Boot Barn Holdings Inc

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SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 96.2%

Commercial Services - 4.8%
Booz Allen Hamilton Holding Corp.		3,200		253,920
Brink’s Co.		2,750		174,075
Colliers International Group, Inc.		2,350		300,119
FTI Consulting, Inc. ^*		1,075		144,803
World Fuel Services Corp.		5,975		200,879


				1,073,796

Consumer Durables - 5.0%

BRP, Inc.		1,275		118,167
Helen of Troy, Ltd. ^*		750		168,510
Johnson Outdoors, Inc.		555		58,719
MDC Holdings, Inc.		4,050		189,216
National Presto Industries, Inc.		750		61,560
Thor Industries, Inc.		2,300		282,348
YETI Holdings, Inc. ^*		2,700		231,363


				1,109,883

Consumer Non-Durables - 1.5%

Sensient Technologies Corp.		3,000		273,240
Wolverine World Wide, Inc.		1,750		52,220


				325,460

Consumer Services - 3.7%

Chegg, Inc. ^*		3,000		204,060
Nexstar Media Group, Inc.		2,550		387,498
Vail Resorts, Inc. ^*		700		233,835


				825,393

Electronic Technology - 8.2%

CMC Materials, Inc.		2,200		271,106
II-VI, Inc. ^*		2,450		145,432
MKS Instruments, Inc.		3,275		494,230
Monolithic Power Systems, Inc.		1,200		581,616
Power Integrations, Inc.		3,400		336,566


				1,828,950

Finance - 30.1%

Air Lease Corp.		4,225		166,211
American Financial Group, Inc.		1,875		235,931
Artisan Partners Asset Management, Inc.		6,300		308,196
Axis Capital Holdings, Ltd.		6,300		290,052
Broadstone Net Lease, Inc.		2,250		55,823
Carlyle Group, Inc.		8,075		381,786
CNO Financial Group, Inc.		14,000		329,560
CubeSmart		5,250		254,362
Donegal Group, Inc.		9,500		137,655
Essential Properties Realty Trust, Inc.		10,050		280,596
Evercore Partners, Inc.		2,800		374,276
H&E Equipment Services, Inc.		8,700		301,977
Hannon Armstrong Sust. Inf. Cap., Inc.		3,475		185,843
Hanover Insurance Group, Inc.		1,275		165,265
HCI Group, Inc.		3,050		337,849
Hercules Capital, Inc.		13,100		217,591
Old National Bancorp		15,575		263,996
People’s United Financial, Inc.		18,425		321,885



Name of Issuer	Quantity		Fair Value ($)
Physicians Realty Trust		11,250		198,225
Piper Sandler Cos		2,425		335,766
PotlatchDeltic Corp.		2,810		144,940
PROG Holdings, Inc.		5,500		231,055
Provident Financial Services, Inc.		7,150		167,811
SiriusPoint, Ltd. ^*		14,550		134,733
Stifel Financial Corp.		6,000		407,760
STORE Capital Corp.		6,225		199,387
Western Alliance Bancorp		2,775		301,975


				6,730,506

Health Services - 4.0%

Addus HomeCare Corp. ^*		1,850		147,538
Encompass Health Corp.		4,200		315,168
Tenet Healthcare Corp. ^*		6,400		425,216


				887,922

Health Technology - 5.8%

AtriCure, Inc. ^*		3,500		243,425
Atrion Corp.		250		174,375
Bio-Techne Corp.		325		157,485
ICU Medical, Inc. ^*		975		227,546
LeMaitre Vascular, Inc.		1,600		84,944
Seres Therapeutics, Inc. ^*		6,800		47,328
STERIS, PLC		1,100		224,708
Vanda Pharmaceuticals, Inc. ^*		7,525		128,978


				1,288,789

Industrial Services - 4.1%
EMCOR Group, Inc.		2,400		276,912
KBR, Inc.		10,775		424,535
MYR Group, Inc. ^*		2,075		206,463


				907,910

Non-Energy Minerals - 2.4%

AZEK Co., Inc. ^*		5,700		208,221
Commercial Metals Co.		3,950		120,317
Eagle Materials, Inc.		1,575		206,577


				535,115

Process Industries - 4.9%

Huntsman Corp.		4,650		137,594
Neenah, Inc.		2,525		117,690
Olin Corp.		7,625		367,906
Scotts Miracle-Gro Co.		1,725		252,471
Silgan Holdings, Inc.		5,800		222,488


				1,098,149

Producer Manufacturing - 11.0%

AGCO Corp.		925		113,340
Applied Industrial Technologies, Inc.		2,475		223,072
AZZ, Inc.		2,525		134,330
Belden, Inc.		3,175		184,975
Carlisle Cos, Inc.		1,650		328,003
Crane Co.		3,275		310,503
EnPro Industries, Inc.		2,050		178,596
Hubbell, Inc.		1,225		221,321
Hydrofarm Holdings Group, Inc. ^*		800		30,280
Lincoln Electric Holdings, Inc.		1,350		173,866
MSA Safety, Inc.		1,350		196,695
Rexnord Corp.		4,675		300,556
TPI Composites, Inc. ^*		1,925		64,969


				2,460,506

Retail Trade - 1.3%

Boot Barn Holdings, Inc. ^*		1,200		106,644



SEPTEMBER 30, 2021		1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Small Cap Dividend Growth Fund (Continued)



Name of Issuer	Quantity		Fair Value ($)
Casey’s General Stores, Inc.		1,025		193,161


				299,805

Technology Services - 3.8%

Globant SA ^*		1,625		456,641
ManTech International Corp.		1,800		136,656
Science Applications International Corp.		3,075		263,097


				856,394

Transportation - 3.7%

Knight-Swift Transportation Holdings, Inc.		6,400		327,360
Marten Transport, Ltd.		8,450		132,580
TFI International, Inc.		3,475		355,076


				815,016

Utilities - 1.9%

Black Hills Corp.		4,000		251,040
Spire, Inc.		2,950		180,481


				431,521


Total Common Stocks (cost: $14,594,840)				21,475,115


Short-Term Securities - 4.3%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% (cost $953,229)		953,229		953,229


Total Investments in Securities - 100.5% (cost $15,548,069)				22,428,344

Other Assets and Liabilities, net - (0.5)%				(104,095	)


Total Net Assets - 100.0%				$22,324,249

*	Non-income producing security.

PLC — Public Limited Company

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

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^**		21,475,115		—		—		21,475,115
Short-Term Securities		953,229		—		—		953,229

Total:		22,428,344		—		—		22,428,344

**	For equity securities categorized in a single level, refer to the Schedule of Investments for further breakdown.

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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