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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

 

     
Name of Issuer    Quantity      Fair Value ($)  

Common Stocks - 96.7%

      

Commercial Services - 4.8%

      

Booz Allen Hamilton Holding Corp.

      3,200        296,608  

Brink’s Co.

      1,825        121,910  

Colliers International Group, Inc.

      2,050        216,378  

FTI Consulting, Inc. *

     600        118,410  

World Fuel Services Corp.

      8,675        221,646  
     

 

 

  
     

 

 

 

974,952

 

 

     

 

 

  

Consumer Durables - 2.0%

      

MDC Holdings, Inc.

      4,050        157,423  

National Presto Industries, Inc.

      750        54,068  

Thor Industries, Inc.

      1,100        87,604  

YETI Holdings, Inc. *

     2,700        108,000  
     

 

 

  
     

 

 

 

407,095

 

 

     

 

 

  

Consumer Non-Durables - 1.8%

      

Crocs, Inc. *

     1,375        173,855  

Sensient Technologies Corp.

      2,450        187,572  
     

 

 

  
     

 

 

 

361,427

 

 

     

 

 

  

Consumer Services - 2.7%

      

Nexstar Media Group, Inc.

      2,250        388,485  

Vail Resorts, Inc.

      700        163,576  
     

 

 

  
     

 

 

 

552,061

 

 

     

 

 

  

Electronic Technology - 6.7%

      

Coherent Corp. *

     2,450        93,296  

Entegris, Inc.

      991        81,272  

MKS Instruments, Inc.

      3,275        290,230  

Monolithic Power Systems, Inc.

      1,200        600,648  

Power Integrations, Inc.

      3,400        287,776  
     

 

 

  
     

 

 

 

1,353,222

 

 

     

 

 

  

Energy Minerals - 4.3%

      

Northern Oil & Gas, Inc.

      14,350        435,523  

Oasis Petroleum, Inc.

      3,210        432,066  
     

 

 

  
     

 

 

 

867,589

 

 

     

 

 

  

Finance - 25.2%

      

Air Lease Corp.

      4,225        166,338  

American Financial Group, Inc.

      1,875        227,813  

Artisan Partners Asset Management, Inc.

      6,300        201,474  

Associated Banc-Corp.

      10,100        181,598  

Axis Capital Holdings, Ltd.

      6,300        343,476  

Broadstone Net Lease, Inc.

      11,800        200,718  

Cadence Bank

      9,450        196,182  

Carlyle Group, Inc.

      8,075        250,810  

CNO Financial Group, Inc.

      14,000        310,660  

CubeSmart

      5,250        242,655  

Essential Properties Realty Trust, Inc.

      10,050        249,742  

Evercore Partners, Inc.

      1,900        219,222  

H&E Equipment Services, Inc.

      6,750        298,552  

Hannon Armstrong Sust. Inf. Cap., Inc.

      4,825        137,995  

Hanover Insurance Group, Inc.

      1,275        163,838  

Hercules Capital, Inc.

      7,725        99,575  

Horace Mann Educators Corp.

      3,625        121,365  

Old National Bancorp

      20,675        298,133  

Physicians Realty Trust

      11,250        167,962  

Piper Sandler Cos

      1,450        200,985  

PotlatchDeltic Corp.

      2,810        139,095  
     
Name of Issuer    Quantity      Fair Value ($)  

Provident Financial Services, Inc.

      12,400        237,832  

Stifel Financial Corp.

      6,000        354,540  

Western Alliance Bancorp

      2,100        74,634  
     

 

 

  
     

 

 

 

5,085,194

 

 

     

 

 

  

Health Services - 4.3%

      

Addus HomeCare Corp. *

     2,450        261,562  

Encompass Health Corp.

      4,200        227,220  

Tenet Healthcare Corp. *

     6,400        380,288  
     

 

 

  
     

 

 

 

869,070

 

 

     

 

 

  

Health Technology - 7.2%

      

AtriCure, Inc. *

     5,500        227,975  

Atrion Corp.

      250        156,978  

Bio-Techne Corp.

      1,300        96,447  

Halozyme Therapeutics, Inc. *

     6,175        235,823  

Inmode, Ltd. *

     6,250        199,750  

Intellia Therapeutics, Inc. *

     2,900        108,083  

Seres Therapeutics, Inc. *

     31,400        178,038  

STERIS, PLC

      975        186,498  

Twist Bioscience Corp. *

     4,325        65,221  
     

 

 

  
     

 

 

 

1,454,813

 

 

     

 

 

  

Industrial Services - 5.5%

      

EMCOR Group, Inc.

      2,075        337,374  

KBR, Inc.

      10,775        593,164  

MYR Group, Inc. *

     1,400        176,414  
     

 

 

  
     

 

 

 

1,106,952

 

 

     

 

 

  

Non-Energy Minerals - 3.7%

      

AZEK Co., Inc. *

     5,700        134,178  

Commercial Metals Co.

      3,950        193,155  

Eagle Materials, Inc.

      1,575        231,131  

MP Materials Corp. *

     6,600        186,054  
     

 

 

  
     

 

 

 

744,518

 

 

     

 

 

  

Process Industries - 6.6%

      

Avient Corp.

      2,125        87,465  

Cabot Corp.

      700        53,648  

Huntsman Corp.

      4,650        127,224  

Mativ Holdings, Inc.

      3,428        73,599  

Olin Corp.

      7,625        423,187  

Scotts Miracle-Gro Co.

      1,300        90,662  

Silgan Holdings, Inc.

      5,800        311,286  

Stepan Co.

      1,525        157,121  
     

 

 

  
     

 

 

 

1,324,192

 

 

     

 

 

  

Producer Manufacturing - 11.2%

      

AGCO Corp.

      1,350        182,520  

AZZ, Inc.

      3,650        150,526  

Belden, Inc.

      3,175        275,495  

Carlisle Cos, Inc.

      1,175        265,632  

Crane Holdings Co.

      3,275        371,712  

Donaldson Co., Inc.

      2,675        174,784  

EnPro Industries, Inc.

      2,050        212,974  

Hubbell, Inc.

      1,025        249,393  

Lincoln Electric Holdings, Inc.

      1,325        224,058  

Regal Rexnord Corp.

      1,042        146,641  
     

 

 

  
     

 

 

 

2,253,735

 

 

     

 

 

  

Retail Trade - 2.5%

      

Boot Barn Holdings, Inc. *

     3,700        283,568  
 

 

   
MARCH 31, 2023    1

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Small Cap Dividend Growth Fund (Continued)

 

     
Name of Issuer   Quantity     Fair Value ($)  

Casey’s General Stores, Inc.

     1,025       221,872  
   

 

 

  
   

 

 

 

505,440

 

 

   

 

 

  

Technology Services - 2.5%

    

Altair Engineering, Inc. *

    800       57,688  

Globant SA *

    1,625       266,516  

nCino, Inc. *

    4,800       118,944  

Science Applications International Corp.

     500       53,730  
   

 

 

  
   

 

 

 

496,878

 

 

   

 

 

  

Transportation - 4.0%

    

Knight-Swift Transportation Holdings, Inc.

     3,700       209,346  

Marten Transport, Ltd.

     8,450       177,027  

TFI International, Inc.

     3,475       414,533  
   

 

 

  
   

 

 

 

800,906

 

 

   

 

 

  

Utilities - 1.7%

    

Black Hills Corp.

     3,400       214,540  

Chesapeake Utilities Corp.

     950       121,591  
   

 

 

  
   

 

 

 

336,131

 

 

   

 

 

  

Total Common Stocks
(cost: $15,364,312)

       19,494,175  
   

 

 

  

Short-Term Securities - 3.2%

   

Fidelity Inst. Money Mkt. Gvt. Fund, 4.72%
(cost $649,525)

     649,525       649,525  
   

 

 

  

Total Investments in Securities - 99.9%
(cost $16,013,837)

       20,143,700  

Other Assets and Liabilities, net - 0.1%

       20,221  
   

 

 

  

Net Assets - 100.0%

       $20,163,921  
   

 

 

  
 

*   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 March 31, 2023 is as follows:

 

    Investment in Securities  
   

 

Level 1

        Level 2        Level 3           
   

Quoted
    Prices ($)    

 

       

Other significant
observable inputs ($)

 

       

Significant
unobservable inputs ($)

 

       

Total ($)        

 

  

Common Stocks**

    19,494,175          —                  —                      19,494,175      

Short-Term Securities

     649,525          —                  —                      649,525      

Total:

     20,143,700          —                  —                      20,143,700      

**    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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