SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 91.1%
Commercial Services - 4.1%
Booz Allen Hamilton Holding Corp.		2,700		400,788
Brink’s Co.		1,825		168,593
Colliers International Group, Inc.		3,600		440,028
FTI Consulting, Inc. *		1,000		210,290
				1,219,699
Communications - 0.6%
Iridium Communications, Inc.		7,050		184,428
Consumer Durables - 1.5%
Century Communities, Inc.		2,175		209,888
National Presto Industries, Inc.		750		62,850
YETI Holdings, Inc. *		4,075		157,091
				429,829
Consumer Non-Durables - 1.6%
Crocs, Inc. *		2,050		294,790
Sensient Technologies Corp.		2,450		169,516
				464,306
Consumer Services - 2.4%
Nexstar Media Group, Inc.		2,650		456,569
Vail Resorts, Inc.		1,100		245,113
				701,682
Electronic Technology - 5.7%
Coherent Corp. *		2,450		148,519
Entegris, Inc.		991		139,275
MKS Instruments, Inc.		3,275		435,575
Monolithic Power Systems, Inc.		1,050		711,291
Power Integrations, Inc.		3,400		243,270
				1,677,930
Energy Minerals - 4.4%
Northern Oil & Gas, Inc.		15,600		619,008
Oasis Petroleum, Inc.		3,860		688,006
				1,307,014
Finance - 22.3%
Air Lease Corp.		8,175		420,522
Artisan Partners Asset Management, Inc.		5,350		244,870
Axis Capital Holdings, Ltd.		6,750		438,885
Broadstone Net Lease, Inc.		18,800		294,596
Cadence Bank		9,450		274,050
Carlyle Group, Inc.		8,075		378,798
CNO Financial Group, Inc.		14,000		384,720
CubeSmart		5,250		237,405
Essential Properties Realty Trust, Inc.		10,050		267,933
Evercore Partners, Inc.		1,900		365,921
H&E Equipment Services, Inc.		6,750		433,215
Hannon Armstrong Sust. Inf. Cap., Inc.		4,825		137,030
Hanover Insurance Group, Inc.		2,500		340,425
Hercules Capital, Inc.		7,725		142,526
Horace Mann Educators Corp.		7,700		284,823
Mercury General Corp.		7,200		371,520
Old National Bancorp		20,675		359,952
Piper Sandler Cos.		1,450		287,810
PotlatchDeltic Corp.		2,810		132,126
Provident Financial Services, Inc.		12,400		180,668
Stifel Financial Corp.		6,000		469,020

Name of Issuer	Quantity		Fair Value ($)
Western Alliance Bancorp		2,100		134,799
				6,581,614
Health Services - 5.6%
Addus HomeCare Corp. *		4,525		467,614
Encompass Health Corp.		5,025		414,964
Patterson Cos., Inc.		7,325		202,536
Tenet Healthcare Corp. *		5,400		567,594
				1,652,708
Health Technology - 5.7%
AtriCure, Inc. *		7,700		234,234
Bio-Techne Corp.		2,650		186,533
Inmode, Ltd. *		6,250		135,063
Intellia Therapeutics, Inc. *		5,875		161,621
Lantheus Holdings, Inc. *		4,700		292,528
Seres Therapeutics, Inc. *		40,625		31,448
STERIS, PLC		975		219,199
Supernus Pharmaceuticals, Inc. *		5,600		191,016
Vericel Corp. *		4,075		211,982
				1,663,624
Industrial Services - 8.2%
DT Midstream, Inc.		3,850		235,235
EMCOR Group, Inc.		1,850		647,870
KBR, Inc.		10,775		685,936
Kodiak Gas Services, Inc.		5,700		155,838
MYR Group, Inc. *		1,400		247,450
TechnipFMC, PLC		17,750		445,703
				2,418,032
Non-Energy Minerals - 3.5%
AZEK Co., Inc. *		5,700		286,254
Commercial Metals Co.		3,950		232,142
Eagle Materials, Inc.		1,575		428,006
MP Materials Corp. *		6,600		94,380
				1,040,782
Process Industries - 5.0%
Avient Corp.		2,125		92,225
Cabot Corp.		2,450		225,890
Huntsman Corp.		4,650		121,039
Olin Corp.		7,625		448,350
Silgan Holdings, Inc.		8,000		388,480
Stepan Co.		2,250		202,590
				1,478,574
Producer Manufacturing - 11.6%
AeroVironment, Inc. *		2,875		440,680
AGCO Corp.		1,350		166,077
AZZ, Inc.		3,650		282,181
Belden, Inc.		3,175		294,037
Carlisle Cos., Inc.		775		303,684
Crane Co.		3,275		442,551
Crane NXT Co.		3,275		202,723
Donaldson Co., Inc.		2,675		199,769
EnPro, Inc.		1,575		265,813
Hubbell, Inc.		850		352,792
Lincoln Electric Holdings, Inc.		1,075		274,598
Regal Rexnord Corp.		1,042		187,664
				3,412,569

MARCH 31, 2024 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

Sit Small Cap Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Retail Trade - 2.0%
Boot Barn Holdings, Inc. *		2,875		273,556
Casey’s General Stores, Inc.		1,025		326,412
				599,968
Technology Services - 2.7%
Altair Engineering, Inc. *		1,725		148,609
Globant SA *		2,625		529,987
nCino, Inc. *		3,100		115,878
				794,474
Transportation - 3.1%
Knight-Swift Transportation Holdings, Inc.		3,700		203,574
Marten Transport, Ltd.		8,450		156,156
TFI International, Inc.		3,475		554,123
				913,853
Utilities - 1.1%
Chesapeake Utilities Corp.		3,075		329,948
Total Common Stocks (cost: $18,183,082)				26,871,034
Short-Term Securities - 9.5%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $2,792,750)		2,792,750		2,792,750
Total Investments in Securities - 100.6% (cost $20,975,832)				29,663,784
Other Assets and Liabilities, net - (0.6)%				(172,495	)
Net Assets - 100.0%			$	29,491,289

*   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, 2024 is as follows:

	Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)
Common Stocks**		26,871,034		—		—		26,871,034
Short-Term Securities		2,792,750		—		—		2,792,750
Total:		29,663,784		—		—		29,663,784

** 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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