# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010061
**Filing Date:** 2025-11
**Character Count:** 29623
**Document Hash:** ec3e1075de8c51498b3098d17a6007df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010061.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010061

**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:** 251515659

**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 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           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Global Dividend Growth Fund** 

Investments are grouped by geographic region.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 97.3%** |  |  |
|  **Asia - 4.4%**  |  |  |
|  **Australia - 1.8%**  |  |  |
|  Atlassian Corp. <sup>\*</sup>  | 3445 | 550166 |
|  Macquarie Group, Ltd. | 3810 | 552948 |
|  |  | 1103114 |
|  **Japan** - **0.9%**  |  |  |
|  Recruit Holdings Co., Ltd. | 10600 | 570767 |
|  **Singapore** - **1.7%**  |  |  |
|  Singapore Technologies Engineering, Ltd. | 155000 | 1034575 |
|  **Europe** - **28.2%**  |  |  |
|  **Belgium** - **1.6%**  |  |  |
|  D'ieteren Group | 5225 | 976598 |
|  **France** - **1.1%**  |  |  |
|  Safran SA, ADR | 7520 | 664091 |
|  **Germany** - **5.6%**  |  |  |
|  Allianz SE, ADR | 27090 | 1136967 |
|  Infineon Technologies AG | 6275 | 244590 |
|  Muenchener Rueckversicherungs AG | 1470 | 937829 |
|  Siemens AG | 4250 | 1143642 |
|  |  | 3463028 |
|  **Ireland** - **3.9%**  |  |  |
|  Accenture, PLC | 3285 | 810081 |
|  Linde, PLC | 1445 | 686375 |
|  Trane Technologies, PLC | 2125 | 896665 |
|  |  | 2393121 |
|  **Spain** - **1.8%**  |  |  |
|  Iberdrola SA | 59010 | 1115766 |
|  **Switzerland** - **4.2%**  |  |  |
|  Chubb, Ltd. | 2290 | 646353 |
|  Lonza Group AG | 930 | 615911 |
|  Nestle SA | 4885 | 448398 |
|  Partners Group Holding AG | 705 | 915291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625953 |
|  **United Kingdom** - **10.0%**  |  |  |
|  AstraZeneca, PLC, ADR | 15040 | 1153869 |
|  BAE Systems, PLC | 27380 | 758193 |
|  Compass Group, PLC | 14170 | 481957 |
|  Diageo, PLC, ADR | 4125 | 393649 |
|  London Stock Exchange Group, PLC | 6715 | 769080 |
|  Man Group, PLC | 216290 | 518945 |
|  RELX, PLC | 14120 | 676034 |
|  Shell, PLC, ADR | 20055 | 1434534 |
|  |  | 6186261 |
|  **North America** - **64.7%**  |  |  |
|  **United States** - **64.7%**  |  |  |
|  Abbott Laboratories | 7230 | 968386 |
|  AbbVie, Inc. | 750 | 173655 |
|  Alphabet, Inc. - Class A | 8790 | 2136849 |
|  Apple, Inc. | 18220 | 4639359 |
|  Applied Materials, Inc. | 7985 | 1634849 |
|  Arthur J Gallagher & Co. | 3685 | 1141392 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Broadcom, Inc. | 17850 | 5888893 |
|  Cheniere Energy, Inc. | 2830 | 664993 |
|  ConocoPhillips | 4025 | 380725 |
|  Eli Lilly & Co. | 375 | 286125 |
|  FedEx Corp. | 1900 | 448039 |
|  Goldman Sachs Group, Inc. | 1370 | 1090999 |
|  Home Depot, Inc. | 2490 | 1008923 |
|  Honeywell International, Inc. | 4330 | 911465 |
|  JPMorgan Chase & Co. | 7180 | 2264787 |
|  Lockheed Martin Corp. | 1525 | 761295 |
|  McDonald's Corp. | 1820 | 553080 |
|  Microsoft Corp. | 10475 | 5425526 |
|  Mondelez International, Inc. | 6940 | 433542 |
|  NVIDIA Corp. | 16125 | 3008603 |
|  Otis Worldwide Corp. | 3785 | 346063 |
|  PepsiCo, Inc. | 4765 | 669197 |
|  Salesforce, Inc. | 705 | 167085 |
|  Sherwin-Williams Co. | 1835 | 635387 |
|  Stryker Corp. | 415 | 153413 |
|  Thermo Fisher Scientific, Inc. <sup>\*</sup>  | 1145 | 555348 |
|  Union Pacific Corp. | 3960 | 936025 |
|  UnitedHealth Group, Inc. | 2580 | 890874 |
|  Waste Management, Inc. | 2880 | 635990 |
|  WEC Energy Group, Inc. | 3010 | 344916 |
|  Williams Cos., Inc. | 12000 | 760200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39915983 |
|  **Total Common Stocks<br>(cost: $23,305,807)** |  | 60049257 |
|  **Short-Term Securities** - **2.5%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $1,549,928)** | 1549928 | 1549928 |
|  **Total Investments in Securities - 99.8%<br>(cost $24,855,735)** |  | 61599185 |
|  **Other Assets and Liabilities, net - 0.2%** |  | 99790 |
|  **Net Assets - 100.0%** |  | $61698975 |

---

\* 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 Global Dividend 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; Australia | 1103114 |  |  | 1103114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 976598 |  |  | 976598 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 664091 |  |  | 664091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 3463028 |  |  | 3463028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2393121 |  |  | 2393121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 570767 |  |  | 570767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1034575 |  |  | 1034575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 1115766 |  |  | 1115766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2625953 |  |  | 2625953 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 6186261 |  |  | 6186261 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 39915983 |  |  | 39915983 |
|  Short-Term Securities | 1549928 |  |  | 1549928 |
|  Total: | 61599185 |  |  | 61599185 |

---

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 Global Dividend Growth Fund

- **b. EDGAR series identifier (if any):** S000023468

- **c. LEI of Series:** 254900TZG570AN0A5V42

**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:** $61817014.12

**Total Liabilities:** $120274.35

**Net Assets:** $61696739.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000071096 | 0.11%                | 2.04%                | 3.21%                |
| Class ID C000069003 | 0.09%                | 2.07%                | 3.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $64692.26                                  |
| Month 2  | $0.00                    | $1165432.67                                |
| Month 3  | $-124207.70              | $2043971.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1145 | NS      | $555347.90    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                 | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       930 | NS      | $615911.06    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     16125 | NS      | $3008602.50   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      3785 | NS      | $346062.55    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     17850 | NS      | $5888893.50   | 9.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      8790 | NS      | $2136849.00   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC              | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     14170 | NS      | $481957.42    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      7180 | NS      | $2264787.40   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                                 | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      7520 | NS      | $664091.20    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                                    | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      2125 | NS      | $896665.00    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| D'ieteren Group                | D'ieteren Group                                           | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |      5225 | NS      | $976598.27    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10475 | NS      | $5425526.25   | 8.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      3685 | NS      | $1141391.90   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4765 | NS      | $669196.60    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                      | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      4885 | NS      | $448397.65    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1370 | NS      | $1090999.50   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp                                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      3445 | NS      | $550166.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     15040 | NS      | $1153868.80   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     27380 | NS      | $758193.02    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      6275 | NS      | $244589.84    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Holding AG      | Partners Group Holding AG                                 | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |       705 | NS      | $915291.12    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                 | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      2290 | NS      | $646352.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      6940 | NS      | $433541.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |    155000 | NS      | $1034574.98   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                                   | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1835 | NS      | $635387.10    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2580 | NS      | $890874.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC                           | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      6715 | NS      | $769080.26    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      3960 | NS      | $936025.20    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                                       | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      2830 | NS      | $664993.40    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      1445 | NS      | $686375.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      1470 | NS      | $937828.79    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                       | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      7230 | NS      | $968386.20    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2490 | NS      | $1008923.10   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18220 | NS      | $4639358.60   | 7.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                       | RELX PLC                                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     14120 | NS      | $676033.96    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                     | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      7985 | NS      | $1634848.90   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Man Group PLC/Jersey           | Man Group PLC/Jersey                                      | CUSIP: 000000000<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | GB        |    216290 | NS      | $518944.94    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     10600 | NS      | $570766.47    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group Inc                                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      3010 | NS      | $344915.90    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                                      | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      2880 | NS      | $635990.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       705 | NS      | $167085.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       375 | NS      | $286125.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1900 | NS      | $448039.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                     | Allianz SE                                                | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     27090 | NS      | $1136967.30   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                               | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4330 | NS      | $911465.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                            | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4025 | NS      | $380724.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                   | Iberdrola SA                                              | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |     59010 | NS      | $1115765.52   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                                | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      4125 | NS      | $393648.75    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     12000 | NS      | $760200.00    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Group Ltd            | Macquarie Group Ltd                                       | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |      3810 | NS      | $552947.82    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                             | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      3285 | NS      | $810081.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1525 | NS      | $761295.25    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                     | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      4250 | NS      | $1143642.11   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     20055 | NS      | $1434534.15   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       750 | NS      | $173655.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       415 | NS      | $153413.05    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1820 | NS      | $553079.80    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1572088 | NS      | $1572087.98   | 2.55%             |  |  |  | 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