SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit International Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 97.4% | ||||||||
Asia - 27.3% | ||||||||
Australia - 6.7% | ||||||||
Atlassian Corp., PLC * | 1,825 | 384,327 | ||||||
BHP Group, Ltd., ADR | 4,200 | 210,168 | ||||||
Lynas Rare Earths, Ltd. * | 35,775 | 172,522 | ||||||
Macquarie Group, Ltd. | 2,600 | 253,656 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 242,264 | ||||||
Westpac Banking Corp. | 4,425 | 58,543 | ||||||
Woodside Energy Group, Ltd., ADR | 1,517 | 30,583 | ||||||
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1,352,063 | ||||||||
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| ||||||
China/Hong Kong - 6.4% | ||||||||
AIA Group, Ltd. | 32,200 | 268,094 | ||||||
Baidu, Inc., ADR * | 1,575 | 185,047 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 21,500 | 55,987 | ||||||
CSPC Pharmaceutical Group, Ltd. | 262,960 | 260,639 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 245,331 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 167,125 | ||||||
Tencent Holdings, Ltd. | 3,200 | 108,084 | ||||||
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1,290,307 | ||||||||
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Japan - 8.9% | ||||||||
Astellas Pharma, Inc. | 17,700 | 234,477 | ||||||
Keyence Corp. | 1,000 | 330,560 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 322,623 | ||||||
Shiseido Co., Ltd. | 4,100 | 143,694 | ||||||
Sony Group Corp., ADR | 6,300 | 403,515 | ||||||
Terumo Corp. | 13,100 | 368,244 | ||||||
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1,803,113 | ||||||||
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Singapore - 2.7% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 360,881 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 194,781 | ||||||
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555,662 | ||||||||
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South Korea - 2.6% | ||||||||
LG Chem, Ltd. | 975 | 360,005 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 168,193 | ||||||
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528,198 | ||||||||
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Europe - 59.5% | ||||||||
France - 8.7% | ||||||||
AXA SA | 11,750 | 256,537 | ||||||
Dassault Systemes SE | 13,125 | 453,142 | ||||||
Elis SA | 8,125 | 81,918 | ||||||
Faurecia SE * | 10,366 | 112,210 | ||||||
Safran SA | 3,200 | 291,167 | ||||||
Schneider Electric SE | 5,000 | 564,754 | ||||||
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1,759,728 | ||||||||
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Germany - 5.4% | ||||||||
Allianz SE | 2,250 | 354,452 | ||||||
Deutsche Post AG | 6,550 | 197,415 | ||||||
Infineon Technologies AG | 5,700 | 124,739 | ||||||
Muenchener Rueckversicherungs AG | 435 | 104,713 | ||||||
Siemens AG | 3,100 | 303,003 | ||||||
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1,084,322 | ||||||||
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Name of Issuer | Quantity | Fair Value ($) | ||||||
Ireland - 3.1% | ||||||||
Accenture, PLC | 550 | 141,515 | ||||||
CRH, PLC, ADR | 4,800 | 154,704 | ||||||
Linde, PLC | 500 | 134,795 | ||||||
STERIS, PLC | 1,175 | 195,379 | ||||||
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626,393 | ||||||||
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Netherlands - 3.1% | ||||||||
ASML Holding NV | 1,025 | 425,734 | ||||||
Stellantis NV | 16,375 | 193,880 | ||||||
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619,614 | ||||||||
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Spain - 3.6% | ||||||||
Cellnex Telecom SA | 9,442 | 291,254 | ||||||
Iberdrola SA | 45,900 | 427,980 | ||||||
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719,234 | ||||||||
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Sweden - 2.3% | ||||||||
Evolution AB, ADR | 500 | 39,340 | ||||||
Hexagon AB | 26,600 | 248,421 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 32,350 | 185,689 | ||||||
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473,450 | ||||||||
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Switzerland - 12.3% | ||||||||
Interroll Holding AG | 75 | 142,475 | ||||||
Logitech International SA | 6,650 | 305,900 | ||||||
Lonza Group AG | 590 | 287,266 | ||||||
Nestle SA | 3,600 | 389,366 | ||||||
Novartis AG | 1,950 | 148,662 | ||||||
Partners Group Holding AG | 490 | 394,344 | ||||||
Roche Holding AG | 1,350 | 439,469 | ||||||
TE Connectivity, Ltd. | 1,100 | 121,396 | ||||||
Zurich Insurance Group AG | 680 | 271,083 | ||||||
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2,499,961 | ||||||||
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United Kingdom - 21.0% | ||||||||
Ashtead Group, PLC | 5,500 | 247,004 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 455,172 | ||||||
BAE Systems, PLC | 52,600 | 462,166 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 230,148 | ||||||
Compass Group, PLC | 5,925 | 117,981 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 182,958 | ||||||
Diageo, PLC, ADR | 2,775 | 471,223 | ||||||
Entain, PLC | 13,925 | 166,494 | ||||||
London Stock Exchange Group, PLC | 5,100 | 430,689 | ||||||
Man Group, PLC | 38,950 | 96,443 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 205,473 | ||||||
RELX, PLC | 12,275 | 299,171 | ||||||
Rentokil Initial, PLC | 27,450 | 145,498 | ||||||
Shell, PLC, ADR | 9,100 | 452,816 | ||||||
Smith & Nephew, PLC | 25,250 | 291,455 | ||||||
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4,254,691 | ||||||||
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Latin America - 1.9% | ||||||||
Argentina - 1.9% | ||||||||
Globant SA * | 2,050 | 383,514 | ||||||
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North America - 8.7% | ||||||||
Canada - 4.5% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 297,907 | ||||||
BRP, Inc. | 1,675 | 103,179 |
SEPTEMBER 30, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit International Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Colliers International Group, Inc. | 1,600 | 146,656 | ||||||
Waste Connections, Inc. | 2,750 | 371,607 | ||||||
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919,349 | ||||||||
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United States - 4.2% | ||||||||
Broadcom, Inc. | 1,025 | 455,111 | ||||||
Euronet Worldwide, Inc. * | 1,775 | 134,474 | ||||||
Mondelez International, Inc. | 4,800 | 263,184 | ||||||
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852,769 | ||||||||
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Total Common Stocks | 19,722,368 | |||||||
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Investment Companies 1.1% | ||||||||
iShares MSCI India ETF | 5,600 | 228,367 | ||||||
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Short-Term Securities - 0.9% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% | 176,977 | 176,977 | ||||||
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Total Investments in Securities - 99.4% | 20,127,712 | |||||||
Other Assets and Liabilities, net - 0.6% | 115,054 | |||||||
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Net Assets - 100.0% | $20,242,766 | |||||||
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* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||
Finance | 16.1% | |||
Health Technology | 14.1 | |||
Producer Manufacturing | 11.5 | |||
Electronic Technology | 10.5 | |||
Technology Services | 10.4 | |||
Consumer Non-Durables | 8.7 | |||
Non-Energy Minerals | 3.9 | |||
Consumer Durables | 3.5 | |||
Utilities | 3.3 | |||
Consumer Services | 3.1 | |||
Process Industries | 2.4 | |||
Energy Minerals | 2.4 | |||
Commercial Services | 1.8 | |||
Industrial Services | 1.8 | |||
Retail Trade | 1.5 | |||
Communications | 1.4 | |||
Transportation | 1.0 | |||
Investment Companies | 1.1 | |||
Short-Term Securities | 0.9 | |||
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99.4 | ||||
Other Assets and Liabilities, net | 0.6 | |||
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100.0% | ||||
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2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant | Level 3 Significant | Total ($) | |||||||||||||
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Common Stocks | ||||||||||||||||
Argentina | 383,514 | — | — | 383,514 | ||||||||||||
Australia | 867,342 | 484,721 | — | 1,352,063 | ||||||||||||
Canada | 919,349 | — | — | 919,349 | ||||||||||||
China/Hong Kong | 185,047 | 1,105,260 | — | 1,290,307 | ||||||||||||
France | — | 1,759,728 | — | 1,759,728 | ||||||||||||
Germany | — | 1,084,322 | — | 1,084,322 | ||||||||||||
Ireland | 626,393 | — | — | 626,393 | ||||||||||||
Japan | 403,515 | 1,399,598 | — | 1,803,113 | ||||||||||||
Netherlands | 619,614 | — | — | 619,614 | ||||||||||||
Singapore | — | 555,662 | — | 555,662 | ||||||||||||
South Korea | — | 528,198 | — | 528,198 | ||||||||||||
Spain | — | 719,234 | — | 719,234 | ||||||||||||
Sweden | 225,029 | 248,421 | — | 473,450 | ||||||||||||
Switzerland | 427,296 | 2,072,665 | — | 2,499,961 | ||||||||||||
United Kingdom | 1,609,359 | 2,645,332 | — | 4,254,691 | ||||||||||||
United States | 852,769 | — | — | 852,769 | ||||||||||||
Investment Companies | 228,367 | — | — | 228,367 | ||||||||||||
Short-Term Securities | 176,977 | — | — | 176,977 | ||||||||||||
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Total: | 7,524,571 | 12,603,141 | — | 20,127,712 | ||||||||||||
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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, 2022 | 3 |