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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 98.0%

Commercial Services - 4.9%
ASGN, Inc. ^*		19,450		1,607,932
Booz Allen Hamilton Holding Corp.		16,900		1,566,461
Colliers International Group, Inc.		12,700		1,340,485
FTI Consulting, Inc. ^*		3,075		606,851

				5,121,729


Consumer Durables - 1.9%
Take-Two Interactive Software, Inc. ^*		4,075		486,147
Thor Industries, Inc.		5,600		445,984
YETI Holdings, Inc. ^*		25,325		1,013,000

				1,945,131


Consumer Non-Durables - 0.3%
Crocs, Inc. ^*		2,550		322,422


Consumer Services - 2.9%
Nexstar Media Group, Inc.		12,725		2,197,098
Vail Resorts, Inc.		3,550		829,564

				3,026,662


Electronic Technology - 9.9%
Arista Networks, Inc. ^*		14,125		2,371,022
Ciena Corp. ^*		14,150		743,158
Coherent Corp. ^*		20,075		764,456
Entegris, Inc.		5,249		430,470
MKS Instruments, Inc.		13,400		1,187,508
Monolithic Power Systems, Inc.		5,675		2,840,565
Skyworks Solutions, Inc.		10,800		1,274,184
Stratasys, Ltd. ^*		46,175		763,273

				10,374,636


Energy Minerals - 4.1%
Northern Oil & Gas, Inc.		73,075		2,217,826
Oasis Petroleum, Inc.		15,100		2,032,460

				4,250,286


Finance - 7.8%
Air Lease Corp.		27,625		1,087,596
American Financial Group, Inc.		4,800		583,200
Artisan Partners Asset Management, Inc.		31,825		1,017,764
Axis Capital Holdings, Ltd.		22,975		1,252,597
H&E Equipment Services, Inc.		34,350		1,519,301
Hannon Armstrong Sust. Inf. Cap., Inc.		25,800		737,880
Physicians Realty Trust		61,600		919,688
Stifel Financial Corp.		11,800		697,262
Western Alliance Bancorp		10,825		384,720

				8,200,008


Health Services - 4.3%
Addus HomeCare Corp. ^*		12,600		1,345,176
Encompass Health Corp.		19,675		1,064,418
Tenet Healthcare Corp. ^*		34,900		2,073,758

				4,483,352


Health Technology - 13.1%
Align Technology, Inc. ^*		2,150		718,401
AtriCure, Inc. ^*		28,300		1,173,035
Bio-Techne Corp.		14,800		1,098,012
Exact Sciences Corp. ^*		12,425		842,539
Halozyme Therapeutics, Inc. ^*		33,000		1,260,270



Name of Issuer	Quantity		Fair Value ($)

Inmode, Ltd. ^*		32,900		1,051,484
Insulet Corp. ^*		3,525		1,124,334
Intellia Therapeutics, Inc. ^*		14,900		555,323
PerkinElmer, Inc.		7,000		932,820
Sarepta Therapeutics, Inc. ^*		9,450		1,302,494
Seres Therapeutics, Inc. ^*		159,800		906,066
STAAR Surgical Co. ^*		17,500		1,119,125
STERIS, PLC		6,675		1,276,794
Twist Bioscience Corp. ^*		22,000		331,760

				13,692,457


Industrial Services - 7.5%
EMCOR Group, Inc.		11,900		1,934,821
KBR, Inc.		43,500		2,394,675
MYR Group, Inc. ^*		8,675		1,093,137
Waste Connections, Inc.		17,575		2,444,155

				7,866,788


Non-Energy Minerals - 3.9%
AZEK Co., Inc. ^*		24,200		569,668
Eagle Materials, Inc.		10,300		1,511,525
MP Materials Corp. ^*		33,350		940,136
Trex Co., Inc. ^*		20,825		1,013,553

				4,034,882


Process Industries - 4.0%
Avient Corp.		13,200		543,312
Cabot Corp.		3,700		283,568
Olin Corp.		48,175		2,673,712
Vital Farms, Inc. ^*		41,675		637,628

				4,138,220


Producer Manufacturing - 9.6%
AZZ, Inc.		22,575		930,993
Belden, Inc.		20,275		1,759,262
Carlisle Cos, Inc.		2,200		497,354
Crane Holdings Co.		19,075		2,165,013
Donaldson Co., Inc.		13,575		886,990
Hubbell, Inc.		5,225		1,271,295
Lincoln Electric Holdings, Inc.		7,100		1,200,610
Regal Rexnord Corp.		6,755		950,631
Zurn Water Solutions Corp.		19,325		412,782

				10,074,930


Retail Trade - 3.9%
Boot Barn Holdings, Inc. ^*		19,875		1,523,220
Casey’s General Stores, Inc.		4,300		930,778
Ulta Beauty, Inc. ^*		3,050		1,664,293

				4,118,291


Technology Services - 13.8%
Altair Engineering, Inc. ^*		25,933		1,870,029
ANSYS, Inc. ^*		2,950		981,760
Aspen Technology, Inc. ^*		5,281		1,208,662
Euronet Worldwide, Inc. ^*		9,550		1,068,645
Globant SA ^*		11,350		1,861,514
GoDaddy, Inc. ^*		10,625		825,775
HubSpot, Inc. ^*		3,600		1,543,500
nCino, Inc. ^*		25,400		629,412
Paycom Software, Inc. ^*		6,225		1,892,462
PTC, Inc. ^*		17,600		2,256,848



MARCH 31, 2023		1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2023

Sit Small Cap Growth Fund (Continued)



Name of Issuer	Quantity		Fair Value ($)

Science Applications International Corp.		2,700		290,142

				14,428,749


Transportation - 6.1%
Alaska Air Group, Inc. ^*		11,500		482,540
Golar LNG, Ltd. ^*		68,100		1,470,960
Knight-Swift Transportation Holdings, Inc.		18,725		1,059,461
Marten Transport, Ltd.		48,000		1,005,600
TFI International, Inc.		20,025		2,388,782

				6,407,343


Total Common Stocks (cost: $63,434,009)				102,485,886


Short-Term Securities - 2.0%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% (cost $2,134,034)		2,134,034		2,134,034


Total Investments in Securities - 100.0% (cost $65,568,043)				104,619,920

Other Assets and Liabilities, net - (0.0)%				(23,465	)


Net Assets - 100.0%				$104,596,455

* 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^**		102,485,886		—		—		102,485,886
Short-Term Securities		2,134,034		—		—		2,134,034
Total:		104,619,920		—		—		104,619,920

** 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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