Altair Engineering Inc

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SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 99.0%

Commercial Services - 5.7%

ASGN, Inc. ^*		22,375		2,531,508
Booz Allen Hamilton Holding Corp.		20,000		1,587,000
Colliers International Group, Inc.		12,700		1,621,917
FTI Consulting, Inc. ^*		6,850		922,695
World Fuel Services Corp.		39,550		1,329,671


				7,992,791

Consumer Durables - 5.0%

BRP, Inc.		8,150		755,342
Helen of Troy, Ltd. ^*		4,875		1,095,315
Johnson Outdoors, Inc.		3,510		371,358
Take-Two Interactive Software, Inc. ^*		6,350		978,344
Thor Industries, Inc.		11,200		1,374,912
YETI Holdings, Inc. ^*		28,325		2,427,169


				7,002,440

Consumer Non-Durables - 0.2%

Wolverine World Wide, Inc.		11,000		328,240


Consumer Services - 3.6%
Chegg, Inc. ^*		20,800		1,414,816
Nexstar Media Group, Inc.		13,825		2,100,847
Vail Resorts, Inc. ^*		4,600		1,536,630


				5,052,293

Electronic Technology - 9.7%

Arista Networks, Inc. ^*		5,825		2,001,703
Ciena Corp. ^*		14,150		726,602
CMC Materials, Inc.		11,650		1,435,630
CommScope Holding Co., Inc. ^*		64,850		881,312
II-VI, Inc. ^*		20,075		1,191,652
MKS Instruments, Inc.		14,650		2,210,831
Monolithic Power Systems, Inc.		6,300		3,053,484
Skyworks Solutions, Inc.		12,200		2,010,316


				13,511,530

Finance - 10.5%

Air Lease Corp.		27,625		1,086,767
American Financial Group, Inc.		4,800		603,984
Artisan Partners Asset Management, Inc.		31,825		1,556,879
Axis Capital Holdings, Ltd.		22,975		1,057,769
First Republic Bank		5,200		1,002,976
H&E Equipment Services, Inc.		53,175		1,845,704
Hannon Armstrong Sust. Inf. Cap., Inc.		22,100		1,181,908
Physicians Realty Trust		61,600		1,085,392
PROG Holdings, Inc.		35,800		1,503,958
SiriusPoint, Ltd. ^*		35,425		328,036
SVB Financial Group ^*		2,800		1,811,264




Name of Issuer	Quantity		Fair Value ($)

Western Alliance Bancorp		14,300		1,556,126


				14,620,763

Health Services - 4.7%

Addus HomeCare Corp. ^*		16,850		1,343,787
Encompass Health Corp.		19,675		1,476,412
Teladoc Health, Inc. ^*		8,575		1,087,396
Tenet Healthcare Corp. ^*		40,100		2,664,244


				6,571,839

Health Technology - 15.7%

908 Devices, Inc. ^*		7,400		240,648
Align Technology, Inc. ^*		2,550		1,696,846
AtriCure, Inc. ^*		23,225		1,615,299
Bio-Techne Corp.		4,800		2,325,936
Exact Sciences Corp. ^*		15,700		1,498,565
ICU Medical, Inc. ^*		6,875		1,604,488
Insulet Corp. ^*		3,525		1,001,911
LeMaitre Vascular, Inc.		10,475		556,118
NanoString Technologies, Inc. ^*		25,125		1,206,251
Pacific Biosciences of California, Inc. ^*		69,475		1,775,086
PerkinElmer, Inc.		8,400		1,455,636
Sarepta Therapeutics, Inc. ^*		13,400		1,239,232
Seres Therapeutics, Inc. ^*		43,300		301,368
STAAR Surgical Co. ^*		22,550		2,898,352
STERIS, PLC		8,300		1,695,524
Vanda Pharmaceuticals, Inc. ^*		47,825		819,720


				21,930,980

Industrial Services - 4.9%

EMCOR Group, Inc.		14,200		1,638,396
KBR, Inc.		43,500		1,713,900
MYR Group, Inc. ^*		13,150		1,308,425
Waste Connections, Inc.		17,575		2,213,220


				6,873,941

Non-Energy Minerals - 3.8%

AZEK Co., Inc. ^*		24,200		884,026
Eagle Materials, Inc.		10,300		1,350,948
Trex Co., Inc. ^*		29,875		3,045,159


				5,280,133

Process Industries - 3.4%

Olin Corp.		52,750		2,545,187
Scotts Miracle-Gro Co.		10,275		1,503,849
Vital Farms, Inc. ^*		41,675		732,230


				4,781,266

Producer Manufacturing - 8.0%

Applied Industrial Technologies, Inc.		7,000		630,910



SEPTEMBER 30, 2021		1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Small Cap Growth Fund (Continued)




Name of Issuer	Quantity		Fair Value ($)

AZZ, Inc.		17,025		905,730
Belden, Inc.		20,275		1,181,221
Carlisle Cos, Inc.		2,200		437,338
Crane Co.		19,075		1,808,501
Hubbell, Inc.		6,400		1,156,288
Hydrofarm Holdings Group, Inc. ^*		5,500		208,175
Lincoln Electric Holdings, Inc.		8,900		1,146,231
MSA Safety, Inc.		8,800		1,282,160
Rexnord Corp.		30,300		1,947,987
TPI Composites, Inc. ^*		16,250		548,438


				11,252,979

Retail Trade - 2.4%

Boot Barn Holdings, Inc. ^*		7,725		686,521
Casey’s General Stores, Inc.		4,300		810,335
Ulta Beauty, Inc. ^*		3,050		1,100,806
Urban Outfitters, Inc. ^*		24,400		724,436


				3,322,098

Technology Services - 15.9%

Altair Engineering, Inc. ^*		29,983		2,067,028
ANSYS, Inc. ^*		2,950		1,004,327
Aspen Technology, Inc. ^*		12,575		1,544,210
Euronet Worldwide, Inc. ^*		16,600		2,112,848
Globant SA ^*		12,450		3,498,574
GoDaddy, Inc. ^*		15,025		1,047,243
HubSpot, Inc. ^*		4,700		3,177,623
nCino, Inc. ^*		10,775		765,348
Paycom Software, Inc. ^*		7,250		3,594,188
PTC, Inc. ^*		17,600		2,108,304
Science Applications International Corp.		14,800		1,266,288


				22,185,981

Transportation - 4.5%

Alaska Air Group, Inc. ^*		11,500		673,900
Knight-Swift Transportation Holdings, Inc.		41,825		2,139,349
Marten Transport, Ltd.		72,075		1,130,857
TFI International, Inc.		22,925		2,342,476

				6,286,582

Utilities - 1.0%

Fortis, Inc.		12,107		536,703
Spire, Inc.		14,675		897,817

				1,434,520

Total Common Stocks (cost: $73,845,987)				138,428,376




Name of Issuer	Quantity		Fair Value ($)


Short-Term Securities - 1.3%

Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% (cost $1,863,731)		1,863,731		1,863,731


Total Investments in Securities - 100.3% (cost $75,709,718)				140,292,107

Other Assets and Liabilities, net - (0.3)%				(412,156	)


Total Net Assets - 100.0%				$139,879,951

*	Non-income producing security.

PLC — Public Limited Company

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



2

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

Sit Small Cap 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^**		138,428,376		—		—		138,428,376
Short-Term Securities		1,863,731		—		—		1,863,731

Total:		140,292,107		—		—		140,292,107

**	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.



SEPTEMBER 30, 2021		3