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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

 

 

Sit International Growth Fund

Investments are grouped by geographic region.

 

 

  
Name of Issuer       Quantity       Fair Value ($)  

 

  

Common Stocks - 97.3%

    

Asia - 29.1%

   

Australia - 7.1%

   

Atlassian Corp., PLC *

    1,825       536,240  

BHP Group, Ltd., ADR

     4,200       324,450  

Lynas Rare Earths, Ltd. *

    35,775       285,214  

Macquarie Group, Ltd.

     2,600       393,209  

Rio Tinto, PLC, ADR

     4,400       353,760  

Westpac Banking Corp., ADR

     4,425       80,264  
   

 

 

  
      1,973,137  
   

 

 

  

China/Hong Kong - 7.9%

   

AIA Group, Ltd.

     32,200       336,229  

Alibaba Group Holding, Ltd., ADR *

    2,350       255,680  

Baidu, Inc., ADR *

    1,575       208,372  

Budweiser Brewing Co. APAC, Ltd.

     21,500       56,774  

China Tower Corp., Ltd.

     1,342,000       150,226  

CSPC Pharmaceutical Group, Ltd.

     262,960       301,312  

ENN Energy Holdings, Ltd.

     18,400       274,821  

JD.com, Inc. *

    385       10,940  

Ping An Insurance Group Co. of China, Ltd.

     33,500       234,201  

Tencent Holdings, Ltd.

     8,100       373,364  
   

 

 

  
      2,201,919  
   

 

 

  

Japan - 8.9%

   

Astellas Pharma, Inc.

     17,700       276,561  

Keyence Corp.

     1,000       463,703  

Recruit Holdings Co., Ltd.

     11,200       486,607  

Shiseido Co., Ltd.

     4,100       207,085  

Sony Group Corp., ADR

     6,300       647,073  

Terumo Corp.

     13,100       396,386  
   

 

 

  
      2,477,415  
   

 

 

  

Singapore - 2.8%

   

DBS Group Holdings, Ltd.

     15,600       408,755  

Sea, Ltd., ADR *

    1,175       140,753  

Singapore Technologies Engineering, Ltd.

     78,400       237,477  
   

 

 

  
      786,985  
   

 

 

  

South Korea - 2.4%

   

LG Chem, Ltd.

     975       426,042  

Samsung Electronics Co., Ltd., GDR

     185       260,764  
   

 

 

  
      686,806  
   

 

 

  

Europe - 58.3%

   

France - 9.1%

   

AXA SA

     11,750       343,973  

Dassault Systemes SE

     13,125       644,813  

Elis SA *

    8,125       119,724  

Faurecia SE

     7,975       207,420  

Safran SA

     3,200       376,754  

Schneider Electric SE

     5,000       839,452  
   

 

 

  
      2,532,136  
   

 

 

  

Germany - 6.1%

    

adidas AG

     550       128,164  

Allianz SE

     2,250       537,318  

Deutsche Post AG

     6,550       312,775  

Infineon Technologies AG

     5,700       192,831  

Muenchener Rueckversicherungs AG

     435       116,293  

 

    

    

 

  
Name of Issuer       Quantity       Fair Value ($)  

 

  

Siemens AG

     3,100       429,249  
   

 

 

  
      1,716,630  
   

 

 

  

Ireland - 2.6%

   

CRH, PLC, ADR

     4,800       192,288  

Linde, PLC

     500       159,715  

STERIS, PLC

     1,450       350,567  
   

 

 

  
      702,570  
   

 

 

  

Netherlands - 3.4%

   

ASML Holding NV

     1,025       684,629  

Stellantis NV

     16,375       266,421  
   

 

 

  
      951,050  
   

 

 

  

Spain - 3.4%

   

Cellnex Telecom SA

     9,442       454,391  

Iberdrola SA

     45,900       501,686  
   

 

 

  
      956,077  
   

 

 

  

Sweden - 2.4%

   

Hexagon AB

     26,600       372,687  

Telefonaktiebolaget LM Ericsson, ADR

     32,350       295,679  
   

 

 

  
      668,366  
   

 

 

  

Switzerland - 14.0%

   

Barry Callebaut AG

     55       128,945  

Garmin, Ltd.

     1,050       124,541  

Interroll Holding AG

     105       345,867  

Logitech International SA

     6,650       490,637  

Lonza Group AG

     590       427,516  

Nestle SA

     3,600       468,067  

Novartis AG

     1,950       171,194  

Partners Group Holding AG

     490       606,719  

Roche Holding AG

     1,675       662,734  

TE Connectivity, Ltd.

     1,100       144,078  

Zurich Insurance Group AG

     680       335,852  
   

 

 

  
      3,906,150  
   

 

 

  

United Kingdom - 17.3%

   

Ashtead Group, PLC

     5,500       346,304  

AstraZeneca, PLC, ADR

     8,300       550,622  

BAE Systems, PLC

     52,600       493,991  

Coca-Cola Europacific Partners, PLC

     5,400       262,494  

Compass Group, PLC

     5,925       127,507  

Dechra Pharmaceuticals, PLC

     6,300       334,480  

Diageo, PLC, ADR

     2,775       563,713  

Entain, PLC *

    13,925       298,288  

HomeServe, PLC

     15,225       168,603  

London Stock Exchange Group, PLC

     5,100       531,831  

Reckitt Benckiser Group, PLC

     3,100       236,486  

RELX, PLC

     12,275       381,869  

Shell, PLC, ADR

     2,550       140,072  

Smith & Nephew, PLC

     25,250       401,598  
   

 

 

  
      4,837,858  
   

 

 

  

Latin America - 1.9%

   

Argentina - 1.9%

   

Globant SA *

    2,050       537,243  
   

 

 

  
 

 

   
MARCH 31, 2022    1

    

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

Sit International Growth Fund (Continued)

 

 

  
Name of Issuer       Quantity       Fair Value ($)  

 

  

North America - 8.0%

   

Canada - 3.8%

   

Alimentation Couche-Tard, Inc.

     7,400       333,375  

BRP, Inc.

     1,675       137,146  

Colliers International Group, Inc.

     1,600       208,640  

Waste Connections, Inc.

     2,750       384,175  
   

 

 

  
      1,063,336  
   

 

 

  

United States - 4.2%

   

Broadcom, Inc.

     1,025       645,422  

Euronet Worldwide, Inc. *

    1,775       231,016  

Mondelez International, Inc.

     4,800       301,344  
   

 

 

  
      1,177,782  
   

 

 

  

Total Common Stocks
(cost: $18,408,295)

       27,175,460  
   

 

 

  

Investment Companies 1.4%

    

iShares MSCI India ETF
(cost $258,117)

     8,700       387,760  
   

 

 

  

Short-Term Securities - 0.8%

   

Fidelity Inst. Money Mkt. Gvt. Fund, 0.12%
(cost $226,998)

     226,998       226,998  
   

 

 

  

Total Investments in Securities - 99.5%
(cost $18,893,410)

 

     27,790,218  

Other Assets and Liabilities, net - 0.5%

 

     135,598  
   

 

 

  

Total Net Assets - 100.0%

       $27,925,816  
   

 

 

  

 

 

 

*

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

          15.3%

Health Technology

      13.9

Producer Manufacturing

      11.8

Electronic Technology

      11.8

Technology Services

      11.3

Consumer Non-Durables

        8.4

Non-Energy Minerals

        4.1

Consumer Durables

        3.8

Consumer Services

        2.9

Utilities

        2.8

Communications

        2.2

Retail Trade

        2.1

Process Industries

        2.1

Commercial Services

        1.8

Industrial Services

        1.4

Transportation

        1.1

Energy Minerals

        0.5

Investment Companies

        1.4

Short-Term Securities

        0.8
  

 

     99.5

Other Assets and Liabilities, net

        0.5
  

 

     100.0%
  

 

 

 

   
2   

    

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2022

Sit International Growth Fund (Continued)

 

A summary of the levels for the Fund’s investments as of March 31, 2022 is as follows:

 

     Investment in Securities  
    

Level 1

Quoted
      Prices ($)      

     

Level 2

Other significant
observable inputs ($)

     

Level 3

Significant
unobservable inputs ($)

              Total ($)          
  

 

 

  

Common Stocks

            

Argentina

      537,243        —                  —                537,243    

Australia

      1,214,450        758,687                  —                1,973,137    

Canada

      1,063,336        —                  —                1,063,336    

China/Hong Kong

      464,052        1,737,867                  —                2,201,919    

France

      —        2,532,136                  —                2,532,136    

Germany

      —        1,716,630                  —                1,716,630    

Ireland

      702,570        —                  —                702,570    

Japan

      647,073        1,830,342                  —                2,477,415    

Netherlands

      684,629        266,421                  —                951,050    

Singapore

      140,753        646,232                  —                786,985    

South Korea

      —        686,806                  —                686,806    

Spain

      —        956,077                  —                956,077    

Sweden

      295,679        372,687                  —                668,366    

Switzerland

      759,256        3,146,894                  —                3,906,150    

United Kingdom

      1,685,504        3,152,354                  —                4,837,858    

United States

      1,177,782        —                  —                1,177,782    

Investment Companies

      387,760        —                  —                387,760    

Short-Term Securities

      226,998        —                  —                226,998    
  

 

 

  

Total:

      9,987,085        17,803,133                  —                27,790,218    
  

 

 

  

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, 2022    3