SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit International Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 97.9% | ||||||||
Asia - 25.2% | ||||||||
Australia - 5.9% | ||||||||
Atlassian Corp. * | 1,825 | 312,385 | ||||||
BHP Group, Ltd., ADR | 4,200 | 266,322 | ||||||
Lynas Rare Earths, Ltd. * | 46,625 | 198,479 | ||||||
Macquarie Group, Ltd. | 2,600 | 307,839 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 301,840 | ||||||
Westpac Banking Corp. | 4,425 | 64,426 | ||||||
Woodside Energy Group, Ltd., ADR | 1,517 | 34,027 | ||||||
|
| |||||||
|
1,485,318 |
| ||||||
|
| |||||||
China/Hong Kong - 5.4% | ||||||||
AIA Group, Ltd. | 32,200 | 337,693 | ||||||
Baidu, Inc., ADR * | 1,575 | 237,699 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 21,500 | 65,431 | ||||||
CSPC Pharmaceutical Group, Ltd. | 262,960 | 257,784 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 251,951 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 216,719 | ||||||
|
| |||||||
|
1,367,277 |
| ||||||
|
| |||||||
Japan - 8.5% | ||||||||
Astellas Pharma, Inc. | 17,700 | 251,470 | ||||||
Keyence Corp. | 1,000 | 490,109 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 308,101 | ||||||
Shiseido Co., Ltd. | 4,100 | 192,221 | ||||||
Sony Group Corp., ADR | 6,300 | 571,095 | ||||||
Terumo Corp. | 13,100 | 354,294 | ||||||
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| |||||||
|
2,167,290 |
| ||||||
|
| |||||||
Singapore - 2.4% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 387,843 | ||||||
Singapore Technologies Engineering, Ltd. | 78,400 | 215,824 | ||||||
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| |||||||
|
603,667 |
| ||||||
|
| |||||||
South Korea - 3.0% | ||||||||
LG Chem, Ltd. | 975 | 535,464 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 228,528 | ||||||
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| |||||||
|
763,992 |
| ||||||
|
| |||||||
Europe - 62.7% | ||||||||
France - 9.7% | ||||||||
AXA SA | 11,750 | 358,582 | ||||||
Dassault Systemes SE | 11,700 | 482,637 | ||||||
Elis SA | 8,125 | 155,391 | ||||||
Faurecia SE * | 7,166 | 155,743 | ||||||
Safran SA | 3,200 | 473,717 | ||||||
Schneider Electric SE | 5,000 | 835,620 | ||||||
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| |||||||
|
2,461,690 |
| ||||||
|
| |||||||
Germany - 7.3% | ||||||||
Allianz SE | 2,250 | 519,381 | ||||||
Deutsche Post AG | 6,550 | 306,773 | ||||||
Infineon Technologies AG | 5,700 | 234,072 | ||||||
Muenchener Rueckversicherungs AG | 800 | 279,709 | ||||||
Siemens AG | 3,100 | 502,212 | ||||||
|
| |||||||
|
1,842,147 |
| ||||||
|
| |||||||
Ireland - 3.4% | ||||||||
Accenture, PLC | 550 | 157,195 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Aptiv, PLC * | 525 | 58,900 | ||||||
CRH, PLC, ADR | 4,800 | 244,176 | ||||||
Linde, PLC | 500 | 177,720 | ||||||
STERIS, PLC | 1,175 | 224,754 | ||||||
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| |||||||
|
862,745 |
| ||||||
|
| |||||||
Netherlands - 4.5% | ||||||||
Adyen NV * | 84 | 133,848 | ||||||
ASML Holding NV | 1,025 | 697,728 | ||||||
Stellantis NV | 16,375 | 297,861 | ||||||
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| |||||||
|
1,129,437 |
| ||||||
|
| |||||||
Spain - 3.0% | ||||||||
Cellnex Telecom SA | 5,200 | 202,216 | ||||||
Iberdrola SA | 45,900 | 571,813 | ||||||
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| |||||||
|
774,029 |
| ||||||
|
| |||||||
Sweden - 1.5% | ||||||||
Evolution AB, ADR | 1,000 | 133,360 | ||||||
Hexagon AB | 21,800 | 250,905 | ||||||
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| |||||||
|
384,265 |
| ||||||
|
| |||||||
Switzerland - 10.6% | ||||||||
Logitech International SA | 6,650 | 386,099 | ||||||
Lonza Group AG | 590 | 355,180 | ||||||
Nestle SA | 3,600 | 438,950 | ||||||
Novartis AG | 1,950 | 179,046 | ||||||
Partners Group Holding AG | 490 | 461,444 | ||||||
Roche Holding AG | 1,350 | 385,753 | ||||||
TE Connectivity, Ltd. | 1,100 | 144,265 | ||||||
Zurich Insurance Group AG | 680 | 325,855 | ||||||
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| |||||||
|
2,676,592 |
| ||||||
|
| |||||||
United Kingdom - 22.7% | ||||||||
Ashtead Group, PLC | 3,800 | 233,339 | ||||||
AstraZeneca, PLC, ADR | 8,300 | 576,103 | ||||||
BAE Systems, PLC | 52,600 | 636,257 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 319,626 | ||||||
Compass Group, PLC | 10,625 | 267,023 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 206,259 | ||||||
Diageo, PLC, ADR | 2,775 | 502,774 | ||||||
Entain, PLC | 13,925 | 216,257 | ||||||
Glencore, PLC, ADR | 14,500 | 165,880 | ||||||
London Stock Exchange Group, PLC | 5,100 | 495,362 | ||||||
Man Group, PLC | 38,950 | 113,470 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 235,840 | ||||||
RELX, PLC | 12,275 | 397,564 | ||||||
Rentokil Initial, PLC | 47,250 | 345,329 | ||||||
Shell, PLC, ADR | 12,250 | 704,865 | ||||||
Smith & Nephew, PLC | 25,250 | 350,989 | ||||||
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| |||||||
|
5,766,937 |
| ||||||
|
| |||||||
Latin America - 1.3% | ||||||||
Argentina - 1.3% | ||||||||
Globant SA * | 2,050 | 336,220 | ||||||
|
| |||||||
North America - 8.7% | ||||||||
Canada - 4.0% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 372,053 | ||||||
Colliers International Group, Inc. | 1,600 | 168,880 | ||||||
Lululemon Athletica, Inc. * | 200 | 72,838 |
MARCH 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit International Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Waste Connections, Inc. | 2,750 | 382,443 | ||||||
|
| |||||||
|
996,214 |
| ||||||
|
| |||||||
United States - 4.7% | ||||||||
Broadcom, Inc. | 1,025 | 657,579 | ||||||
Euronet Worldwide, Inc. * | 1,775 | 198,622 | ||||||
Mondelez International, Inc. | 4,800 | 334,656 | ||||||
|
| |||||||
|
1,190,857 |
| ||||||
|
| |||||||
Total Common Stocks | 24,808,677 | |||||||
|
| |||||||
Investment Companies 0.8% | ||||||||
iShares MSCI India ETF | 5,600 | 220,416 | ||||||
|
| |||||||
Short-Term Securities - 0.8% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% | 191,174 | 191,174 | ||||||
|
| |||||||
Total Investments in Securities - 99.5% | 25,220,267 | |||||||
Other Assets and Liabilities, net - 0.5% | 123,724 | |||||||
|
| |||||||
Net Assets - 100.0% | $25,343,991 | |||||||
|
| |||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance | 16.2% | |
Health Technology | 12.4 | |
Producer Manufacturing | 12.4 | |
Electronic Technology | 11.2 | |
Technology Services | 8.6 | |
Consumer Non-Durables | 8.2 | |
Non-Energy Minerals | 4.6 | |
Consumer Services | 4.0 | |
Consumer Durables | 3.4 | |
Utilities | 3.3 | |
Energy Minerals | 2.9 | |
Process Industries | 2.8 | |
Commercial Services | 2.6 | |
Retail Trade | 1.8 | |
Industrial Services | 1.5 | |
Transportation | 1.2 | |
Communications | 0.8 | |
Investment Companies | 0.8 | |
Short-Term Securities | 0.8 | |
| ||
99.5 | ||
Other Assets and Liabilities, net | 0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 336,220 | — | — | 336,220 | ||||||||||||
Australia | 914,574 | 570,744 | — | 1,485,318 | ||||||||||||
Canada | 996,214 | — | — | 996,214 | ||||||||||||
China/Hong Kong | 237,699 | 1,129,578 | — | 1,367,277 | ||||||||||||
France | — | 2,461,690 | — | 2,461,690 | ||||||||||||
Germany | — | 1,842,147 | — | 1,842,147 | ||||||||||||
Ireland | 862,745 | — | — | 862,745 | ||||||||||||
Japan | 571,095 | 1,596,195 | — | 2,167,290 | ||||||||||||
Netherlands | 995,589 | 133,848 | — | 1,129,437 | ||||||||||||
Singapore | — | 603,667 | — | 603,667 | ||||||||||||
South Korea | — | 763,992 | — | 763,992 | ||||||||||||
Spain | — | 774,029 | — | 774,029 | ||||||||||||
Sweden | 133,360 | 250,905 | — | 384,265 | ||||||||||||
Switzerland | 530,364 | 2,146,228 | — | 2,676,592 | ||||||||||||
United Kingdom | 2,269,248 | 3,497,689 | — | 5,766,937 | ||||||||||||
United States | 1,190,857 | — | — | 1,190,857 | ||||||||||||
Investment Companies | 220,416 | — | — | 220,416 | ||||||||||||
Short-Term Securities | 191,174 | — | — | 191,174 | ||||||||||||
Total: | 9,449,555 | 15,770,712 | — | 25,220,267 |
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 |