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SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
Sit Small Cap Growth Fund
Investments are grouped by economic sectors.
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Common Stocks - 94.0% | ||||||||
Commercial Services - 6.2% | ||||||||
ASGN, Inc.* | 25,100 | 1,577,786 | ||||||
Booz Allen Hamilton Holding Corp. | 26,500 | 1,882,030 | ||||||
Brink’s Co. | 16,000 | 1,327,200 | ||||||
Colliers International Group, Inc. | 14,225 | 1,067,586 | ||||||
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5,854,602 | ||||||||
Communications - 0.8% | ||||||||
Shenandoah Telecommunications Co. | 25,000 | 794,250 | ||||||
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Consumer Durables - 5.6% | ||||||||
Acushnet Holdings Corp. | 38,400 | 1,013,760 | ||||||
BRP, Inc. | 12,450 | 484,803 | ||||||
Take-Two Interactive Software, Inc.* | 12,800 | 1,604,352 | ||||||
Thor Industries, Inc. | 11,200 | 634,368 | ||||||
YETI Holdings, Inc.* | 53,700 | 1,503,600 | ||||||
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5,240,883 | ||||||||
ConsumerNon-Durables - 0.6% | ||||||||
Primo Water Corp.* | 47,300 | 580,844 | ||||||
|
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Consumer Services - 10.4% | ||||||||
Adtalem Global Education, Inc.* | 12,725 | 484,695 | ||||||
Chegg, Inc.* | 30,000 | 898,500 | ||||||
Cinemark Holdings, Inc. | 33,600 | 1,298,304 | ||||||
Dunkin’ Brands Group, Inc. | 12,800 | 1,015,808 | ||||||
Grand Canyon Education, Inc.* | 10,500 | 1,031,100 | ||||||
Nexstar Media Group, Inc. | 15,225 | 1,557,670 | ||||||
Service Corp. International | 28,600 | 1,367,366 | ||||||
Strategic Education, Inc. | 6,803 | 924,392 | ||||||
Vail Resorts, Inc. | 5,600 | 1,274,336 | ||||||
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9,852,171 | ||||||||
Electronic Technology - 8.7% | ||||||||
Arista Networks, Inc.* | 7,800 | 1,863,576 | ||||||
Cabot Microelectronics Corp. | 8,825 | 1,246,178 | ||||||
Ciena Corp.* | 26,250 | 1,029,788 | ||||||
MKS Instruments, Inc. | 15,750 | 1,453,410 | ||||||
Monolithic Power Systems, Inc. | 10,200 | 1,587,426 | ||||||
Skyworks Solutions, Inc. | 13,200 | 1,046,100 | ||||||
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8,226,478 | ||||||||
Energy Minerals - 1.6% | ||||||||
Delek US Holdings, Inc. | 21,300 | 773,190 | ||||||
Marathon Petroleum Corp. | 11,926 | 724,504 | ||||||
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1,497,694 | ||||||||
Finance - 5.1% | ||||||||
Axis Capital Holdings, Ltd. | 12,500 | 834,000 | ||||||
CubeSmart | 7,400 | 258,260 | ||||||
First Republic Bank | 6,400 | 618,880 | ||||||
Legg Mason, Inc. | 31,800 | 1,214,442 | ||||||
Physicians Realty Trust | 30,500 | 541,375 |
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Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
SVB Financial Group* | 4,575 | 955,946 | ||||||
Wintrust Financial Corp. | 5,700 | 368,391 | ||||||
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4,791,294 | ||||||||
Health Services - 2.4% | ||||||||
Encompass Health Corp. | 14,600 | 923,888 | ||||||
Teladoc Health, Inc.* | 20,300 | 1,374,716 | ||||||
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2,298,604 | ||||||||
Health Technology - 11.0% | ||||||||
Align Technology, Inc.* | 4,650 | 841,278 | ||||||
Bio-Techne Corp. | 4,800 | 939,216 | ||||||
Catalent, Inc.* | 4,625 | 220,428 | ||||||
Cronos Group, Inc.* | 49,025 | 443,676 | ||||||
Exact Sciences Corp.* | 15,700 | 1,418,809 | ||||||
Insulet Corp.* | 6,550 | 1,080,292 | ||||||
iRhythm Technologies, Inc.* | 11,900 | 881,909 | ||||||
Kindred Biosciences, Inc.* | 115,125 | 788,606 | ||||||
PerkinElmer, Inc. | 8,400 | 715,428 | ||||||
Sarepta Therapeutics, Inc.* | 13,400 | 1,009,288 | ||||||
STERIS, PLC | 9,100 | 1,314,859 | ||||||
Wright Medical Group NV* | 35,900 | 740,617 | ||||||
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10,394,406 | ||||||||
Industrial Services - 6.5% | ||||||||
Advanced Disposal Services, Inc.* | 48,100 | 1,566,617 | ||||||
EMCOR Group, Inc. | 15,800 | 1,360,696 | ||||||
KBR, Inc. | 43,500 | 1,067,490 | ||||||
Waste Connections, Inc. | 23,100 | 2,125,200 | ||||||
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6,120,003 | ||||||||
|
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Non-Energy Minerals - 1.8% | ||||||||
Trex Co., Inc.* | 18,700 | 1,700,391 | ||||||
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Process Industries - 2.4% | ||||||||
Domtar Corp. | 15,800 | 565,798 | ||||||
Scotts Miracle-Gro Co. | 16,800 | 1,710,576 | ||||||
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2,276,374 | ||||||||
Producer Manufacturing - 8.7% | ||||||||
Anixter International, Inc.* | 5,100 | 352,512 | ||||||
Crane Co. | 15,400 | 1,241,702 | ||||||
Hubbell, Inc. | 10,000 | 1,314,000 | ||||||
IDEX Corp. | 6,100 | 999,668 | ||||||
Lincoln Electric Holdings, Inc. | 11,700 | 1,015,092 | ||||||
MSA Safety, Inc. | 12,700 | 1,385,697 | ||||||
Oshkosh Corp. | 13,800 | 1,046,040 | ||||||
Watsco, Inc. | 5,050 | 854,359 | ||||||
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8,209,070 | ||||||||
Retail Trade - 1.5% | ||||||||
Casey’s General Stores, Inc. | 4,300 | 692,988 | ||||||
Ulta Beauty, Inc.* | 3,050 | 764,483 | ||||||
|
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1,457,471 |
SEPTEMBER 30, 2019 | 1 |
|
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
Sit Small Cap Growth Fund (Continued)
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Name of Issuer | Quantity | Fair Value ($) | ||||||
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Technology Services - 17.5% | ||||||||
Altair Engineering, Inc.* | 29,983 | 1,038,012 | ||||||
ANSYS, Inc.* | 4,900 | 1,084,664 | ||||||
Aspen Technology, Inc.* | 14,500 | 1,784,660 | ||||||
Euronet Worldwide, Inc.* | 16,600 | 2,428,580 | ||||||
Globant SA* | 19,250 | 1,762,915 | ||||||
GoDaddy, Inc.* | 15,025 | 991,350 | ||||||
Guidewire Software, Inc.* | 11,700 | 1,232,946 | ||||||
HubSpot, Inc.* | 9,450 | 1,432,714 | ||||||
Paycom Software, Inc.* | 7,450 | 1,560,701 | ||||||
PTC, Inc.* | 17,600 | 1,199,968 | ||||||
Qualys, Inc.* | 10,050 | 759,478 | ||||||
Science Applications International Corp. | 14,800 | 1,292,780 | ||||||
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16,568,768 | ||||||||
Transportation - 1.5% | ||||||||
Alaska Air Group, Inc. | 11,500 | 746,465 | ||||||
Marten Transport, Ltd. | 33,050 | 686,779 | ||||||
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1,433,244 |
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Utilities - 1.7% | ||||||||
Covanta Holding Corp. | 24,600 | 425,334 | ||||||
Fortis, Inc. | 12,107 | 512,489 | ||||||
Spire, Inc. | 7,525 | 656,481 | ||||||
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1,594,304 | ||||||||
|
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Total Common Stocks | 88,890,851 | |||||||
|
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Short-Term Securities - 5.5% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 1.86% | 5,186,968 | 5,186,968 | ||||||
|
| |||||||
(cost: $5,186,968) | ||||||||
Total Investments in Securities - 99.5% |
| 94,077,819 | ||||||
Other Assets and Liabilities, net - 0.5% |
| 455,361 | ||||||
|
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Total Net Assets - 100.0% |
|
$94,533,180 |
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* | Non-income producing security. |
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of September 30, 2019 is as follows:
Investment in Securities | ||||||||||||
Level 1 Quoted |
Level 2 Other significant |
Level 3 Significant | Total ($) | |||||||||
Common Stocks** | 88,890,851 | — | — | 88,890,851 | ||||||||
Short-Term Securities | 5,186,968 | — | — | 5,186,968 | ||||||||
Total: | 94,077,819 | — | — | 94,077,819 |
** | 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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