# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000940400-25-010052
**Filing Date:** 2025-11
**Character Count:** 39927
**Document Hash:** c07307e5ed37285cdab4a137d4679831
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010052.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010052

**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:** 251515648

**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 Small Cap Growth Fund (Series ID: S000003464)

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

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Small Cap Growth Fund** 

Investments are grouped by economic sectors.

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  **Common Stocks - 98.3%** |  |  |
|  **Commercial Services - 3.6%** |  |  |
|  ASGN, Inc. <sup>\*</sup>  | 17500 | 828625 |
|  Booz Allen Hamilton Holding Corp. | 13150 | 1314342 |
|  Colliers International Group, Inc. | 11050 | 1726121 |
|  FTI Consulting, Inc. <sup>\*</sup>  | 3075 | 497074 |
|  |  | 4366162 |
|  **Communications - 0.5%** |  |  |
|  Iridium Communications, Inc. | 35900 | 626814 |
|  **Consumer Durables - 1.6%** |  |  |
|  IMAX Corp. <sup>\*</sup>  | 9300 | 304575 |
|  Take-Two Interactive Software, Inc. <sup>\*</sup>  | 4075 | 1052817 |
|  YETI Holdings, Inc. <sup>\*</sup>  | 15850 | 525903 |
|  |  | 1883295 |
|  **Consumer Non-Durables - 0.5%** |  |  |
|  Sensient Technologies Corp. | 6775 | 635834 |
|  **Consumer Services - 2.1%** |  |  |
|  Adtalem Global Education, Inc. <sup>\*</sup>  | 9475 | 1463414 |
|  Nexstar Media Group, Inc. | 5350 | 1057909 |
|  |  | 2521323 |
|  **Electronic Technology - 15.3%** |  |  |
|  Arista Networks, Inc. <sup>\*</sup>  | 48900 | 7125219 |
|  Ciena Corp. <sup>\*</sup>  | 14150 | 2061230 |
|  Coherent Corp. <sup>\*</sup>  | 20075 | 2162479 |
|  Entegris, Inc. | 5249 | 485323 |
|  MKS, Inc. | 13400 | 1658518 |
|  Monolithic Power Systems, Inc. | 5025 | 4626216 |
|  Synopsys, Inc. <sup>\*</sup>  | 1002 | 494377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18613362 |
|  **Energy Minerals - 0.8%** |  |  |
|  Northern Oil & Gas, Inc. | 39300 | 974640 |
|  **Finance - 7.0%** |  |  |
|  Air Lease Corp. | 22650 | 1441672 |
|  Artisan Partners Asset Management, Inc. | 25750 | 1117550 |
|  Axis Capital Holdings, Ltd. | 22125 | 2119575 |
|  Columbia Banking System, Inc. | 11625 | 299228 |
|  Hanover Insurance Group, Inc. | 5425 | 985343 |
|  Old National Bancorp | 38250 | 839587 |
|  Stifel Financial Corp. | 11800 | 1338946 |
|  Western Alliance Bancorp | 3600 | 312192 |
|  |  | 8454093 |
|  **Health Services - 4.9%** |  |  |
|  Addus HomeCare Corp. <sup>\*</sup>  | 15250 | 1799348 |
|  Encompass Health Corp. | 13525 | 1717945 |
|  Tenet Healthcare Corp. <sup>\*</sup>  | 12150 | 2466936 |
|  |  | 5984229 |
|  **Health Technology - 12.1%** |  |  |
|  Align Technology, Inc. <sup>\*</sup>  | 2150 | 269223 |
|  ARS Pharmaceuticals, Inc. <sup>\*</sup>  | 61425 | 617321 |
|  Ascendis Pharma A/S, ADR <sup>\*</sup>  | 6300 | 1252503 |
|  AtriCure, Inc. <sup>\*</sup>  | 60800 | 2143200 |
|  Bio-Techne Corp. | 14800 | 823324 |
|  Establishment Labs Holdings, Inc. <sup>\*</sup>  | 17900 | 733721 |

---

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  Exact Sciences Corp. <sup>\*</sup>  | 12425 | 679772 |
|  Glaukos Corp. <sup>\*</sup>  | 14565 | 1187776 |
|  Insulet Corp. <sup>\*</sup>  | 3525 | 1088273 |
|  PROCEPT BioRobotics Corp. <sup>\*</sup>  | 28700 | 1024303 |
|  STERIS, PLC | 3475 | 859854 |
|  Supernus Pharmaceuticals, Inc. <sup>\*</sup>  | 34775 | 1661897 |
|  TG Therapeutics, Inc. <sup>\*</sup>  | 8150 | 294419 |
|  TransMedics Group, Inc. <sup>\*</sup>  | 11025 | 1237005 |
|  Vericel Corp. <sup>\*</sup>  | 25975 | 817433 |
|  |  | 14690024 |
|  **Industrial Services - 13.9%** |  |  |
|  Argan, Inc. | 14525 | 3922476 |
|  EMCOR Group, Inc. | 5850 | 3799809 |
|  Golar LNG, Ltd. | 33600 | 1357776 |
|  KBR, Inc. | 23975 | 1133778 |
|  Kodiak Gas Services, Inc. | 49050 | 1813378 |
|  TechnipFMC, PLC | 61580 | 2429331 |
|  Waste Connections, Inc. | 14025 | 2465595 |
|  |  | 16922143 |
|  **Non-Energy Minerals - 5.1%** |  |  |
|  Eagle Materials, Inc. | 10300 | 2400312 |
|  James Hardie Industries, PLC <sup>\*</sup>  | 25022 | 480673 |
|  MP Materials Corp. <sup>\*</sup>  | 33350 | 2236784 |
|  Trex Co., Inc. <sup>\*</sup>  | 20825 | 1076028 |
|  |  | 6193797 |
|  **Process Industries - 2.0%** |  |  |
|  Cabot Corp. | 7700 | 585585 |
|  CSW Industrials, Inc. | 3650 | 886038 |
|  Olin Corp. | 19775 | 494177 |
|  UFP Technologies, Inc. <sup>\*</sup>  | 2550 | 508980 |
|  |  | 2474780 |
|  **Producer Manufacturing - 15.1%** |  |  |
|  AeroVironment, Inc. <sup>\*</sup>  | 6650 | 2094019 |
|  AZZ, Inc. | 18450 | 2013448 |
|  Belden, Inc. | 13600 | 1635672 |
|  Carlisle Cos., Inc. | 2200 | 723712 |
|  Crane Co. | 13700 | 2522718 |
|  Crane NXT Co. | 19075 | 1279360 |
|  Donaldson Co., Inc. | 17275 | 1413959 |
|  Flowserve Corp. | 27475 | 1460021 |
|  Hubbell, Inc. | 4375 | 1882606 |
|  Lincoln Electric Holdings, Inc. | 5400 | 1273482 |
|  Regal Rexnord Corp. | 8340 | 1196290 |
|  Zurn Water Solutions Corp. | 19325 | 908855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18404142 |
|  **Retail Trade - 4.3%** |  |  |
|  Boot Barn Holdings, Inc. <sup>\*</sup>  | 6775 | 1122753 |
|  Casey's General Stores, Inc. | 4300 | 2430876 |
|  Ulta Beauty, Inc. <sup>\*</sup>  | 3050 | 1667587 |
|  |  | 5221216 |
|  **Technology Services - 6.5%** |  |  |
|  Euronet Worldwide, Inc. <sup>\*</sup>  | 5050 | 443441 |
|  Globant SA <sup>\*</sup>  | 11350 | 651263 |
|  HubSpot, Inc. <sup>\*</sup>  | 3175 | 1485265 |
|  nCino, Inc. <sup>\*</sup>  | 35375 | 959016 |
|  Paycom Software, Inc. | 2900 | 603606 |

---

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

**SCHEDULE OF INVESTMENTS (Unaudited)** 

September 30, 2025

**Sit Small Cap Growth Fund (Continued)** 

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair Value ($)** |
|  PTC, Inc. <sup>\*</sup>  | 14500 | 2943790 |
|  Sportradar Group AG <sup>\*</sup>  | 30550 | 821795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908176 |
|  **Transportation - 2.5%** |  |  |
|  Alaska Air Group, Inc. <sup>\*</sup>  | 17675 | 879861 |
|  Knight-Swift Transportation Holdings, Inc. | 18725 | 739825 |
|  TFI International, Inc. | 16525 | 1455192 |
|  |  | 3074878 |
|  **Utilities - 0.5%** |  |  |
|  Chesapeake Utilities Corp. | 4925 | 663348 |
|  **Total Common Stocks<br>(cost: $61,083,351)** |  | 119612256 |
|  **Short-Term Securities** - **1.2%**  |  |  |
|  Fidelity Inv. Money Mkt. Gvt. Fund, 4.04%<br>**(cost $1,399,660)** | 1399660 | 1399660 |
|  **Total Investments in Securities - 99.5%<br>(cost $62,483,011)** |  | 121011916 |
|  **Other Assets and Liabilities, net - 0.5%** |  | 579982 |
|  **Net Assets - 100.0%** |  | $121591898 |

---

\* 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 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\*\* | 119612256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 119612256 |
|  Short-Term Securities | 1399660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1399660 |
|  Total: | 121011916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 121011916 |

---

\*\* For equity securities categorized in a single level, refer to the detail above for further breakdown.

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

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

**2**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** Sit Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000003464

- **c. LEI of Series:** 254900ENW89B8U6ZTI79

**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:** $121784601.42

**Total Liabilities:** $150945.63

**Net Assets:** $121633655.79

**Cash Not Reported:** $677956.44

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009598 | 4.01%                | 2.25%                | 1.05%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2160223.93              | $2525801.03                                |
| Month 2  | $-401322.81              | $3098135.81                                |
| Month 3  | $1760521.71              | $-427994.77                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PTC Inc                        | PTC Inc                                  | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     14500 | NS      | $2943790.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                     | Belden Inc                               | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     13600 | NS      | $1635672.00   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                 | Air Lease Corp                           | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     22650 | NS      | $1441672.50   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                        | KBR Inc                                  | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |     23975 | NS      | $1133777.75   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In | Establishment Labs Holdings Inc          | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | CR        |     17900 | NS      | $733721.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                    | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     12150 | NS      | $2466936.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd                            | CUSIP: 000000000<br>LEI: 213800C2VSFZG3EZLO34 | Long             | EC               | CORP              | BM        |     33600 | NS      | $1357776.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                              | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      4375 | NS      | $1882606.25   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp          | Stifel Financial Corp                    | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     11800 | NS      | $1338946.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc        | ARS Pharmaceuticals Inc                  | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61425 | NS      | $617321.25    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc               | Carlisle Cos Inc                         | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2200 | NS      | $723712.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                        | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     15850 | NS      | $525903.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                     | Globant SA                               | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     11350 | NS      | $651263.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                         | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |     17275 | NS      | $1413958.75   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp                        | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     33350 | NS      | $2236784.50   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                     | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     17675 | NS      | $879861.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc               | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |     35900 | NS      | $626814.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                    | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     13525 | NS      | $1717945.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS Inc                                  | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     13400 | NS      | $1658518.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc             | FTI Consulting Inc                       | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |      3075 | NS      | $497073.75    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co                       | Crane Co                                 | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |     13700 | NS      | $2522718.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                   | Glaukos Corp                             | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     14565 | NS      | $1187775.75   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp                             | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     25975 | NS      | $817433.25    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                             | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1002 | NS      | $494376.78    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                    | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |     16525 | NS      | $1455191.50   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc     | Casey's General Stores Inc               | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      4300 | NS      | $2430876.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp       | PROCEPT BioRobotics Corp                 | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28700 | NS      | $1024303.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp             | Regal Rexnord Corp                       | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      8340 | NS      | $1196289.60   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |     19775 | NS      | $494177.25    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                      | IMAX Corp                                | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |      9300 | NS      | $304575.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks Inc                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     48900 | NS      | $7125219.00   | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                     | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      2150 | NS      | $269223.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc        | Kodiak Gas Services Inc                  | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49050 | NS      | $1813378.50   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                           | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     61580 | NS      | $2429331.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                          | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     14800 | NS      | $823324.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio            | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    721704 | NS      | $721703.63    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp       | Western Alliance Bancorp                 | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      3600 | NS      | $312192.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                      | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      3650 | NS      | $886037.50    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment Inc                        | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      6650 | NS      | $2094018.50   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                    | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     14025 | NS      | $2465595.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                   | AtriCure Inc                             | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |     60800 | NS      | $2143200.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp                      | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |     15250 | NS      | $1799347.50   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries PLC              | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |     25022 | NS      | $480672.62    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                        | AZZ Inc                                  | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     18450 | NS      | $2013448.50   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane NXT Co                   | Crane NXT Co                             | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |     19075 | NS      | $1279360.25   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp                | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |      4925 | NS      | $663348.25    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                          | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      5850 | NS      | $3799809.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                                | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     35375 | NS      | $959016.25    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                   | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |      6775 | NS      | $1122753.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The          | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      5425 | NS      | $985342.75    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                            | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |     20075 | NS      | $2162479.00   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics Inc                      | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      8150 | NS      | $294418.75    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc             | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      5025 | NS      | $4626216.00   | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group Inc                    | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     11025 | NS      | $1237005.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     22125 | NS      | $2119575.00   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp            | Exact Sciences Corp                      | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     12425 | NS      | $679771.75    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG            | Sportradar Group AG                      | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     30550 | NS      | $821795.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                             | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      3525 | NS      | $1088273.25   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                      | Argan Inc                                | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     14525 | NS      | $3922476.25   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp     | Sensient Technologies Corp               | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      6775 | NS      | $635833.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group I | Colliers International Group Inc         | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |     11050 | NS      | $1726120.50   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System Inc              | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11625 | NS      | $299227.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                              | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      3175 | NS      | $1485265.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc             | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      9475 | NS      | $1463413.75   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software Inc        | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      4075 | NS      | $1052817.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide Inc                    | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      5050 | NS      | $443440.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp          | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     19325 | NS      | $908854.75    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                          | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      3050 | NS      | $1667587.50   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S            | Ascendis Pharma A/S                      | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      6300 | NS      | $1252503.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc           | UFP Technologies Inc                     | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |      2550 | NS      | $508980.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                       | ASGN Inc                                 | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     17500 | NS      | $828625.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS PLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3475 | NS      | $859854.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                           | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |     27475 | NS      | $1460021.50   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                             | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      5249 | NS      | $485322.54    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc             | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     34775 | NS      | $1661897.25   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                              | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20825 | NS      | $1076027.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                     | Cabot Corp                               | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      7700 | NS      | $585585.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     10300 | NS      | $2400312.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas Inc                   | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     39300 | NS      | $974640.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18725 | NS      | $739824.75    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc            | Paycom Software Inc                      | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |      6225 | NS      | $1295671.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                               | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     14150 | NS      | $2061230.50   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings Inc            | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      5400 | NS      | $1273482.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc    | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     25750 | NS      | $1117550.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                  | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |     38250 | NS      | $839587.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                  | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      5350 | NS      | $1057909.00   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp         | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     13150 | NS      | $1314342.50   | 1.08%             |  |  |  | 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