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SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.

 

 

  
Name of Issuer    Quantity      Fair Value ($)  

 

  

Common Stocks - 94.8%

      

Commercial Services - 4.2%

      

ASGN, Inc. *

      17,500        1,102,850  

Booz Allen Hamilton Holding Corp.

      13,150        1,375,227  

Colliers International Group, Inc.

      11,050        1,340,365  

FTI Consulting, Inc. *

      3,075        504,546  
     

 

 

  
           4,322,988  
     

 

 

  

Consumer Durables - 1.9%

      

Century Communities, Inc.

      8,850        593,835  

Take-Two Interactive Software, Inc. *

      4,075        844,544  

YETI Holdings, Inc. *

      15,850        524,635  
     

 

 

  
        1,963,014  
     

 

 

  

Consumer Non-Durables - 0.7%

      

Crocs, Inc. *

      6,575        698,265  
     

 

 

  

Consumer Services - 0.9%

      

Nexstar Media Group, Inc.

      5,350        958,827  
     

 

 

  

Electronic Technology - 10.0%

      

Arista Networks, Inc. *

      48,900        3,788,772  

Ciena Corp. *

      14,150        855,085  

Coherent Corp. *

      20,075        1,303,670  

Entegris, Inc.

      5,249        459,183  

MKS Instruments, Inc.

      13,400        1,074,010  

Monolithic Power Systems, Inc.

      5,025        2,914,399  
     

 

 

  
        10,395,119  
     

 

 

  

Energy Minerals - 3.2%

      

Chord Energy Corp.

      15,100        1,702,072  

Northern Oil & Gas, Inc.

      53,550        1,618,817  
     

 

 

  
        3,320,889  
     

 

 

  

Finance - 6.6%

      

Air Lease Corp.

      33,325        1,609,931  

Artisan Partners Asset Management, Inc.

      25,750        1,006,825  

Axis Capital Holdings, Ltd.

      22,125        2,217,810  

Hanover Insurance Group, Inc.

      5,425        943,678  

Stifel Financial Corp.

      11,800        1,112,268  
     

 

 

  
        6,890,512  
     

 

 

  

Health Services - 4.8%

      

Acadia Healthcare Co., Inc. *

      7,100        215,272  

Addus HomeCare Corp. *

      15,250        1,508,073  

Encompass Health Corp.

      17,100        1,731,888  

Tenet Healthcare Corp. *

      11,275        1,516,487  
     

 

 

  
        4,971,720  
     

 

 

  

Health Technology - 13.5%

      

Align Technology, Inc. *

      2,150        341,549  

Ascendis Pharma A/S, ADR *

      6,300        981,918  

AtriCure, Inc. *

      48,800        1,574,288  

Bio-Techne Corp.

      14,800        867,724  

Establishment Labs Holdings, Inc. *

      17,900        730,410  

Exact Sciences Corp. *

      12,425        537,878  

Glaukos Corp. *

      4,825        474,876  

Insulet Corp. *

      3,525        925,700  

Intellia Therapeutics, Inc. *

      39,725        282,445  

Iovance Biotherapeutics, Inc. *

      75,900        252,747  

Lantheus Holdings, Inc. *

      23,825        2,325,320  

PROCEPT BioRobotics Corp. *

      21,550        1,255,503  

 

  
Name of Issuer    Quantity      Fair Value ($)  

 

  

Sarepta Therapeutics, Inc. *

      9,450        603,099  

STERIS, PLC

      3,475        787,609  

Supernus Pharmaceuticals, Inc. *

      22,125        724,594  

TransMedics Group, Inc. *

      5,625        378,450  

Vericel Corp. *

      20,775        926,980  
     

 

 

  
           13,971,090  
     

 

 

  

Industrial Services - 12.9%

      

Argan, Inc.

      16,450        2,157,747  

EMCOR Group, Inc.

      7,950        2,938,558  

Golar LNG, Ltd.

      33,600        1,276,464  

KBR, Inc.

      38,450        1,915,194  

TechnipFMC, PLC

      73,550        2,330,800  

Waste Connections, Inc.

      14,025        2,737,540  
     

 

 

  
        13,356,303  
     

 

 

  

Non-Energy Minerals - 5.3%

      

AZEK Co., Inc. *

      24,200        1,183,138  

Eagle Materials, Inc.

      10,300        2,285,879  

MP Materials Corp. *

      33,350        814,074  

Trex Co., Inc. *

      20,825        1,209,932  
     

 

 

  
        5,493,023  
     

 

 

  

Process Industries - 3.1%

      

Avient Corp.

      13,200        490,512  

Cabot Corp.

      7,700        640,178  

CSW Industrials, Inc.

      3,650        1,064,048  

Olin Corp.

      40,475        981,114  
     

 

 

  
        3,175,852  
     

 

 

  

Producer Manufacturing - 12.2%

      

AeroVironment, Inc. *

      7,925        944,581  

AZZ, Inc.

      18,450        1,542,604  

Belden, Inc.

      13,600        1,363,400  

Carlisle Cos., Inc.

      2,200        749,100  

Crane Co.

      13,700        2,098,566  

Crane NXT Co.

      19,075        980,455  

Donaldson Co., Inc.

      17,275        1,158,461  

Hubbell, Inc.

      4,375        1,447,731  

Lincoln Electric Holdings, Inc.

      5,400        1,021,464  

Regal Rexnord Corp.

      6,755        769,057  

Zurn Water Solutions Corp.

      19,325        637,339  
     

 

 

  
        12,712,758  
     

 

 

  

Retail Trade - 3.6%

      

Boot Barn Holdings, Inc. *

      6,775        727,838  

Casey’s General Stores, Inc.

      4,300        1,866,372  

Ulta Beauty, Inc. *

      3,050        1,117,947  
     

 

 

  
        3,712,157  
     

 

 

  

Technology Services - 8.5%

      

ANSYS, Inc. *

      2,950        933,852  

Euronet Worldwide, Inc. *

      5,050        539,593  

Globant SA *

      11,350        1,336,122  

HubSpot, Inc. *

      3,175        1,813,846  

nCino, Inc. *

      15,975        438,833  

Paycom Software, Inc.

      6,225        1,360,038  

PTC, Inc. *

      15,375        2,382,356  
     

 

 

  
        8,804,640  
     

 

 

  

Transportation - 2.8%

      

Alaska Air Group, Inc. *

      17,675        869,964  
 

 

 

   

MARCH 31, 2025

    1

 

SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2025

Sit Small Cap Growth Fund (Continued)

 

 

  
Name of Issuer    Quantity      Fair Value ($)  

 

  

Knight-Swift Transportation Holdings, Inc.

      18,725        814,350  

TFI International, Inc.

      16,525        1,279,861  
     

 

 

  
        2,964,175  
     

 

 

  

Utilities - 0.6%

      

Chesapeake Utilities Corp.

      4,925        632,518  
     

 

 

  

Total Common Stocks
(cost: $57,933,288)

            98,343,850  
     

 

 

  

Short-Term Securities - 5.2%

      

Fidelity Inst. Money Mkt. Gvt. Fund, 4.23%
(cost $5,412,522)

      5,412,522        5,412,522  
     

 

 

  

Total Investments in Securities - 100.0%
(cost $63,345,810)

         103,756,372  

Other Assets and Liabilities, net - (0.0)%

 

      (43,348)  
     

 

 

  

Net Assets - 100.0%

         $103,713,024  
     

 

 

  
 

 

*

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, 2025 is as follows:

 

     Investment in Securities  
    

Level 1 

Quoted 

Prices ($) 

     

Level 2

Other significant

observable inputs ($)

   

Level 3

Significant

unobservable inputs ($)

    Total ($)    

Common Stocks**

      98,343,850        —       —      98,343,850  

Short-Term Securities

      5,412,522        —       —      5,412,522  
       

Total:

      103,756,372        —       —      103,756,372  

 

**

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.

 

 

   
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