SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 93.0% | ||||||||
Africa/Middle East - 8.7% | ||||||||
Israel - 2.4% | ||||||||
NICE, Ltd., ADR * | 1,050 | 240,335 | ||||||
|
| |||||||
South Africa - 6.3% | ||||||||
Bid Corp., Ltd. | 13,200 | 295,434 | ||||||
Bidvest Group, Ltd. | 5,525 | 78,638 | ||||||
Naspers, Ltd. | 1,425 | 264,044 | ||||||
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| |||||||
|
638,116 |
| ||||||
|
| |||||||
Asia - 69.0% | ||||||||
Australia - 2.5% | ||||||||
Atlassian Corp. * | 450 | 77,026 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 169,785 | ||||||
|
| |||||||
|
246,811 |
| ||||||
|
| |||||||
China/Hong Kong - 32.4% | ||||||||
AIA Group, Ltd. | 21,400 | 224,430 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,700 | 275,886 | ||||||
Baidu, Inc., ADR * | 1,100 | 166,012 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 139,993 | ||||||
China International Capital Corp., Ltd. | 58,400 | 117,170 | ||||||
China Mengniu Dairy Co., Ltd. | 43,000 | 176,276 | ||||||
China Petroleum & Chemical Corp. | 140,000 | 82,617 | ||||||
CSPC Pharmaceutical Group, Ltd. | 192,400 | 188,613 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 271,121 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 18,660 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 226,056 | ||||||
JD.com, Inc. | 542 | 11,835 | ||||||
JD.com, Inc., ADR | 3,600 | 158,004 | ||||||
Jiumaojiu International Holdings, Ltd. | 9,000 | 21,396 | ||||||
LK Technology Holdings, Ltd. | 72,500 | 90,053 | ||||||
Meituan * | 6,820 | 123,730 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 128,737 | ||||||
Sands China, Ltd. * | 42,400 | 147,297 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 135,678 | ||||||
Tencent Holdings, Ltd. | 8,200 | 400,728 | ||||||
Trip.com Group, Ltd., ADR * | 4,450 | 167,632 | ||||||
|
| |||||||
|
3,271,924 |
| ||||||
|
| |||||||
India - 3.5% | ||||||||
HDFC Bank, Ltd., ADR | 5,350 | 356,684 | ||||||
|
| |||||||
Indonesia - 1.9% | ||||||||
Astra International Tbk PT | 176,000 | 70,522 | ||||||
XL Axiata Tbk PT | 948,800 | 125,612 | ||||||
|
| |||||||
|
196,134 |
| ||||||
|
| |||||||
Singapore - 6.2% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 360,495 | ||||||
Flex, Ltd. * | 4,000 | 92,040 | ||||||
Sea, Ltd, ADR * | 600 | 51,930 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 121,126 | ||||||
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| |||||||
|
625,591 |
| ||||||
|
| |||||||
South Korea - 11.1% | ||||||||
LG Chem, Ltd. | 575 | 315,787 | ||||||
NAVER Corp. | 450 | 70,511 | ||||||
Samsung Electronics Co., Ltd. | 10,925 | 540,252 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 195,590 | ||||||
|
| |||||||
|
1,122,140 |
| ||||||
|
| |||||||
Taiwan - 9.8% | ||||||||
Cathay Financial Holding Co., Ltd. | 88,784 | 122,242 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 23,700 | 160,686 | ||||||
Taiwan Semiconductor Co. | 37,482 | 656,858 | ||||||
Taiwan Semiconductor Co., ADR | 525 | 48,835 | ||||||
|
| |||||||
|
988,621 |
| ||||||
|
| |||||||
Thailand - 1.6% | ||||||||
Bangkok Bank PCL | 36,500 | 161,878 | ||||||
|
| |||||||
Europe - 1.3% | ||||||||
Netherlands - 1.3% | ||||||||
Prosus NV | 1,700 | 133,117 | ||||||
|
| |||||||
Latin America - 7.3% | ||||||||
Argentina - 1.9% | ||||||||
Globant SA * | 1,175 | 192,712 | ||||||
|
| |||||||
Brazil - 1.7% | ||||||||
Ambev SA, ADR | 21,575 | 60,841 | ||||||
Banco Bradesco SA | 30,350 | 79,102 | ||||||
Lojas Renner SA | 8,130 | 26,627 | ||||||
|
| |||||||
|
166,570 |
| ||||||
|
| |||||||
Chile - 0.8% | ||||||||
Banco Santander Chile, ADR | 4,700 | 83,801 | ||||||
|
| |||||||
Peru - 2.9% | ||||||||
Southern Copper Corp. | 3,900 | 297,375 | ||||||
|
| |||||||
North America - 6.7% | ||||||||
Mexico - 2.3% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 149,924 | ||||||
Grupo Bimbo SAB de CV | 16,000 | 80,426 | ||||||
|
| |||||||
|
230,350 |
| ||||||
|
| |||||||
United States - 4.4% | ||||||||
Broadcom, Inc. | 550 | 352,847 | ||||||
Skyworks Solutions, Inc. | 775 | 91,435 | ||||||
|
| |||||||
|
444,282 |
| ||||||
|
| |||||||
Total Common Stocks | 9,396,441 | |||||||
|
| |||||||
Investment Companies 4.1% | ||||||||
iShares MSCI India ETF | 10,400 | 409,344 | ||||||
|
| |||||||
Short-Term Securities - 2.7% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% | 272,571 | 272,571 | ||||||
|
| |||||||
Total Investments in Securities - 99.8% | 10,078,356 | |||||||
Other Assets and Liabilities, net - 0.2% | 20,703 | |||||||
|
| |||||||
Net Assets - 100.0% |
|
$10,099,059 |
| |||||
|
|
MARCH 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Developing Markets Growth Fund (Continued)
* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |||||||
Electronic Technology | 21.6% | |||||||
Finance | 20.4 | |||||||
Technology Services | 12.2 | |||||||
Retail Trade | 9.3 | |||||||
Consumer Non-Durables | 6.0 | |||||||
Consumer Services | 5.1 | |||||||
Non-Energy Minerals | 4.6 | |||||||
Health Technology | 3.2 | |||||||
Process Industries | 3.1 | |||||||
Producer Manufacturing | 2.8 | |||||||
Utilities | 2.7 | |||||||
Communications | 1.2 | |||||||
Energy Minerals | 0.8 | |||||||
Investment Companies | 4.1 | |||||||
Short-Term Securities | 2.7 | |||||||
| ||||||||
99.8 | ||||||||
Other Assets and Liabilities, net | 0.2 | |||||||
�� | ||||||||
100.0% | ||||||||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Developing Markets Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 192,712 | — | — | 192,712 | ||||||||||||
Australia | 246,811 | — | — | 246,811 | ||||||||||||
Brazil | 166,570 | — | — | 166,570 | ||||||||||||
Chile | 83,801 | — | — | 83,801 | ||||||||||||
China/Hong Kong | 786,194 | 2,485,730 | — | 3,271,924 | ||||||||||||
India | 356,684 | — | — | 356,684 | ||||||||||||
Indonesia | — | 196,134 | — | 196,134 | ||||||||||||
Israel | 240,335 | — | — | 240,335 | ||||||||||||
Mexico | 230,350 | — | — | 230,350 | ||||||||||||
Netherlands | — | 133,117 | — | 133,117 | ||||||||||||
Peru | 297,375 | — | — | 297,375 | ||||||||||||
Singapore | 143,970 | 481,621 | — | 625,591 | ||||||||||||
South Africa | 374,072 | 264,044 | — | 638,116 | ||||||||||||
South Korea | — | 1,122,140 | — | 1,122,140 | ||||||||||||
Taiwan | 209,521 | 779,100 | — | 988,621 | ||||||||||||
Thailand | — | 161,878 | — | 161,878 | ||||||||||||
United States | 444,282 | — | — | 444,282 | ||||||||||||
Investment Companies | 409,344 | — | — | 409,344 | ||||||||||||
Short-Term Securities | 272,571 | — | — | 272,571 | ||||||||||||
Total: | 4,454,592 | 5,623,764 | — | 10,078,356 |
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, 2023 | 3 |