# EDGAR Filing Document

**Accession Number:** 0000356787
**File Stem:** 0001193125-26-065943
**Filing Date:** 2026-2
**Character Count:** 249091
**Document Hash:** eb701feb4c763a9e89d8bb23b679ba5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-065943.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-065943

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**EFFECTIVENESS DATE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MID CAP GROWTH FUND INC
- **CENTRAL INDEX KEY:** 0000356787

**ORGANIZATION NAME:**
- **EIN:** 411414580
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03342
- **FILM NUMBER:** 26668252

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S 8TH ST
- **STREET 2:** 3300 IDS CTR, 80 S 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130
- **BUSINESS PHONE:** 612-332-32

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S 8TH ST
- **STREET 2:** 3300 IDS CTR, 80 S 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19940620

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING GROWTH & INCOME FUND INC
- **DATE OF NAME CHANGE:** 19930923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING INCOME & GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19870907

## Series and Classes Contracts Data

### SIT MID CAP GROWTH FUND INC (Series ID: S000011802)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000032269 | SIT MID CAP GROWTH FUND INC | NBNGX           |

?xml version='1.0' encoding='ASCII'? Sit Mid Cap Growth Fund, Inc.

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-03342

## Sit Mid Cap Growth Fund, Inc.

#### (Exact name of Registrant as specified in charter)

#### 3300 IDS Center

#### 80 South Eighth Street

#### Minneapolis, MN 55402

#### (Address of principal executive offices)

#### Paul E. Rasmussen, VP

#### Sit Mutual Funds

#### 3300 IDS Center

#### 80 South Eighth Street

#### Minneapolis, MN 55402

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code:
(612) 332-3223

#### Date of fiscal year end: June 30, 2025

#### Date of reporting period: December 31, 2025

------

---

| | |
|:---|:---|
| **Item 1:** | **Reports to Stockholders.**  |

---

#### NBNGX

#### Sit Mid Cap Growth Fund
![Image](g19122g42s78.jpg)

#### Semi-Annual Shareholder Report

#### December 31, 2025

# Fund Overview
This semi-annual shareholder report contains important information about Sit Mid Cap Growth Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Mid Cap Growth Fund | $65 | 1.25% |

---

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g19122g98a78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit Mid Cap Growth Fund** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **12/16** | 10310 | 11274 | 10733 |
| **12/17** | 12270 | 13656 | 13445 |
| **12/18** | 11380 | 12940 | 12806 |
| **12/19** | 14818 | 16954 | 17348 |
| **12/20** | 19720 | 20495 | 23522 |
| **12/21** | 22893 | 25754 | 26516 |
| **12/22** | 17391 | 20808 | 19431 |
| **12/23** | 21212 | 26209 | 24457 |
| **12/24** | 24775 | 32448 | 29863 |
| **12/25** | 26938 | 38012 | 32448 |

---

# Average Annual Total Returns (as of 12/31/25)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| Sit Mid Cap Growth Fund | 6.28% | 8.73% | 6.44% | 10.42% |
| Russell 3000<sup>®</sup> Index | 10.78% | 17.15% | 13.15% | 14.29% |
| Russell Midcap<sup>®</sup> Growth Index | -1.03% | 8.66% | 6.65% | 12.49% |

---

The Fund continues to use the Russell Midcap<sup>®</sup> Growth Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph and table above are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# What did the Fund invest in?
The Fund primarily invested in common stocks of domestic medium to small companies with capitalizations ranging from $2 billion to $15 billion. The tables below reflect the investment makeup of the Fund as of December 31, 2025. Portfolio holdings are subject to change.

# Fund Statistics (as of 12/31/25)

---

| | |
|:---|:---|
| Total Net Assets | $217021397 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 6.84% |
| Investment Advisory Fees Paid | $1378176 |
| Weighted average market cap | $220.9 Billion |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 28.0% |
| Technology Services | 13.1 |
| Health Technology | 11.9 |
| Producer Manufacturing | 10.7 |
| Finance | 10.5 |
| Retail Trade | 5.7 |
| Industrial Services | 5.5 |
| Health Services | 2.7 |
| Consumer Non-Durables | 2.1 |
| Others | 8.1 |
| Cash and other net assets | 1.7 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 10.0% |
| Arista Networks, Inc. | 8.1 |
| TJX Cos., Inc. | 3.3 |
| Applied Materials, Inc. | 2.5 |
| Ulta Beauty, Inc. | 2.4 |
| PTC, Inc. | 2.4 |
| Carlyle Group, Inc. | 2.3 |
| Ameriprise Financial, Inc. | 2.2 |
| Monolithic Power Systems, Inc. | 2.2 |
| Autodesk, Inc. | 2.0 |

---

# Material Fund Changes
There were no material changes to the Fund during the six-month period ended December 31, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g19122g02k59.jpg)

NBNGX

![Image](g19122g89u50.jpg)

#### Sit Mid Cap Growth Fund
Semi-Annual Shareholder Report

December 31, 2025

------

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

The Registrant has adopted a Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Registrant has not made any amendment to its code of ethics during the period covered by this report which must be described herein pursuant to Item 2. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant's code of ethics is available without charge upon request by calling the Registrant at 612-332-3223 or 1-800-332-5580, or by mail at Sit Mutual Funds, 3300 IDS Center, 80 South Eighth Street, Minneapolis, MN 55402.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.**  |

---

Not applicable. The information required by this Item 3 is only required in an annual report on Form N-CSR. This is the Registrant's semi-annual report.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.**  |

---

Not applicable. The information required by this Item 4 is only required in an annual report on Form N-CSR. This is the Registrant's semi-annual report.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.**  |

---

The schedule of investments is included as part of the material filed under Item 7 of this Form.

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |

---

------

![LOGO](g19122g01g10.jpg)

Financial Statements and Other Information December 31, 2025 Balanced Fund Dividend Growth Fund Global Dividend Growth Fund Large Cap Growth Fund ESG Growth Fund Mid Cap Growth Fund Small Cap Dividend Growth Fund Small Cap Growth Fund International Growth Fund Developing Markets Growth Fund Sit Mutual Funds

------

Sit Stock Funds FINANCIAL STATEMENTS AND OTHER INFORMATION **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balanced Fund](#fin19122_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend Growth Fund](#fin19122_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Dividend Growth Fund](#fin19122_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Growth Fund](#fin19122_4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ESG Growth Fund](#fin19122_5) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Growth Fund](#fin19122_6) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Dividend Growth Fund](#fin19122_7) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Fund](#fin19122_8) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Growth Fund](#fin19122_9) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Developing Markets Growth Fund](#fin19122_10) | 24 |
|  [Statements of Assets and Liabilities](#fin19122_11) | 26 |
|  [Statements of Operations](#fin19122_12) | 28 |
|  [Statements of Changes in Net Assets](#fin19122_13) | 30 |
|  [Financial Highlights](#fin19122_14) | 36 |
|  [Notes to Financial Statements](#fin19122_15) | 50 |
|  [Additional Information](#fin19122_16) | 58 |

---

This document must be preceded or accompanied by a Prospectus.

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Balanced Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 63.5%** |  |  |
|  **Consumer Durables - 0.6%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 1765 | 451893 |
|  **Consumer Non-Durables - 0.3%** |  |  |
|  PepsiCo, Inc. | 1825 | 261924 |
|  **Consumer Services - 1.9%** |  |  |
|  McDonald's Corp. | 1450 | 443163 |
|  Visa, Inc. | 2800 | 981988 |
|  |  | 1425151 |
|  **Electronic Technology - 20.0%** |  |  |
|  Apple, Inc. | 13475 | 3663313 |
|  Applied Materials, Inc. | 1900 | 488281 |
|  Arista Networks, Inc. <sup>\*</sup> | 3060 | 400952 |
|  Broadcom, Inc. | 10850 | 3755185 |
|  NVIDIA Corp. | 30900 | 5762850 |
|  Palo Alto Networks, Inc. <sup>\*</sup> | 4320 | 795744 |
|  Vertiv Holdings Co. | 1225 | 198462 |
|  |  | 15064787 |
|  **Energy Minerals - 0.2%** |  |  |
|  Shell, PLC, ADR | 2400 | 176352 |
|  **Finance - 4.5%** |  |  |
|  Ameriprise Financial, Inc. | 1150 | 563891 |
|  Chubb, Ltd. | 1400 | 436968 |
|  Goldman Sachs Group, Inc. | 1600 | 1406400 |
|  JPMorgan Chase & Co. | 2925 | 942493 |
|  |  | 3349752 |
|  **Health Services - 0.8%** |  |  |
|  UnitedHealth Group, Inc. | 1900 | 627209 |
|  **Health Technology - 4.5%** |  |  |
|  Abbott Laboratories | 2450 | 306961 |
|  AbbVie, Inc. | 1750 | 399858 |
|  Boston Scientific Corp. <sup>\*</sup> | 2575 | 245526 |
|  Eli Lilly & Co. | 840 | 902731 |
|  Intuitive Surgical, Inc. <sup>\*</sup> | 1290 | 730604 |
|  Stryker Corp. | 700 | 246029 |
|  Thermo Fisher Scientific, Inc. | 1040 | 602628 |
|  |  | 3434337 |
|  **Industrial Services - 1.6%** |  |  |
|  Cheniere Energy, Inc. | 1900 | 369341 |
|  Waste Connections, Inc. | 1500 | 263040 |
|  Williams Cos., Inc. | 8700 | 522957 |
|  |  | 1155338 |
|  **Process Industries - 0.7%** |  |  |
|  Linde, PLC | 575 | 245174 |
|  Sherwin-Williams Co. | 1000 | 324030 |
|  |  | 569204 |
|  **Producer Manufacturing - 4.5%** |  |  |
|  Axon Enterprise, Inc. <sup>\*</sup> | 130 | 73831 |
|  Eaton Corp., PLC | 800 | 254808 |
|  Emerson Electric Co. | 750 | 99540 |
|  General Dynamics Corp. | 700 | 235662 |
|  Honeywell International, Inc. | 1450 | 282881 |
|  Motorola Solutions, Inc. | 750 | 287490 |
|  Northrop Grumman Corp. | 375 | 213829 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Parker-Hannifin Corp. | 625 | 549350 |
|  Safran SA, ADR | 7350 | 639818 |
|  Siemens AG, ADR | 5175 | 724241 |
|  |  | 3361450 |
|  **Retail Trade - 5.4%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 9700 | 2238954 |
|  Home Depot, Inc. | 1825 | 627983 |
|  Netflix, Inc. <sup>\*</sup> | 4600 | 431296 |
|  TJX Cos., Inc. | 5100 | 783411 |
|  |  | 4081644 |
|  **Technology Services - 17.5%** |  |  |
|  Accenture, PLC | 2025 | 543308 |
|  Alphabet, Inc. - Class A | 12400 | 3881200 |
|  Alphabet, Inc. - Class C | 3675 | 1153215 |
|  Autodesk, Inc. <sup>\*</sup> | 1275 | 377413 |
|  Dynatrace, Inc. <sup>\*</sup> | 4250 | 184195 |
|  Intuit, Inc. | 1200 | 794904 |
|  Meta Platforms, Inc. | 2115 | 1396090 |
|  Microsoft Corp. | 7475 | 3615059 |
|  Salesforce, Inc. | 3050 | 807976 |
|  ServiceNow, Inc. <sup>\*</sup> | 2800 | 428932 |
|  |  | 13182292 |
|  **Transportation - 0.6%** |  |  |
|  Union Pacific Corp. | 2050 | 474206 |
|  **Utilities - 0.4%** |  |  |
|  NextEra Energy, Inc. | 4140 | 332359 |
|  **Total Common Stocks<br>(cost: $16,064,343)** |  | 47947898 |
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **Bonds –30.1%** |  |  |
|  **Asset-Backed Securities - 1.0%** |  |  |
|  DTE Electric Securitization Funding II, LLC,<br>6.09%, 9/1/37 | 100000 | 108309 |
|  Duke Energy Florida, LLC,<br>2.86%, 3/1/33 | 120000 | 111768 |
|  Duke Energy Progress SC Storm Funding,<br>LLC, 5.40%, 3/1/44 | 71264 | 73350 |
|  Evergy Missouri West Storm Funding I,<br>LLC 5.10%, 12/1/38 | 91626 | 94127 |
|  RCKT Mortgage Trust<br>2025-CES1 A1A, 5.65%, 1/25/45 <sup>4,</sup> 14 | 389760 | 393656 |
|  Small Business Administration<br>2008-20A 1, 5.17%, 1/1/28 | 5058 | 5081 |
|  |  | 786291 |
|  **Collateralized Mortgage Obligations - 5.9%** | **Collateralized Mortgage Obligations - 5.9%** |  |
|  Chase Home Lending Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-9 A4, 5.50%, 9/25/55 <sup>1,</sup> <sup>4</sup> | 80935 | 81027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-1 A2, 6.00%, 6/25/54 <sup>1,</sup> <sup>4</sup> | 110689 | 112760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 11/25/55 <sup>1,</sup> <sup>4</sup> | 192452 | 195369 |
|  Chase Home Lending Mortgage Trust Series: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8A, 6.00%, 1/25/55 <sup>1,</sup> <sup>4</sup> | 200000 | 203683 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **2** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 2/25/55 <sup>1,</sup> <sup>4</sup> | 200000 | 203897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-3 A8, 6.00%, 2/25/55 <sup>1,</sup> <sup>4</sup> | 100000 | 101984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8, 6.00%, 3/25/55 <sup>1,</sup> <sup>4</sup> | 200000 | 204408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 A8, 6.00%, 12/25/55 <sup>1,</sup> <sup>4</sup> | 250000 | 255787 |
|  Fannie Mae: | Fannie Mae: | Fannie Mae: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017-84 JP, 2.75%, 10/25/47 | 14784 | 13172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T1 1A1, 6.00%, 1/25/44 | 10106 | 10556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999-17 C, 6.35%, 4/25/29 | 1715 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009-30 AG, 6.50%, 5/25/39 | 17615 | 18852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-W9 2A1, 6.50%, 2/25/44 | 17960 | 18553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T3 1A3, 7.00%, 2/25/44 | 3812 | 3935 |
|  Freddie Mac: | Freddie Mac: | Freddie Mac: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5280 A, 3.50%, 1/25/50 | 118310 | 112951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4812 CZ, 4.00%, 5/15/48 | 127759 | 121744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 BA, 5.16%, 10/15/47 <sup>1</sup> | 5084 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 ZE, 6.00%, 2/15/29 | 10746 | 10987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126 C, 6.00%, 2/15/29 | 6457 | 6587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 Z, 6.00%, 8/15/32 | 10684 | 11088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 WG, 6.00%, 8/15/32 | 11893 | 12448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 ZJ, 6.50%, 9/15/31 | 10666 | 11076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4520 HM, 6.50%, 8/15/45 | 9746 | 10769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3704 CT, 7.00%, 12/15/36 | 5229 | 5608 |
|  Government National Mortgage Association: | Government National Mortgage Association: | Government National Mortgage Association: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-86 WB, 4.73%, 5/20/51 <sup>1</sup> | 116195 | 112917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-104 HT, 5.50%, 6/20/51 | 150950 | 156291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-27 AW, 5.91%, 2/20/51 <sup>1</sup> | 157830 | 163633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015-80 BA, 7.00%, 6/20/45 <sup>1</sup> | 2733 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-147 AM, 7.00%, 10/20/48 | 18300 | 19390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005-74 HA, 7.50%, 9/16/35 | 39 | 39 |
|  JP Morgan Mortgage Trust: | JP Morgan Mortgage Trust: | JP Morgan Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A4, 2.50%, 10/25/51 <sup>1,</sup> <sup>4</sup> | 236983 | 214420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-13 A4, 2.50%, 4/25/52 <sup>1,</sup> <sup>4</sup> | 205072 | 185397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A12, 5.00%, 10/25/51 <sup>1,</sup> <sup>4</sup> | 243020 | 238255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-6 A2, 6.00%, 12/26/53 <sup>1,</sup> <sup>4</sup> | 95932 | 97727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-10 A8, 6.00%, 5/25/54 <sup>1,</sup> <sup>4</sup> | 150000 | 152106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8, 6.00%, 6/25/54 <sup>1,</sup> <sup>4</sup> | 200000 | 202015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 8/25/54 <sup>1,</sup> <sup>4</sup> | 104153 | 104504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8A, 6.00%, 10/25/54 <sup>1,</sup> <sup>4</sup> | 200000 | 203951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-5 A8, 6.00%, 11/25/54 <sup>1,</sup> <sup>4</sup> | 200000 | 202657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A8, 6.00%, 6/25/55 <sup>1,</sup> 4 | 250000 | 257423 |
|  New Residential Mortgage Loan Trust: | New Residential Mortgage Loan Trust: | New Residential Mortgage Loan Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-3A A1, 4.50%, 5/25/58 <sup>1,</sup> <sup>4</sup> | 24254 | 23771 |
|  Sequoia Mortgage Trust: | Sequoia Mortgage Trust: | Sequoia Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-4 A5, 2.50%, 11/25/50 <sup>1,</sup> <sup>4</sup> | 32819 | 30676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 1/25/55 <sup>1,</sup> <sup>4</sup> | 170758 | 172687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-3 A16, 6.00%, 4/25/55 <sup>1,</sup> <sup>4</sup> | 150000 | 153714 |
|  Wells Fargo Mortgaged Backed Securities Trust: | Wells Fargo Mortgaged Backed Securities Trust: | Wells Fargo Mortgaged Backed Securities Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-5 A3, 2.50%, 9/25/50 <sup>1,</sup> <sup>4</sup> | 25749 | 24044 |
|  |  | 4452767 |
|  **Corporate Bonds - 5.2%** |  |  |
|  Assurant, Inc., 5.55%, 2/15/36 | 150000 | 152788 |
|  Bank of New York Mellon Corp., 6.47%,<br> 10/25/34 <sup>1</sup> | 175000 | 195967 |
|  BOKF NA (Subordinated), 6.11%, 11/6/40 <sup>1</sup> | 250000 | 255313 |
|  Booz Allen Hamilton, Inc., 5.95%, 4/15/35 | 200000 | 207576 |
|  CF Industries, Inc., 5.30%, 11/26/35 | 150000 | 149752 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  Charles Stark Draper Lab., Inc., 4.39%, 9/1/48 | 100000 | 86506 |
|  Comerica Bank (Subordinated), 5.33%, 8/25/33 <sup>1</sup> | 250000 | 251980 |
|  CVS Pass-Through Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 8/11/36 <sup>4</sup> | 149399 | 139640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 1/10/30 | 62876 | 65264 |
|  Entergy Louisiana, LLC, 5.80%, 3/15/55 | 125000 | 126109 |
|  Equifax, Inc., 7.00%, 7/1/37 | 200000 | 225519 |
|  Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 175000 | 187906 |
|  Exelon Corp. (Subordinated), 6.50%, 3/15/55 <sup>1</sup> | 150000 | 156307 |
|  First Citizens BancShares, Inc. (Subordinated), 6.25%, 3/12/40 <sup>1</sup> | 200000 | 203961 |
|  Halliburton Co., 7.60%, 8/15/96 <sup>4</sup> | 75000 | 86169 |
|  JPMorgan Chase & Co. (Subordinated), 5.58%, 7/23/36 <sup>1</sup> | 125000 | 129565 |
|  L3Harris Technologies, Inc., 5.50%, 8/15/54 | 50000 | 48994 |
|  Selective Insurance Group, Inc., 5.90%, 4/15/35 | 100000 | 104967 |
|  South State Bank NA (Subordinated), 8.38%, 8/15/34 <sup>1</sup> | 100000 | 106250 |
|  SouthState Bank Corp. (Subordinated), 7.00%, 6/13/35 <sup>1</sup> | 150000 | 157406 |
|  Synovus Financial Corp., 6.17%, 11/1/30 <sup>1</sup> | 175000 | 181798 |
|  Union Electric Co., 4.00%, 4/1/48 | 275000 | 219119 |
|  US Bancorp (Subordinated), 4.97%, 7/22/33 <sup>1</sup> | 100000 | 100892 |
|  Western Alliance Bank (Subordinated), 6.54%, 11/15/35 <sup>1</sup> | 100000 | 100331 |
|  Wynnton Funding Trust, 5.25%, 8/15/35 <sup>4</sup> | 250000 | 252169 |
|  |  | 3892248 |
|  **Federal Home Loan Mortgage Corporation - 1.8%** | **Federal Home Loan Mortgage Corporation - 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/1/53 | 230920 | 220604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/54 | 236456 | 224665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 3/1/55 | 252183 | 239606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/54 | 224755 | 219741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/55 | 243913 | 238471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/55 | 239612 | 234266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/31 | 11613 | 12004 |
|  |  | 1389357 |
|  **Federal National Mortgage Association - 5.4%** | **Federal National Mortgage Association - 5.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/53 | 249162 | 237356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/54 | 160001 | 152023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/54 | 270324 | 256845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/1/54 | 162653 | 154542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/1/54 | 236518 | 224724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/55 | 481528 | 457514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/55 | 556540 | 528785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/52 | 271943 | 266566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/1/52 | 272299 | 267238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/53 | 210712 | 206610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/53 | 234493 | 229867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/54 | 242648 | 237234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/1/54 | 562154 | 549613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/55 | 254147 | 248477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/1/55 | 74257 | 72600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/1/27 | 4038 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/1/33 | 5303 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 7/15/26 | 50 | 50 |
|  |  | 4099747 |

---

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>3</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **Government National Mortgage Association - 1.2%** | **Government National Mortgage Association - 1.2%** | **Government National Mortgage Association - 1.2%** |
|  3.50%, 2/20/52 | 215059 | 197603 |
|  4.00%, 9/20/52 | 191150 | 178339 |
|  4.50%, 1/20/55 | 242276 | 236585 |
|  4.50%, 8/20/64 | 127498 | 123792 |
|  5.00%, 5/20/48 | 122357 | 123811 |
|  6.50%, 11/20/38 | 7787 | 7966 |
|  7.00%, 11/20/27 | 1201 | 1235 |
|  7.00%, 9/20/29 | 6329 | 6529 |
|  7.00%, 9/20/38 | 4136 | 4306 |
|  7.50%, 4/20/32 | 3511 | 3571 |
|  |  | 883737 |
|  **Taxable Municipal Securities - 5.3%** | **Taxable Municipal Securities - 5.3%** | **Taxable Municipal Securities - 5.3%** |
|  Board of Gov. of CO State Uni. System Rev., 5.96%, 3/1/33 | 200000 | 207342 |
|  City of Colorado Springs Co. Utilities System<br>Rev., 6.62%, 11/15/40 | 250000 | 282298 |
|  City of New York G.O., 5.99%, 12/1/36 | 182879 | 191114 |
|  City of Oak Creek G.O., 2.40%, 10/1/29 | 295000 | 283701 |
|  Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56 | 205000 | 156723 |
|  County of Vermillion Rev., 4.90%, 8/1/32 | 250000 | 255465 |
|  Dallas County Hospital Dist. G.O., 5.62%, 8/15/44 | 200000 | 198056 |
|  Downtown Dallas Dev. Auth., 6.21%, 8/15/36 | 240000 | 240241 |
|  ID Hsg. & Fin. Association Rev.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 5/1/28 | 90000 | 90221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 5/1/28 | 110000 | 110270 |
|  IN Hsg. & Community Dev. Auth. Rev., 5.75%, 7/1/54 | 280000 | 287603 |
|  LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 | 230000 | 189551 |
|  Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 <sup>4</sup> | 100000 | 78883 |
|  Massachusetts Edu. Auth.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 7/1/34 | 15000 | 14821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/1/38 | 155000 | 150555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/1/44 | 145000 | 147765 |
|  MN Hsg. Fin. Agy., 2.31%, 1/1/27 | 135000 | 133364 |
|  NE Investment Fin. Auth. Rev., 6.00%, 9/1/31 | 120000 | 126832 |
|  Public Fin. Auth., 4.23%, 7/1/32 | 105000 | 103983 |
|  Texas Children's Hospital, 3.37%, 10/1/29 <sup>17</sup> | 90000 | 88610 |
|  TX Dept. of Hsg. & Community Affairs Rev.,<br>6.25%, 9/1/53 | 195000 | 204437 |
|  Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 | 205000 | 199321 |
|  WV Hsg. Dev. Fund Rev., 5.45%, 5/1/34 | 250000 | 259028 |
|  |  | 4000184 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **U.S. Treasury / Federal Agency Securities - 4.3%** | **U.S. Treasury / Federal Agency Securities - 4.3%** |  |
|  **U.S. Treasury - 4.3%** |  |  |
|  U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225000 | 217635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 800000 | 773969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 1150000 | 1133738 |
|  U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 325000 | 320620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 200000 | 202711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/31/32 | 250000 | 251670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/15/35 | 250000 | 252344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 100000 | 103433 |
|  |  | 3256120 |
|  **Total Bonds<br>(cost $22,926,254)** |  | 22760451 |
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Investment Companies 3.5%** |  |  |
|  Angel Oak Financial Strategies Income Trust | 27282 | 360395 |
|  BlackRock Core Bond Trust | 27126 | 260138 |
|  BlackRock Income Trust, Inc. | 8379 | 92504 |
|  BlackRock Taxable Municipal Bond Trust | 22671 | 369991 |
|  DoubleLine Opportunistic Credit Fund | 4400 | 67100 |
|  DWS Municipal Income Trust | 24300 | 220887 |
|  First Trust Mortgage Income Fund | 11200 | 136080 |
|  John Hancock Income Securities Trust | 5000 | 58550 |
|  MFS Intermediate Income Trust | 83033 | 216716 |
|  Nuveen Multi-Market Income Fund | 21153 | 127764 |
|  Nuveen Taxable Municipal Income Fund | 11667 | 184339 |
|  Putnam Master Intermediate Income Trust | 66500 | 222110 |
|  Putnam Premier Income Trust | 68392 | 242108 |
|  TCW Strategic Income Fund, Inc. | 25000 | 123500 |
|  **Total Investment Companies<br>(cost: $2,733,202)** |  | 2682182 |
|  **Short-Term Securities - 2.3%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $1,711,648)** | 1711648 | 1711648 |
|  **Total Investments in Securities - 99.4%<br>(cost $43,435,447)** |  | 75102179 |
|  **Other Assets and Liabilities, net - 0.6%** |  | 454798 |
|  **Net Assets - 100.0%** |  | $75556977 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **4** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Variable rate security. Rate disclosed is as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of December 31, 2025 was $4,572,779 and represented 6.1% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>14</sup> Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2025.

<sup>17</sup> Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

ADR — American Depositary Receipt

LLC — Limited Liability Company

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 December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted Prices ($) | **Level 2**<br> Other significant<br>observable inputs ($) | **Level 3**<br> Significant<br>unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 47947898 |  |  | 47947898 |
|  Asset-Backed Securities |  | 786291 |  | 786291 |
|  Collateralized Mortgage Obligations |  | 4452767 |  | 4452767 |
|  Corporate Bonds |  | 3892248 |  | 3892248 |
|  Federal Home Loan Mortgage Corporation |  | 1389357 |  | 1389357 |
|  Federal National Mortgage Association |  | 4099747 |  | 4099747 |
|  Government National Mortgage Association |  | 883737 |  | 883737 |
|  Taxable Municipal Securities |  | 4000184 |  | 4000184 |
|  U.S. Treasury / Federal Agency Securities |  | 3256120 |  | 3256120 |
|  Investment Companies | 2682182 |  |  | 2682182 |
|  Short-Term Securities | 1711648 |  |  | 1711648 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52341728 | 22760451 |  | 75102179 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>5</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 99.3%** |  |  |
|  **Commercial Services - 1.2%** |  |  |
|  S&P Global, Inc. | 5074 | 2651622 |
|  **Communications - 0.7%** |  |  |
|  Verizon Communications, Inc. | 40775 | 1660766 |
|  **Consumer Non-Durables - 3.2%** |  |  |
|  Coca-Cola Co. | 37200 | 2600652 |
|  NIKE, Inc. | 26500 | 1688315 |
|  Procter & Gamble Co. | 21075 | 3020258 |
|  |  | 7309225 |
|  **Consumer Services - 2.5%** |  |  |
|  McDonald's Corp. | 8275 | 2529088 |
|  Visa, Inc. | 8850 | 3103784 |
|  |  | 5632872 |
|  **Electronic Technology - 19.7%** |  |  |
|  Apple, Inc. | 43835 | 11916983 |
|  Broadcom, Inc. | 27680 | 9580048 |
|  Cisco Systems, Inc. | 44475 | 3425909 |
|  Dell Technologies, Inc. | 8715 | 1097044 |
|  Garmin, Ltd. | 6750 | 1369238 |
|  International Business Machines Corp. | 7790 | 2307476 |
|  Micron Technology, Inc. | 9100 | 2597231 |
|  NVIDIA Corp. | 49080 | 9153420 |
|  TE Connectivity, PLC | 16925 | 3850607 |
|  |  | 45297956 |
|  **Energy Minerals - 2.0%** |  |  |
|  Exxon Mobil Corp. | 38750 | 4663175 |
|  **Finance - 15.5%** |  |  |
|  American International Group, Inc. | 26450 | 2262797 |
|  Axis Capital Holdings, Ltd. | 14352 | 1536956 |
|  Bank of America Corp. | 66400 | 3652000 |
|  Bank of New York Mellon Corp. | 18875 | 2191199 |
|  CareTrust REIT, Inc. | 52575 | 1901112 |
|  Carlyle Group, Inc. | 44100 | 2606751 |
|  Citigroup, Inc. | 18975 | 2214193 |
|  Citizens Financial Group, Inc. | 28425 | 1660304 |
|  Fifth Third Bancorp | 37600 | 1760056 |
|  Goldman Sachs Group, Inc. | 3275 | 2878725 |
|  Hartford Insurance Group, Inc. | 12925 | 1781065 |
|  Intercontinental Exchange, Inc. | 10585 | 1714346 |
|  JPMorgan Chase & Co. | 11644 | 3751930 |
|  Morgan Stanley | 4575 | 812200 |
|  Public Storage | 5050 | 1310475 |
|  Realty Income Corp. | 30271 | 1706376 |
|  US Bancorp | 34550 | 1843588 |
|  |  | 35584073 |
|  **Health Services - 3.1%** |  |  |
|  Cardinal Health, Inc. | 16800 | 3452400 |
|  Quest Diagnostics, Inc. | 9125 | 1583461 |
|  UnitedHealth Group, Inc. | 6056 | 1999146 |
|  |  | 7035007 |
|  **Health Technology - 10.1%** |  |  |
|  Abbott Laboratories | 18750 | 2349188 |
|  AbbVie, Inc. | 14300 | 3267407 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  AstraZeneca, PLC, ADR | 36985 | 3400031 |
|  Eli Lilly & Co. | 3260 | 3503457 |
|  Johnson & Johnson | 17650 | 3652667 |
|  Medtronic, PLC | 26350 | 2531181 |
|  Stryker Corp. | 7700 | 2706319 |
|  Thermo Fisher Scientific, Inc. | 3110 | 1802089 |
|  |  | 23212339 |
|  **Industrial Services - 3.3%** |  |  |
|  Waste Management, Inc. | 11925 | 2620042 |
|  Williams Cos., Inc. | 80390 | 4832243 |
|  |  | 7452285 |
|  **Process Industries - 2.3%** |  |  |
|  Avery Dennison Corp. | 11950 | 2173466 |
|  Linde, PLC | 7125 | 3038029 |
|  |  | 5211495 |
|  **Producer Manufacturing - 9.0%** |  |  |
|  Eaton Corp., PLC | 8750 | 2786962 |
|  Emerson Electric Co. | 18300 | 2428776 |
|  Flowserve Corp. | 31975 | 2218426 |
|  Honeywell International, Inc. | 12250 | 2389852 |
|  L3Harris Technologies, Inc. | 5810 | 1705642 |
|  Northrop Grumman Corp. | 2650 | 1511056 |
|  Parker-Hannifin Corp. | 1785 | 1568944 |
|  RTX Corp. | 15300 | 2806020 |
|  Siemens AG, ADR | 9675 | 1354016 |
|  Xylem, Inc. | 14375 | 1957588 |
|  |  | 20727282 |
|  **Retail Trade - 5.3%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 19452 | 4489910 |
|  eBay, Inc. | 22500 | 1959750 |
|  Home Depot, Inc. | 9470 | 3258627 |
|  TJX Cos., Inc. | 16475 | 2530725 |
|  |  | 12239012 |
|  **Technology Services - 14.5%** |  |  |
|  Accenture, PLC | 7215 | 1935784 |
|  Alphabet, Inc.- Class A | 19700 | 6166100 |
|  Genpact, Ltd. | 46750 | 2186965 |
|  Intuit, Inc. | 4980 | 3298852 |
|  Meta Platforms, Inc. | 4660 | 3076019 |
|  Microsoft Corp. | 27890 | 13488162 |
|  Oracle Corp. | 8625 | 1681099 |
|  Salesforce, Inc. | 5773 | 1529325 |
|  |  | 33362306 |
|  **Transportation - 2.1%** |  |  |
|  CH Robinson Worldwide, Inc. | 11025 | 1772379 |
|  CSX Corp. | 86160 | 3123300 |
|  |  | 4895679 |
|  **Utilities - 4.8%** |  |  |
|  DTE Energy Co. | 14950 | 1928251 |
|  Evergy, Inc. | 26475 | 1919173 |
|  NextEra Energy, Inc. | 25150 | 2019042 |
|  NiSource, Inc. | 60428 | 2523473 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **6** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  PPL Corp. | 77600 | 2717552 |
|  |  | 11107491 |
|  **Total Common Stocks<br>(cost: $156,529,238)** |  | 228042585 |
|  **Short-Term Securities - 0.7%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>(cost $1,630,017) | 1630017 | 1630017 |
|  **Total Investments in Securities - 100.0%<br>(cost $158,159,255)** |  | 229672602 |
|  **Other Assets and Liabilities, net - (0.0)%** |  | (11387) |
|  **Net Assets - 100.0%** |  | $229661215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
| | **Level 1** <br>Quoted<br>Prices ($) | **Level 2** <br>Other significant<br>observable inputs ($) | **Level 3** <br>Significant<br>unobservable inputs ($) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
| | **Level 1** <br>Quoted<br>Prices ($) | **Level 2** <br>Other significant<br>observable inputs ($) | **Level 3** <br>Significant<br>unobservable inputs ($) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
| | **Level 1** <br>Quoted<br>Prices ($) | **Level 2** <br>Other significant<br>observable inputs ($) | **Level 3** <br>Significant<br>unobservable inputs ($) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks\*\* | 228042585 |  |  | 228042585 |
|  Short-Term Securities | 1630017 |  |  | 1630017 |
|  Total: | 229672602 |  |  | 229672602 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>7</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Global Dividend Growth Fund

Investments are grouped by geographic region

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 98.8%** |  |  |
|  **Asia - 4.4%** |  |  |
|  **Australia - 1.7%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 3445 | 558572 |
|  Macquarie Group, Ltd. | 3810 | 516657 |
|  |  | 1075229 |
|  **Japan - 1.0%** |  |  |
|  Recruit Holdings Co., Ltd. | 10600 | 598686 |
|  **Singapore - 1.7%** |  |  |
|  Singapore Technologies Engineering, Ltd. | 155000 | 1015326 |
|  **Europe - 29.0%** |  |  |
|  **Belgium - 1.6%** |  |  |
|  D'ieteren Group | 5225 | 945011 |
|  **France - 1.1%** |  |  |
|  Safran SA, ADR | 7520 | 654616 |
|  **Germany - 5.9%** |  |  |
|  Allianz SE, ADR | 23840 | 1096640 |
|  Infineon Technologies AG | 6275 | 278235 |
|  Muenchener Rueckversicherungs AG | 1470 | 971225 |
|  Siemens AG | 4250 | 1194459 |
|  |  | 3540559 |
|  **Ireland - 3.8%** |  |  |
|  Accenture, PLC | 3285 | 881365 |
|  Linde, PLC | 1445 | 616134 |
|  Trane Technologies, PLC | 2125 | 827050 |
|  |  | 2324549 |
|  **Spain - 2.1%** |  |  |
|  Iberdrola SA | 59010 | 1280521 |
|  **Switzerland - 4.5%** |  |  |
|  Chubb, Ltd. | 2290 | 714755 |
|  Lonza Group AG | 930 | 631428 |
|  Nestle SA | 4885 | 485601 |
|  Partners Group Holding AG | 705 | 874375 |
|  |  | 2706159 |
|  **United Kingdom - 10.0%** |  |  |
|  AstraZeneca, PLC, ADR | 15040 | 1382627 |
|  BAE Systems, PLC | 27380 | 632584 |
|  Compass Group, PLC | 14170 | 451534 |
|  Diageo, PLC, ADR | 4125 | 355864 |
|  London Stock Exchange Group, PLC | 6715 | 810289 |
|  Man Group, PLC | 216290 | 667062 |
|  RELX, PLC | 14120 | 575474 |
|  Shell, PLC, ADR | 16175 | 1188539 |
|  |  | 6063973 |
|  **North America - 65.4%** |  |  |
|  **United States - 65.4%** |  |  |
|  Abbott Laboratories | 7230 | 905847 |
|  AbbVie, Inc. | 750 | 171367 |
|  Alphabet, Inc. - Class A | 8790 | 2751270 |
|  Apple, Inc. | 16875 | 4587637 |
|  Applied Materials, Inc. | 6100 | 1567639 |
|  Arthur J Gallagher & Co. | 2425 | 627566 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Broadcom, Inc. | 17285 | 5982338 |
|  Cheniere Energy, Inc. | 2830 | 550124 |
|  ConocoPhillips | 4025 | 376780 |
|  Eli Lilly & Co. | 375 | 403005 |
|  FedEx Corp. | 1900 | 548834 |
|  Goldman Sachs Group, Inc. | 1370 | 1204230 |
|  Home Depot, Inc. | 2490 | 856809 |
|  Honeywell International, Inc. | 4330 | 844740 |
|  JPMorgan Chase & Co. | 7180 | 2313540 |
|  Lockheed Martin Corp. | 1525 | 737597 |
|  McDonald's Corp. | 2100 | 641823 |
|  Microsoft Corp. | 9375 | 4533937 |
|  Mondelez International, Inc. | 6940 | 373580 |
|  NVIDIA Corp. | 16125 | 3007312 |
|  Otis Worldwide Corp. | 3785 | 330620 |
|  PepsiCo, Inc. | 4765 | 683873 |
|  Salesforce, Inc. | 705 | 186762 |
|  Sherwin-Williams Co. | 1835 | 594595 |
|  Stryker Corp. | 1050 | 369043 |
|  Thermo Fisher Scientific, Inc. | 1145 | 663470 |
|  Union Pacific Corp. | 3960 | 916027 |
|  UnitedHealth Group, Inc. | 2580 | 851684 |
|  Waste Management, Inc. | 3815 | 838194 |
|  WEC Energy Group, Inc. | 3010 | 317435 |
|  Williams Cos., Inc. | 12000 | 721320 |
|  |  | 39458998 |
|  **Total Common Stocks<br>(cost: $23,345,278)** |  | 59663627 |
|  **Short-Term Securities - 1.0%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $587,557)** | 587557 | 587557 |
|  **Total Investments in Securities - 99.8%<br>(cost $23,932,835)** |  | 60251184 |
|  **Other Assets and Liabilities, net - 0.2%** |  | 95812 |
|  **Net Assets - 100.0%** |  | $60346996 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **8** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($) | **Level 3** <br> Significant<br> unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 1075229 |  |  | 1075229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 945011 |  |  | 945011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 654616 |  |  | 654616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3540559 |  |  | 3540559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2324549 |  |  | 2324549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 598686 |  |  | 598686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1015326 |  |  | 1015326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1280521 |  |  | 1280521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2706159 |  |  | 2706159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 6063973 |  |  | 6063973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 39458998 |  |  | 39458998 |
|  Short-Term Securities | 587557 |  |  | 587557 |
|  Total: | 60251184 |  |  | 60251184 |

---

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs).

There were no transfers into or out of level 3 during the reporting period.

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>9</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 97.6%** |  |  |
|  **Consumer Durables - 1.6%** |  |  |
|  Sony Group Corp., ADR | 66000 | 1689600 |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 9700 | 2483491 |
|  |  | 4173091 |
|  **Consumer Non-Durables - 0.8%** |  |  |
|  NIKE, Inc. | 9050 | 576576 |
|  PepsiCo, Inc. | 10000 | 1435200 |
|  |  | 2011776 |
|  **Consumer Services - 2.6%** |  |  |
|  McDonald's Corp. | 6650 | 2032440 |
|  Visa, Inc. | 13650 | 4787191 |
|  |  | 6819631 |
|  **Electronic Technology - 31.3%** |  |  |
|  Apple, Inc. | 104575 | 28429759 |
|  Applied Materials, Inc. | 20250 | 5204048 |
|  Arista Networks, Inc. <sup>\*</sup> | 15000 | 1965450 |
|  Broadcom, Inc. | 31720 | 10978292 |
|  NVIDIA Corp. | 164925 | 30758512 |
|  Palo Alto Networks, Inc. <sup>\*</sup> | 18450 | 3398490 |
|  Vertiv Holdings Co. | 6175 | 1000412 |
|  |  | 81734963 |
|  **Energy Minerals - 0.9%** |  |  |
|  ConocoPhillips | 24600 | 2302806 |
|  **Finance - 2.9%** |  |  |
|  Chubb, Ltd. | 5050 | 1576206 |
|  Goldman Sachs Group, Inc. | 5150 | 4526850 |
|  JPMorgan Chase & Co. | 4900 | 1578878 |
|  |  | 7681934 |
|  **Health Services - 1.3%** |  |  |
|  UnitedHealth Group, Inc. | 10125 | 3342364 |
|  **Health Technology - 7.7%** |  |  |
|  Abbott Laboratories | 15500 | 1941995 |
|  AbbVie, Inc. | 2975 | 679758 |
|  Boston Scientific Corp. <sup>\*</sup> | 13725 | 1308679 |
|  Dexcom, Inc. <sup>\*</sup> | 22000 | 1460140 |
|  Eli Lilly & Co. | 5940 | 6383599 |
|  Intuitive Surgical, Inc. <sup>\*</sup> | 6950 | 3936202 |
|  Stryker Corp. | 3775 | 1326799 |
|  Thermo Fisher Scientific, Inc. | 5250 | 3042112 |
|  |  | 20079284 |
|  **Industrial Services - 2.1%** |  |  |
|  Cheniere Energy, Inc. | 13675 | 2658283 |
|  Williams Cos., Inc. | 46900 | 2819159 |
|  |  | 5477442 |
|  **Process Industries - 1.1%** |  |  |
|  Linde, PLC | 2650 | 1129933 |
|  Sherwin-Williams Co. | 5225 | 1693057 |
|  |  | 2822990 |
|  **Producer Manufacturing - 5.7%** |  |  |
|  Axon Enterprise, Inc. <sup>\*</sup> | 700 | 397551 |
|  BAE Systems, PLC, ADR | 15500 | 1439640 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Eaton Corp., PLC | 3975 | 1266077 |
|  Emerson Electric Co. | 14975 | 1987482 |
|  General Dynamics Corp. | 3550 | 1195143 |
|  Honeywell International, Inc. | 8425 | 1643634 |
|  Northrop Grumman Corp. | 1875 | 1069144 |
|  Parker-Hannifin Corp. | 3150 | 2768724 |
|  Siemens AG, ADR | 21675 | 3033416 |
|  |  | 14800811 |
|  **Retail Trade - 8.8%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 58825 | 13577986 |
|  Home Depot, Inc. | 8425 | 2899043 |
|  Netflix, Inc. <sup>\*</sup> | 23000 | 2156480 |
|  TJX Cos., Inc. | 18075 | 2776501 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 2800 | 1694028 |
|  |  | 23104038 |
|  **Technology Services - 29.6%** |  |  |
|  Accenture, PLC | 10200 | 2736660 |
|  Adobe, Inc. <sup>\*</sup> | 6250 | 2187437 |
|  Alphabet, Inc. - Class A | 12500 | 3912500 |
|  Alphabet, Inc. - Class C | 63600 | 19957680 |
|  Atlassian Corp. <sup>\*</sup> | 7675 | 1244425 |
|  Autodesk, Inc. <sup>\*</sup> | 6300 | 1864863 |
|  Intuit, Inc. | 5200 | 3444584 |
|  Meta Platforms, Inc. | 14575 | 9620812 |
|  Microsoft Corp. | 55000 | 26599100 |
|  salesforce.com, Inc. | 15225 | 4033255 |
|  ServiceNow, Inc. <sup>\*</sup> | 11375 | 1742536 |
|  |  | 77343852 |
|  **Transportation - 0.8%** |  |  |
|  Union Pacific Corp. | 9200 | 2128144 |
|  **Utilities - 0.4%** |  |  |
|  NextEra Energy, Inc. | 13100 | 1051668 |
|  **Total Common Stocks<br>(cost: $71,339,857)** |  | 254874794 |
|  **Short-Term Securities - 2.4%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $6,162,010)** | 6162010 | 6162010 |
|  **Total Investments in Securities - 100.0%<br>(cost $77,501,867)** |  | 261036804 |
|  **Other Assets and Liabilities, net - (0.0)%** | **Other Assets and Liabilities, net - (0.0)%** | (90993) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $260945811 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **10** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($) | **Level 3**<br> Significant<br> unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks\*\* | 254874794 |  |  | 254874794 |
|  Short-Term Securities | 6162010 |  |  | 6162010 |
|  Total: | 261036804 |  |  | 261036804 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>11</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit ESG Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 97.5%** | | |
|  **Asia - 7.5%** | | |
|  **Japan - 5.2%** | | |
|  Keyence Corp. | 200 | 72370 |
|  Recruit Holdings Co., Ltd. | 3100 | 175087 |
|  Sony Group Corp., ADR | 10875 | 278400 |
|  Terumo Corp. | 13400 | 194191 |
|  |  | 720048 |
|  **Singapore - 2.3%** |  |  |
|  Singapore Technologies Engineering, Ltd. | 49900 | 326869 |
|  **Europe - 29.9%** |  |  |
|  **Belgium - 1.0%** |  |  |
|  D'ieteren Group | 785 | 141978 |
|  **France - 1.7%** |  |  |
|  Safran SA, ADR | 2750 | 239388 |
|  **Germany - 5.9%** |  |  |
|  Allianz SE, ADR | 5525 | 254150 |
|  Deutsche Post AG | 1550 | 85121 |
|  Infineon Technologies AG | 1225 | 54317 |
|  Muenchener Rueckversicherungs AG | 275 | 181692 |
|  Siemens AG, ADR | 1775 | 248411 |
|  |  | 823691 |
|  **Ireland - 5.5%** |  |  |
|  Accenture, PLC | 750 | 201225 |
|  CRH, PLC | 1200 | 149760 |
|  Medtronic, PLC | 725 | 69643 |
|  Trane Technologies, PLC | 875 | 340550 |
|  |  | 761178 |
|  **Netherlands - 0.5%** |  |  |
|  ASML Holding NV | 65 | 69541 |
|  **Spain - 2.5%** |  |  |
|  Iberdrola SA, ADR | 4050 | 349920 |
|  **Switzerland - 2.9%** |  |  |
|  Chubb, Ltd. | 250 | 78030 |
|  Lonza Group AG | 185 | 125607 |
|  Nestle SA, ADR | 1200 | 118536 |
|  Ypsomed Holding AG | 207 | 85716 |
|  |  | 407889 |
|  **United Kingdom - 9.9%** |  |  |
|  AstraZeneca, PLC, ADR | 3625 | 333246 |
|  BAE Systems, PLC, ADR | 1450 | 134676 |
|  Coca-Cola Europacific Partners, PLC | 2100 | 190470 |
|  Compass Group, PLC | 3600 | 114716 |
|  Diageo, PLC, ADR | 785 | 67722 |
|  Entain, PLC | 10225 | 105659 |
|  Man Group, PLC | 55725 | 171862 |
|  RELX, PLC, ADR | 4700 | 189974 |
|  Rentokil Initial, PLC, ADR | 2375 | 69968 |
|  |  | 1378293 |
|  **North America - 60.1%** |  |  |
|  **United States - 60.1%** |  |  |
|  AbbVie, Inc. | 160 | 36558 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Adobe, Inc. <sup>\*</sup> | 450 | 157496 |
|  AES Corp. | 3025 | 43378 |
|  Alphabet, Inc. - Class A | 2500 | 782500 |
|  Apple, Inc. | 3600 | 978696 |
|  Broadcom, Inc. | 1925 | 666242 |
|  Cheniere Energy, Inc. | 775 | 150652 |
|  Dexcom, Inc. <sup>\*</sup> | 1080 | 71680 |
|  Ecolab, Inc. | 325 | 85319 |
|  Eli Lilly & Co. | 85 | 91348 |
|  FedEx Corp. | 375 | 108323 |
|  Goldman Sachs Group, Inc. | 600 | 527400 |
|  Home Depot, Inc. | 745 | 256355 |
|  JPMorgan Chase & Co. | 1075 | 346386 |
|  Lockheed Martin Corp. | 275 | 133009 |
|  Microsoft Corp. | 2000 | 967240 |
|  NIKE, Inc. | 850 | 54154 |
|  NVIDIA Corp. | 9250 | 1725125 |
|  PepsiCo, Inc. | 875 | 125580 |
|  salesforce.com, Inc. | 850 | 225174 |
|  Starbucks Corp. | 1000 | 84210 |
|  T Rowe Price Group, Inc. | 475 | 48630 |
|  TJX Cos., Inc. | 1380 | 211982 |
|  UnitedHealth Group, Inc. | 500 | 165055 |
|  Visa, Inc. | 475 | 166587 |
|  Williams Cos., Inc. | 2675 | 160794 |
|  |  | 8369873 |
|  **Total Common Stocks<br>(cost: $5,526,786)** |  | 13588668 |
|  **Short-Term Securities - 2.4%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $340,826)** | 340826 | 340826 |
|  **Total Investments in Securities - 99.9%<br>(cost $5,867,612)** |  | 13929494 |
|  **Other Assets and Liabilities, net - 0.1%** | **Other Assets and Liabilities, net - 0.1%** | 7587 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $13937081 |

---

---

| |
|:---|
| <sup>\*</sup> Non-income producing security. |
| ADR — American Depositary Receipt |
| <br> PLC — Public Limited Company |

---

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **12** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 141978 |  |  | 141978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 239388 |  |  | 239388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 823691 |  |  | 823691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 761178 |  |  | 761178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 720048 |  |  | 720048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 69541 |  |  | 69541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 326869 |  |  | 326869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 349920 |  |  | 349920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 407889 |  |  | 407889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1378293 |  |  | 1378293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 8369873 |  |  | 8369873 |
|  Short-Term Securities | 340826 |  |  | 340826 |
|  Total: | 13929494 |  |  | 13929494 |

---

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs).

There were no transfers into or out of level 3 during the reporting period.

*See accompanying notes to financial statements.* 

DECEMBER 31, 2025<sub>13</sub>

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Mid Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 98.3%** | **Common Stocks - 98.3%** | **Common Stocks - 98.3%** |
|  **Commercial Services - 1.4%** | **Commercial Services - 1.4%** | **Commercial Services - 1.4%** |
|  Amentum Holdings, Inc. <sup>\*</sup> | 26202 | 759858 |
|  Booz Allen Hamilton Holding Corp. | 27550 | 2324118 |
|  |  | 3083976 |
|  **Consumer Durables - 1.2%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 4892 | 1252499 |
|  YETI Holdings, Inc. <sup>\*</sup> | 28100 | 1241177 |
|  |  | 2493676 |
|  **Consumer Non-Durables - 2.1%** |  |  |
|  Coca-Cola Europacific Partners, PLC | 40700 | 3691490 |
|  elf Beauty, Inc. <sup>\*</sup> | 12250 | 931490 |
|  |  | 4622980 |
|  **Consumer Services - 1.1%** |  |  |
|  Nexstar Media Group, Inc. | 11550 | 2345227 |
|  **Electronic Technology - 28.0%** |  |  |
|  Applied Materials, Inc. | 21175 | 5441763 |
|  Arista Networks, Inc. <sup>\*</sup> | 135050 | 17695602 |
|  Broadcom, Inc. | 62700 | 21700470 |
|  Ciena Corp. <sup>\*</sup> | 16525 | 3864702 |
|  Coherent Corp. <sup>\*</sup> | 19850 | 3663714 |
|  Monolithic Power Systems, Inc. | 5400 | 4894344 |
|  Synopsys, Inc. <sup>\*</sup> | 3653 | 1715887 |
|  Vertiv Holdings Co. | 11575 | 1875266 |
|  |  | 60851748 |
|  **Energy Minerals - 0.7%** |  |  |
|  Northern Oil & Gas, Inc. | 73100 | 1569457 |
|  **Finance - 10.5%** |  |  |
|  Air Lease Corp. | 32900 | 2113167 |
|  Ameriprise Financial, Inc. | 10000 | 4903400 |
|  Arthur J Gallagher & Co. | 11600 | 3001964 |
|  Carlyle Group, Inc. | 85700 | 5065727 |
|  Intercontinental Exchange, Inc. | 25300 | 4097588 |
|  Reinsurance Group of America, Inc. | 10300 | 2095638 |
|  Synovus Financial Corp. | 29325 | 1467716 |
|  |  | 22745200 |
|  **Health Services - 2.7%** |  |  |
|  Encompass Health Corp. | 24800 | 2632272 |
|  Molina Healthcare, Inc. <sup>\*</sup> | 6250 | 1084625 |
|  Tenet Healthcare Corp. <sup>\*</sup> | 10400 | 2066688 |
|  |  | 5783585 |
|  **Health Technology - 11.9%** |  |  |
|  Align Technology, Inc. <sup>\*</sup> | 6025 | 940804 |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 10800 | 2302992 |
|  Dexcom, Inc. <sup>\*</sup> | 48040 | 3188415 |
|  Exact Sciences Corp. <sup>\*</sup> | 40850 | 4148726 |
|  Glaukos Corp. <sup>\*</sup> | 26515 | 2993809 |
|  IDEXX Laboratories, Inc. <sup>\*</sup> | 4350 | 2942905 |
|  Insulet Corp. <sup>\*</sup> | 14175 | 4029102 |
|  Natera, Inc. <sup>\*</sup> | 7100 | 1626539 |
|  Thermo Fisher Scientific, Inc. | 6100 | 3534645 |
|  |  | 25707937 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Industrial Services - 5.5%** |  |  |
|  Argan, Inc. | 5100 | 1597932 |
|  Cheniere Energy, Inc. | 15500 | 3013045 |
|  Jacobs Solutions, Inc. | 24700 | 3271762 |
|  Waste Connections, Inc. | 23400 | 4103424 |
|  |  | 11986163 |
|  **Non-Energy Minerals - 0.6%** |  |  |
|  Trex Co., Inc. <sup>\*</sup> | 38625 | 1354965 |
|  **Producer Manufacturing - 10.7%** |  |  |
|  AMETEK, Inc. | 14675 | 3012924 |
|  Axon Enterprise, Inc. <sup>\*</sup> | 6800 | 3861924 |
|  BWX Technologies, Inc. | 13600 | 2350624 |
|  Carlisle Cos., Inc. | 10075 | 3222590 |
|  Donaldson Co., Inc. | 22950 | 2034747 |
|  Dover Corp. | 21875 | 4270875 |
|  Hubbell, Inc. | 7500 | 3330825 |
|  Xylem, Inc. | 7900 | 1075822 |
|  |  | 23160331 |
|  **Retail Trade - 5.7%** |  |  |
|  TJX Cos., Inc. | 46500 | 7142865 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 8600 | 5203086 |
|  |  | 12345951 |
|  **Technology Services - 13.1%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 16950 | 2748273 |
|  Autodesk, Inc. <sup>\*</sup> | 14800 | 4380948 |
|  Booking Holdings, Inc. | 450 | 2409898 |
|  Crowdstrike Holdings, Inc. <sup>\*</sup> | 6500 | 3046940 |
|  Dynatrace, Inc. <sup>\*</sup> | 65375 | 2833353 |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 16075 | 1223468 |
|  HubSpot, Inc. <sup>\*</sup> | 6825 | 2738873 |
|  PTC, Inc. <sup>\*</sup> | 29500 | 5139195 |
|  Sportradar Group AG <sup>\*</sup> | 86400 | 2053728 |
|  Spotify Technology SA <sup>\*</sup> | 3250 | 1887307 |
|  |  | 28461983 |
|  **Transportation - 1.1%** |  |  |
|  Alaska Air Group, Inc. <sup>\*</sup> | 17300 | 870190 |
|  Knight-Swift Transportation Holdings, Inc. | 28500 | 1489980 |
|  |  | 2360170 |
|  **Utilities - 2.0%** |  |  |
|  Vistra Corp. | 19100 | 3081403 |
|  WEC Energy Group, Inc. | 12800 | 1349888 |
|  |  | 4431291 |
|  **Total Common Stocks<br>(cost: $78,831,011)** |  | 213304640 |
|  **Short-Term Securities - 1.8%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $3,958,006)** | 3958006 | 3958006 |
|  **Total Investments in Securities - 100.1%<br>(cost $82,789,017)** |  | 217262646 |
|  **Other Assets and Liabilities, net - (0.1)%** | **Other Assets and Liabilities, net - (0.1)%** | (241249) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $217021397 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **14** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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 December 31, 2025 is as follows (see Note 2—significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** | **Level 2** | **Level 3** | |
|  | Quoted<br>Prices ($) | Other significant<br>observable inputs ($) | Significant<br>unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 213304640 |  |  | 213304640 |
|  Short-Term Securities | 3958006 |  |  | 3958006 |
|  Total: | 217262646 |  |  | 217262646 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **15** |

---

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 95.4%** | **Common Stocks - 95.4%** | **Common Stocks - 95.4%** |
|  **Commercial Services - 2.6%** | **Commercial Services - 2.6%** | **Commercial Services - 2.6%** |
|  Booz Allen Hamilton Holding Corp. | 2700 | 227772 |
|  Brink's Co. | 1825 | 213032 |
|  Colliers International Group, Inc. | 3600 | 529236 |
|  FTI Consulting, Inc. \* | 1000 | 170830 |
|  |  | 1140870 |
|  **Communications - 0.5%** |  |  |
|  Iridium Communications, Inc. | 12475 | 216816 |
|  **Consumer Durables - 1.3%** |  |  |
|  Century Communities, Inc. | 3925 | 232949 |
|  IMAX Corp. \* | 9525 | 352044 |
|  |  | 584993 |
|  **Consumer Non-Durables - 0.8%** |  |  |
|  Sensient Technologies Corp. | 3650 | 342918 |
|  **Consumer Services - 1.6%** |  |  |
|  Adtalem Global Education, Inc. \* | 3200 | 331104 |
|  Nexstar Media Group, Inc. | 1800 | 365490 |
|  |  | 696594 |
|  **Electronic Technology - 6.9%** |  |  |
|  Coherent Corp. \* | 4475 | 825951 |
|  Entegris, Inc. | 3340 | 281395 |
|  MKS, Inc. | 3975 | 635205 |
|  Monolithic Power Systems, Inc. | 1050 | 951678 |
|  Power Integrations, Inc. | 9500 | 337630 |
|  |  | 3031859 |
|  **Energy Minerals - 1.9%** |  |  |
|  Chord Energy Corp. | 5500 | 509850 |
|  Northern Oil & Gas, Inc. | 14275 | 306484 |
|  |  | 816334 |
|  **Finance - 26.9%** |  |  |
|  Air Lease Corp. | 6350 | 407860 |
|  Artisan Partners Asset Management, Inc. | 5350 | 217959 |
|  Axis Capital Holdings, Ltd. | 5625 | 602381 |
|  Broadstone Net Lease, Inc. | 26125 | 453791 |
|  Cadence Bank | 17025 | 729351 |
|  CareTrust REIT, Inc. | 16900 | 611104 |
|  Carlyle Group, Inc. | 8075 | 477313 |
|  CNO Financial Group, Inc. | 14000 | 594580 |
|  Columbia Banking System, Inc. | 25750 | 719713 |
|  CubeSmart | 5250 | 189262 |
|  Essential Properties Realty Trust, Inc. | 14450 | 428587 |
|  Evercore, Inc. | 2315 | 787679 |
|  HA Sustainable Infrastructure Capital, Inc. | 4825 | 151650 |
|  Hanover Insurance Group, Inc. | 2475 | 452356 |
|  Hercules Capital, Inc. | 24675 | 464383 |
|  Horace Mann Educators Corp. | 12900 | 595722 |
|  Janus Henderson Group, PLC | 10100 | 480457 |
|  Old National Bancorp | 32575 | 726748 |
|  Piper Sandler Cos. | 1450 | 492580 |
|  Provident Financial Services, Inc. | 26100 | 515475 |
|  Stifel Financial Corp. | 5300 | 663666 |
|  Synovus Financial Corp. | 14300 | 715715 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Western Alliance Bancorp | 3625 | 304754 |
|  |  | 11783086 |
|  **Health Services - 3.3%** | **Health Services - 3.3%** |  |
|  Addus HomeCare Corp. \* | 5545 | 595478 |
|  Encompass Health Corp. | 4275 | 453748 |
|  Tenet Healthcare Corp. \* | 2075 | 412344 |
|  |  | 1461570 |
|  **Health Technology - 7.5%** | **Health Technology - 7.5%** |  |
|  AtriCure, Inc. \* | 17300 | 684388 |
|  Bio-Techne Corp. | 4100 | 241121 |
|  Glaukos Corp. \* | 4940 | 557775 |
|  iRadimed Corp. | 3450 | 335616 |
|  STERIS, PLC | 975 | 247182 |
|  Supernus Pharmaceuticals, Inc. \* | 12250 | 608825 |
|  TG Therapeutics, Inc. \* | 7945 | 236841 |
|  Vericel Corp. \* | 10825 | 389808 |
|  |  | 3301556 |
|  **Industrial Services - 12.5%** | **Industrial Services - 12.5%** |  |
|  Argan, Inc. | 5500 | 1723260 |
|  DT Midstream, Inc. | 5600 | 670208 |
|  EMCOR Group, Inc. | 1850 | 1131811 |
|  Golar LNG, Ltd. | 10650 | 396287 |
|  Kodiak Gas Services, Inc. | 18400 | 688160 |
|  TechnipFMC, PLC | 19550 | 871148 |
|  |  | 5480874 |
|  **Non-Energy Minerals - 3.1%** | **Non-Energy Minerals - 3.1%** |  |
|  Commercial Metals Co. | 3950 | 273419 |
|  Eagle Materials, Inc. | 2075 | 428861 |
|  James Hardie Industries, PLC \* | 5893 | 122280 |
|  MP Materials Corp. \* | 10600 | 535512 |
|  |  | 1360072 |
|  **Process Industries - 4.1%** | **Process Industries - 4.1%** |  |
|  Avient Corp. | 8900 | 278036 |
|  Cabot Corp. | 4325 | 286661 |
|  CSW Industrials, Inc. | 1200 | 352236 |
|  Olin Corp. | 11500 | 239545 |
|  Silgan Holdings, Inc. | 11400 | 460218 |
|  Stepan Co. | 3325 | 157472 |
|  |  | 1774168 |
|  **Producer Manufacturing - 15.2%** | **Producer Manufacturing - 15.2%** |  |
|  AeroVironment, Inc. \* | 2775 | 671245 |
|  AZZ, Inc. | 3650 | 391207 |
|  Belden, Inc. | 3175 | 370046 |
|  BWX Technologies, Inc. | 3150 | 544446 |
|  Carlisle Cos., Inc. | 775 | 247891 |
|  Crane Co. | 3275 | 604008 |
|  Crane NXT Co. | 3275 | 154154 |
|  Donaldson Co., Inc. | 4700 | 416702 |
|  EnPro, Inc. | 1900 | 406847 |
|  Flowserve Corp. | 12475 | 865516 |
|  Hubbell, Inc. | 1225 | 544035 |
|  Huntington Ingalls Industries, Inc. | 1625 | 552614 |
|  Lincoln Electric Holdings, Inc. | 1075 | 257613 |
|  Regal Rexnord Corp. | 2900 | 406928 |
|  Zurn Water Solutions Corp. | 4700 | 218503 |
|  |  | 6651755 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **16** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Retail Trade - 2.0%** |  |  |
|  Boot Barn Holdings, Inc. \* | 1810 | 319410 |
|  Casey's General Stores, Inc. | 1025 | 566528 |
|  |  | 885938 |
|  **Technology Services - 2.5%** |  |  |
|  Genpact, Ltd. | 13325 | 623344 |
|  Globant SA \* | 2625 | 171596 |
|  nCino, Inc. \* | 11535 | 295757 |
|  |  | 1090697 |
|  **Transportation - 1.3%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 3700 | 193436 |
|  TFI International, Inc. | 3475 | 359141 |
|  |  | 552577 |
|  **Utilities - 1.4%** |  |  |
|  Chesapeake Utilities Corp. | 3075 | 383637 |
|  IDACORP, Inc. | 1750 | 221480 |
|  |  | 605117 |
|  **Total Common Stocks<br>(cost: $28,702,770)** |  | 41777794 |
|  **Short-Term Securities - 4.5%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $1,967,791)** | 1967791 | 1967791 |
|  **Total Investments in Securities - 99.9%<br>(cost $30,670,561)** |  | 43745585 |
|  **Other Assets and Liabilities, net - 0.1%** |  | 28050 |
|  **Net Assets - 100.0%** |  | $43773635 |

---

\* 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 December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** | **Level 2** | **Level 3** | |
|  | Quoted<br>Prices ($) | Other significant<br>observable inputs ($) | Significant<br> unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 41777794 |  |  | 41777794 |
|  Short-Term Securities | 1967791 |  |  | 1967791 |
|  Total: | 43745585 |  |  | 43745585 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **17** |

---

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 99.2%** |  |  |
|  **Commercial Services - 3.4%** |  |  |
|  ASGN, Inc. <sup>\*</sup> | 17500 | 842975 |
|  Booz Allen Hamilton Holding Corp. | 13150 | 1109334 |
|  Colliers International Group, Inc. | 11050 | 1624461 |
|  FTI Consulting, Inc. <sup>\*</sup> | 3075 | 525302 |
|  |  | 4102072 |
|  **Communications - 0.5%** |  |  |
|  Iridium Communications, Inc. | 35900 | 623942 |
|  **Consumer Durables - 2.3%** |  |  |
|  IMAX Corp. <sup>\*</sup> | 26125 | 965580 |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 4075 | 1043322 |
|  YETI Holdings, Inc. <sup>\*</sup> | 15850 | 700095 |
|  |  | 2708997 |
|  **Consumer Non-Durables - 0.5%** |  |  |
|  Sensient Technologies Corp. | 6775 | 636511 |
|  **Consumer Services - 1.7%** |  |  |
|  Adtalem Global Education, Inc. <sup>\*</sup> | 9475 | 980378 |
|  Nexstar Media Group, Inc. | 5350 | 1086318 |
|  |  | 2066696 |
|  **Electronic Technology - 17.1%** |  |  |
|  Arista Networks, Inc. <sup>\*</sup> | 48900 | 6407367 |
|  Ciena Corp. <sup>\*</sup> | 14150 | 3309261 |
|  Coherent Corp. <sup>\*</sup> | 17675 | 3262275 |
|  Entegris, Inc. | 5249 | 442228 |
|  MKS, Inc. | 13400 | 2141320 |
|  Monolithic Power Systems, Inc. | 5025 | 4554459 |
|  Synopsys, Inc. <sup>\*</sup> | 1002 | 470659 |
|  |  | 20587569 |
|  **Energy Minerals - 0.7%** |  |  |
|  Northern Oil & Gas, Inc. | 39300 | 843771 |
|  **Finance - 6.3%** |  |  |
|  Air Lease Corp. | 9600 | 616608 |
|  Artisan Partners Asset Management, Inc. | 25750 | 1049055 |
|  Axis Capital Holdings, Ltd. | 22125 | 2369366 |
|  Columbia Banking System, Inc. | 11625 | 324919 |
|  Hanover Insurance Group, Inc. | 3200 | 584864 |
|  Old National Bancorp | 38250 | 853357 |
|  Stifel Financial Corp. | 11800 | 1477596 |
|  Western Alliance Bancorp | 3600 | 302652 |
|  |  | 7578417 |
|  **Health Services - 3.5%** |  |  |
|  Addus HomeCare Corp. <sup>\*</sup> | 15250 | 1637697 |
|  Encompass Health Corp. | 13525 | 1435544 |
|  Tenet Healthcare Corp. <sup>\*</sup> | 5800 | 1152576 |
|  |  | 4225817 |
|  **Health Technology - 14.1%** |  |  |
|  Align Technology, Inc. <sup>\*</sup> | 2150 | 335723 |
|  Arcutis Biotherapeutics, Inc. <sup>\*</sup> | 10600 | 307824 |
|  ARS Pharmaceuticals, Inc. <sup>\*</sup> | 73100 | 851615 |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 6300 | 1343412 |
|  AtriCure, Inc. <sup>\*</sup> | 60800 | 2405248 |
|  Bio-Techne Corp. | 14800 | 870388 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Establishment Labs Holdings, Inc. <sup>\*</sup> | 17900 | 1304552 |
|  Exact Sciences Corp. <sup>\*</sup> | 8600 | 873416 |
|  Glaukos Corp. <sup>\*</sup> | 14565 | 1644534 |
|  Insulet Corp. <sup>\*</sup> | 3525 | 1001946 |
|  PROCEPT BioRobotics Corp. <sup>\*</sup> | 28700 | 902902 |
|  STERIS, PLC | 3475 | 880982 |
|  Supernus Pharmaceuticals, Inc. <sup>\*</sup> | 34200 | 1699740 |
|  TG Therapeutics, Inc. <sup>\*</sup> | 8150 | 242951 |
|  TransMedics Group, Inc. <sup>\*</sup> | 11025 | 1341191 |
|  Vericel Corp. <sup>\*</sup> | 25975 | 935360 |
|  |  | 16941784 |
|  **Industrial Services - 13.7%** |  |  |
|  Argan, Inc. | 14525 | 4550973 |
|  EMCOR Group, Inc. | 5850 | 3578971 |
|  Golar LNG, Ltd. | 33600 | 1250256 |
|  Kodiak Gas Services, Inc. | 49050 | 1834470 |
|  TechnipFMC, PLC | 61580 | 2744005 |
|  Waste Connections, Inc. | 14025 | 2459424 |
|  |  | 16418099 |
|  **Non-Energy Minerals - 4.2%** |  |  |
|  Eagle Materials, Inc. | 10300 | 2128804 |
|  James Hardie Industries, PLC <sup>\*</sup> | 25022 | 519207 |
|  MP Materials Corp. <sup>\*</sup> | 33350 | 1684842 |
|  Trex Co., Inc. <sup>\*</sup> | 20825 | 730541 |
|  |  | 5063394 |
|  **Process Industries - 1.7%** |  |  |
|  CSW Industrials, Inc. | 3650 | 1071385 |
|  Olin Corp. | 19775 | 411913 |
|  UFP Technologies, Inc. <sup>\*</sup> | 2550 | 566176 |
|  |  | 2049474 |
|  **Producer Manufacturing - 15.2%** |  |  |
|  AAR Corp. <sup>\*</sup> | 3525 | 291835 |
|  AeroVironment, Inc. <sup>\*</sup> | 6650 | 1608569 |
|  AZZ, Inc. | 18450 | 1977471 |
|  Belden, Inc. | 13600 | 1585080 |
|  Carlisle Cos., Inc. | 2200 | 703692 |
|  Crane Co. | 13700 | 2526691 |
|  Crane NXT Co. | 19075 | 897860 |
|  Donaldson Co., Inc. | 17275 | 1531601 |
|  Flowserve Corp. | 27475 | 1906216 |
|  Hubbell, Inc. | 4375 | 1942981 |
|  Lincoln Electric Holdings, Inc. | 5400 | 1294056 |
|  Regal Rexnord Corp. | 8340 | 1170269 |
|  Zurn Water Solutions Corp. | 19325 | 898419 |
|  |  | 18334740 |
|  **Retail Trade - 4.5%** |  |  |
|  Boot Barn Holdings, Inc. <sup>\*</sup> | 6775 | 1195584 |
|  Casey's General Stores, Inc. | 4300 | 2376653 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 3050 | 1845281 |
|  |  | 5417518 |
|  **Technology Services - 5.8%** |  |  |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 5050 | 384355 |
|  Globant SA <sup>\*</sup> | 11350 | 741950 |
|  HubSpot, Inc. <sup>\*</sup> | 3175 | 1274127 |
|  nCino, Inc. <sup>\*</sup> | 35375 | 907015 |
|  PTC, Inc. <sup>\*</sup> | 14500 | 2526045 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **18** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Sportradar Group AG <sup>\*</sup> | 47575 | 1130858 |
|  |  | 6964350 |
|  **Transportation - 3.0%** |  |  |
|  Alaska Air Group, Inc. <sup>\*</sup> | 17675 | 889052 |
|  Knight-Swift Transportation Holdings, Inc. | 18725 | 978943 |
|  TFI International, Inc. | 16525 | 1707859 |
|  |  | 3575854 |
|  **Utilities - 1.0%** |  |  |
|  Chesapeake Utilities Corp. | 4925 | 614443 |
|  IDACORP, Inc. | 4850 | 613816 |
|  |  | 1228259 |
|  **Total Common Stocks<br>(cost: $61,008,987)** |  | 119367264 |
|  **Short-Term Securities - 0.9%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $1,053,282)** | 1053282 | 1053282 |
|  **Total Investments in Securities - 100.1%<br>(cost $62,062,269)** |  | 120420546 |
|  **Other Assets and Liabilities, net - (0.1)%** |  | (128472) |
|  **Net Assets - 100.0%** |  | $120292074 |

---

\* 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 December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | Level 2<br>Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks\*\* | 119367264 |  |  | 119367264 |
|  Short-Term Securities | 1053282 |  |  | 1053282 |
|  Total: | 120420546 |  |  | 120420546 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **19** |

---

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit International Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 97.9%** |  |  |
|  **Asia - 22.9%** |  |  |
|  **Australia - 4.6%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 1425 | 231049 |
|  BHP Group, Ltd., ADR | 2900 | 175073 |
|  Lynas Rare Earths, Ltd. <sup>\*</sup> | 43175 | 358432 |
|  Macquarie Group, Ltd. | 2225 | 301722 |
|  Rio Tinto, PLC, ADR | 4400 | 352132 |
|  Westpac Banking Corp. | 4425 | 113987 |
|  |  | 1532395 |
|  **China/Hong Kong - 2.7%** |  |  |
|  AIA Group, Ltd. | 32200 | 330577 |
|  Baidu, Inc., ADR <sup>\*</sup> | 1075 | 140459 |
|  ENN Energy Holdings, Ltd. | 18400 | 163604 |
|  Ping An Insurance Group Co. of China, Ltd. | 33500 | 280433 |
|  |  | 915073 |
|  **India - 0.5%** |  |  |
|  HDFC Bank, Ltd., ADR | 4800 | 175392 |
|  **Japan - 8.3%** |  |  |
|  Keyence Corp. | 1000 | 361849 |
|  Mitsubishi Heavy Industries, Ltd. | 18000 | 441267 |
|  Recruit Holdings Co., Ltd. | 11200 | 632574 |
|  Sony Group Corp., ADR | 35325 | 904320 |
|  Terumo Corp. | 30300 | 439102 |
|  |  | 2779112 |
|  **Singapore - 4.3%** |  |  |
|  DBS Group Holdings, Ltd. | 17160 | 752402 |
|  Singapore Technologies Engineering, Ltd. | 104800 | 686492 |
|  |  | 1438894 |
|  **South Korea - 1.1%** |  |  |
|  Samsung Electronics Co., Ltd., GDR | 185 | 382210 |
|  **Taiwan - 1.4%** |  |  |
|  Hon Hai Precision Industry Co., Ltd., GDR | 11750 | 171315 |
|  Taiwan Semiconductor Co., ADR | 1000 | 303890 |
|  |  | 475205 |
|  **Europe - 59.3%** |  |  |
|  **Belgium - 3.2%** |  |  |
|  D'ieteren Group | 2800 | 506417 |
|  UCB SA | 2025 | 567816 |
|  |  | 1074233 |
|  **Denmark - 1.9%** |  |  |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 1690 | 360376 |
|  Novo Nordisk A/S, ADR | 5825 | 296376 |
|  |  | 656752 |
|  **France - 11.0%** |  |  |
|  AXA SA | 11750 | 565600 |
|  Dassault Systemes SE | 11700 | 327796 |
|  Elis SA | 12125 | 345688 |
|  Safran SA | 2590 | 905217 |
|  Schneider Electric SE | 3970 | 1095936 |
|  Societe Generale SA | 5525 | 446198 |
|  |  | 3686435 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Germany - 9.2%** |  |  |
|  Allianz SE | 1685 | 773273 |
|  Deutsche Post AG | 6550 | 359707 |
|  Infineon Technologies AG | 5950 | 263825 |
|  Muenchener Rueckversicherungs AG | 800 | 528558 |
|  Rheinmetall AG | 165 | 302690 |
|  Siemens AG | 3100 | 871252 |
|  |  | 3099305 |
|  **Ireland - 2.2%** |  |  |
|  CRH, PLC | 2800 | 349440 |
|  Linde, PLC | 500 | 213195 |
|  STERIS, PLC | 825 | 209154 |
|  |  | 771789 |
|  **Luxembourg - 0.9%** |  |  |
|  Spotify Technology SA <sup>\*</sup> | 500 | 290355 |
|  **Netherlands - 3.7%** |  |  |
|  Adyen NV <sup>\*,</sup> <sup>4</sup> | 84 | 135736 |
|  ASML Holding NV | 1025 | 1096606 |
|  |  | 1232342 |
|  **Spain - 3.0%** |  |  |
|  Iberdrola SA | 45900 | 996033 |
|  **Sweden - 0.6%** |  |  |
|  Hexagon AB | 16200 | 192679 |
|  **Switzerland - 7.3%** |  |  |
|  Galderma Group AG | 1350 | 276272 |
|  Lonza Group AG | 590 | 400583 |
|  Nestle SA | 3600 | 357864 |
|  On Holding AG <sup>\*</sup> | 8625 | 400890 |
|  Partners Group Holding AG | 430 | 533306 |
|  TE Connectivity, PLC | 1100 | 250261 |
|  Ypsomed Holding AG | 510 | 211186 |
|  |  | 2430362 |
|  **United Kingdom - 16.3%** |  |  |
|  AstraZeneca, PLC, ADR | 10125 | 930791 |
|  BAE Systems, PLC | 28250 | 652684 |
|  Coca-Cola Europacific Partners, PLC | 5400 | 489780 |
|  Compass Group, PLC | 10625 | 338571 |
|  Diageo, PLC, ADR | 1840 | 158737 |
|  Entain, PLC | 27600 | 285201 |
|  London Stock Exchange Group, PLC | 4200 | 506808 |
|  Man Group, PLC | 93600 | 288673 |
|  Reckitt Benckiser Group, PLC | 3100 | 250802 |
|  RELX, PLC | 9750 | 397370 |
|  Rentokil Initial, PLC | 47250 | 285016 |
|  Shell, PLC, ADR | 12250 | 900130 |
|  |  | 5484563 |
|  **Latin America - 0.7%** |  |  |
|  **Argentina - 0.7%** |  |  |
|  Globant SA <sup>\*</sup> | 2050 | 134009 |
|  MercadoLibre, Inc. <sup>\*</sup> | 40 | 80570 |
|  |  | 214579 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **20** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **North America - 15.0%** |  |  |
|  **Canada - 3.3%** |  |  |
|  Alimentation Couche-Tard, Inc. | 7400 | 404141 |
|  Colliers International Group, Inc. | 1600 | 235216 |
|  Waste Connections, Inc. | 2750 | 482240 |
|  |  | 1121597 |
|  **United States - 11.7%** |  |  |
|  Broadcom, Inc. | 10250 | 3547525 |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 1375 | 104651 |
|  Mondelez International, Inc. | 4800 | 258384 |
|  |  | 3910560 |
|  **Total Common Stocks<br>(cost: $17,334,528)** |  | 32859865 |
|  **Investment Companies 0.5%** |  |  |
|  iShares MSCI India ETF<br>**(cost $95,267)** | 3200 | 172960 |
|  **Short-Term Securities - 1.3%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $430,552)** | 430552 | 430552 |
|  **Total Investments in Securities - 99.7%<br>(cost $17,860,347)** |  | 33463377 |
|  **Other Assets and Liabilities, net - 0.3%** |  | 112060 |
|  **Net Assets - 100.0%** |  | $33575437 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2025 was $135,736 and represented 0.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **21** |

---

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit International Growth Fund (Continued)

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices ($)  | **Level 2**<br> Other significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unobservable inputs ($)  | Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 214579 |  |  | 214579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 1532395 |  |  | 1532395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1074233 |  |  | 1074233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1121597 |  |  | 1121597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 915073 |  |  | 915073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 656752 |  |  | 656752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 3686435 |  |  | 3686435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3099305 |  |  | 3099305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 175392 |  |  | 175392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 771789 |  |  | 771789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2779112 |  |  | 2779112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 290355 |  |  | 290355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1232342 |  |  | 1232342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1438894 |  |  | 1438894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 382210 |  |  | 382210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 996033 |  |  | 996033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 192679 |  |  | 192679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2430362 |  |  | 2430362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 475205 |  |  | 475205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5484563 |  |  | 5484563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 3910560 |  |  | 3910560 |
|  Investment Companies | 172960 |  |  | 172960 |
|  Short-Term Securities | 430552 |  |  | 430552 |
|  Total: | 33463377 |  |  | 33463377 |

---

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs).

There were no transfers into or out of level 3 during the reporting period.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **22** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

[This page is intentionally left blank.]

 <br> DECEMBER 31, 2025 23

------

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2025

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 91.4%** |  |  |
|  **Africa/Middle East - 6.8%** |  |  |
|  **Israel - 0.5%** |  |  |
|  NICE, Ltd., ADR <sup>\*</sup> | 500 | 56520 |
|  **South Africa** - **6.3%** |  |  |
|  Bid Corp., Ltd. | 7725 | 196796 |
|  Bidvest Group, Ltd. | 5525 | 79235 |
|  Naspers, Ltd. | 7125 | 475220 |
|  |  | 751251 |
|  **Asia - 68.0%** |  |  |
|  **Australia - 1.0%** |  |  |
|  Rio Tinto, PLC, ADR | 1425 | 114043 |
|  **China/Hong Kong** - **20.3%** |  |  |
|  AIA Group, Ltd. | 21400 | 219700 |
|  Alibaba Group Holding, Ltd., ADR | 1015 | 148779 |
|  Baidu, Inc., ADR <sup>\*</sup> | 925 | 120861 |
|  ENN Energy Holdings, Ltd. | 19800 | 176052 |
|  Hong Kong Exchanges & Clearing, Ltd. | 5100 | 267100 |
|  Meituan <sup>\*,</sup> <sup>4</sup> | 6820 | 90522 |
|  Ping An Insurance Group Co. of China, Ltd. | 26900 | 225183 |
|  Pop Mart International Group, Ltd. <sup>4</sup> | 2200 | 53059 |
|  Sands China, Ltd. | 42400 | 106780 |
|  Sinopharm Group Co., Ltd. | 44900 | 112153 |
|  Tencent Holdings, Ltd. | 8200 | 631118 |
|  Trip.com Group, Ltd., ADR | 3275 | 235505 |
|  |  | 2386812 |
|  **India** - **3.3%** |  |  |
|  HDFC Bank, Ltd., ADR | 8750 | 319725 |
|  MakeMyTrip, Ltd. <sup>\*</sup> | 800 | 65696 |
|  |  | 385421 |
|  **Indonesia** - **2.4%** |  |  |
|  Astra International Tbk PT | 176000 | 70717 |
|  XLSMART Telecom Sejahtera Tbk PT | 948800 | 213373 |
|  |  | 284090 |
|  **Singapore** - **8.7%** |  |  |
|  DBS Group Holdings, Ltd. | 7900 | 346385 |
|  Flex, Ltd. <sup>\*</sup> | 4000 | 241680 |
|  Sea, Ltd, ADR <sup>\*</sup> | 1225 | 156273 |
|  Singapore Technologies Engineering, Ltd. | 44000 | 288222 |
|  |  | 1032560 |
|  **South Korea** - **11.9%** |  |  |
|  LG Chem, Ltd. | 130 | 30051 |
|  NAVER Corp. | 450 | 75752 |
|  Samsung Electronics Co., Ltd. | 9410 | 783214 |
|  Shinhan Financial Group Co., Ltd. | 4150 | 221537 |
|  SK Hynix, Inc. | 650 | 293742 |
|  |  | 1404296 |
|  **Taiwan** - **18.7%** |  |  |
|  Cathay Financial Holding Co., Ltd. | 88784 | 214186 |
|  Hon Hai Precision Industry Co., Ltd., GDR | 16625 | 242393 |
|  Taiwan Semiconductor Co. | 35482 | 1750357 |
|  |  | 2206936 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Thailand - 1.7%** |  |  |
|  Bangkok Bank PCL | 36500 | 196374 |
|  **Europe - 1.0%** |  |  |
|  **Netherlands - 1.0%** |  |  |
|  Prosus NV | 1940 | 120492 |
|  **Latin America - 5.8%** |  |  |
|  **Argentina - 1.6%** |  |  |
|  Globant SA <sup>\*</sup> | 1175 | 76810 |
|  MercadoLibre, Inc. <sup>\*</sup> | 55 | 110784 |
|  |  | 187594 |
|  **Brazil - 0.9%** |  |  |
|  Banco Bradesco SA | 30350 | 100746 |
|  **Chile - 1.2%** |  |  |
|  Banco Santander Chile, ADR | 4700 | 146217 |
|  **Peru - 2.1%** |  |  |
|  Southern Copper Corp. | 1704 | 244473 |
|  **North America - 9.8%** |  |  |
|  **Mexico - 1.4%** |  |  |
|  Fomento Economico Mexicano, ADR | 1575 | 159185 |
|  **United States - 8.4%** |  |  |
|  Broadcom, Inc. | 2875 | 995038 |
|  **Total Common Stocks<br>(cost: $5,064,040)** |  | 10772048 |
|  **Investment Companies 4.5%** |  |  |
|  iShares MSCI India ETF<br>**(cost $292,601)** | 9750 | 526988 |
|  **Short-Term Securities - 4.1%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 3.67%<br>**(cost $480,424)** | 480424 | 480424 |
|  **Total Investments in Securities - 100.0%<br>(cost $5,837,065)** |  | 11779460 |
|  **Other Assets and Liabilities, net - 0.0%** |  | 3758 |
|  **Net Assets - 100.0%** |  | $11783218 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2025 was $143,581 and represented 1.2% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **24** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A summary of the levels for the Fund's investments as of December 31, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices ($)  | **Level 2**<br> Other significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;observable inputs ($)  | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 187594 |  |  | 187594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 114043 |  |  | 114043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 100746 |  |  | 100746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 146217 |  |  | 146217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 2386812 |  |  | 2386812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 385421 |  |  | 385421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 284090 |  |  | 284090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 56520 |  |  | 56520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 159185 |  |  | 159185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 120492 |  |  | 120492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 244473 |  |  | 244473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1032560 |  |  | 1032560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 751251 |  |  | 751251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1404296 |  |  | 1404296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2206936 |  |  | 2206936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 196374 |  | 196374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 995038 |  |  | 995038 |
|  Investment Companies | 526988 |  |  | 526988 |
|  Short-Term Securities | 480424 |  |  | 480424 |
|  Total: | 11583086 | 196374 |  | 11779460 |

---

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs).

There were no transfers into or out of level 3 during the reporting period.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **25** |

---

------

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sit**<br> **Balanced** <br>**Fund** | **Sit**<br> **Dividend** <br>**Growth**<br>**Fund** | **Sit**<br>**Global<br> Dividend** <br>**Growth**<br>**Fund** | **Sit**<br>**Large Cap<br>Growth<br>Fund** | **Sit**<br>**ESG**<br>**Growth<br>Fund** |
|  **ASSETS** |  |  |  |  |  |
|  Investments in securities, at identified cost | $43435447 | $158159255 | $23932835 | $77501867 | $5867612 |
|  Investments in securities, at fair value - see accompanying<br>schedule for detail | $75102179 | $229672602 | $60251184 | $261036804 | $13929494 |
|  Cash in bank on demand deposit | 155532 |  | 7 |  | 247 |
|  Accrued interest and dividends receivable | 233910 | 199510 | 150769 | 68285 | 21437 |
|  Receivable for Fund shares sold | 138329 | 98698 | 1227 | 77888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 75629950 | 229970810 | 60403187 | 261182977 | 13951178 |
|  **LIABILITIES** |  |  |  |  |  |
|  Payable for investment securities purchased | 11399 | 121338 |  |  |  |
|  Payable for Fund shares redeemed | 7065 | 36374 |  |  |  |
|  Cash portion of dividends payable to shareholders |  | 5 |  | 104 |  |
|  Accrued investment management fees and advisory fees | 54509 | 147887 | 54961 | 237062 | 12627 |
|  Accrued Rule 12b-1 fees (Class S) |  | 3991 | 1230 |  | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 72973 | 309595 | 56191 | 237166 | 14097 |
|  Net assets applicable to outstanding capital stock | $75556977 | $229661215 | $60346996 | $260945811 | $13937081 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital (par value and paid-in surplus) | $43642886 | $141705563 | $22226264 | $72606356 | $5827458 |
|  Total distributable earnings (loss), including unrealized<br>appreciation (depreciation) | 31914091 | 87955652 | 38120732 | 188339455 | 8109623 |
|  | $75556977 | $229661215 | $60346996 | $260945811 | $13937081 |
|  Outstanding shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | 1939867 | 12549426 | 1715144 | 3013695 | 283406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 1041891 | 170294 |  | 249555 |
|  Net assets applicable to outstanding shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | $75556977 | $212191849 | $54902219 | $260945811 | $7444014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 17469366 | 5444777 |  | 6493067 |
|  Net asset value per share of outstanding capital stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | $38.95 | $16.91 | $32.01 | $86.59 | $26.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 16.77 | 31.97 |  | 26.02 |

---

\* Dividend Growth, Global Dividend Growth and ESG Growth Funds offer multiple share classes (I and S). All other Funds offer a single share class.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **26** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sit**<br> **Mid Cap** <br>**Growth**<br>**Fund** | **Sit**<br>**Small Cap<br> Dividend <br>Growth**<br>**Fund** | **Sit**<br>**Small Cap<br> Growth** <br>**Fund** | **Sit<br>International<br>Growth**<br>**Fund** | **Sit**<br>**Developing<br>Markets<br>Growth**<br>**Fund** |
|  **ASSETS** |  |  |  |  |  |
|  Investments in securities, at identified cost | $82789017 | $30670561 | $62062269 | $17860347 | $5837065 |
|  Investments in securities, at fair value - see accompanying<br>schedule for detail | $217262646 | $43745585 | $120420546 | $33463377 | $11779460 |
|  Cash in bank on demand deposit |  |  | 130 | 10 | 1 |
|  Accrued interest and dividends receivable | 64992 | 59944 | 77295 | 137157 | 11904 |
|  Receivable for Fund shares sold | 2842 | 3830 | 2497 | 615 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 217330480 | 43809359 | 120500468 | 33601159 | 11793029 |
|  **LIABILITIES** |  |  |  |  |  |
|  Payable for Fund shares redeemed | 60000 |  | 41660 |  |  |
|  Accrued investment management fees and advisory fees | 249083 | 34149 | 166734 | 25722 | 9811 |
|  Accrued Rule 12b-1 fees (Class S) |  | 1575 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 309083 | 35724 | 208394 | 25722 | 9811 |
|  Net assets applicable to outstanding capital stock | $217021397 | $43773635 | $120292074 | $33575437 | $11783218 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital (par value and paid-in surplus) | $77901970 | $30234310 | $59686713 | $18161848 | $5831450 |
|  Total distributable earnings (loss), including unrealized<br>appreciation (depreciation) | 139119427 | 13539325 | 60605361 | 15413589 | 5951768 |
|  | $217021397 | $43773635 | $120292074 | $33575437 | $11783218 |
|  Outstanding shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | 8501815 | 1969419 | 1769041 | 1281274 | 506406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 364440 |  |  |  |
|  Net assets applicable to outstanding shares: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | $217021397 | $36941232 | $120292074 | $33575437 | $11783218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 6832403 |  |  |  |
|  Net asset value per share of outstanding capital stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup> | $25.53 | $18.76 | $68.00 | $26.20 | $23.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup> |  | 18.75 |  |  |  |

---

\* Small Cap Dividend Growth Fund offer multiple share classes (I and S). All other Funds offer a single share class.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **27** |

---

------

STATEMENTS OF OPERATIONS (Unaudited)

Six Months Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Sit**<br>**Balanced**<br>**Fund** |<br>**Sit**<br>**Dividend**<br>**Growth**<br>**Fund** | **Sit**<br>**Global**<br>**Dividend**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**Large Cap**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**ESG**<br>**Growth**<br>**Fund** |
|  **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>\*</sup> | $288753 | $1977101 | $375830 | $879568 | $71952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends |  |  |  | 48840 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 565296 | 34193 | 31205 | 107352 | 11198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 854049 | 2011294 | 407035 | 1035760 | 91198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses (note 4):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management and advisory service fee |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 340811 | 968734 | 325176 | 1283629 | 43517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  | 78494 | 31142 |  | 36914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment management fee | 340811 | 1047228 | 356318 | 1283629 | 80431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees (Class S) |  | 21790 | 6679 |  | 7922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 340811 | 1069018 | 362997 | 1283629 | 88353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees and expenses waived by investment adviser | (48152) | (232605) | (50822) |  | (11430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net expenses | 292659 | 836413 | 312175 | 1283629 | 76923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 561390 | 1174881 | 94860 | (247869) | 14275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized and unrealized gain (loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 940949 | 22390171 | 1797938 | 5127651 | 73340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  | 279 |  | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 4521728 | 844804 | 2848533 | 22358280 | 1090808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 5462677 | 23234975 | 4646750 | 27485931 | 1164051 |
|  Net increase (decrease) in net assets resulting from operations | $6024067 | $24409856 | $4741610 | $27238062 | $1178326 |
|  <br> \* Foreign taxes withheld on dividends received | $131 |  | $4353 | $530 | $1466 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **28** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF OPERATIONS (Unaudited)

Six Months Ended December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**Sit**<br>**Mid Cap**<br>**Growth**<br>**Fund** | **Sit**<br>**Small Cap**<br>**Dividend**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**Small Cap**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**International**<br>**Growth**<br>**Fund** | **Sit**<br>**Developing**<br>**Markets**<br>**Growth**<br>**Fund** |
|  **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>\*</sup> | $748375 | $346700 | $443046 | $183971 | $84215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends |  |  |  | 26141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 139782 | 45868 | 48104 | 6906 | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 888157 | 392568 | 491150 | 217018 | 88082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses (note 4):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management and advisory service fee |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | 1378176 | 196248 | 912433 | 213396 | 89835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Shares |  | 38831 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment management fee | 1378176 | 235079 | 912433 | 213396 | 89835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees (Class S) |  | 8697 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1378176 | 243776 | 912433 | 213396 | 89835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees and expenses waived by investment adviser |  | (55322) |  | (72012) | (37686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net expenses | 1378176 | 188454 | 912433 | 141384 | 52149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (490019) | 204114 | (421283) | 756345 | 35933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized and unrealized gain (loss):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 10058880 | 474589 | 6752807 | (88095) | 167935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  |  | 1110 | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 3602701 | 2964931 | 4592185 | 2056138 | 1702304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 13661581 | 3439520 | 11344992 | 1969153 | 1869909 |
|  Net increase (decrease) in net assets resulting from operations | $13171562 | $3643634 | $10923709 | $2044787 | $1905842 |
|  <br> *\** Foreign taxes withheld on dividends received | $3890 | $927 | $6514 | $10959 | $11859 |

---

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **29** |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit Balanced Fund** | **Sit Balanced Fund** | **Sit Dividend Growth Fund** | **Sit Dividend Growth Fund** |
|  | **Six Months**<br>**Ended**<br>**December**<br>**31, 2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**December**<br>**31, 2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $561390 | $1010931 | $1174881 | $2695732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 940949 | 1275930 | 22390171 | 24952202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and<br>foreign currency transactions | 4521728 | 4248674 | 844804 | 1845903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 6024067 | 6535535 | 24409856 | 29493837 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (2272347) | (1675330) | (19551966) | (24959400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) |  |  | (1583491) | (2285708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (2272347) | (1675330) | (21135457) | (27245108) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 5520343 | 8912422 | 4189575 | 12433902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 192780 | 800836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 1929796 | 1421048 | 17501168 | 22510260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 1546762 | 2241965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (4234888) | (10938960) | (42616046) | (29283859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (1026396) | (7629988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | 3215251 | (605490) | (20212157) | 1073116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 6966971 | 4254715 | (16937758) | 3321845 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 68590006 | 64335291 | 246598973 | 243277128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $75556977 | $68590006 | $229661215 | $246598973 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 141053 | 255008 | 238357 | 760323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 11002 | 49261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 50182 | 40285 | 1042139 | 1401323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 92915 | 140519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (108850) | (317094) | (2504641) | (1777507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (59149) | (473314) |
|  Net increase (decrease) | 82385 | (21801) | (1179377) | 100605 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **30** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit Global Dividend Growth Fund** | **Sit Global Dividend Growth Fund** | **Sit Large Cap Growth Fund** | **Sit Large Cap Growth Fund** |
|  | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**December 31,<br>2025<br>(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $94860 | $488606 | 247869) | 219982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 1798217 | 899292 | 5127651 | 5882760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and<br>foreign currency transactions | 2848533 | 5526217 | 22358280 | 17957771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4741610 | 6914115 | 27238062 | 23620549 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (700011) | (1169200) | (5470032) | (8975525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) | (59883) | (112522) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (759894) | (1281722) | (5470032) | (8975525) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 578095 | 2031862 | 4506299 | 20778570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 100349 | 1153696 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 558017 | 959740 | 4505413 | 7402366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 20128 | 43245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (3259856) | (1248134) | (10088497) | (16683811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (188751) | (1130039) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (2192018) | 1810370 | (1076785) | 11497125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 1789698 | 7442763 | 20691245 | 26142149 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 58557298 | 51114535 | 240254566 | 214112417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $60346996 | $58557298 | $260945811 | $240254566 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 18637 | 71432 | 54621 | 280685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 3254 | 40891 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 17890 | 33967 | 52682 | 93796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 646 | 1524 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (101800) | (44747) | (118580) | (224276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (6167) | (40910) |  |  |
|  Net increase (decrease) | (67540) | 62157 | (11277) | 150205 |

---

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **31** |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit ESG Growth Fund** | **Sit ESG Growth Fund** | **Sit Mid Cap Growth Fund** | **Sit Mid Cap Growth Fund** |
|  | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**December 31,<br>2025<br>(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $14275 | $57141 | ($490019) | ($810158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 73243 | 145735 | 10058880 | 2887794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and<br>foreign currency transactions | 1090808 | 1538237 | 3602701 | 20729872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1178326 | 1741113 | 13171562 | 22807508 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (88347) | (36809) | (7201117) | (8003648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) | (63099) | (19191) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (151446) | (56000) | (7201117) | (8003648) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 6197 | 395321 | 236017 | 1964348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 81049 | 19824 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 14337 | 6543 | 5051327 | 5656062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 7978 | 2288 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (213240) | (360166) | (5788691) | (14056180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (27097) | (32914) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (130776) | 30896 | (501347) | (6435770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 896104 | 1716009 | 5469098 | 8368090 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 13040977 | 11324968 | 211552299 | 203184209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $13937081 | $13040977 | $217021397 | $211552299 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 243 | 17353 | 9175 | 81891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 3140 | 889 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 552 | 288 | 199028 | 225251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 310 | 102 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (8183) | (16455) | (221684) | (601751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (1071) | (1503) |  |  |
|  Net increase (decrease) | (5009) | 674 | (13481) | (294609) |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **32** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit Small Cap**<br>**Dividend Growth Fund** | **Sit Small Cap**<br>**Dividend Growth Fund** | **Sit Small Cap Growth Fund** | **Sit Small Cap Growth Fund** |
|  | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $204114 | $310207 | ($421283) | ($684672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 474589 | 810154 | 6752807 | 3639225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and<br>foreign currency transactions | 2964931 | 1663821 | 4592185 | 1943833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3643634 | 2784182 | 10923709 | 4898386 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (734590) | (430563) | (6365751) | (5328139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) | (127199) | (94633) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (861789) | (525196) | (6365751) | (5328139) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 3259157 | 8170094 | 311485 | 5599201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 133230 | 1143703 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 621265 | 343899 | 4438325 | 3716725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 38512 | 30816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (446596) | (1998579) | (3054939) | (7135209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (540209) | (402099) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net assets from capital transactions | 3065359 | 7287834 | 1694871 | 2180717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 5847204 | 9546820 | 6252829 | 1750964 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 37926431 | 28379611 | 114039245 | 112288281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $43773635 | $37926431 | $120292074 | $114039245 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 177148 | 468455 | 4529 | 80984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 7211 | 65303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 33118 | 20184 | 65030 | 54306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | 2056 | 1790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (24071) | (118562) | (43770) | (110201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) | (29106) | (24109) |  |  |
|  Net increase (decrease) | 166356 | 413061 | 25789 | 25089 |

---

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **33** |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit International Growth Fund** | **Sit International Growth Fund** | **Sit Developing Markets Growth Fund** | **Sit Developing Markets Growth Fund** |
|  | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** | **Six Months**<br>**Ended**<br>**December 31,<br>2025**<br>**(Unaudited)** |<br>**Year**<br>**Ended**<br>**June 30, 2025** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $75634 | $445873 | $35933 | $107352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (86985) | (4827) | 167605 | (115896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and<br>foreign currency transactions | 2056138 | 4284652 | 1702304 | 1642739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2044787 | 4725698 | 1905842 | 1634195 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (367001) | (960828) | (101000) | (369493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (367001) | (960828) | (101000) | (369493) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 143662 | 748984 | 502815 | 1139825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 241554 | 643844 | 78377 | 291124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (432299) | (1060629) | (567567) | (1796521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (47083) | 332199 | 13625 | (365572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 1630703 | 4097069 | 1818467 | 899130 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 31944734 | 27847665 | 9964751 | 9065621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $33575437 | $31944734 | $11783218 | $9964751 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 5561 | 32487 | 22489 | 62307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 9352 | 28705 | 3511 | 16383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (16595) | (46937) | (26089) | (103318) |
|  Net increase (decrease) | (1682) | 14255 | (89) | (24628) |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **34** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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(This page intentionally left blank)

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Balanced Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> December 31, 2025 | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
|  | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $36.93 | $34.23 | $28.76 | $26.86 | $32.85 | $26.37 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.30 | 0.53 | 0.49 | 0.38 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.91 | 3.05 | 5.42 | 2.84 | (4.86) | 6.71 |
|  Total from operations | 3.21 | 3.58 | 5.91 | 3.22 | (4.63) | 6.93 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.46) | (0.53) | (0.44) | (0.36) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.73) | (0.35) |  | (0.96) | (1.14) | (0.25) |
|  Total distributions | (1.19) | (0.88) | (0.44) | (1.32) | (1.36) | (0.45) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $38.95 | $36.93 | $34.23 | $28.76 | $26.86 | $32.85 |
|  Total investment return <sup>2</sup> | 8.76% | 10.58% | 20.81% | 12.53% | (14.87%) | 26.48% |
|  Net assets at end of period (000's omitted) | $75557 | $68590 | $64335 | $49452 | $48126 | $66243 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 0.93%<sup>4</sup> | 1.00%<sup>5</sup> | 1.00%<sup>5</sup> | 1.00%<sup>5</sup> | 1.00%<sup>5</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.80%<sup>4</sup> | 0.80%<sup>5</sup> | 0.80%<sup>5</sup> | 0.80%<sup>5</sup> | 0.91%<sup>5</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 1.40% | 1.32% | 1.38% | 1.22% | 0.62% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.53% | 1.52% | 1.58% | 1.42% | 0.71% |  |
|  Portfolio turnover rate (excluding short-term securities) | 9.44%<sup>6</sup> | 35.11% | 33.30% | 39.71% | 39.92% | 38.30% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>4</sup> Effective November 1, 2025, total Fund expenses are limited to 0.80% of average daily net assets. 

<sup>5</sup> Total Fund expenses are limited to 1.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>6</sup> Not annualized.

---

| | |
|:---|:---|
| **36** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I | Six Months Ended <br> December 31, 2025  | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.70 | $16.59 | $14.64 | $14.29 | $17.37 | $13.48 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.09 | 0.19 | 0.19 | 0.21 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.79 | 1.87 | 2.45 | 1.78 | (1.19) | 4.75 |
|  Total from operations | 1.88 | 2.06 | 2.64 | 1.99 | (0.95) | 4.96 |
|  **Redemption fee** |  |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.19) | (0.21) | (0.20) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.53) | (1.76) | (0.48) | (1.44) | (1.89) | (0.86) |
|  Total distributions | (1.67) | (1.95) | (0.69) | (1.64) | (2.13) | (1.07) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $16.91 | $16.70 | $16.59 | $14.64 | $14.29 | $17.37 |
|  Total investment return <sup>3</sup> | 11.34% | 13.00% | 18.70% | 14.76% | (7.27%) | 38.13% |
|  Net assets at end of period (000's omitted) | $212192 | $230078 | $222185 | $209856 | $191010 | $207378 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 0.90%<sup>5</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.70%<sup>5</sup> | 0.70%<sup>6</sup> | 0.70%<sup>6</sup> | 0.70%<sup>6</sup> | 0.70%<sup>6</sup> | 0.70%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.83% | 0.85% | 0.99% | 1.15% | 1.11% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.03% | 1.15% | 1.29% | 1.45% | 1.41% | 1.38% |
|  Portfolio turnover rate (excluding short-term securities) | 17.33%<sup>7</sup> | 48.72% | 41.64% | 51.49% | 58.96% | 42.93% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 0.70% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **37** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S | Six Months Ended <br> December 31, 2025  | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.57 | $16.47 | $14.54 | $14.20 | $17.27 | $13.40 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.07 | 0.15 | 0.16 | 0.17 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.76 | 1.86 | 2.42 | 1.77 | (1.17) | 4.73 |
|  Total from operations | 1.83 | 2.01 | 2.58 | 1.94 | (0.98) | 4.90 |
|  **Redemption fee** |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.15) | (0.17) | (0.16) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.53) | (1.76) | (0.48) | (1.44) | (1.89) | (0.86) |
|  Total distributions | (1.63) | (1.91) | (0.65) | (1.60) | (2.09) | (1.03) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $16.77 | $16.57 | $16.47 | $14.54 | $14.20 | $17.27 |
|  Total investment return <sup>3</sup> | 11.16% | 12.67% | 18.40% | 14.47% | (7.50%) | 37.87% |
|  Net assets at end of period (000's omitted) | $17469 | $16521 | $21092 | $21299 | $21915 | $31295 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.15%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.95%<sup>5</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.58% | 0.59% | 0.74% | 0.90% | 0.85% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.78% | 0.89% | 1.04% | 1.20% | 1.15% | 1.13% |
|  Portfolio turnover rate (excluding short-term securities) | 17.33%<sup>7</sup> | 48.72% | 41.64% | 51.49% | 58.96% | 42.93% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 0.95% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| **38** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Global Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I | Six Months Ended <br> December 31, 2025  | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $29.99 | $27.04 | $22.75 | $19.77 | $22.47 | $16.87 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.05 | 0.26 | 0.23 | 0.24 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.37 | 3.38 | 4.30 | 2.98 | (2.73) | 5.59 |
|  Total from operations | 2.42 | 3.64 | 4.53 | 3.22 | (2.52) | 5.79 |
|  **Redemption fee** |  |  | —<sup>2</sup> |  |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.17) | (0.25) | (0.24) | (0.24) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.23) | (0.44) |  |  |  |  |
|  Total distributions | (0.40) | (0.69) | (0.24) | (0.24) | (0.18) | (0.19) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $32.01 | $29.99 | $27.04 | $22.75 | $19.77 | $22.47 |
|  Total investment return <sup>3</sup> | 8.12% | 13.60% | 20.10% | 16.46% | (11.31%) | 34.61% |
|  Net assets at end of period (000's omitted) | $54902 | $53391 | $46497 | $43893 | $37057 | $41461 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.17%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 1.00%<sup>5</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.16% | 0.68% | 0.72% | 0.91% | 0.66% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.33% | 0.93% | 0.97% | 1.16% | 0.91% | 1.02% |
|  Portfolio turnover rate (excluding short-term securities) | 3.52%<sup>7</sup> | 3.52% | 3.42% | 6.09% | 4.64% | 11.55% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 1.00% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **39** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Global Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S | Six Months Ended <br> December 31, 2025  | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $29.94 | $27.00 | $22.71 | $19.74 | $22.45 | $16.85 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.01 | 0.19 | 0.17 | 0.19 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.37 | 3.37 | 4.30 | 2.96 | (2.73) | 5.60 |
|  Total from operations | 2.38 | 3.56 | 4.47 | 3.15 | (2.58) | 5.75 |
|  **Redemption fee** |  |  | —<sup>2</sup> |  |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.18) | (0.18) | (0.18) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.23) | (0.44) |  |  |  |  |
|  Total distributions | (0.35) | (0.62) | (0.18) | (0.18) | (0.13) | (0.15) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $31.97 | $29.94 | $27.00 | $22.71 | $19.74 | $22.45 |
|  Total investment return <sup>3</sup> | 7.99% | 13.30% | 19.85% | 16.13% | (11.58%) | 34.32% |
|  Net assets at end of period (000's omitted) | $5445 | $5167 | $4618 | $4034 | $3391 | $4093 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.42%<sup>5</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 1.25%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | (0.09%) | 0.44% | 0.47% | 0.66% | 0.39% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.08% | 0.69% | 0.72% | 0.91% | 0.64% | 0.77% |
|  Portfolio turnover rate (excluding short-term securities) | 3.52%<sup>7</sup> | 3.52% | 3.42% | 6.09% | 4.64% | 11.55% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 1.25% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| **40** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Large Cap Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br>December 31, 2025 | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $79.42 | $74.48 | $58.26 | $48.29 | $63.04 | $47.07 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>1</sup> | (0.08) | (0.07) | (0.03) | 0.05 | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 9.10 | 8.09 | 17.41 | 11.70 | (10.74) | 18.95 |
|  Total from operations | 9.02 | 8.02 | 17.38 | 11.75 | (10.83) | 18.89 |
|  **Redemption fee** | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  | (0.04) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.85) | (3.08) | (1.12) | (1.78) | (3.92) | (2.90) |
|  Total distributions | (1.85) | (3.08) | (1.16) | (1.78) | (3.92) | (2.92) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $86.59 | $79.42 | $74.48 | $58.26 | $48.29 | $63.04 |
|  Total investment return <sup>3</sup> | 11.38% | 10.79% | 30.22% | 25.20% | (18.78%) | 41.12% |
|  Net assets at end of period (000's omitted) | $260946 | $240255 | $214112 | $162772 | $136435 | $177096 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.19%) | (0.10%) | (0.05%) | 0.10% | (0.15%) | (0.11%) |
|  Portfolio turnover rate (excluding short-term securities) | 3.04%<sup>5</sup> | 4.27% | 11.11% | 2.96% | 10.83% | 9.75% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **41** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit ESG Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $24.36 | $21.18 | $17.51 | $14.87 | $18.17 | $13.85 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.04 | 0.13 | 0.14 | 0.14 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.18 | 3.18 | 3.67 | 2.99 | (3.13) | 4.30 |
|  Total from operations | 2.22 | 3.31 | 3.81 | 3.13 | (3.03) | 4.42 |
|  **Redemption fee** |  |  | —<sup>2</sup> |  |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.13) | (0.14) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.17) |  |  | (0.39) | (0.19) |  |
|  Total distributions | (0.31) | (0.13) | (0.14) | (0.49) | (0.27) | (0.10) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $26.27 | $24.36 | $21.18 | $17.51 | $14.87 | $18.17 |
|  Total investment return <sup>3</sup> | 9.14% | 15.68% | 21.90% | 21.57% | (16.97%) | 31.97% |
|  Net assets at end of period (000's omitted) | $7444 | $7083 | $6133 | $4866 | $3740 | $4841 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.17%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 1.00%<sup>5</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> | 1.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.15% | 0.35% | 0.52% | 0.65% | 0.30% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.32% | 0.60% | 0.77% | 0.90% | 0.55% | 0.73% |
|  Portfolio turnover rate (excluding short-term securities) | 3.88%<sup>7</sup> | 3.88% | 3.31% | 7.12% | 9.23% | 7.39% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 1.00% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| **42** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit ESG Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $24.11 | $20.96 | $17.33 | $14.74 | $18.05 | $13.78 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.01 | 0.08 | 0.10 | 0.10 | 0.05 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.15 | 3.15 | 3.63 | 2.96 | (3.11) | 4.27 |
|  Total from operations | 2.16 | 3.23 | 3.73 | 3.06 | (3.06) | 4.35 |
|  **Redemption fee** | —<sup>2</sup> |  | —<sup>2</sup> |  |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.08) | (0.10) | (0.08) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.17) |  |  | (0.39) | (0.19) |  |
|  Total distributions | (0.25) | (0.08) | (0.10) | (0.47) | (0.25) | (0.08) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $26.02 | $24.11 | $20.96 | $17.33 | $14.74 | $18.05 |
|  Total investment return <sup>3</sup> | 8.98% | 15.43% | 21.62% | 21.27% | (17.24%) | 31.61% |
|  Net assets at end of period (000's omitted) | $6493 | $5958 | $5192 | $4306 | $3577 | $4279 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.41%<sup>5</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 1.25%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | (0.09%) | 0.10% | 0.27% | 0.40% | 0.05% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.07% | 0.35% | 0.52% | 0.65% | 0.30% | 0.48% |
|  Portfolio turnover rate (excluding short-term securities) | 3.88%<sup>7</sup> | 3.88% | 3.31% | 7.12% | 9.23% | 7.39% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 1.25% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **43** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Mid Cap Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $24.84 | $23.06 | $20.07 | $16.96 | $25.41 | $19.05 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>1</sup> | (0.06) | (0.09) | (0.05) | (0.01) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.61 | 2.80 | 3.14 | 3.67 | (5.37) | 7.44 |
|  Total from operations | 1.55 | 2.71 | 3.09 | 3.66 | (5.49) | 7.34 |
|  **Redemption fee** | **—** **<sup>2</sup>** | **—** | **—** **<sup>2</sup>** | **—** **<sup>2</sup>** | **—** **<sup>2</sup>** | **—** **<sup>2</sup>** |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.86) | (0.93) | (0.10) | (0.55) | (2.96) | (0.98) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $25.53 | $24.84 | $23.06 | $20.07 | $16.96 | $25.41 |
|  Total investment return <sup>3</sup> | 6.28% | 11.72% | 15.39% | 22.00% | (24.70%) | 38.99% |
|  Net assets at end of period (000's omitted) | $217021 | $211552 | $203184 | $185220 | $164430 | $228171 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.44%) | (0.39%) | (0.26%) | (0.03%) | (0.52%) | (0.46%) |
|  Portfolio turnover rate (excluding short-term securities) | 6.84%<sup>5</sup> | 6.67% | 8.64% | 7.00% | 13.16% | 19.54% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Not annualized.

---

| | |
|:---|:---|
| **44** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class I | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $17.50 | $16.18 | $14.31 | $12.85 | $16.73 | $11.39 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.09 | 0.17 | 0.17 | 0.19 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.55 | 1.45 | 1.87 | 1.83 | (2.61) | 5.32 |
|  Total from operations | 1.64 | 1.62 | 2.04 | 2.02 | (2.47) | 5.45 |
|  **Redemption fee** |  |  | —<sup>2</sup> |  | —<sup>2</sup> |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.16) | (0.17) | (0.19) | (0.14) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.23) | (0.14) |  | (0.37) | (1.27) |  |
|  Total distributions | (0.38) | (0.30) | (0.17) | (0.56) | (1.41) | (0.11) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $18.76 | $17.50 | $16.18 | $14.31 | $12.85 | $16.73 |
|  Total investment return <sup>3</sup> | 9.39% | 10.02% | 14.35% | 16.20% | (16.30%) | 48.13% |
|  Net assets at end of period (000's omitted) | $36941 | $31208 | $22864 | $16508 | $14209 | $17114 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.11%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.85%<sup>5</sup> | 0.88%<sup>6</sup> | 0.90%<sup>6</sup> | 0.90%<sup>6</sup> | 0.95%<sup>6</sup> | 1.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.75% | 0.63% | 0.76% | 1.06% | 0.59% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.01% | 1.00% | 1.11% | 1.41% | 0.89% | 0.92% |
|  Portfolio turnover rate (excluding short-term securities) | 11.54%<sup>7</sup> | 11.54% | 12.81% | 15.05% | 18.47% | 27.91% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 0.85% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **45** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Dividend Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Class S | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $17.48 | $16.16 | $14.30 | $12.84 | $16.72 | $11.38 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.07 | 0.12 | 0.12 | 0.16 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(losses) | 1.55 | 1.45 | 1.87 | 1.83 | (2.62) | 5.32 |
|  Total from operations | 1.62 | 1.57 | 1.99 | 1.99 | (2.51) | 5.42 |
|  **Redemption fee** |  | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.12) | (0.11) | (0.13) | (0.16) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.23) | (0.14) |  | (0.37) | (1.27) |  |
|  Total distributions | (0.35) | (0.25) | (0.13) | (0.53) | (1.37) | (0.08) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $18.75 | $17.48 | $16.16 | $14.30 | $12.84 | $16.72 |
|  Total investment return <sup>3</sup> | 9.26% | 9.75% | 14.02% | 15.91% | (16.48%) | 47.73% |
|  Net assets at end of period (000's omitted) | $6832 | $6718 | $5516 | $4965 | $4323 | $5187 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.37%<sup>5</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 1.10%<sup>5</sup> | 1.13%<sup>6</sup> | 1.15%<sup>6</sup> | 1.15%<sup>6</sup> | 1.20%<sup>6</sup> | 1.25%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.47% | 0.35% | 0.48% | 0.81% | 0.42% | 0.42% |
|  Net investment income (with waiver) | 0.74% | 0.72% | 0.83% | 1.16% | 0.72% | 0.67% |
|  Portfolio turnover rate (excluding short-term securities) | 11.54%<sup>7</sup> | 11.54% | 12.81% | 15.05% | 18.47% | 27.91% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 1.10% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

---

| | |
|:---|:---|
| **46** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $65.42 | $65.35 | $60.29 | $52.41 | $82.14 | $56.81 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>1</sup> | (0.24) | (0.39) | (0.29) | (0.13) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 6.55 | 3.53 | 7.24 | 8.93 | (17.68) | 28.28 |
|  Total from operations | 6.31 | 3.14 | 6.95 | 8.80 | (18.16) | 27.84 |
|  **Redemption fee** | —<sup>2</sup> |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (3.73) | (3.07) | (1.89) | (0.92) | (11.57) | (2.51) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $68.00 | $65.42 | $65.35 | $60.29 | $52.41 | $82.14 |
|  Total investment return <sup>3</sup> | 9.62% | 4.60% | 11.84% | 17.01% | (25.57%) | 49.65% |
|  Net assets at end of period (000's omitted) | $120292 | $114039 | $112288 | $109824 | $98444 | $145859 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.69%) | (0.59%) | (0.47%) | (0.24%) | (0.67%) | (0.62%) |
|  Portfolio turnover rate (excluding short-term securities) | 11.51%<sup>5</sup> | 11.22% | 12.03% | 13.76% | 15.64% | 30.54% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Not annualized.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **47** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit International Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $24.90 | $21.95 | $20.62 | $17.78 | $23.27 | $17.38 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.06 | 0.35 | 0.29 | 0.28 | 0.20 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.53 | 3.37 | 1.48 | 2.92 | (5.63) | 5.89 |
|  Total from operations | 1.59 | 3.72 | 1.77 | 3.20 | (5.43) | 5.94 |
|  **Redemption fee** | **—** | **—** | **—**<sup>2</sup> | **—** | **—** | **—** |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.35) | (0.29) | (0.27) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  | (0.42) | (0.15) | (0.09) |  |  |
|  Total distributions | (0.29) | (0.77) | (0.44) | (0.36) | (0.06) | (0.05) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $26.20 | $24.90 | $21.95 | $20.62 | $17.78 | $23.27 |
|  Total investment return <sup>3</sup> | 6.40% | 17.31% | 8.70% | 18.27% | (23.41%) | 34.18% |
|  Net assets at end of period (000's omitted) | $33575 | $31945 | $27848 | $26624 | $22454 | $31345 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.28%<sup>5</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50%<sup>6</sup> | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.85%<sup>5</sup> | 0.85%<sup>6</sup> | 0.85%<sup>6</sup> | 0.85%<sup>6</sup> | 1.20%<sup>6</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.02% | 0.89% | 0.76% | 0.87% | 0.59% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.45% | 1.54% | 1.41% | 1.52% | 0.88% |  |
|  Portfolio turnover rate (excluding short-term securities) | 3.47%<sup>7</sup> | 6.53% | 8.35% | 7.65% | 7.76% | 12.61% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 0.85% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

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| | |
|:---|:---|
| **48** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Developing Markets Growth Fund

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | Six Months Ended<br> December 31, 2025<br> (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $19.67 | $17.07 | $16.06 | $15.46 | $21.40 | $16.28 |
|  **Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.07 | 0.21 | 0.19 | 0.23 | 0.21 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.73 | 3.10 | 1.14 | 0.74 | (5.76) | 5.17 |
|  Total from operations | 3.80 | 3.31 | 1.33 | 0.97 | (5.55) | 5.18 |
|  **Redemption fee** | **—** | **—**<sup>2</sup> | **—** | **—**<sup>2</sup> | **—** | **—** |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.20) | (0.19) | (0.24) | (0.29) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  | (0.52) | (0.08) | (0.08) | (0.37) | (0.04) |
|  Total distributions | (0.20) | (0.71) | (0.32) | (0.37) | (0.39) | (0.06) |
|  **Net Asset Value** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $23.27 | $19.67 | $17.07 | $16.06 | $15.46 | $21.40 |
|  Total investment return <sup>3</sup> | 19.38% | 19.85% | 8.52% | 6.42% | (26.19%) | 31.79% |
|  Net assets at end of period (000's omitted) | $11783 | $9965 | $9066 | $10098 | $9400 | $13883 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.64%<sup>5</sup> | 2.00%<sup>6</sup> | 2.00%<sup>6</sup> | 2.00%<sup>6</sup> | 2.00%<sup>6</sup> | 2.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.95%<sup>5</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> | 0.95%<sup>6</sup> | 1.20%<sup>6</sup> | 1.40%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | (0.03%) | 0.12% | 0.15% | 0.42% | 0.35% | (0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.66% | 1.17% | 1.20% | 1.47% | 1.15% | 0.05% |
|  Portfolio turnover rate (excluding short-term securities) | 1.79%<sup>7</sup> | 2.54% | 2.11% | 0.76% | 2.49% | 7.52% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Effective November 1, 2025, total Fund expenses are limited to 0.95% of average daily net assets. 

<sup>6</sup> Total Fund expenses are limited to 2.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

<sup>7</sup> Not annualized.

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| | |
|:---|:---|
| DECEMBER 31, 2025 | **49** |

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2025

**(1)** **Organization** 

The Sit Mutual Funds covered by this report are Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Large Cap Growth Fund, Sit ESG Growth Fund, Sit Mid Cap Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund (each a "Fund" and collectively, the "Funds"). The Funds are no-load funds, and are registered under the Investment Company Act of 1940 (as amended) as diversified, open-end management investment companies, or series thereof. The Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit ESG Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund are series funds of Sit Mutual Funds, Inc. Each Fund has 10 billion authorized shares of capital stock with a par value of $0.001. This report covers the equity Funds of the Sit Mutual Funds.

The investment objective for each Fund is as follows:

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Balanced Fund | Seeks long-term growth consistent with the preservation of principal and seeks to provide regular income. |
| Dividend Growth Fund | Seeks to provide current income that exceeds the dividend yield of the S&P 500® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| Global Dividend Growth Fund | Seeks to provide current income that exceeds the dividend yield of the MSCI World Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| Large Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| ESG Growth Fund | Seeks to maximize long-term capital appreciation. |
| Mid Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| Small Cap Dividend Growth Fund | Seeks to provide current income that exceeds the yield of the Russell 2000® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| Small Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| International Growth Fund | Seeks long-term growth. |
| Developing Markets Growth Fund | Seeks to maximize long-term capital appreciation. |

---

The Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds offer Class I and Class S shares. Both classes of shares have identical voting, dividend, and liquidation rights. The distribution fee differs among classes, the Class S shares have a 0.25% distribution fee, whereas Class I has no distribution fee. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets.

**(2)** **Significant Accounting Policies** 

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

*Investments in Securities* 

Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Equity securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available, at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Consistent with the Funds' valuation policies and procedures, debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality, and

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| | |
|:---|:---|
| **50** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

prepayment speeds as applicable. When market quotations are not readily available, or when Sit Investment Associates, Inc. (the "Adviser" or "SIA") becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Funds' Board of Directors. The procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

Security transactions are accounted for on the date the securities are purchased or sold. Securities gains and losses are calculated on the identified-cost basis. Dividend income is recorded on the ex-dividend date or upon the receipt of ex-dividend notification in the case of certain foreign securities. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income is recorded on an accrual basis, including level-yield amortization of long-term bond premium and discount using the effective yield method.

*Fair Value Measurements* 

The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 – debt securities are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, U.S. government and government agency obligations, and municipal securities the pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For asset-backed securities and mortgage-backed securities, the pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For foreign equities, the pricing services adjust closing prices by applying a systematic process for events occurring after the close of the foreign exchange by utilizing such inputs as Depositary Receipts, quoted prices for similar securities, exchange rates, and certain indexes. All of these inputs are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 – significant unobservable inputs, including the Adviser's own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the levels for the Funds' investments as of December 31, 2025 is included with the Funds' schedules of investments.

*Foreign Currency Translations and Forward Foreign Currency Contracts* 

The fair value of securities and other assets and liabilities denominated in foreign currencies for Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds are translated daily into U.S. dollars at the closing rate of exchange (approximately 4:00 p.m. Eastern Time). Purchases and sales of securities, income and expenses are translated at the exchange rate on the transaction date. Dividend and interest income includes currency exchange gains (losses) realized between the accrual and payment dates on such income. Exchange gains (losses) may also be realized between the trade and settlement dates on security and forward contract transactions. For securities denominated in foreign currencies, the effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

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| | |
|:---|:---|
| DECEMBER 31, 2025 | **51** |

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2025

The Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds may enter into forward foreign currency exchange contracts generally for operational purposes, but the Adviser may occasionally utilize contracts to protect against adverse exchange rate fluctuation. Any gains (losses) generated by these contracts are disclosed separately on the statements of operations. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Funds and the resulting unrealized appreciation or depreciation is determined using foreign currency exchange rates from an independent pricing service. The Funds are subject to the credit risk that the other party will not complete the obligations of the contract.

*Federal Taxes* 

The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no income tax provision is required. In order to avoid the payment of any federal excise taxes, the Funds will distribute substantially all of their net investment income and net realized gains on a calendar year basis. Also, the Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.

Management has analyzed the Funds' tax positions taken in federal tax returns for all open tax years and has concluded that as of Decem-ber 31, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state of Minnesota income and federal excise tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue until such time as the applicable statute of limitations for audit has expired. For example, U.S. tax returns are generally subject to audit for three years from the date they are filed.

At December 31, 2025, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Securities on a**<br> **Tax Basis** |
|  Balanced Fund | $32268232 | ($601500) | $31666732 | $43435447 |
|  Dividend Growth Fund | 73307426 | (1794079) | 71513347 | 158159255 |
|  Global Dividend Growth Fund | 36686001 | (367652) | 36318349 | 23932835 |
|  Large Cap Growth Fund | 184386631 | (851694) | 183534937 | 77501867 |
|  ESG Growth Fund | 8373172 | (311290) | 8061882 | 5867612 |
|  Mid Cap Growth Fund | 137826277 | (3352648) | 134473629 | 82789017 |
|  Small Cap Dividend Growth Fund | 14957347 | (1882323) | 13075024 | 30670561 |
|  Small Cap Growth Fund | 61393744 | (3035467) | 58358277 | 62062269 |
|  International Growth Fund | 16504440 | (901410) | 15603030 | 17860347 |
|  Developing Markets Growth Fund | 6272183 | (329788) | 5942395 | 5837065 |

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Net investment income and net realized gains differ for financial statement and tax purposes because of corporate actions on shares held and/or losses deferred due to "wash sale" transactions. A "wash sale" occurs when a Fund sells a security that it has acquired within a period beginning thirty days before and ending thirty days after the date of sale (a sixty one day period). The character of distributions made during the year from net investment income or net realized gains may also differ from its ultimate characterization for tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid during the fiscal years ended June 30, 2025 and 2024 was as follows:

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| | |
|:---|:---|
| **52** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Year Ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long Term<br>Capital Gain** | **Total** |
|  Balanced Fund | $1072378 | $602952 | $1675330 |
|  Dividend Growth Fund (Class I) | 3383821 | 21575579 | 24959400 |
|  Dividend Growth Fund (Class S) | 257693 | 2028015 | 2285708 |
|  Global Dividend Growth Fund (Class I) | 424227 | 744973 | 1169200 |
|  Global Dividend Growth Fund (Class S) | 30777 | 81745 | 112522 |
|  Large Cap Growth Fund |  | 8975525 | 8975525 |
|  ESG Growth Fund (Class I) | 36809 |  | 36809 |
|  ESG Growth Fund (Class S) | 19191 |  | 19191 |
|  Mid Cap Growth Fund |  | 8003648 | 8003648 |
|  Small Cap Dividend Growth Fund (Class I) | 284098 | 146465 | 430563 |
|  Small Cap Dividend Growth Fund (Class S) | 54951 | 39682 | 94633 |
|  Small Cap Growth Fund |  | 5328139 | 5328139 |
|  International Growth Fund | 439433 | 521395 | 960828 |
|  Developing Markets Growth Fund | 100374 | 269119 | 369493 |

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#### Year Ended June 30, 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long Term<br>Capital Gain** | **Total** |
|  Balanced Fund | $785004 |  | $785004 |
|  Dividend Growth Fund (Class I) | 2912099 | $6449526 | 9361625 |
|  Dividend Growth Fund (Class S) | 243916 | 667384 | 911300 |
|  Global Dividend Growth Fund (Class I) | 447677 |  | 447677 |
|  Global Dividend Growth Fund (Class S) | 32328 |  | 32328 |
|  Large Cap Growth Fund | 122457 | 3071012 | 3193469 |
|  ESG Growth Fund (Class I) | 39839 |  | 39839 |
|  ESG Growth Fund (Class S) | 25161 |  | 25161 |
|  Mid Cap Growth Fund |  | 903590 | 903590 |
|  Small Cap Dividend Growth Fund (Class I) | 202009 |  | 202009 |
|  Small Cap Dividend Growth Fund (Class S) | 44992 |  | 44992 |
|  Small Cap Growth Fund |  | 3306617 | 3306617 |
|  International Growth Fund | 371001 | 186509 | 557510 |
|  Developing Markets Growth Fund | 143001 | 50141 | 193142 |

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As of June 30, 2025, the components of distributable earnings on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Balanced Fund | $281992 | $874507 | $27141274 |
|  Dividend Growth Fund |  | 15986762 | 69850878 |
|  Global Dividend Growth Fund | 230662 | 433889 | 33474465 |
|  Large Cap Growth Fund |  | 5470030 | 161176657 |
|  ESG Growth Fund | 46634 | 64775 | 6971334 |
|  Mid Cap Growth Fund |  | 2741043 | 130814344 |
|  Small Cap Dividend Growth Fund | 206549 | 438102 | 10112829 |
|  Small Cap Growth Fund |  | 2281312 | 53766092 |
|  International Growth Fund | 291259 |  | 13558491 |
|  Developing Markets Growth Fund | 63794 |  | 4198655 |

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| | |
|:---|:---|
| DECEMBER 31, 2025 | **53** |

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2025

Net capital loss carryovers and late year losses, if any, as of June 30, 2025, are available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds' are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward retain their character as either short-term or long-term capital losses. The net capital loss carryovers and the late year losses deferred as of June 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unlimited Period of Net<br>Capital Loss Carryover** | **Unlimited Period of Net<br>Capital Loss Carryover** | **Late Year**<br> **Losses Deferred** | **Late Year**<br> **Losses Deferred** |
|  | **Short-Term** | **Long-Term** | **Ordinary** | **Capital** |
|  Balanced Fund |  |  |  | $135402 |
|  Dividend Growth Fund |  |  |  | 1156387 |
|  Large Cap Growth Fund |  |  | $75098 | 164 |
|  Mid Cap Growth Fund |  |  | 406405 |  |
|  International Growth Fund |  |  |  | 113947 |
|  Developing Markets Growth Fund |  | $115523 |  |  |

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For the year ended June 30, 2025, the Funds' utilized capital losses as follows:

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| | |
|:---|:---|
|  | **Utilized** |
|  ESG Growth Fund | $80654 |
|  Small Cap Dividend Growth Fund | 23016 |

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*Distributions* 

Distributions to shareholders are recorded as of the close of business on the record date. Such distributions are payable in cash or reinvested in additional shares of the Funds' capital stock. Distributions from net investment income, if any, are declared and paid quarterly for the Balanced, Dividend Growth, Global Dividend Growth and Small Cap Dividend Growth Funds and declared and paid annually for Developing Markets Growth, Small Cap Growth, International Growth, Mid Cap Growth, Large Cap Growth and ESG Growth Funds. Distributions from net realized gains, if any, will be made annually for each of the Funds.

*Concentration of Investments* 

The Developing Markets Growth Fund may concentrate investments in countries with limited or developing capital markets which may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income it generates, as well as the Fund's ability to repatriate such amounts.

*Use of Estimates* 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results for the respective periods. Actual results could differ from those estimates.

*Guarantees and Indemnifications* 

Under each Fund's organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to each Fund. In addition, certain of each Fund's contracts with its service providers contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.

*Cash Balance Credit Risk* 

The Funds may place portions of its uninvested cash with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FIDC") up to $250,000 for each account holder. The Funds may be subject to credit risk to the extent amounts on deposit are in excess of the insured limits.

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| | |
|:---|:---|
| **54** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Segment Reporting* 

The Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Executive Officer of the Adviser ("CEO") acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Funds. The CODM monitors the operating results as a whole, and the Funds' long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**(3)** **Investment Security Transactions** 

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the six months ended December 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Proceeds** | **Proceeds** |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other** |
|  Balanced Fund | $2048330 | $5746025 | $1816894 | $4903811 |
|  Dividend Growth Fund |  | 39739541 |  | 47775494 |
|  Global Dividend Growth Fund |  | 1845854 |  | 2704179 |
|  Large Cap Growth Fund |  | 7586354 |  | 12783154 |
|  ESG Growth Fund |  | 442973 |  | 793313 |
|  Mid Cap Growth Fund |  | 14482343 |  | 15772428 |
|  Small Cap Dividend Growth Fund |  | 9581618 |  | 3547498 |
|  Small Cap Growth Fund |  | 13570792 |  | 13867248 |
|  International Growth Fund |  | 1856101 |  | 2169190 |
|  Developing Markets Growth Fund |  | 191012 |  | 436263 |

---

**(4)** **Affiliated Fees and Transactions** 

*Investment Adviser* 

The Funds each have entered into an investment management agreement with SIA, under which SIA manages the Funds' assets and provides research, statistical and advisory services, and pays related office rental, executive expenses and executive salaries. The current fee for investment management and advisory services is based on the average daily net assets of the Funds at the annual rate of:

---

| | |
|:---|:---|
|  | **Management<br>Fees<sup>\*</sup>** |
|  Balanced Fund | 0.80% |
|  Dividend Growth Fund Class I and Class S | 0.70% |
|  Global Dividend Growth Fund Class I and Class S | 1.00% |
|  Large Cap Growth Fund | 1.00% |
|  ESG Growth Fund Class I and Class S | 1.00% |
|  Mid Cap Growth Fund | 1.25% |
|  Small Cap Dividend Growth Fund Class I and Class S | 0.85% |
|  Small Cap Growth Fund | 1.50% |
|  International Growth Fund | 0.85% |
|  Developing Markets Growth Fund | 0.95% |

---

\* Effective November 1, 2025.

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **55** |

---

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2025 (Continued)

Prior to November 1, 2025, the Adviser agreed to voluntarily limit the management fee of the Balanced Fund to 0.80%, the Small Cap Dividend Growth Fund to 0.85% (prior to March 1, 2025, the limitation was 0.90%), the International Growth Fund to 0.85% and the Developing Markets Growth Fund to 0.95% for the period through October 31, 2025 of the Fund's daily average net assets, respectively. The Adviser has agreed to limit the management fee of the Dividend Growth Fund to 0.70%, the Global Dividend Growth Fund to 1.00% and the ESG Growth Fund to 1.00% for the period through October 31, 2025 of the Fund's daily average net assets, respectively.

SIA is obligated to pay all of the Funds' expenses (excluding extraordinary expenses, stock transfer taxes, interest, brokerage commissions, 12b-1 fees and other transaction charges relating to investing activities).

In addition to the annual management fees, the Class S shares of the Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds also have a 0.25% annual distribution (12b-1) fee, which is used to pay for distribution fees related to the sale and distribution of such shares.

*Transactions with affiliates* 

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **% Shares<br> Outstanding** |
|  Balanced Fund | 451080 | 23.3 |
|  Dividend Growth Fund | 1992840 | 14.7 |
|  Global Dividend Growth Fund | 536277 | 28.4 |
|  Large Cap Growth Fund | 1079356 | 35.8 |
|  ESG Growth Fund | 471246 | 88.4 |
|  Mid Cap Growth Fund | 4223684 | 49.7 |
|  Small Cap Dividend Growth Fund | 1107775 | 47.5 |
|  Small Cap Growth Fund | 1102198 | 62.3 |
|  International Growth Fund | 750525 | 58.6 |
|  Developing Markets Growth Fund | 312597 | 61.7 |

---

**(5)** **Recent Accounting Pronouncement** 

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid dis aggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

**(6)** **Credit Facility** 

The Funds, together with the 4 bond Sit Mutual Funds managed by SIA, are borrowers in a $20 million credit facility (Credit Facility) maturing November 24, 2026. The Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund shall pay interest charged on any borrowings made by the Fund. During the six months ended December 31, 2025, the Funds did not use the Credit Facility.

---

| | |
|:---|:---|
| **56** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(7)** **Capital Share Activity** 

*Short-Term Trading (Redemption) Fees* 

The Funds (except the Balanced Fund) charge a redemption fee equal to 2.00% of the proceeds on shares held for less than 30 calendar days. The fee is retained by the Fund for the benefit of its long-term shareholders and accounted for as an addition to paid in capital. For the six months ended December 31, 2025, the Funds received the following redemption fees:

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| | | |
|:---|:---|:---|
|  | **Class I** | **Class S** |
|  Large Cap Growth Fund | $157 | $— |
|  ESG Growth Fund |  |  |
|  Mid Cap Growth Fund | 329 |  |
|  Small Cap Growth Fund | 486 |  |

---

---

| | |
|:---|:---|
| DECEMBER 31, 2025 | **57** |

---

------

ADDITIONAL INFORMATION (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### PROXY VOTING
A description of the policies and procedures that the Adviser uses to vote proxies related to the Funds' portfolio securities is set forth in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sitfunds.com, without charge by calling 800-332-5580 and on the Securities and Exchange Commission's (SEC) website at www.sec.gov. The Funds' proxy voting record is available without charge by calling 800-332-5580 and on the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June.

#### QUARTERLY SCHEDULES OF INVESTMENTS
Each Fund files a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. Each Fund's complete schedule of investments, as filed on Form N-PORT, is also available on its website at www.sitfunds.com, or without charge by calling 800-332-5580.

---

| | |
|:---|:---|
| **58** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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[This page is intentionally left blank.]

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| | |
|:---|:---|
| DECEMBER 31, 2025 | **59** |

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[This page is intentionally left blank.]

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| | |
|:---|:---|
| **60** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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![LOGO](g19122g01g73.jpg)

Financial Statements and Other Information December 31, 2025 1-800-332-5580 www.sitfunds.com Sit Mutual Funds SIT STOCK 12-2025 INVESTMENT ADVISER Sit Investment Associates, Inc. 80 S. Eighth Street Suite 3300 Minneapolis, MN 55402 CUSTODIAN The Bank Of New York Mellon 111 Sanders Creek Parkway Syracuse, NY 13057 TRANSFER AGENT AND DISBURSING AGENT Sit Mutual Funds Attention: 534459 500 Ross Street, 154-0520 Pittsburgh, PA 15262 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM KPMG LLP Columbus, OH GENERAL COUNSEL Faegre Drinker Biddle & Reath LLP Minneapolis, MN 19122-002

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---

| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**  |

---

None.

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| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.**  |

---

None.

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| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**  |

---

Six Months ended December 31, 2025

---

| | |
|:---|:---|
| Name of Director | Aggregate Renumeration Paid<br>by all 14 of the Sit Mutual Funds |
|  Edward M. Giles | $31000 |
|  Sidney L. Jones | $41000 |
|  Bruce C. Lueck | $31000 |
|  Donald W. Phillips | $31000 |
|  Barry N. Winslow | $31000 |

---

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
During the Registrant's most recent fiscal half-year, the Boards of Directors approved the renewal of the investment management agreements with the Sit Mutual Funds. Below is the Boards' discussion at the October 28, 2025 board meeting of the material factors and conclusions that formed the basis for the board's approval.

#### BOARD RE-APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
At their joint meeting held on October 28, 2025, the Boards of Directors (the "Boards") of Sit Mid Cap Growth Fund, Inc., Sit Large Cap Growth Fund, Inc., Sit International Growth Fund, Sit Balanced Fund, Sit Developing Markets Growth Fund, Sit ESG Growth Fund, Sit Small Cap Growth Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund and

Sit Small Cap Dividend Growth Fund (each a "Fund" and collectively, the "Funds") unanimously approved the continuation for another one-year period of the investment management agreements entered into by and between Sit Investment Associates, Inc. ("SIA") and each of Sit Mid Cap Growth Fund, Inc., dated November 1, 1996; Sit Large Cap Growth Fund, Inc., dated November 1, 1996; and Sit Mutual Funds Inc., dated November 1, 1992 (collectively, the "Agreements").

In advance of the October 28, 2025 meeting, the Boards requested and received materials from SIA to assist them in considering the re-approval of the Agreements. The Boards, including all of the Directors who are not "interested persons" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Funds (the "non-interested Directors") approved the Agreements after discussion and consideration of various factors relating to the Boards' selection of SIA as the Funds' investment adviser and the Boards' approval of the fees to be paid under the Agreements. In evaluating the Agreements, the Directors relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of SIA and its services and personnel. The Directors did not consider any single factor as controlling in determining whether to approve the Agreements, and the items described herein are not all-encompassing of the matters considered by the Directors.

------

**Investment Adviser Criteria**. The Directors began their analysis by discussing their criteria for determining the quality of an investment adviser. In this regard, the Directors noted that their criteria were similar to those used by institutional investors in evaluating and selecting investment advisers. The Directors discussed several factors in assessing the nature, extent and quality of the services performed by SIA, including the following:

*Investment Philosophy and Process*. The Directors considered SIA's philosophy around managing assets. With respect to equity securities, the Directors noted that SIA seeks to identify growth-oriented securities issued by companies with the potential for earnings growth at a faster rate than the general economy and market indices. The Directors considered SIA's belief that earnings growth is the primary determinant of superior long-term returns for equity securities, and that SIA invests in companies it believes exhibit above-market and consistent growth, as well as companies that demonstrate conservative and cyclical growth. They also considered that SIA's active management style concentrates on the best growth opportunities for the Funds at reasonable valuation levels. The Directors determined that the Funds' investment objectives are consistent with SIA's investment philosophy and growth style. The Directors reviewed the Funds' portfolio characteristics and noted that SIA consistently managed the Funds in a growth style. In reviewing the Funds' portfolio characteristics, the Directors found no indication of style drift away from growth stocks over market cycles. The Directors noted that, in periods during which growth stocks have generally under-performed relative to value stocks, Fund performance may not rank favorably compared to other funds investing in value stocks.

The Directors discussed SIA's consistent and well-defined investment process. With respect to equity securities, the Directors noted that SIA utilizes a team-based, top-down and bottom-up investment decision making process.

*Investment Professionals*. The Directors discussed the experience, knowledge and organizational stability of SIA and its investment professionals. The Directors noted that SIA's senior professionals are actively involved in the investment process and have significant investment industry experience.

The Directors discussed the depth of SIA's investment staff, noting that SIA has over 35 investment professionals. Given the investment products offered by SIA and SIA's amount of assets under management, the Directors determined that SIA's investment staff is well positioned to meet the current needs of its clients, including the Funds, and to accommodate growth in its number of clients and assets under management for the near future. The Directors concluded that the depth of SIA's investment staff, and in particular senior management and investment analysts, exceeds the Funds' current requirement at their present asset size. The Directors noted that SIA has the resources of an investment firm with over $18 billion in assets under management working for the benefit of the Funds' shareholders. The Directors concluded that SIA has substantial resources to provide services to the Funds and that SIA's services had been acceptable.

*Investment Performance*. The Directors reviewed and discussed the Funds' investment performance on an absolute and comparable basis for various periods as discussed below. The Directors noted that the investment performance of the Funds has generally been competitive with indices and other funds with similar investment styles as the Funds, such as equity growth funds.

*Corporate Culture*. The Directors discussed SIA's corporate values and commitment to operate under the highest ethical and professional standards. They considered that SIA's culture is set and practiced by senior management of SIA who insist that all SIA professionals exhibit honesty and integrity. The Directors noted that SIA's values are evident in the services it provides to the Funds.

------

**Review of Specific Factors**. The Directors continued their analysis by reviewing specific information regarding SIA and the Funds, and the specific terms of the Agreements, including the following:

*Investment Performance*. The Directors reviewed the investment performance of each Fund for the 3-month, 1-year, and 5-year periods ended September 30, 2025, both on an absolute basis and on a comparative basis to indices and mutual funds within the same investment categories. As noted above, the Directors concluded that the investment performance of the Funds has been competitive in relation to funds with similar objectives and strategies.

*Fees and Expenses*. The Directors noted that the Funds pay SIA a monthly fee and SIA is responsible for all of the Funds' expenses, except interest, brokerage commissions, portfolio transaction charges (including acquired fund fees and expenses), certain extraordinary expenses, and fees paid under a distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act for Class S shares of Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Small Cap Dividend Growth Fund, and Sit ESG Growth Fund. The Directors reviewed fees paid in prior years and the current fees to be paid under the Agreements both before and after fee waivers with respect to Sit Balanced Fund, Sit International Growth Fund, Sit Developing Markets Growth Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Small Cap Dividend Growth Fund and Sit ESG Growth Fund. The Directors approved a reduction of the fees to be paid under the Agreements of Sit Balanced Fund, Sit Developing Markets Growth Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Small Cap Dividend Growth Fund and Sit ESG Growth Fund and the elimination of these Funds' fee waivers effective November 1, 2025, such that there is no change in the net fees paid to SIA. The Directors agreed these changes will simplify the disclosures regarding fees paid to SIA.

The Directors compared each Fund's expense ratio to (i) the average and median expense ratios of no-load mutual funds within the same Morningstar, Inc. ("Morningstar") investment category, (ii) the average expense ratio for load funds within the Fund's Morningstar category, and (iii) the average expense ratio for all funds within the Fund's Morningstar category. The Directors also compared each Fund's management fees to (i) the average and median actual management fees of no-load mutual funds within the same Morningstar investment category, (ii) the average actual management fees for load funds within the Fund's Morningstar category, and (iii) the average actual management fees for all funds within the Fund's Morningstar category. Generally, the Funds' expense ratios were higher than or approximated the averages of the applicable category. The Directors noted that the Morningstar no-load categories include funds of various asset sizes, some of which are significantly larger in assets than the Funds. The Directors also noted that, unlike other funds within each Fund's Morningstar category, SIA charges a single unified management fee and is responsible for paying all Fund operating expenses. The Directors concluded that the fees paid by the Funds are reasonable and appropriate.

The Directors reviewed the extent to which the fees to be paid under the Agreements by each Fund may be affected by an increase in the Fund's assets, which included reviewing each Fund's current and historical assets and the likelihood and magnitude of future increases in the Fund's assets. The Directors agreed that it is appropriate that the Funds benefit from improved economies of scale as the Funds' assets increase. However, the Directors concluded that, given the amount of the Funds' current assets and the likelihood and magnitude of future increases in the Funds' assets, a graduated fee structure for each Fund was unnecessary at the time because the fees to be paid under the current Agreements were reasonable and appropriate.

The Directors reviewed the expenses paid by SIA relating to the operations of the Funds, and SIA's income with respect to its management of the Funds for the past two calendar years. The Directors concluded that the expenses paid were appropriate and that SIA's profit margin with respect to the management of the Funds was acceptable.

The Directors reviewed SIA's investment advisory fee schedule for investment management services provided to other clients. The Directors compared the services provided to the Funds and other clients of SIA and its affiliates and recognized that the Funds' expenses are borne by SIA, except as noted above. The Directors concluded that the fees paid by the Funds in relation to the fees paid by other clients of SIA and its affiliates were appropriate and reasonable.

------

The Directors discussed the extent to which SIA receives ancillary benefits from its relationship with the Funds, such as soft dollar arrangements by which brokers provide research services to SIA as a result of brokerage generated by the Funds. The Boards concluded that any benefits SIA receives from its relationship with the Funds are well within industry norms, are reflected in the amount of the fees paid by the Funds to SIA and are appropriate and reasonable.

*Non-Advisory Services*. The Directors considered the quality of non-advisory services which SIA provides to the Funds (and their shareholders) and the quality and depth of SIA's non-investment personnel who provide such services. The Directors concluded that the level of such services and the quality and depth of such personnel are acceptable and consistent with industry standards.

Finally, the Directors considered the compliance staff and the regulatory history of SIA and the Funds and concluded that both are acceptable and consistent with industry standards.

Based on these conclusions, without any single conclusion being dispositive, the Directors, including the non-interested Directors by separate vote, determined that renewal of the Agreements was in the interest of each Fund and its shareholders.

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.**  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors since the Registrant last submitted a proxy statement to its shareholders.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.**  |

---

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term in defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not applicable to open-end investment companies.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.**  |

---

None.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.**  |

---

(a) (1) None.

(a) (2) Not applicable.

(a) (3) [A separate certification from the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (certification required by Section 302 of the Sarbanes-Oxley Act of 2002) are attached as an exhibit hereto.](d19122dex99cert.htm)

------

(b) [The certification required by Rule 30a-2(b) under the Investment Company Act of 1940 (certification required by Section 906 of the Sarbanes-Oxley Act of 2002) is attached as an exhibit hereto.](d19122dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| <u>Sit Mid Cap Growth Fund, Inc.</u> | <u>Sit Mid Cap Growth Fund, Inc.</u> |
| By (Signature and Title) | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, COO & Secretary |
|  | Principal Financial Officer |
| Date February 24, 2026 |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, COO & Secretary |
|  | Principal Financial Officer |
| Date February 24, 2026 |  |
| By (Signature and Title) | /s/ Roger J. Sit |
|  | Roger J. Sit |
|  | Chairman and President |
|  | Principal Executive Officer |
| Date February 24, 2026 |  |

---

## Ex-99.Cert

**EXHIBIT(a) (3)** 

**<u>CERTIFICATIONS</u>** 

I, Paul E. Rasmussen, certify that:

1. I have reviewed this report on Form N-CSR of Sit Mid Cap Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ Paul E. Rasmussen |
|  | Paul E. Rasmussen |
|  | VP, Treasurer, COO & Secretary |
|  | Principal Financial Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Roger J. Sit, certify that:

2. I have reviewed this report on Form N-CSR of Sit Mid Cap Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 24, 2026 | /s/ Roger J. Sit |
|  | Roger J. Sit |
|  | Chairman and President |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**EXHIBIT (b)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Sit Mid Cap Growth Fund, Inc., do hereby certify, to such officer's knowledge, that the report on Form N-CSR of Sit Mid Cap Growth Fund, Inc., for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Sit Mid Cap Growth Fund, Inc. for the stated periods.

---

| | |
|:---|:---|
| Sit Mid Cap Growth Fund, Inc. | Sit Mid Cap Growth Fund, Inc. |
| /s/ Roger J. Sit | /s/ Paul E. Rasmussen |
| Roger J. Sit | Paul E. Rasmussen |
| Chairman and President | VP, Treasurer, COO & Secretary |
| Principal Executive Officer | Principal Financial Officer |

---

Dated: February 24, 2026

A signed original of this written statement required by Section 906 has been provided by Sit Mid Cap Growth Fund, Inc. and will be retained by Sit Mid Cap Growth Fund, Inc. and furnished to the SEC or its staff upon request.