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 | ||||||
|
|
|||||||
|
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% |
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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% |
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Southern Copper Corp. |
3,900 | 293,631 | ||||||
|
|
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North America - 8.4% |
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Mexico - 2.7% |
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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 Funds 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 Funds most recent annual report.
SEPTEMBER 30, 2023 |
3 |