# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010053
**Filing Date:** 2025-11
**Character Count:** 30320
**Document Hash:** 5512c05fe6cd9dddd76f8e1a52bb5d24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010053.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010053

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260630

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 251515649

**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 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           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit ESG Growth Fund** 

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 95.9%** |  |  |
|  **Asia - 7.5%**  |  |  |
|  **Japan - 5.1%**  |  |  |
|  Keyence Corp. | 200 | 74626 |
|  Recruit Holdings Co., Ltd. | 3100 | 166922 |
|  Sony Financial Group, Inc., ADR <sup>\*</sup>  | 2175 | 8048 |
|  Sony Group Corp., ADR | 10875 | 313091 |
|  Terumo Corp. | 8800 | 145372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708059 |
|  **Singapore** - **2.4%**  |  |  |
|  Singapore Technologies Engineering, Ltd. | 49900 | 333066 |
|  **Europe** - **29.5%**  |  |  |
|  **Belgium** - **1.1%**  |  |  |
|  D'ieteren Group | 785 | 146723 |
|  **France** - **1.7%**  |  |  |
|  Safran SA, ADR | 2750 | 242853 |
|  **Germany** - **6.0%**  |  |  |
|  Allianz SE, ADR | 7100 | 297987 |
|  Deutsche Post AG | 1550 | 69042 |
|  Infineon Technologies AG | 1225 | 47749 |
|  Muenchener Rueckversicherungs AG | 275 | 175444 |
|  Siemens AG, ADR | 1775 | 239643 |
|  |  | 829865 |
|  **Ireland** - **5.5%**  |  |  |
|  Accenture, PLC | 750 | 184950 |
|  CRH, PLC | 1200 | 143880 |
|  Medtronic, PLC | 725 | 69049 |
|  Trane Technologies, PLC | 875 | 369215 |
|  |  | 767094 |
|  **Netherlands** - **0.4%**  |  |  |
|  ASML Holding NV | 65 | 62926 |
|  **Spain** - **2.2%**  |  |  |
|  Iberdrola SA, ADR | 4050 | 308043 |
|  **Switzerland** - **2.8%**  |  |  |
|  Chubb, Ltd. | 250 | 70562 |
|  Lonza Group AG | 185 | 122520 |
|  Nestle SA, ADR | 1200 | 110124 |
|  Ypsomed Holding AG | 207 | 81261 |
|  |  | 384467 |
|  **United Kingdom** - **9.8%**  |  |  |
|  AstraZeneca, PLC, ADR | 3625 | 278110 |
|  BAE Systems, PLC, ADR | 1450 | 161994 |
|  Coca-Cola Europacific Partners, PLC | 2100 | 189861 |
|  Compass Group, PLC | 3600 | 122445 |
|  Diageo, PLC, ADR | 785 | 74913 |
|  Entain, PLC | 10225 | 120161 |
|  Man Group, PLC | 55725 | 133701 |
|  RELX, PLC, ADR | 4700 | 224472 |
|  Rentokil Initial, PLC, ADR | 2375 | 59969 |
|  |  | 1365626 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **North America** - **58.9%**  |  |  |
|  **United States** - **58.9%**  |  |  |
|  AbbVie, Inc. | 160 | 37046 |
|  Adobe, Inc. <sup>\*</sup>  | 450 | 158738 |
|  AES Corp. | 3025 | 39809 |
|  Alphabet, Inc. - Class A | 2500 | 607750 |
|  Apple, Inc. | 3600 | 916668 |
|  Broadcom, Inc. | 1925 | 635077 |
|  Cheniere Energy, Inc. | 775 | 182110 |
|  Dexcom, Inc. <sup>\*</sup>  | 1080 | 72673 |
|  Ecolab, Inc. | 325 | 89005 |
|  Eli Lilly & Co. | 85 | 64855 |
|  FedEx Corp. | 375 | 88429 |
|  Gilead Sciences, Inc. | 640 | 71040 |
|  Goldman Sachs Group, Inc. | 600 | 477810 |
|  Home Depot, Inc. | 745 | 301867 |
|  JPMorgan Chase & Co. | 1075 | 339087 |
|  Lockheed Martin Corp. | 275 | 137283 |
|  Microsoft Corp. | 2000 | 1035900 |
|  NIKE, Inc. | 850 | 59270 |
|  NVIDIA Corp. | 9250 | 1725865 |
|  PepsiCo, Inc. | 875 | 122885 |
|  salesforce.com, Inc. | 850 | 201450 |
|  Starbucks Corp. | 1000 | 84600 |
|  T Rowe Price Group, Inc. | 475 | 48754 |
|  TJX Cos., Inc. | 1380 | 199465 |
|  UnitedHealth Group, Inc. | 500 | 172650 |
|  Visa, Inc. | 475 | 162155 |
|  Williams Cos., Inc. | 2675 | 169461 |
|  |  | 8201702 |
|  **Total Common Stocks<br>(cost: $5,531,572)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13350424 |
|  **Short-Term Securities** - **4.0%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $558,641)** | 558641 | 558641 |
|  **Total Investments in Securities - 99.9%<br>(cost $6,090,213)** |  | 13909065 |
|  **Other Assets and Liabilities, net - 0.1%** |  | 10021 |
|  **Net Assets - 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13919086 |

---

\* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit ESG Growth Fund (Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1** <br> Quoted <br> Prices ($)  | **Level 2**<br> Other significant<br>observable inputs ($) | **Level 3**<br> Significant<br>unobservable inputs ($) | Total ($) |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 146723 |  |  | 146723 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 242853 |  |  | 242853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 829865 |  |  | 829865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 767094 |  |  | 767094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 700011 | 8048 |  | 708059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 62926 |  |  | 62926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 333066 |  |  | 333066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 308043 |  |  | 308043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 384467 |  |  | 384467 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1365626 |  |  | 1365626 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 8201702 |  |  | 8201702 |
|  Short-Term Securities | 558641 |  |  | 558641 |
|  Total: | 13901017 | 8048 |  | 13909065 |

---

Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs).

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

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

**2**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIT MUTUAL FUNDS INC

- **b. Investment Company Act file number:** 811-06373

- **c. CIK number of Registrant:** 0000877880

- **d. LEI of Registrant:** 254900G3NOOZ0B3T2Q46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 80 S. Eighth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-3223

**Item A.2. Information about the Series.**

- **a. Name of Series:** Sit ESG Growth Fund

- **b. EDGAR series identifier (if any):** S000054182

- **c. LEI of Series:** 549300JBIL8MOQCSWI92

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $13931600.48

**Total Liabilities:** $12515.13

**Net Assets:** $13919085.35

**Cash Not Reported:** $4788.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170242 | 1.27%                | 2.03%                | 3.26%                |
| Class ID C000170243 | 1.25%                | 2.01%                | 3.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $165383.62                                 |
| Month 2  | $4046.14                 | $256371.58                                 |
| Month 3  | $0.00                    | $419089.35                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gilead Sciences Inc            | Gilead Sciences Inc                                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       640 | NS      | $71040.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       160 | NS      | $37046.40     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       775 | NS      | $182109.50    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       375 | NS      | $88428.75     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1775 | NS      | $239642.75    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                   | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |      1200 | NS      | $143880.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |      3600 | NS      | $122445.08    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Group PLC/Jersey           | Man Group PLC/Jersey                                      | CUSIP: 000000000<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | GB        |     55725 | NS      | $133701.08    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                                      | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |      2375 | NS      | $59968.75     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        85 | NS      | $64855.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2500 | NS      | $607750.00    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |       785 | NS      | $146723.38    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                                  | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       850 | NS      | $59270.50     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                      | Nestle SA                                                 | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1200 | NS      | $110124.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     49900 | NS      | $333066.40    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       325 | NS      | $89004.50     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       475 | NS      | $162155.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                   | AES Corp/The                                              | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      3025 | NS      | $39809.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       850 | NS      | $201450.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                                    | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       875 | NS      | $369215.00    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                                 | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       450 | NS      | $158737.50    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       875 | NS      | $122885.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      1225 | NS      | $47748.61     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                                 | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      2750 | NS      | $242852.50    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       275 | NS      | $137282.75    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ypsomed Holding AG             | Ypsomed Holding AG                                        | CUSIP: 000000000<br>LEI: 391200QLIOTTBNPNSI14 | Long             | EC               | CORP              | CH        |       207 | NS      | $81260.60     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      1380 | NS      | $199465.20    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      9250 | NS      | $1725865.00   | 12.40%            |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |      4700 | NS      | $224472.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1000 | NS      | $84600.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       500 | NS      | $172650.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       745 | NS      | $301866.55    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      1550 | NS      | $69042.36     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       600 | NS      | $477810.00    | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |       785 | NS      | $74912.55     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                                              | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      4050 | NS      | $308043.00    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1080 | NS      | $72673.20     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |       275 | NS      | $175444.16    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Terumo Corp                    | Terumo Corp                                               | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |      8800 | NS      | $145372.42    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                 | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       250 | NS      | $70562.50     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC                        | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |      2100 | NS      | $189861.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                             | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       725 | NS      | $69049.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      3625 | NS      | $278110.00    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3600 | NS      | $916668.00    | 6.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |      1450 | NS      | $161994.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                             | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       750 | NS      | $184950.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        65 | NS      | $62925.85     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2000 | NS      | $1035900.00   | 7.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                     | Allianz SE                                                | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      7100 | NS      | $297987.00    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      3100 | NS      | $166922.27    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Entain PLC                     | Entain PLC                                                | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | GB        |     10225 | NS      | $120161.50    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc         | T Rowe Price Group Inc                                    | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |       475 | NS      | $48754.00     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SONY FINANCIAL GROUP INC       | SONY FINANCIAL GROUP INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2175 | NS      | $8047.50      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                   | Keyence Corp                                              | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       200 | NS      | $74625.55     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     10875 | NS      | $313091.25    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      1075 | NS      | $339087.25    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    554101 | NS      | $554100.59    | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      2675 | NS      | $169461.25    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       185 | NS      | $122519.94    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1925 | NS      | $635076.75    | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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