SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 99.4%
Commercial Services - 5.2%
ASGN, Inc. *		22,375		2,135,470
Booz Allen Hamilton Holding Corp.		20,000		1,610,600
Colliers International Group, Inc.		12,700		1,247,648
FTI Consulting, Inc. *		8,950		1,253,984
World Fuel Services Corp.		30,875		1,086,800
				7,334,502
Communications - 0.8%
Shenandoah Telecommunications Co.		22,700		1,107,987
Consumer Durables - 6.4%
Acushnet Holdings Corp.		17,050		704,676
BRP, Inc.		19,150		1,664,518
Helen of Troy, Ltd. *		5,925		1,248,160
Take-Two Interactive Software, Inc. *		6,350		1,122,045
Thor Industries, Inc.		11,200		1,509,088
YETI Holdings, Inc. *		38,575		2,785,501
				9,033,988
Consumer Services - 4.4%
Chegg, Inc. *		20,800		1,781,728
Nexstar Media Group, Inc.		15,225		2,138,047
Service Corp. International		11,575		590,904
Vail Resorts, Inc.		6,025		1,757,252
				6,267,931
Electronic Technology - 10.3%
Arista Networks, Inc. *		6,450		1,947,190
Ciena Corp. *		14,150		774,288
CMC Materials, Inc.		8,825		1,560,172
II-VI, Inc. *		20,075		1,372,528
MKS Instruments, Inc.		15,750		2,920,365
Monolithic Power Systems, Inc.		10,200		3,602,742
Skyworks Solutions, Inc.		13,200		2,421,936
				14,599,221
Finance - 8.9%
American Financial Group, Inc.		8,900		1,015,490
Artisan Partners Asset Management, Inc.		31,825		1,660,310
Axis Capital Holdings, Ltd.		22,975		1,138,871
First Republic Bank		6,400		1,067,200
Hannon Armstrong Sustainable Infrastructure Cap., Inc.		17,100		959,310
Physicians Realty Trust		61,600		1,088,472
PROG Holdings, Inc.		37,000		1,601,730
QTS Realty Trust, Inc.		13,300		825,132
SVB Financial Group *		3,775		1,863,566
Western Alliance Bancorp		14,300		1,350,492
				12,570,573

Name of Issuer	Quantity		Fair Value ($)
Health Services - 3.7%
Encompass Health Corp.		19,675		1,611,382
Teladoc Health, Inc. *		8,575		1,558,506
Tenet Healthcare Corp. *		40,100		2,085,200
				5,255,088
Health Technology - 16.4%
Align Technology, Inc. *		2,550		1,380,902
AtriCure, Inc. *		34,325		2,248,974
Bio-Techne Corp.		4,800		1,833,264
Exact Sciences Corp. *		15,700		2,068,946
ICU Medical, Inc. *		6,875		1,412,400
Insulet Corp. *		4,950		1,291,554
iRhythm Technologies, Inc. *		13,175		1,829,480
LeMaitre Vascular, Inc.		15,025		732,920
NanoString Technologies, Inc. *		25,125		1,650,964
Pacific Biosciences of California, Inc. *		69,475		2,314,212
PerkinElmer, Inc.		8,400		1,077,636
Sarepta Therapeutics, Inc. *		13,400		998,702
STAAR Surgical Co. *		24,525		2,585,180
STERIS, PLC		9,100		1,733,368
				23,158,502
Industrial Services - 4.2%
EMCOR Group, Inc.		15,800		1,772,128
KBR, Inc.		43,500		1,669,965
Waste Connections, Inc.		23,100		2,494,338
				5,936,431
Non-Energy Minerals - 3.4%
AZEK Co., Inc. *		24,200		1,017,610
Eagle Materials, Inc.		5,500		739,255
Trex Co., Inc. *		33,075		3,027,686
				4,784,551
Process Industries - 3.8%
Olin Corp.		52,750		2,002,918
Scotts Miracle-Gro Co.		11,300		2,768,161
Vital Farms, Inc.*		27,000		589,680
				5,360,759
Producer Manufacturing - 10.2%
Applied Industrial Technologies, Inc.		7,000		638,190
Array Technologies, Inc. *		19,550		582,981
AZZ, Inc.		17,025		857,209
Carlisle Cos., Inc.		2,200		362,076
Crane Co.		15,400		1,446,214
H&E Equipment Services, Inc.		53,175		2,020,650
Hubbell, Inc.		8,000		1,495,120
Hydrofarm Holdings Group, Inc. *		5,500		331,760

MARCH 31, 2021 1

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2021

Sit Small Cap Growth Fund (Continued)

Name of Issuer	Quantity		Fair Value ($)
Lincoln Electric Holdings, Inc.		8,900		1,094,166
MSA Safety, Inc.		11,400		1,710,228
Oshkosh Corp.		7,825		928,514
Rexnord Corp.		34,700		1,634,023
TPI Composites, Inc. *		11,475		647,534
Watsco, Inc.		2,925		762,694
				14,511,359
Retail Trade - 1.3%
Casey’s General Stores, Inc.		4,300		929,617
Ulta Beauty, Inc. *		3,050		942,968
				1,872,585
Technology Services - 15.4%
Altair Engineering, Inc. *		29,983		1,876,036
ANSYS, Inc. *		3,725		1,264,861
Aspen Technology, Inc. *		12,575		1,814,950
Euronet Worldwide, Inc. *		16,600		2,295,780
Globant SA *		10,800		2,242,188
GoDaddy, Inc. *		15,025		1,166,240
HubSpot, Inc. *		6,100		2,770,681
nCino, Inc. *		10,775		718,908
Paycom Software, Inc. *		7,450		2,756,947
PTC, Inc. *		17,600		2,422,640
Science Applications International Corp.		14,800		1,237,132
Talend SA, ADR *		19,100		1,215,524
				21,781,887

Name of Issuer	Quantity		Fair Value ($)
Transportation - 3.9%
Alaska Air Group, Inc. *		11,500		795,915
Knight-Swift Transportation Holdings, Inc.		33,975		1,633,858
Marten Transport, Ltd.		72,075		1,223,113
TFI International, Inc.		25,075		1,874,607
				5,527,493
Utilities - 1.1%
Fortis, Inc.		12,107		525,081
Spire, Inc.		14,675		1,084,336
				1,609,417
Total Common Stocks (cost: $70,324,723)				140,712,274
Short-Term Securities - 0.8%
Fidelity Inst. Money Mkt. Gvt. Fund, 0.01%		1,131,782		1,131,782
(cost: $1,131,782)
Total Investments in Securities - 100.2% (cost: $71,456,505)				141,844,056
Other Assets and Liabilities, net - (0.2%)				(277,149	)
Total Net Assets - 100.0%				$141,566,907

* Non-income producing security.

ADR — American Depositary Receipt

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, 2021 is as follows:

	Investment in Securities
	Level 1 Quoted Price ($)		Level 2 Other significant observable inputs ($)	Level 3 Significant unobservable inputs ($)	Total ($)
Common Stocks **		140,712,274	—	—		140,712,274
Short-Term Securities		1,131,782	—	—		1,131,782
Total:		141,844,056	—	—		141,844,056

** 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.

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