| ||||
99.9 | ||||
Other Assets and Liabilities, net | 0.1 | |||
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100.0% | ||||
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2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Developing Markets Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant | Level 3 Significant | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 219,819 | — | — | 219,819 | ||||||||||||
Australia | 231,039 | — | — | 231,039 | ||||||||||||
Brazil | 214,761 | — | — | 214,761 | ||||||||||||
Chile | 65,847 | — | — | 65,847 | ||||||||||||
China/Hong Kong | 724,281 | 2,011,984 | — | 2,736,265 | ||||||||||||
India | 312,547 | — | — | 312,547 | ||||||||||||
Indonesia | — | 228,782 | — | 228,782 | ||||||||||||
Israel | 197,652 | — | — | 197,652 | ||||||||||||
Mexico | 155,055 | — | — | 155,055 | ||||||||||||
Netherlands | — | 88,445 | — | 88,445 | ||||||||||||
Peru | 174,876 | — | — | 174,876 | ||||||||||||
Singapore | 100,270 | 444,750 | — | 545,020 | ||||||||||||
South Africa | 263,332 | 176,734 | — | 440,066 | ||||||||||||
South Korea | — | 840,665 | — | 840,665 | ||||||||||||
Taiwan | 187,200 | 599,719 | — | 786,919 | ||||||||||||
Thailand | 132,085 | — | — | 132,085 | ||||||||||||
United States | 310,290 | — | — | 310,290 | ||||||||||||
Investment Companies | 424,112 | — | — | 424,112 | ||||||||||||
Short-Term Securities | 123,233 | — | — | 123,233 | ||||||||||||
Total: | 3,836,399 | 4,391,079 | — | 8,227,478 |
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, 2022 | 3 |