Sit Balanced Fund (SIBAX) NPORT-P Sit Developing Markets Growth Fund (Sep 2019 report)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 91.1%
Africa/Middle East - 10.3%
Israel - 3.3%
NICE Systems, Ltd., ADR*		2,175		312,765
South Africa - 7.0%
Bid Corp., Ltd.		13,200		280,691
Bidvest Group, Ltd.		5,525		69,609
Naspers, Ltd.		1,425		215,942
Prosus NV*		1,425		104,607
				670,849
Asia - 66.9%
Australia - 1.3%
Rio Tinto, PLC, ADR		2,475		128,923
China/Hong Kong - 37.4%
AIA Group, Ltd.		21,400		202,186
Alibaba Group Holding, Ltd., ADR*		2,875		480,786
Baidu, Inc., ADR*		1,125		115,605
China Construction Bank Corp.		359,000		273,909
China Mengniu Dairy Co., Ltd.		48,000		179,747
China Petroleum & Chemical Corp., ADR		3,100		181,970
China Tower Corp., Ltd.		414,000		94,022
CNOOC, Ltd., ADR		300		45,675
CSPC Pharmaceutical Group, Ltd.		120,000		240,989
ENN Energy Holdings, Ltd.		21,900		226,609
Hong Kong Exchanges & Clearing, Ltd.		4,300		126,185
JD.com, Inc., ADR*		4,450		125,534
Ping An Insurance Group Co. of China, Ltd.		19,900		228,638
Sinopharm Group Co., Ltd.		44,900		140,640
TAL Education Group, ADR*		9,100		311,584
Tencent Holdings, Ltd.		11,400		480,279
WH Group, Ltd.		132,500		118,676
				3,573,034
India - 3.2%
HDFC Bank, Ltd., ADR		5,350		305,218
Indonesia - 3.3%
Astra International Tbk PT		176,000		81,832
XL Axiata Tbk PT*		948,800		229,931
				311,763
Japan - 0.8%
Suzuki Motor Corp.		1,900		80,604
Singapore - 3.2%
DBS Group Holdings, Ltd.		14,500		262,273
Singapore Technologies Engineering, Ltd.		17,100		47,509
				309,782
South Korea - 10.4%
LG Chem, Ltd.		525		131,453
Medy-Tox, Inc.*		360		108,378

Name of Issuer	Quantity		Fair Value ($)
Samsung Electronics Co., Ltd.		12,250		502,330
Shinhan Financial Group Co., Ltd.		7,200		251,607
				993,768
Taiwan - 6.0%
Cathay Financial Holding Co., Ltd.		82,085		107,883
Hon Hai Precision Industry Co., Ltd., GDR		22,160		104,484
Taiwan Semiconductor Co.		37,482		328,230
Taiwan Semiconductor Co., ADR		600		27,888
				568,485
Thailand - 1.3%
Bangkok Bank PCL		21,200		121,994
Europe - 1.8%
Luxembourg - 1.8%
Globant SA*		1,850		169,423
Latin America - 8.2%
Brazil- 2.7%
Ambev SA, ADR		10,800		49,896
Banco Bradesco SA		22,803		186,378
Pagseguro Digital, Ltd.*		450		20,840
				257,114
Chile - 4.1%
Banco Santander Chile, ADR		4,700		131,600
Geopark, Ltd.*		14,100		259,581
				391,181
Peru - 1.4%
Southern Copper Corp.		3,900		133,107
North America - 3.9%
Mexico - 1.5%
Fomento Economico Mexicano, ADR		1,575		144,238
United States - 2.4%
Broadcom, Inc.		550		151,838
Skyworks Solutions, Inc.		925		73,306
				225,144
Total Common Stocks (cost: $6,806,871)				8,697,392
Investment Companies - 3.9%
iShares MSCI India ETF		11,100		372,627
(cost: $334,045)

SEPTEMBER 30, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Developing Markets Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 4.9%
Fidelity Inst. Money Mkt. Gvt. Fund, 1.86%		471,158		471,158
(cost: $471,158)
Total Investments in Securities - 99.9% (cost: $7,612,074)				9,541,177
Other Assets and Liabilities, net - 0.1%				7,219
Total Net Assets - 100.0%				$9,548,396

^*  Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

Portfolio Structure - By Sector	(% of Total Net Assets)
Finance		23.0	%
Electronic Technology		15.7
Technology Services		9.3
Retail Trade		9.3
Consumer Services		6.3
ConsumerNon-Durables		5.2
Health Technology		5.1
Energy Minerals		5.1
Communications		3.4
Non-Energy Minerals		2.7
Utilities		2.4
Process Industries		1.4
Producer Manufacturing		1.4
Consumer Durables		0.8
Investment Companies		3.9
Short-Term Securities		4.9
		99.9
Other Assets and Liabilities, net		0.1
		100.0	%

2

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2019

Sit Developing Markets Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of September 30, 2019 is as follows:

	Investment in Securities
	Level 1 Quoted Price ($)		Level 2 Other significant     observable inputs ($)		Level 3 Significant     unobservable inputs ($)		Total ($)
Common Stocks
Australia		128,923		—		—		128,923
Brazil		257,114		—		—		257,114
Chile		391,181		—		—		391,181
China/Hong Kong		3,573,034		—		—		3,573,034
India		305,218		—		—		305,218
Indonesia		311,763		—		—		311,763
Israel		312,765		—		—		312,765
Japan		80,604		—		—		80,604
Luxembourg		169,423		—		—		169,423
Mexico		144,238		—		—		144,238
Peru		133,107		—		—		133,107
Singapore		309,782		—		—		309,782
South Africa		670,849		—		—		670,849
South Korea		993,768		—		—		993,768
Taiwan		568,485		—		—		568,485
Thailand		121,994		—		—		121,994
United States		225,144		—		—		225,144
Investment Companies		372,627		—		—		372,627
Short-Term Securities		471,158		—		—		471,158
Total:		9,541,177		—		—		9,541,177

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, 2019 3