# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010056
**Filing Date:** 2025-11
**Character Count:** 35515
**Document Hash:** 78b162247b880a4631a27b9f73236367
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010056.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010056

**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:** 251515652

**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 Dividend Growth Fund (Series ID: S000003466)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009600 | Sit Dividend Growth Fund - Class I | SDVGX           |
| C000033658 | Sit Dividend Growth Fund - Class S | SDVSX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Dividend Growth Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 99.2%** |  |  |
|  **Commercial Services - 1.1%** |  |  |
|  S&P Global, Inc. | 5304 | 2581510 |
|  **Communications - 0.9%** |  |  |
|  Verizon Communications, Inc. | 47256 | 2076901 |
|  **Consumer Non-Durables - 3.2%** |  |  |
|  Coca-Cola Co. | 36350 | 2410732 |
|  NIKE, Inc. | 20604 | 1436717 |
|  Procter & Gamble Co. | 23095 | 3548547 |
|  |  | 7395996 |
|  **Consumer Services - 2.3%** |  |  |
|  McDonald's Corp. | 8236 | 2502838 |
|  Visa, Inc. | 8300 | 2833454 |
|  |  | 5336292 |
|  **Electronic Technology - 19.0%** |  |  |
|  Apple, Inc. | 45350 | 11547471 |
|  Broadcom, Inc. | 30315 | 10001222 |
|  Cisco Systems, Inc. | 42594 | 2914282 |
|  Garmin, Ltd. | 6584 | 1621112 |
|  International Business Machines Corp. | 8325 | 2348982 |
|  Micron Technology, Inc. | 12719 | 2128143 |
|  NVIDIA Corp. | 50647 | 9449717 |
|  TE Connectivity, PLC | 17725 | 3891169 |
|  |  | 43902098 |
|  **Energy Minerals - 2.3%** |  |  |
|  Exxon Mobil Corp. | 47660 | 5373665 |
|  **Finance - 16.6%** |  |  |
|  American International Group, Inc. | 25372 | 1992717 |
|  Axis Capital Holdings, Ltd. | 15552 | 1489882 |
|  Bank of America Corp. | 71000 | 3662890 |
|  Bank of New York Mellon Corp. | 19700 | 2146512 |
|  CareTrust REIT, Inc. | 59092 | 2049311 |
|  Carlyle Group, Inc. | 34996 | 2194249 |
|  Citigroup, Inc. | 21375 | 2169562 |
|  Citizens Financial Group, Inc. | 27750 | 1475190 |
|  Fifth Third Bancorp | 32509 | 1448276 |
|  Goldman Sachs Group, Inc. | 3667 | 2920215 |
|  Hartford Insurance Group, Inc. | 17840 | 2379678 |
|  Intercontinental Exchange, Inc. | 12162 | 2049054 |
|  JPMorgan Chase & Co. | 13124 | 4139703 |
|  MetLife, Inc. | 35411 | 2916804 |
|  Public Storage | 6700 | 1935295 |
|  Realty Income Corp. | 30271 | 1840174 |
|  US Bancorp | 29222 | 1412299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38221811 |
|  **Health Services - 3.5%** |  |  |
|  Cardinal Health, Inc. | 21192 | 3326296 |
|  Quest Diagnostics, Inc. | 13775 | 2625240 |
|  UnitedHealth Group, Inc. | 5831 | 2013444 |
|  |  | 7964980 |
|  **Health Technology - 10.0%** |  |  |
|  Abbott Laboratories | 16325 | 2186570 |
|  AbbVie, Inc. | 15408 | 3567568 |
|  AstraZeneca, PLC, ADR | 39900 | 3061128 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Eli Lilly & Co. | 4130 | 3151190 |
|  Johnson & Johnson | 17211 | 3191264 |
|  Medtronic, PLC | 22282 | 2122138 |
|  Stryker Corp. | 6877 | 2542221 |
|  Thermo Fisher Scientific, Inc. <sup>\*</sup>  | 3725 | 1806699 |
|  Zimmer Biomet Holdings, Inc. | 15590 | 1535615 |
|  |  | 23164393 |
|  **Industrial Services - 3.2%** |  |  |
|  Waste Management, Inc. | 11800 | 2605794 |
|  Williams Cos., Inc. | 74200 | 4700570 |
|  |  | 7306364 |
|  **Process Industries - 0.8%** |  |  |
|  Linde, PLC | 3830 | 1819250 |
|  **Producer Manufacturing - 8.5%** |  |  |
|  Eaton Corp., PLC | 7865 | 2943476 |
|  Emerson Electric Co. | 17350 | 2275973 |
|  Flowserve Corp. | 41142 | 2186286 |
|  Honeywell International, Inc. | 12800 | 2694400 |
|  L3Harris Technologies, Inc. | 5910 | 1804973 |
|  Parker-Hannifin Corp. | 1926 | 1460197 |
|  RTX Corp. | 18100 | 3028673 |
|  Siemens AG, ADR | 8421 | 1136919 |
|  Xylem, Inc. | 14217 | 2097008 |
|  |  | 19627905 |
|  **Retail Trade - 5.1%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup>  | 17927 | 3936231 |
|  eBay, Inc. | 20691 | 1881846 |
|  Home Depot, Inc. | 8350 | 3383337 |
|  TJX Cos., Inc. | 18035 | 2606779 |
|  |  | 11808193 |
|  **Technology Services - 15.2%** |  |  |
|  Accenture, PLC | 7565 | 1865529 |
|  Adobe, Inc. <sup>\*</sup>  | 650 | 229288 |
|  Alphabet, Inc. - Class A | 17954 | 4364617 |
|  Genpact, Ltd. | 40375 | 1691309 |
|  Intuit, Inc. | 4504 | 3075827 |
|  Meta Platforms, Inc. | 4887 | 3588915 |
|  Microsoft Corp. | 29500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15279525 |
|  Oracle Corp. | 12650 | 3557686 |
|  Salesforce, Inc. | 6403 | 1517511 |
|  |  | 35170207 |
|  **Transportation - 2.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 15948 | 2111516 |
|  CSX Corp. | 86569 | 3074065 |
|  |  | 5185581 |
|  **Utilities - 5.2%** |  |  |
|  DTE Energy Co. | 13999 | 1979878 |
|  NextEra Energy, Inc. | 20473 | 1545507 |
|  NiSource, Inc. | 61428 | 2659832 |
|  PPL Corp. | 89523 | 3326675 |
|  Public Service Enterprise Group, Inc. | 30402 | 2537351 |
|  |  | 12049243 |
|  **Total Common Stocks<br>(cost: $156,510,773)** |  | 228984389 |

---

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Dividend Growth Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Short-Term Securities** - **0.7%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $1,577,273)** | 1577273 | 1577273 |
|  **Total Investments in Securities - 99.9%<br>(cost $158,088,046)** |  | 230561662 |
|  **Other Assets and Liabilities, net - 0.1%** |  | 299318 |
|  **Net Assets - 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$230860980 |

---

\* Non-income producing security.

ADR — American 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 ($) | Total ($) |
|  Common Stocks\*\* | 228984389 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228984389 |
|  Short-Term Securities | 1577273 |  |  | 1577273 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230561662 |  |  | 230561662 |

---

\*\* 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 Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000003466

- **c. LEI of Series:** 254900F35QCGD0T7UH74

**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:** $231274140.37

**Total Liabilities:** $415913.13

**Net Assets:** $230858227.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009600 | 2.79%                | 1.75%                | 3.27%                |
| Class ID C000033658 | 2.69%                | 1.77%                | 3.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13401258.48             | $-7292013.63                               |
| Month 2  | $1057942.48              | $2647588.38                                |
| Month 3  | $593696.85               | $6453222.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Coca-Cola Co/The               | Coca-Cola Co/The                     | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     36350 | NS      | $2410732.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology Inc                | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     12719 | NS      | $2128143.08   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group Inc  | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     30402 | NS      | $2537350.92   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4130 | NS      | $3151190.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings Inc           | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     15590 | NS      | $1535615.00   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc        | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     12162 | NS      | $2049053.76   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6403 | NS      | $1517511.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc            | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |      6059 | NS      | $1850479.19   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     15808 | NS      | $3660184.32   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The     | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     17840 | NS      | $2379677.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                  | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     32509 | NS      | $1448275.95   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     12800 | NS      | $2694400.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc      | CH Robinson Worldwide Inc            | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     15948 | NS      | $2111515.20   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      4554 | NS      | $3109972.14   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      3667 | NS      | $2920215.45   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      8325 | NS      | $2348982.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     16325 | NS      | $2186570.50   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                        | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      7765 | NS      | $1914849.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     21375 | NS      | $2169562.50   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                       | PPL Corp                             | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     89523 | NS      | $3326674.68   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     50647 | NS      | $9449717.26   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                       | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      5304 | NS      | $2581509.84   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     47256 | NS      | $2076901.20   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     47660 | NS      | $5373665.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The          | Carlyle Group Inc/The                | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |     34996 | NS      | $2194249.20   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      8300 | NS      | $2833454.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     29222 | NS      | $1412299.26   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     13775 | NS      | $2625239.50   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     20604 | NS      | $1436716.92   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT Inc                   | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     59092 | NS      | $2049310.56   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       650 | NS      | $229287.50    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                         | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      6877 | NS      | $2542220.59   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                             | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     18100 | NS      | $3028673.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                            | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      3830 | NS      | $1819250.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3725 | NS      | $1806699.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                 | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     74200 | NS      | $4700570.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     71000 | NS      | $3662890.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp/The     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     19700 | NS      | $2146512.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                     | Garmin Ltd                           | CUSIP: 000000000<br>LEI: 2549001E0HIPIJQ0W046 | Long             | EC               | CORP              | CH        |      6584 | NS      | $1621112.48   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     39900 | NS      | $3061128.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                  | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     17725 | NS      | $3891169.25   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp                   | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     30271 | NS      | $1840174.09   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                          | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     12650 | NS      | $3557686.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     45350 | NS      | $11547470.50  | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     42594 | NS      | $2914281.48   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     17211 | NS      | $3191263.62   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     17927 | NS      | $3936231.39   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      8350 | NS      | $3383336.50   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     21392 | NS      | $3357688.32   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                           | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      8421 | NS      | $1136919.21   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                  | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |     17350 | NS      | $2275973.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      6700 | NS      | $1935295.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     30315 | NS      | $10001221.65  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4887 | NS      | $3588915.06   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5831 | NS      | $2013444.30   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group Inc         | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     24750 | NS      | $1315710.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                             | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     20691 | NS      | $1881846.45   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                  | DTE Energy Co                        | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     13999 | NS      | $1979878.57   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17954 | NS      | $4364617.40   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The              | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     23095 | NS      | $3548546.75   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                             | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     87369 | NS      | $3102473.19   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife Inc                          | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     35411 | NS      | $2916804.07   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group Inc     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     25372 | NS      | $1992716.88   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1855463 | NS      | $1855462.99   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                       | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     41142 | NS      | $2186285.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      8236 | NS      | $2502838.04   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                       | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      7865 | NS      | $2943476.25   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource Inc                         | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     61428 | NS      | $2659832.40   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                        | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     22282 | NS      | $2122137.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                         | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     14217 | NS      | $2097007.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     18685 | NS      | $2700729.90   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                    | Genpact Ltd                          | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |     40375 | NS      | $1691308.75   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1926 | NS      | $1460196.90   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd            | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     15552 | NS      | $1489881.60   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13124 | NS      | $4139703.32   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                 | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     11800 | NS      | $2605794.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     20473 | NS      | $1545506.77   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     29500 | NS      | $15279525.00  | 6.62%             |  |  |  | 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