SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit Developing Markets Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 92.1% | ||||||||
Africa/Middle East - 8.9% | ||||||||
Israel - 2.3% | ||||||||
NICE, Ltd., ADR * | 775 | 201,981 | ||||||
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| |||||||
South Africa - 6.6% | ||||||||
Bid Corp., Ltd. | 9,850 | 240,170 | ||||||
Bidvest Group, Ltd. | 5,525 | 70,743 | ||||||
Naspers, Ltd. | 1,425 | 252,614 | ||||||
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| |||||||
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563,527 |
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| |||||||
Asia - 63.9% | ||||||||
Australia - 2.1% | ||||||||
Atlassian Corp. * | 450 | 87,800 | ||||||
Rio Tinto, PLC, ADR | 1,425 | 90,829 | ||||||
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| |||||||
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178,629 |
| ||||||
|
| |||||||
China/Hong Kong - 21.9% | ||||||||
AIA Group, Ltd. | 21,400 | 143,680 | ||||||
Alibaba Group Holding, Ltd., ADR | 2,225 | 161,001 | ||||||
Baidu, Inc., ADR * | 475 | 50,008 | ||||||
Budweiser Brewing Co. APAC, Ltd. 4 | 46,000 | 67,705 | ||||||
China Mengniu Dairy Co., Ltd. | 28,000 | 60,100 | ||||||
China Petroleum & Chemical Corp. | 140,000 | 79,419 | ||||||
CSPC Pharmaceutical Group, Ltd. | 192,400 | 151,179 | ||||||
ENN Energy Holdings, Ltd. | 19,800 | 152,543 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 5,100 | 148,434 | ||||||
Jiumaojiu International Holdings, Ltd. 4 | 9,000 | 6,485 | ||||||
Meituan *, 4 | 6,820 | 84,347 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 19,900 | 84,030 | ||||||
Sands China, Ltd. * | 42,400 | 119,450 | ||||||
Sinopharm Group Co., Ltd. | 44,900 | 115,019 | ||||||
Tencent Holdings, Ltd. | 8,200 | 318,282 | ||||||
Trip.com Group, Ltd., ADR * | 3,275 | 143,740 | ||||||
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1,885,422 |
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India - 2.9% | ||||||||
HDFC Bank, Ltd., ADR | 4,375 | 244,869 | ||||||
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Indonesia - 2.2% | ||||||||
Astra International Tbk PT | 176,000 | 57,168 | ||||||
XL Axiata Tbk PT | 948,800 | 135,244 | ||||||
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192,412 |
| ||||||
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Singapore - 7.0% | ||||||||
DBS Group Holdings, Ltd. | 11,000 | 293,523 | ||||||
Flex, Ltd. * | 4,000 | 114,440 | ||||||
Sea, Ltd, ADR * | 1,225 | 65,795 | ||||||
Singapore Technologies Engineering, Ltd. | 44,000 | 130,998 | ||||||
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604,756 |
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South Korea - 12.3% | ||||||||
LG Chem, Ltd. | 450 | 147,075 | ||||||
NAVER Corp. | 450 | 62,540 | ||||||
Samsung Electronics Co., Ltd. | 10,925 | 655,703 | ||||||
Shinhan Financial Group Co., Ltd. | 4,150 | 145,500 | ||||||
SK Hynix, Inc. | 320 | 42,358 | ||||||
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1,053,176 |
| ||||||
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Taiwan - 13.9% | ||||||||
Cathay Financial Holding Co., Ltd. | 88,784 | 133,855 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Hon Hai Precision Industry Co., Ltd., GDR | 16,625 | 158,436 | ||||||
Taiwan Semiconductor Co. | 37,482 | 900,641 | ||||||
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1,192,932 |
| ||||||
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Thailand - 1.6% | ||||||||
Bangkok Bank PCL | 36,500 | 139,048 | ||||||
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Europe - 1.4% | ||||||||
Netherlands - 1.4% | ||||||||
Prosus NV | 3,705 | 116,217 | ||||||
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Latin America - 8.7% | ||||||||
Argentina - 2.8% | ||||||||
Globant SA * | 1,175 | 237,232 | ||||||
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Brazil - 1.9% | ||||||||
Ambev SA, ADR | 21,575 | 53,506 | ||||||
Banco Bradesco SA | 30,350 | 86,534 | ||||||
Lojas Renner SA | 8,130 | 27,444 | ||||||
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167,484 |
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Chile - 1.1% | ||||||||
Banco Santander Chile, ADR | 4,700 | 93,201 | ||||||
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Peru - 2.9% | ||||||||
Southern Copper Corp. | 2,375 | 252,985 | ||||||
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North America - 9.2% | ||||||||
Mexico - 3.3% | ||||||||
Fomento Economico Mexicano, ADR | 1,575 | 205,175 | ||||||
Grupo Bimbo SAB de CV | 16,000 | 75,523 | ||||||
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|
280,698 |
| ||||||
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| |||||||
United States - 5.9% | ||||||||
Broadcom, Inc. | 355 | 470,520 | ||||||
NEXTracker, Inc. * | 696 | 39,164 | ||||||
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| |||||||
|
509,684 |
| ||||||
|
| |||||||
Total Common Stocks | 7,914,253 | |||||||
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| |||||||
Investment Companies 5.9% | ||||||||
iShares MSCI India ETF | 9,750 | 503,002 | ||||||
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| |||||||
Short-Term Securities - 1.5% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% | 131,415 | 131,415 | ||||||
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| |||||||
Total Investments in Securities - 99.5% | 8,548,670 | |||||||
Other Assets and Liabilities, net - 0.5% | 42,061 | |||||||
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| |||||||
Net Assets - 100.0% | $8,590,731 | |||||||
|
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MARCH 31, 2024 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit Developing Markets Growth Fund (Continued)
* | Non-income producing security. |
4 | 144A Restricted Security. The total value of such securities as of March 31, 2024 was $158,537 and represented 1.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Electronic Technology | 30.1% | |
Finance | 17.6 | |
Technology Services | 11.9 | |
Retail Trade | 6.6 | |
Consumer Non-Durables | 5.4 | |
Consumer Services | 5.2 | |
Non-Energy Minerals | 4.0 | |
Health Technology | 3.1 | |
Producer Manufacturing | 2.2 | |
Utilities | 1.8 | |
Process Industries | 1.7 | |
Communications | 1.6 | |
Energy Minerals | 0.9 | |
Investment Companies | 5.9 | |
Short-Term Securities | 1.5 | |
| ||
99.5 | ||
Other Assets and Liabilities, net | 0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit Developing Markets Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2024 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 | ||||||||||||||
Quoted Prices ($) | Other significant observable inputs ($) | Significant unobservable inputs ($) | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 237,232 | — | — | 237,232 | ||||||||||||
Australia | 178,629 | — | — | 178,629 | ||||||||||||
Brazil | 167,484 | — | — | 167,484 | ||||||||||||
Chile | 93,201 | — | — | 93,201 | ||||||||||||
China/Hong Kong | 1,885,422 | — | — | 1,885,422 | ||||||||||||
India | 244,869 | — | — | 244,869 | ||||||||||||
Indonesia | 192,412 | — | — | 192,412 | ||||||||||||
Israel | 201,981 | — | — | 201,981 | ||||||||||||
Mexico | 280,698 | — | — | 280,698 | ||||||||||||
Netherlands | 116,217 | — | — | 116,217 | ||||||||||||
Peru | 252,985 | — | — | 252,985 | ||||||||||||
Singapore | 604,756 | — | — | 604,756 | ||||||||||||
South Africa | 563,527 | — | — | 563,527 | ||||||||||||
South Korea | 1,053,176 | — | — | 1,053,176 | ||||||||||||
Taiwan | 1,192,932 | — | — | 1,192,932 | ||||||||||||
Thailand | — | 139,048 | — | 139,048 | ||||||||||||
United States | 509,684 | — | — | 509,684 | ||||||||||||
Investment Companies | 503,002 | — | — | 503,002 | ||||||||||||
Short-Term Securities | 131,415 | — | — | 131,415 | ||||||||||||
Total: | 8,409,622 | 139,048 | — | 8,548,670 |
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, 2024 | 3 |