SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Small Cap Dividend Growth Fund
Investments are grouped by economic sectors.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 96.2% | ||||||||
Commercial Services - 4.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 3,200 | 253,920 | ||||||
Brink’s Co. | 2,750 | 174,075 | ||||||
Colliers International Group, Inc. | 2,350 | 300,119 | ||||||
FTI Consulting, Inc. * | 1,075 | 144,803 | ||||||
World Fuel Services Corp. | 5,975 | 200,879 | ||||||
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| |||||||
1,073,796 | ||||||||
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| |||||||
Consumer Durables - 5.0% | ||||||||
BRP, Inc. | 1,275 | 118,167 | ||||||
Helen of Troy, Ltd. * | 750 | 168,510 | ||||||
Johnson Outdoors, Inc. | 555 | 58,719 | ||||||
MDC Holdings, Inc. | 4,050 | 189,216 | ||||||
National Presto Industries, Inc. | 750 | 61,560 | ||||||
Thor Industries, Inc. | 2,300 | 282,348 | ||||||
YETI Holdings, Inc. * | 2,700 | 231,363 | ||||||
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| |||||||
1,109,883 | ||||||||
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| |||||||
Consumer Non-Durables - 1.5% | ||||||||
Sensient Technologies Corp. | 3,000 | 273,240 | ||||||
Wolverine World Wide, Inc. | 1,750 | 52,220 | ||||||
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| |||||||
325,460 | ||||||||
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| |||||||
Consumer Services - 3.7% | ||||||||
Chegg, Inc. * | 3,000 | 204,060 | ||||||
Nexstar Media Group, Inc. | 2,550 | 387,498 | ||||||
Vail Resorts, Inc. * | 700 | 233,835 | ||||||
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| |||||||
825,393 | ||||||||
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| |||||||
Electronic Technology - 8.2% | ||||||||
CMC Materials, Inc. | 2,200 | 271,106 | ||||||
II-VI, Inc. * | 2,450 | 145,432 | ||||||
MKS Instruments, Inc. | 3,275 | 494,230 | ||||||
Monolithic Power Systems, Inc. | 1,200 | 581,616 | ||||||
Power Integrations, Inc. | 3,400 | 336,566 | ||||||
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| |||||||
1,828,950 | ||||||||
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| |||||||
Finance - 30.1% | ||||||||
Air Lease Corp. | 4,225 | 166,211 | ||||||
American Financial Group, Inc. | 1,875 | 235,931 | ||||||
Artisan Partners Asset Management, Inc. | 6,300 | 308,196 | ||||||
Axis Capital Holdings, Ltd. | 6,300 | 290,052 | ||||||
Broadstone Net Lease, Inc. | 2,250 | 55,823 | ||||||
Carlyle Group, Inc. | 8,075 | 381,786 | ||||||
CNO Financial Group, Inc. | 14,000 | 329,560 | ||||||
CubeSmart | 5,250 | 254,362 | ||||||
Donegal Group, Inc. | 9,500 | 137,655 | ||||||
Essential Properties Realty Trust, Inc. | 10,050 | 280,596 | ||||||
Evercore Partners, Inc. | 2,800 | 374,276 | ||||||
H&E Equipment Services, Inc. | 8,700 | 301,977 | ||||||
Hannon Armstrong Sust. Inf. Cap., Inc. | 3,475 | 185,843 | ||||||
Hanover Insurance Group, Inc. | 1,275 | 165,265 | ||||||
HCI Group, Inc. | 3,050 | 337,849 | ||||||
Hercules Capital, Inc. | 13,100 | 217,591 | ||||||
Old National Bancorp | 15,575 | 263,996 | ||||||
People’s United Financial, Inc. | 18,425 | 321,885 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Physicians Realty Trust | 11,250 | 198,225 | ||||||
Piper Sandler Cos | 2,425 | 335,766 | ||||||
PotlatchDeltic Corp. | 2,810 | 144,940 | ||||||
PROG Holdings, Inc. | 5,500 | 231,055 | ||||||
Provident Financial Services, Inc. | 7,150 | 167,811 | ||||||
SiriusPoint, Ltd. * | 14,550 | 134,733 | ||||||
Stifel Financial Corp. | 6,000 | 407,760 | ||||||
STORE Capital Corp. | 6,225 | 199,387 | ||||||
Western Alliance Bancorp | 2,775 | 301,975 | ||||||
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| |||||||
6,730,506 | ||||||||
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| |||||||
Health Services - 4.0% | ||||||||
Addus HomeCare Corp. * | 1,850 | 147,538 | ||||||
Encompass Health Corp. | 4,200 | 315,168 | ||||||
Tenet Healthcare Corp. * | 6,400 | 425,216 | ||||||
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| |||||||
887,922 | ||||||||
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| |||||||
Health Technology - 5.8% | ||||||||
AtriCure, Inc. * | 3,500 | 243,425 | ||||||
Atrion Corp. | 250 | 174,375 | ||||||
Bio-Techne Corp. | 325 | 157,485 | ||||||
ICU Medical, Inc. * | 975 | 227,546 | ||||||
LeMaitre Vascular, Inc. | 1,600 | 84,944 | ||||||
Seres Therapeutics, Inc. * | 6,800 | 47,328 | ||||||
STERIS, PLC | 1,100 | 224,708 | ||||||
Vanda Pharmaceuticals, Inc. * | 7,525 | 128,978 | ||||||
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| |||||||
1,288,789 | ||||||||
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Industrial Services - 4.1% | ||||||||
EMCOR Group, Inc. | 2,400 | 276,912 | ||||||
KBR, Inc. | 10,775 | 424,535 | ||||||
MYR Group, Inc. * | 2,075 | 206,463 | ||||||
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| |||||||
907,910 | ||||||||
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| |||||||
Non-Energy Minerals - 2.4% | ||||||||
AZEK Co., Inc. * | 5,700 | 208,221 | ||||||
Commercial Metals Co. | 3,950 | 120,317 | ||||||
Eagle Materials, Inc. | 1,575 | 206,577 | ||||||
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535,115 | ||||||||
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| |||||||
Process Industries - 4.9% | ||||||||
Huntsman Corp. | 4,650 | 137,594 | ||||||
Neenah, Inc. | 2,525 | 117,690 | ||||||
Olin Corp. | 7,625 | 367,906 | ||||||
Scotts Miracle-Gro Co. | 1,725 | 252,471 | ||||||
Silgan Holdings, Inc. | 5,800 | 222,488 | ||||||
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| |||||||
1,098,149 | ||||||||
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| |||||||
Producer Manufacturing - 11.0% | ||||||||
AGCO Corp. | 925 | 113,340 | ||||||
Applied Industrial Technologies, Inc. | 2,475 | 223,072 | ||||||
AZZ, Inc. | 2,525 | 134,330 | ||||||
Belden, Inc. | 3,175 | 184,975 | ||||||
Carlisle Cos, Inc. | 1,650 | 328,003 | ||||||
Crane Co. | 3,275 | 310,503 | ||||||
EnPro Industries, Inc. | 2,050 | 178,596 | ||||||
Hubbell, Inc. | 1,225 | 221,321 | ||||||
Hydrofarm Holdings Group, Inc. * | 800 | 30,280 | ||||||
Lincoln Electric Holdings, Inc. | 1,350 | 173,866 | ||||||
MSA Safety, Inc. | 1,350 | 196,695 | ||||||
Rexnord Corp. | 4,675 | 300,556 | ||||||
TPI Composites, Inc. * | 1,925 | 64,969 | ||||||
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| |||||||
2,460,506 | ||||||||
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| |||||||
Retail Trade - 1.3% | ||||||||
Boot Barn Holdings, Inc. * | 1,200 | 106,644 |
SEPTEMBER 30, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Small Cap Dividend Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Casey’s General Stores, Inc. | 1,025 | 193,161 | ||||||
|
| |||||||
299,805 | ||||||||
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| |||||||
Technology Services - 3.8% | ||||||||
Globant SA * | 1,625 | 456,641 | ||||||
ManTech International Corp. | 1,800 | 136,656 | ||||||
Science Applications International Corp. | 3,075 | 263,097 | ||||||
|
| |||||||
856,394 | ||||||||
|
| |||||||
Transportation - 3.7% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 6,400 | 327,360 | ||||||
Marten Transport, Ltd. | 8,450 | 132,580 | ||||||
TFI International, Inc. | 3,475 | 355,076 | ||||||
|
| |||||||
815,016 | ||||||||
|
| |||||||
Utilities - 1.9% | ||||||||
Black Hills Corp. | 4,000 | 251,040 | ||||||
Spire, Inc. | 2,950 | 180,481 | ||||||
|
| |||||||
431,521 | ||||||||
|
| |||||||
Total Common Stocks | 21,475,115 | |||||||
|
| |||||||
Short-Term Securities - 4.3% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 953,229 | 953,229 | ||||||
|
| |||||||
Total Investments in Securities - 100.5% | 22,428,344 | |||||||
Other Assets and Liabilities, net - (0.5)% | (104,095 | ) | ||||||
|
| |||||||
Total Net Assets - 100.0% | $22,324,249 | |||||||
|
|
* | Non-income producing security. |
PLC — Public Limited Company
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Prices ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant unobservable inputs ($) | Total ($) | |||||||||||||
|
| |||||||||||||||
Common Stocks** | 21,475,115 | — | — | 21,475,115 | ||||||||||||
Short-Term Securities | 953,229 | — | — | 953,229 | ||||||||||||
|
| |||||||||||||||
Total: | 22,428,344 | — | — | 22,428,344 | ||||||||||||
|
|
** | 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.
2 |