Sit Balanced Fund (SIBAX) NPORT-P Sit Developing Markets Growth Fund (Sep 2020 report)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity			Fair Value ($)
Common Stocks - 93.7%
Africa/Middle East - 9.4%
Israel - 3.3%
NICE Systems, Ltd., ADR *		1,600			363,248
South Africa - 6.1%
Bid Corp., Ltd.		13,200			203,086
Bidvest Group, Ltd.		5,525			45,363
Naspers, Ltd.		1,425			251,689
Prosus NV *		1,700			156,916
					657,054
Asia - 72.7%
Australia - 1.4%
Rio Tinto, PLC, ADR		2,475			149,465
China/Hong Kong - 45.2%
AIA Group, Ltd.		21,400			212,718
Alibaba Group Holding, Ltd., ADR *		2,875			845,192
Baidu, Inc., ADR *		1,375			174,061
China Construction Bank Corp.		125,000			81,222
China Mengniu Dairy Co., Ltd.		48,000			226,404
China Petroleum & Chemical Corp., ADR		1,400			56,644
China Tower Corp., Ltd.		704,000			122,481
CSPC Pharmaceutical Group, Ltd.		144,000			281,095
ENN Energy Holdings, Ltd.		21,900			240,314
GDS Holdings, Ltd., ADR *		600			49,098
Hong Kong Exchanges & Clearing, Ltd.		4,300			202,416
JD.com, Inc., ADR *		4,450			345,364
Meituan Dianping *		6,000			189,008
Ping An Insurance Group Co. of China, Ltd.		19,900			206,579
Sinopharm Group Co., Ltd.		44,900			94,883
TAL Education Group, ADR *		8,550			650,142
Tencent Holdings, Ltd.		11,400			769,995
Tencent Music Entertainment Group, ADR *		3,625			53,541
WH Group, Ltd.		132,500	��		108,081
					4,909,238
India - 2.5%
HDFC Bank, Ltd., ADR *		5,350			267,286
Indonesia - 1.7%
Astra International Tbk PT		176,000			52,992
XL Axiata Tbk PT		948,800			130,109
					183,101
Singapore - 2.7%
DBS Group Holdings, Ltd.		14,500			213,170
Singapore Technologies Engineering, Ltd.		33,700			85,878
					299,048
South Korea - 10.9%
LG Chem, Ltd.		575			320,948
Medytox, Inc. *		307			55,518

Name of Issuer	Quantity		Fair Value ($)
Medytox, Inc., Rights *		64		1,592
NAVER Corp.		110		27,953
Samsung Electronics Co., Ltd.		12,250		608,141
Shinhan Financial Group Co., Ltd.		7,200		168,916
				1,183,068
Taiwan - 7.7%
Cathay Financial Holding Co., Ltd.		82,085		109,890
Hon Hai Precision Industry Co., Ltd., GDR		22,160		118,113
Taiwan Semiconductor Co.		37,482		563,882
Taiwan Semiconductor Co., ADR		600		48,642
				840,527
Thailand - 0.6%
Bangkok Bank PCL		21,200		64,531
Latin America - 7.7%
Argentina - 1.9%
Globant SA *		1,175		210,584
Brazil - 2.6%
Ambev SA, ADR		10,800		24,408
Banco Bradesco SA		25,083		87,051
Lojas Renner SA		4,000		28,298
Pagseguro Digital, Ltd. *		3,800		143,298
				283,055
Chile - 1.6%
Banco Santander Chile, ADR		4,700		65,142
Geopark, Ltd.		14,156		104,188
				169,330
Peru - 1.6%
Southern Copper Corp.		3,900		176,553
North America - 3.9%
Mexico - 0.8%
Fomento Economico Mexicano, ADR		1,575		88,499
United States - 3.1%
Broadcom, Inc.		550		200,376
Skyworks Solutions, Inc.		925		134,588
				334,964
Total Common Stocks (cost: $6,729,367)				10,179,551
Investment Companies - 3.4%
iShares MSCI India ETF		11,100		375,846
(cost: $333,061)

SEPTEMBER 30, 2020 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Developing Markets Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 3.1%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		337,593		337,593
(cost: $337,593)
Total Investments in Securities - 100.2%
(cost: $7,400,021)				10,892,990
Other Assets and Liabilities, net - (0.2%)				(26,849	)
Total Net Assets - 100.0%				$10,866,141

^*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)
Electronic Technology	18.7%
Technology Services	16.3
Finance	15.4
Retail Trade	13.1
Consumer Services	8.7
Consumer Non-Durables	4.1
Health Technology	4.0
Non-Energy Minerals	3.0
Process Industries	3.0
Communications	2.3
Utilities	2.2
Energy Minerals	1.5
Producer Manufacturing	1.3
Investment Companies	3.5
Short-Term Securities	3.1
	100.2
Other Assets and Liabilities, net	(0.2)
	100.0%

A summary of the levels for the Fund’s investments as of September 30, 2020 is as follows:

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted Price ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Common Stocks
Argentina		210,584		—		—		210,584
Australia		149,465		—		—		149,465
Brazil		283,055		—		—		283,055
Chile		169,330		—		—		169,330
China/Hong Kong		2,174,042		2,735,196		—		4,909,238
India		267,286		—		—		267,286
Indonesia		—		183,101		—		183,101
Israel		363,248		—		—		363,248
Mexico		88,499		—		—		88,499
Peru		176,553		—		—		176,553
Singapore		—		299,048		—		299,048
South Africa		—		657,054		—		657,054
South Korea		1,592		1,181,476		—		1,183,068
Taiwan		166,755		673,772		—		840,527
Thailand		—		64,531		—		64,531
United States		334,964		—		—		334,964
Investment Companies		375,846		—		—		375,846
Short-Term Securities		337,593		—		—		337,593
Total:		5,098,812		5,794,178		—		10,892,990

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.

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