# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010060
**Filing Date:** 2025-11
**Character Count:** 43269
**Document Hash:** f9666cd81220fe6f1d42bec198ef1539
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010060.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010060

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000877880

**ORGANIZATION NAME:**
- **EIN:** 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:** 251515656

**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 Small Cap Dividend Growth Fund (Series ID: S000048642)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000153295 | Sit Small Cap Dividend Growth Fund - Class I | SSCDX           |
| C000153296 | Sit Small Cap Dividend Growth Fund - Class S | SDFSX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Small Cap Dividend Growth Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 94.5%** |  |  |
|  **Commercial Services - 2.8%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 2700 | 269865 |
|  Brink's Co. | 1825 | 213269 |
|  Colliers International Group, Inc. | 3600 | 562356 |
|  FTI Consulting, Inc. <sup>\*</sup>  | 1000 | 161650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207140 |
|  **Communications - 0.5%** |  |  |
|  Iridium Communications, Inc. | 12475 | 217814 |
|  **Consumer Durables - 1.3%** |  |  |
|  Century Communities, Inc. | 3925 | 248727 |
|  IMAX Corp. <sup>\*</sup>  | 3300 | 108075 |
|  National Presto Industries, Inc. | 750 | 84113 |
|  YETI Holdings, Inc. <sup>\*</sup>  | 4075 | 135208 |
|  |  | 576123 |
|  **Consumer Non-Durables - 0.8%** |  |  |
|  Sensient Technologies Corp. | 3650 | 342552 |
|  **Consumer Services - 2.3%** |  |  |
|  Adtalem Global Education, Inc. <sup>\*</sup>  | 3200 | 494240 |
|  Nexstar Media Group, Inc. | 1800 | 355932 |
|  Vail Resorts, Inc. | 1100 | 164527 |
|  |  | 1014699 |
|  **Electronic Technology - 6.1%** |  |  |
|  Coherent Corp. <sup>\*</sup>  | 4475 | 482047 |
|  Entegris, Inc. | 3340 | 308816 |
|  MKS, Inc. | 3975 | 491986 |
|  Monolithic Power Systems, Inc. | 1050 | 966672 |
|  Power Integrations, Inc. | 9500 | 381995 |
|  |  | 2631516 |
|  **Energy Minerals - 2.1%** |  |  |
|  Chord Energy Corp. | 5500 | 546535 |
|  Northern Oil & Gas, Inc. | 14275 | 354020 |
|  |  | 900555 |
|  **Finance - 25.3%** |  |  |
|  Air Lease Corp. | 8175 | 520339 |
|  Artisan Partners Asset Management, Inc. | 5350 | 232190 |
|  Axis Capital Holdings, Ltd. | 5625 | 538875 |
|  Broadstone Net Lease, Inc. | 26125 | 466854 |
|  Cadence Bank | 17025 | 639119 |
|  CareTrust REIT, Inc. | 16900 | 586092 |
|  Carlyle Group, Inc. | 8075 | 506302 |
|  CNO Financial Group, Inc. | 14000 | 553700 |
|  Columbia Banking System, Inc. | 25750 | 662805 |
|  CubeSmart | 5250 | 213465 |
|  Essential Properties Realty Trust, Inc. | 10050 | 299088 |
|  Evercore, Inc. | 2315 | 780896 |
|  HA Sustainable Infrastructure Capital, Inc. | 4825 | 148127 |
|  Hanover Insurance Group, Inc. | 2475 | 449534 |
|  Hercules Capital, Inc. | 24675 | 466604 |
|  Horace Mann Educators Corp. | 12900 | 582693 |
|  Janus Henderson Group, PLC | 6100 | 271511 |
|  Old National Bancorp | 29350 | 644233 |
|  Piper Sandler Cos. | 1450 | 503135 |
|  Provident Financial Services, Inc. | 19975 | 385118 |
|  Stifel Financial Corp. | 5300 | 601391 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Synovus Financial Corp. | 11550 | 566874 |
|  Western Alliance Bancorp | 3625 | 314360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10933305 |
|  **Health Services - 4.6%** |  |  |
|  Addus HomeCare Corp. <sup>\*</sup>  | 5545 | 654255 |
|  Encompass Health Corp. | 4275 | 543010 |
|  Tenet Healthcare Corp. <sup>\*</sup>  | 4025 | 817236 |
|  |  | 2014501 |
|  **Health Technology - 6.7%** |  |  |
|  AtriCure, Inc. <sup>\*</sup>  | 17300 | 609825 |
|  Bio-Techne Corp. | 4100 | 228083 |
|  Glaukos Corp. <sup>\*</sup>  | 4940 | 402857 |
|  iRadimed Corp. | 3450 | 245502 |
|  STERIS, PLC | 975 | 241254 |
|  Supernus Pharmaceuticals, Inc. <sup>\*</sup>  | 11525 | 550780 |
|  TG Therapeutics, Inc. <sup>\*</sup>  | 7945 | 287013 |
|  Vericel Corp. <sup>\*</sup>  | 10825 | 340663 |
|  |  | 2905977 |
|  **Industrial Services - 12.9%** |  |  |
|  Argan, Inc. | 5500 | 1485275 |
|  DT Midstream, Inc. | 5600 | 633136 |
|  EMCOR Group, Inc. | 1850 | 1201649 |
|  Golar LNG, Ltd. | 10650 | 430367 |
|  KBR, Inc. | 8025 | 379502 |
|  Kodiak Gas Services, Inc. | 18400 | 680248 |
|  TechnipFMC, PLC | 19550 | 771247 |
|  |  | 5581424 |
|  **Non-Energy Minerals - 2.9%** |  |  |
|  Commercial Metals Co. | 3950 | 226256 |
|  Eagle Materials, Inc. | 2075 | 483558 |
|  James Hardie Industries, PLC <sup>\*</sup>  | 5893 | 113205 |
|  MP Materials Corp. <sup>\*</sup>  | 6600 | 442662 |
|  |  | 1265681 |
|  **Process Industries - 4.4%** |  |  |
|  Avient Corp. | 8900 | 293255 |
|  Cabot Corp. | 4325 | 328916 |
|  CSW Industrials, Inc. | 1200 | 291300 |
|  Huntsman Corp. | 4650 | 41757 |
|  Olin Corp. | 11500 | 287385 |
|  Silgan Holdings, Inc. | 11400 | 490314 |
|  Stepan Co. | 3325 | 158603 |
|  |  | 1891530 |
|  **Producer Manufacturing - 15.4%** |  |  |
|  AeroVironment, Inc. <sup>\*</sup>  | 2775 | 873820 |
|  AZZ, Inc. | 3650 | 398325 |
|  Belden, Inc. | 3175 | 381857 |
|  BWX Technologies, Inc. | 3150 | 580765 |
|  Carlisle Cos., Inc. | 775 | 254944 |
|  Crane Co. | 3275 | 603058 |
|  Crane NXT Co. | 3275 | 219654 |
|  Donaldson Co., Inc. | 4700 | 384695 |
|  EnPro, Inc. | 1900 | 429400 |
|  Flowserve Corp. | 12475 | 662922 |
|  Hubbell, Inc. | 1225 | 527130 |
|  Huntington Ingalls Industries, Inc. | 1625 | 467854 |
|  Lincoln Electric Holdings, Inc. | 1075 | 253517 |

---

SEPTEMBER 30, 2025<sub>1</sub>

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Small Cap Dividend Growth Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Regal Rexnord Corp. | 2900 | 415976 |
|  Zurn Water Solutions Corp. | 4700 | 221041 |
|  |  | 6674958 |
|  **Retail Trade - 2.0%** |  |  |
|  Boot Barn Holdings, Inc. <sup>\*</sup>  | 1810 | 299953 |
|  Casey's General Stores, Inc. | 1025 | 579453 |
|  |  | 879406 |
|  **Technology Services - 2.4%** |  |  |
|  Genpact, Ltd. | 13325 | 558184 |
|  Globant SA <sup>\*</sup>  | 2625 | 150623 |
|  nCino, Inc. <sup>\*</sup>  | 11535 | 312714 |
|  |  | 1021521 |
|  **Transportation - 1.0%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 3700 | 146187 |
|  TFI International, Inc. | 3475 | 306008 |
|  |  | 452195 |
|  **Utilities - 1.0%** |  |  |
|  Chesapeake Utilities Corp. | 3075 | 414172 |
|  **Total Common Stocks<br>(cost: $28,117,670)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40925069 |
|  **Short-Term Securities** - **5.4%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $2,329,812)** | 2329812 | 2329812 |
|  **Total Investments in Securities - 99.9%<br>(cost $30,447,482)** |  | 43254881 |
|  **Other Assets and Liabilities, net - 0.1%** |  | 36748 |
|  **Net Assets - 100.0%** |  | $43291629 |

---

\* Non-income producing security.

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 ($)  | Total ($) |
|  Common Stocks\*\* | 40925069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 40925069 |
|  Short-Term Securities | 2329812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2329812 |
|  Total: | 43254881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 43254881 |

---

\*\* For equity securities categorized in a single level, refer to the detail above for further breakdown.

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

For additional information about significant accounting policies, including valuation of investments, refer to the Fund's most recent annual report.

**2**

## 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 Small Cap Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000048642

- **c. LEI of Series:** 549300SLBKDDGWRKIP44

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $43319534.64

**Total Liabilities:** $31157.39

**Net Assets:** $43288377.25

**Cash Not Reported:** $9215.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153296 | 1.96%                | 4.16%                | 0.87%                |
| Class ID C000153295 | 2.01%                | 4.16%                | 0.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $197401.17               | $564608.34                                 |
| Month 2  | $-79635.22               | $1670437.52                                |
| Month 3  | $-145130.36              | $462259.62                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FTI Consulting Inc             | FTI Consulting Inc                        | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      1000 | NS      | $161650.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      2315 | NS      | $780895.80    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group Inc          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      3600 | NS      | $562356.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc     | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      5350 | NS      | $232190.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                   | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     29350 | NS      | $644232.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                    | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      1810 | NS      | $299953.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The          | Carlyle Group Inc/The                     | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |      8075 | NS      | $506302.50    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden Inc                                | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |      3175 | NS      | $381857.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc              | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      3200 | NS      | $494240.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                                   | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      8025 | NS      | $379502.25    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp                         | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      6600 | NS      | $442662.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc     | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     10050 | NS      | $299088.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     14275 | NS      | $354020.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                      | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      3950 | NS      | $226256.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics Inc                       | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      7945 | NS      | $287013.13    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The           | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      2475 | NS      | $449534.25    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      1800 | NS      | $355932.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                              | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      3340 | NS      | $308816.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                     | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      3475 | NS      | $306008.50    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp           | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      4700 | NS      | $221041.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                 | Air Lease Corp                            | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      8175 | NS      | $520338.75    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp             | Regal Rexnord Corp                        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      2900 | NS      | $415976.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS Inc                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |      3975 | NS      | $491985.75    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                            | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     12475 | NS      | $662921.50    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5250 | NS      | $213465.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group Inc                   | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     14000 | NS      | $553700.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      4475 | NS      | $482047.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services I | Provident Financial Services Inc          | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |     19975 | NS      | $385118.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                 | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      5625 | NS      | $538875.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp                 | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      3075 | NS      | $414171.75    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos                         | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      1450 | NS      | $503135.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                      | Stepan Co                                 | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |      3325 | NS      | $158602.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC      | Janus Henderson Group PLC                 | CUSIP: 000000000<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | GB        |      6100 | NS      | $271511.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     12900 | NS      | $582693.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp       | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      3625 | NS      | $314360.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                     | Cabot Corp                                | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      4325 | NS      | $328916.25    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     11500 | NS      | $287385.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| iRadimed Corp                  | iRadimed Corp                             | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      3450 | NS      | $245502.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                               | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |     13325 | NS      | $558184.25    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hercules Capital Inc           | Hercules Capital Inc                      | CUSIP: 427096508<br>LEI: 549300UJ5OC256GR2B73 | Long             | EC               | CORP              | US        |     24675 | NS      | $466604.25    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                 | Brink's Co/The                            | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      1825 | NS      | $213269.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                     | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      4025 | NS      | $817236.00    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp                    | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     11550 | NS      | $566874.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc        | Century Communities Inc                   | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      3925 | NS      | $248727.25    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc              | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     11525 | NS      | $550779.75    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings Inc             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      1075 | NS      | $253517.25    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc        | Kodiak Gas Services Inc                   | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18400 | NS      | $680248.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      2625 | NS      | $150622.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp     | Sensient Technologies Corp                | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      3650 | NS      | $342552.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries Inc         | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |      1625 | NS      | $467853.75    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                      | Argan Inc                                 | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |      5500 | NS      | $1485275.00   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc               | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25750 | NS      | $662805.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                          | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      4700 | NS      | $384695.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2320596 | NS      | $2320596.05   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      2700 | NS      | $269865.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure  | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |      4825 | NS      | $148127.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                       | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      1200 | NS      | $291300.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      4075 | NS      | $135208.50    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      5500 | NS      | $546535.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                       | Crane Co                                  | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      3275 | NS      | $603058.50    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      2075 | NS      | $483558.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc       | Broadstone Net Lease Inc                  | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |     26125 | NS      | $466853.75    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp                               | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      8900 | NS      | $293255.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                        | AZZ Inc                                   | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      3650 | NS      | $398324.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                   | Glaukos Corp                              | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      4940 | NS      | $402857.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      4275 | NS      | $543010.50    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                         | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      2775 | NS      | $873819.75    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5600 | NS      | $633136.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                   | AtriCure Inc                              | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |     17300 | NS      | $609825.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3700 | NS      | $146187.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                              | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |     17025 | NS      | $639118.50    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp                       | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      5545 | NS      | $654254.55    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |       775 | NS      | $254944.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                           | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      4100 | NS      | $228083.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc                | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     12475 | NS      | $217813.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp                             | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      4650 | NS      | $41757.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc                | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1025 | NS      | $579453.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                           | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1850 | NS      | $1201649.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp          | Stifel Financial Corp                     | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      5300 | NS      | $601391.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                      | IMAX Corp                                 | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |      3300 | NS      | $108075.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                              | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     10825 | NS      | $340662.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1225 | NS      | $527129.75    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                          | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      1100 | NS      | $164527.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc            | Silgan Holdings Inc                       | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     11400 | NS      | $490314.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT Inc                        | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     16900 | NS      | $586092.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro Inc                                 | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |      1900 | NS      | $429400.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     11535 | NS      | $312713.85    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                      | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      3150 | NS      | $580765.50    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       975 | NS      | $241254.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd                             | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |     10650 | NS      | $430366.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      9500 | NS      | $381995.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                   | Crane NXT Co                              | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |      3275 | NS      | $219654.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc | National Presto Industries Inc            | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       750 | NS      | $84112.50     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                            | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     19550 | NS      | $771247.50    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      1050 | NS      | $966672.00    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC               | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      5893 | NS      | $113204.53    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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