SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.2%
Commercial Services - 4.5%
Booz Allen Hamilton Holding Corp.		3,200		349,664
Brink’s Co.		1,825		132,568
Colliers International Group, Inc.		2,050		195,262
FTI Consulting, Inc. *		600		107,046
World Kinect Corp.		5,850		131,216
				915,756
Communications - 0.7%
Iridium Communications, Inc.		3,275		148,980
Consumer Durables - 1.7%
MDC Holdings, Inc.		4,050		166,982
National Presto Industries, Inc.		750		54,345
YETI Holdings, Inc. *		2,700		130,194
				351,521
Consumer Non-Durables - 1.6%
Crocs, Inc. *		2,100		185,283
Sensient Technologies Corp.		2,450		143,276
				328,559
Consumer Services - 2.8%
Nexstar Media Group, Inc.		2,250		322,583
Vail Resorts, Inc.		1,100		244,079
				566,662
Electronic Technology - 6.2%
Coherent Corp. *		2,450		79,968
Entegris, Inc.		991		93,065
MKS Instruments, Inc.		3,275		283,418
Monolithic Power Systems, Inc.		1,200		554,400
Power Integrations, Inc.		3,400		259,454
				1,270,305
Energy Minerals - 5.1%
Northern Oil & Gas, Inc.		13,125		528,019
Oasis Petroleum, Inc.		3,210		520,244
				1,048,263
Finance - 24.1%
Air Lease Corp.		6,675		263,062
American Financial Group, Inc.		1,000		111,670
Artisan Partners Asset Management, Inc.		6,300		235,746
Axis Capital Holdings, Ltd.		6,300		355,131
Broadstone Net Lease, Inc.		11,800		168,740
Cadence Bank		9,450		200,529
Carlyle Group, Inc.		8,075		243,542
CNO Financial Group, Inc.		14,000		332,220
CubeSmart		5,250		200,182
Essential Properties Realty Trust, Inc.		10,050		217,381
Evercore Partners, Inc.		1,900		261,972
H&E Equipment Services, Inc.		6,750		291,533
Hannon Armstrong Sust. Inf. Cap., Inc.		4,825		102,290
Hanover Insurance Group, Inc.		2,500		277,450
Hercules Capital, Inc.		7,725		126,844
Horace Mann Educators Corp.		3,625		106,503
Old National Bancorp		20,675		300,615
Physicians Realty Trust		11,250		137,137
Piper Sandler Cos.		1,450		210,700
PotlatchDeltic Corp.		2,810		127,546

Name of Issuer	Quantity		Fair Value ($)
Provident Financial Services, Inc.		12,400		189,596
Stifel Financial Corp.		6,000		368,640
Western Alliance Bancorp		2,100		96,537
				4,925,566
Health Services - 5.9%
Addus HomeCare Corp. *		3,650		310,943
Encompass Health Corp.		4,200		282,072
Patterson Cos., Inc.		7,325		217,113
Tenet Healthcare Corp. *		5,900		388,751
				1,198,879
Health Technology - 6.8%
AtriCure, Inc. *		5,500		240,900
Bio-Techne Corp.		1,300		88,491
Halozyme Therapeutics, Inc. *		5,225		199,595
Inmode, Ltd. *		6,250		190,375
Intellia Therapeutics, Inc. *		4,050		128,061
Lantheus Holdings, Inc. *		1,800		125,064
Seres Therapeutics, Inc. *		40,625		96,688
STERIS, PLC		975		213,934
Twist Bioscience Corp. *		2,450		49,637
Vericel Corp. *		1,700		56,984
				1,389,729
Industrial Services - 8.1%
DT Midstream, Inc.		3,050		161,406
EMCOR Group, Inc.		1,850		389,221
KBR, Inc.		10,775		635,079
MYR Group, Inc. *		1,400		188,664
TechnipFMC, PLC		14,150		287,811
				1,662,181
Non-Energy Minerals - 3.7%
AZEK Co., Inc. *		5,700		169,518
Commercial Metals Co.		3,950		195,169
Eagle Materials, Inc.		1,575		262,269
MP Materials Corp. *		6,600		126,060
				753,016
Process Industries - 5.3%
Avient Corp.		2,125		75,055
Cabot Corp.		1,550		107,368
Huntsman Corp.		4,650		113,460
Olin Corp.		7,625		381,098
Silgan Holdings, Inc.		6,650		286,682
Stepan Co.		1,525		114,329
				1,077,992
Producer Manufacturing - 11.4%
AGCO Corp.		1,350		159,678
AZZ, Inc.		3,650		166,367
Belden, Inc.		3,175		306,546
Carlisle Cos., Inc.		775		200,927
Crane Co.		3,275		290,951
Crane NXT Co.		3,275		181,992
Donaldson Co., Inc.		2,675		159,537
EnPro Industries, Inc.		2,050		248,440
Hubbell, Inc.		850		266,398
Lincoln Electric Holdings, Inc.		1,075		195,424
Regal Rexnord Corp.		1,042		148,881
				2,325,141

SEPTEMBER 30, 2023 1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Sit Small Cap Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Retail Trade - 2.8%
Boot Barn Holdings, Inc. *		3,475		282,135
Casey’s General Stores, Inc.		1,025		278,308
				560,443
Technology Services - 2.6%
Altair Engineering, Inc. *		1,725		107,916
Globant SA *		1,625		321,506
nCino, Inc. *		3,100		98,580
				528,002
Transportation - 3.5%
Knight-Swift Transportation Holdings, Inc.		3,700		185,555
Marten Transport, Ltd.		8,450		166,549
TFI International, Inc.		2,875		369,179
				721,283
Utilities - 1.4%
Black Hills Corp.		1,675		84,739
Chesapeake Utilities Corp.		1,975		193,056
				277,795
Total Common Stocks (cost: $15,716,516)				20,050,073
Short-Term Securities - 2.1%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% (cost $435,434)		435,434		435,434
Total Investments in Securities - 100.3% (cost $16,151,950)				20,485,507
Other Assets and Liabilities, net - (0.3)%				(69,245	)
Net Assets - 100.0%			$	20,416,262

*   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, 2023 is as follows:

	Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)
Common Stocks**		20,050,073		—		—		20,050,073
Short-Term Securities		435,434		—		—		435,434
Total:		20,485,507		—		—		20,485,507

** For equity securities categorized in a single level, refer to the detail above 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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