SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Small Cap Dividend Growth Fund
Investments are grouped by economic sectors.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 95.1% | ||||||||
Commercial Services - 5.1% | ||||||||
Booz Allen Hamilton Holding Corp. | 3,200 | 295,520 | ||||||
Brink’s Co. | 1,825 | 88,403 | ||||||
Colliers International Group, Inc. | 2,050 | 187,903 | ||||||
FTI Consulting, Inc. * | 850 | 140,853 | ||||||
World Fuel Services Corp. | 8,675 | 203,342 | ||||||
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916,021 | ||||||||
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Consumer Durables - 3.0% | ||||||||
BRP, Inc. | 1,275 | 78,489 | ||||||
Helen of Troy, Ltd. * | 750 | 72,330 | ||||||
MDC Holdings, Inc. | 4,050 | 111,051 | ||||||
National Presto Industries, Inc. | 750 | 48,787 | ||||||
Thor Industries, Inc. | 2,300 | 160,954 | ||||||
YETI Holdings, Inc. * | 2,700 | 77,004 | ||||||
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548,615 | ||||||||
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Consumer Non-Durables - 2.0% | ||||||||
Crocs, Inc. * | 1,375 | 94,408 | ||||||
Sensient Technologies Corp. | 2,450 | 169,883 | ||||||
Wolverine World Wide, Inc. | 5,800 | 89,262 | ||||||
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353,553 | ||||||||
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Consumer Services - 2.9% | ||||||||
Nexstar Media Group, Inc. | 2,250 | 375,412 | ||||||
Vail Resorts, Inc. | 700 | 150,948 | ||||||
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526,360 | ||||||||
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Electronic Technology - 6.1% | ||||||||
Coherent Corp. * | 2,450 | 85,382 | ||||||
Entegris, Inc. | 991 | 82,273 | ||||||
MKS Instruments, Inc. | 3,275 | 270,646 | ||||||
Monolithic Power Systems, Inc. | 1,200 | 436,080 | ||||||
Power Integrations, Inc. | 3,400 | 218,688 | ||||||
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1,093,069 | ||||||||
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Energy Minerals - 2.4% | ||||||||
Northern Oil & Gas, Inc. | 1,800 | 49,338 | ||||||
Oasis Petroleum, Inc. | 2,810 | 384,324 | ||||||
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433,662 | ||||||||
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Finance - 28.0% | ||||||||
Air Lease Corp. | 4,225 | 131,017 | ||||||
American Financial Group, Inc. | 1,875 | 230,494 | ||||||
Artisan Partners Asset Management, Inc. | 6,300 | 169,659 | ||||||
Associated Banc-Corp. | 10,100 | 202,808 | ||||||
Axis Capital Holdings, Ltd. | 6,300 | 309,645 | ||||||
Broadstone Net Lease, Inc. | 11,800 | 183,254 | ||||||
Carlyle Group, Inc. | 8,075 | 208,658 | ||||||
CNO Financial Group, Inc. | 14,000 | 251,580 | ||||||
CubeSmart | 5,250 | 210,315 | ||||||
Essential Properties Realty Trust, Inc. | 10,050 | 195,473 | ||||||
Evercore Partners, Inc. | 2,425 | 199,456 | ||||||
H&E Equipment Services, Inc. | 8,700 | 246,558 | ||||||
Hannon Armstrong Sust. Inf. Cap., Inc. | 4,825 | 144,412 | ||||||
Hanover Insurance Group, Inc. | 1,275 | 163,378 | ||||||
Hercules Capital, Inc. | 13,100 | 151,698 | ||||||
M&T Bank Corp. | 2,174 | 383,320 | ||||||
Old National Bancorp | 20,675 | 340,517 | ||||||
Physicians Realty Trust | 11,250 | 169,200 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Piper Sandler Cos | 1,450 | 151,873 | ||||||
PotlatchDeltic Corp. | 2,810 | 115,322 | ||||||
Provident Financial Services, Inc. | 11,075 | 215,963 | ||||||
Stifel Financial Corp. | 6,000 | 311,460 | ||||||
STORE Capital Corp. | 6,225 | 195,029 | ||||||
Western Alliance Bancorp | 2,775 | 182,429 | ||||||
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5,063,518 | ||||||||
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Health Services - 4.2% | ||||||||
Addus HomeCare Corp. * | 2,575 | 245,243 | ||||||
Encompass Health Corp. | 4,200 | 189,966 | ||||||
Tenet Healthcare Corp. * | 6,400 | 330,112 | ||||||
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765,321 | ||||||||
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Health Technology - 6.4% | ||||||||
AtriCure, Inc. * | 3,500 | 136,850 | ||||||
Atrion Corp. | 250 | 141,250 | ||||||
Bio-Techne Corp. | 325 | 92,300 | ||||||
Halozyme Therapeutics, Inc. * | 6,175 | 244,160 | ||||||
Inmode, Ltd. * | 6,250 | 181,937 | ||||||
Seres Therapeutics, Inc. * | 22,800 | 146,376 | ||||||
STERIS, PLC | 975 | 162,123 | ||||||
Twist Bioscience Corp. * | 1,425 | 50,217 | ||||||
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1,155,213 | ||||||||
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Industrial Services - 4.8% | ||||||||
EMCOR Group, Inc. | 2,400 | 277,152 | ||||||
KBR, Inc. | 10,775 | 465,696 | ||||||
MYR Group, Inc. * | 1,400 | 118,622 | ||||||
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861,470 | ||||||||
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Non-Energy Minerals - 2.8% | ||||||||
AZEK Co., Inc. * | 5,700 | 94,734 | ||||||
Commercial Metals Co. | 3,950 | 140,146 | ||||||
Eagle Materials, Inc. | 1,575 | 168,808 | ||||||
MP Materials Corp. * | 3,575 | 97,598 | ||||||
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501,286 | ||||||||
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Process Industries - 5.4% | ||||||||
Avient Corp. | 2,125 | 64,388 | ||||||
Cabot Corp. | 700 | 44,723 | ||||||
Huntsman Corp. | 4,650 | 114,111 | ||||||
Mativ Holdings, Inc. | 3,428 | 75,690 | ||||||
Olin Corp. | 7,625 | 326,960 | ||||||
Scotts Miracle-Gro Co. | 1,300 | 55,575 | ||||||
Silgan Holdings, Inc. | 5,800 | 243,832 | ||||||
Stepan Co. | 475 | 44,493 | ||||||
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969,772 | ||||||||
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Producer Manufacturing - 11.0% | ||||||||
AGCO Corp. | 1,350 | 129,829 | ||||||
AZZ, Inc. | 3,650 | 133,262 | ||||||
Belden, Inc. | 3,175 | 190,563 | ||||||
Carlisle Cos, Inc. | 1,175 | 329,482 | ||||||
Crane Holdings Co. | 3,275 | 286,694 | ||||||
Donaldson Co., Inc. | 3,275 | 160,508 | ||||||
EnPro Industries, Inc. | 2,050 | 174,209 | ||||||
Hubbell, Inc. | 1,225 | 273,175 | ||||||
Lincoln Electric Holdings, Inc. | 1,325 | 166,579 | ||||||
Regal Rexnord Corp. | 1,042 | 146,255 | ||||||
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1,990,556 | ||||||||
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SEPTEMBER 30, 2022 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Sit Small Cap Dividend Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Retail Trade - 2.3% | ||||||||
Boot Barn Holdings, Inc. * | 3,700 | 216,302 | ||||||
Casey’s General Stores, Inc. | 1,025 | 207,583 | ||||||
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423,885 | ||||||||
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Technology Services - 3.0% | ||||||||
Altair Engineering, Inc. * | 800 | 35,376 | ||||||
Globant SA * | 1,625 | 304,005 | ||||||
nCino, Inc. * | 4,800 | 163,728 | ||||||
Science Applications International Corp. | 500 | 44,215 | ||||||
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547,324 | ||||||||
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Transportation - 4.0% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 4,925 | 240,980 | ||||||
Marten Transport, Ltd. | 8,450 | 161,902 | ||||||
TFI International, Inc. | 3,475 | 314,418 | ||||||
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717,300 | ||||||||
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Utilities - 1.7% | ||||||||
Black Hills Corp. | 3,400 | 230,282 | ||||||
Spire, Inc. | 1,325 | 82,587 | ||||||
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312,869 | ||||||||
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Total Common Stocks | 17,179,794 | |||||||
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Short-Term Securities - 4.8% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 2.74% | 869,887 | 869,887 | ||||||
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Total Investments in Securities - 99.9% | 18,049,681 | |||||||
Other Assets and Liabilities, net - 0.1% | 13,064 | |||||||
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Net Assets - 100.0% | $18,062,745 | |||||||
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* | Non-income producing security. |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of September 30, 2022 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Prices ($) | Level 2 Other significant observable inputs ($) | Level 3 Significant | Total ($) | |||||||||||||
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Common Stocks** | 17,179,794 | — | — | 17,179,794 | ||||||||||||
Short-Term Securities | 869,887 | — | — | 869,887 | ||||||||||||
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Total: | 18,049,681 | — | — | 18,049,681 | ||||||||||||
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** | 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 |