SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Small Cap Dividend Growth Fund
Investments are grouped by economic sectors.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 96.7% | ||||||||
Commercial Services - 4.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 3,200 | 296,608 | ||||||
Brink’s Co. | 1,825 | 121,910 | ||||||
Colliers International Group, Inc. | 2,050 | 216,378 | ||||||
FTI Consulting, Inc. * | 600 | 118,410 | ||||||
World Fuel Services Corp. | 8,675 | 221,646 | ||||||
|
| |||||||
|
974,952 |
| ||||||
|
| |||||||
Consumer Durables - 2.0% | ||||||||
MDC Holdings, Inc. | 4,050 | 157,423 | ||||||
National Presto Industries, Inc. | 750 | 54,068 | ||||||
Thor Industries, Inc. | 1,100 | 87,604 | ||||||
YETI Holdings, Inc. * | 2,700 | 108,000 | ||||||
|
| |||||||
|
407,095 |
| ||||||
|
| |||||||
Consumer Non-Durables - 1.8% | ||||||||
Crocs, Inc. * | 1,375 | 173,855 | ||||||
Sensient Technologies Corp. | 2,450 | 187,572 | ||||||
|
| |||||||
|
361,427 |
| ||||||
|
| |||||||
Consumer Services - 2.7% | ||||||||
Nexstar Media Group, Inc. | 2,250 | 388,485 | ||||||
Vail Resorts, Inc. | 700 | 163,576 | ||||||
|
| |||||||
|
552,061 |
| ||||||
|
| |||||||
Electronic Technology - 6.7% | ||||||||
Coherent Corp. * | 2,450 | 93,296 | ||||||
Entegris, Inc. | 991 | 81,272 | ||||||
MKS Instruments, Inc. | 3,275 | 290,230 | ||||||
Monolithic Power Systems, Inc. | 1,200 | 600,648 | ||||||
Power Integrations, Inc. | 3,400 | 287,776 | ||||||
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| |||||||
|
1,353,222 |
| ||||||
|
| |||||||
Energy Minerals - 4.3% | ||||||||
Northern Oil & Gas, Inc. | 14,350 | 435,523 | ||||||
Oasis Petroleum, Inc. | 3,210 | 432,066 | ||||||
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| |||||||
|
867,589 |
| ||||||
|
| |||||||
Finance - 25.2% | ||||||||
Air Lease Corp. | 4,225 | 166,338 | ||||||
American Financial Group, Inc. | 1,875 | 227,813 | ||||||
Artisan Partners Asset Management, Inc. | 6,300 | 201,474 | ||||||
Associated Banc-Corp. | 10,100 | 181,598 | ||||||
Axis Capital Holdings, Ltd. | 6,300 | 343,476 | ||||||
Broadstone Net Lease, Inc. | 11,800 | 200,718 | ||||||
Cadence Bank | 9,450 | 196,182 | ||||||
Carlyle Group, Inc. | 8,075 | 250,810 | ||||||
CNO Financial Group, Inc. | 14,000 | 310,660 | ||||||
CubeSmart | 5,250 | 242,655 | ||||||
Essential Properties Realty Trust, Inc. | 10,050 | 249,742 | ||||||
Evercore Partners, Inc. | 1,900 | 219,222 | ||||||
H&E Equipment Services, Inc. | 6,750 | 298,552 | ||||||
Hannon Armstrong Sust. Inf. Cap., Inc. | 4,825 | 137,995 | ||||||
Hanover Insurance Group, Inc. | 1,275 | 163,838 | ||||||
Hercules Capital, Inc. | 7,725 | 99,575 | ||||||
Horace Mann Educators Corp. | 3,625 | 121,365 | ||||||
Old National Bancorp | 20,675 | 298,133 | ||||||
Physicians Realty Trust | 11,250 | 167,962 | ||||||
Piper Sandler Cos | 1,450 | 200,985 | ||||||
PotlatchDeltic Corp. | 2,810 | 139,095 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Provident Financial Services, Inc. | 12,400 | 237,832 | ||||||
Stifel Financial Corp. | 6,000 | 354,540 | ||||||
Western Alliance Bancorp | 2,100 | 74,634 | ||||||
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| |||||||
|
5,085,194 |
| ||||||
|
| |||||||
Health Services - 4.3% | ||||||||
Addus HomeCare Corp. * | 2,450 | 261,562 | ||||||
Encompass Health Corp. | 4,200 | 227,220 | ||||||
Tenet Healthcare Corp. * | 6,400 | 380,288 | ||||||
|
| |||||||
|
869,070 |
| ||||||
|
| |||||||
Health Technology - 7.2% | ||||||||
AtriCure, Inc. * | 5,500 | 227,975 | ||||||
Atrion Corp. | 250 | 156,978 | ||||||
Bio-Techne Corp. | 1,300 | 96,447 | ||||||
Halozyme Therapeutics, Inc. * | 6,175 | 235,823 | ||||||
Inmode, Ltd. * | 6,250 | 199,750 | ||||||
Intellia Therapeutics, Inc. * | 2,900 | 108,083 | ||||||
Seres Therapeutics, Inc. * | 31,400 | 178,038 | ||||||
STERIS, PLC | 975 | 186,498 | ||||||
Twist Bioscience Corp. * | 4,325 | 65,221 | ||||||
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| |||||||
|
1,454,813 |
| ||||||
|
| |||||||
Industrial Services - 5.5% | ||||||||
EMCOR Group, Inc. | 2,075 | 337,374 | ||||||
KBR, Inc. | 10,775 | 593,164 | ||||||
MYR Group, Inc. * | 1,400 | 176,414 | ||||||
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| |||||||
|
1,106,952 |
| ||||||
|
| |||||||
Non-Energy Minerals - 3.7% | ||||||||
AZEK Co., Inc. * | 5,700 | 134,178 | ||||||
Commercial Metals Co. | 3,950 | 193,155 | ||||||
Eagle Materials, Inc. | 1,575 | 231,131 | ||||||
MP Materials Corp. * | 6,600 | 186,054 | ||||||
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| |||||||
|
744,518 |
| ||||||
|
| |||||||
Process Industries - 6.6% | ||||||||
Avient Corp. | 2,125 | 87,465 | ||||||
Cabot Corp. | 700 | 53,648 | ||||||
Huntsman Corp. | 4,650 | 127,224 | ||||||
Mativ Holdings, Inc. | 3,428 | 73,599 | ||||||
Olin Corp. | 7,625 | 423,187 | ||||||
Scotts Miracle-Gro Co. | 1,300 | 90,662 | ||||||
Silgan Holdings, Inc. | 5,800 | 311,286 | ||||||
Stepan Co. | 1,525 | 157,121 | ||||||
|
| |||||||
|
1,324,192 |
| ||||||
|
| |||||||
Producer Manufacturing - 11.2% | ||||||||
AGCO Corp. | 1,350 | 182,520 | ||||||
AZZ, Inc. | 3,650 | 150,526 | ||||||
Belden, Inc. | 3,175 | 275,495 | ||||||
Carlisle Cos, Inc. | 1,175 | 265,632 | ||||||
Crane Holdings Co. | 3,275 | 371,712 | ||||||
Donaldson Co., Inc. | 2,675 | 174,784 | ||||||
EnPro Industries, Inc. | 2,050 | 212,974 | ||||||
Hubbell, Inc. | 1,025 | 249,393 | ||||||
Lincoln Electric Holdings, Inc. | 1,325 | 224,058 | ||||||
Regal Rexnord Corp. | 1,042 | 146,641 | ||||||
|
| |||||||
|
2,253,735 |
| ||||||
|
| |||||||
Retail Trade - 2.5% | ||||||||
Boot Barn Holdings, Inc. * | 3,700 | 283,568 |
MARCH 31, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2023
Sit Small Cap Dividend Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Casey’s General Stores, Inc. | 1,025 | 221,872 | ||||||
|
| |||||||
|
505,440 |
| ||||||
|
| |||||||
Technology Services - 2.5% | ||||||||
Altair Engineering, Inc. * | 800 | 57,688 | ||||||
Globant SA * | 1,625 | 266,516 | ||||||
nCino, Inc. * | 4,800 | 118,944 | ||||||
Science Applications International Corp. | 500 | 53,730 | ||||||
|
| |||||||
|
496,878 |
| ||||||
|
| |||||||
Transportation - 4.0% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 3,700 | 209,346 | ||||||
Marten Transport, Ltd. | 8,450 | 177,027 | ||||||
TFI International, Inc. | 3,475 | 414,533 | ||||||
|
| |||||||
|
800,906 |
| ||||||
|
| |||||||
Utilities - 1.7% | ||||||||
Black Hills Corp. | 3,400 | 214,540 | ||||||
Chesapeake Utilities Corp. | 950 | 121,591 | ||||||
|
| |||||||
|
336,131 |
| ||||||
|
| |||||||
Total Common Stocks | 19,494,175 | |||||||
|
| |||||||
Short-Term Securities - 3.2% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 4.72% | 649,525 | 649,525 | ||||||
|
| |||||||
Total Investments in Securities - 99.9% | 20,143,700 | |||||||
Other Assets and Liabilities, net - 0.1% | 20,221 | |||||||
|
| |||||||
Net Assets - 100.0% | $20,163,921 | |||||||
|
|
* Non-income producing security. |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
A summary of the levels for the Fund’s investments as of March 31, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Quoted
| Other significant
| Significant
| Total ($)
| |||||||||||||
Common Stocks** | 19,494,175 | — | — | 19,494,175 | ||||||||||||
Short-Term Securities | 649,525 | — | — | 649,525 | ||||||||||||
Total: | 20,143,700 | — | — | 20,143,700 |
** 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 |