# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010058
**Filing Date:** 2025-11
**Character Count:** 26033
**Document Hash:** 0af22efca87f519c8f0e7af5b90626f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010058.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010058

**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:** 251515654

**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           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Developing Markets Growth Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 94.5%** |  |  |
|  **Africa/Middle East - 8.2%**  |  |  |
|  **Israel - 0.7%**  |  |  |
|  NICE, Ltd., ADR <sup>\*</sup>  | 500 | 72390 |
|  **South Africa** - **7.5%**  |  |  |
|  Bid Corp., Ltd. | 9850 | 246535 |
|  Bidvest Group, Ltd. | 5525 | 67765 |
|  Naspers, Ltd. | 1425 | 516093 |
|  |  | 830393 |
|  **Asia** - **68.1%**  |  |  |
|  **Australia** - **1.5%**  |  |  |
|  Atlassian Corp. <sup>\*</sup>  | 450 | 71865 |
|  Rio Tinto, PLC, ADR | 1425 | 94064 |
|  |  | 165929 |
|  **China/Hong Kong** - **22.2%**  |  |  |
|  AIA Group, Ltd. | 21400 | 205284 |
|  Alibaba Group Holding, Ltd., ADR | 650 | 116175 |
|  Baidu, Inc., ADR <sup>\*</sup>  | 925 | 121887 |
|  China Mengniu Dairy Co., Ltd. | 28000 | 53971 |
|  ENN Energy Holdings, Ltd. | 19800 | 163729 |
|  Hong Kong Exchanges & Clearing, Ltd. | 5100 | 289670 |
|  Meituan <sup>\*, 4</sup> | 6820 | 91582 |
|  Ping An Insurance Group Co. of China, Ltd. | 26900 | 183379 |
|  Pop Mart International Group, Ltd. <sup>4</sup>  | 1400 | 47998 |
|  Sands China, Ltd. | 42400 | 118233 |
|  Sinopharm Group Co., Ltd. | 44900 | 105817 |
|  Tencent Holdings, Ltd. | 8200 | 698617 |
|  Trip.com Group, Ltd., ADR | 3275 | 246280 |
|  |  | 2442622 |
|  **India** - **3.4%**  |  |  |
|  HDFC Bank, Ltd., ADR | 8750 | 298900 |
|  MakeMyTrip, Ltd. <sup>\*</sup>  | 800 | 74880 |
|  |  | 373780 |
|  **Indonesia** - **1.9%**  |  |  |
|  Astra International Tbk PT | 176000 | 60990 |
|  XLSMART Telecom Sejahtera Tbk PT | 948800 | 151444 |
|  |  | 212434 |
|  **Singapore** - **9.7%**  |  |  |
|  DBS Group Holdings, Ltd. | 8300 | 329118 |
|  Flex, Ltd. <sup>\*</sup>  | 4000 | 231880 |
|  Sea, Ltd, ADR <sup>\*</sup>  | 1225 | 218944 |
|  Singapore Technologies Engineering, Ltd. | 44000 | 293686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073628 |
|  **South Korea** - **9.5%**  |  |  |
|  LG Chem, Ltd. | 130 | 25758 |
|  NAVER Corp. | 450 | 86116 |
|  Samsung Electronics Co., Ltd. | 9410 | 562702 |
|  Shinhan Financial Group Co., Ltd. | 4150 | 209415 |
|  SK Hynix, Inc. | 650 | 160989 |
|  |  | 1044980 |
|  **Taiwan** - **18.4%**  |  |  |
|  Cathay Financial Holding Co., Ltd. | 88784 | 191096 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Hon Hai Precision Industry Co., Ltd., GDR | 16625 | 236740 |
|  Taiwan Semiconductor Co. | 37482 | 1604896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032732 |
|  **Thailand** - **1.5%**  |  |  |
|  Bangkok Bank PCL | 36500 | 167829 |
|  **Europe** - **1.2%**  |  |  |
|  **Netherlands** - **1.2%**  |  |  |
|  Prosus NV | 1940 | 136523 |
|  **Latin America** - **6.1%**  |  |  |
|  **Argentina** - **1.8%**  |  |  |
|  Globant SA <sup>\*</sup>  | 1175 | 67421 |
|  MercadoLibre, Inc. <sup>\*</sup>  | 55 | 128532 |
|  |  | 195953 |
|  **Brazil** - **1.1%**  |  |  |
|  Banco Bradesco SA | 30350 | 101048 |
|  Lojas Renner SA | 8943 | 25171 |
|  |  | 126219 |
|  **Chile** - **1.1%**  |  |  |
|  Banco Santander Chile, ADR | 4700 | 124550 |
|  **Peru** - **2.1%**  |  |  |
|  Southern Copper Corp. | 1886 | 228885 |
|  **North America** - **10.9%**  |  |  |
|  **Mexico** - **1.4%**  |  |  |
|  Fomento Economico Mexicano, ADR | 1575 | 155342 |
|  **United States** - **9.5%**  |  |  |
|  Broadcom, Inc. | 3165 | 1044165 |
|  **Total Common Stocks<br>(cost: $5,248,235)** |  | 10428354 |
|  **Investment Companies 4.6%** |  |  |
|  iShares MSCI India ETF<br>**(cost $292,601)** | 9750 | 507585 |
|  **Short-Term Securities** - **0.8%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $91,477)** | 91477 | 91477 |
|  **Total Investments in Securities - 99.9%<br>(cost $5,632,313)** |  | 11027416 |
|  **Other Assets and Liabilities, net - 0.1%** |  | 9724 |
|  **Net Assets - 100.0%** |  | $11037140 |

---

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Developing Markets Growth Fund (Continued)** 

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of September 30, 2025 was $139,580 and represented 1.3% 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

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

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 ($) |<br>Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina | 195953 |  |  | 195953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | 165929 |  |  | 165929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 126219 |  |  | 126219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 124550 |  |  | 124550 |
| &nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 2442622 |  |  | 2442622 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 373780 |  |  | 373780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 212434 |  |  | 212434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 72390 |  |  | 72390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 155342 |  |  | 155342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 136523 |  |  | 136523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 228885 |  |  | 228885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1073628 |  |  | 1073628 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 830393 |  |  | 830393 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 1044980 |  |  | 1044980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2032732 |  |  | 2032732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 167829 |  | 167829 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 1044165 |  |  | 1044165 |
|  Investment Companies | 507585 |  |  | 507585 |
|  Short-Term Securities | 91477 |  |  | 91477 |
|  Total: | 10859587 | 167829 |  | 11027416 |

---

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.

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 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:** 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:** $11045512.94

**Total Liabilities:** $11630.58

**Net Assets:** $11033882.36

**Cash Not Reported:** $1868.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009597 | 2.39%                | 2.04%                | 7.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $227194.87                                 |
| Month 2  | $0.00                    | $202236.39                                 |
| Month 3  | $56.38                   | $725884.72                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prosus NV                      | Prosus NV                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      1940 | NS      | $136522.76    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                 | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |       925 | NS      | $121887.25    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander Chile          | Banco Santander Chile                     | CUSIP: 05965X109<br>LEI: 3YJP8HORPAEXJ80D6368 | Long             | EC               | CORP              | CL        |      4700 | NS      | $124550.00    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV      | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      1575 | NS      | $155342.25    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                           | Hong Kong Exchanges & Clearing Ltd        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      5100 | NS      | $289670.33    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bangkok Bank PCL               | Bangkok Bank PCL                          | CUSIP: 000000000<br>LEI: 549300CCL2BKJGMYXV60 | Long             | EC               | CORP              | TH        |     36500 | NS      | $167829.04    | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                        | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |      3275 | NS      | $246280.00    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pop Mart International Group L | Pop Mart International Group Ltd          | CUSIP: 000000000<br>LEI: 9845000A05E8F937E337 | Long             | EC               | CORP              | CN        |      1400 | NS      | $47998.25     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bid Corp Ltd                   | Bid Corp Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      9850 | NS      | $246535.18    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     44000 | NS      | $293685.80    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      1425 | NS      | $94064.25     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp                      | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      1886 | NS      | $228884.96    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                               | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      1425 | NS      | $516092.59    | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                    | LG Chem Ltd                               | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |       130 | NS      | $25758.17     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                         | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |     30350 | NS      | $101047.87    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                     | NAVER Corp                                | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       450 | NS      | $86115.96     | 0.78%             |  |  |  | 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        |     16625 | NS      | $236740.00    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                        | Meituan                                   | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |      6820 | NS      | $91582.44     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                  | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |      4000 | NS      | $231880.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      1225 | NS      | $218944.25    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                 | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |       650 | NS      | $116174.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |     89610 | NS      | $89610.13     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     21400 | NS      | $205284.02    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       650 | NS      | $160988.56    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bidvest Group Ltd              | Bidvest Group Ltd                         | CUSIP: 000000000<br>LEI: 5299002ARE4TRMIRGM72 | Long             | EC               | CORP              | ZA        |      5525 | NS      | $67765.23     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      8200 | NS      | $698616.67    | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT     | Astra International Tbk PT                | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |    176000 | NS      | $60990.10     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd     | China Mengniu Dairy Co Ltd                | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | CN        |     28000 | NS      | $53971.05     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Financial Holding Co Lt | Cathay Financial Holding Co Ltd           | CUSIP: 000000000<br>LEI: 5299009XR1QLFAMQ3X77 | Long             | EC               | CORP              | TW        |     88784 | NS      | $191096.21    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      8750 | NS      | $298900.00    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                | Lojas Renner SA                           | CUSIP: 000000000<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |      8943 | NS      | $25170.96     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF         | iShares MSCI India ETF                    | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |      9750 | NS      | $507585.00    | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     26900 | NS      | $183378.84    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      1175 | NS      | $67421.50     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd | Shinhan Financial Group Co Ltd            | CUSIP: 000000000<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      4150 | NS      | $209415.20    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |       450 | NS      | $71865.00     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinopharm Group Co Ltd         | Sinopharm Group Co Ltd                    | CUSIP: 000000000<br>LEI: 529900N54X78YH9JYK92 | Long             | EC               | CORP              | CN        |     44900 | NS      | $105817.44    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd        | ENN Energy Holdings Ltd                   | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |     19800 | NS      | $163728.89    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                       | Nice Ltd                                  | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |       500 | NS      | $72390.00     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3165 | NS      | $1044165.15   | 9.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     37482 | NS      | $1604895.66   | 14.55%            |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      8300 | NS      | $329117.41    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| XLSMART Telecom Sejahtera Tbk  | XLSMART Telecom Sejahtera Tbk PT          | CUSIP: 000000000<br>LEI: 529900GV66NMGZLKFS48 | Long             | EC               | CORP              | ID        |    948800 | NS      | $151443.62    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                | Sands China Ltd                           | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | MO        |     42400 | NS      | $118232.58    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      9410 | NS      | $562701.97    | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |        55 | NS      | $128531.70    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                            | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |       800 | NS      | $74880.00     | 0.68%             |  |  |  | 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