SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 93.9%
Africa/Middle East - 8.4%
Israel - 2.3%
NICE Systems, Ltd., ADR *		1,500		326,955
South Africa - 6.1%
Bid Corp., Ltd. *		13,200		255,781
Bidvest Group, Ltd.		5,525		63,781
Naspers, Ltd.		1,425		340,968
Prosus NV		1,700		188,992
				849,522
Asia - 73.4%
Australia - 2.1%
Atlassian Corp., PLC *		450		94,842
Rio Tinto, PLC, ADR		2,475		192,184
				287,026
China/Hong Kong - 40.6%
AIA Group, Ltd.		21,400		259,582
Alibaba Group Holding, Ltd., ADR *		3,150		714,199
Baidu, Inc., ADR *		1,700		369,835
Budweiser Brewing Co. APAC, Ltd.		46,000		137,276
China Construction Bank Corp.		82,000		68,983
China International Capital Corp., Ltd. *		58,400		141,528
China Mengniu Dairy Co., Ltd.		48,000		274,758
China Petroleum & Chemical Corp., ADR		1,400		73,822
China Tower Corp., Ltd.		704,000		104,141
CSPC Pharmaceutical Group, Ltd.		230,400		278,587
ENN Energy Holdings, Ltd.		21,900		351,286
GDS Holdings, Ltd., ADR *		1,000		81,090
Hong Kong Exchanges & Clearing, Ltd.		5,100		300,066
JD.com, Inc., ADR *		4,450		375,268
Meituan Dianping *		6,000		230,149
Ping An Insurance Group Co. of China, Ltd.		19,900		236,908
Sands China, Ltd. *		7,400		36,980
Sinopharm Group Co., Ltd.		44,900		108,697
TAL Education Group, ADR *		5,825		313,676
Tencent Holdings, Ltd.		11,400		894,509
Tencent Music Entertainment Group, ADR *		5,525		113,207
Trip.com Group, Ltd., ADR *		2,700		107,001
WH Group, Ltd.		132,500		107,376
				5,678,924
India - 3.0%
HDFC Bank, Ltd., ADR *		5,350		415,642
Indonesia - 1.4%
Astra International Tbk PT		176,000		63,917
XL Axiata Tbk PT		948,800		136,523
				200,440

Name of Issuer	Quantity		Fair Value ($)
Singapore - 4.2%
DBS Group Holdings, Ltd.		14,500		310,329
Flex, Ltd. *		4,000		73,240
Sea, Ltd., ADR *		365		81,479
Singapore Technologies Engineering, Ltd.		44,000		127,238
				592,286
South Korea - 12.0%
LG Chem, Ltd.		575		408,990
Medytox, Inc.		15		2,500
NAVER Corp.		450		149,901
Samsung Electronics Co., Ltd.		12,250		881,069
Shinhan Financial Group Co., Ltd.		7,200		238,250
				1,680,710
Taiwan - 9.0%
Cathay Financial Holding Co., Ltd.		82,085		137,945
Hon Hai Precision Industry Co., Ltd., GDR		26,835		235,611
Taiwan Semiconductor Co.		37,482		771,105
Taiwan Semiconductor Co., ADR		1,000		118,280
				1,262,941
Thailand - 1.1%
Bangkok Bank PCL		36,500		147,168
Latin America - 7.9%
Argentina - 1.7%
Globant SA *		1,175		243,942
Brazil - 3.5%
Ambev SA, ADR		21,575		59,115
Banco Bradesco SA		25,083		118,716
Lojas Renner SA		17,300		130,657
Pagseguro Digital, Ltd. *		3,800		175,940
				484,428
Chile - 0.8%
Banco Santander Chile, ADR		4,700		116,701
Peru - 1.9%
Southern Copper Corp.		3,900		264,693
North America - 4.2%
Mexico - 0.9%
Fomento Economico Mexicano, ADR		1,575		118,645
United States - 3.3%
Broadcom, Inc.		550		255,013
Skyworks Solutions, Inc.		1,150		211,002
				466,015
Total Common Stocks (cost: $7,803,622)				13,136,038
Investment Companies - 3.3%
iShares MSCI India ETF		11,100		468,198
(cost: $333,061)

MARCH 31, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Sit Developing Markets Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 2.7%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		371,890		371,890
(cost: $371,890)
Total Investments in Securities - 99.9% (cost: $8,508,573)				13,976,126
Other Assets and Liabilities, net - 0.1%				15,828
Total Net Assets - 100.0%				$13,991,954

* 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		20.5	%
Technology Services		18.8
Finance		17.8
Retail Trade		11.3
Consumer Services		5.4
Consumer Non-Durables		5.0
Non-Energy Minerals		3.3
Process Industries		2.9
Health Technology		2.8
Utilities		2.5
Communications		1.7
Producer Manufacturing		1.4
Energy Minerals		0.5
Investment Companies		3.3
Short-Term Securities		2.7
		99.9
Other Assets and Liabilities, net		0.1
		100.0	%

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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Sit Developing Markets Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of March 31, 2021 is as follows:

	Investment in Securities
	Level 1 Quoted Price ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)
Common Stocks
Argentina		243,942		—		—		243,942
Australia		287,026		—		—		287,026
Brazil		484,428		—		—		484,428
Chile		116,701		—		—		116,701
China/Hong Kong		5,678,924		—		—		5,678,924
India		415,642		—		—		415,642
Indonesia		200,440		—		—		200,440
Israel		326,955		—		—		326,955
Mexico		118,645		—		—		118,645
Peru		264,693		—		—		264,693
Singapore		592,286		—		—		592,286
South Africa		849,522		—		—		849,522
South Korea		1,680,710		—		—		1,680,710
Taiwan		1,262,941		—		—		1,262,941
Thailand		147,168		—		—		147,168
United States		466,015		—		—		466,015
Investment Companies		468,198		—		—		468,198
Short-Term Securities		371,890		—		—		371,890
Total:		13,976,126		—		—		13,976,126

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, 2021 3