SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 94.5%
Africa/Middle East - 7.7%
Israel - 2.9%
NICE Systems, Ltd., ADR *		1,275		362,151
South Africa - 4.8%
Bid Corp., Ltd. *		13,200		282,789
Bidvest Group, Ltd.		5,525		71,912
Naspers, Ltd.		1,425		235,524
				590,225
Asia - 72.0%
Australia - 2.8%
Atlassian Corp., PLC *		450		176,139
Rio Tinto, PLC, ADR		2,475		165,379
				341,518
China/Hong Kong - 35.1%
AIA Group, Ltd.		21,400		246,194
Alibaba Group Holding, Ltd., ADR *		3,150		466,357
Baidu, Inc., ADR *		1,300		199,875
Budweiser Brewing Co. APAC, Ltd.		46,000		116,842
China Construction Bank Corp.		82,000		58,522
China International Capital Corp., Ltd.		58,400		152,667
China Mengniu Dairy Co., Ltd.		48,000		309,112
China Petroleum & Chemical Corp., ADR		1,400		68,838
China Tower Corp., Ltd.		704,000		92,000
CSPC Pharmaceutical Group, Ltd.		230,400		274,949
ENN Energy Holdings, Ltd.		19,800		326,571
GDS Holdings, Ltd., ADR *		1,000		56,610
Hong Kong Exchanges & Clearing, Ltd.		5,100		313,398
JD.com, Inc., ADR *		4,000		288,960
Meituan Dianping *		6,000		191,529
Ping An Insurance Group Co. of China, Ltd.		19,900		136,104
Sands China, Ltd. *		30,400		62,214
Sinopharm Group Co., Ltd.		44,900		117,663
Tencent Holdings, Ltd.		11,400		680,566
Trip.com Group, Ltd. *		4,450		136,837
WH Group, Ltd.		101,857		72,527
				4,368,335
India - 3.1%
HDFC Bank, Ltd., ADR		5,350		391,031
Indonesia - 2.2%
Astra International Tbk PT		176,000		67,198
XL Axiata Tbk PT		948,800		200,021
				267,219
Singapore - 5.7%
DBS Group Holdings, Ltd.		14,500		321,300
Flex, Ltd. *		4,000		70,720
Sea, Ltd, ADR *		600		191,238
Singapore Technologies Engineering, Ltd.		44,000		122,824
				706,082
South Korea - 12.2%
LG Chem, Ltd.		575		372,928
NAVER Corp.		450		146,010
Samsung Electronics Co., Ltd.		12,250		759,434

Name of Issuer	Quantity		Fair Value ($)
Shinhan Financial Group Co., Ltd.		7,200		243,213
				1,521,585
Taiwan - 9.9%
Cathay Financial Holding Co., Ltd.		82,085		169,242
Hon Hai Precision Industry Co., Ltd., GDR		23,700		178,503
Taiwan Semiconductor Co.		37,482		775,206
Taiwan Semiconductor Co., ADR		1,000		111,650
				1,234,601
Thailand - 1.0%
Bangkok Bank PCL		36,500		125,611
Europe - 1.1%
Netherlands - 1.1%
Prosus NV		1,700		136,070
Latin America - 8.9%
Argentina - 2.6%
Globant SA *		1,175		330,187
Brazil - 3.8%
Ambev SA, ADR		21,575		59,547
Banco Bradesco SA		27,591		105,383
Lojas Renner SA		17,300		108,805
Pagseguro Digital, Ltd. *		3,800		196,536
				470,271
Chile - 0.7%
Banco Santander Chile, ADR		4,700		92,919
Peru - 1.8%
Southern Copper Corp.		3,900		218,946
North America - 4.8%
Mexico - 1.1%
Fomento Economico Mexicano, ADR		1,575		136,584
United States - 3.7%
Broadcom, Inc.		550		266,712
Skyworks Solutions, Inc.		1,150		189,497
				456,209
Total Common Stocks (cost: $7,667,081)				11,749,544
Investment Companies 4.3%
iShares MSCI India ETF (cost $333,062)		11,100		540,459
Short-Term Securities - 1.2%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% (cost $143,740)		143,740		143,740
Total Investments in Securities - 100.0% (cost $8,143,883)				12,433,743
Other Assets and Liabilities, net - 0.0%				159
Total Net Assets - 100.0%				$12,433,902

SEPTEMBER 30, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

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	21.8%
Finance	18.9
Technology Services	18.5
Retail Trade	10.3
Consumer Non-Durables	5.6
Health Technology	3.2
Non-Energy Minerals	3.1
Process Industries	3.0
Consumer Services	3.0
Utilities	2.6
Communications	2.4
Producer Manufacturing	1.5
Energy Minerals	0.6
Investment Companies	4.3
Short-Term Securities	1.2
	100.0
Other Assets and Liabilities, net	0.0
	100.0%

2

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Developing Markets Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:

	Investment in Securities
	Level 1 Quoted         Prices ($)		Level 2 Other significant       observable inputs ($)		Level 3 Significant     unobservable inputs ($)		Total ($)
Common Stocks
Argentina		330,187		—		—		330,187
Australia		341,518		—		—		341,518
Brazil		470,271		—		—		470,271
Chile		92,919		—		—		92,919
China/Hong Kong		1,217,477		3,150,858		—		4,368,335
India		391,031		—		—		391,031
Indonesia		—		267,219		—		267,219
Israel		362,151		—		—		362,151
Mexico		136,584		—		—		136,584
Netherlands		—		136,070		—		136,070
Peru		218,946		—		—		218,946
Singapore		261,958		444,124		—		706,082
South Africa		354,701		235,524		—		590,225
South Korea		—		1,521,585		—		1,521,585
Taiwan		111,650		1,122,951		—		1,234,601
Thailand		—		125,611		—		125,611
United States		456,209		—		—		456,209
Investment Companies		540,459		—		—		540,459
Short-Term Securities		143,740		—		—		143,740
Total:		5,429,801		7,003,942		—		12,433,743

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, 2021 3