Sit Balanced Fund (SIBAX) NPORT-P Sit Small Cap Dividend Growth Fund (Sep 2020 report)

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.1%
Commercial Services - 4.4%
Booz Allen Hamilton Holding Corp.		3,200		265,536
Brink’s Co.		3,400		139,706
Colliers International Group, Inc.		2,350		156,722
FTI Consulting, Inc. *		1,425		151,007
				712,971
Communications - 1.0%
Shenandoah Telecommunications Co.		3,800		168,853
Consumer Durables - 7.0%
Acushnet Holdings Corp.		5,500		184,855
BRP, Inc.		4,375		231,088
Helen of Troy, Ltd. *		750		145,140
MDC Holdings, Inc.		3,750		176,625
National Presto Industries, Inc.		750		61,395
Thor Industries, Inc.		2,300		219,098
YETI Holdings, Inc. *		2,700		122,364
				1,140,565
Consumer Non-Durables - 1.1%
Sensient Technologies Corp.		3,000		173,220
Consumer Services - 8.5%
Chegg, Inc. *		4,900		350,056
Dunkin’ Brands Group, Inc.		2,625		215,014
Nexstar Media Group, Inc.		2,850		256,300
Service Corp. International		3,800		160,284
Strategic Education, Inc.		2,290		209,466
Vail Resorts, Inc.		925		197,922
				1,389,042
Electronic Technology - 11.0%
Cabot Microelectronics Corp.		2,700		385,587
MKS Instruments, Inc.		4,600		502,458
Monolithic Power Systems, Inc.		2,575		719,996
Power Integrations, Inc.		3,400		188,360
				1,796,401
Finance - 24.5%
Aaron’s, Inc.		3,550		201,108
American Financial Group, Inc.		3,675		246,152
Artisan Partners Asset Management, Inc.		6,300		245,637
Axis Capital Holdings, Ltd.		6,300		277,452
Carlyle Group, Inc.		8,075		199,210
CNO Financial Group, Inc.		14,000		224,560
CubeSmart		5,250		169,628
Donegal Group, Inc.		9,500		133,665
Essential Properties Realty Trust, Inc.		7,700		141,064
Evercore Partners, Inc.		2,800		183,288
Hanover Insurance Group, Inc.		1,275		118,804
HCI Group, Inc.		3,600		177,444
Hercules Capital, Inc.		13,100		151,567

Name of Issuer	Quantity		Fair Value ($)
Old National Bancorp		9,550		119,948
People’s United Financial, Inc.		16,325		168,311
Physicians Realty Trust		14,750		264,172
Piper Sandler Cos		2,875		209,875
QTS Realty Trust, Inc.		4,350		274,137
Selective Insurance Group, Inc.		1,700		87,533
Stifel Financial Corp.		4,000		202,240
STORE Capital Corp.		4,675		128,235
Third Point Reinsurance, Ltd. *		10,150		70,542
				3,994,572
Health Services - 2.6%
Encompass Health Corp.		4,200		272,916
Tenet Healthcare Corp. *		6,400		156,864
				429,780
Health Technology - 5.6%
AtriCure, Inc. *		4,000		159,600
Atrion Corp.		160		100,160
Bio-Techne Corp.		175		43,353
iRhythm Technologies, Inc. *		1,200		285,732
LeMaitre Vascular, Inc.		4,175		135,813
STERIS, PLC		1,100		193,809
				918,467
Industrial Services - 2.5%
EMCOR Group, Inc.		2,400		162,504
KBR, Inc.		10,775		240,929
				403,433
Non-Energy Minerals - 2.2%
AZEK Co., Inc. *		4,400		153,164
Commercial Metals Co.		3,950		78,921
PotlatchDeltic Corp.		2,810		118,301
				350,386
Process Industries - 4.1%
Huntsman Corp.		4,650		103,276
Neenah, Inc.		1,550		58,078
Scotts Miracle-Gro Co.		2,500		382,275
Silgan Holdings, Inc.		3,300		121,341
				664,970
Producer Manufacturing - 10.9%
Applied Industrial Technologies, Inc.		2,775		152,903
Carlisle Cos, Inc.		1,650		201,911
Crane Co.		2,675		134,098
H&E Equipment Services, Inc.		7,500		147,450
Hubbell, Inc.		2,100		287,364
Lincoln Electric Holdings, Inc.		1,525		140,361
MSA Safety, Inc.		2,000		268,340
Oshkosh Corp.		2,400		176,400

  SEPTEMBER 30, 2020   1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2020

Sit Small Cap Dividend Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Rexnord Corp.		3,725		111,154
Watsco, Inc.		685		159,530
				1,779,511
Retail Trade - 2.2%
Casey’s General Stores, Inc.		1,025		182,091
PetMed Express, Inc.		5,625		177,862
				359,953
Technology Services - 4.0%
Globant SA *		1,625		291,232
ManTech International Corp.		1,800		123,984
Science Applications International Corp.		3,075		241,142
				656,358
Transportation - 4.7%
Alaska Air Group, Inc.		3,825		140,110
Knight-Swift Transportation Holdings, Inc.		5,275		214,692
Marten Transport, Ltd.		11,850		193,392
TFI International, Inc.		5,000		209,150
				757,344

Name of Issuer	Quantity		Fair Value ($)
Utilities - 1.8%
Black Hills Corp.		4,000		213,960
Spire, Inc.		1,375		73,150
				287,110
Total Common Stocks (cost: $13,222,576)				15,982,936
Investment Companies - 0.2%
Tortoise Energy Infrastructure Corp.		2,856		42,240
(cost: $283,527)
Short-Term Securities - 2.4%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		385,363		385,363
(cost: $385,363)
Total Investments in Securities - 100.7% (cost: $13,891,466)				16,410,539
Other Assets and Liabilities, net - (0.7%)				(117,363	)
Total Net Assets - 100.0%				$16,293,176

* 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, 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 **		15,982,936	—	—		15,982,936
Investment Companies		42,240	—	—		42,240
Short-Term Securities		385,363	—	—		385,363
Total:		16,410,539	—	—		16,410,539

** 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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