SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Small Cap Dividend Growth Fund
Investments are grouped by economic sectors.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 98.2% | ||||||||
Commercial Services - 4.5% | ||||||||
Booz Allen Hamilton Holding Corp. | 3,200 | 349,664 | ||||||
Brink’s Co. | 1,825 | 132,568 | ||||||
Colliers International Group, Inc. | 2,050 | 195,262 | ||||||
FTI Consulting, Inc. * | 600 | 107,046 | ||||||
World Kinect Corp. | 5,850 | 131,216 | ||||||
|
| |||||||
|
915,756 |
| ||||||
|
| |||||||
Communications - 0.7% | ||||||||
Iridium Communications, Inc. | 3,275 | 148,980 | ||||||
|
| |||||||
Consumer Durables - 1.7% | ||||||||
MDC Holdings, Inc. | 4,050 | 166,982 | ||||||
National Presto Industries, Inc. | 750 | 54,345 | ||||||
YETI Holdings, Inc. * | 2,700 | 130,194 | ||||||
|
| |||||||
|
351,521 |
| ||||||
|
| |||||||
Consumer Non-Durables - 1.6% | ||||||||
Crocs, Inc. * | 2,100 | 185,283 | ||||||
Sensient Technologies Corp. | 2,450 | 143,276 | ||||||
|
| |||||||
|
328,559 |
| ||||||
|
| |||||||
Consumer Services - 2.8% | ||||||||
Nexstar Media Group, Inc. | 2,250 | 322,583 | ||||||
Vail Resorts, Inc. | 1,100 | 244,079 | ||||||
|
| |||||||
|
566,662 |
| ||||||
|
| |||||||
Electronic Technology - 6.2% | ||||||||
Coherent Corp. * | 2,450 | 79,968 | ||||||
Entegris, Inc. | 991 | 93,065 | ||||||
MKS Instruments, Inc. | 3,275 | 283,418 | ||||||
Monolithic Power Systems, Inc. | 1,200 | 554,400 | ||||||
Power Integrations, Inc. | 3,400 | 259,454 | ||||||
|
| |||||||
|
1,270,305 |
| ||||||
|
| |||||||
Energy Minerals - 5.1% | ||||||||
Northern Oil & Gas, Inc. | 13,125 | 528,019 | ||||||
Oasis Petroleum, Inc. | 3,210 | 520,244 | ||||||
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| |||||||
|
1,048,263 |
| ||||||
|
| |||||||
Finance - 24.1% | ||||||||
Air Lease Corp. | 6,675 | 263,062 | ||||||
American Financial Group, Inc. | 1,000 | 111,670 | ||||||
Artisan Partners Asset Management, Inc. | 6,300 | 235,746 | ||||||
Axis Capital Holdings, Ltd. | 6,300 | 355,131 | ||||||
Broadstone Net Lease, Inc. | 11,800 | 168,740 | ||||||
Cadence Bank | 9,450 | 200,529 | ||||||
Carlyle Group, Inc. | 8,075 | 243,542 | ||||||
CNO Financial Group, Inc. | 14,000 | 332,220 | ||||||
CubeSmart | 5,250 | 200,182 | ||||||
Essential Properties Realty Trust, Inc. | 10,050 | 217,381 | ||||||
Evercore Partners, Inc. | 1,900 | 261,972 | ||||||
H&E Equipment Services, Inc. | 6,750 | 291,533 | ||||||
Hannon Armstrong Sust. Inf. Cap., Inc. | 4,825 | 102,290 | ||||||
Hanover Insurance Group, Inc. | 2,500 | 277,450 | ||||||
Hercules Capital, Inc. | 7,725 | 126,844 | ||||||
Horace Mann Educators Corp. | 3,625 | 106,503 | ||||||
Old National Bancorp | 20,675 | 300,615 | ||||||
Physicians Realty Trust | 11,250 | 137,137 | ||||||
Piper Sandler Cos. | 1,450 | 210,700 | ||||||
PotlatchDeltic Corp. | 2,810 | 127,546 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Provident Financial Services, Inc. | 12,400 | 189,596 | ||||||
Stifel Financial Corp. | 6,000 | 368,640 | ||||||
Western Alliance Bancorp | 2,100 | 96,537 | ||||||
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| |||||||
|
4,925,566 |
| ||||||
|
| |||||||
Health Services - 5.9% | ||||||||
Addus HomeCare Corp. * | 3,650 | 310,943 | ||||||
Encompass Health Corp. | 4,200 | 282,072 | ||||||
Patterson Cos., Inc. | 7,325 | 217,113 | ||||||
Tenet Healthcare Corp. * | 5,900 | 388,751 | ||||||
|
| |||||||
|
1,198,879 |
| ||||||
|
| |||||||
Health Technology - 6.8% | ||||||||
AtriCure, Inc. * | 5,500 | 240,900 | ||||||
Bio-Techne Corp. | 1,300 | 88,491 | ||||||
Halozyme Therapeutics, Inc. * | 5,225 | 199,595 | ||||||
Inmode, Ltd. * | 6,250 | 190,375 | ||||||
Intellia Therapeutics, Inc. * | 4,050 | 128,061 | ||||||
Lantheus Holdings, Inc. * | 1,800 | 125,064 | ||||||
Seres Therapeutics, Inc. * | 40,625 | 96,688 | ||||||
STERIS, PLC | 975 | 213,934 | ||||||
Twist Bioscience Corp. * | 2,450 | 49,637 | ||||||
Vericel Corp. * | 1,700 | 56,984 | ||||||
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| |||||||
|
1,389,729 |
| ||||||
|
| |||||||
Industrial Services - 8.1% | ||||||||
DT Midstream, Inc. | 3,050 | 161,406 | ||||||
EMCOR Group, Inc. | 1,850 | 389,221 | ||||||
KBR, Inc. | 10,775 | 635,079 | ||||||
MYR Group, Inc. * | 1,400 | 188,664 | ||||||
TechnipFMC, PLC | 14,150 | 287,811 | ||||||
|
| |||||||
|
1,662,181 |
| ||||||
|
| |||||||
Non-Energy Minerals - 3.7% | ||||||||
AZEK Co., Inc. * | 5,700 | 169,518 | ||||||
Commercial Metals Co. | 3,950 | 195,169 | ||||||
Eagle Materials, Inc. | 1,575 | 262,269 | ||||||
MP Materials Corp. * | 6,600 | 126,060 | ||||||
|
| |||||||
|
753,016 |
| ||||||
|
| |||||||
Process Industries - 5.3% | ||||||||
Avient Corp. | 2,125 | 75,055 | ||||||
Cabot Corp. | 1,550 | 107,368 | ||||||
Huntsman Corp. | 4,650 | 113,460 | ||||||
Olin Corp. | 7,625 | 381,098 | ||||||
Silgan Holdings, Inc. | 6,650 | 286,682 | ||||||
Stepan Co. | 1,525 | 114,329 | ||||||
|
| |||||||
1,077,992 | ||||||||
|
| |||||||
Producer Manufacturing - 11.4% | ||||||||
AGCO Corp. | 1,350 | 159,678 | ||||||
AZZ, Inc. | 3,650 | 166,367 | ||||||
Belden, Inc. | 3,175 | 306,546 | ||||||
Carlisle Cos., Inc. | 775 | 200,927 | ||||||
Crane Co. | 3,275 | 290,951 | ||||||
Crane NXT Co. | 3,275 | 181,992 | ||||||
Donaldson Co., Inc. | 2,675 | 159,537 | ||||||
EnPro Industries, Inc. | 2,050 | 248,440 | ||||||
Hubbell, Inc. | 850 | 266,398 | ||||||
Lincoln Electric Holdings, Inc. | 1,075 | 195,424 | ||||||
Regal Rexnord Corp. | 1,042 | 148,881 | ||||||
|
| |||||||
|
2,325,141 |
| ||||||
|
|
SEPTEMBER 30, 2023 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2023
Sit Small Cap Dividend Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Retail Trade - 2.8% | ||||||||
Boot Barn Holdings, Inc. * | 3,475 | 282,135 | ||||||
Casey’s General Stores, Inc. | 1,025 | 278,308 | ||||||
|
| |||||||
|
560,443 |
| ||||||
|
| |||||||
Technology Services - 2.6% | ||||||||
Altair Engineering, Inc. * | 1,725 | 107,916 | ||||||
Globant SA * | 1,625 | 321,506 | ||||||
nCino, Inc. * | 3,100 | 98,580 | ||||||
|
| |||||||
|
528,002 |
| ||||||
|
| |||||||
Transportation - 3.5% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 3,700 | 185,555 | ||||||
Marten Transport, Ltd. | 8,450 | 166,549 | ||||||
TFI International, Inc. | 2,875 | 369,179 | ||||||
|
| |||||||
|
721,283 |
| ||||||
|
| |||||||
Utilities - 1.4% | ||||||||
Black Hills Corp. | 1,675 | 84,739 | ||||||
Chesapeake Utilities Corp. | 1,975 | 193,056 | ||||||
|
| |||||||
|
277,795 |
| ||||||
|
| |||||||
Total Common Stocks | 20,050,073 | |||||||
|
| |||||||
Short-Term Securities - 2.1% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.27% | 435,434 | 435,434 | ||||||
|
| |||||||
Total Investments in Securities - 100.3% | 20,485,507 | |||||||
Other Assets and Liabilities, net - (0.3)% | (69,245 | ) | ||||||
|
| |||||||
Net Assets - 100.0% | $ | 20,416,262 | ||||||
|
|
* 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, 2023 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 | Level 2 Other significant observable inputs ($) | Level 3 Significant | Total ($) | |||||||||||||
Common Stocks** | 20,050,073 | — | — | 20,050,073 | ||||||||||||
Short-Term Securities | 435,434 | — | — | 435,434 | ||||||||||||
Total: | 20,485,507 | — | — | 20,485,507 |
** | For equity securities categorized in a single level, refer to the detail above 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 |