# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010057
**Filing Date:** 2025-11
**Character Count:** 39335
**Document Hash:** 3a29856ed8f2d49818461b405707f878
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010057.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010057

**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:** 251515653

**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 International Growth Fund (Series ID: S000003461)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000009595 | Sit International Growth Fund | SNGRX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit International Growth Fund** 

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 98.3%** |  |  |
|  **Asia - 22.8%**  |  |  |
|  **Australia - 4.9%**  |  |  |
|  Atlassian Corp. <sup>\*</sup>  | 1425 | 227572 |
|  BHP Group, Ltd., ADR | 2900 | 161675 |
|  Lynas Rare Earths, Ltd. <sup>\*</sup>  | 46625 | 518618 |
|  Macquarie Group, Ltd. | 2225 | 322916 |
|  Rio Tinto, PLC, ADR | 4400 | 290444 |
|  Westpac Banking Corp. | 4425 | 114105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635330 |
|  **China/Hong Kong** - **2.5%**  |  |  |
|  AIA Group, Ltd. | 32200 | 308885 |
|  Baidu, Inc., ADR <sup>\*</sup>  | 1075 | 141653 |
|  ENN Energy Holdings, Ltd. | 18400 | 152152 |
|  Ping An Insurance Group Co. of China, Ltd. | 33500 | 228372 |
|  |  | 831062 |
|  **India** - **0.5%**  |  |  |
|  HDFC Bank, Ltd., ADR | 4800 | 163968 |
|  **Japan** - **8.7%**  |  |  |
|  Keyence Corp. | 1000 | 373128 |
|  Mitsubishi Heavy Industries, Ltd. | 18000 | 472137 |
|  Recruit Holdings Co., Ltd. | 11200 | 603074 |
|  Sony Financial Group, Inc., ADR <sup>\*</sup>  | 7065 | 26141 |
|  Sony Group Corp., ADR | 35325 | 1017006 |
|  Terumo Corp. | 24800 | 409686 |
|  |  | 2901172 |
|  **Singapore** - **4.1%**  |  |  |
|  DBS Group Holdings, Ltd. | 17160 | 680440 |
|  Singapore Technologies Engineering, Ltd. | 104800 | 699506 |
|  |  | 1379946 |
|  **South Korea** - **0.8%**  |  |  |
|  Samsung Electronics Co., Ltd., GDR <sup>4</sup>  | 185 | 276390 |
|  **Taiwan** - **1.3%**  |  |  |
|  Hon Hai Precision Industry Co., Ltd., GDR | 11750 | 167320 |
|  Taiwan Semiconductor Co., ADR | 1000 | 279290 |
|  |  | 446610 |
|  **Europe** - **60.1%**  |  |  |
|  **Belgium - 3.2%**  |  |  |
|  D'ieteren Group | 2800 | 523345 |
|  UCB SA | 2025 | 558701 |
|  |  | 1082046 |
|  **Denmark** - **2.0%**  |  |  |
|  Ascendis Pharma A/S, ADR <sup>\*</sup>  | 1690 | 335989 |
|  Novo Nordisk A/S, ADR | 5825 | 323229 |
|  |  | 659218 |
|  **France** - **11.0%**  |  |  |
|  AXA SA | 11750 | 560632 |
|  Dassault Systemes SE | 11700 | 391624 |
|  Elis SA | 12125 | 348482 |
|  Safran SA | 2590 | 912541 |
|  Schneider Electric SE | 3970 | 1107449 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Societe Generale SA | 5525 | 365586 |
|  |  | 3686314 |
|  **Germany** - **8.9%**  |  |  |
|  Allianz SE | 1935 | 811936 |
|  Deutsche Post AG | 6550 | 291760 |
|  Infineon Technologies AG | 5950 | 231922 |
|  Muenchener Rueckversicherungs AG | 800 | 510383 |
|  Rheinmetall AG | 130 | 302887 |
|  Siemens AG | 3100 | 834186 |
|  |  | 2983074 |
|  **Ireland** - **2.7%**  |  |  |
|  Accenture, PLC | 550 | 135630 |
|  CRH, PLC | 2800 | 335720 |
|  Linde, PLC | 500 | 237500 |
|  STERIS, PLC | 825 | 204138 |
|  |  | 912988 |
|  **Luxembourg** - **1.0%**  |  |  |
|  Spotify Technology SA <sup>\*</sup>  | 500 | 349000 |
|  **Netherlands** - **3.4%**  |  |  |
|  Adyen NV <sup>\*, 4</sup> | 84 | 134617 |
|  ASML Holding NV | 1025 | 992292 |
|  |  | 1126909 |
|  **Spain** - **3.1%**  |  |  |
|  Cellnex Telecom SA <sup>4</sup>  | 5200 | 180038 |
|  Iberdrola SA | 45900 | 867881 |
|  |  | 1047919 |
|  **Sweden** - **1.2%**  |  |  |
|  Evolution AB, ADR | 2325 | 190627 |
|  Hexagon AB | 16200 | 192554 |
|  |  | 383181 |
|  **Switzerland** - **7.3%**  |  |  |
|  Galderma Group AG | 1350 | 234539 |
|  Lonza Group AG | 590 | 390739 |
|  Nestle SA | 3600 | 330447 |
|  On Holding AG <sup>\*</sup>  | 8625 | 365269 |
|  Partners Group Holding AG | 490 | 636160 |
|  TE Connectivity, PLC | 1100 | 241483 |
|  Ypsomed Holding AG | 510 | 200207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398844 |
|  **United Kingdom** - **16.3%**  |  |  |
|  AstraZeneca, PLC, ADR | 10125 | 776790 |
|  BAE Systems, PLC | 28250 | 782285 |
|  Coca-Cola Europacific Partners, PLC | 5400 | 488214 |
|  Compass Group, PLC | 10625 | 361383 |
|  Diageo, PLC, ADR | 1840 | 175591 |
|  Entain, PLC | 27600 | 324348 |
|  London Stock Exchange Group, PLC | 4200 | 481033 |
|  Man Group, PLC | 93600 | 224575 |
|  Reckitt Benckiser Group, PLC | 3100 | 238394 |
|  RELX, PLC | 9750 | 466808 |
|  Rentokil Initial, PLC | 47250 | 238808 |
|  Shell, PLC, ADR | 12250 | 876242 |
|  |  | 5434471 |

---

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit International Growth Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Latin America** - **0.6%**  |  |  |
|  **Argentina** - **0.6%**  |  |  |
|  Globant SA <sup>\*</sup>  | 2050 | 117629 |
|  MercadoLibre, Inc. <sup>\*</sup>  | 40 | 93478 |
|  |  | 211107 |
|  **North America** - **14.8%**  |  |  |
|  **Canada** - **3.4%**  |  |  |
|  Alimentation Couche-Tard, Inc. | 7400 | 394805 |
|  Colliers International Group, Inc. | 1600 | 249936 |
|  Waste Connections, Inc. | 2750 | 483450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128191 |
|  **United States** - **11.4%**  |  |  |
|  Broadcom, Inc. | 10250 | 3381577 |
|  Euronet Worldwide, Inc. <sup>\*</sup>  | 1375 | 120739 |
|  Mondelez International, Inc. | 4800 | 299856 |
|  |  | 3802172 |
|  **Total Common Stocks<br>(cost: $17,936,515)** |  | 32839912 |
|  **Investment Companies 0.5%** |  |  |
|  iShares MSCI India ETF<br>**(cost $95,267)** | 3200 | 166591 |
|  **Short-Term Securities** - **0.8%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $258,195)** | 258195 | 258195 |
|  **Total Investments in Securities - 99.6%<br>(cost $18,289,977)** |  | 33264698 |
|  **Other Assets and Liabilities, net - 0.4%** |  | 141813 |
|  **Net Assets - 100.0%** |  | $33406511 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of September 30, 2025 was $591,045 and represented 1.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

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

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

**2**

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit International Growth Fund (Continued)** 

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentina | 211107 |  |  | 211107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | 1635330 |  |  | 1635330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1082046 |  |  | 1082046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 1128191 |  |  | 1128191 |
| &nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 831062 |  |  | 831062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 659218 |  |  | 659218 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 3686314 |  |  | 3686314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 2983074 |  |  | 2983074 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 163968 |  |  | 163968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 912988 |  |  | 912988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 2875031 | 26141 |  | 2901172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 349000 |  |  | 349000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1126909 |  |  | 1126909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1379946 |  |  | 1379946 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 276390 |  |  | 276390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 1047919 |  |  | 1047919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 383181 |  |  | 383181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2398844 |  |  | 2398844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 446610 |  |  | 446610 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5434471 |  |  | 5434471 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 3802172 |  |  | 3802172 |
|  Investment Companies | 166591 |  |  | 166591 |
|  Short-Term Securities | 258195 |  |  | 258195 |
|  Total: | 33238557 | 26141 |  | 33264698 |

---

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.

SEPTEMBER 30, 2025<sub>3</sub>

## 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 International Growth Fund

- **b. EDGAR series identifier (if any):** S000003461

- **c. LEI of Series:** 254900HEYR6MUMPY3L49

**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:** $33429410.14

**Total Liabilities:** $24326.55

**Net Assets:** $33405083.59

**Cash Not Reported:** $6072.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009595 | -1.00%               | 2.56%                | 3.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-317595.34                                |
| Month 2  | $-122118.70              | $880851.94                                 |
| Month 3  | $89491.99                | $844064.56                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Rheinmetall AG                 | Rheinmetall AG                                            | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       130 | NS      | $302887.29    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                                       | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1690 | NS      | $335988.90    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Group Ltd            | Macquarie Group Ltd                                       | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |      2225 | NS      | $322915.72    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      1840 | NS      | $175591.20    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     35325 | NS      | $1017006.75   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    252147 | NS      | $252147.06    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       800 | NS      | $510383.02    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                      | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      3600 | NS      | $330446.58    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide Inc                                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      1375 | NS      | $120738.75    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10250 | NS      | $3381577.50   | 10.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE          | Schneider Electric SE                                     | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      3970 | NS      | $1107448.49   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Group PLC/Jersey           | Man Group PLC/Jersey                                      | CUSIP: 000000000<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | GB        |     93600 | NS      | $224574.63    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Holding AG      | Partners Group Holding AG                                 | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |       490 | NS      | $636159.79    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1025 | NS      | $992292.25    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1000 | NS      | $279290.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       825 | NS      | $204138.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Heavy Industries Lt | Mitsubishi Heavy Industries Ltd                           | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     18000 | NS      | $472137.13    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |       500 | NS      | $349000.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      2800 | NS      | $523344.53    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     12250 | NS      | $876242.50    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                     | Entain PLC                                                | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | GB        |     27600 | NS      | $324347.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd                                             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      2900 | NS      | $161675.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution AB                   | Evolution AB                                              | CUSIP: 30051E104<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |      2325 | NS      | $190626.75    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     11200 | NS      | $603074.01    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC    | Reckitt Benckiser Group PLC                               | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |      3100 | NS      | $238394.28    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                                              | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     45900 | NS      | $867880.65    | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      5950 | NS      | $231921.84    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      1425 | NS      | $227572.50    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       590 | NS      | $390739.28    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                        | Ping An Insurance Group Co of China Ltd                   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     33500 | NS      | $228371.42    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                     | Hexagon AB                                                | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     16200 | NS      | $192553.96    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group Inc                          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      1600 | NS      | $249936.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      4400 | NS      | $290444.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |        40 | NS      | $93477.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc   | Alimentation Couche-Tard Inc                              | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |      7400 | NS      | $394804.91    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd        | ENN Energy Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |     18400 | NS      | $152152.10    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4800 | NS      | $299856.00    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Dassault Systemes SE           | Dassault Systemes SE                                      | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     11700 | NS      | $391624.34    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     28250 | NS      | $782284.62    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      1000 | NS      | $373127.77    | 1.12%             |  |  |  | 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        |     11750 | NS      | $167320.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA            | Societe Generale SA                                       | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      5525 | NS      | $365586.26    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                                                | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |      2050 | NS      | $117629.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      3100 | NS      | $834186.01    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     10625 | NS      | $361383.04    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |      2800 | NS      | $335720.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S               | Novo Nordisk A/S                                          | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      5825 | NS      | $323229.25    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     17160 | NS      | $680440.33    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     32200 | NS      | $308885.31    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      2590 | NS      | $912540.93    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                     | Allianz SE                                                | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      1935 | NS      | $811936.58    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC                        | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |      5400 | NS      | $488214.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                         | UCB SA                                                    | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |      2025 | NS      | $558701.04    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Elis SA                        | Elis SA                                                   | CUSIP: 000000000<br>LEI: 969500UX71LCE8MAY492 | Long             | EC               | CORP              | FR        |     12125 | NS      | $348481.52    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                                             | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |      8625 | NS      | $365268.75    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA             | Cellnex Telecom SA                                        | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      5200 | NS      | $180038.22    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                         | AXA SA                                                    | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     11750 | NS      | $560632.36    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     10125 | NS      | $776790.00    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                             | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       550 | NS      | $135630.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                                | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       185 | NS      | $276390.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                                       | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      1100 | NS      | $241483.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd          | Lynas Rare Earths Ltd                                     | CUSIP: 000000000<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |     46625 | NS      | $518618.13    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      9750 | NS      | $466808.15    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY FINANCIAL GROUP INC       | SONY FINANCIAL GROUP INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7065 | NS      | $26140.50     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                                 | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |      1075 | NS      | $141652.75    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ypsomed Holding AG             | Ypsomed Holding AG                                        | CUSIP: 000000000<br>LEI: 391200QLIOTTBNPNSI14 | Long             | EC               | CORP              | CH        |       510 | NS      | $200207.27    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                                      | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     47250 | NS      | $238807.84    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |       500 | NS      | $237500.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG              | Galderma Group AG                                         | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |      1350 | NS      | $234539.29    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC                           | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      4200 | NS      | $481033.07    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India ETF         | iShares MSCI India ETF                                    | CUSIP: 46429B598<br>LEI: 549300282VMCFH7S5848 | Long             | EC               | RF                | US        |      3200 | NS      | $166592.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Terumo Corp                    | Terumo Corp                                               | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |     24800 | NS      | $409685.90    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp           | Westpac Banking Corp                                      | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |      4425 | NS      | $114105.04    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    104800 | NS      | $699506.18    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                                     | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      2750 | NS      | $483450.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      4800 | NS      | $163968.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                       | Adyen NV                                                  | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |        84 | NS      | $134616.57    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      6550 | NS      | $291759.64    | 0.87%             |  |  |  | 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