SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Small Cap Growth Fund
Investments are grouped by economic sectors.
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Common Stocks - 99.0% | ||||||||
Commercial Services - 5.7% | ||||||||
ASGN, Inc. * | 22,375 | 2,531,508 | ||||||
Booz Allen Hamilton Holding Corp. | 20,000 | 1,587,000 | ||||||
Colliers International Group, Inc. | 12,700 | 1,621,917 | ||||||
FTI Consulting, Inc. * | 6,850 | 922,695 | ||||||
World Fuel Services Corp. | 39,550 | 1,329,671 | ||||||
|
| |||||||
7,992,791 | ||||||||
|
| |||||||
Consumer Durables - 5.0% | ||||||||
BRP, Inc. | 8,150 | 755,342 | ||||||
Helen of Troy, Ltd. * | 4,875 | 1,095,315 | ||||||
Johnson Outdoors, Inc. | 3,510 | 371,358 | ||||||
Take-Two Interactive Software, Inc. * | 6,350 | 978,344 | ||||||
Thor Industries, Inc. | 11,200 | 1,374,912 | ||||||
YETI Holdings, Inc. * | 28,325 | 2,427,169 | ||||||
|
| |||||||
7,002,440 | ||||||||
|
| |||||||
Consumer Non-Durables - 0.2% | ||||||||
Wolverine World Wide, Inc. | 11,000 | 328,240 | ||||||
|
| |||||||
Consumer Services - 3.6% | ||||||||
Chegg, Inc. * | 20,800 | 1,414,816 | ||||||
Nexstar Media Group, Inc. | 13,825 | 2,100,847 | ||||||
Vail Resorts, Inc. * | 4,600 | 1,536,630 | ||||||
|
| |||||||
5,052,293 | ||||||||
|
| |||||||
Electronic Technology - 9.7% | ||||||||
Arista Networks, Inc. * | 5,825 | 2,001,703 | ||||||
Ciena Corp. * | 14,150 | 726,602 | ||||||
CMC Materials, Inc. | 11,650 | 1,435,630 | ||||||
CommScope Holding Co., Inc. * | 64,850 | 881,312 | ||||||
II-VI, Inc. * | 20,075 | 1,191,652 | ||||||
MKS Instruments, Inc. | 14,650 | 2,210,831 | ||||||
Monolithic Power Systems, Inc. | 6,300 | 3,053,484 | ||||||
Skyworks Solutions, Inc. | 12,200 | 2,010,316 | ||||||
|
| |||||||
13,511,530 | ||||||||
|
| |||||||
Finance - 10.5% | ||||||||
Air Lease Corp. | 27,625 | 1,086,767 | ||||||
American Financial Group, Inc. | 4,800 | 603,984 | ||||||
Artisan Partners Asset Management, Inc. | 31,825 | 1,556,879 | ||||||
Axis Capital Holdings, Ltd. | 22,975 | 1,057,769 | ||||||
First Republic Bank | 5,200 | 1,002,976 | ||||||
H&E Equipment Services, Inc. | 53,175 | 1,845,704 | ||||||
Hannon Armstrong Sust. Inf. Cap., Inc. | 22,100 | 1,181,908 | ||||||
Physicians Realty Trust | 61,600 | 1,085,392 | ||||||
PROG Holdings, Inc. | 35,800 | 1,503,958 | ||||||
SiriusPoint, Ltd. * | 35,425 | 328,036 | ||||||
SVB Financial Group * | 2,800 | 1,811,264 |
|
| |||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Western Alliance Bancorp | 14,300 | 1,556,126 | ||||||
|
| |||||||
14,620,763 | ||||||||
|
| |||||||
Health Services - 4.7% | ||||||||
Addus HomeCare Corp. * | 16,850 | 1,343,787 | ||||||
Encompass Health Corp. | 19,675 | 1,476,412 | ||||||
Teladoc Health, Inc. * | 8,575 | 1,087,396 | ||||||
Tenet Healthcare Corp. * | 40,100 | 2,664,244 | ||||||
|
| |||||||
6,571,839 | ||||||||
|
| |||||||
Health Technology - 15.7% | ||||||||
908 Devices, Inc. * | 7,400 | 240,648 | ||||||
Align Technology, Inc. * | 2,550 | 1,696,846 | ||||||
AtriCure, Inc. * | 23,225 | 1,615,299 | ||||||
Bio-Techne Corp. | 4,800 | 2,325,936 | ||||||
Exact Sciences Corp. * | 15,700 | 1,498,565 | ||||||
ICU Medical, Inc. * | 6,875 | 1,604,488 | ||||||
Insulet Corp. * | 3,525 | 1,001,911 | ||||||
LeMaitre Vascular, Inc. | 10,475 | 556,118 | ||||||
NanoString Technologies, Inc. * | 25,125 | 1,206,251 | ||||||
Pacific Biosciences of California, Inc. * | 69,475 | 1,775,086 | ||||||
PerkinElmer, Inc. | 8,400 | 1,455,636 | ||||||
Sarepta Therapeutics, Inc. * | 13,400 | 1,239,232 | ||||||
Seres Therapeutics, Inc. * | 43,300 | 301,368 | ||||||
STAAR Surgical Co. * | 22,550 | 2,898,352 | ||||||
STERIS, PLC | 8,300 | 1,695,524 | ||||||
Vanda Pharmaceuticals, Inc. * | 47,825 | 819,720 | ||||||
|
| |||||||
21,930,980 | ||||||||
|
| |||||||
Industrial Services - 4.9% | ||||||||
EMCOR Group, Inc. | 14,200 | 1,638,396 | ||||||
KBR, Inc. | 43,500 | 1,713,900 | ||||||
MYR Group, Inc. * | 13,150 | 1,308,425 | ||||||
Waste Connections, Inc. | 17,575 | 2,213,220 | ||||||
|
| |||||||
6,873,941 | ||||||||
|
| |||||||
Non-Energy Minerals - 3.8% | ||||||||
AZEK Co., Inc. * | 24,200 | 884,026 | ||||||
Eagle Materials, Inc. | 10,300 | 1,350,948 | ||||||
Trex Co., Inc. * | 29,875 | 3,045,159 | ||||||
|
| |||||||
5,280,133 | ||||||||
|
| |||||||
Process Industries - 3.4% | ||||||||
Olin Corp. | 52,750 | 2,545,187 | ||||||
Scotts Miracle-Gro Co. | 10,275 | 1,503,849 | ||||||
Vital Farms, Inc. * | 41,675 | 732,230 | ||||||
|
| |||||||
4,781,266 | ||||||||
|
| |||||||
Producer Manufacturing - 8.0% | ||||||||
Applied Industrial Technologies, Inc. | 7,000 | 630,910 |
SEPTEMBER 30, 2021 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Small Cap Growth Fund (Continued)
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
AZZ, Inc. | 17,025 | 905,730 | ||||||
Belden, Inc. | 20,275 | 1,181,221 | ||||||
Carlisle Cos, Inc. | 2,200 | 437,338 | ||||||
Crane Co. | 19,075 | 1,808,501 | ||||||
Hubbell, Inc. | 6,400 | 1,156,288 | ||||||
Hydrofarm Holdings Group, Inc. * | 5,500 | 208,175 | ||||||
Lincoln Electric Holdings, Inc. | 8,900 | 1,146,231 | ||||||
MSA Safety, Inc. | 8,800 | 1,282,160 | ||||||
Rexnord Corp. | 30,300 | 1,947,987 | ||||||
TPI Composites, Inc. * | 16,250 | 548,438 | ||||||
|
| |||||||
11,252,979 | ||||||||
|
| |||||||
Retail Trade - 2.4% | ||||||||
Boot Barn Holdings, Inc. * | 7,725 | 686,521 | ||||||
Casey’s General Stores, Inc. | 4,300 | 810,335 | ||||||
Ulta Beauty, Inc. * | 3,050 | 1,100,806 | ||||||
Urban Outfitters, Inc. * | 24,400 | 724,436 | ||||||
|
| |||||||
3,322,098 | ||||||||
|
| |||||||
Technology Services - 15.9% | ||||||||
Altair Engineering, Inc. * | 29,983 | 2,067,028 | ||||||
ANSYS, Inc. * | 2,950 | 1,004,327 | ||||||
Aspen Technology, Inc. * | 12,575 | 1,544,210 | ||||||
Euronet Worldwide, Inc. * | 16,600 | 2,112,848 | ||||||
Globant SA * | 12,450 | 3,498,574 | ||||||
GoDaddy, Inc. * | 15,025 | 1,047,243 | ||||||
HubSpot, Inc. * | 4,700 | 3,177,623 | ||||||
nCino, Inc. * | 10,775 | 765,348 | ||||||
Paycom Software, Inc. * | 7,250 | 3,594,188 | ||||||
PTC, Inc. * | 17,600 | 2,108,304 | ||||||
Science Applications International Corp. | 14,800 | 1,266,288 | ||||||
|
| |||||||
22,185,981 | ||||||||
|
| |||||||
Transportation - 4.5% | ||||||||
Alaska Air Group, Inc. * | 11,500 | 673,900 | ||||||
Knight-Swift Transportation Holdings, Inc. | 41,825 | 2,139,349 | ||||||
Marten Transport, Ltd. | 72,075 | 1,130,857 | ||||||
TFI International, Inc. | 22,925 | 2,342,476 | ||||||
|
| |||||||
6,286,582 | ||||||||
|
| |||||||
Utilities - 1.0% | ||||||||
Fortis, Inc. | 12,107 | 536,703 | ||||||
Spire, Inc. | 14,675 | 897,817 | ||||||
|
| |||||||
1,434,520 | ||||||||
|
| |||||||
Total Common Stocks | 138,428,376 | |||||||
|
|
| ||||||||
Name of Issuer | Quantity | Fair Value ($) | ||||||
| ||||||||
Short-Term Securities - 1.3% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01% | 1,863,731 | 1,863,731 | ||||||
|
| |||||||
Total Investments in Securities - 100.3% |
| 140,292,107 | ||||||
Other Assets and Liabilities, net - (0.3)% |
| (412,156 | ) | |||||
|
| |||||||
Total Net Assets - 100.0% | $139,879,951 | |||||||
|
|
* | Non-income producing security. |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
Sit Small Cap Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of September 30, 2021 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted | Level 2 Other significant observable inputs ($) | Level 3 Significant | Total ($) | |||||||||||||
|
| |||||||||||||||
Common Stocks** | 138,428,376 | — | — | 138,428,376 | ||||||||||||
Short-Term Securities | 1,863,731 | — | — | 1,863,731 | ||||||||||||
|
| |||||||||||||||
Total: | 140,292,107 | — | — | 140,292,107 | ||||||||||||
|
|
** | 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.
SEPTEMBER 30, 2021 | 3 |