American Financial Group Inc/OH

FOR VALIDATION PURPOSES ONLY - [351958.SCDG]

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 95.1%

Commercial Services - 5.1%
Booz Allen Hamilton Holding Corp.		3,200		295,520
Brink’s Co.		1,825		88,403
Colliers International Group, Inc.		2,050		187,903
FTI Consulting, Inc. ^*		850		140,853
World Fuel Services Corp.		8,675		203,342


				916,021


Consumer Durables - 3.0%
BRP, Inc.		1,275		78,489
Helen of Troy, Ltd. ^*		750		72,330
MDC Holdings, Inc.		4,050		111,051
National Presto Industries, Inc.		750		48,787
Thor Industries, Inc.		2,300		160,954
YETI Holdings, Inc. ^*		2,700		77,004


				548,615


Consumer Non-Durables - 2.0%
Crocs, Inc. ^*		1,375		94,408
Sensient Technologies Corp.		2,450		169,883
Wolverine World Wide, Inc.		5,800		89,262


				353,553


Consumer Services - 2.9%
Nexstar Media Group, Inc.		2,250		375,412
Vail Resorts, Inc.		700		150,948


				526,360


Electronic Technology - 6.1%
Coherent Corp. ^*		2,450		85,382
Entegris, Inc.		991		82,273
MKS Instruments, Inc.		3,275		270,646
Monolithic Power Systems, Inc.		1,200		436,080
Power Integrations, Inc.		3,400		218,688


				1,093,069


Energy Minerals - 2.4%
Northern Oil & Gas, Inc.		1,800		49,338
Oasis Petroleum, Inc.		2,810		384,324


				433,662


Finance - 28.0%
Air Lease Corp.		4,225		131,017
American Financial Group, Inc.		1,875		230,494
Artisan Partners Asset Management, Inc.		6,300		169,659
Associated Banc-Corp.		10,100		202,808
Axis Capital Holdings, Ltd.		6,300		309,645
Broadstone Net Lease, Inc.		11,800		183,254
Carlyle Group, Inc.		8,075		208,658
CNO Financial Group, Inc.		14,000		251,580
CubeSmart		5,250		210,315
Essential Properties Realty Trust, Inc.		10,050		195,473
Evercore Partners, Inc.		2,425		199,456
H&E Equipment Services, Inc.		8,700		246,558
Hannon Armstrong Sust. Inf. Cap., Inc.		4,825		144,412
Hanover Insurance Group, Inc.		1,275		163,378
Hercules Capital, Inc.		13,100		151,698
M&T Bank Corp.		2,174		383,320
Old National Bancorp		20,675		340,517
Physicians Realty Trust		11,250		169,200



Name of Issuer	Quantity		Fair Value ($)

Piper Sandler Cos		1,450		151,873
PotlatchDeltic Corp.		2,810		115,322
Provident Financial Services, Inc.		11,075		215,963
Stifel Financial Corp.		6,000		311,460
STORE Capital Corp.		6,225		195,029
Western Alliance Bancorp		2,775		182,429


				5,063,518


Health Services - 4.2%
Addus HomeCare Corp. ^*		2,575		245,243
Encompass Health Corp.		4,200		189,966
Tenet Healthcare Corp. ^*		6,400		330,112


				765,321


Health Technology - 6.4%
AtriCure, Inc. ^*		3,500		136,850
Atrion Corp.		250		141,250
Bio-Techne Corp.		325		92,300
Halozyme Therapeutics, Inc. ^*		6,175		244,160
Inmode, Ltd. ^*		6,250		181,937
Seres Therapeutics, Inc. ^*		22,800		146,376
STERIS, PLC		975		162,123
Twist Bioscience Corp. ^*		1,425		50,217


				1,155,213


Industrial Services - 4.8%
EMCOR Group, Inc.		2,400		277,152
KBR, Inc.		10,775		465,696
MYR Group, Inc. ^*		1,400		118,622

				861,470


Non-Energy Minerals - 2.8%
AZEK Co., Inc. ^*		5,700		94,734
Commercial Metals Co.		3,950		140,146
Eagle Materials, Inc.		1,575		168,808
MP Materials Corp. ^*		3,575		97,598

				501,286


Process Industries - 5.4%
Avient Corp.		2,125		64,388
Cabot Corp.		700		44,723
Huntsman Corp.		4,650		114,111
Mativ Holdings, Inc.		3,428		75,690
Olin Corp.		7,625		326,960
Scotts Miracle-Gro Co.		1,300		55,575
Silgan Holdings, Inc.		5,800		243,832
Stepan Co.		475		44,493


				969,772


Producer Manufacturing - 11.0%
AGCO Corp.		1,350		129,829
AZZ, Inc.		3,650		133,262
Belden, Inc.		3,175		190,563
Carlisle Cos, Inc.		1,175		329,482
Crane Holdings Co.		3,275		286,694
Donaldson Co., Inc.		3,275		160,508
EnPro Industries, Inc.		2,050		174,209
Hubbell, Inc.		1,225		273,175
Lincoln Electric Holdings, Inc.		1,325		166,579
Regal Rexnord Corp.		1,042		146,255


				1,990,556



SEPTEMBER 30, 2022		1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2022

Sit Small Cap Dividend Growth Fund (Continued)



Name of Issuer	Quantity		Fair Value ($)

Retail Trade - 2.3%
Boot Barn Holdings, Inc. ^*		3,700		216,302
Casey’s General Stores, Inc.		1,025		207,583


				423,885


Technology Services - 3.0%
Altair Engineering, Inc. ^*		800		35,376
Globant SA ^*		1,625		304,005
nCino, Inc. ^*		4,800		163,728
Science Applications International Corp.		500		44,215


				547,324


Transportation - 4.0%
Knight-Swift Transportation Holdings, Inc.		4,925		240,980
Marten Transport, Ltd.		8,450		161,902
TFI International, Inc.		3,475		314,418


				717,300


Utilities - 1.7%
Black Hills Corp.		3,400		230,282
Spire, Inc.		1,325		82,587


				312,869


Total Common Stocks (cost: $15,280,699)				17,179,794


Short-Term Securities - 4.8%
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% (cost $869,887)		869,887		869,887


Total Investments in Securities - 99.9% (cost $16,150,586)				18,049,681

Other Assets and Liabilities, net - 0.1%				13,064


Net Assets - 100.0%				$18,062,745

*	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, 2022 is as follows:


	Investment in Securities

	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Common Stocks^**		17,179,794		—		—		17,179,794
Short-Term Securities		869,887		—		—		869,887


Total:		18,049,681		—		—		18,049,681

**	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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