SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Small Cap Dividend Growth Fund Investments are grouped by economic sectors. |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Common Stocks - 92.7% | ||||||||
Commercial Services - 5.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 3,200 | 219,648 | ||||||
Brink’s Co. | 3,400 | 176,970 | ||||||
Colliers International Group, Inc. | 2,350 | 112,823 | ||||||
Deluxe Corp. | 2,700 | 70,011 | ||||||
Herman Miller, Inc. | 4,900 | 108,780 | ||||||
|
| |||||||
688,232 | ||||||||
|
| |||||||
Communications - 1.4% | ||||||||
Shenandoah Telecommunications Co. | 3,800 | 187,150 | ||||||
|
| |||||||
Consumer Durables - 3.7% | ||||||||
Acushnet Holdings Corp. | 5,500 | 141,460 | ||||||
BRP, Inc. | 3,275 | 53,677 | ||||||
MDC Holdings, Inc. | 3,750 | 87,000 | ||||||
National Presto Industries, Inc. | 750 | 53,108 | ||||||
Thor Industries, Inc. | 2,300 | 97,014 | ||||||
YETI Holdings, Inc.* | 2,700 | 52,704 | ||||||
|
| |||||||
484,963 | ||||||||
|
| |||||||
ConsumerNon-Durables - 0.4% | ||||||||
Sensient Technologies Corp. | 1,250 | 54,388 | ||||||
|
| |||||||
Consumer Services - 9.7% | ||||||||
Chegg, Inc.* | 8,825 | 315,758 | ||||||
Dunkin’ Brands Group, Inc. | 2,625 | 139,387 | ||||||
Nexstar Media Group, Inc. | 2,850 | 164,530 | ||||||
Service Corp. International | 4,600 | 179,906 | ||||||
Strategic Education, Inc. | 2,290 | 320,050 | ||||||
Vail Resorts, Inc. | 925 | 136,632 | ||||||
|
| |||||||
1,256,263 | ||||||||
|
| |||||||
Electronic Technology - 9.7% | ||||||||
Cabot Microelectronics Corp. | 2,700 | 308,178 | ||||||
MKS Instruments, Inc. | 4,600 | 374,670 | ||||||
Monolithic Power Systems, Inc. | 2,575 | 431,210 | ||||||
Power Integrations, Inc. | 1,700 | 150,161 | ||||||
|
| |||||||
1,264,219 | ||||||||
|
| |||||||
Energy Minerals - 0.3% | ||||||||
Delek US Holdings, Inc. | 2,300 | 36,248 | ||||||
|
| |||||||
Finance - 24.7% | ||||||||
American Equity Investment Life Holding Co. | 5,250 | 98,700 | ||||||
Axis Capital Holdings, Ltd. | 6,300 | 243,495 | ||||||
Carlyle Group, Inc. | 8,075 | 174,824 | ||||||
CNO Financial Group, Inc. | 10,500 | 130,095 | ||||||
CubeSmart | 5,250 | 140,647 | ||||||
Donegal Group, Inc. | 9,500 | 144,400 | ||||||
Essential Properties Realty Trust, Inc. | 7,700 | 100,562 | ||||||
Evercore Partners, Inc. | 2,800 | 128,968 | ||||||
Hanover Insurance Group, Inc. | 1,275 | 115,490 | ||||||
HCI Group, Inc. | 4,950 | 199,238 | ||||||
Hercules Capital, Inc. | 13,100 | 100,084 |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Legg Mason, Inc. | 4,800 | 234,480 | ||||||
Macquarie Infrastructure Corp. | 4,150 | 104,788 | ||||||
Old National Bancorp | 9,550 | 125,964 | ||||||
People’s United Financial, Inc. | 16,325 | 180,391 | ||||||
Physicians Realty Trust | 13,300 | 185,402 | ||||||
Piper Sandler Cos | 2,875 | 145,389 | ||||||
QTS Realty Trust, Inc. | 4,350 | 252,344 | ||||||
Selective Insurance Group, Inc. | 1,050 | 52,185 | ||||||
Stifel Financial Corp. | 4,000 | 165,120 | ||||||
STORE Capital Corp. | 3,375 | 61,155 | ||||||
Wintrust Financial Corp. | 4,000 | 131,440 | ||||||
|
| |||||||
3,215,161 | ||||||||
|
| |||||||
Health Services - 2.1% | ||||||||
Encompass Health Corp. | 4,200 | 268,926 | ||||||
|
| |||||||
Health Technology - 4.5% | ||||||||
AtriCure, Inc.* | 5,700 | 191,463 | ||||||
Atrion Corp. | 90 | 58,500 | ||||||
iRhythm Technologies, Inc.* | 1,200 | 97,620 | ||||||
STERIS, PLC | 1,100 | 153,967 | ||||||
Wright Medical Group NV* | 2,850 | 81,652 | ||||||
|
| |||||||
583,202 | ||||||||
|
| |||||||
Industrial Services - 2.7% | ||||||||
EMCOR Group, Inc. | 2,000 | 122,640 | ||||||
KBR, Inc. | 10,775 | 222,827 | ||||||
|
| |||||||
345,467 | ||||||||
|
| |||||||
Non-Energy Minerals - 1.2% | ||||||||
Commercial Metals Co. | 3,950 | 62,370 | ||||||
PotlatchDeltic Corp. | 2,810 | 88,206 | ||||||
|
| |||||||
150,576 | ||||||||
|
| |||||||
Process Industries - 4.0% | ||||||||
Domtar Corp. | 3,575 | 77,363 | ||||||
Huntsman Corp. | 4,650 | 67,100 | ||||||
Neenah, Inc. | 1,550 | 66,852 | ||||||
ScottsMiracle-Gro Co. | 3,025 | 309,760 | ||||||
|
| |||||||
521,075 | ||||||||
|
| |||||||
Producer Manufacturing - 11.5% | ||||||||
Apogee Enterprises, Inc. | 3,925 | 81,718 | ||||||
Applied Industrial Technologies, Inc. | 1,950 | 89,154 | ||||||
Carlisle Cos, Inc. | 1,300 | 162,864 | ||||||
Crane Co. | 2,675 | 131,556 | ||||||
H&E Equipment Services, Inc. | 7,500 | 110,100 | ||||||
Hubbell, Inc. | 2,100 | 240,954 | ||||||
Lincoln Electric Holdings, Inc. | 1,525 | 105,225 | ||||||
MSA Safety, Inc. | 2,000 | 202,400 | ||||||
Oshkosh Corp. | 2,400 | 154,392 | ||||||
Rexnord Corp. | 2,525 | 57,242 | ||||||
Watsco, Inc. | 1,050 | 165,932 | ||||||
|
| |||||||
1,501,537 | ||||||||
|
|
MARCH 31, 2020 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2020
Sit Small Cap Dividend Growth Fund (Continued) |
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Retail Trade - 1.0% | ||||||||
Casey’s General Stores, Inc. | 1,025 | 135,802 | ||||||
|
| |||||||
Technology Services - 4.0% | ||||||||
Globant SA* | 1,800 | 158,184 | ||||||
ManTech International Corp. | 1,800 | 130,806 | ||||||
Science Applications International Corp. | 3,075 | 229,487 | ||||||
|
| |||||||
518,477 | ||||||||
|
| |||||||
Transportation - 2.9% | ||||||||
Alaska Air Group, Inc. | 3,825 | 108,898 | ||||||
Knight-Swift Transportation Holdings, Inc. | 3,425 | 112,340 | ||||||
Marten Transport, Ltd. | 7,900 | 162,108 | ||||||
|
| |||||||
383,346 | ||||||||
|
|
Name of Issuer |
Quantity | Fair Value ($) | ||||||
Utilities - 3.6% | ||||||||
Black Hills Corp. | 2,000 | 128,060 | ||||||
Covanta Holding Corp. | 13,400 | 114,570 | ||||||
New Jersey Resources Corp. | 3,775 | 128,237 | ||||||
Spire, Inc. | 1,375 | 102,410 | ||||||
|
| |||||||
473,277 | ||||||||
|
| |||||||
Total Common Stocks | 12,068,309 | |||||||
|
| |||||||
Investment Companies - 0.2% | ||||||||
Tortoise Energy Infrastructure Corp. | 11,425 | 29,248 | ||||||
|
| |||||||
(cost: $283,566) | ||||||||
Short-Term Securities - 7.6% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.30% | 989,235 | 989,235 | ||||||
|
| |||||||
(cost: $989,235) | ||||||||
Total Investments in Securities - 100.5% | 13,086,792 | |||||||
Other Assets and Liabilities, net - (0.5%) | (59,318 | ) | ||||||
|
| |||||||
Total Net Assets - 100.0% | $13,027,474 | |||||||
|
|
* | Non-income producing security. |
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of March 31, 2020 is as follows:
Investment in Securities | ||||||||||||
Level 1 Quoted Price ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||
Common Stocks** | 12,068,309 | — | — | 12,068,309 | ||||||||
Investment Companies | 29,248 | — | — | 29,248 | ||||||||
Short-Term Securities | 989,235 | — | — | 989,235 | ||||||||
Total: | 13,086,792 | — | — | 13,086,792 |
** 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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