SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 92.2% | ||||||||
Africa/Middle East - 8.3% | ||||||||
Israel - 1.9% | ||||||||
NICE, Ltd., ADR * | 1,050 | 178,500 | ||||||
|
| |||||||
South Africa - 6.4% | ||||||||
Bid Corp., Ltd. | 13,200 | 294,379 | ||||||
Bidvest Group, Ltd. | 5,525 | 79,599 | ||||||
Naspers, Ltd. | 1,425 | 227,710 | ||||||
|
| |||||||
|
601,688 |
| ||||||
|
| |||||||
Asia - 66.0% | ||||||||
Australia - 2.7% | ||||||||
Atlassian Corp. * | 450 | 90,679 | ||||||
Rio Tinto, PLC, ADR | 2,475 | 157,509 | ||||||
|
| |||||||
|
248,188 |
| ||||||
|
| |||||||
China/Hong Kong - 28.1% | ||||||||
AIA Group, Ltd. | 21,400 | 174,486 | ||||||
Alibaba Group Holding, Ltd., ADR * | 2,700 | 234,198 | ||||||
Baidu, Inc., ADR * | 1,100 | 147,785 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 46,000 | 90,814 | ||||||
China International Capital Corp., Ltd. | 58,400 | 107,091 | ||||||
China Mengniu Dairy Co., Ltd. | 43,000 | 144,140 | ||||||
China Petroleum & Chemical Corp. | 140,000 | 76,517 | ||||||
CSPC Pharmaceutical Group, Ltd. | 192,400 | 141,027 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 164,348 | ||||||
GDS Holdings, Ltd., ADR * | 1,000 | 10,950 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 190,559 | ||||||
JD.com, Inc. | 542 | 7,966 | ||||||
JD.com, Inc., ADR | 3,600 | 104,868 | ||||||
Jiumaojiu International Holdings, Ltd. | 9,000 | 12,251 | ||||||
LK Technology Holdings, Ltd. | 72,500 | 72,028 | ||||||
Meituan* | 6,820 | 99,806 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 113,973 | ||||||
Sands China, Ltd. * | 42,400 | 129,946 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 130,154 | ||||||
Tencent Holdings, Ltd. | 8,200 | 320,630 | ||||||
Trip.com Group, Ltd., ADR * | 4,450 | 155,617 | ||||||
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| |||||||
|
2,629,154 |
| ||||||
|
| |||||||
India - 3.4% | ||||||||
HDFC Bank, Ltd., ADR | 5,350 | 315,703 | ||||||
|
| |||||||
Indonesia - 2.3% | ||||||||
Astra International Tbk PT | 176,000 | 70,890 | ||||||
XL Axiata Tbk PT | 948,800 | 146,111 | ||||||
|
| |||||||
|
217,001 |
| ||||||
|
| |||||||
Singapore - 6.9% | ||||||||
DBS Group Holdings, Ltd. | 14,500 | 356,825 | ||||||
Flex, Ltd. * | 4,000 | 107,920 | ||||||
Sea, Ltd, ADR * | 1,225 | 53,839 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 125,852 | ||||||
|
| |||||||
|
644,436 |
| ||||||
|
| |||||||
South Korea - 10.9% | ||||||||
LG Chem, Ltd. | 575 | 211,566 | ||||||
NAVER Corp. | 450 | 67,197 | ||||||
Samsung Electronics Co., Ltd. | 10,925 | 553,779 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Shinhan Financial Group Co., Ltd. | 7,200 | 189,951 | ||||||
|
| |||||||
|
1,022,493 |
| ||||||
|
| |||||||
Taiwan - 9.9% | ||||||||
Cathay Financial Holding Co., Ltd. | 88,784 | 122,530 | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 23,700 | 150,969 | ||||||
Taiwan Semiconductor Co. | 37,482 | 607,273 | ||||||
Taiwan Semiconductor Co., ADR | 525 | 45,623 | ||||||
|
| |||||||
|
926,395 |
| ||||||
|
| |||||||
Thailand - 1.8% | ||||||||
Bangkok Bank PCL | 36,500 | 167,903 | ||||||
|
| |||||||
Europe - 1.2% | ||||||||
Netherlands - 1.2% | ||||||||
Prosus NV * | 3,705 | 109,366 | ||||||
|
| |||||||
Latin America - 8.3% | ||||||||
Argentina - 2.5% | ||||||||
Globant SA * | 1,175 | 232,474 | ||||||
|
| |||||||
Brazil - 1.8% | ||||||||
Ambev SA, ADR | 21,575 | 55,663 | ||||||
Banco Bradesco SA | 30,350 | 86,041 | ||||||
Lojas Renner SA | 8,130 | 21,673 | ||||||
|
| |||||||
|
163,377 |
| ||||||
|
| |||||||
Chile - 0.9% | ||||||||
Banco Santander Chile, ADR | 4,700 | 86,198 | ||||||
|
| |||||||
Peru - 3.1% | ||||||||
Southern Copper Corp. | 3,900 | 293,631 | ||||||
|
| |||||||
North America - 8.4% | ||||||||
Mexico - 2.7% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 171,911 | ||||||
Grupo Bimbo SAB de CV | 16,000 | 76,918 | ||||||
|
| |||||||
|
248,829 |
| ||||||
|
| |||||||
United States - 5.7% | ||||||||
Broadcom, Inc. | 550 | 456,819 | ||||||
Skyworks Solutions, Inc. | 775 | 76,407 | ||||||
|
| |||||||
|
533,226 |
| ||||||
|
| |||||||
Total Common Stocks | 8,618,562 | |||||||
|
| |||||||
Investment Companies 4.6% | ||||||||
iShares MSCI India ETF | 9,750 | 431,146 | ||||||
|
| |||||||
Short-Term Securities - 3.0% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% | 283,512 | 283,512 | ||||||
|
| |||||||
Total Investments in Securities - 99.8% | 9,333,220 | |||||||
Other Assets and Liabilities, net - 0.2% | 14,193 | |||||||
|
| |||||||
Net Assets - 100.0% |
$ |
9,347,413 |
| |||||
|
|
SEPTEMBER 30, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 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 | 23.3% | |||||||
Finance | 20.4 | |||||||
Technology Services | 12.1 | |||||||
Retail Trade | 8.8 | |||||||
Consumer Non-Durables | 5.8 | |||||||
Non-Energy Minerals | 4.8 | |||||||
Consumer Services | 4.8 | |||||||
Health Technology | 2.9 | |||||||
Producer Manufacturing | 2.9 | |||||||
Process Industries | 2.3 | |||||||
Utilities | 1.7 | |||||||
Communications | 1.6 | |||||||
Energy Minerals | 0.8 | |||||||
Investment Companies | 4.6 | |||||||
Short-Term Securities | 3.0 | |||||||
| ||||||||
99.8 | ||||||||
Other Assets and Liabilities, net | 0.2 | |||||||
| ||||||||
100.0% | ||||||||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Developing Markets 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 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 232,474 | — | — | 232,474 | ||||||||||||
Australia | 248,188 | — | — | 248,188 | ||||||||||||
Brazil | 163,377 | — | — | 163,377 | ||||||||||||
Chile | 86,198 | — | — | 86,198 | ||||||||||||
China/Hong Kong | 2,629,154 | — | — | 2,629,154 | ||||||||||||
India | 315,703 | — | — | 315,703 | ||||||||||||
Indonesia | 217,001 | — | — | 217,001 | ||||||||||||
Israel | 178,500 | — | — | 178,500 | ||||||||||||
Mexico | 248,829 | — | — | 248,829 | ||||||||||||
Netherlands | 109,366 | — | — | 109,366 | ||||||||||||
Peru | 293,631 | — | — | 293,631 | ||||||||||||
Singapore | 644,436 | — | — | 644,436 | ||||||||||||
South Africa | 601,688 | — | — | 601,688 | ||||||||||||
South Korea | 1,022,493 | — | — | 1,022,493 | ||||||||||||
Taiwan | 926,395 | — | — | 926,395 | ||||||||||||
Thailand | — | 167,903 | — | 167,903 | ||||||||||||
United States | 533,226 | — | — | 533,226 | ||||||||||||
Investment Companies | 431,146 | — | — | 431,146 | ||||||||||||
Short-Term Securities | 283,512 | — | — | 283,512 | ||||||||||||
Total: | 9,165,317 | 167,903 | — | 9,333,220 |
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 |