# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0001752724-23-035239
**Filing Date:** 2023-2
**Character Count:** 23972
**Document Hash:** f20724f54fe908b76ad02f6d3597a681
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-035239.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-035239

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000877880
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 23657202

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 SOUTH 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130
- **BUSINESS PHONE:** 612-332-3223

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Sit Developing Markets Growth Fund (Series ID: S000003463)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009597 | Sit Developing Markets Growth Fund | SDMGX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIT MUTUAL FUNDS INC

- **b. Investment Company Act file number:** 811-06373

- **c. CIK number of Registrant:** 0000877880

- **d. LEI of Registrant:** 254900G3NOOZ0B3T2Q46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 80 S. Eighth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-3223

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sit Developing Markets Growth Fund

- **b. EDGAR series identifier (if any):** S000003463

- **c. LEI of Series:** 254900X352R76CLJ5977

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9336098.75

**Total Liabilities:** $11628.84

**Net Assets:** $9324469.91

**Cash Not Reported:** $2531.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009597 | -4.71%               | 20.37%               | -1.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-380639.25                                |
| Month 2  | $26600.74                | $1573534.03                                |
| Month 3  | $0.01                    | $-143970.42                                |

### Schedule of Portfolio Investments

| Name                                                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lojas Renner SA                                                | Lojas Renner SA                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      8130 | NS      | $31536.04     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                                         | Skyworks Solutions Inc                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       775 | NS      | $70625.75     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| XL Axiata Tbk PT                                               | XL Axiata Tbk PT                          | CUSIP: 000000000<br>LEI: 529900GV66NMGZLKFS48 | Long             | EC               | CORP              | ID        |    948800 | NS      | $130427.62    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                                | Sands China Ltd                           | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | MO        |     42400 | NS      | $140691.44    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                                 | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       450 | NS      | $57906.00     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiumaojiu International Holdin                                 | Jiumaojiu International Holdings Ltd      | CUSIP: 000000000<br>LEI: 6556009ZSGTEPL7MEK84 | Long             | EC               | CORP              | CN        |      9000 | NS      | $24040.89     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                                                        | Ping An Insurance Group Co of China Ltd   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     19900 | NS      | $131681.71    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CICC                                                           | China International Capital Corp Ltd      | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |     58400 | NS      | $111481.08    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       525 | NS      | $39107.25     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd                                 | Shinhan Financial Group Co Ltd            | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      7200 | NS      | $201380.92    | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd                                               | GDS Holdings Ltd                          | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | CN        |      1000 | NS      | $20620.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                                     | JD.com Inc                                | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |       542 | NS      | $15290.39     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                                                           | Hong Kong Exchanges & Clearing Ltd        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      5100 | NS      | $220322.98    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| XL Axiata Tbk PT                                               | XL Axiata Tbk PT                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |    213783 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      8200 | NS      | $350883.04    | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                                           | Southern Copper Corp                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | MX        |      3900 | NS      | $235521.00    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                                       | Flex Ltd                                  | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |      4000 | NS      | $85840.00     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Financial Holding Co Lt                                 | Cathay Financial Holding Co Ltd           | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |     88785 | NS      | $115546.74    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                                  | Budweiser Brewing Co APAC Ltd             | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | HK        |     46000 | NS      | $144680.96    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                                                    | LG Chem Ltd                               | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |       575 | NS      | $275647.85    | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| LK Technology Holdings Ltd                                     | LK Technology Holdings Ltd                | CUSIP: 000000000<br>LEI: 98450014EE068411A194 | Long             | EC               | CORP              | HK        |     72500 | NS      | $59631.41     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY INVESTMENTS MONEY MARKET FUNDS - GOVERNMENT PORTFOLIO | FIDELITY GOVERNMENT PORT-I                | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    146846 | NS      | $146846.27    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                                                      | Baidu Inc                                 | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |      1100 | NS      | $125818.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                                  | Rio Tinto PLC                             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2475 | NS      | $176220.00    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bidvest Group Ltd/The                                          | Bidvest Group Ltd/The                     | CUSIP: 000000000<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |      5525 | NS      | $69712.63     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                                                    | Naspers Ltd                               | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      1425 | NS      | $236868.06    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                                                     | NAVER Corp                                | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       450 | NS      | $64074.87     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB                                 | Fomento Economico Mexicano SAB de CV      | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      1575 | NS      | $123039.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                      | Alibaba Group Holding Ltd                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |      2700 | NS      | $237843.00    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinopharm Group Co Ltd                                         | Sinopharm Group Co Ltd                    | CUSIP: 000000000<br>LEI: 529900N54X78YH9JYK92 | Long             | EC               | CORP              | CN        |     44900 | NS      | $114127.44    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       550 | NS      | $307521.50    | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF                                         | iShares MSCI India ETF                    | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |     10400 | NS      | $434096.00    | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SINOPEC CORP                                                   | China Petroleum & Chemical Corp           | CUSIP: 16941R108<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | CORP              | CN        |      1400 | NS      | $67623.74     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                                     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     10925 | NS      | $481591.20    | 5.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ST Engineering                                                 | Singapore Technologies Engineering Ltd    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     44000 | NS      | $110049.28    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     21400 | NS      | $237977.31    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd                                     | China Mengniu Dairy Co Ltd                | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |     43000 | NS      | $195017.58    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                                  | HDFC Bank Ltd                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      5350 | NS      | $365993.50    | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                                     | JD.com Inc                                | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      3600 | NS      | $202068.00    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bid Corp Ltd                                                   | Bid Corp Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     13200 | NS      | $256250.72    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL                                               | Bangkok Bank PCL                          | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |     36500 | NS      | $158077.09    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd                                         | DBS Group Holdings Ltd                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     14500 | NS      | $367209.20    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                                              | Banco Bradesco SA                         | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |     30350 | NS      | $87087.93     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT                                     | Astra International Tbk PT                | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    176000 | NS      | $64441.95     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     37482 | NS      | $546946.59    | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd                                  | CSPC Pharmaceutical Group Ltd             | CUSIP: 000000000<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | CN        |    192400 | NS      | $202125.44    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev SA                                                       | Ambev SA                                  | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     21575 | NS      | $58684.00     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                                                       | Nice Ltd                                  | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |      1050 | NS      | $201915.00    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Bimbo SAB de CV                                          | Grupo Bimbo SAB de CV                     | CUSIP: 000000000<br>LEI: 5493000RIXURZEBFEV60 | Long             | EC               | CORP              | MX        |     16000 | NS      | $67574.99     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd                                        | ENN Energy Holdings Ltd                   | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |     19800 | NS      | $278021.13    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                             | Trip.com Group Ltd                        | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |      4450 | NS      | $153080.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                                        | Meituan                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |      6000 | NS      | $134290.78    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                                      | Prosus NV                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      1700 | NS      | $117283.85    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co                                  | Hon Hai Precision Industry Co Ltd         | CUSIP: 438090805<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     23700 | NS      | $153102.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander Chile                                          | Banco Santander Chile                     | CUSIP: 05965X109<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | EC               | CORP              | CL        |      4700 | NS      | $74448.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                                                     | Globant SA                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | UY        |      1175 | NS      | $197588.00    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                                                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |       600 | NS      | $31218.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** SIT MUTUAL FUNDS INC

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

**Title:** VP, Treasurer & Chief Compliance Officer