# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0001193125-25-189564
**Filing Date:** 2025-8
**Character Count:** 290279
**Document Hash:** fced35e1a104b0aa0a7b84c679e1620e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-189564.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001193125-25-189564

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 251263486

**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           |

### Sit Balanced Fund (Series ID: S000003462)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000009596 | Sit Balanced Fund | SIBAX           |

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

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

### Sit Small Cap Growth Fund (Series ID: S000003464)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000009598 | Sit Small Cap Growth Fund | SSMGX           |

### 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           |

### Sit Global Dividend Growth Fund (Series ID: S000023468)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000069003 | Sit Global Dividend Growth Fund - Class I | GDGIX           |
| C000071096 | Sit Global Dividend Growth Fund - Class S | GDGSX           |

### Sit Small Cap Dividend Growth Fund (Series ID: S000048642)

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

### Sit ESG Growth Fund (Series ID: S000054182)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000170242 | Sit ESG Growth Fund - Class I | IESGX           |
| C000170243 | Sit ESG Growth Fund - Class S | SESGX           |

?xml version='1.0' encoding='ASCII'? Sit Mutual Funds Inc.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06373

Sit Mutual Funds, Inc.

(Exact name of Registrant as specified in charter)

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Address of principal executive offices)

Paul E. Rasmussen, VP

Sit Mutual Funds

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Name and address of agent for service)

Registrant's telephone number, including area code:

(612) 332-3223

Date of fiscal year end: June 30, 2025

Date of reporting period: June 30, 2025

------

#### Item 1: Reports to Stockholders.

#### SIBAX

#### Sit Balanced Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Balanced Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Balanced Fund | $84 | 0.80% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Balanced Fund returned +10.58%. The S&P 500<sup>®</sup> Index's return was +15.16%, and the Bloomberg Aggregate Bond Index's return was +6.08%. The fixed income portion of the fund matched the benchmarks +6.1% return for the period, driven by an income return of +5.1%. Closed-end bond funds were the best performing bond sector, returning +8.2%. Taxable municipal and mortgage holdings underperformed due to spread widening and an under-allocation to duration, respectively. The government bond sector was the worst performing sector, as tight credit spreads overall drove a decision to over-allocate duration within the government sector, and longer duration securities underperformed dramatically as the yield curve steepened. The equity portion of the Fund modestly underperformed the S&P 500<sup>®</sup> Index due mainly to stock selection in technology services.

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i716124b4bf7066826a00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit Balanced Fund** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | 10147 | 10600 | 10399 |
| **6/17** | 11422 | 10567 | 12260 |
| **6/18** | 12546 | 10525 | 14023 |
| **6/19** | 13547 | 11353 | 15483 |
| **6/20** | 15161 | 12345 | 16646 |
| **6/21** | 19176 | 12304 | 23436 |
| **6/22** | 16324 | 11038 | 20948 |
| **6/23** | 18369 | 10934 | 25053 |
| **6/24** | 22192 | 11222 | 31205 |
| **6/25** | 24539 | 11904 | 35937 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $68590006 |
| # of Portfolio Holdings | 199 |
| Portfolio Turnover Rate | 35.11% |
| Investment Advisory Fees Paid | $530954 |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Balanced Fund | 10.58% | 10.11% | 9.39% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

# What did the Fund invest in?
The Fund invested in a diversified portfolio of stocks and bonds to achieve long-term capital growth. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.6% |
| Microsoft Corp. | 5.4 |
| Broadcom, Inc. | 4.6 |
| Alphabet, Inc. | 4.2 |
| Apple, Inc. | 4.0 |
| Amazon.com, Inc. | 3.1 |
| Meta Platforms, Inc. | 2.2 |
| Goldman Sachs Group, Inc. | 1.7 |
| Salesforce, Inc. | 1.5 |
| Visa, Inc. | 1.4 |

---

# Equity Sector (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 18.7% |
| Technology Services | 17.3 |
| Retail Trade | 5.9 |
| Producer Manufacturing | 4.9 |
| Finance | 4.3 |
| Health Technology | 3.8 |
| Consumer Services | 2.0 |
| Health Services | 1.3 |
| Process Industries | 1.3 |
| Others | 4.0 |
| Total | 63.5% |

---

#### Portfolio Composition of Bonds (% of Net Assets)

---

| | |
|:---|:---|
| Mortgage Pass-Through Securities | 9.4% |
| Collateralized Mortgage Obligations | 7.6 |
| Taxable Municipal Securities | 5.6 |
| U.S. Treasury / Federal Agency Securities | 4.0 |
| Corporate Bonds | 3.7 |
| Others | 3.7 |
| Total | 34.0% |

---

# Asset Weighting (% of Net Assets)

---

| | |
|:---|:---|
| Equities | 63.5% |
| Bonds | 34.0 |
| Cash and other net assets | 2.5 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

SIBAX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit Balanced Fund
Annual Shareholder Report

June 30, 2025

#### Class I - SDVGX

#### Sit Dividend Growth Fund
![Image](g31856i64c8dbd976090d25a66d.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Dividend Growth Fund - Class I | $75 | 0.70% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Dividend Growth Fund - Class I returned +13.00%, underperforming the S&P 500<sup>®</sup> Index's return of +15.16%. Positive stock selection, particularly within the electronic technology and health services sectors, contributed favorably to the Fund's returns. Even so, the Fund's performance lagged during the period, primarily due to underweight positions in the technology services sector's best-performing stocks, such as Palantir (+438%) and Meta Platforms (+47%) relative to the S&P 500<sup>®</sup> Index, and an overweight position in the underperforming transportation sector.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i5f577c66cdcc80948660.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit Dividend Growth Fund - Class I** | **S&P 500<sup>®</sup> Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 10394 | 10399 |
| **6/17** | 11996 | 12260 |
| **6/18** | 13239 | 14023 |
| **6/19** | 14348 | 15483 |
| **6/20** | 15131 | 16646 |
| **6/21** | 20901 | 23436 |
| **6/22** | 19381 | 20948 |
| **6/23** | 22240 | 25053 |
| **6/24** | 26400 | 31205 |
| **6/25** | 29831 | 35937 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Dividend Growth Fund - Class I | 13.00% | 14.54% | 11.55% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $246598973 |
| # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 48.72% |
| Investment Advisory Fees Paid | $1677397 |
| Weighted average market cap | $818.8 Billion |
| Weighted average market cap | $818.8 Billion |

---

# What did the Fund invest in?
The Fund primarily invested in dividend-paying common stocks, targeting growth-oriented companies with potential for increasing dividend payments. The tables reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 4.5 |
| Broadcom, Inc. | 4.1 |
| NVIDIA Corp. | 3.5 |
| Exxon Mobil Corp. | 2.4 |
| Amazon.com, Inc. | 1.8 |
| Williams Cos., Inc. | 1.8 |
| JPMorgan Chase & Co. | 1.8 |
| Procter & Gamble Co. | 1.7 |
| Meta Platforms, Inc. | 1.7 |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 17.5% |
| Finance | 16.1 |
| Technology Services | 15.6 |
| Health Technology | 10.4 |
| Producer Manufacturing | 8.5 |
| Utilities | 5.4 |
| Retail Trade | 5.2 |
| Health Services | 3.7 |
| Consumer Non-Durables | 3.2 |
| Others | 13.1 |
| Cash and other net assets | 1.3 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i5411c2f9bcf55d05bfb0.jpg)

Class I - SDVGX

![Image](g31856i662252740e443b42ef35.jpg)

#### Sit Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class S - SDVSX

#### Sit Dividend Growth Fund
![Image](g31856i64c8dbd976090d25a66d.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Dividend Growth Fund - Class S | $101 | 0.95% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Dividend Growth Fund - Class S returned +12.67%, underperforming the S&P 500<sup>®</sup> Index's return of +15.16%. Positive stock selection, particularly within the electronic technology and health services sectors, contributed favorably to the Fund's returns. Even so, the Fund's performance lagged during the period, primarily due to underweight positions in the technology services sector's best-performing stocks, such as Palantir (+438%) and Meta Platforms (+47%) relative to the S&P 500<sup>®</sup> Index, and an overweight position in the underperforming transportation sector.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856ic6d72489b9cdf3706b25.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit Dividend Growth Fund - Class S** | **S&P 500<sup>®</sup> Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 10368 | 10399 |
| **6/17** | 11935 | 12260 |
| **6/18** | 13135 | 14023 |
| **6/19** | 14201 | 15483 |
| **6/20** | 14939 | 16646 |
| **6/21** | 20596 | 23436 |
| **6/22** | 19050 | 20948 |
| **6/23** | 21807 | 25053 |
| **6/24** | 25819 | 31205 |
| **6/25** | 29091 | 35937 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Dividend Growth Fund - Class S | 12.67% | 14.26% | 11.27% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $246598973 |
| # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 48.72% |
| Investment Advisory Fees Paid | $1677397 |
| Weighted average market cap | $818.8 Billion |
| Weighted average market cap | $818.8 Billion |

---

# What did the Fund invest in?
The Fund primarily invested in dividend-paying common stocks, targeting growth-oriented companies with potential for increasing dividend payments. The tables reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 4.5 |
| Broadcom, Inc. | 4.1 |
| NVIDIA Corp. | 3.5 |
| Exxon Mobil Corp. | 2.4 |
| Amazon.com, Inc. | 1.8 |
| Williams Cos., Inc. | 1.8 |
| JPMorgan Chase & Co. | 1.8 |
| Procter & Gamble Co. | 1.7 |
| Meta Platforms, Inc. | 1.7 |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 17.5% |
| Finance | 16.1 |
| Technology Services | 15.6 |
| Health Technology | 10.4 |
| Producer Manufacturing | 8.5 |
| Utilities | 5.4 |
| Retail Trade | 5.2 |
| Health Services | 3.7 |
| Consumer Non-Durables | 3.2 |
| Others | 13.1 |
| Cash and other net assets | 1.3 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i5411c2f9bcf55d05bfb0.jpg)

Class S - SDVSX

![Image](g31856i662252740e443b42ef35.jpg)

#### Sit Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class I - GDGIX

#### Sit Global Dividend Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Global Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Global Dividend Growth Fund - Class I | $107 | 1.00% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Global Dividend Growth Fund - Class I returned +13.60%, underperforming the MSCI World Index's return of +16.26%. During the period, both sector allocation and the currency effect contributed to fund outperformance while stock selection detracted from results. The fund benefited from an overweight position in the semiconductors and semiconductor equipment industry. Here, the holding in Broadcom, Inc. (+73%) significantly outperformed the MSCI World Index. The fund also benefited from an overweight position in the producer manufacturing sector. Holdings such as Singapore Technologies Engineering (+95%) and BAE Systems plc (+58%) outperformed both the sector and the MSCI World Index. The largest detractors to returns during the period were stock selection within the software and services industry with no exposure to Meta Platforms Inc Class A (+47%) and Palantir Technologies Inc. Class A (438%).

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i2daccce70e0be2de0fa6.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit Global Dividend Growth Fund - Class I** | **MSCI World Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 9833 | 9722 |
| **6/17** | 11007 | 11491 |
| **6/18** | 11719 | 12765 |
| **6/19** | 12795 | 13573 |
| **6/20** | 13425 | 13959 |
| **6/21** | 18071 | 19409 |
| **6/22** | 16027 | 16626 |
| **6/23** | 18664 | 19704 |
| **6/24** | 22417 | 23683 |
| **6/25** | 25466 | 27533 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $58557298 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 3.52% |
| Investment Advisory Fees Paid | $537476 |
| Weighted average market cap | $936.2 Billion |
| Weighted average market cap | $936.2 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Global Dividend Growth Fund - Class I | 13.60% | 13.66% | 9.80% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |

---

# What did the Fund invest in?
The Fund primarily invested in dividend-paying common stocks issued by U.S. and foreign companies, with at least 30% allocated to international firms. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 20.8% |
| Finance | 16.9 |
| Technology Services | 15.8 |
| Producer Manufacturing | 10.9 |
| Health Technology | 6.1 |
| Consumer Services | 4.5 |
| Consumer Non-Durables | 4.2 |
| Industrial Services | 3.2 |
| Others | 13.0 |
| Cash and other net assets | 4.6 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 8.9% |
| Broadcom, Inc. | 8.4 |
| Apple, Inc. | 6.4 |
| JPMorgan Chase & Co. | 3.6 |
| NVIDIA Corp. | 3.1 |
| Alphabet, Inc. | 2.6 |
| Applied Materials, Inc. | 2.5 |
| Shell, PLC, ADR | 2.4 |
| Arthur J Gallagher & Co. | 2.0 |
| Iberdrola SA | 1.9 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| United States | 60.4% |
| United Kingdom | 10.8 |
| Germany | 5.8 |
| Switzerland | 4.7 |
| Ireland | 4.4 |
| Australia | 2.2 |
| Spain | 1.9 |
| Singapore | 1.6 |
| Belgium | 1.5 |
| Japan | 1.1 |
| Others | 1 |
| Cash and other net assets | 4.6 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

Class I - GDGIX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit Global Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class S - GDGSX

#### Sit Global Dividend Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Global Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Global Dividend Growth Fund - Class S | $134 | 1.25% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Global Dividend Growth Fund - Class S returned +13.30%, underperforming the MSCI World Index's return of +16.26%. During the period, both sector allocation and the currency effect contributed to fund outperformance while stock selection detracted from results. The fund benefited from an overweight position in the semiconductors and semiconductor equipment industry. Here, the holding in Broadcom, Inc. (+73%) significantly outperformed the MSCI World Index. The fund also benefited from an overweight position in the producer manufacturing sector. Holdings such as Singapore Technologies Engineering (+95%) and BAE Systems plc (+58%) outperformed both the sector and the MSCI World Index. The largest detractors to returns during the period were stock selection within the software and services industry with no exposure to Meta Platforms Inc Class A (+47%) and Palantir Technologies Inc. Class A (438%).

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i5b93c8c59a902250a518.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit Global Dividend Growth Fund - Class S** | **MSCI World Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 9811 | 9722 |
| **6/17** | 10956 | 11491 |
| **6/18** | 11628 | 12765 |
| **6/19** | 12672 | 13573 |
| **6/20** | 13256 | 13959 |
| **6/21** | 17805 | 19409 |
| **6/22** | 15744 | 16626 |
| **6/23** | 18283 | 19704 |
| **6/24** | 21912 | 23683 |
| **6/25** | 24826 | 27533 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $58557298 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 3.52% |
| Investment Advisory Fees Paid | $537476 |
| Weighted average market cap | $936.2 Billion |
| Weighted average market cap | $936.2 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Global Dividend Growth Fund - Class S | 13.30% | 13.37% | 9.52% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |

---

# What did the Fund invest in?
The Fund primarily invested in dividend-paying common stocks issued by U.S. and foreign companies, with at least 30% allocated to international firms. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 20.8% |
| Finance | 16.9 |
| Technology Services | 15.8 |
| Producer Manufacturing | 10.9 |
| Health Technology | 6.1 |
| Consumer Services | 4.5 |
| Consumer Non-Durables | 4.2 |
| Industrial Services | 3.2 |
| Others | 13.0 |
| Cash and other net assets | 4.6 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 8.9% |
| Broadcom, Inc. | 8.4 |
| Apple, Inc. | 6.4 |
| JPMorgan Chase & Co. | 3.6 |
| NVIDIA Corp. | 3.1 |
| Alphabet, Inc. | 2.6 |
| Applied Materials, Inc. | 2.5 |
| Shell, PLC, ADR | 2.4 |
| Arthur J Gallagher & Co. | 2.0 |
| Iberdrola SA | 1.9 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| United States | 60.4% |
| United Kingdom | 10.8 |
| Germany | 5.8 |
| Switzerland | 4.7 |
| Ireland | 4.4 |
| Australia | 2.2 |
| Spain | 1.9 |
| Singapore | 1.6 |
| Belgium | 1.5 |
| Japan | 1.1 |
| Others | 1 |
| Cash and other net assets | 4.6 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

Class S - GDGSX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit Global Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class I - IESGX

#### Sit ESG Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit ESG Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit ESG Growth Fund - Class I | $108 | 1.00% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit ESG Growth Fund - Class I returned +15.68%, underperforming the MSCI World Index's return of +16.26%. During the period, the currency effect contributed to fund outperformance while the combination of stock selection and sector allocation detracted from results. The fund benefited from an overweight position in the semiconductors and semiconductor equipment industry. Holdings in Broadcom, Inc. (+73%) and NVIDIA Corporation (+28%) significantly outperformed the MSCI World Index. The fund also benefited from an overweight position in the producer manufacturing sector. Holdings such as Singapore Technologies Engineering (+95%) and BAE Systems plc (+58%) outperformed both the sector and the MSCI World Index. The largest detractor to returns during the period was stock selection within the software and services industry with Adobe Inc. (-30%) and no exposure to Meta Platforms Inc Class A (+47%).

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i4c8326632ebf339d1dec.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit ESG Growth Fund - Class I** | **MSCI World Index** |
| **6/16** | $10000 | $10000 |
| **6/17** | 11313 | 11820 |
| **6/18** | 12509 | 13130 |
| **6/19** | 13548 | 13961 |
| **6/20** | 14425 | 14358 |
| **6/21** | 19036 | 19964 |
| **6/22** | 15806 | 17102 |
| **6/23** | 19215 | 20267 |
| **6/24** | 23424 | 24360 |
| **6/25** | 27095 | 28320 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $13040977 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 3.88% |
| Investment Advisory Fees Paid | $118125 |
| Weighted average market cap | $1,146.4 Billion |
| Weighted average market cap | $1,146.4 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 6/30/2016** |
| Sit ESG Growth Fund - Class I | 15.68% | 13.44% | 11.70% |
| MSCI World Index | 16.26% | 14.55% | 12.25% |

---

# What did the Fund invest in?
The Fund primarily invested in U.S. and foreign companies demonstrating robust environmental, social, and corporate governance (ESG) practices. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 22.4% |
| Technology Services | 17.2 |
| Finance | 11.1 |
| Producer Manufacturing | 10.3 |
| Health Technology | 7.7 |
| Consumer Services | 6.4 |
| Consumer Non-Durables | 4.4 |
| Retail Trade | 3.4 |
| Others | 11.4 |
| Cash and other net assets | 5.7 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Microsoft Corp. | 7.6 |
| Apple, Inc. | 5.7 |
| Broadcom, Inc. | 4.1 |
| Alphabet, Inc. | 3.4 |
| Goldman Sachs Group, Inc. | 3.3 |
| Trane Technologies, PLC | 2.9 |
| Iberdrola SA, ADR | 2.4 |
| JPMorgan Chase & Co. | 2.4 |
| Allianz SE, ADR | 2.2 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| United States | 55.8% |
| United Kingdom | 11.0 |
| Germany | 6.3 |
| Ireland | 6.0 |
| Japan | 5.4 |
| Switzerland | 3.0 |
| Spain | 2.4 |
| Singapore | 1.8 |
| France | 1.7 |
| Belgium | 0.5 |
| Others | 0.4 |
| Cash and other net assets | 5.7 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

Class I - IESGX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit ESG Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class S - SESGX

#### Sit ESG Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit ESG Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit ESG Growth Fund - Class S | $135 | 1.25% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit ESG Growth Fund - Class S returned +15.43%, underperforming the MSCI World Index's return of +16.26%. During the period, the currency effect contributed to fund outperformance while the combination of stock selection and sector allocation detracted from results. The fund benefited from an overweight position in the semiconductors and semiconductor equipment industry. Holdings in Broadcom, Inc. (+73%) and NVIDIA Corporation (+28%) significantly outperformed the MSCI World Index. The fund also benefited from an overweight position in the producer manufacturing sector. Holdings such as Singapore Technologies Engineering (+95%) and BAE Systems plc (+58%) outperformed both the sector and the MSCI World Index. The largest detractor to returns during the period was stock selection within the software and services industry with Adobe Inc. (-30%) and no exposure to Meta Platforms Inc Class A (+47%).

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i71bbc88522c2b28e3db6.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit ESG Growth Fund - Class S** | **MSCI World Index** |
| **6/16** | $10000 | $10000 |
| **6/17** | 11279 | 11820 |
| **6/18** | 12449 | 13130 |
| **6/19** | 13446 | 13961 |
| **6/20** | 14283 | 14358 |
| **6/21** | 18797 | 19964 |
| **6/22** | 15556 | 17102 |
| **6/23** | 18865 | 20267 |
| **6/24** | 22943 | 24360 |
| **6/25** | 26482 | 28320 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $13040977 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 3.88% |
| Investment Advisory Fees Paid | $118125 |
| Weighted average market cap | $1,146.4 Billion |
| Weighted average market cap | $1,146.4 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 6/30/2016** |
| Sit ESG Growth Fund - Class S | 15.43% | 13.14% | 11.42% |
| MSCI World Index | 16.26% | 14.55% | 12.25% |

---

# What did the Fund invest in?
The Fund primarily invested in U.S. and foreign companies demonstrating robust environmental, social, and corporate governance (ESG) practices. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 22.4% |
| Technology Services | 17.2 |
| Finance | 11.1 |
| Producer Manufacturing | 10.3 |
| Health Technology | 7.7 |
| Consumer Services | 6.4 |
| Consumer Non-Durables | 4.4 |
| Retail Trade | 3.4 |
| Others | 11.4 |
| Cash and other net assets | 5.7 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 11.2% |
| Microsoft Corp. | 7.6 |
| Apple, Inc. | 5.7 |
| Broadcom, Inc. | 4.1 |
| Alphabet, Inc. | 3.4 |
| Goldman Sachs Group, Inc. | 3.3 |
| Trane Technologies, PLC | 2.9 |
| Iberdrola SA, ADR | 2.4 |
| JPMorgan Chase & Co. | 2.4 |
| Allianz SE, ADR | 2.2 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| United States | 55.8% |
| United Kingdom | 11.0 |
| Germany | 6.3 |
| Ireland | 6.0 |
| Japan | 5.4 |
| Switzerland | 3.0 |
| Spain | 2.4 |
| Singapore | 1.8 |
| France | 1.7 |
| Belgium | 0.5 |
| Others | 0.4 |
| Cash and other net assets | 5.7 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

Class S - SESGX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit ESG Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class I - SSCDX

#### Sit Small Cap Dividend Growth Fund
![Image](g31856i64c8dbd976090d25a66d.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Small Cap Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Small Cap Dividend Growth Fund - Class I | $92 | 0.88% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Small Cap Dividend Growth Fund - Class I returned +10.02%, outperforming the Russell 2000<sup>®</sup> Index's return of +7.68%. Positive stock selection in the industrial services sector was the largest contributor to outperformance during the period. Key holdings included Argan (+220%), EMCRO Group (+47%), and DT Midstream (+60%). Favorable stock selection in the finance sector also contributed to outperformance, with holdings such as H&E Equipment Services (+102%), Axis Capital (+50%), and CNO Financial Group (+42%) outperforming the sector and the Russell 2000<sup>®</sup> Index. Also contributing to outperformance during the period was stock selection and an overweight position within the health technology sector. The key detractors to performance during the period were stock selection in the process industries and electronic technology sectors.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856ie37fc9f74c32b4035569.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit Small Cap Dividend Growth Fund - Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | 10171 | 10214 | 9327 |
| **6/17** | 11782 | 12104 | 11621 |
| **6/18** | 12724 | 13893 | 13663 |
| **6/19** | 12656 | 15141 | 13211 |
| **6/20** | 12270 | 16130 | 12335 |
| **6/21** | 18176 | 23253 | 19987 |
| **6/22** | 15212 | 20029 | 14951 |
| **6/23** | 17677 | 23825 | 16790 |
| **6/24** | 20215 | 29335 | 18479 |
| **6/25** | 22239 | 33822 | 19898 |

---

The Fund continues to use the Russell 2000<sup>®</sup> Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Small Cap Dividend Growth Fund - Class I | 10.02% | 12.63% | 8.32% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $37926431 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 11.54% |
| Investment Advisory Fees Paid | $290646 |
| Weighted average market cap | $8.2 Billion |
| Weighted average market cap | $8.2 Billion |

---

# What did the Fund invest in?
The Fund focused on dividend-paying common stocks of growth-oriented companies with market capitalizations up to $3 billion or matching the largest Russell 2000<sup>®</sup> Index company. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| EMCOR Group, Inc. | 2.6% |
| Argan, Inc. | 2.5 |
| AeroVironment, Inc. | 2.1 |
| Monolithic Power Systems, Inc. | 2.0 |
| TechnipFMC, PLC | 1.8 |
| Flowserve Corp. | 1.7 |
| Addus HomeCare Corp. | 1.7 |
| Kodiak Gas Services, Inc. | 1.7 |
| Old National Bancorp | 1.7 |
| Evercore, Inc. | 1.6 |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Finance | 24.8% |
| Producer Manufacturing | 15.6 |
| Industrial Services | 12.7 |
| Health Technology | 7.1 |
| Electronic Technology | 5.6 |
| Process Industries | 5.0 |
| Health Services | 4.6 |
| Non-Energy Minerals | 3.0 |
| Others | 14.8 |
| Cash and other net assets | 6.8 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i5411c2f9bcf55d05bfb0.jpg)

Class I - SSCDX

![Image](g31856i662252740e443b42ef35.jpg)

#### Sit Small Cap Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### Class S - SDFSX

#### Sit Small Cap Dividend Growth Fund
![Image](g31856i64c8dbd976090d25a66d.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Small Cap Dividend Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Small Cap Dividend Growth Fund - Class S | $119 | 1.13% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Small Cap Dividend Growth Fund - Class S returned +9.75%, outperforming the Russell 2000<sup>®</sup> Index's return of +7.68%. Positive stock selection in the industrial services sector was the largest contributor to outperformance during the period. Key holdings included Argan (+220%), EMCRO Group (+47%), and DT Midstream (+60%). Favorable stock selection in the finance sector also contributed to outperformance, with holdings such as H&E Equipment Services (+102%), Axis Capital (+50%), and CNO Financial Group (+42%) outperforming the sector and the Russell 2000<sup>®</sup> Index. Also contributing to outperformance during the period was stock selection and an overweight position within the health technology sector. The key detractors to performance during the period were stock selection in the process industries and electronic technology sectors.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856iec2fc42a1ad7374c6b4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit Small Cap Dividend Growth Fund - Class S** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | 10146 | 10214 | 9327 |
| **6/17** | 11715 | 12104 | 11621 |
| **6/18** | 12622 | 13893 | 13663 |
| **6/19** | 12521 | 15141 | 13211 |
| **6/20** | 12107 | 16130 | 12335 |
| **6/21** | 17887 | 23253 | 19987 |
| **6/22** | 14939 | 20029 | 14951 |
| **6/23** | 17315 | 23825 | 16790 |
| **6/24** | 19742 | 29335 | 18479 |
| **6/25** | 21667 | 33822 | 19898 |

---

The Fund continues to use the Russell 2000<sup>®</sup> Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Small Cap Dividend Growth Fund - Class S | 9.75% | 12.34% | 8.04% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $37926431 |
| # of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 11.54% |
| Investment Advisory Fees Paid | $290646 |
| Weighted average market cap | $8.2 Billion |
| Weighted average market cap | $8.2 Billion |

---

# What did the Fund invest in?
The Fund focused on dividend-paying common stocks of growth-oriented companies with market capitalizations up to $3 billion or matching the largest Russell 2000<sup>®</sup> Index company. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| EMCOR Group, Inc. | 2.6% |
| Argan, Inc. | 2.5 |
| AeroVironment, Inc. | 2.1 |
| Monolithic Power Systems, Inc. | 2.0 |
| TechnipFMC, PLC | 1.8 |
| Flowserve Corp. | 1.7 |
| Addus HomeCare Corp. | 1.7 |
| Kodiak Gas Services, Inc. | 1.7 |
| Old National Bancorp | 1.7 |
| Evercore, Inc. | 1.6 |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Finance | 24.8% |
| Producer Manufacturing | 15.6 |
| Industrial Services | 12.7 |
| Health Technology | 7.1 |
| Electronic Technology | 5.6 |
| Process Industries | 5.0 |
| Health Services | 4.6 |
| Non-Energy Minerals | 3.0 |
| Others | 14.8 |
| Cash and other net assets | 6.8 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i5411c2f9bcf55d05bfb0.jpg)

Class S - SDFSX

![Image](g31856i662252740e443b42ef35.jpg)

#### Sit Small Cap Dividend Growth Fund
Annual Shareholder Report

June 30, 2025

#### SSMGX

#### Sit Small Cap Growth Fund
![Image](g31856i64c8dbd976090d25a66d.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Small Cap Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Small Cap Growth Fund | $153 | 1.50% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Small Cap Growth Fund returned +4.60%, underperforming the Russell 2000<sup>®</sup> Growth Index's return of +9.73%. The largest contributor to underperformance during the period was stock selection in the electronic technology sector, with holdings such as Monolithic Power Systems (-10%) and MKS Inc. (-23%) underperforming the Russell 2000<sup>®</sup> Index. Stock selection in the process industries sector also contributed to underperformance during the period. An overweight position in industrial services combined with strong stock selection benefitted returns. Key holdings here include: Argan (+220%) and EMCOR Group (+47%). Other positive contributors to returns during the period were the Fund's underweight position in Health Technology and the Fund's overweight position in the finance sector.

# How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856i01074bd745959d292c3b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Sit Small Cap Growth Fund** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | 8400 | 10214 | 8925 |
| **6/17** | 10001 | 12104 | 11103 |
| **6/18** | 11269 | 13893 | 13530 |
| **6/19** | 11996 | 15141 | 13464 |
| **6/20** | 12677 | 16130 | 13932 |
| **6/21** | 18971 | 23253 | 21087 |
| **6/22** | 14120 | 20029 | 14038 |
| **6/23** | 16523 | 23825 | 16639 |
| **6/24** | 18478 | 29335 | 18159 |
| **6/25** | 19329 | 33822 | 19926 |

---

The Fund continues to use the Russell 2000<sup>®</sup> Growth Index as an additional benchmark.

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Small Cap Growth Fund | 4.60% | 8.80% | 6.81% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Growth Index | 9.73% | 7.42% | 7.14% |

---

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $114039245 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 11.22% |
| Investment Advisory Fees Paid | $1727901 |
| Weighted average market cap | $17.5 Billion |

---

# What did the Fund invest in?
The Fund focused on common stocks of domestic small companies with market capitalizations up to $3 billion or matching the largest Russell 2000<sup>®</sup> Index company. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Arista Networks, Inc. | 4.4% |
| EMCOR Group, Inc. | 3.7 |
| Monolithic Power Systems, Inc. | 3.2 |
| Argan, Inc. | 2.8 |
| PTC, Inc. | 2.3 |
| Waste Connections, Inc. | 2.3 |
| Crane Co. | 2.3 |
| TechnipFMC, PLC | 2.2 |
| Axis Capital Holdings, Ltd. | 2.0 |
| Casey's General Stores, Inc. | 1.9 |

---

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Producer Manufacturing | 14.8% |
| Industrial Services | 14.3 |
| Health Technology | 12.8 |
| Electronic Technology | 11.7 |
| Technology Services | 7.8 |
| Finance | 7.1 |
| Non-Energy Minerals | 4.9 |
| Health Services | 4.4 |
| Others | 17.2 |
| Cash and other net assets | 5.0 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i5411c2f9bcf55d05bfb0.jpg)

SSMGX

![Image](g31856i662252740e443b42ef35.jpg)

#### Sit Small Cap Growth Fund
Annual Shareholder Report

June 30, 2025

#### SNGRX

#### Sit International Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit International Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit International Growth Fund | $92 | 0.85% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit International Growth Fund returned +17.31%, underperforming the MSCI EAFE Index's return of +17.73%. The industries of banks and software & services hurt returns, in contrast to positive returns from semiconductors & semiconductor equipment, consumer durables & apparel, and capital goods. Our banks underweight, specifically not owning HSBC Holdings (+48.8%) and Commonwealth Bank of Australia (+47.0%) hurt. In addition, Globant (-49.0%) and not owning SAP (+50.2%) in software & services were negative to performance. On the positives, Broadcom (+73.0%) in semiconductors & semiconductor equipment, Sony (+53.9%) in consumer durables & apparel, and Singapore Technologies Engineering (+97.2%) and BAE Systems in capital goods contributed. By geographic region, country allocation was negative for North America, Latin America, and Euroland, but positive for Asia Pacific Ex-Japan and Japan.

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856id2f2f43fac2ee3231645.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit International Growth Fund** | **MSCI EAFE Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 9181 | 8984 |
| **6/17** | 10342 | 10804 |
| **6/18** | 10762 | 11544 |
| **6/19** | 11145 | 11668 |
| **6/20** | 11415 | 11069 |
| **6/21** | 15317 | 14650 |
| **6/22** | 11731 | 12047 |
| **6/23** | 13875 | 14308 |
| **6/24** | 15083 | 15959 |
| **6/25** | 17694 | 18788 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $31944734 |
| # of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 6.53% |
| Investment Advisory Fees Paid | $245310 |
| Weighted average market cap | $214.8 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit International Growth Fund | 17.31% | 9.16% | 5.87% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

# What did the Fund invest in?
The Fund primarily invested in common stocks of companies outside the United States, targeting regions with positive economic trends, earnings outlook, and market liquidity. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Finance | 17.4% |
| Electronic Technology | 15.8 |
| Producer Manufacturing | 14.7 |
| Health Technology | 10.3 |
| Technology Services | 6.6 |
| Consumer Non-Durables | 6.4 |
| Consumer Services | 5.9 |
| Consumer Durables | 3.4 |
| Utilities | 3.2 |
| Others | 13.8 |
| Cash and other net assets | 2.5 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Broadcom, Inc. | 8.8% |
| Schneider Electric SE | 3.3 |
| Sony Group Corp., ADR | 2.9 |
| Iberdrola SA | 2.8 |
| Shell, PLC, ADR | 2.7 |
| Safran SA | 2.6 |
| ASML Holding NV | 2.6 |
| Siemens AG | 2.5 |
| Allianz SE | 2.5 |
| BAE Systems, PLC | 2.3 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| United Kingdom | 17.7% |
| France | 11.2 |
| United States | 10.3 |
| Japan | 9.1 |
| Germany | 8.3 |
| Switzerland | 8.1 |
| Australia | 4.3 |
| Singapore | 3.9 |
| Netherlands | 3.6 |
| Canada | 3.4 |
| Others | 17.6 |
| Cash and other net assets | 2.5 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

SNGRX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit International Growth Fund
Annual Shareholder Report

June 30, 2025

#### SDMGX

#### Sit Developing Markets Growth Fund
![Image](g31856i9a3b910e4c648bff6578.jpg)

#### Annual Shareholder Report

#### June 30, 2025

# Fund Overview
This annual shareholder report contains important information about Sit Developing Markets Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Sit Developing Markets Growth Fund | $104 | 0.95% |

---

# How did the Fund perform in the past 12 months and what affected its performance?
For the 12-month period ended June 30, 2025, the Sit Developing Markets Growth Fund returned +19.85%, outperforming the MSCI Emerging Markets Index's return of +12.57%. Superior stock selection helped performance. Semiconductors & semiconductor equipment, capital goods, and energy contributed positively to returns. However, technology hardware & equipment, and pharmaceuticals & biotechnology hurt performance. Broadcom (+73.0%) and Taiwan Semiconductor (23.5%) in semiconductors & semiconductor equipment, Singapore Technologies Engineering (+97.2%) in capital goods, while underweighting energy helped returns. But not owning Xiaomi Corporation (+261.8%) contributed negatively to performance.

#### How did the Fund perform over the last 10 years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](g31856iee6f0f18103e5a362134.jpg)

---

| | | |
|:---|:---|:---|
| | **Sit Developing Markets Growth Fund** | **MSCI Emerging Markets Index** |
| **6/15** | $10000 | $10000 |
| **6/16** | 8558 | 8579 |
| **6/17** | 10660 | 10397 |
| **6/18** | 12253 | 11000 |
| **6/19** | 11710 | 10850 |
| **6/20** | 11967 | 10235 |
| **6/21** | 15772 | 14139 |
| **6/22** | 11641 | 10292 |
| **6/23** | 12389 | 10177 |
| **6/24** | 13445 | 11173 |
| **6/25** | 16114 | 12577 |

---

The line graph above shows the value of a hypothetical $10,000 investment in the Fund over the past 10 fiscal years (or since inception if shorter). The graph above and table below are total returns, which assume the reinvestment of dividends and capital gains, if any. Neither the Fund's returns nor the index returns reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **The Fund's past performance is not a good predictor of the Fund's future performance.** Updated performance information is available at www.sitfunds.com/documents.

# Fund Statistics (as of 06/30/25)

---

| | |
|:---|:---|
| Total Net Assets | $9964751 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 2.54% |
| Investment Advisory Fees Paid | $87224 |
| Weighted average market cap | $329.1 Billion |

---

# Average Annual Total Returns (as of 06/30/25)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Sit Developing Markets Growth Fund | 19.85% | 6.13% | 4.89% |
| MSCI Emerging Markets Index | 12.57% | 4.21% | 2.32% |

---

# What did the Fund invest in?
The Fund primarily invested in common stocks of companies domiciled in developing markets. The tables below reflect the investment makeup of the Fund as of June 30, 2025. Portfolio holdings are subject to change.

# Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Electronic Technology | 32.6% |
| Finance | 20.2 |
| Technology Services | 13.1 |
| Retail Trade | 7.1 |
| Consumer Services | 6.6 |
| Investment Companies | 5.4 |
| Producer Manufacturing | 3.2 |
| Non-Energy Minerals | 2.7 |
| Consumer Non-Durables | 2.2 |
| Others | 4.0 |
| Cash and other net assets | 2.9 |
| Total | 100.0% |

---

# Top 10 Equity (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Co. | 13.6% |
| Broadcom, Inc. | 8.8 |
| iShares MSCI India ETF | 5.4 |
| Tencent Holdings, Ltd. | 5.3 |
| Naspers, Ltd. | 4.5 |
| Samsung Electronics Co., Ltd. | 4.2 |
| HDFC Bank, Ltd., ADR | 3.4 |
| DBS Group Holdings, Ltd. | 2.9 |
| Hong Kong Exchanges & Clearing, Ltd. | 2.7 |
| Singapore Technologies Engineering, Ltd. | 2.7 |

---

# Country Allocation (% of Net Assets)

---

| | |
|:---|:---|
| China/Hong Kong | 20.3% |
| Taiwan | 17.4 |
| Singapore | 9.6 |
| India | 9.3 |
| United States | 8.8 |
| South Korea | 8.4 |
| South Africa | 7.8 |
| Argentina | 2.5 |
| Peru | 1.9 |
| Indonesia | 1.8 |
| Others | 9.3 |
| Cash and other net assets | 2.9 |
| Total | 100.0% |

---

# Material Fund Changes
There were no material changes to the Fund during the 12-month period ended June 30, 2025.

# Additional Information
Additional Information is available on the Fund's website at www.sitfunds.com/documents, including its prospectus, financial information, holdings, and proxy voting information.

# Householding
The SEC permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. The Sit Funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct the Sit Funds, or your financial intermediary, otherwise. If you would prefer that your Sit Fund documents not be householded, please contact the Sit Funds at 1-800-332-5580, or contact your financial intermediary. Your instructions that householding not apply to delivery Fund documents will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

![Image](g31856i769bbc358e15f720ee75.jpg)

SDMGX

![Image](g31856i926b68cae1b8be56108f.jpg)

#### Sit Developing Markets Growth Fund
Annual Shareholder Report

June 30, 2025

------

#### Item 2: Code of Ethics.
The Registrant has adopted a Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The Registrant has not made any amendment to its code of ethics during the period covered by this report which must be described herein pursuant to Item 2. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the Registrant's code of ethics is available without charge upon request by calling the Registrant at 612-332-3223 or 1-800-332-5580, or by mail at Sit Mutual Funds, 3300 IDS Center, 80 South Eighth Street, Minneapolis, MN 55402.

------

#### Item 3: Audit Committee Financial Expert.
The Registrant's Board of Directors has determined that Mr. Edward M. Giles, Mr. Sidney L. Jones, Mr. Bruce C. Lueck, Mr. Donald W. Phillips, and Mr. Barry N. Winslow are audit committee financial experts serving on its audit committee. Mr. Giles, Mr. Jones, Mr. Lueck, Mr. Phillips, and Mr. Winslow are independent for purposes of this Item.

#### Item 4: Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years for professional services rendered by the Registrant's principal accountant were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | Audit<br> Fees (a) | Audit<br>Related<br>Fees (b) | Tax<br>Fees (c) | All<br>Other<br>Fees(d) | Audit<br>Fees(a) | Audit<br>Related<br>Fees (b) | Tax<br>Fees (c) | All<br>Other<br>Fees(d) |
|  **Fiscal year ended June 30** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sit Mutual Funds, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit International Growth Fund (series A) | $24900 | 0 | $6170 | 0 | $23900 | 0 | $5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Balanced Fund (series B) | 27600 | 0 | 6170 | 0 | 26600 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Developing Markets Growth Fund (series C) | 24900 | 0 | 6170 | 0 | 23900 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Small Cap Growth Fund (series D) | 24900 | 0 | 6170 | 0 | 23900 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Dividend Growth Fund (series G) | 30400 | 0 | 6170 | 0 | 29360 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Global Dividend Growth Fund (series H) | 24900 | 0 | 6170 | 0 | 23900 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit Small Cap Dividend Growth Fund (series I) | 24900 | 0 | 6170 | 0 | 23900 | 0 | 5935 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sit ESG Growth Fund (series J) | <u>24900</u> | <u>0</u> | <u>6170</u> | <u>0</u> | <u>23900</u> | <u>0</u> | <u>5935</u> | <u>0</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Sit Mutual Funds, Inc. | 207400 | 0 | 49360 | 0 | 199360 | 0 | 47480 | 0 |

---

(e) (1) The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor in order to assure that the provision of such services does not impair the auditor's independence. The audit committee also is required to pre-approve certain non-audit services performed by the Registrant's independent auditor for the Registrant's investment adviser and certain of the adviser's affiliates if the services relate directly to the operations and financial reporting of the Registrant. Services to be provided by the auditor must receive general pre-approval or specific pre-approval by the audit committee. Any proposed services exceeding pre-approved cost levels will require separate pre-approval by the audit committee.

The audit committee may delegate pre-approval authority to the audit committee chairman. The chairman shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee does not delegate its responsibility to pre-approve services performed by the independent auditor to management.

(2) No services included in (b) – (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the Registrant's principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $0 and $0, respectively.

(h) The Registrant's audit committee has determined that the provision of non-audit services rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is considered compatible with maintaining the principal accountant's independence.

(i) Not applicable.

------

(j) Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable to open-end investment companies.

#### Item 6: Investments.
The schedule of investments is included as part of the material filed under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

Financial Statements and Other Information June 30, 2025 Balanced Fund Dividend Growth Fund Global Dividend Growth Fund Large Cap Growth Fund ESG Growth Fund Mid Cap Growth Fund Small Cap Dividend Growth Fund Small Cap Growth Fund International Growth Fund Developing Markets Growth Fund Sit Mutual Funds

![LOGO](g31856g08a01.jpg)

------

Sit Stock Funds FINANCIAL STATEMENTS AND OTHER INFORMATION **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  **[Schedules of Investments](#fin31856_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balanced Fund](#fin31856_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend Growth Fund](#fin31856_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Global Dividend Growth Fund](#fin31856_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Large Cap Growth Fund](#fin31856_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ESG Growth Fund](#fin31856_6) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Growth Fund](#fin31856_7) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Dividend Growth Fund](#fin31856_8) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Fund](#fin31856_9) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Growth Fund](#fin31856_10) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Developing Markets Growth Fund](#fin31856_11) | 24 |
|  [Statements of Assets and Liabilities](#fin31856_12) | 26 |
|  [Statements of Operations](#fin31856_13) | 28 |
|  [Statements of Changes in Net Assets](#fin31856_14) | 30 |
|  [Financial Highlights](#fin31856_15) | 34 |
|  [Notes to Financial Statements](#fin31856_16) | 48 |
|  [Report of Independent Registered Public Accounting Firm](#fin31856_17) | 56 |
|  [Federal Tax Information](#fin31856_18) | 57 |
|  [Additional Information](#fin31856_19) | 58 |

---

This document must be preceded or accompanied by a Prospectus.

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Balanced Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 63.5%** |  |  |
|  **Consumer Durables - 0.6%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 1765 | 428630 |
|  **Consumer Non-Durables - 0.9%** |  |  |
|  Constellation Brands, Inc. | 2250 | 366030 |
|  PepsiCo, Inc. | 1825 | 240973 |
|  |  | 607003 |
|  **Consumer Services - 2.0%** |  |  |
|  McDonald's Corp. | 1450 | 423646 |
|  Visa, Inc. | 2800 | 994140 |
|  |  | 1417786 |
|  **Electronic Technology - 18.7%** |  |  |
|  Apple, Inc. | 13475 | 2764666 |
|  Applied Materials, Inc. | 1900 | 347833 |
|  Arista Networks, Inc. <sup>\*</sup> | 3060 | 313069 |
|  Broadcom, Inc. | 11400 | 3142410 |
|  NVIDIA Corp. | 32950 | 5205770 |
|  Palo Alto Networks, Inc. <sup>\*</sup> | 4320 | 884045 |
|  Vertiv Holdings Co. | 1225 | 157302 |
|  |  | 12815095 |
|  **Energy Minerals - 0.5%** |  |  |
|  ConocoPhillips | 2400 | 215376 |
|  Shell, PLC, ADR | 2400 | 168984 |
|  |  | 384360 |
|  **Finance - 4.3%** |  |  |
|  Ameriprise Financial, Inc. | 1150 | 613790 |
|  Chubb, Ltd. | 1400 | 405608 |
|  Goldman Sachs Group, Inc. | 1600 | 1132400 |
|  JPMorgan Chase & Co. | 2925 | 847987 |
|  |  | 2999785 |
|  **Health Services - 1.3%** |  |  |
|  Quest Diagnostics, Inc. | 1475 | 264954 |
|  UnitedHealth Group, Inc. | 1900 | 592743 |
|  |  | 857697 |
|  **Health Technology - 3.8%** |  |  |
|  Abbott Laboratories | 2450 | 333224 |
|  AbbVie, Inc. | 1750 | 324835 |
|  Dexcom, Inc. <sup>\*</sup> | 3500 | 305515 |
|  Eli Lilly & Co. | 840 | 654805 |
|  Intuitive Surgical, Inc. <sup>\*</sup> | 990 | 537976 |
|  Thermo Fisher Scientific, Inc. | 1040 | 421678 |
|  |  | 2578033 |
|  **Industrial Services - 0.9%** |  |  |
|  Cheniere Energy, Inc. | 1900 | 462688 |
|  Williams Cos., Inc. | 2250 | 141322 |
|  |  | 604010 |
|  **Process Industries - 1.3%** |  |  |
|  Linde, PLC | 1225 | 574746 |
|  Sherwin-Williams Co. | 1000 | 343360 |
|  |  | 918106 |
|  **Producer Manufacturing - 4.9%** |  |  |
|  Eaton Corp., PLC | 800 | 285592 |
|  General Dynamics Corp. | 700 | 204162 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Honeywell International, Inc. | 1450 | 337676 |
|  Motorola Solutions, Inc. | 1400 | 588644 |
|  Northrop Grumman Corp. | 375 | 187492 |
|  Parker-Hannifin Corp. | 625 | 436544 |
|  Safran SA, ADR | 7350 | 600275 |
|  Siemens AG, ADR | 5175 | 666902 |
|  |  | 3307287 |
|  **Retail Trade - 5.9%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 9700 | 2128083 |
|  Home Depot, Inc. | 1825 | 669118 |
|  Netflix, Inc. <sup>\*</sup> | 460 | 616000 |
|  TJX Cos., Inc. | 5100 | 629799 |
|  |  | 4043000 |
|  **Technology Services - 17.3%** |  |  |
|  Accenture, PLC | 2025 | 605252 |
|  Alphabet, Inc. - Class A | 12400 | 2185252 |
|  Alphabet, Inc. - Class C | 4100 | 727299 |
|  Autodesk, Inc. <sup>\*</sup> | 1275 | 394702 |
|  Dynatrace, Inc. <sup>\*</sup> | 4250 | 234643 |
|  Intuit, Inc. | 1200 | 945156 |
|  Meta Platforms, Inc. | 2000 | 1476180 |
|  Microsoft Corp. | 7475 | 3718140 |
|  Salesforce, Inc. | 3650 | 995318 |
|  ServiceNow, Inc. <sup>\*</sup> | 560 | 575725 |
|  |  | 11857667 |
|  **Transportation - 0.7%** |  |  |
|  Union Pacific Corp. | 2050 | 471664 |
|  **Utilities - 0.4%** |  |  |
|  NextEra Energy, Inc. | 4140 | 287399 |
|  **Total Common Stocks<br>(cost: $16,057,376)** |  | 43577522 |
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  **Bonds –30.3%** |  |  |
|  **Asset-Backed Securities - 0.0%** |  |  |
|  Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008-20A 1, 5.17%, 1/1/28 | 6194 | 6215 |
|  |  | 6215 |
|  **Collateralized Mortgage Obligations - 7.6%** | **Collateralized Mortgage Obligations - 7.6%** | **Collateralized Mortgage Obligations - 7.6%** |
|  Chase Home Lending Mortgage Trust: | Chase Home Lending Mortgage Trust: | Chase Home Lending Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-9 A4, 5.50%, 9/25/55 <sup>1, 4</sup> | 137642 | 138042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-1 A2, 6.00%, 6/25/54 <sup>1, 4</sup> | 124287 | 125239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 11/25/55 <sup>1, 4</sup> | 224219 | 226935 |
|  Chase Home Lending Mortgage Trust Series: | Chase Home Lending Mortgage Trust Series: | Chase Home Lending Mortgage Trust Series: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8A, 6.00%, 1/25/55 <sup>1, 4</sup> | 200000 | 203564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 2/25/55 <sup>1, 4</sup> | 200000 | 203543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-3 A8, 6.00%, 2/25/55 <sup>1, 4</sup> | 100000 | 101799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8, 6.00%, 3/25/55 <sup>1, 4</sup> | 200000 | 204102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-2 A8, 6.00%, 12/25/55 <sup>1, 4</sup> | 250000 | 254581 |
|  Fannie Mae: | Fannie Mae: | Fannie Mae: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017-84 JP, 2.75%, 10/25/47 | 15197 | 13476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T1 1A1, 6.00%, 1/25/44 | 10814 | 11155 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **2** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999-17 C, 6.35%, 4/25/29 | 2193 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009-30 AG, 6.50%, 5/25/39 | 19766 | 21077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-W9 2A1, 6.50%, 2/25/44 | 19560 | 20021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004-T3 1A3, 7.00%, 2/25/44 | 4073 | 4201 |
|  Freddie Mac: | Freddie Mac: | Freddie Mac: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5280 A, 3.50%, 1/25/50 | 126852 | 120128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4812 CZ, 4.00%, 5/15/48 | 135867 | 128596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4293 BA, 5.17%, 10/15/47 <sup>1</sup> | 5312 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 ZE, 6.00%, 2/15/29 | 13063 | 13296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126 C, 6.00%, 2/15/29 | 8145 | 8269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 Z, 6.00%, 8/15/32 | 12250 | 12549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 WG, 6.00%, 8/15/32 | 13481 | 14047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 ZJ, 6.50%, 9/15/31 | 11637 | 12035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4520 HM, 6.50%, 8/15/45 | 10298 | 11314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3704 CT, 7.00%, 12/15/36 | 5827 | 6216 |
|  Government National Mortgage Association: | Government National Mortgage Association: | Government National Mortgage Association: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-86 WB, 4.73%, 5/20/51 <sup>1</sup> | 120521 | 116444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-104 HT, 5.50%, 6/20/51 | 156950 | 161524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-27 AW, 5.90%, 2/20/51 <sup>1</sup> | 163914 | 168751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015-80 BA, 7.00%, 6/20/45 <sup>1</sup> | 3303 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-147 AM, 7.00%, 10/20/48 | 18507 | 19508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005-74 HA, 7.50%, 9/16/35 | 73 | 74 |
|  JP Morgan Mortgage Trust: | JP Morgan Mortgage Trust: | JP Morgan Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A4, 2.50%, 10/25/51 <sup>1, 4</sup> | 249668 | 223423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-13 A4, 2.50%, 4/25/52 <sup>1, 4</sup> | 219564 | 196148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021-6 A12, 5.00%, 10/25/51 <sup>1, 4</sup> | 251345 | 245101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-6 A2, 6.00%, 12/26/53 <sup>1, 4</sup> | 109031 | 109866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023-10 A8, 6.00%, 5/25/54 <sup>1, 4</sup> | 150000 | 152272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 A8, 6.00%, 6/25/54 <sup>1, 4</sup> | 200000 | 202841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 A8A, 6.00%, 8/25/54 <sup>1, 4</sup> | 125000 | 126066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-4 A8A, 6.00%, 10/25/54 <sup>1, 4</sup> | 200000 | 204518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-5 A8, 6.00%, 11/25/54 <sup>1, 4</sup> | 200000 | 203688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A8, 6.00%, 6/25/55 <sup>1, 4</sup> | 250000 | 256704 |
|  New Residential Mortgage Loan Trust: | New Residential Mortgage Loan Trust: | New Residential Mortgage Loan Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018-3A A1, 4.50%, 5/25/58 <sup>1, 4</sup> | 26227 | 25672 |
|  RCKT Mortgage Trust: | RCKT Mortgage Trust: | RCKT Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-CES1 A1A, 5.65%, 1/25/45 <sup>4, 14</sup> | 465986 | 468703 |
|  Sequoia Mortgage Trust: | Sequoia Mortgage Trust: | Sequoia Mortgage Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-4 A5, 2.50%, 11/25/50 <sup>1, 4</sup> | 34211 | 31798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 A4, 6.00%, 1/25/55 <sup>1, 4</sup> | 223631 | 226634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-3 A16, 6.00%, 4/25/55 <sup>1, 4</sup> | 150000 | 153292 |
|  Wells Fargo Mortgaged Backed Securities Trust: | Wells Fargo Mortgaged Backed Securities Trust: | Wells Fargo Mortgaged Backed Securities Trust: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020-5 A3, 2.50%, 9/25/50 <sup>1, 4</sup> | 28768 | 26616 |
|  |  | 5184989 |
|  **Corporate Bonds - 3.7%** | **Corporate Bonds - 3.7%** | **Corporate Bonds - 3.7%** |
|  Aflac, Inc., 6.45%, 8/15/40 | 225000 | 244525 |
|  Bank of New York Mellon Corp., 6.47%, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/34 <sup>1</sup> | 175000 | 192672 |
|  Booz Allen Hamilton, Inc., 5.95%, 4/15/35 | 200000 | 202932 |
|  Charles Stark Draper Lab., Inc., 4.39%, 9/1/48 | 100000 | 85891 |
|  CVS Pass-Through Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 8/11/36 <sup>4</sup> | 154907 | 143207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.94%, 1/10/30 | 69444 | 71676 |
|  DTE Electric Securitization Funding II, LLC, 6.09%, 9/1/37 | 100000 | 107997 |
|  Duke Energy Florida, LLC, 2.86%, 3/1/33 | 120000 | 108393 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  Duke Energy Progress SC Storm Funding, LLC, 5.40%, 3/1/44 | 72378 | 73534 |
|  Entergy Louisiana, LLC, 5.80%, 3/15/55 | 125000 | 125189 |
|  Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 175000 | 185524 |
|  Evergy Missouri West Storm Funding I, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/1/38 | 94104 | 94103 |
|  First Citizens BancShares, Inc. (Subordinated), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/12/40 <sup>1</sup> | 50000 | 49728 |
|  GATX Corp., 6.90%, 5/1/34 | 175000 | 193803 |
|  Halliburton Co., 7.60%, 8/15/96 <sup>4</sup> | 75000 | 85815 |
|  L3Harris Technologies, Inc., 5.50%, 8/15/54 | 50000 | 48544 |
|  Louisville Gas & Electric Co., 5.45%, 4/15/33 | 50000 | 51697 |
|  SBA Tower Trust, 6.60%, 1/15/28 <sup>4</sup> | 175000 | 179826 |
|  Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 <sup>4</sup> | 100000 | 98263 |
|  Union Electric Co., 4.00%, 4/1/48 | 275000 | 215970 |
|  |  | 2559289 |
|  **Federal Home Loan Mortgage Corporation - 3.4%** | **Federal Home Loan Mortgage Corporation - 3.4%** | **Federal Home Loan Mortgage Corporation - 3.4%** |
|  4.00%, 1/1/53 | 239561 | 223148 |
|  4.00%, 11/1/54 | 242916 | 225931 |
|  4.00%, 3/1/55 | 258740 | 240648 |
|  4.50%, 11/1/54 | 233049 | 222944 |
|  4.50%, 2/1/55 | 250416 | 239558 |
|  4.50%, 4/1/55 | 245948 | 235284 |
|  5.00%, 11/1/54 | 460186 | 451184 |
|  5.00%, 1/1/55 | 483902 | 474398 |
|  8.50%, 5/1/31 | 18608 | 19180 |
|  |  | 2332275 |
|  **Federal National Mortgage Association - 4.8%** | **Federal National Mortgage Association - 4.8%** | **Federal National Mortgage Association - 4.8%** |
|  4.00%, 9/1/53 | 258755 | 240692 |
|  4.00%, 4/1/54 | 163882 | 152424 |
|  4.00%, 9/1/54 | 167216 | 155525 |
|  4.00%, 11/1/54 | 242157 | 225226 |
|  4.50%, 7/1/52 | 284153 | 271920 |
|  4.50%, 9/1/52 | 286287 | 274303 |
|  4.50%, 6/1/53 | 221020 | 211745 |
|  4.50%, 7/1/53 | 244165 | 233885 |
|  4.50%, 6/1/54 | 248728 | 237944 |
|  4.50%, 11/1/54 | 582845 | 557574 |
|  4.50%, 3/1/55 | 261870 | 250516 |
|  5.00%, 2/1/55 | 490176 | 480587 |
|  6.50%, 9/1/27 | 6280 | 6484 |
|  7.00%, 1/1/32 | 3632 | 3649 |
|  7.00%, 3/1/33 | 5679 | 5889 |
|  8.25%, 7/15/26 | 104 | 104 |
|  |  | 3308467 |
|  **Government National Mortgage Association - 1.2%** | **Government National Mortgage Association - 1.2%** | **Government National Mortgage Association - 1.2%** |
|  3.50%, 2/20/52 | 225691 | 205843 |
|  4.00%, 9/20/52 | 201068 | 184541 |
|  4.50%, 1/20/55 | 247156 | 236653 |
|  4.50%, 8/20/64 | 153580 | 145532 |
|  5.00%, 5/20/48 | 18560 | 18457 |
|  6.50%, 11/20/38 | 8054 | 8318 |
|  7.00%, 11/20/27 | 1720 | 1776 |
|  7.00%, 9/20/29 | 7379 | 7621 |
|  7.00%, 9/20/38 | 4548 | 4780 |

---

*See accompanying notes to financial statements.* 

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

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Balanced Fund (Continued)

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Fair Value ($)** |
|  7.50%, 4/20/32 | 5706 | 5814 |
|  |  | 819335 |
|  **Taxable Municipal Securities - 5.6%** | **Taxable Municipal Securities - 5.6%** | **Taxable Municipal Securities - 5.6%** |
|  City of Dallas G.O., 5.61%, 2/15/30 | 250000 | 261366 |
|  City of New York G.O., 5.99%, 12/1/36 | 200000 | 207723 |
|  Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56 | 205000 | 154435 |
|  County of Vermillion Rev., 4.90%, 8/1/32 | 250000 | 253287 |
|  IN Hsg. & Community Dev. Auth. Rev., 5.75%, 7/1/54 | 300000 | 309076 |
|  LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40 | 230000 | 183578 |
|  Maricopa Co. Industrial Dev. Auth., 3.50%,<br>7/1/44 <sup>4</sup> | 100000 | 76614 |
|  Massachusetts Edu. Auth.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 7/1/34 | 15000 | 14810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/1/38 | 155000 | 150765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 7/1/44 | 150000 | 151109 |
|  MN Hsg. Fin. Agy.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 1/1/27 | 135000 | 131183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 2/1/31 | 225000 | 228464 |
|  NE Investment Fin. Auth. Rev., 6.00%, 9/1/31 | 120000 | 126397 |
|  Public Fin. Auth., 4.23%, 7/1/32 | 105000 | 102586 |
|  State of Connecticut G.O., 5.63%, 12/1/29 | 150000 | 153863 |
|  Texas Children's Hospital, 3.37%, 10/1/29 <sup>17</sup> | 115000 | 112851 |
|  TX Dept. of Hsg. & Community Affairs Rev., 6.25%, 9/1/53 | 200000 | 208181 |
|  University of Massachusetts Building Auth. Rev., 5.45%, 11/1/40 | 250000 | 251364 |
|  Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27 | 205000 | 196558 |
|  WV Hsg. Dev. Fund Rev.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/1/34 | 250000 | 254776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/30 | 250000 | 267293 |
|  |  | 3796279 |
|  **U.S. Treasury / Federal Agency Securities - 4.0%** | **U.S. Treasury / Federal Agency Securities - 4.0%** |  |
|  **U.S. Treasury - 4.0%** |  |  |
|  U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 5/15/54 | 225000 | 218874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/55 | 800000 | 780000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/53 | 1150000 | 1141375 |
|  U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/34 | 325000 | 317396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/31/30 | 200000 | 201906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/33 | 100000 | 102730 |
|  |  | 2762281 |
|  **Total Bonds<br>(cost $21,100,858)** |  | 20769130 |
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Investment Companies 3.7%** |  |  |
|  Angel Oak Financial Strategies Income Trust | 27283 | 354129 |
|  BlackRock Core Bond Trust | 27128 | 263681 |
|  BlackRock Income Trust, Inc. | 2807 | 32982 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  BlackRock Taxable Municipal Bond Trust | 21971 | 353953 |
|  DoubleLine Opportunistic Credit Fund | 4400 | 67672 |
|  DWS Municipal Income Trust | 23200 | 205088 |
|  Eaton Vance California Municipal Bond Fund | 2000 | 17840 |
|  First Trust Mortgage Income Fund | 8500 | 103700 |
|  John Hancock Income Securities Trust | 5000 | 56400 |
|  MFS Intermediate Income Trust | 83033 | 225019 |
|  Nuveen Multi-Market Income Fund | 17353 | 108977 |
|  Nuveen Taxable Municipal Income Fund | 11667 | 184572 |
|  Putnam Master Intermediate Income Trust | 61000 | 204350 |
|  Putnam Premier Income Trust | 66592 | 244393 |
|  TCW Strategic Income Fund, Inc. | 18000 | 87840 |
|  **Total Investment Companies<br>(cost: $2,554,010)** |  | 2510596 |
|  **Short-Term Securities - 1.5%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $1,040,207)** | 1040207 | 1040207 |
|  **Total Investments in Securities - 99.0% (cost $40,752,451)** |  | 67897455 |
|  **Other Assets and Liabilities, net - 1.0%** |  | 692551 |
|  **Net Assets - 100.0%** |  | $68590006 |

---

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

\* Non-income producing security.

<sup>1</sup> Variable rate security. Rate disclosed is as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. 

<sup>4</sup> 144A Restricted Security. The total value of such securities as of June 30, 2025 was $4,894,872 and represented 7.1% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. 

<sup>14</sup> Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of June 30, 2025.

<sup>17</sup> Security that is either an absolute and unconditional obligation of the United States Government or is collateralized by securities, loans, or leases guaranteed by the U.S. Government or its agencies or instrumentalities.

ADR — American Depositary Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

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

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **4** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\*\* | 43577522 |  |  | 43577522 |
|  Asset-Backed Securities |  | 6215 |  | 6215 |
|  Collateralized Mortgage Obligations |  | 5184989 |  | 5184989 |
|  Corporate Bonds |  | 2559289 |  | 2559289 |
|  Federal Home Loan Mortgage Corporation |  | 2332275 |  | 2332275 |
|  Federal National Mortgage Association |  | 3308467 |  | 3308467 |
|  Government National Mortgage Association |  | 819335 |  | 819335 |
|  Taxable Municipal Securities |  | 3796279 |  | 3796279 |
|  U.S. Treasury / Federal Agency Securities |  | 2762281 |  | 2762281 |
|  Investment Companies | 2510596 |  |  | 2510596 |
|  Short-Term Securities | 1040207 |  |  | 1040207 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47128325 | 20769130 |  | 67897455 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

JUNE 30, 2025<sub>5</sub>

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 98.7%** |  |  |
|  **Commercial Services - 1.2%** |  |  |
|  S&P Global, Inc. | 5490 | 2894822 |
|  **Communications - 1.2%** |  |  |
|  Verizon Communications, Inc. | 66350 | 2870964 |
|  **Consumer Non-Durables - 3.2%** |  |  |
|  Coca-Cola Co. | 31075 | 2198556 |
|  NIKE, Inc. | 23550 | 1672992 |
|  Procter & Gamble Co. | 26150 | 4166218 |
|  |  | 8037766 |
|  **Consumer Services - 2.3%** |  |  |
|  McDonald's Corp. | 8800 | 2571096 |
|  Visa, Inc. | 8590 | 3049880 |
|  |  | 5620976 |
|  **Electronic Technology - 17.5%** |  |  |
|  Apple, Inc. | 53600 | 10997112 |
|  Broadcom, Inc. | 36935 | 10181133 |
|  Cisco Systems, Inc. | 51000 | 3538380 |
|  Garmin, Ltd. | 7675 | 1601926 |
|  International Business Machines Corp. | 8950 | 2638281 |
|  Micron Technology, Inc. | 16875 | 2079843 |
|  NVIDIA Corp. | 54100 | 8547259 |
|  TE Connectivity, PLC | 21900 | 3693873 |
|  |  | 43277807 |
|  **Energy Minerals - 2.4%** |  |  |
|  Exxon Mobil Corp. | 54475 | 5872405 |
|  **Finance - 16.1%** |  |  |
|  American International Group, Inc. | 27775 | 2377262 |
|  Axis Capital Holdings, Ltd. | 17775 | 1845401 |
|  Bank of America Corp. | 72625 | 3436615 |
|  Bank of New York Mellon Corp. | 24025 | 2188918 |
|  CareTrust REIT, Inc. | 70450 | 2155770 |
|  Carlyle Group, Inc. | 44475 | 2286015 |
|  Citigroup, Inc. | 25775 | 2193968 |
|  Fifth Third Bancorp | 17175 | 706408 |
|  Goldman Sachs Group, Inc. | 4420 | 3128255 |
|  Hartford Insurance Group, Inc. | 19225 | 2439076 |
|  Intercontinental Exchange, Inc. | 12975 | 2380523 |
|  JPMorgan Chase & Co. | 15000 | 4348650 |
|  MetLife, Inc. | 37700 | 3031834 |
|  Public Storage | 6875 | 2017262 |
|  Realty Income Corp. | 34600 | 1993306 |
|  US Bancorp | 20700 | 936675 |
|  Wells Fargo & Co. | 28700 | 2299444 |
|  |  | 39765382 |
|  **Health Services - 3.7%** |  |  |
|  Cardinal Health, Inc. | 22850 | 3838800 |
|  Elevance Health, Inc. | 4675 | 1818388 |
|  Quest Diagnostics, Inc. | 17425 | 3130052 |
|  United Health Group, Inc. | 1575 | 491353 |
|  |  | 9278593 |
|  **Health Technology - 10.4%** |  |  |
|  Abbott Laboratories | 19475 | 2648795 |
|  AbbVie, Inc. | 19000 | 3526780 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  AstraZeneca, PLC, ADR | 47775 | 3338517 |
|  Bristol-Myers Squibb Co. | 25600 | 1185024 |
|  Eli Lilly & Co. | 4520 | 3523476 |
|  Johnson & Johnson | 20400 | 3116100 |
|  Medtronic, PLC | 29200 | 2545364 |
|  Stryker Corp. | 9775 | 3867283 |
|  Thermo Fisher Scientific, Inc. | 4600 | 1865116 |
|  |  | 25616455 |
|  **Industrial Services - 2.9%** |  |  |
|  Waste Management, Inc. | 11750 | 2688635 |
|  Williams Cos., Inc. | 71275 | 4476783 |
|  |  | 7165418 |
|  **Process Industries - 0.7%** |  |  |
|  Linde, PLC | 3775 | 1771155 |
|  **Producer Manufacturing - 8.5%** |  |  |
|  Donaldson Co., Inc. | 1625 | 112694 |
|  Eaton Corp., PLC | 9150 | 3266458 |
|  Emerson Electric Co. | 16100 | 2146613 |
|  Flowserve Corp. | 49800 | 2607030 |
|  Honeywell International, Inc. | 11600 | 2701408 |
|  L3Harris Technologies, Inc. | 6925 | 1737067 |
|  Parker-Hannifin Corp. | 2235 | 1561080 |
|  RTX Corp. | 23400 | 3416868 |
|  Siemens AG, ADR | 9625 | 1240374 |
|  Xylem, Inc. | 16250 | 2102100 |
|  |  | 20891692 |
|  **Retail Trade - 5.2%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 20490 | 4495301 |
|  eBay, Inc. | 23950 | 1783317 |
|  Home Depot, Inc. | 10650 | 3904716 |
|  TJX Cos., Inc. | 22300 | 2753827 |
|  |  | 12937161 |
|  **Technology Services - 15.6%** |  |  |
|  Accenture, PLC | 9550 | 2854400 |
|  Adobe, Inc. <sup>\*</sup> | 5075 | 1963416 |
|  Alphabet, Inc. - Class A | 20750 | 3656772 |
|  Intuit, Inc. | 3996 | 3147369 |
|  Meta Platforms, Inc. | 5585 | 4122233 |
|  Microsoft Corp. | 33830 | 16827380 |
|  Oracle Corp. | 16775 | 3667518 |
|  Salesforce, Inc. | 8050 | 2195155 |
|  |  | 38434243 |
|  **Transportation - 2.4%** |  |  |
|  CH Robinson Worldwide, Inc. | 19400 | 1861430 |
|  CSX Corp. | 84975 | 2772734 |
|  FedEx Corp. | 5650 | 1284302 |
|  |  | 5918466 |
|  **Utilities - 5.4%** |  |  |
|  DTE Energy Co. | 15200 | 2013392 |
|  NextEra Energy, Inc. | 24750 | 1718145 |
|  NiSource, Inc. | 81300 | 3279642 |
|  PPL Corp. | 103125 | 3494906 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **6** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Public Service Enterprise Group, Inc. | 32475 | 2733746 |
|  |  | 13239831 |
|  **Total Common Stocks<br>(cost: $172,924,593)** |  | 243593136 |
|  **Short-Term Securities - 1.0%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $2,362,093)** | 2362093 | 2362093 |
|  **Total Investments in Securities - 99.7%<br>(cost $175,286,686)** |  | 245955229 |
|  **Other Assets and Liabilities, net - 0.3%** |  | 643744 |
|  **Net Assets - 100.0%** |  | $246598973 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks\*\* | 243593136 |  |  | 243593136 |
|  Short-Term Securities | 2362093 |  |  | 2362093 |
|  Total: | 245955229 |  |  | 245955229 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

JUNE 30, 2025<sub>7</sub>

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Global Dividend Growth Fund

Investments are grouped by geographic region

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 95.4%** |  |  |
|  **Asia - 4.9%** |  |  |
|  **Australia - 2.2%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 3445 | 699645 |
|  Macquarie Group, Ltd. | 3810 | 573552 |
|  |  | 1273197 |
|  **Japan - 1.1%** |  |  |
|  Recruit Holdings Co., Ltd. | 10600 | 628249 |
|  **Singapore - 1.6%** |  |  |
|  Singapore Technologies Engineering, Ltd. | 155000 | 949627 |
|  **Europe - 30.1%** |  |  |
|  **Belgium - 1.5%** |  |  |
|  D'ieteren Group | 3950 | 848690 |
|  **France - 1.0%** |  |  |
|  Safran SA, ADR | 7520 | 614158 |
|  **Germany - 5.8%** |  |  |
|  Allianz SE, ADR | 27090 | 1097887 |
|  Infineon Technologies AG | 6275 | 266949 |
|  Muenchener Rueckversicherungs AG | 1470 | 953412 |
|  Siemens AG | 4250 | 1089618 |
|  |  | 3407866 |
|  **Ireland - 4.4%** |  |  |
|  Accenture, PLC | 3285 | 981854 |
|  Linde, PLC | 1445 | 677965 |
|  Trane Technologies, PLC | 2125 | 929496 |
|  |  | 2589315 |
|  **Spain - 1.9%** |  |  |
|  Iberdrola SA | 59010 | 1132331 |
|  **Switzerland - 4.7%** |  |  |
|  Chubb, Ltd. | 2290 | 663459 |
|  Lonza Group AG | 930 | 662235 |
|  Nestle SA | 4885 | 485329 |
|  Partners Group Holding AG | 705 | 919623 |
|  |  | 2730646 |
|  **United Kingdom - 10.8%** |  |  |
|  AstraZeneca, PLC, ADR | 15040 | 1050995 |
|  BAE Systems, PLC | 27380 | 709006 |
|  Compass Group, PLC | 14170 | 479843 |
|  Diageo, PLC, ADR | 4125 | 415965 |
|  London Stock Exchange Group, PLC | 6715 | 980265 |
|  Man Group, PLC | 216290 | 502042 |
|  RELX, PLC | 14120 | 763771 |
|  Shell, PLC, ADR | 20055 | 1412073 |
|  |  | 6313960 |
|  **North America - 60.4%** |  |  |
|  **United States - 60.4%** |  |  |
|  Abbott Laboratories | 7230 | 983352 |
|  AbbVie, Inc. | 750 | 139215 |
|  Alphabet, Inc. - Class A | 8790 | 1549062 |
|  Apple, Inc. | 18220 | 3738197 |
|  Applied Materials, Inc. | 7985 | 1461814 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Arthur J Gallagher & Co. | 3685 | 1179642 |
|  Broadcom, Inc. | 17850 | 4920352 |
|  Cheniere Energy, Inc. | 2830 | 689162 |
|  ConocoPhillips | 4025 | 361203 |
|  Constellation Brands, Inc. | 2690 | 437609 |
|  Eli Lilly & Co. | 375 | 292324 |
|  FedEx Corp. | 1900 | 431889 |
|  Goldman Sachs Group, Inc. | 1370 | 969617 |
|  Home Depot, Inc. | 2490 | 912934 |
|  Honeywell International, Inc. | 4330 | 1008370 |
|  JPMorgan Chase & Co. | 7180 | 2081554 |
|  Lockheed Martin Corp. | 1525 | 706288 |
|  McDonald's Corp. | 1820 | 531749 |
|  Microsoft Corp. | 10475 | 5210370 |
|  Mondelez International, Inc. | 6940 | 468034 |
|  NVIDIA Corp. | 11500 | 1816885 |
|  Otis Worldwide Corp. | 3785 | 374791 |
|  PepsiCo, Inc. | 4765 | 629171 |
|  Salesforce, Inc. | 705 | 192246 |
|  Sherwin-Williams Co. | 1835 | 630066 |
|  Thermo Fisher Scientific, Inc. | 1145 | 464252 |
|  Union Pacific Corp. | 3960 | 911117 |
|  UnitedHealth Group, Inc. | 2580 | 804882 |
|  Waste Management, Inc. | 2880 | 659002 |
|  WEC Energy Group, Inc. | 3010 | 313642 |
|  Williams Cos., Inc. | 8500 | 533885 |
|  |  | 35402676 |
|  **Total Common Stocks<br>(cost: $22,421,361)** |  | 55890715 |
|  **Short-Term Securities - 4.0%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $2,318,255)** | 2318255 | 2318255 |
|  **Total Investments in Securities - 99.4%<br>(cost $24,739,616)** |  | 58208970 |
|  **Other Assets and Liabilities, net - 0.6%** |  | 348328 |
|  **Net Assets - 100.0%** |  | $58557298 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **8** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 1273197 |  |  | 1273197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 848690 |  |  | 848690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 614158 |  |  | 614158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3407866 |  |  | 3407866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2589315 |  |  | 2589315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 628249 |  |  | 628249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 949627 |  |  | 949627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1132331 |  |  | 1132331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2730646 |  |  | 2730646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 6313960 |  |  | 6313960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 35402676 |  |  | 35402676 |
|  Short-Term Securities | 2318255 |  |  | 2318255 |
|  Total: | 58208970 |  |  | 58208970 |

---

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.

*See accompanying notes to financial statements.* 

JUNE 30, 2025<sub>9</sub>

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 96.8%** |  |  |
|  **Consumer Durables - 1.7%** |  |  |
|  Sony Group Corp., ADR | 66000 | 1717980 |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 9700 | 2355645 |
|  |  | 4073625 |
|  **Consumer Non-Durables - 1.7%** |  |  |
|  Constellation Brands, Inc. | 7425 | 1207899 |
|  Mondelez International, Inc. | 12850 | 866604 |
|  NIKE, Inc. | 9050 | 642912 |
|  PepsiCo, Inc. | 10000 | 1320400 |
|  |  | 4037815 |
|  **Consumer Services - 2.8%** |  |  |
|  McDonald's Corp. | 6650 | 1942930 |
|  Visa, Inc. | 13650 | 4846433 |
|  |  | 6789363 |
|  **Electronic Technology - 28.5%** |  |  |
|  Apple, Inc. | 104575 | 21455653 |
|  Applied Materials, Inc. | 22175 | 4059577 |
|  Arista Networks, Inc. <sup>\*</sup> | 15000 | 1534650 |
|  Broadcom, Inc. | 34300 | 9454795 |
|  NVIDIA Corp. | 173100 | 27348069 |
|  Palo Alto Networks, Inc. <sup>\*</sup> | 18450 | 3775608 |
|  Vertiv Holdings Co. | 6175 | 792932 |
|  |  | 68421284 |
|  **Energy Minerals - 0.9%** |  |  |
|  ConocoPhillips | 24600 | 2207604 |
|  **Finance - 2.7%** |  |  |
|  Chubb, Ltd. | 5050 | 1463086 |
|  Goldman Sachs Group, Inc. | 5150 | 3644913 |
|  JPMorgan Chase & Co. | 4900 | 1420559 |
|  |  | 6528558 |
|  **Health Services - 1.7%** |  |  |
|  Centene Corp. <sup>\*</sup> | 16425 | 891549 |
|  UnitedHealth Group, Inc. | 10125 | 3158696 |
|  |  | 4050245 |
|  **Health Technology - 6.0%** |  |  |
|  Abbott Laboratories | 15500 | 2108155 |
|  AbbVie, Inc. | 2975 | 552219 |
|  Dexcom, Inc. <sup>\*</sup> | 22000 | 1920380 |
|  Eli Lilly & Co. | 5940 | 4630408 |
|  Intuitive Surgical, Inc. <sup>\*</sup> | 5400 | 2934414 |
|  Thermo Fisher Scientific, Inc. | 5250 | 2128665 |
|  Zimmer Biomet Holdings, Inc. | 3075 | 280471 |
|  |  | 14554712 |
|  **Industrial Services - 1.7%** |  |  |
|  Cheniere Energy, Inc. | 13675 | 3330136 |
|  Williams Cos., Inc. | 11800 | 741158 |
|  |  | 4071294 |
|  **Non-Energy Minerals - 0.3%** |  |  |
|  Trex Co., Inc. <sup>\*</sup> | 13800 | 750444 |
|  **Process Industries - 1.3%** |  |  |
|  Linde, PLC | 2650 | 1243327 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Sherwin-Williams Co. | 5225 | 1794056 |
|  |  | 3037383 |
|  **Producer Manufacturing - 5.5%** |  |  |
|  BAE Systems, PLC, ADR | 15500 | 1628585 |
|  Eaton Corp., PLC | 3975 | 1419035 |
|  Emerson Electric Co. | 9800 | 1306634 |
|  General Dynamics Corp. | 3550 | 1035393 |
|  Honeywell International, Inc. | 8425 | 1962014 |
|  Northrop Grumman Corp. | 1875 | 937463 |
|  Parker-Hannifin Corp. | 3150 | 2200181 |
|  Siemens AG, ADR | 21675 | 2793257 |
|  |  | 13282562 |
|  **Retail Trade - 9.8%** |  |  |
|  Amazon.com, Inc. <sup>\*</sup> | 63000 | 13821570 |
|  Home Depot, Inc. | 8425 | 3088942 |
|  Netflix, Inc. <sup>\*</sup> | 2300 | 3079999 |
|  TJX Cos., Inc. | 18075 | 2232082 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 2800 | 1309896 |
|  |  | 23532489 |
|  **Technology Services - 30.2%** |  |  |
|  Accenture, PLC | 10200 | 3048678 |
|  Adobe, Inc. <sup>\*</sup> | 6250 | 2418000 |
|  Alphabet, Inc. - Class A | 12500 | 2202875 |
|  Alphabet, Inc. - Class C | 73500 | 13038165 |
|  Atlassian Corp. <sup>\*</sup> | 7675 | 1558716 |
|  Autodesk, Inc. <sup>\*</sup> | 6300 | 1950291 |
|  Intuit, Inc. | 5200 | 4095676 |
|  Meta Platforms, Inc. | 13225 | 9761240 |
|  Microsoft Corp. | 55000 | 27357550 |
|  Paycom Software, Inc. | 2500 | 578500 |
|  salesforce.com, Inc. | 15225 | 4151705 |
|  ServiceNow, Inc. <sup>\*</sup> | 2275 | 2338882 |
|  |  | 72500278 |
|  **Transportation - 1.6%** |  |  |
|  FedEx Corp. | 7575 | 1721873 |
|  Union Pacific Corp. | 9200 | 2116736 |
|  |  | 3838609 |
|  **Utilities - 0.4%** |  |  |
|  NextEra Energy, Inc. | 13100 | 909402 |
|  **Total Common Stocks<br>(cost: $71,409,010)** |  | 232585667 |
|  **Short-Term Securities - 2.2%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $5,364,065)** | 5364065 | 5364065 |
|  **Total Investments in Securities - 99.0%<br>(cost $76,773,075)** |  | 237949732 |
|  **Other Assets and Liabilities, net - 1.0%** | **Other Assets and Liabilities, net - 1.0%** | 2304834 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $240254566 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **10** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks\*\* | 232585667 |  |  | 232585667 |
|  Short-Term Securities | 5364065 |  |  | 5364065 |
|  Total: | 237949732 |  |  | 237949732 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

JUNE 30, 2025<sub>11</sub>

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit ESG Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 94.3%** | | |
|  **Asia - 7.2%** | | |
|  **Japan - 5.4%** | | |
|  Keyence Corp. | 200 | 80331 |
|  Recruit Holdings Co., Ltd. | 3100 | 183733 |
|  Sony Group Corp., ADR | 10875 | 283076 |
|  Terumo Corp. | 8800 | 161939 |
|  |  | 709079 |
|  **Singapore - 1.8%** |  |  |
|  Singapore Technologies Engineering, Ltd. | 37400 | 229135 |
|  **Europe - 31.3%** |  |  |
|  **Belgium - 0.5%** |  |  |
|  D'ieteren Group | 340 | 73052 |
|  **France - 1.7%** |  |  |
|  Safran SA, ADR | 2750 | 224593 |
|  **Germany - 6.3%** |  |  |
|  Allianz SE, ADR | 7100 | 287745 |
|  Deutsche Post AG | 1550 | 71590 |
|  Infineon Technologies AG | 1225 | 52114 |
|  Muenchener Rueckversicherungs AG | 275 | 178359 |
|  Siemens AG, ADR | 1775 | 228744 |
|  |  | 818552 |
|  **Ireland - 6.0%** |  |  |
|  Accenture, PLC | 750 | 224168 |
|  CRH, PLC | 1200 | 110160 |
|  Medtronic, PLC | 725 | 63198 |
|  Trane Technologies, PLC | 875 | 382734 |
|  |  | 780260 |
|  **Netherlands - 0.4%** |  |  |
|  ASML Holding NV | 65 | 52090 |
|  **Spain - 2.4%** |  |  |
|  Iberdrola SA, ADR | 4050 | 311769 |
|  **Switzerland - 3.0%** |  |  |
|  Chubb, Ltd. | 250 | 72430 |
|  Lonza Group AG | 185 | 131735 |
|  Nestle SA, ADR | 1200 | 119184 |
|  Ypsomed Holding AG | 125 | 66560 |
|  |  | 389909 |
|  **United Kingdom - 11.0%** |  |  |
|  AstraZeneca, PLC, ADR | 3625 | 253315 |
|  BAE Systems, PLC, ADR | 1450 | 152352 |
|  Coca-Cola Europacific Partners, PLC | 2100 | 194712 |
|  Compass Group, PLC | 3600 | 121908 |
|  Diageo, PLC, ADR | 785 | 79159 |
|  Entain, PLC | 10225 | 126458 |
|  Man Group, PLC | 55725 | 129346 |
|  RELX, PLC, ADR | 4700 | 255398 |
|  Rentokil Initial, PLC, ADR | 2375 | 57000 |
|  Smith & Nephew, PLC | 4100 | 62638 |
|  |  | 1432286 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **North America - 55.8%** |  |  |
|  **United States - 55.8%** |  |  |
|  AbbVie, Inc. | 160 | 29699 |
|  Adobe, Inc. <sup>\*</sup> | 450 | 174096 |
|  AES Corp. | 3025 | 31823 |
|  Alphabet, Inc. - Class A | 2500 | 440575 |
|  Apple, Inc. | 3600 | 738612 |
|  Broadcom, Inc. | 1925 | 530626 |
|  Cheniere Energy, Inc. | 775 | 188728 |
|  Dexcom, Inc. <sup>\*</sup> | 1080 | 94273 |
|  Ecolab, Inc. | 325 | 87568 |
|  Eli Lilly & Co. | 85 | 66260 |
|  FedEx Corp. | 375 | 85241 |
|  Gilead Sciences, Inc. | 640 | 70957 |
|  Goldman Sachs Group, Inc. | 600 | 424650 |
|  Home Depot, Inc. | 745 | 273147 |
|  JPMorgan Chase & Co. | 1075 | 311653 |
|  Lockheed Martin Corp. | 275 | 127364 |
|  Microsoft Corp. | 2000 | 994820 |
|  NIKE, Inc. | 850 | 60384 |
|  NVIDIA Corp. | 9250 | 1461408 |
|  PepsiCo, Inc. | 875 | 115535 |
|  salesforce.com, Inc. | 850 | 231787 |
|  Starbucks Corp. | 1000 | 91630 |
|  T Rowe Price Group, Inc. | 475 | 45837 |
|  TJX Cos., Inc. | 1380 | 170416 |
|  UnitedHealth Group, Inc. | 500 | 155985 |
|  Visa, Inc. | 475 | 168649 |
|  Williams Cos., Inc. | 1800 | 113058 |
|  |  | 7284781 |
|  **Total Common Stocks<br>(cost: $5,334,451)** |  | 12305506 |
|  **Short-Term Securities - 5.1%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $659,851)** | 659851 | 659851 |
|  **Total Investments in Securities - 99.4%<br>(cost $5,994,302)** |  | 12965357 |
|  **Other Assets and Liabilities, net - 0.6%** | **Other Assets and Liabilities, net - 0.6%** | 75620 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $13040977 |

---

---

| |
|:---|
| <sup>\*</sup> Non-income producing security. |
| ADR — American Depositary Receipt |
| <br> PLC — Public Limited Company |

---

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

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **12** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 73052 |  |  | 73052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 224593 |  |  | 224593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 818552 |  |  | 818552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 780260 |  |  | 780260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 709079 |  |  | 709079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 52090 |  |  | 52090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 229135 |  |  | 229135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 311769 |  |  | 311769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 389909 |  |  | 389909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1432286 |  |  | 1432286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 7284781 |  |  | 7284781 |
|  Short-Term Securities | 659851 |  |  | 659851 |
|  Total: | 12965357 |  |  | 12965357 |

---

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.

*See accompanying notes to financial statements.* 

JUNE 30, 2025<sub>13</sub>

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Mid Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 94.9%** | | |
|  **Commercial Services - 2.4%** | | |
|  Amentum Holdings, Inc. <sup>\*</sup> | 26202 | 618629 |
|  Booz Allen Hamilton Holding Corp. | 27550 | 2868782 |
|  Copart, Inc. <sup>\*</sup> | 32000 | 1570240 |
|  |  | 5057651 |
|  **Consumer Durables - 1.0%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 4892 | 1188022 |
|  YETI Holdings, Inc. <sup>\*</sup> | 28100 | 885712 |
|  |  | 2073734 |
|  **Consumer Non-Durables - 2.5%** |  |  |
|  Coca-Cola Europacific Partners, PLC | 40700 | 3773704 |
|  elf Beauty, Inc. <sup>\*</sup> | 12250 | 1524390 |
|  |  | 5298094 |
|  **Consumer Services - 0.9%** |  |  |
|  Nexstar Media Group, Inc. | 11550 | 1997573 |
|  **Electronic Technology - 21.3%** |  |  |
|  Applied Materials, Inc. | 24350 | 4457754 |
|  Arista Networks, Inc. <sup>\*</sup> | 140300 | 14354093 |
|  Broadcom, Inc. | 68025 | 18751091 |
|  Ciena Corp. <sup>\*</sup> | 16525 | 1343978 |
|  Coherent Corp. <sup>\*</sup> | 7550 | 673536 |
|  Monolithic Power Systems, Inc. | 5400 | 3949452 |
|  Vertiv Holdings Co. | 11575 | 1486346 |
|  |  | 45016250 |
|  **Energy Minerals - 1.0%** |  |  |
|  Northern Oil & Gas, Inc. | 73100 | 2072385 |
|  **Finance - 10.4%** |  |  |
|  Air Lease Corp. | 32900 | 1924321 |
|  Ameriprise Financial, Inc. | 10000 | 5337300 |
|  Arthur J Gallagher & Co. | 11600 | 3713392 |
|  Carlyle Group, Inc. | 85700 | 4404980 |
|  Intercontinental Exchange, Inc. | 25300 | 4641791 |
|  Reinsurance Group of America, Inc. | 10300 | 2043108 |
|  |  | 22064892 |
|  **Health Services - 3.7%** |  |  |
|  Encompass Health Corp. | 24800 | 3041224 |
|  Molina Healthcare, Inc. <sup>\*</sup> | 6250 | 1861875 |
|  Tenet Healthcare Corp. <sup>\*</sup> | 16725 | 2943600 |
|  |  | 7846699 |
|  **Health Technology - 10.4%** |  |  |
|  Align Technology, Inc. <sup>\*</sup> | 6025 | 1140713 |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 10800 | 1864080 |
|  Dexcom, Inc. <sup>\*</sup> | 48040 | 4193412 |
|  Exact Sciences Corp. <sup>\*</sup> | 40850 | 2170769 |
|  Glaukos Corp. <sup>\*</sup> | 16750 | 1730107 |
|  IDEXX Laboratories, Inc. <sup>\*</sup> | 5500 | 2949870 |
|  Insulet Corp. <sup>\*</sup> | 12150 | 3817287 |
|  Natera, Inc. <sup>\*</sup> | 9500 | 1604930 |
|  Thermo Fisher Scientific, Inc. | 6100 | 2473306 |
|  |  | 21944474 |
|  **Industrial Services - 5.4%** |  |  |
|  Cheniere Energy, Inc. | 15500 | 3774560 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Jacobs Solutions, Inc. | 24700 | 3246815 |
|  Waste Connections, Inc. | 23400 | 4369248 |
|  |  | 11390623 |
|  **Non-Energy Minerals - 1.0%** |  |  |
|  Trex Co., Inc. <sup>\*</sup> | 38625 | 2100428 |
|  **Producer Manufacturing - 11.4%** |  |  |
|  AMETEK, Inc. | 14675 | 2655588 |
|  Axon Enterprise, Inc. <sup>\*</sup> | 6800 | 5629992 |
|  BWX Technologies, Inc. | 17400 | 2506644 |
|  Carlisle Cos., Inc. | 10075 | 3762005 |
|  Donaldson Co., Inc. | 22950 | 1591583 |
|  Dover Corp. | 21875 | 4008156 |
|  Hubbell, Inc. | 7500 | 3063075 |
|  Xylem, Inc. | 7900 | 1021944 |
|  |  | 24238987 |
|  **Retail Trade - 4.6%** |  |  |
|  TJX Cos., Inc. | 46500 | 5742285 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 8600 | 4023252 |
|  |  | 9765537 |
|  **Technology Services - 17.3%** |  |  |
|  ANSYS, Inc. <sup>\*</sup> | 10750 | 3775615 |
|  Atlassian Corp. <sup>\*</sup> | 16950 | 3442375 |
|  Autodesk, Inc. <sup>\*</sup> | 14800 | 4581636 |
|  Booking Holdings, Inc. | 450 | 2605158 |
|  Crowdstrike Holdings, Inc. <sup>\*</sup> | 6500 | 3310515 |
|  Dynatrace, Inc. <sup>\*</sup> | 65375 | 3609354 |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 16075 | 1629683 |
|  HubSpot, Inc. <sup>\*</sup> | 6825 | 3799000 |
|  Paycom Software, Inc. | 7600 | 1758640 |
|  PTC, Inc. <sup>\*</sup> | 32550 | 5609667 |
|  Spotify Technology SA <sup>\*</sup> | 3250 | 2493855 |
|  |  | 36615498 |
|  **Transportation - 1.0%** |  |  |
|  Alaska Air Group, Inc. <sup>\*</sup> | 17300 | 856004 |
|  Knight-Swift Transportation Holdings, Inc. | 28500 | 1260555 |
|  |  | 2116559 |
|  **Utilities - 0.6%** |  |  |
|  WEC Energy Group, Inc. | 12800 | 1333760 |
|  **Total Common Stocks<br>(cost: $70,062,216)** |  | 200933144 |
|  **Short-Term Securities - 4.8%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $10,056,703)** | 10056703 | 10056703 |
|  **Total Investments in Securities - 99.7%<br>(cost $80,118,919)** |  | 210989847 |
|  **Other Assets and Liabilities, net - 0.3%** | **Other Assets and Liabilities, net - 0.3%** | 562452 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $211552299 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **14** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** | **Level 2** | **Level 3** | |
|  | Quoted<br>Prices ($) | Other significant<br>observable inputs ($) | Significant<br>unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 200933144 |  |  | 200933144 |
|  Short-Term Securities | 10056703 |  |  | 10056703 |
|  Total: | 210989847 |  |  | 210989847 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **15** |

---

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 93.2%** | **Common Stocks - 93.2%** | **Common Stocks - 93.2%** |
|  **Commercial Services - 2.8%** | **Commercial Services - 2.8%** | **Commercial Services - 2.8%** |
|  Booz Allen Hamilton Holding Corp. | 2700 | 281151 |
|  Brink's Co. | 1825 | 162954 |
|  Colliers International Group, Inc. | 3600 | 469944 |
|  FTI Consulting, Inc. <sup>\*</sup> | 1000 | 161500 |
|  |  | 1075549 |
|  **Communications - 0.6%** |  |  |
|  Iridium Communications, Inc. | 7050 | 212699 |
|  **Consumer Durables - 0.8%** |  |  |
|  Century Communities, Inc. | 2175 | 122496 |
|  National Presto Industries, Inc. | 750 | 73470 |
|  YETI Holdings, Inc. <sup>\*</sup> | 4075 | 128444 |
|  |  | 324410 |
|  **Consumer Non-Durables - 1.4%** |  |  |
|  Crocs, Inc. <sup>\*</sup> | 1700 | 172176 |
|  Sensient Technologies Corp. | 3650 | 359598 |
|  |  | 531774 |
|  **Consumer Services - 1.3%** |  |  |
|  Nexstar Media Group, Inc. | 1800 | 311310 |
|  Vail Resorts, Inc. | 1100 | 172843 |
|  |  | 484153 |
|  **Electronic Technology - 5.6%** |  |  |
|  Coherent Corp. <sup>\*</sup> | 4475 | 399214 |
|  Entegris, Inc. | 1875 | 151219 |
|  MKS, Inc. | 3975 | 394956 |
|  Monolithic Power Systems, Inc. | 1050 | 767949 |
|  Power Integrations, Inc. | 7050 | 394095 |
|  |  | 2107433 |
|  **Energy Minerals - 2.5%** |  |  |
|  Chord Energy Corp. | 5500 | 532675 |
|  Northern Oil & Gas, Inc. | 14275 | 404696 |
|  |  | 937371 |
|  **Finance - 24.8%** |  |  |
|  Air Lease Corp. | 8175 | 478156 |
|  Artisan Partners Asset Management, Inc. | 5350 | 237165 |
|  Axis Capital Holdings, Ltd. | 5625 | 583988 |
|  Broadstone Net Lease, Inc. | 18800 | 301740 |
|  Cadence Bank | 17025 | 544459 |
|  CareTrust REIT, Inc. | 16900 | 517140 |
|  Carlyle Group, Inc. | 8075 | 415055 |
|  CNO Financial Group, Inc. | 14000 | 540120 |
|  Columbia Banking System, Inc. | 17875 | 417918 |
|  CubeSmart | 5250 | 223125 |
|  Essential Properties Realty Trust, Inc. | 10050 | 320696 |
|  Evercore, Inc. | 2315 | 625096 |
|  HA Sustainable Infrastructure Capital, Inc. | 4825 | 129599 |
|  Hanover Insurance Group, Inc. | 2475 | 420428 |
|  Hercules Capital, Inc. | 7725 | 141213 |
|  Horace Mann Educators Corp. | 12900 | 554313 |
|  Janus Henderson Group, PLC | 6100 | 236924 |
|  Old National Bancorp | 29350 | 626329 |
|  Piper Sandler Cos. | 1450 | 403013 |
|  Provident Financial Services, Inc. | 19975 | 350162 |
|  Stifel Financial Corp. | 5300 | 550034 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Synovus Financial Corp. | 9775 | 505856 |
|  Western Alliance Bancorp | 3625 | 282678 |
|  |  | 9405207 |
|  **Health Services - 4.6%** |  |  |
|  Acadia Healthcare Co., Inc. <sup>\*</sup> | 3675 | 83386 |
|  Addus HomeCare Corp. <sup>\*</sup> | 5545 | 638729 |
|  Encompass Health Corp. | 4275 | 524243 |
|  Tenet Healthcare Corp. <sup>\*</sup> | 2875 | 506000 |
|  |  | 1752358 |
|  **Health Technology - 7.1%** |  |  |
|  AtriCure, Inc. <sup>\*</sup> | 17300 | 566921 |
|  Bio-Techne Corp. | 4100 | 210945 |
|  Glaukos Corp. <sup>\*</sup> | 3025 | 312452 |
|  iRadimed Corp. | 3450 | 206275 |
|  Lantheus Holdings, Inc. <sup>\*</sup> | 4250 | 347905 |
|  STERIS, PLC | 975 | 234215 |
|  Supernus Pharmaceuticals, Inc. <sup>\*</sup> | 11525 | 363268 |
|  Vericel Corp. <sup>\*</sup> | 10825 | 460604 |
|  |  | 2702585 |
|  **Industrial Services - 12.7%** |  |  |
|  Argan, Inc. | 4300 | 948064 |
|  DT Midstream, Inc. | 5600 | 615496 |
|  EMCOR Group, Inc. | 1850 | 989546 |
|  Golar LNG, Ltd. | 10650 | 438673 |
|  KBR, Inc. | 10775 | 516554 |
|  Kodiak Gas Services, Inc. | 18400 | 630568 |
|  TechnipFMC, PLC | 19550 | 673302 |
|  |  | 4812203 |
|  **Non-Energy Minerals - 3.0%** |  |  |
|  AZEK Co., Inc. <sup>\*</sup> | 5700 | 309795 |
|  Commercial Metals Co. | 3950 | 193195 |
|  Eagle Materials, Inc. | 2075 | 419378 |
|  MP Materials Corp. <sup>\*</sup> | 6600 | 219582 |
|  |  | 1141950 |
|  **Process Industries - 5.0%** |  |  |
|  Avient Corp. | 8900 | 287559 |
|  Cabot Corp. | 2450 | 183750 |
|  CSW Industrials, Inc. | 1200 | 344196 |
|  Huntsman Corp. | 4650 | 48453 |
|  Olin Corp. | 11500 | 231035 |
|  Silgan Holdings, Inc. | 11400 | 617652 |
|  Stepan Co. | 3325 | 181478 |
|  |  | 1894123 |
|  **Producer Manufacturing - 15.6%** |  |  |
|  AeroVironment, Inc. <sup>\*</sup> | 2775 | 790736 |
|  AZZ, Inc. | 3650 | 344852 |
|  Belden, Inc. | 3175 | 367665 |
|  BWX Technologies, Inc. | 3150 | 453789 |
|  Carlisle Cos., Inc. | 775 | 289385 |
|  Crane Co. | 3275 | 621890 |
|  Crane NXT Co. | 3275 | 176522 |
|  Donaldson Co., Inc. | 4700 | 325945 |
|  EnPro, Inc. | 2150 | 411833 |
|  Flowserve Corp. | 12475 | 653066 |
|  Hubbell, Inc. | 850 | 347148 |
|  Huntington Ingalls Industries, Inc. | 1625 | 392373 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **16** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Lincoln Electric Holdings, Inc. | 1075 | 222869 |
|  Regal Rexnord Corp. | 2350 | 340656 |
|  Zurn Water Solutions Corp. | 4700 | 171879 |
|  |  | 5910608 |
|  **Retail Trade - 2.1%** |  |  |
|  Boot Barn Holdings, Inc. <sup>\*</sup> | 1810 | 275120 |
|  Casey's General Stores, Inc. | 1025 | 523027 |
|  |  | 798147 |
|  **Technology Services - 1.1%** |  |  |
|  Globant SA <sup>\*</sup> | 2625 | 238455 |
|  nCino, Inc. <sup>\*</sup> | 6035 | 168799 |
|  |  | 407254 |
|  **Transportation - 1.2%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 3700 | 163651 |
|  TFI International, Inc. | 3475 | 311603 |
|  |  | 475254 |
|  **Utilities - 1.0%** |  |  |
|  Chesapeake Utilities Corp. | 3075 | 369677 |
|  **Total Common Stocks<br>(cost: $25,232,662)** |  | 35342755 |
|  **Short-Term Securities - 7.2%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $2,745,039)** | 2745039 | 2745039 |
|  **Total Investments in Securities - 100.4%<br>(cost $27,977,701)** |  | 38087794 |
|  **Other Assets and Liabilities, net - (0.4)%** |  | (161363) |
|  **Net Assets - 100.0%** |  | $37926431 |

---

\* Non-income producing security.

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** | **Level 2** | **Level 3** | |
|  | Quoted<br>Prices ($) | Other significant<br>observable inputs ($) | Significant<br> unobservable inputs ($) | Total ($) |
|  Common Stocks\*\* | 35342755 |  |  | 35342755 |
|  Short-Term Securities | 2745039 |  |  | 2745039 |
|  Total: | 38087794 |  |  | 38087794 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **17** |

---

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 95.0%** |  |  |
|  **Commercial Services - 3.7%** |  |  |
|  ASGN, Inc. <sup>\*</sup> | 17500 | 873775 |
|  Booz Allen Hamilton Holding Corp. | 13150 | 1369310 |
|  Colliers International Group, Inc. | 11050 | 1442467 |
|  FTI Consulting, Inc. <sup>\*</sup> | 3075 | 496612 |
|  |  | 4182164 |
|  **Consumer Durables - 1.3%** |  |  |
|  Take-Two Interactive Software, Inc. <sup>\*</sup> | 4075 | 989614 |
|  YETI Holdings, Inc. <sup>\*</sup> | 15850 | 499592 |
|  |  | 1489206 |
|  **Consumer Non-Durables - 1.2%** |  |  |
|  Crocs, Inc. <sup>\*</sup> | 6575 | 665916 |
|  Sensient Technologies Corp. | 6775 | 667473 |
|  |  | 1333389 |
|  **Consumer Services - 0.8%** |  |  |
|  Nexstar Media Group, Inc. | 5350 | 925283 |
|  **Electronic Technology - 11.7%** |  |  |
|  Arista Networks, Inc. <sup>\*</sup> | 48900 | 5002959 |
|  Ciena Corp. <sup>\*</sup> | 14150 | 1150820 |
|  Coherent Corp. <sup>\*</sup> | 20075 | 1790891 |
|  Entegris, Inc. | 5249 | 423332 |
|  MKS, Inc. | 13400 | 1331424 |
|  Monolithic Power Systems, Inc. | 5025 | 3675184 |
|  |  | 13374610 |
|  **Energy Minerals - 1.0%** |  |  |
|  Northern Oil & Gas, Inc. | 39300 | 1114155 |
|  **Finance - 7.1%** |  |  |
|  Air Lease Corp. | 33325 | 1949179 |
|  Artisan Partners Asset Management, Inc. | 25750 | 1141497 |
|  Axis Capital Holdings, Ltd. | 22125 | 2297018 |
|  Hanover Insurance Group, Inc. | 5425 | 921545 |
|  Old National Bancorp | 12225 | 260881 |
|  Stifel Financial Corp. | 11800 | 1224604 |
|  Western Alliance Bancorp | 3600 | 280728 |
|  |  | 8075452 |
|  **Health Services - 4.4%** |  |  |
|  Addus HomeCare Corp. <sup>\*</sup> | 15250 | 1756647 |
|  Encompass Health Corp. | 13525 | 1658571 |
|  Tenet Healthcare Corp. <sup>\*</sup> | 9050 | 1592800 |
|  |  | 5008018 |
|  **Health Technology - 12.8%** |  |  |
|  Align Technology, Inc. <sup>\*</sup> | 2150 | 407060 |
|  ARS Pharmaceuticals, Inc. <sup>\*</sup> | 33225 | 579776 |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 6300 | 1087380 |
|  AtriCure, Inc. <sup>\*</sup> | 60800 | 1992416 |
|  Bio-Techne Corp. | 14800 | 761460 |
|  Establishment Labs Holdings, Inc. <sup>\*</sup> | 17900 | 764509 |
|  Exact Sciences Corp. <sup>\*</sup> | 12425 | 660265 |
|  Glaukos Corp. <sup>\*</sup> | 9000 | 929610 |
|  Insulet Corp. <sup>\*</sup> | 3525 | 1107484 |
|  Lantheus Holdings, Inc. <sup>\*</sup> | 15825 | 1295435 |
|  PROCEPT BioRobotics Corp. <sup>\*</sup> | 21550 | 1241280 |
|  STERIS, PLC | 3475 | 834764 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Supernus Pharmaceuticals, Inc. <sup>\*</sup> | 34775 | 1096108 |
|  TransMedics Group, Inc. <sup>\*</sup> | 5625 | 753806 |
|  Vericel Corp. <sup>\*</sup> | 25975 | 1105236 |
|  |  | 14616589 |
|  **Industrial Services - 14.3%** |  |  |
|  Argan, Inc. | 14525 | 3202472 |
|  EMCOR Group, Inc. | 7950 | 4252376 |
|  Golar LNG, Ltd. | 33600 | 1383984 |
|  KBR, Inc. | 38450 | 1843293 |
|  Kodiak Gas Services, Inc. | 14700 | 503769 |
|  TechnipFMC, PLC | 73550 | 2533062 |
|  Waste Connections, Inc. | 14025 | 2618748 |
|  |  | 16337704 |
|  **Non-Energy Minerals - 4.9%** |  |  |
|  AZEK Co., Inc. <sup>\*</sup> | 24200 | 1315270 |
|  Eagle Materials, Inc. | 10300 | 2081733 |
|  MP Materials Corp. <sup>\*</sup> | 33350 | 1109555 |
|  Trex Co., Inc. <sup>\*</sup> | 20825 | 1132463 |
|  |  | 5639021 |
|  **Process Industries - 1.8%** |  |  |
|  Cabot Corp. | 7700 | 577500 |
|  CSW Industrials, Inc. | 3650 | 1046929 |
|  Olin Corp. | 19775 | 397280 |
|  |  | 2021709 |
|  **Producer Manufacturing - 14.8%** |  |  |
|  AeroVironment, Inc. <sup>\*</sup> | 6650 | 1894917 |
|  AZZ, Inc. | 18450 | 1743156 |
|  Belden, Inc. | 13600 | 1574880 |
|  Carlisle Cos., Inc. | 2200 | 821480 |
|  Crane Co. | 13700 | 2601493 |
|  Crane NXT Co. | 19075 | 1028143 |
|  Donaldson Co., Inc. | 17275 | 1198021 |
|  Flowserve Corp. | 27475 | 1438316 |
|  Hubbell, Inc. | 4375 | 1786794 |
|  Lincoln Electric Holdings, Inc. | 5400 | 1119528 |
|  Regal Rexnord Corp. | 6755 | 979205 |
|  Zurn Water Solutions Corp. | 19325 | 706715 |
|  |  | 16892648 |
|  **Retail Trade - 4.1%** |  |  |
|  Boot Barn Holdings, Inc. <sup>\*</sup> | 6775 | 1029800 |
|  Casey's General Stores, Inc. | 4300 | 2194161 |
|  Ulta Beauty, Inc. <sup>\*</sup> | 3050 | 1426851 |
|  |  | 4650812 |
|  **Technology Services - 7.8%** |  |  |
|  ANSYS, Inc. <sup>\*</sup> | 2950 | 1036099 |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 5050 | 511969 |
|  Globant SA <sup>\*</sup> | 11350 | 1031034 |
|  HubSpot, Inc. <sup>\*</sup> | 3175 | 1767300 |
|  nCino, Inc. <sup>\*</sup> | 15975 | 446821 |
|  Paycom Software, Inc. | 6225 | 1440465 |
|  PTC, Inc. <sup>\*</sup> | 15375 | 2649727 |
|  |  | 8883415 |
|  **Transportation - 2.8%** |  |  |
|  Alaska Air Group, Inc. <sup>\*</sup> | 17675 | 874559 |
|  Knight-Swift Transportation Holdings, Inc. | 18725 | 828207 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **18** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  TFI International, Inc. | 16525 | 1481797 |
|  |  | 3184563 |
|  **Utilities - 0.5%** |  |  |
|  Chesapeake Utilities Corp. | 4925 | 592084 |
|  **Total Common Stocks<br>(cost: $54,554,730)** |  | 108320822 |
|  **Short-Term Securities - 4.3%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $4,897,731)** | 4897731 | 4897731 |
|  **Total Investments in Securities - 99.3%<br>(cost $59,452,461)** |  | 113218553 |
|  **Other Assets and Liabilities, net - 0.7%** |  | 820692 |
|  **Net Assets - 100.0%** |  | $114039245 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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\*\* | 108320822 |  |  | 108320822 |
|  Short-Term Securities | 4897731 |  |  | 4897731 |
|  Total: | 113218553 |  |  | 113218553 |

---

\*\* 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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **19** |

---

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit International Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 97.0%** |  |  |
|  **Asia - 21.9%** |  |  |
|  **Australia - 4.3%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 1425 | 289403 |
|  BHP Group, Ltd., ADR | 2900 | 139461 |
|  Lynas Rare Earths, Ltd. <sup>\*</sup> | 46625 | 264209 |
|  Macquarie Group, Ltd. | 2225 | 334948 |
|  Rio Tinto, PLC, ADR | 4400 | 256652 |
|  Westpac Banking Corp. | 4425 | 98611 |
|  |  | 1383284 |
|  **China/Hong Kong - 2.3%** |  |  |
|  AIA Group, Ltd. | 32200 | 288776 |
|  Baidu, Inc., ADR <sup>\*</sup> | 1075 | 92192 |
|  ENN Energy Holdings, Ltd. | 18400 | 146967 |
|  Ping An Insurance Group Co. of China, Ltd. | 33500 | 212737 |
|  |  | 740672 |
|  **India - 0.6%** |  |  |
|  HDFC Bank, Ltd., ADR | 2400 | 184008 |
|  **Japan - 9.1%** |  |  |
|  Keyence Corp. | 1000 | 401653 |
|  Mitsubishi Heavy Industries, Ltd. | 18000 | 451234 |
|  Recruit Holdings Co., Ltd. | 11200 | 663810 |
|  Sony Group Corp., ADR | 35325 | 919510 |
|  Terumo Corp. | 24800 | 456373 |
|  |  | 2892580 |
|  **Singapore - 3.9%** |  |  |
|  DBS Group Holdings, Ltd. | 17160 | 606100 |
|  Singapore Technologies Engineering, Ltd. | 104800 | 642070 |
|  |  | 1248170 |
|  **South Korea - 0.6%** |  |  |
|  Samsung Electronics Co., Ltd., GDR | 185 | 203685 |
|  **Taiwan - 1.1%** |  |  |
|  Hon Hai Precision Industry Co., Ltd., GDR | 11750 | 126900 |
|  Taiwan Semiconductor Co., ADR | 1000 | 226490 |
|  |  | 353390 |
|  **Europe - 60.5%** |  |  |
|  **Belgium - 2.7%** |  |  |
|  D'ieteren Group | 2150 | 461945 |
|  UCB SA | 2025 | 398234 |
|  |  | 860179 |
|  **Denmark - 1.8%** |  |  |
|  Ascendis Pharma A/S, ADR <sup>\*</sup> | 1000 | 172600 |
|  Novo Nordisk A/S, ADR | 5825 | 402041 |
|  |  | 574641 |
|  **France - 11.2%** |  |  |
|  AXA SA | 11750 | 576751 |
|  Dassault Systemes SE | 11700 | 423521 |
|  Elis SA | 12125 | 347639 |
|  Safran SA | 2590 | 841741 |
|  Schneider Electric SE | 3970 | 1055945 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Societe Generale SA | 5525 | 315972 |
|  |  | 3561569 |
|  **Germany - 8.3%** |  |  |
|  Allianz SE | 1935 | 784319 |
|  Deutsche Post AG | 6550 | 302528 |
|  Infineon Technologies AG | 5950 | 253123 |
|  Muenchener Rueckversicherungs AG | 800 | 518863 |
|  Siemens AG | 3100 | 794780 |
|  |  | 2653613 |
|  **Ireland - 2.6%** |  |  |
|  Accenture, PLC | 550 | 164390 |
|  CRH, PLC | 2800 | 257040 |
|  Linde, PLC | 500 | 234590 |
|  STERIS, PLC | 825 | 198182 |
|  |  | 854202 |
|  **Netherlands - 3.6%** |  |  |
|  Adyen NV <sup>\*,</sup> 4 | 84 | 154200 |
|  ASML Holding NV | 1025 | 821425 |
|  Stellantis NV | 16375 | 164241 |
|  |  | 1139866 |
|  **Spain - 3.4%** |  |  |
|  Cellnex Telecom SA <sup>4</sup> | 5200 | 201830 |
|  Iberdrola SA | 45900 | 880766 |
|  |  | 1082596 |
|  **Sweden - 1.1%** |  |  |
|  Evolution AB, ADR | 2325 | 184605 |
|  Hexagon AB | 16200 | 162943 |
|  |  | 347548 |
|  **Switzerland - 8.1%** |  |  |
|  Galderma Group AG | 1350 | 195665 |
|  Lonza Group AG | 590 | 420127 |
|  Nestle SA | 3600 | 357663 |
|  On Holding AG <sup>\*</sup> | 8625 | 448931 |
|  Partners Group Holding AG | 490 | 639171 |
|  TE Connectivity, PLC | 1100 | 185537 |
|  Ypsomed Holding AG | 325 | 173058 |
|  Zurich Insurance Group AG | 255 | 178238 |
|  |  | 2598390 |
|  **United Kingdom - 17.7%** |  |  |
|  AstraZeneca, PLC, ADR | 10125 | 707535 |
|  BAE Systems, PLC | 28250 | 731535 |
|  Coca-Cola Europacific Partners, PLC | 5400 | 500688 |
|  Compass Group, PLC | 10625 | 359797 |
|  Diageo, PLC, ADR | 1840 | 185546 |
|  Entain, PLC | 27600 | 341345 |
|  London Stock Exchange Group, PLC | 4200 | 613122 |
|  Man Group, PLC | 93600 | 217260 |
|  Reckitt Benckiser Group, PLC | 3100 | 210846 |
|  RELX, PLC | 9750 | 527392 |
|  Rentokil Initial, PLC | 47250 | 228364 |
|  Shell, PLC, ADR | 12250 | 862522 |
|  Smith & Nephew, PLC | 10175 | 155449 |
|  |  | 5641401 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **20** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Latin America - 0.9%** |  |  |
|  **Argentina - 0.9%** |  |  |
|  Globant SA <sup>\*</sup> | 2050 | 186222 |
|  MercadoLibre, Inc. <sup>\*</sup> | 40 | 104545 |
|  |  | 290767 |
|  **North America - 13.7%** |  |  |
|  **Canada - 3.4%** |  |  |
|  Alimentation Couche-Tard, Inc. | 7400 | 367840 |
|  Colliers International Group, Inc. | 1600 | 208864 |
|  Waste Connections, Inc. | 2750 | 513480 |
|  |  | 1090184 |
|  **United States - 10.3%** |  |  |
|  Broadcom, Inc. | 10250 | 2825412 |
|  Euronet Worldwide, Inc. <sup>\*</sup> | 1375 | 139398 |
|  Mondelez International, Inc. | 4800 | 323712 |
|  |  | 3288522 |
|  **Total Common Stocks<br>(cost: $17,527,356)** |  | 30989267 |
|  **Investment Companies 0.5%** |  |  |
|  iShares MSCI India ETF<br>**(cost $95,267)** | 3200 | 178176 |
|  **Short-Term Securities - 1.7%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $527,597)** | 527597 | 527597 |
|  **Total Investments in Securities - 99.2%<br>(cost $18,150,220)** |  | 31695040 |
|  **Other Assets and Liabilities, net - 0.8%** |  | 249694 |
|  **Net Assets - 100.0%** |  | $31944734 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of June 30, 2025 was $356,030 and represented 1.1% 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*.* 

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **21** |

---

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit International Growth Fund (Continued)

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 290767 |  |  | 290767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 1383284 |  |  | 1383284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 860179 |  |  | 860179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1090184 |  |  | 1090184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 740672 |  |  | 740672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 574641 |  |  | 574641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 3561569 |  |  | 3561569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2653613 |  |  | 2653613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 184008 |  |  | 184008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 854202 |  |  | 854202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 2892580 |  |  | 2892580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1139866 |  |  | 1139866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1248170 |  |  | 1248170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 203685 |  |  | 203685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1082596 |  |  | 1082596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 347548 |  |  | 347548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2598390 |  |  | 2598390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 353390 |  |  | 353390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5641401 |  |  | 5641401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 3288522 |  |  | 3288522 |
|  Investment Companies | 178176 |  |  | 178176 |
|  Short-Term Securities | 527597 |  |  | 527597 |
|  Total: | 31695040 |  |  | 31695040 |

---

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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **22** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

[This page is intentionally left blank.]

---

| | |
|:---|:---|
| JUNE 30, 2025 | **23** |

---

------

SCHEDULE OF INVESTMENTS

June 30, 2025

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 91.7%** |  |  |
|  **Africa/Middle East - 8.6%** |  |  |
|  **Israel - 0.8%** |  |  |
|  NICE, Ltd., ADR <sup>\*</sup> | 500 | 84455 |
|  **South Africa** - **7.8%** |  |  |
|  Bid Corp., Ltd. | 9850 | 260068 |
|  Bidvest Group, Ltd. | 5525 | 72877 |
|  Naspers, Ltd. | 1425 | 443941 |
|  |  | 776886 |
|  **Asia - 64.7%** |  |  |
|  **Australia - 1.7%** |  |  |
|  Atlassian Corp. <sup>\*</sup> | 450 | 91391 |
|  Rio Tinto, PLC, ADR | 1425 | 83120 |
|  |  | 174511 |
|  **China/Hong Kong - 20.3%** |  |  |
|  AIA Group, Ltd. | 21400 | 191920 |
|  Alibaba Group Holding, Ltd., ADR | 650 | 73716 |
|  Baidu, Inc., ADR <sup>\*</sup> | 925 | 79328 |
|  China Mengniu Dairy Co., Ltd. | 28000 | 57427 |
|  ENN Energy Holdings, Ltd. | 19800 | 158149 |
|  Hong Kong Exchanges & Clearing, Ltd. | 5100 | 272088 |
|  Meituan <sup>\*,</sup> 4 | 6820 | 108860 |
|  Ping An Insurance Group Co. of China, Ltd. | 26900 | 170825 |
|  Sands China, Ltd. | 42400 | 88257 |
|  Sinopharm Group Co., Ltd. | 44900 | 105130 |
|  Tencent Holdings, Ltd. | 8200 | 525430 |
|  Trip.com Group, Ltd., ADR | 3275 | 192046 |
|  |  | 2023176 |
|  **India - 3.9%** |  |  |
|  HDFC Bank, Ltd., ADR | 4375 | 335431 |
|  MakeMyTrip, Ltd. <sup>\*</sup> | 510 | 49990 |
|  |  | 385421 |
|  **Indonesia - 1.8%** |  |  |
|  Astra International Tbk PT | 176000 | 48783 |
|  XLSMART Telecom Sejahtera Tbk PT | 948800 | 131494 |
|  |  | 180277 |
|  **Singapore - 9.6%** |  |  |
|  DBS Group Holdings, Ltd. | 8300 | 293160 |
|  Flex, Ltd. <sup>\*</sup> | 4000 | 199680 |
|  Sea, Ltd, ADR <sup>\*</sup> | 1225 | 195927 |
|  Singapore Technologies Engineering, Ltd. | 44000 | 269571 |
|  |  | 958338 |
|  **South Korea - 8.4%** |  |  |
|  NAVER Corp. | 450 | 87526 |
|  Samsung Electronics Co., Ltd. | 9410 | 416952 |
|  Shinhan Financial Group Co., Ltd. | 4150 | 188804 |
|  SK Hynix, Inc. | 650 | 140634 |
|  |  | 833916 |
|  **Taiwan - 17.4%** |  |  |
|  Cathay Financial Holding Co., Ltd. | 88784 | 190868 |
|  Hon Hai Precision Industry Co., Ltd., GDR | 16625 | 179550 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Taiwan Semiconductor Co. | 37482 | 1360089 |
|  |  | 1730507 |
|  **Thailand - 1.6%** |  |  |
|  Bangkok Bank PCL | 36500 | 156066 |
|  **Europe - 1.1%** |  |  |
|  **Netherlands - 1.1%** |  |  |
|  Prosus NV | 1940 | 108480 |
|  **Latin America - 6.9%** |  |  |
|  **Argentina - 2.5%** |  |  |
|  Globant SA <sup>\*</sup> | 1175 | 106737 |
|  MercadoLibre, Inc. <sup>\*</sup> | 55 | 143750 |
|  |  | 250487 |
|  **Brazil - 1.3%** |  |  |
|  Banco Bradesco SA | 30350 | 93903 |
|  Lojas Renner SA | 8943 | 32311 |
|  |  | 126214 |
|  **Chile - 1.2%** |  |  |
|  Banco Santander Chile, ADR | 4700 | 118534 |
|  **Peru - 1.9%** |  |  |
|  Southern Copper Corp. | 1868 | 188985 |
|  **North America - 10.4%** |  |  |
|  **Mexico - 1.6%** |  |  |
|  Fomento Economico Mexicano, ADR | 1575 | 162194 |
|  **United States - 8.8%** |  |  |
|  Broadcom, Inc. | 3165 | 872432 |
|  **Total Common Stocks<br>(cost: $5,141,372)** |  | 9130879 |
|  Investment Companies 5.4%iShares MSCI India ETF<br>**(cost $292,600)** | 9750 | 542880 |
|  **Short-Term Securities - 1.6%** |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.23%<br>**(cost $157,040)** | 157040 | 157040 |
|  **Total Investments in Securities - 98.7%<br>(cost $5,591,012)** |  | 9830799 |
|  **Other Assets and Liabilities, net - 1.3%** |  | 133952 |
|  **Net Assets - 100.0%** |  | $9964751 |

---

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| **24** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

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

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

\* Non-income producing security.

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of June 30, 2025 was $108,860 and represented 1.1% 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.

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prices ($)  | **Level 2**<br> Other significant<br> observable inputs ($)  | **Level 3**<br> Significant<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unobservable inputs ($)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 250487 |  |  | 250487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 174511 |  |  | 174511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 126214 |  |  | 126214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 118534 |  |  | 118534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China/Hong Kong | 2023176 |  |  | 2023176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 385421 |  |  | 385421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 180277 |  |  | 180277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 84455 |  |  | 84455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 162194 |  |  | 162194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 108480 |  |  | 108480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 188985 |  |  | 188985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 958338 |  |  | 958338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 776886 |  |  | 776886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 833916 |  |  | 833916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1730507 |  |  | 1730507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 156066 |  |  | 156066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 872432 |  |  | 872432 |
|  Investment Companies | 542880 |  |  | 542880 |
|  Short-Term Securities | 157040 |  |  | 157040 |
|  Total: | 9830799 |  |  | 9830799 |

---

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.

*See accompanying notes to financial statements.* 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **25** |

---

------

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Sit<br> Balanced <br>Fund** | **Sit**<br> **Dividend <br>Growth**<br>**Fund** | **Sit**<br>**Global<br> Dividend <br>Growth**<br>**Fund** |
|  **ASSETS** |  |  |  |
|  Investments in securities, at identified cost | $40752451 | $175286686 | $24739616 |
|  Investments in securities, at fair value - see accompanying schedule for detail | $67897455 | $245955229 | $58208970 |
|  Cash in bank on demand deposit | 155517 |  | 7 |
|  Accrued interest and dividends receivable | 190553 | 246291 | 163427 |
|  Receivable for investment securities sold |  | 149564 |  |
|  Receivable for Fund shares sold | 441930 | 425817 | 232618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 68685455 | 246776901 | 58605022 |
|  **LIABILITIES** |  |  |  |
|  Disbursements in excess of cash balances |  |  |  |
|  Payable for investment securities purchased | 51740 |  |  |
|  Payable for Fund shares redeemed | 248 | 36993 | 1 |
|  Accrued investment management fees and advisory fees | 43461 | 137646 | 46701 |
|  Accrued Rule 12b-1 fees (Class S) |  | 3289 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 95449 | 177928 | 47724 |
|  Net assets applicable to outstanding capital stock | $68590006 | $246598973 | $58557298 |
|  **Net assets consist of:** |  |  |  |
|  Capital (par value and paid-in surplus) | $40427635 | $161917720 | $24418282 |
|  Total distributable earnings (loss), including unrealized appreciation (depreciation) | 28162371 | 84681253 | 34139016 |
|  | $68590006 | $246598973 | $58557298 |
|  Outstanding shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup>  | 1857482 | 13773571 | 1780417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup>  |  | 997123 | 172561 |
|  Net assets applicable to outstanding shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup>  | $68590006 | $230078417 | $53390565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup>  |  | 16520556 | 5166733 |
|  Net asset value per share of outstanding capital stock: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I)<sup>\*</sup>  | $36.93 | $16.70 | $29.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S)<sup>\*</sup>  |  | 16.57 | 29.94 |

---

\* Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds offer multiple share classes (I and S). All other Funds offer a single share class.

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| **26** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| $— | $— | $— | $— | $— | $— | $— |
| **Sit**<br>**Large Cap**<br>**Growth**<br>**Fund** | **Sit**<br>**ESG**<br>**Growth**<br>**Fund** | **Sit**<br>**Mid Cap**<br>**Growth**<br>**Fund** | **Sit**<br>**Small Cap**<br>**Dividend**<br>**Growth**<br>**Fund** | **Sit**<br>**Small Cap**<br>**Growth**<br>**Fund** | **Sit**<br>**International**<br>**Growth**<br>**Fund** | **Sit**<br>**Developing**<br>**Markets**<br>**Growth**<br>**Fund** |
| $76773075 | $5994302 | $80118919 | $27977701 | $59452461 | $18150220 | $5591012 |
| $237949732 | $12965357 | $210989847 | $38087794 | $113218553 | $31695040 | $9830799 |
|  | 5 |  |  |  | 13 |  |
| 82402 | 22123 | 73670 | 64456 | 89839 | 170400 | 29082 |
| 1331644 |  | 615456 |  | 969161 |  |  |
| 1089964 | 65000 | 104718 | 230126 | 159524 | 101274 | 112508 |
| 240453742 | 13052485 | 211783691 | 38382376 | 114437077 | 31966727 | 9972389 |
|  |  |  |  |  |  | 140 |
|  |  |  |  | 260201 |  |  |
| 9121 |  | 19510 | 428729 | 658 | 150 |  |
| 190055 | 10322 | 211882 | 25875 | 136973 | 21843 | 7498 |
|  | 1186 |  | 1341 |  |  |  |
| 199176 | 11508 | 231392 | 455945 | 397832 | 21993 | 7638 |
| $240254566 | $13040977 | $211552299 | $37926431 | $114039245 | $31944734 | $9964751 |
| $73683141 | $5958234 | $78403317 | $27168951 | $57991842 | $18208931 | $5817825 |
| 166571425 | 7082743 | 133148982 | 10757480 | 56047403 | 13735803 | 4146926 |
| $240254566 | $13040977 | $211552299 | $37926431 | $114039245 | $31944734 | $9964751 |
| 3024972 | 290794 | 8515296 | 1783224 | 1743252 | 1282956 | 506495 |
|  | 247176 |  | 384279 |  |  |  |
| $240254566 | $7082759 | $211552299 | $31208265 | $114039245 | $31944734 | $9964751 |
|  | 5958218 |  | 6718166 |  |  |  |
| $79.42 | $24.36 | $24.84 | $17.50 | $65.42 | $24.90 | $19.67 |
|  | 24.11 |  | 17.48 |  |  |  |

---

---

| | |
|:---|:---|
| JUNE 30, 2025 | **27** |

---

------

STATEMENTS OF OPERATIONS

Year Ended June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |<br>**Sit**<br> **Balanced**<br>**Fund** |<br>**Sit**<br> **Dividend**<br>**Growth**<br>**Fund** | **Sit**<br>**Global**<br> **Dividend**<br>**Growth**<br>**Fund** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>\*</sup>  | $493435 | $4321357 | $975434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1048450 | 99974 | 62885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1541885 | 4421331 | 1038319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expenses (note 4):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management and advisory service fee | 663692 | 2396282 | 671845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 fees (Class S) |  | 48202 | 12237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 663692 | 2444484 | 684082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less fees and expenses waived by investment adviser | (132738) | (718885) | (134369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net expenses | 530954 | 1725599 | 549713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1010931 | 2695732 | 488606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Realized and unrealized gain (loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1275930 | 24952202 | 899873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions |  |  | (581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions | 4248674 | 1845903 | 5526217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 5524604 | 26798105 | 6425509 |
|  Net increase (decrease) in net assets resulting from operations | $6535535 | $29493837 | $6914115 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>*\** Foreign taxes withheld on dividends received | $3753 | $1106 | $50271 |

---

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| **28** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|<br>**Sit**<br>**Large Cap**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**ESG**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**Mid Cap**<br>**Growth**<br>**Fund** | **Sit**<br>**Small Cap**<br>**Dividend**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**Small Cap**<br>**Growth**<br>**Fund** |<br>**Sit**<br>**International**<br>**Growth**<br>**Fund** | **Sit**<br>**Developing**<br>**Markets**<br>**Growth**<br>**Fund** |
| $1739603 | $170336 | $1572564 | $509718 | $901411 | $670200 | $187712 |
| 268688 | 18565 | 184544 | 107074 | 141818 | 20983 | 6864 |
| 2008291 | 188901 | 1757108 | 616792 | 1043229 | 691183 | 194576 |
| 2228273 | 147656 | 2567266 | 411893 | 1727901 | 432900 | 183629 |
|  | 13635 |  | 15939 |  |  |  |
| 2228273 | 161291 | 2567266 | 427832 | 1727901 | 432900 | 183629 |
|  | (29531) |  | (121247) |  | (187590) | (96405) |
| 2228273 | 131760 | 2567266 | 306585 | 1727901 | 245310 | 87224 |
| (219982) | 57141 | (810158) | 310207 | (684672) | 445873 | 107352 |
| 5882760 | 145493 | 2887794 | 810155 | 3639225 | (4278) | (115523) |
|  | 242 |  | (1) |  | (549) | (373) |
| 17957771 | 1538237 | 20729872 | 1663821 | 1943833 | 4284652 | 1642739 |
| 23840531 | 1683972 | 23617666 | 2473975 | 5583058 | 4279825 | 1526843 |
| $23620549 | $1741113 | $22807508 | $2784182 | $4898386 | $4725698 | $1634195 |
| $11622 | $8157 | $7196 | $1773 | $9216 | $64815 | $22555 |

---

---

| | |
|:---|:---|
| JUNE 30, 2025 | **29** |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sit Balanced Fund** | **Sit Balanced Fund** | **Sit Dividend Growth Fund** | **Sit Dividend Growth Fund** |
|  | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1010931 | $876533 | $2695732 | $2886570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 1275930 | 488045 | 24952202 | 16528458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions | 4248674 | 9361487 | 1845903 | 19659266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 6535535 | 10726065 | 29493837 | 39074294 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (1675330) | (785004) | (24959400) | (9361625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) |  |  | (2285708) | (911300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1675330) | (785004) | (27245108) | (10272925) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 8912422 | 11989285 | 12433902 | 10025307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 800836 | 1501060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 1421048 | 701735 | 22510260 | 8610760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 2241965 | 896823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (10938960) | (7748651) | (29283859) | (32477006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (7629988) | (5235791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (605490) | 4942369 | 1073116 | (16678847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 4254715 | 14883430 | 3321845 | 12122522 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 64335291 | 49451861 | 243277128 | 231154606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $68590006 | $64335291 | $246598973 | $243277128 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 255008 | 388376 | 760323 | 664126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 49261 | 102524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 40285 | 23470 | 1401323 | 582968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 140519 | 61144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (317094) | (252191) | (1777507) | (2190153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (473314) | (348243) |
|  Net increase (decrease) | (21801) | 159655 | 100605 | (1127634) |

---

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| **30** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sit Global Dividend Growth Fund** | **Sit Global Dividend Growth Fund** | **Sit Large Cap Growth Fund** | **Sit Large Cap Growth Fund** | **Sit ESG Growth Fund** | **Sit ESG Growth Fund** |
| **Year**<br>**Ended**<br>**June 30, 2025** | **Year**<br>**Ended**<br>**June 30, 2024** | **Year**<br>**Ended**<br>**June 30, 2025** | **Year**<br>**Ended**<br>**June 30, 2024** | **Year**<br>**Ended**<br>**June 30, 2025** | **Year**<br>**Ended**<br>**June 30, 2024** |
| $488606 | $452197 | ($219982) | ($93966) | $57141 | $64001 |
| 899292 | 1033943 | 5882760 | 8562797 | 145735 | 41128 |
| 5526217 | 7299887 | 17957771 | 40401221 | 1538237 | 1882991 |
| 6914115 | 8786027 | 23620549 | 48870052 | 1741113 | 1988120 |
| (1169200) | (447677) | (8975525) | (3193469) | (36809) | (39839) |
| (112522) | (32328) |  |  | (19191) | (25161) |
| (1281722) | (480005) | (8975525) | (3193469) | (56000) | (65000) |
| 2031862 | 1414301 | 20778570 | 14948982 | 395321 | 367521 |
| 1153696 | 347605 |  |  | 19824 | 107106 |
| 959740 | 415039 | 7402366 | 2846419 | 6543 | 7307 |
| 43245 | 28025 |  |  | 2288 | 3159 |
| (1248134) | (6795861) | (16683811) | (12132066) | (360166) | (129545) |
| (1130039) | (528076) |  |  | (32914) | (125858) |
| 1810370 | (5118967) | 11497125 | 5663335 | 30896 | 229690 |
| 7442763 | 3187055 | 26142149 | 51339918 | 1716009 | 2152810 |
| 51114535 | 47927480 | 214112417 | 162772499 | 11324968 | 9172158 |
| $58557298 | $51114535 | $240254566 | $214112417 | $13040977 | $11324968 |
| 71432 | 57586 | 280685 | 224634 | 17353 | 18428 |
| 40891 | 14146 |  |  | 889 | 5665 |
| 33967 | 18001 | 93796 | 45579 | 288 | 398 |
| 1524 | 1239 |  |  | 102 | 174 |
| (44747) | (285520) | (224276) | (189311) | (16455) | (7174) |
| (40910) | (21952) |  |  | (1503) | (6570) |
| 62157 | (216500) | 150205 | 80902 | 674 | 10921 |

---

---

| | |
|:---|:---|
| JUNE 30, 2025 | **31** |

---

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Sit Small Cap** | **Sit Small Cap** |
|  | **Sit Mid Cap Growth Fund** | **Sit Mid Cap Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** |
|  | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | ($810158) | ($493104) | $310207 | $252890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 2887794 | 9240872 | 810154 | 17528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions | 20729872 | 18869686 | 1663821 | 3108789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 22807508 | 27617454 | 2784182 | 3379207 |
|  **Distributions from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income and net realized gains |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class I) | (8003648) | (903590) | (430563) | (202009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares (Class S) |  |  | (94633) | (44992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (8003648) | (903590) | (525196) | (247001) |
|  **Capital share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 1964348 | 1265545 | 8170094 | 5661159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 1143703 | 265961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 5656062 | 691910 | 343899 | 174233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 30816 | 27519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (14056180) | (10707589) | (1998579) | (1971501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (402099) | (382921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in net assets from capital transactions | (6435770) | (8750134) | 7287834 | 3774450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 8368090 | 17963730 | 9546820 | 6906656 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 203184209 | 185220479 | 28379611 | 21472955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $211552299 | $203184209 | $37926431 | $28379611 |
|  **Capital transactions in shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 81891 | 59052 | 468455 | 379490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 65303 | 17413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | 225251 | 32607 | 20184 | 11899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | 1790 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class I) | (601751) | (508237) | (118562) | (131663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares (Class S) |  |  | (24109) | (25272) |
|  Net increase (decrease) | (294609) | (416578) | 413061 | 253799 |

---

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| **32** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sit Small Cap Growth Fund** | **Sit Small Cap Growth Fund** | **Sit International Growth Fund** | **Sit International Growth Fund** | **Sit Developing Markets Growth Fund** | **Sit Developing Markets Growth Fund** |
| **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** | **Year**<br>**Ended**<br> **June 30, 2025** | **Year**<br>**Ended**<br> **June 30, 2024** |
| ($684672) | ($509574) | $445873 | $374138 | $107352 | $111713 |
| 3639225 | 5657283 | (4827) | 505843 | (115896) | 248438 |
| 1943833 | 7209352 | 4284652 | 1353908 | 1642739 | 346331 |
| 4898386 | 12357061 | 4725698 | 2233889 | 1634195 | 706482 |
| (5328139) | (3306617) | (960828) | (557510) | (369493) | (193142) |
| (5328139) | (3306617) | (960828) | (557510) | (369493) | (193142) |
| 5599201 | 2106745 | 748984 | 411212 | 1139825 | 496756 |
| 3716725 | 2854962 | 643844 | 417004 | 291124 | 174028 |
| (7135209) | (11548021) | (1060629) | (1280490) | (1796521) | (2216354) |
| 2180717 | (6586314) | 332199 | (452274) | (365572) | (1545570) |
| 1750964 | 2464130 | 4097069 | 1224105 | 899130 | (1032230) |
| 112288281 | 109824151 | 27847665 | 26623560 | 9065621 | 10097851 |
| $114039245 | $112288281 | $31944734 | $27847665 | $9964751 | $9065621 |
| 80984 | 34544 | 32487 | 19461 | 62307 | 31282 |
| 54306 | 48055 | 28705 | 20068 | 16383 | 11374 |
| (110201) | (185978) | (46937) | (62175) | (103318) | (140338) |
| 25089 | (103379) | 14255 | (22646) | (24628) | (97682) |

---

---

| | |
|:---|:---|
| JUNE 30, 2025 | **33** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Balanced Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $34.23 | $28.76 | $26.86 | $32.85 | $26.37 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.53 | 0.49 | 0.38 | 0.23 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.05 | 5.42 | 2.84 | (4.86) | 6.71 |
|  Total from operations | 3.58 | 5.91 | 3.22 | (4.63) | 6.93 |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.53) | (0.44) | (0.36) | (0.22) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.35) |  | (0.96) | (1.14) | (0.25) |
|  Total distributions | (0.88) | (0.44) | (1.32) | (1.36) | (0.45) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $36.93 | $34.23 | $28.76 | $26.86 | $32.85 |
|  Total investment return <sup>2</sup> | 10.58% | 20.81% | 12.53% | (14.87%) | 26.48% |
|  Net assets at end of period (000's omitted) | $68590 | $64335 | $49452 | $48126 | $66243 |
|  **Ratios: <sup>3</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.00%<sup>4</sup> | 1.00%<sup>4</sup> | 1.00%<sup>4</sup> | 1.00%<sup>4</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.80%<sup>4</sup> | 0.80%<sup>4</sup> | 0.80%<sup>4</sup> | 0.91%<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 1.32% | 1.38% | 1.22% | 0.62% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.52% | 1.58% | 1.42% | 0.71% |  |
|  Portfolio turnover rate (excluding short-term securities) | 35.11% | 33.30% | 39.71% | 39.92% | 38.30% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>3</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>4</sup> Total Fund expenses are limited to 1.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **34** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.59 | $14.64 | $14.29 | $17.37 | $13.48 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.19 | 0.19 | 0.21 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.87 | 2.45 | 1.78 | (1.19) | 4.75 |
|  Total from operations | 2.06 | 2.64 | 1.99 | (0.95) | 4.96 |
|  **Redemption fee** |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.21) | (0.20) | (0.24) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.76) | (0.48) | (1.44) | (1.89) | (0.86) |
|  Total distributions | (1.95) | (0.69) | (1.64) | (2.13) | (1.07) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $16.70 | $16.59 | $14.64 | $14.29 | $17.37 |
|  Total investment return <sup>3</sup> | 13.00% | 18.70% | 14.76% | (7.27%) | 38.13% |
|  Net assets at end of period (000's omitted) | $230078 | $222185 | $209856 | $191010 | $207378 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.85% | 0.99% | 1.15% | 1.11% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.15% | 1.29% | 1.45% | 1.41% | 1.38% |
|  Portfolio turnover rate (excluding short-term securities) | 48.72% | 41.64% | 51.49% | 58.96% | 42.93% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **35** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.47 | $14.54 | $14.20 | $17.27 | $13.40 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.15 | 0.16 | 0.17 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.86 | 2.42 | 1.77 | (1.17) | 4.73 |
|  Total from operations | 2.01 | 2.58 | 1.94 | (0.98) | 4.90 |
|  **Redemption fee** | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.15) | (0.17) | (0.16) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.76) | (0.48) | (1.44) | (1.89) | (0.86) |
|  Total distributions | (1.91) | (0.65) | (1.60) | (2.09) | (1.03) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $16.57 | $16.47 | $14.54 | $14.20 | $17.27 |
|  Total investment return <sup>3</sup> | 12.67% | 18.40% | 14.47% | (7.50%) | 37.87% |
|  Net assets at end of period (000's omitted) | $16521 | $21092 | $21299 | $21915 | $31295 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.59% | 0.74% | 0.90% | 0.85% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.89% | 1.04% | 1.20% | 1.15% | 1.13% |
|  Portfolio turnover rate (excluding short-term securities) | 48.72% | 41.64% | 51.49% | 58.96% | 42.93% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **36** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Global Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $27.04 | $22.75 | $19.77 | $22.47 | $16.87 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.26 | 0.23 | 0.24 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.38 | 4.30 | 2.98 | (2.73) | 5.59 |
|  Total from operations | 3.64 | 4.53 | 3.22 | (2.52) | 5.79 |
|  **Redemption fee** |  | —<sup>2</sup> |  |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.24) | (0.24) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.44) |  |  |  |  |
|  Total distributions | (0.69) | (0.24) | (0.24) | (0.18) | (0.19) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $29.99 | $27.04 | $22.75 | $19.77 | $22.47 |
|  Total investment return <sup>3</sup> | 13.60% | 20.10% | 16.46% | (11.31%) | 34.61% |
|  Net assets at end of period (000's omitted) | $53391 | $46497 | $43893 | $37057 | $41461 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.68% | 0.72% | 0.91% | 0.66% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.93% | 0.97% | 1.16% | 0.91% | 1.02% |
|  Portfolio turnover rate (excluding short-term securities) | 3.52% | 3.42% | 6.09% | 4.64% | 11.55% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **37** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Global Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $27.00 | $22.71 | $19.74 | $22.45 | $16.85 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.19 | 0.17 | 0.19 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.37 | 4.30 | 2.96 | (2.73) | 5.60 |
|  Total from operations | 3.56 | 4.47 | 3.15 | (2.58) | 5.75 |
|  **Redemption fee** |  | —<sup>2</sup> |  |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.18) | (0.18) | (0.18) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.44) |  |  |  |  |
|  Total distributions | (0.62) | (0.18) | (0.18) | (0.13) | (0.15) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $29.94 | $27.00 | $22.71 | $19.74 | $22.45 |
|  Total investment return <sup>3</sup> | 13.30% | 19.85% | 16.13% | (11.58%) | 34.32% |
|  Net assets at end of period (000's omitted) | $5167 | $4618 | $4034 | $3391 | $4093 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.44% | 0.47% | 0.66% | 0.39% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.69% | 0.72% | 0.91% | 0.64% | 0.77% |
|  Portfolio turnover rate (excluding short-term securities) | 3.52% | 3.42% | 6.09% | 4.64% | 11.55% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **38** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Large Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $74.48 | $58.26 | $48.29 | $63.04 | $47.07 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) <sup>1</sup> | (0.07) | (0.03) | 0.05 | (0.09) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 8.09 | 17.41 | 11.70 | (10.74) | 18.95 |
|  Total from operations | 8.02 | 17.38 | 11.75 | (10.83) | 18.89 |
|  **Redemption fee** | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.04) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (3.08) | (1.12) | (1.78) | (3.92) | (2.90) |
|  Total distributions | (3.08) | (1.16) | (1.78) | (3.92) | (2.92) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $79.42 | $74.48 | $58.26 | $48.29 | $63.04 |
|  Total investment return <sup>3</sup> | 10.79% | 30.22% | 25.20% | (18.78%) | 41.12% |
|  Net assets at end of period (000's omitted) | $240255 | $214112 | $162772 | $136435 | $177096 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.10%) | (0.05%) | 0.10% | (0.15%) | (0.11%) |
|  Portfolio turnover rate (excluding short-term securities) | 4.27% | 11.11% | 2.96% | 10.83% | 9.75% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **39** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit ESG Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $21.18 | $17.51 | $14.87 | $18.17 | $13.85 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.13 | 0.14 | 0.14 | 0.10 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.18 | 3.67 | 2.99 | (3.13) | 4.30 |
|  Total from operations | 3.31 | 3.81 | 3.13 | (3.03) | 4.42 |
|  **Redemption fee** |  | —<sup>2</sup> |  |  | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.14) | (0.10) | (0.08) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.39) | (0.19) |  |
|  Total distributions | (0.13) | (0.14) | (0.49) | (0.27) | (0.10) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $24.36 | $21.18 | $17.51 | $14.87 | $18.17 |
|  Total investment return <sup>3</sup> | 15.68% | 21.90% | 21.57% | (16.97%) | 31.97% |
|  Net assets at end of period (000's omitted) | $7083 | $6133 | $4866 | $3740 | $4841 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.35% | 0.52% | 0.65% | 0.30% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.60% | 0.77% | 0.90% | 0.55% | 0.73% |
|  Portfolio turnover rate (excluding short-term securities) | 3.88% | 3.31% | 7.12% | 9.23% | 7.39% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **40** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit ESG Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $20.96 | $17.33 | $14.74 | $18.05 | $13.78 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.08 | 0.10 | 0.10 | 0.05 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.15 | 3.63 | 2.96 | (3.11) | 4.27 |
|  Total from operations | 3.23 | 3.73 | 3.06 | (3.06) | 4.35 |
|  **Redemption fee** |  | —<sup>2</sup> |  |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.08) | (0.10) | (0.08) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  | (0.39) | (0.19) |  |
|  Total distributions | (0.08) | (0.10) | (0.47) | (0.25) | (0.08) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $24.11 | $20.96 | $17.33 | $14.74 | $18.05 |
|  Total investment return <sup>3</sup> | 15.43% | 21.62% | 21.27% | (17.24%) | 31.61% |
|  Net assets at end of period (000's omitted) | $5958 | $5192 | $4306 | $3577 | $4279 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.10% | 0.27% | 0.40% | 0.05% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.35% | 0.52% | 0.65% | 0.30% | 0.48% |
|  Portfolio turnover rate (excluding short-term securities) | 3.88% | 3.31% | 7.12% | 9.23% | 7.39% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **41** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Mid Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $23.06 | $20.07 | $16.96 | $25.41 | $19.05 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>1</sup> | (0.09) | (0.05) | (0.01) | (0.12) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 2.80 | 3.14 | 3.67 | (5.37) | 7.44 |
|  Total from operations | 2.71 | 3.09 | 3.66 | (5.49) | 7.34 |
|  **Redemption fee** |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.93) | (0.10) | (0.55) | (2.96) | (0.98) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $24.84 | $23.06 | $20.07 | $16.96 | $25.41 |
|  Total investment return <sup>3</sup> | 11.72% | 15.39% | 22.00% | (24.70%) | 38.99% |
|  Net assets at end of period (000's omitted) | $211552 | $203184 | $185220 | $164430 | $228171 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.39%) | (0.26%) | (0.03%) | (0.52%) | (0.46%) |
|  Portfolio turnover rate (excluding short-term securities) | 6.67% | 8.64% | 7.00% | 13.16% | 19.54% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| **42** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Dividend Growth Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.18 | $14.31 | $12.85 | $16.73 | $11.39 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.17 | 0.17 | 0.19 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.45 | 1.87 | 1.83 | (2.61) | 5.32 |
|  Total from operations | 1.62 | 2.04 | 2.02 | (2.47) | 5.45 |
|  **Redemption fee** |  | —<sup>2</sup> |  | —<sup>2</sup> |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.17) | (0.19) | (0.14) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.14) |  | (0.37) | (1.27) |  |
|  Total distributions | (0.30) | (0.17) | (0.56) | (1.41) | (0.11) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $17.50 | $16.18 | $14.31 | $12.85 | $16.73 |
|  Total investment return <sup>3</sup> | 10.02% | 14.35% | 16.20% | (16.30%) | 48.13% |
|  Net assets at end of period (000's omitted) | $31208 | $22864 | $16508 | $14209 | $17114 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 0.88% | 0.90% | 0.90% | 0.95% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.63% | 0.76% | 1.06% | 0.59% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.00% | 1.11% | 1.41% | 0.89% | 0.92% |
|  Portfolio turnover rate (excluding short-term securities) | 11.54% | 12.81% | 15.05% | 18.47% | 27.91% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **43** |

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------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Dividend Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class S | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| Class S | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $16.16 | $14.30 | $12.84 | $16.72 | $11.38 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.12 | 0.12 | 0.16 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 1.45 | 1.87 | 1.83 | (2.62) | 5.32 |
|  Total from operations | 1.57 | 1.99 | 1.99 | (2.51) | 5.42 |
|  **Redemption fee** | —<sup>2</sup> | —<sup>2</sup> |  | —<sup>2</sup> |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.11) | (0.13) | (0.16) | (0.10) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.14) |  | (0.37) | (1.27) |  |
|  Total distributions | (0.25) | (0.13) | (0.53) | (1.37) | (0.08) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $17.48 | $16.16 | $14.30 | $12.84 | $16.72 |
|  Total investment return <sup>3</sup> | 9.75% | 14.02% | 15.91% | (16.48%) | 47.73% |
|  Net assets at end of period (000's omitted) | $6718 | $5516 | $4965 | $4323 | $5187 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 1.13% | 1.15% | 1.15% | 1.20% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.35% | 0.48% | 0.81% | 0.42% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 0.72% | 0.83% | 1.16% | 0.72% | 0.67% |
|  Portfolio turnover rate (excluding short-term securities) | 11.54% | 12.81% | 15.05% | 18.47% | 27.91% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **44** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Small Cap Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $65.35 | $60.29 | $52.41 | $82.14 | $56.81 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>1</sup> | (0.39) | (0.29) | (0.13) | (0.48) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.53 | 7.24 | 8.93 | (17.68) | 28.28 |
|  Total from operations | 3.14 | 6.95 | 8.80 | (18.16) | 27.84 |
|  **Redemption fee** |  | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> | —<sup>2</sup> |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (3.07) | (1.89) | (0.92) | (11.57) | (2.51) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $65.42 | $65.35 | $60.29 | $52.41 | $82.14 |
|  Total investment return <sup>3</sup> | 4.60% | 11.84% | 17.01% | (25.57%) | 49.65% |
|  Net assets at end of period (000's omitted) | $114039 | $112288 | $109824 | $98444 | $145859 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.59%) | (0.47%) | (0.24%) | (0.67%) | (0.62%) |
|  Portfolio turnover rate (excluding short-term securities) | 11.22% | 12.03% | 13.76% | 15.64% | 30.54% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **45** |

---

------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit International Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $21.95 | $20.62 | $17.78 | $23.27 | $17.38 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.35 | 0.29 | 0.28 | 0.20 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.37 | 1.48 | 2.92 | (5.63) | 5.89 |
|  Total from operations | 3.72 | 1.77 | 3.20 | (5.43) | 5.94 |
|  **Redemption fee** |  | —<sup>2</sup> |  |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.35) | (0.29) | (0.27) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.42) | (0.15) | (0.09) |  |  |
|  Total distributions | (0.77) | (0.44) | (0.36) | (0.06) | (0.05) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $24.90 | $21.95 | $20.62 | $17.78 | $23.27 |
|  Total investment return <sup>3</sup> | 17.31% | 8.70% | 18.27% | (23.41%) | 34.18% |
|  Net assets at end of period (000's omitted) | $31945 | $27848 | $26624 | $22454 | $31345 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) | 1.50%<sup>5</sup> | 1.50%<sup>5</sup> | 1.50%<sup>5</sup> | 1.50%<sup>5</sup> | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) | 0.85%<sup>5</sup> | 0.85%<sup>5</sup> | 0.85%<sup>5</sup> | 1.20%<sup>5</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.89% | 0.76% | 0.87% | 0.59% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.54% | 1.41% | 1.52% | 0.88% |  |
|  Portfolio turnover rate (excluding short-term securities) | 6.53% | 8.35% | 7.65% | 7.76% | 12.61% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| **46** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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------

FINANCIAL HIGHLIGHTS

*Per share income and capital changes for a share outstanding throughout the period. See accompanying notes to financial statements.* 

Sit Developing Markets Growth Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, | Year Ended June 30, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Net Asset Value:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | $17.07 | $16.06 | $15.46 | $21.40 | $16.28 |
|  **Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income <sup>1</sup> | 0.21 | 0.19 | 0.23 | 0.21 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | 3.10 | 1.14 | 0.74 | (5.76) | 5.17 |
|  Total from operations | 3.31 | 1.33 | 0.97 | (5.55) | 5.18 |
|  **Redemption fee** | —<sup>2</sup> |  | —<sup>2</sup> |  |  |
|  **Distributions to Shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.24) | (0.29) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.52) | (0.08) | (0.08) | (0.37) | (0.04) |
|  Total distributions | (0.71) | (0.32) | (0.37) | (0.39) | (0.06) |
|  **Net Asset Value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $19.67 | $17.07 | $16.06 | $15.46 | $21.40 |
|  Total investment return <sup>3</sup> | 19.85% | 8.52% | 6.42% | (26.19%) | 31.79% |
|  Net assets at end of period (000's omitted) | $9965 | $9066 | $10098 | $9400 | $13883 |
|  **Ratios: <sup>4</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (without waiver) <sup>5</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (with waiver) <sup>5</sup> | 0.95% | 0.95% | 0.95% | 1.20% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (without waiver) | 0.12% | 0.15% | 0.42% | 0.35% | (0.55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (with waiver) | 1.17% | 1.20% | 1.47% | 1.15% | 0.05% |
|  Portfolio turnover rate (excluding short-term securities) | 2.54% | 2.11% | 0.76% | 2.49% | 7.52% |

---

<sup>1</sup> The net investment income per share is based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share. 

<sup>3</sup> Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. 

<sup>4</sup> Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. 

<sup>5</sup> Total Fund expenses are limited to 2.00% of average daily net assets. However, during the period above, the investment adviser voluntarily absorbed expenses that were otherwise payable by the Fund. 

---

| | |
|:---|:---|
| JUNE 30, 2025 | **47** |

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NOTES TO FINANCIAL STATEMENTS

June 30, 2025

**(1)** **Organization** 

The Sit Mutual Funds covered by this report are Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Large Cap Growth Fund, Sit ESG Growth Fund, Sit Mid Cap Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund (each a "Fund" and collectively, the "Funds"). The Funds are no-load funds, and are registered under the Investment Company Act of 1940 (as amended) as diversified, open-end management investment companies, or series thereof. The Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit ESG Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund are series funds of Sit Mutual Funds, Inc. Each Fund has 10 billion authorized shares of capital stock with a par value of $0.001. This report covers the equity Funds of the Sit Mutual Funds.

The investment objective for each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| &nbsp;&nbsp; Balanced Fund | Seeks long-term growth consistent with the preservation of principal and seeks to provide regular income. |
| &nbsp;&nbsp; Dividend Growth Fund | Seeks to provide current income that exceeds the dividend yield of the S&P 500® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| &nbsp;&nbsp; Global Dividend Growth Fund | Seeks to provide current income that exceeds the dividend yield of the MSCI World Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| &nbsp;&nbsp; Large Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| &nbsp;&nbsp; ESG Growth Fund | Seeks to maximize long-term capital appreciation. |
| &nbsp;&nbsp; Mid Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| &nbsp;&nbsp; Small Cap Dividend Growth Fund | Seeks to provide current income that exceeds the yield of the Russell 2000® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation. |
| &nbsp;&nbsp; Small Cap Growth Fund | Seeks to maximize long-term capital appreciation. |
| &nbsp;&nbsp; International Growth Fund | Seeks long-term growth. |
| &nbsp;&nbsp; Developing Markets Growth Fund | Seeks to maximize long-term capital appreciation. |

---

The Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds offer Class I and Class S shares. Both classes of shares have identical voting, dividend, and liquidation rights. The distribution fee differs among classes, the Class S shares have a 0.25% distribution fee, whereas Class I has no distribution fee. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets.

**(2)** **Significant Accounting Policies** 

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles ("GAAP").

*Investments in Securities* 

Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Equity securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available, at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Consistent with the Funds' valuation policies and procedures, debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality, and

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| | |
|:---|:---|
| **48** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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

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

prepayment speeds as applicable. When market quotations are not readily available, or when Sit Investment Associates, Inc. (the "Adviser" or "SIA") becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Funds' Board of Directors. The procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

Security transactions are accounted for on the date the securities are purchased or sold. Securities gains and losses are calculated on the identified-cost basis. Dividend income is recorded on the ex-dividend date or upon the receipt of ex-dividend notification in the case of certain foreign securities. Interest income is recorded on an accrual basis, including level-yield amortization of long-term bond premium and discount using the effective yield method.

*Fair Value Measurements* 

The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 – debt securities are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, U.S. government and government agency obligations, and municipal securities the pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For asset-backed securities and mortgage-backed securities, the pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For foreign equities, the pricing services adjust closing prices by applying a systematic process for events occurring after the close of the foreign exchange by utilizing such inputs as Depositary Receipts, quoted prices for similar securities, exchange rates, and certain indexes. All of these inputs are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 – significant unobservable inputs, including the Adviser's own assumptions in determining the fair value of investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the levels for the Funds' investments as of June 30, 2025 is included with the Funds' schedules of investments.

*Foreign Currency Translations and Forward Foreign Currency Contracts* 

The fair value of securities and other assets and liabilities denominated in foreign currencies for Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds are translated daily into U.S. dollars at the closing rate of exchange (approximately 4:00 p.m. Eastern Time). Purchases and sales of securities, income and expenses are translated at the exchange rate on the transaction date. Dividend and interest income includes currency exchange gains (losses) realized between the accrual and payment dates on such income. Exchange gains (losses) may also be realized between the trade and settlement dates on security and forward contract transactions. For securities denominated in foreign currencies, the effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

The Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds may enter into forward foreign currency exchange contracts generally for operational purposes, but the Adviser may occasionally utilize contracts to protect against adverse exchange rate fluctuation. Any gains (losses) generated by these contracts are disclosed separately on the statements of operations.

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| | |
|:---|:---|
| JUNE 30, 2025 | **49** |

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NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (Continued)

The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Funds and the resulting unrealized appreciation or depreciation is determined using foreign currency exchange rates from an independent pricing service. The Funds are subject to the credit risk that the other party will not complete the obligations of the contract.

*Federal Taxes* 

The Funds' policy is to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no income tax provision is required. In order to avoid the payment of any federal excise taxes, the Funds will distribute substantially all of their net investment income and net realized gains on a calendar year basis. Also, the Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.

Management has analyzed the Funds' tax positions taken in federal tax returns for all open tax years and has concluded that as of June 30, 2025, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state of Minnesota income and federal excise tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue until such time as the applicable statute of limitations for audit has expired. For example, U.S. tax returns are generally subject to audit for three years from the date they are filed.

At June 30, 2025, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** | **Cost of<br>Securities on a<br>Tax Basis** |
|  Balanced Fund | $27960591 | ($819317) | $27141274 | $40756181 |
|  Dividend Growth Fund | 72419725 | (2568847) | 69850878 | 176104351 |
|  Global Dividend Growth Fund | 33956889 | (482424) | 33474465 | 24744310 |
|  Large Cap Growth Fund | 163363990 | (2187333) | 161176657 | 76773075 |
|  ESG Growth Fund | 7246663 | (275329) | 6971334 | 5994302 |
|  Mid Cap Growth Fund | 132273675 | (1459331) | 130814344 | 80175503 |
|  Small Cap Dividend Growth Fund | 11819650 | (1706821) | 10112829 | 27974965 |
|  Small Cap Growth Fund | 54836909 | (1070817) | 53766092 | 59452461 |
|  International Growth Fund | 14690923 | (1132432) | 13558491 | 18151472 |
|  Developing Markets Growth Fund | 4796040 | (597385) | 4198655 | 5632396 |

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Net investment income and net realized gains differ for financial statement and tax purposes because of corporate actions on shares held and/or losses deferred due to "wash sale" transactions. A "wash sale" occurs when a Fund sells a security that it has acquired within a period beginning thirty days before and ending thirty days after the date of sale (a sixty one day period). The character of distributions made during the year from net investment income or net realized gains may also differ from its ultimate characterization for tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid during the fiscal years ended June 30, 2025 and 2024 was as follows:

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|:---|:---|
| **50** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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

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

#### Year Ended June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long Term<br>Capital Gain** | **Total** |
|  Balanced Fund | $1072378 | $602952 | $1675330 |
|  Dividend Growth Fund (Class I) | 3383821 | 21575579 | 24959400 |
|  Dividend Growth Fund (Class S) | 257693 | 2028015 | 2285708 |
|  Global Dividend Growth Fund (Class I) | 424227 | 744973 | 1169200 |
|  Global Dividend Growth Fund (Class S) | 30777 | 81745 | 112522 |
|  Large Cap Growth Fund |  | 8975525 | 8975525 |
|  ESG Growth Fund (Class I) | 36809 |  | 36809 |
|  ESG Growth Fund (Class S) | 19191 |  | 19191 |
|  Mid Cap Growth Fund |  | 8003648 | 8003648 |
|  Small Cap Dividend Growth Fund (Class I) | 284098 | 146465 | 430563 |
|  Small Cap Dividend Growth Fund (Class S) | 54951 | 39682 | 94633 |
|  Small Cap Growth Fund |  | 5328139 | 5328139 |
|  International Growth Fund | 439433 | 521395 | 960828 |
|  Developing Markets Growth Fund | 100374 | 269119 | 369493 |

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#### Year Ended June 30, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long Term<br>Capital Gain** | **Total** |
|  Balanced Fund | $785004 |  | $785004 |
|  Dividend Growth Fund (Class I) | 2912099 | $6449526 | 9361625 |
|  Dividend Growth Fund (Class S) | 243916 | 667384 | 911300 |
|  Global Dividend Growth Fund (Class I) | 447677 |  | 447677 |
|  Global Dividend Growth Fund (Class S) | 32328 |  | 32328 |
|  Large Cap Growth Fund | 122457 | 3071012 | 3193469 |
|  ESG Growth Fund (Class I) | 39839 |  | 39839 |
|  ESG Growth Fund (Class S) | 25161 |  | 25161 |
|  Mid Cap Growth Fund |  | 903590 | 903590 |
|  Small Cap Dividend Growth Fund (Class I) | 202009 |  | 202009 |
|  Small Cap Dividend Growth Fund (Class S) | 44992 |  | 44992 |
|  Small Cap Growth Fund |  | 3306617 | 3306617 |
|  International Growth Fund | 371001 | 186509 | 557510 |
|  Developing Markets Growth Fund | 143001 | 50141 | 193142 |

---

As of June 30, 2025, the components of distributable earnings on a tax basis were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Balanced Fund | $281992 | $874507 | $27141274 |
|  Dividend Growth Fund |  | 15986762 | 69850878 |
|  Global Dividend Growth Fund | 230662 | 433889 | 33474465 |
|  Large Cap Growth Fund |  | 5470030 | 161176657 |
|  ESG Growth Fund | 46634 | 64775 | 6971334 |
|  Mid Cap Growth Fund |  | 2741043 | 130814344 |
|  Small Cap Dividend Growth Fund | 206549 | 438102 | 10112829 |
|  Small Cap Growth Fund |  | 2281312 | 53766092 |
|  International Growth Fund | 291259 |  | 13558491 |
|  Developing Markets Growth Fund | 63794 |  | 4198655 |

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| | |
|:---|:---|
| JUNE 30, 2025 | **51** |

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NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (Continued)

On the statements of assets and liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made to the following capital accounts:

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| | | |
|:---|:---|:---|
|  | **Distributable <br>Earnings** | **Additional<br> Paid-in Capital** |
|  Large Cap Growth Fund | $184801 | ($184801) |
|  Mid Cap Growth Fund | 665697 | (665697) |
|  Small Cap Growth Fund | 969050 | (969050) |

---

Net capital loss carryovers and late year losses, if any, as of June 30, 2025, are available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds' are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward retain their character as either short-term or long-term capital losses. The net capital loss carryovers and the late year losses deferred as of June 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unlimited Period of Net<br>Capital Loss Carryover** | **Unlimited Period of Net<br>Capital Loss Carryover** | **Late Year**<br> **Losses Deferred** | **Late Year**<br> **Losses Deferred** |
|  | **Short-Term** | **Long-Term** | **Ordinary** | **Capital** |
|  Balanced Fund |  |  |  | $135402 |
|  Dividend Growth Fund |  |  |  | 1156387 |
|  Large Cap Growth Fund |  |  | $75098 | 164 |
|  Mid Cap Growth Fund |  |  | 406405 |  |
|  International Growth Fund |  |  |  | 113947 |
|  Developing Markets Growth Fund |  | $115523 |  |  |

---

For the year ended June 30, 2025, the Funds' utilized capital losses as follows:

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| | |
|:---|:---|
|  | **Utilized** |
|  ESG Growth Fund | $80654 |
|  Small Cap Dividend Growth Fund | 23016 |

---

*Distributions* 

Distributions to shareholders are recorded as of the close of business on the record date. Such distributions are payable in cash or reinvested in additional shares of the Funds' capital stock. Distributions from net investment income, if any, are declared and paid quarterly for the Balanced, Dividend Growth, Global Dividend Growth and Small Cap Dividend Growth Funds and declared and paid annually for Developing Markets Growth, Small Cap Growth, International Growth, Mid Cap Growth, Large Cap Growth and ESG Growth Funds. Distributions from net realized gains, if any, will be made annually for each of the Funds.

*Concentration of Investments* 

The Developing Markets Growth Fund may concentrate investments in countries with limited or developing capital markets which may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund's investments and the income it generates, as well as the Fund's ability to repatriate such amounts.

*Use of Estimates* 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results for the respective periods. Actual results could differ from those estimates.

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|:---|:---|
| **52** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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

*Guarantees and Indemnifications* 

Under each Fund's organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to each Fund. In addition, certain of each Fund's contracts with its service providers contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.

*Cash Balance Credit Risk* 

The Funds may place portions of its uninvested cash with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FIDC") up to $250,000 for each account holder. The Funds may be subject to credit risk to the extent amounts on deposit are in excess of the insured limits.

*Segment Reporting* 

The Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Executive Officer of the Adviser ("CEO") acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Funds. The CODM monitors the operating results as a whole, and the Funds' long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**(3)** **Investment Security Transactions** 

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the year ended June 30, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Proceeds** | **Proceeds** |
|  | **U.S. Government** | **Other** | **U.S. Government** | **Other** |
|  Balanced Fund | $12921385 | $9805987 | $10505978 | $13199598 |
|  Dividend Growth Fund |  | 116284653 |  | 141160225 |
|  Global Dividend Growth Fund |  | 1845854 |  | 2704179 |
|  Large Cap Growth Fund |  | 9275536 |  | 9378099 |
|  ESG Growth Fund |  | 442973 |  | 793313 |
|  Mid Cap Growth Fund |  | 13454219 |  | 34964265 |
|  Small Cap Dividend Growth Fund |  | 9581618 |  | 3547498 |
|  Small Cap Growth Fund |  | 12596872 |  | 19620323 |
|  International Growth Fund |  | 1856101 |  | 2169190 |
|  Developing Markets Growth Fund |  | 229605 |  | 905821 |

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**(4)** **Affiliated Fees and Transactions** 

*Investment Adviser* 

The Funds each have entered into an investment management agreement with SIA, under which SIA manages the Funds' assets and provides research, statistical and advisory services, and pays related office rental, executive expenses and executive salaries. The current fee for investment management and advisory services is based on the average daily net assets of the Funds at the annual rate of:

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| | |
|:---|:---|
| JUNE 30, 2025 | **53** |

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NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (Continued)

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| | | |
|:---|:---|:---|
|  | **Management Fees** | **Net of Adviser's<br>Voluntary Fee Waiver** |
|  Balanced Fund | 1.00% | 0.80% |
|  Dividend Growth Fund Class I and Class S | 1.00% | 0.70% |
|  Global Dividend Growth Fund Class I and Class S | 1.25% | 1.00% |
|  Large Cap Growth Fund | 1.00% | N/A |
|  ESG Growth Fund Class I and Class S | 1.25% | 1.00% |
|  Mid Cap Growth Fund | 1.25% | N/A |
|  Small Cap Dividend Growth Fund Class I and Class S<sup>1</sup> | 1.25% | 0.85% |
|  Small Cap Growth Fund | 1.50% | N/A |
|  International Growth Fund | 1.50% | 0.85% |
|  Developing Markets Growth Fund | 2.00% | 0.95% |

---

<sup>1</sup> Effective March 1, 2025, the Adviser has agreed to management fee waivers for the Sit Small Cap Dividend Growth Fund Class I and Class S shares equal to 0.40%. Prior to March 1, 2025, the fee waiver was equal to 0.35%. 

SIA is obligated to pay all of the Funds' expenses (excluding extraordinary expenses, stock transfer taxes, interest, brokerage commissions, 12b-1 fees and other transaction charges relating to investing activities).

In addition to the annual management fees, the Class S shares of the Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds also have a 0.25% annual distribution (12b-1) fee, which is used to pay for distribution fees related to the sale and distribution of such shares.

The Adviser has agreed to voluntarily limit the management fee of the Balanced Fund to 0.80%, the Small Cap Dividend Growth Fund to 0.85% (prior to March 1, 2025, the limitation was 0.90%), the International Growth Fund to 0.85% and the Developing Markets Growth Fund to 0.95% for the period through June 30, 2025 of the Fund's daily average net assets, respectively. The Adviser has agreed to limit the management fee of the Dividend Growth Fund to 0.70%, the Global Dividend Growth Fund to 1.00% and the ESG Growth Fund to 1.00% for the period through June 30, 2025 of the Fund's daily average net assets, respectively.

*Transactions with affiliates* 

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of June 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Shares** | **% Shares**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding**  |
|  Balanced Fund | 458855 | 24.7 |
|  Dividend Growth Fund | 1873424 | 12.7 |
|  Global Dividend Growth Fund | 540498 | 27.7 |
|  Large Cap Growth Fund | 1079763 | 35.7 |
|  ESG Growth Fund | 477156 | 88.7 |
|  Mid Cap Growth Fund | 4266689 | 50.1 |
|  Small Cap Dividend Growth Fund | 1097102 | 50.6 |
|  Small Cap Growth Fund | 1097218 | 62.9 |
|  International Growth Fund | 755870 | 58.9 |
|  Developing Markets Growth Fund | 315710 | 62.3 |

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**(5)** **Credit Facility** 

The Funds, together with the 4 bond Sit Mutual Funds managed by SIA, are borrowers in a $20 million credit facility (Credit Facility) maturing November 28, 2025. The Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund shall pay interest charged on any borrowings made by the Fund. During the year ended June 30, 2025, the Funds did not use the Credit Facility.

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|:---|:---|
| **54** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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

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

**(6)** **Capital Share Activity** 

*Short-Term Trading (Redemption) Fees* 

The Funds (except the Balanced Fund) charge a redemption fee equal to 2.00% of the proceeds on shares held for less than 30 calendar days. The fee is retained by the Fund for the benefit of its long-term shareholders and accounted for as an addition to paid in capital. For the year ended June 30, 2025, the Funds received the following redemption fees:

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| | | |
|:---|:---|:---|
|  | **Class I** | **Class S** |
|  Dividend Growth Fund | $— | $89 |
|  Large Cap Growth Fund | 184 |  |
|  Small Cap Dividend Growth Fund |  | 1 |
|  Developing Markets Growth Fund | 488 |  |

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| | |
|:---|:---|
| JUNE 30, 2025 | **55** |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

To the Shareholders and Board of Directors

Sit Mutual Funds, Inc.

Sit Large Cap Growth Fund

Sit Mid Cap Growth Fund:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit ESG Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, Sit Developing Markets Growth Fund (each a series of Sit Mutual Funds, Inc.), Sit Large Cap Growth Fund, and Sit Mid Cap Growth Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with custodians, transfer agents and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/KPMG LLP

We have served as the auditor of one or more Sit Mutual Funds investment companies since 1982.

Columbus, Ohio

August 19, 2025

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| | |
|:---|:---|
| **56** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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FEDERAL TAX INFORMATION (Unaudited)

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

Sit Equity Funds

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any), for each of the Funds that qualify for the Dividends Received Deductions for the period of July 1, 2024 to June 30, 2025 is as follows:

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| | |
|:---|:---|
| **Fund** | **Percentage** |
|  Balanced Fund | 31.2% |
|  Dividend Growth Fund | 100.0 |
|  Global Dividend Growth Fund | 93.9 |
|  Large Cap Growth Fund | 0.0 |
|  ESG Growth Fund | 100.0 |
|  Mid Cap Growth Fund | 0.0 |
|  Small Cap Dividend Growth Fund | 92.3 |
|  Small Cap Growth Fund | 0.0 |
|  International Growth Fund | 7.6 |
|  Developing Markets Growth Fund | 16.8 |

---

For the year ended June 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided by the American Taxpayer Relief Act of 2012. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the lower dividend income tax rates.

---

| | |
|:---|:---|
| **Fund** | **Percentage** |
|  Balanced Fund | 36.5% |
|  Dividend Growth Fund | 100.0 |
|  Global Dividend Growth Fund | 100.0 |
|  Large Cap Growth Fund | 0.0 |
|  ESG Growth Fund | 100.0 |
|  Mid Cap Growth Fund | 0.0 |
|  Small Cap Dividend Growth Fund | 95.3 |
|  Small Cap Growth Fund | 0.0 |
|  International Growth Fund | 100.0 |
|  Developing Markets Growth Fund | 100.0 |

---

The following Funds designated the listed amounts as long-term capital gain dividends during the year ended June 30, 2025. Distributable long-term gains are based on net realized long term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

---

| | |
|:---|:---|
| **Fund** | **Amount** |
|  Balanced Fund | $1331749 |
|  Dividend Growth Fund | 26055615 |
|  Global Dividend Growth Fund | 899873 |
|  Large Cap Growth Fund | 8975525 |
|  ESG Growth Fund | 64775 |
|  Mid Cap Growth Fund | 8003648 |
|  Small Cap Dividend Growth Fund | 624249 |
|  Small Cap Growth Fund | 5328139 |
|  International Growth Fund | 521395 |
|  Developing Markets Growth Fund | 269119 |

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| | |
|:---|:---|
| JUNE 30, 2025 | **57** |

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ADDITIONAL INFORMATION (Unaudited)

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

#### PROXY VOTING
A description of the policies and procedures that the Adviser uses to vote proxies related to the Funds' portfolio securities is set forth in the Funds' Statement of Additional Information, which is available on the Funds' website at www.sitfunds.com, without charge by calling 800-332-5580 and on the Securities and Exchange Commission's (SEC) website at www.sec.gov. The Funds' proxy voting record is available without charge by calling 800-332-5580 and on the SEC's website at www.sec.gov no later than August 31 for the prior 12 months ending June.

#### QUARTERLY SCHEDULES OF INVESTMENTS
Each Fund files a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. Each Fund's complete schedule of investments, as filed on Form N-PORT, is also available on its website at www.sitfunds.com, or without charge by calling 800-332-5580.

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|:---|:---|
| **58** | FINANCIAL STATEMENTS AND OTHER INFORMATION |

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![LOGO](g31856g69a01.jpg)

Financial Statements and Other Information June 30, 2025 INVESTMENT ADVISER INDEPENDENT REGISTERED PUBLIC Sit Investment Associates, Inc. ACCOUNTING FIRM 80 S. Eighth Street KPMG LLP Suite 3300 Columbus, OH Minneapolis, MN 55402 GENERAL COUNSEL CUSTODIAN Faegre Drinker Biddle & Reath LLP The Bank Of New York Mellon Minneapolis, MN 111 Sanders Creek Parkway Syracuse, NY 13057 TRANSFER AGENT AND DISBURSING AGENT Sit Mutual Funds Attention: 534459 500 Ross Street, 154-0520 Pittsburgh, PA 15262 Sit Mutual Funds 1-800-332-5580 www.sitfunds.com

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#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
None.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
None.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Fiscal year ended June 30, 2025

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Name of Director | Aggregate Renumeration Paid<br> by all 14 of the Sit Mutual Funds |
| &nbsp;&nbsp;&nbsp;Edward M. Giles | $50000 |
| &nbsp;&nbsp;&nbsp;Sidney L. Jones | $60000 |
| &nbsp;&nbsp;&nbsp;Bruce C. Lueck | $50000 |
| &nbsp;&nbsp;&nbsp;Donald W. Phillips | $50000 |
| &nbsp;&nbsp;&nbsp;Barry N. Winslow | $50000 |

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#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
None. The Board of Directors did not approve the investment advisory contracts during the Registrant's most recent fiscal half-year. Investment advisory contracts were approved by the Board of Directors in October 2024.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.

#### Item 15: Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors since the Registrant last submitted a proxy statement to its shareholders.

#### Item 16: Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as such term in defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred

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during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.

#### Item 18: Recovery of Erroneously Awarded Compensation.
None.

#### Item 19: Exhibits.
(a) (1) None.

(a) (2) Not applicable.

[(a) (3) A separate certification from the principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (certification required by Section 302 of the Sarbanes-Oxley Act of 2002) are attached as an exhibit hereto.](d31856dex99cert.htm)

[(b) The certification required by Rule 30a-2(b) under the Investment Company Act of 1940 (certification required by Section 906 of the Sarbanes-Oxley Act of 2002) is attached as an exhibit hereto.](d31856dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| <u>Sit Mutual Funds, Inc.</u> | <u>Sit Mutual Funds, Inc.</u> |
| By (Signature and Title) | <u>/s/ Paul E. Rasmussen</u> |
|  | Paul E. Rasmussen |
|  | Vice President |
| Date August 27, 2025 |  |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Paul E. Rasmussen</u> |
|  | Paul E. Rasmussen |
|  | Vice President |
| Date August 27, 2025 |  |
|  By (Signature and Title)  | <u>/s/ Roger J. Sit</u> |
|  | Roger J. Sit |
|  | Chairman and President |
|  Date August 27, 2025 |  |

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## Ex-99.Cert

**Exhibit (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Paul E. Rasmussen, certify that:

1. I have reviewed this report on Form N-CSR of Sit Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 27, 2025 | <u>/s/ Paul E. Rasmussen</u> |
|  | Paul E. Rasmussen<br> Vice President<br> Principal Financial Officer |

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**<u>CERTIFICATIONS</u>**

I, Roger J. Sit, certify that:

2. I have reviewed this report on Form N-CSR of Sit Mutual Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 27, 2025 | <u>/s/ Roger J. Sit</u> |
|  | Roger J. Sit<br> Chairman and President<br> Principal Executive Officer |

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## Exhibit 99.906

**EXHIBIT (b)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT** 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Sit Mutual Funds, Inc., do hereby certify, to such officer's knowledge, that the report on Form N-CSR of Sit Mutual Funds, Inc., for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Sit Mutual Funds, Inc. for the stated periods.

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| | |
|:---|:---|
| /s/Roger J. Sit | /s/Paul E. Rasmussen |
| – – – – – – – – – – – – – – – – – – – – – – – – – – – – – | – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – |
| Roger J. Sit | Paul E. Rasmussen |
| Chairman | VP, Treasurer |
| Sit Mutual Funds, Inc. | Sit Mutual Funds, Inc. |
| Dated: August 27, 2025 |  |
| – – – – – – – – – – – |  |

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A signed original of this written statement required by Section 906 has been provided by Sit Mutual Funds, Inc. and will be retained by Sit Mutual Funds, Inc. and furnished to the SEC or its staff upon request.