SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit International Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 97.5% | ||||||||
Asia - 22.7% | ||||||||
Australia - 5.8% | ||||||||
Atlassian Corp. * | 1,825 | 367,756 | ||||||
BHP Group, Ltd., ADR | 4,200 | 238,896 | ||||||
Lynas Rare Earths, Ltd. * | 46,625 | 203,547 | ||||||
Macquarie Group, Ltd. | 2,225 | 239,948 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 280,016 | ||||||
Westpac Banking Corp. | 4,425 | 60,173 | ||||||
Woodside Energy Group, Ltd., ADR | 1,517 | 35,331 | ||||||
|
| |||||||
|
1,425,667 |
| ||||||
|
| |||||||
China/Hong Kong - 3.7% | ||||||||
AIA Group, Ltd. | 32,200 | 262,544 | ||||||
Baidu, Inc., ADR * | 1,575 | 211,601 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 45,100 | 89,037 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 152,728 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 191,864 | ||||||
|
| |||||||
|
907,774 |
| ||||||
|
| |||||||
Japan - 8.0% | ||||||||
Astellas Pharma, Inc. | 17,700 | 245,649 | ||||||
Keyence Corp. | 1,000 | 371,386 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 345,428 | ||||||
Shiseido Co., Ltd. | 4,100 | 144,038 | ||||||
Sony Group Corp., ADR | 6,300 | 519,183 | ||||||
Terumo Corp. | 13,100 | 347,399 | ||||||
|
| |||||||
|
1,973,083 |
| ||||||
|
| |||||||
Singapore - 2.8% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 383,895 | ||||||
Singapore Technologies Engineering, Ltd. | 104,800 | 299,757 | ||||||
|
| |||||||
|
683,652 |
| ||||||
|
| |||||||
South Korea - 2.4% | ||||||||
LG Chem, Ltd. | 975 | 358,743 | ||||||
Samsung Electronics Co., Ltd., GDR | 185 | 233,100 | ||||||
|
| |||||||
|
591,843 |
| ||||||
|
| |||||||
Europe - 63.6% | ||||||||
France - 9.4% | ||||||||
AXA SA | 11,750 | 350,072 | ||||||
Dassault Systemes SE | 11,700 | 436,593 | ||||||
Elis SA | 8,125 | 143,112 | ||||||
Forvia SE * | 7,166 | 148,570 | ||||||
Safran SA | 3,200 | 502,879 | ||||||
Schneider Electric SE | 4,400 | 730,255 | ||||||
|
| |||||||
|
2,311,481 |
| ||||||
|
| |||||||
Germany - 7.1% | ||||||||
Allianz SE | 2,250 | 536,898 | ||||||
Deutsche Post AG | 6,550 | 266,854 | ||||||
Infineon Technologies AG | 5,700 | 188,956 | ||||||
Muenchener Rueckversicherungs AG | 800 | 312,185 | ||||||
Siemens AG | 3,100 | 444,622 | ||||||
|
| |||||||
|
1,749,515 |
| ||||||
|
| |||||||
Ireland - 4.0% | ||||||||
Accenture, PLC | 550 | 168,910 | ||||||
Aptiv, PLC * | 1,225 | 120,773 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
CRH, PLC | 4,800 | 262,704 | ||||||
Linde, PLC | 500 | 186,175 | ||||||
STERIS, PLC | 1,175 | 257,818 | ||||||
|
| |||||||
|
996,380 |
| ||||||
|
| |||||||
Netherlands - 4.0% | ||||||||
Adyen NV * | 84 | 62,673 | ||||||
ASML Holding NV | 1,025 | 603,376 | ||||||
Stellantis NV | 16,375 | 313,254 | ||||||
|
| |||||||
|
979,303 |
| ||||||
|
| |||||||
Spain - 2.8% | ||||||||
Cellnex Telecom SA | 5,200 | 181,259 | ||||||
Iberdrola SA | 45,900 | 514,152 | ||||||
|
| |||||||
|
695,411 |
| ||||||
|
| |||||||
Sweden - 1.0% | ||||||||
Evolution AB, ADR | 1,000 | 100,810 | ||||||
Hexagon AB | 16,200 | 138,460 | ||||||
|
| |||||||
|
239,270 |
| ||||||
|
| |||||||
Switzerland - 10.6% | ||||||||
Logitech International SA | 4,675 | 322,294 | ||||||
Lonza Group AG | 590 | 274,326 | ||||||
Nestle SA | 3,600 | 408,001 | ||||||
Novartis AG | 1,325 | 135,880 | ||||||
On Holding AG * | 8,625 | 239,948 | ||||||
Partners Group Holding AG | 490 | 553,783 | ||||||
Roche Holding AG | 875 | 239,410 | ||||||
TE Connectivity, Ltd. | 1,100 | 135,883 | ||||||
Zurich Insurance Group AG | 680 | 312,086 | ||||||
|
| |||||||
|
2,621,611 |
| ||||||
|
| |||||||
United Kingdom - 24.7% | ||||||||
Ashtead Group, PLC | 3,075 | 187,665 | ||||||
AstraZeneca, PLC, ADR | 10,125 | 685,665 | ||||||
BAE Systems, PLC | 52,600 | 640,361 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 337,392 | ||||||
Compass Group, PLC | 10,625 | 259,271 | ||||||
Dechra Pharmaceuticals, PLC | 6,300 | 291,170 | ||||||
Diageo, PLC, ADR | 2,775 | 413,974 | ||||||
Entain, PLC | 20,350 | 231,605 | ||||||
Glencore, PLC, ADR | 14,500 | 165,300 | ||||||
London Stock Exchange Group, PLC | 5,100 | 512,361 | ||||||
Man Group, PLC | 93,600 | 255,240 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 219,147 | ||||||
RELX, PLC | 12,275 | 415,937 | ||||||
Rentokil Initial, PLC | 47,250 | 351,779 | ||||||
Shell, PLC, ADR | 12,250 | 788,655 | ||||||
Smith & Nephew, PLC | 25,250 | 315,161 | ||||||
|
| |||||||
|
6,070,683 |
| ||||||
|
| |||||||
Latin America - 1.7% | ||||||||
Argentina - 1.7% | ||||||||
Globant SA * | 2,050 | 405,593 | ||||||
|
| |||||||
North America - 9.5% | ||||||||
Canada - 4.3% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 375,816 | ||||||
Colliers International Group, Inc. | 1,600 | 152,400 | ||||||
Lululemon Athletica, Inc. * | 400 | 154,244 |
SEPTEMBER 30, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit International Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Waste Connections, Inc. | 2,750 | 369,325 | ||||||
|
| |||||||
|
1,051,785 |
| ||||||
|
| |||||||
United States - 5.2% | ||||||||
Broadcom, Inc. | 1,025 | 851,344 | ||||||
Euronet Worldwide, Inc. * | 1,375 | 109,148 | ||||||
Mondelez International, Inc. | 4,800 | 333,120 | ||||||
|
| |||||||
1,293,612 | ||||||||
|
| |||||||
Total Common Stocks | 23,996,663 | |||||||
|
| |||||||
Investment Companies 0.6% | ||||||||
iShares MSCI India ETF | 3,200 | 141,504 | ||||||
|
| |||||||
Short-Term Securities - 1.4% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% | 355,875 | 355,875 | ||||||
|
| |||||||
Total Investments in Securities - 99.5% | 24,494,042 | |||||||
Other Assets and Liabilities, net - 0.5% | 130,873 | |||||||
|
| |||||||
Net Assets - 100.0% | $24,624,915 | |||||||
|
|
* | Non-income producing security. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance | 16.9% | |
Producer Manufacturing | 12.3 | |
Health Technology | 11.3 | |
Electronic Technology | 11.0 | |
Consumer Non-Durables | 8.9 | |
Technology Services | 8.6 | |
Non-Energy Minerals | 4.7 | |
Consumer Services | 4.1 | |
Consumer Durables | 3.4 | |
Energy Minerals | 3.3 | |
Utilities | 2.7 | |
Commercial Services | 2.6 | |
Process Industries | 2.2 | |
Retail Trade | 2.2 | |
Industrial Services | 1.5 | |
Transportation | 1.1 | |
Communications | 0.7 | |
Investment Companies | 0.6 | |
Short-Term Securities | 1.4 | |
| ||
99.5 | ||
Other Assets and Liabilities, net | 0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted |
Level 2 |
Level 3 Significant | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 405,593 | — | — | 405,593 | ||||||||||||
Australia | 1,425,667 | — | — | 1,425,667 | ||||||||||||
Canada | 1,051,785 | — | — | 1,051,785 | ||||||||||||
China/Hong Kong | 907,774 | — | — | 907,774 | ||||||||||||
France | 2,311,481 | — | — | 2,311,481 | ||||||||||||
Germany | 1,749,515 | — | — | 1,749,515 | ||||||||||||
Ireland | 996,380 | — | — | 996,380 | ||||||||||||
Japan | 1,973,083 | — | — | 1,973,083 | ||||||||||||
Netherlands | 979,303 | — | — | 979,303 | ||||||||||||
Singapore | 683,652 | — | — | 683,652 | ||||||||||||
South Korea | 591,843 | — | — | 591,843 | ||||||||||||
Spain | 695,411 | — | — | 695,411 | ||||||||||||
Sweden | 239,270 | — | — | 239,270 | ||||||||||||
Switzerland | 2,621,611 | — | — | 2,621,611 | ||||||||||||
United Kingdom | 6,070,683 | — | — | 6,070,683 | ||||||||||||
United States | 1,293,612 | — | — | 1,293,612 | ||||||||||||
Investment Companies | 141,504 | — | — | 141,504 | ||||||||||||
Short-Term Securities | 355,875 | — | — | 355,875 | ||||||||||||
Total: | 24,494,042 | — | — | 24,494,042 |
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, 2023 | 3 |