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% |
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Australia - 5.9% |
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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 | ||||||
|
|
|||||||
|
2,167,290 |
| ||||||
|
|
|||||||
Singapore - 2.4% |
||||||||
DBS Group Holdings, Ltd. |
15,600 | 387,843 | ||||||
Singapore Technologies Engineering, Ltd. |
78,400 | 215,824 | ||||||
|
|
|||||||
|
603,667 |
| ||||||
|
|
|||||||
South Korea - 3.0% |
||||||||
LG Chem, Ltd. |
975 | 535,464 | ||||||
Samsung Electronics Co., Ltd., GDR |
185 | 228,528 | ||||||
|
|
|||||||
|
763,992 |
| ||||||
|
|
|||||||
Europe - 62.7% |
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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 | ||||||
|
|
|||||||
|
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 | ||||||
|
|
|||||||
|
862,745 |
| ||||||
|
|
|||||||
Netherlands - 4.5% |
||||||||
Adyen NV * |
84 | 133,848 | ||||||
ASML Holding NV |
1,025 | 697,728 | ||||||
Stellantis NV |
16,375 | 297,861 | ||||||
|
|
|||||||
|
1,129,437 |
| ||||||
|
|
|||||||
Spain - 3.0% |
||||||||
Cellnex Telecom SA |
5,200 | 202,216 | ||||||
Iberdrola SA |
45,900 | 571,813 | ||||||
|
|
|||||||
|
774,029 |
| ||||||
|
|
|||||||
Sweden - 1.5% |
||||||||
Evolution AB, ADR |
1,000 | 133,360 | ||||||
Hexagon AB |
21,800 | 250,905 | ||||||
|
|
|||||||
|
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 | ||||||
|
|
|||||||
|
2,676,592 |
| ||||||
|
|
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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 | ||||||
|
|
|||||||
|
5,766,937 |
| ||||||
|
|
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Latin America - 1.3% |
||||||||
Argentina - 1.3% |
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Globant SA * |
2,050 | 336,220 | ||||||
|
|
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North America - 8.7% |
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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% |
$25,343,991 | |||||||
|
|
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|
|
* | Non-income producing security. |
ADR American Depositary Receipt |
GDR Global Depositary Receipt |
PLC Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance |
16.2% | |
Health Technology |
12.4 | |
Producer Manufacturing |
12.4 | |
Electronic Technology |
11.2 | |
Technology Services |
8.6 | |
Consumer Non-Durables |
8.2 | |
Non-Energy Minerals |
4.6 | |
Consumer Services |
4.0 | |
Consumer Durables |
3.4 | |
Utilities |
3.3 | |
Energy Minerals |
2.9 | |
Process Industries |
2.8 | |
Commercial Services |
2.6 | |
Retail Trade |
1.8 | |
Industrial Services |
1.5 | |
Transportation |
1.2 | |
Communications |
0.8 | |
Investment Companies |
0.8 | |
Short-Term Securities |
0.8 | |
| ||
99.5 | ||
Other Assets and Liabilities, net |
0.5 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit International Growth Fund (Continued)
A summary of the levels for the Funds investments as of March 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
||||||||||||||
Quoted Prices ($) |
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 Funds most recent annual report.
MARCH 31, 2023 | 3 |