Sit Mid Cap Growth Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03342

Sit Mid Cap Growth Fund, Inc.

(Exact name of Registrant as specified in charter)

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Address of principal executive offices)

Paul E. Rasmussen, VP

Sit Mutual Funds

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 332-3223

Date of fiscal year end: June 30, 2024

Date of reporting period: December 31, 2024

Item 1:

Reports to Stockholders.

NBNGX

Sit Mid Cap Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Mid Cap Growth Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Mid Cap Growth Fund	$66	1.25%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Mid Cap Growth Fund	Russell 3000^® Index	Russell Midcap Growth Index
12/14	$10,000	$10,000	$10,000
12/15	9,778	10,048	9,980
12/16	10,082	11,327	10,711
12/17	11,998	13,721	13,418
12/18	11,128	13,002	12,780
12/19	14,490	17,035	17,314
12/20	19,283	20,593	23,475
12/21	22,386	25,877	26,463
12/22	17,006	20,907	19,392
12/23	20,742	26,334	24,408
12/24	24,226	32,604	29,803

Average Annual Total Returns (as of 12/31/24)

	6 Months	1 Year	5 Years	10 Years
Sit Mid Cap Growth Fund	9.20%	16.80%	10.83%	9.25%
Russell 3000^® Index	9.03%	23.81%	13.86%	12.55%
Russell Midcap Growth Index	15.22%	22.10%	11.47%	11.54%

The Fund continues to use the Russell Midcap Growth Index as an additional benchmark.

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

What did the Fund invest in?

The Fund primarily invested in common stocks of domestic medium to small companies with capitalizations ranging from $2 billion to $15 billion. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$212,952,681
# of Portfolio Holdings	70
Portfolio Turnover Rate	2.38%
Investment Advisory Fees Paid	$1,312,650
Weighted average market cap	$125.4 Billion

Sector Allocation (% of Net Assets)

Technology Services	20.2%
Electronic Technology	20.1
Health Technology	11.6
Producer Manufacturing	9.8
Finance	9.6
Retail Trade	5.2
Industrial Services	5.0
Health Services	4.1
Commercial Services	3.1
Others	8.7
Cash and other net assets	2.6
Total	100.0%

Top 10 Equity (% of Net Assets)

Broadcom, Inc.	7.4%
Arista Networks, Inc.	7.3
PTC, Inc.	2.8
TJX Cos., Inc.	2.6
Ameriprise Financial, Inc.	2.5
HubSpot, Inc.	2.2
Insulet Corp.	2.2
Autodesk, Inc.	2.1
Carlyle Group, Inc.	2.0
Atlassian Corp.	1.9

Material Fund Changes

There were no material changes to the Fund during the six-month period ended December 31, 2024.

Additional Information

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

Householding

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

NBNGX

Sit Mid Cap Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Item 2:

Code of Ethics.

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

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

Item 3:

Audit Committee Financial Expert.

Not applicable. The information required by this Item 3 is only required in an annual report on Form N-CSR. This is the Registrant’s semi-annual report.

Item 4:

Principal Accountant Fees and Services.

Not applicable. The information required by this Item 4 is only required in an annual report on Form N-CSR. This is the Registrant’s semi-annual report.

Item 5:

Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6:

Investments.

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

(b)	Not applicable.

Item 7:

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

LOGO

Financial Statements and Other Information December 31, 2024 Balanced Fund Dividend Growth Fund Global Dividend Growth Fund Large Cap Growth Fund ESG Growth Fund Mid Cap Growth Fund Small Cap Dividend Growth Fund Small Cap Growth Fund International Growth Fund Developing Markets Growth Fund Sit Mutual Funds

Sit Stock Funds

FINANCIAL STATEMENTS AND OTHER INFORMATION

TABLE OF CONTENTS


	Page

Schedules of Investments

Balanced Fund		2

Dividend Growth Fund		6

Global Dividend Growth Fund		8

Large Cap Growth Fund		10

ESG Growth Fund		12

Mid Cap Growth Fund		14

Small Cap Dividend Growth Fund		16

Small Cap Growth Fund		18

International Growth Fund		20

Developing Markets Growth Fund		24

Statements of Assets and Liabilities		26

Statements of Operations		28

Statements of Changes in Net Assets		30

Financial Highlights		34

Notes to Financial Statements		48

Additional Information		55

This document must be preceded or accompanied by a Prospectus.

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Balanced Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 64.2%

Consumer Non-Durables - 1.4%

Constellation Brands, Inc.		2,250		497,250

Mondelez International, Inc.		3,400		203,082

PepsiCo, Inc.		1,825		277,510

				977,842

Consumer Services - 1.9%

McDonald’s Corp.		1,450		420,340

Visa, Inc.		2,800		884,912

				1,305,252

Electronic Technology - 18.0%

Apple, Inc.		13,475		3,374,409

Applied Materials, Inc.		2,600		422,838

Arista Networks, Inc. ^*		3,060		338,222

Broadcom, Inc.		11,400		2,642,976

NVIDIA Corp.		35,150		4,720,294

Palo Alto Networks, Inc. ^*		4,320		786,067

Vertiv Holdings Co.		1,225		139,172

				12,423,978

Energy Minerals - 1.0%

ConocoPhillips		5,775		572,707

Shell, PLC, ADR		2,400		150,360

				723,067

Finance - 3.8%

Ameriprise Financial, Inc.		1,150		612,294

Chubb, Ltd.		1,400		386,820

Goldman Sachs Group, Inc.		1,600		916,192

JPMorgan Chase & Co.		2,925		701,152

				2,616,458

Health Services - 1.7%

Quest Diagnostics, Inc.		1,475		222,518

UnitedHealth Group, Inc.		1,900		961,134

				1,183,652

Health Technology - 4.2%

Abbott Laboratories		3,550		401,540

AbbVie, Inc.		1,750		310,975

Dexcom, Inc. ^*		5,260		409,070

Eli Lilly & Co.		720		555,840

Intuitive Surgical, Inc. ^*		775		404,519

Novo Nordisk A/S, ADR		1,550		133,331

Thermo Fisher Scientific, Inc.		1,040		541,039

Zimmer Biomet Holdings, Inc.		650		68,660

				2,824,974

Industrial Services - 0.8%

Cheniere Energy, Inc.		2,400		515,688

Process Industries - 1.2%

Linde, PLC		1,225		512,871

Sherwin-Williams Co.		1,000		339,930

				852,801

Producer Manufacturing - 4.6%

Eaton Corp., PLC		800		265,496

General Dynamics Corp.		700		184,443

Honeywell International, Inc.		1,450		327,541




Name of Issuer	Quantity		Fair Value ($)


Motorola Solutions, Inc.		1,400		647,122

Northrop Grumman Corp.		375		175,984

Parker-Hannifin Corp.		625		397,519

Safran SA, ADR		11,550		629,475

Siemens AG, ADR		5,175		500,319

				3,127,899

Retail Trade - 6.6%

Amazon.com, Inc. ^*		9,700		2,128,083

Home Depot, Inc.		1,825		709,907

Lululemon Athletica, Inc. ^*		885		338,433

Netflix, Inc. ^*		460		410,007

TJX Cos., Inc.		5,100		616,131

Ulta Beauty, Inc. ^*		795		345,769

				4,548,330

Technology Services - 17.2%

Accenture, PLC		2,025		712,375

Adobe, Inc. ^*		1,060		471,361

Alphabet, Inc. - Class A		12,400		2,347,320

Alphabet, Inc. - Class C		4,100		780,804

Autodesk, Inc. ^*		1,275		376,852

Dynatrace, Inc. ^*		4,250		230,987

Intuit, Inc.		1,200		754,200

Meta Platforms, Inc.		2,000		1,171,020

Microsoft Corp.		7,475		3,150,712

Salesforce, Inc.		3,650		1,220,305

ServiceNow, Inc. ^*		560		593,667

				11,809,603

Transportation - 1.4%

FedEx Corp.		1,775		499,361

Union Pacific Corp.		2,050		467,482

				966,843

Utilities - 0.4%

NextEra Energy, Inc.		4,140		296,797

Total Common Stocks (cost: $18,002,440)				44,173,184



Name of Issuer	Principal Amount ($)		Fair Value ($)


Bonds – 31.0%

Asset-Backed Securities - 0.1%

Small Business Administration 2008-20A 1, 5.17%, 1/1/28		7,301		7,303

Towd Point Mortgage Trust 2020-MH1 A1A, 2.18%, 2/25/60 ^1,4		41,400		40,127

				47,430

Collateralized Mortgage Obligations - 6.1%

Chase Home Lending Mortgage Trust:

2024-9 A4, 5.50%, 9/25/55 ^{1, 4}		177,408		175,863

2023-1 A2, 6.00%, 6/25/54 ^{1, 4}		133,918		133,614

Chase Home Lending Mortgage Trust Series:

2024-1 A8A, 6.00%, 1/25/55 ^{1, 4}		200,000		197,401

2024-2 A8A, 6.00%, 2/25/55 ^{1, 4}		200,000		197,512

See accompanying notes to financial statements.



2		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Principal Amount ($)		Fair Value ($)


2024-3 A8, 6.00%, 2/25/55 ^{1, 4}		100,000		99,547

2024-4 A8, 6.00%, 3/25/55 ^{1, 4}		200,000		199,932

Fannie Mae:

2017-84 JP, 2.75%, 10/25/47		15,608		13,419

2004-T1 1A1, 6.00%, 1/25/44		11,796		12,018

1999-17 C, 6.35%, 4/25/29		2,889		2,910

2001-82 ZA, 6.50%, 1/25/32		4,985		5,035

2009-30 AG, 6.50%, 5/25/39		20,962		21,955

2004-T1 1A2, 6.50%, 1/25/44		238,778		242,471

2004-W9 2A1, 6.50%, 2/25/44		20,656		20,889

2004-T3 1A3, 7.00%, 2/25/44		4,393		4,511

Freddie Mac:

5280 A, 3.50%, 1/25/50		134,646		124,134

4812 CZ, 4.00%, 5/15/48		143,352		132,016

4293 BA, 5.19%, 10/15/47 ¹		5,558		5,545

2122 ZE, 6.00%, 2/15/29		15,394		15,588

2126 C, 6.00%, 2/15/29		10,507		10,613

2480 Z, 6.00%, 8/15/32		13,886		14,064

2485 WG, 6.00%, 8/15/32		14,950		15,367

2575 QE, 6.00%, 2/15/33		122,053		125,423

2980 QA, 6.00%, 5/15/35		7,223		7,473

5354 AB, 6.00%, 5/25/49		137,165		140,160

2357 ZJ, 6.50%, 9/15/31		12,572		12,873

4520 HM, 6.50%, 8/15/45		10,825		11,568

3704 CT, 7.00%, 12/15/36		6,357		6,662

Government National Mortgage Association:

2021-86 WB, 4.75%, 5/20/51 ¹		124,442		117,404

2021-104 HT, 5.50%, 6/20/51		158,852		157,616

2021-27 AW, 5.88%, 2/20/51 ¹		170,253		170,888

2018-147 AM, 7.00%, 10/20/48		19,720		20,263

2018-160 DA, 7.00%, 11/20/48		18,518		18,994

2015-80 BA, 7.00%, 6/20/45 ¹		4,419		4,640

2013-133 KQ, 7.31%, 8/20/38 ¹		9,501		9,992

2005-74 HA, 7.50%, 9/16/35		108		109

JP Morgan Mortgage Trust:

2021-6 A4, 2.50%, 10/25/51 ^{1, 4}		262,448		230,500

2021-13 A4, 2.50%, 4/25/52 ^{1, 4}		232,593		203,811

2021-6 A12, 5.00%, 10/25/51 ^{1, 4}		259,731		246,598

2023-6 A2, 6.00%, 12/26/53 ^{1, 4}		119,768		119,497

2023-10 A8, 6.00%, 5/25/54 ^{1, 4}		150,000		149,663

2024-1 A8, 6.00%, 6/25/54 ^{1, 4}		200,000		197,819

2024-2 A8A, 6.00%, 8/25/54 ^{1, 4}		125,000		123,833

2024-4 A8A, 6.00%, 10/25/54 ^{1, 4}		200,000		200,544

2024-5 A8, 6.00%, 11/25/54 ^{1, 4}		200,000		199,632

New Residential Mortgage Loan Trust:

2018-3A A1, 4.50%, 5/25/58 ^{1, 4}		28,330		27,355

Sequoia Mortgage Trust:

2020-4 A5, 2.50%, 11/25/50 ^{1, 4}		36,172		32,971

Vendee Mortgage Trust:

2008-1 B, 5.73%, 3/15/25 ¹		4,701		4,749

Wells Fargo Mortgaged Backed Securities Trust:

2020-5 A3, 2.50%, 9/25/50 ^{1, 4}		30,599		27,727

				4,213,168

Corporate Bonds - 5.1%

American Tower Trust, 5.49%, 3/15/28 ⁴		150,000		151,441




Name of Issuer	Principal Amount ($)		Fair Value ($)


Bank of New York Mellon Corp., 6.47%, 10/25/34 ¹		175,000		189,060

Charles Stark Draper Lab., Inc., 4.39%, 9/1/48		100,000		84,789

CVS Pass-Through Trust, 7.51%, 1/10/32 ⁴		123,103		129,611

DTE Electric Securitization Funding II, LLC, 6.09%, 9/1/37		100,000		106,236

Duke Energy Florida, LLC, 2.86%, 3/1/33		120,000		104,274

Duke Energy Progress SC Storm Funding,

LLC, 5.40%, 3/1/44		75,000		74,808

Entergy Louisiana, LLC, 4.95%, 1/15/45		200,000		177,768

Evergy Kansas Central, Inc., 5.90%, 11/15/33		175,000		180,885

Evergy Missouri West Storm Funding I, LLC, 5.10%, 12/1/38		96,521		95,831

Fairfax Financial Holdings, 6.00%, 12/7/33		225,000		231,927

First Citizens BancShares, Inc. (Subordinated), 3.38%, 3/15/30 ¹		125,000		124,259

GATX Corp., 6.90%, 5/1/34		175,000		191,866

Halliburton Co., 7.60%, 8/15/96 ⁴		75,000		87,092

JPMorgan Chase & Co., 4.59%, 4/26/33 ¹		50,000		47,983

KeyCorp, 2.55%, 10/1/29		250,000		222,351

L3Harris Technologies, Inc., 5.50%, 8/15/54		50,000		48,103

Leidos, Inc., 7.13%, 7/1/32		50,000		54,631

Louisville Gas & Electric Co., 5.45%, 4/15/33		50,000		50,556

Northern Trust Corp. (Subordinated), 3.38%, 5/8/32 ¹		250,000		239,899

Regions Financial Corp., 5.72%, 6/6/30 ¹		225,000		228,076

SBA Tower Trust, 6.60%, 1/15/28 ⁴		175,000		179,467

Security Benefit Life Insurance Co.

(Subordinated), 7.45%, 10/1/33 ⁴		100,000		98,284

State Street Corp., 5.16%, 5/18/34 ¹		175,000		173,808

Union Electric Co., 4.00%, 4/1/48		275,000		213,841

				3,486,846

Federal Home Loan Mortgage Corporation - 1.2%

4.00%, 1/1/53		249,243		228,026

4.00%, 11/1/54		248,859		227,537

4.50%, 11/1/54		238,661		224,456

7.50%, 10/1/38		80,133		85,193

8.50%, 5/1/31		26,722		27,544

				792,756

Federal National Mortgage Association - 2.2%

4.00%, 4/1/54		168,760		154,341

4.00%, 9/1/54		173,099		158,309

4.00%, 11/1/54		248,184		226,979

4.50%, 7/1/52		295,368		277,938

4.50%, 9/1/52		298,699		281,417

5.00%, 1/1/30		105,758		105,926

5.50%, 8/1/56		142,131		144,482

6.00%, 7/1/41		109,590		113,496

6.50%, 9/1/27		8,758		8,944

7.00%, 1/1/32		3,847		3,864

7.00%, 3/1/33		6,038		6,208

7.00%, 12/1/38		3,695		3,774

8.25%, 7/15/26		155		155

				1,485,833

Government National Mortgage Association - 1.2%

3.50%, 2/20/52		239,371		213,932

4.00%, 9/20/52		219,462		199,444

4.50%, 8/20/64		172,198		160,821

See accompanying notes to financial statements.



DECEMBER 31, 2024		3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Balanced Fund (Continued)




Name of Issuer	Principal Amount ($)		Fair Value ($)


5.00%, 5/20/48		20,297		19,940

5.50%, 9/20/52		77,282		76,295

5.50%, 8/20/62		158,994		156,664

6.50%, 11/20/38		8,315		8,510

7.00%, 11/20/27		2,337		2,393

7.00%, 9/20/29		9,018		9,243

7.00%, 9/20/38		4,857		4,992

7.50%, 4/20/32		6,306		6,403

				858,637

Taxable Municipal Securities - 6.1%

City of Dallas G.O., 5.61%, 2/15/30		250,000		255,513

City of New York G.O., 5.99%, 12/1/36		200,000		204,580

CO Health Facs. Auth., 3.13%, 5/15/27		250,000		231,950

Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56		205,000		155,769

County of Vermillion Rev., 4.90%, 8/1/32		250,000		247,085

Coventry Local Sch. Dist., 2.20%, 11/1/29		200,000		177,106

IA Fin. Auth. Rev., 5.38%, 7/1/39		200,000		194,576

LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40		230,000		179,172

MA Hsg. Fin. Agy., 5.11%, 6/1/30		250,000		252,648

Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 ⁴		100,000		80,099

Massachusetts Edu. Auth.:

4.41%, 7/1/34		15,000		14,473

4.95%, 7/1/38		170,000		160,975

5.95%, 7/1/44		150,000		147,313

MN Hsg. Fin. Agy.:

2.31%, 1/1/27		135,000		129,533

4.86%, 2/1/31		225,000		223,047

Public Fin. Auth., 4.23%, 7/1/32		105,000		99,288

State of Connecticut G.O., 5.30%, 10/1/29		220,000		222,970

Texas Children’s Hospital, 3.37%, 10/1/29 ¹⁷		115,000		110,933

Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27		205,000		191,730

VA Hsg. Dev. Auth., 2.21%, 11/1/30		250,000		217,330

VT Hsg. Fin. Agy., 6.25%, 11/1/54		200,000		205,706

WV Hsg. Dev. Fund Rev.:

5.45%, 5/1/34		250,000		250,200

6.00%, 5/1/30		250,000		263,755

				4,215,751




Name of Issuer	Principal Amount ($)		Fair Value ($)


U.S. Treasury / Federal Agency Securities - 9.0%

U.S. Treasury - 9.0%

U.S. Treasury Bonds:

3.63%, 2/15/53		100,000		81,387

4.25%, 2/15/54		300,000		274,148

4.25%, 8/15/54		150,000		137,227

4.50%, 11/15/54		550,000		525,336

4.63%, 5/15/54		225,000		218,988

4.75%, 11/15/53		1,150,000		1,139,578

U.S. Treasury Notes:

3.50%, 9/30/29		500,000		481,035

3.88%, 8/15/34		1,950,000		1,844,273

4.00%, 1/31/29		575,000		567,049

4.13%, 3/31/29		300,000		297,012

4.25%, 6/30/29		175,000		174,009

4.25%, 11/15/34		200,000		194,844

4.38%, 5/15/34		75,000		73,863

4.50%, 11/15/33		200,000		199,125

				6,207,874

Total Bonds (cost $22,231,940)				21,308,295



Name of Issuer	Quantity		Fair Value ($)


Investment Companies 3.1%

Angel Oak Financial Strategies Income Trust		18,200		231,140

BlackRock Enhanced Government Fund		4,174		40,529

BlackRock Taxable Municipal Bond Trust		14,771		238,108

BNY Mellon Municipal Income, Inc.		1,900		13,490

DoubleLine Opportunistic Credit Fund		4,400		68,200

DWS Municipal Income Trust		23,200		219,240

Eaton Vance California Municipal Bond Fund		2,000		18,340

Eaton Vance New York Municipal Bond Fund		1,100		10,483

First Trust Mortgage Income Fund		8,500		101,894

Invesco PA Value Municipal Income Trust		1,285		13,223

John Hancock Income Securities Trust		5,000		55,975

MFS Intermediate Income Trust		81,100		215,726

Nuveen Multi-Market Income Fund		17,353		104,986

Nuveen NJ Quality Muni Income Fund		300		3,651

Nuveen PA Quality Muni Income Fund		3,800		42,484

Nuveen Quality Municipal Income Fund		11,000		128,260

Nuveen Taxable Municipal Income Fund		7,867		117,848

Putnam Master Intermediate Income Trust		61,000		198,860

Putnam Premier Income Trust		66,592		237,067

TCW Strategic Income Fund, Inc.		18,000		86,580

Western Asset Intermediate Muni Fund, Inc.		2,000		15,480

Total Investment Companies (cost: $2,267,740)				2,161,564

See accompanying notes to financial statements.



4		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Quantity		Fair Value ($)


Short-Term Securities - 1.6%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.42%
(cost $1,068,235)		1,068,235		1,068,235

Total Investments in Securities - 99.9% (cost $43,570,355)				68,711,278

Other Assets and Liabilities, net - 0.1%				87,259

Net Assets - 100.0%			$	68,798,537

*	Non-income producing security.

Variable rate security. Rate disclosed is as of December 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴	144A Restricted Security. The total value of such securities as of December 31, 2024 was $3,529,940 and represented 5.1% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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

ADR — American Depositary Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities


	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)	Total ($)

Common Stocks^**		44,173,184		—	—		44,173,184
Asset-Backed Securities		—		47,430	—		47,430
Collateralized Mortgage Obligations		—		4,213,168	—		4,213,168
Corporate Bonds		—		3,486,846	—		3,486,846
Federal Home Loan Mortgage Corporation		—		792,756	—		792,756
Federal National Mortgage Association		—		1,485,833	—		1,485,833
Government National Mortgage Association		—		858,637	—		858,637
Taxable Municipal Securities		—		4,215,751	—		4,215,751
U.S. Treasury / Federal Agency Securities		—		6,207,874	—		6,207,874
Investment Companies		2,161,564		—	—		2,161,564
Short-Term Securities		1,068,235		—	—		1,068,235

Total:		47,402,983		21,308,295	—		68,711,278

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Dividend Growth Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 99.3%

Commercial Services - 1.6%

Booz Allen Hamilton Holding Corp.		12,025		1,547,618

S&P Global, Inc.		4,800		2,390,544

				3,938,162

Communications - 1.3%

Verizon Communications, Inc.		75,150		3,005,248

Consumer Non-Durables - 3.1%

PepsiCo, Inc.		21,875		3,326,313

Procter & Gamble Co.		24,725		4,145,146

				7,471,459

Consumer Services - 2.3%

McDonald’s Corp.		9,075		2,630,752

Visa, Inc.		8,760		2,768,510

				5,399,262

Electronic Technology - 20.2%

Apple, Inc.		56,780		14,218,847

Applied Materials, Inc.		7,200		1,170,936

Broadcom, Inc.		42,700		9,899,568

Cisco Systems, Inc.		35,775		2,117,880

Dell Technologies, Inc.		15,925		1,835,197

Garmin, Ltd.		9,580		1,975,971

International Business Machines Corp.		11,100		2,440,113

Micron Technology, Inc.		22,325		1,878,872

NVIDIA Corp.		60,275		8,094,330

Qualcomm, Inc.		8,150		1,252,003

TE Connectivity, PLC		23,225		3,320,478

				48,204,195

Energy Minerals - 3.1%

ConocoPhillips		35,175		3,488,305

Exxon Mobil Corp.		37,500		4,033,875

				7,522,180

Finance - 14.7%

American International Group, Inc.		40,200		2,926,560

Axis Capital Holdings, Ltd.		21,780		1,930,144

Bank of America Corp.		43,125		1,895,344

Bank of New York Mellon Corp.		23,725		1,822,792

CareTrust REIT, Inc.		71,975		1,946,924

Carlyle Group, Inc.		35,600		1,797,444

Citigroup, Inc.		39,975		2,813,840

Fifth Third Bancorp		69,000		2,917,320

Goldman Sachs Group, Inc.		4,600		2,634,052

Intercontinental Exchange, Inc.		15,640		2,330,516

JPMorgan Chase & Co.		15,870		3,804,198

MetLife, Inc.		18,425		1,508,639

Realty Income Corp.		35,500		1,896,055

Reinsurance Group of America, Inc.		11,975		2,558,219

US Bancorp		48,040		2,297,753

				35,079,800

Health Services - 4.3%

Cardinal Health, Inc.		29,600		3,500,792

Quest Diagnostics, Inc.		21,425		3,232,175

UnitedHealth Group, Inc.		7,075		3,578,960
				10,311,927




Name of Issuer	Quantity		Fair Value ($)


Health Technology - 10.2%

Abbott Laboratories		23,925		2,706,157

AbbVie, Inc.		20,525		3,647,292

Agilent Technologies, Inc.		15,925		2,139,365

AstraZeneca, PLC, ADR		32,100		2,103,192

Eli Lilly & Co.		4,315		3,331,180

Johnson & Johnson		19,875		2,874,322

Medtronic, PLC		27,250		2,176,730

Merck & Co., Inc.		32,475		3,230,613

Zimmer Biomet Holdings, Inc.		20,600		2,175,978

				24,384,829

Industrial Services - 2.6%

Waste Management, Inc.		12,725		2,567,778

Williams Cos., Inc.		68,375		3,700,455

				6,268,233

Producer Manufacturing - 7.4%

Donaldson Co., Inc.		31,650		2,131,628

Eaton Corp., PLC		9,225		3,061,501

Emerson Electric Co.		24,325		3,014,597

General Dynamics Corp.		4,650		1,225,228

Honeywell International, Inc.		10,755		2,429,447

Parker-Hannifin Corp.		2,345		1,491,490

RTX Corp.		23,250		2,690,490

Xylem, Inc.		15,000		1,740,300

				17,784,681

Retail Trade - 4.9%

Amazon.com, Inc. ^*		19,550		4,289,075

eBay, Inc.		27,375		1,695,881

Home Depot, Inc.		7,500		2,917,425

TJX Cos., Inc.		22,475		2,715,205

				11,617,586

Technology Services - 14.9%

Accenture, PLC		9,650		3,394,774

Adobe, Inc. ^*		4,725		2,101,113

Alphabet, Inc. - Class A		20,875		3,951,637

Intuit, Inc.		3,000		1,885,500

Meta Platforms, Inc.		6,000		3,513,060

Microsoft Corp.		37,125		15,648,187

Oracle Corp.		19,875		3,311,970

Salesforce, Inc.		5,550		1,855,532

				35,661,773

Transportation - 3.2%

CH Robinson Worldwide, Inc.		24,625		2,544,255

CSX Corp.		98,275		3,171,334

FedEx Corp.		6,985		1,965,090

				7,680,679

Utilities - 5.5%

DTE Energy Co.		19,875		2,399,906

NextEra Energy, Inc.		25,850		1,853,187

NiSource, Inc.		92,215		3,389,823

PPL Corp.		105,050		3,409,923

Public Service Enterprise Group, Inc.		23,850		2,015,087

				13,067,926

Total Common Stocks (cost: $174,298,251)				237,397,940

See accompanying notes to financial statements.



6		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Quantity		Fair Value ($)


Short-Term Securities - 0.7%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $1,617,199)		1,617,199		1,617,199
Total Investments in Securities - 100.0% (cost $175,915,450)				239,015,139

Other Assets and Liabilities, net - 0.0%				103,556
Net Assets - 100.0%				$239,118,695

*	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 December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities


	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Common Stocks^**		237,397,940		—		—		237,397,940
Short-Term Securities		1,617,199		—		—		1,617,199

Total:		239,015,139		—		—		239,015,139

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		7

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Global Dividend Growth Fund

Investments are grouped by geographic region




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 97.3%

Asia - 4.9%

Australia - 2.5%

Atlassian Corp. ^*		3,445		838,444

Macquarie Group, Ltd.		3,810		522,695

				1,361,139

Japan - 1.4%

Recruit Holdings Co., Ltd.		10,600		738,427

Singapore - 1.0%

Singapore Technologies Engineering, Ltd.		155,000		528,906

Europe - 30.0%

Belgium - 0.4%

D’ieteren Group		1,275		212,238

Denmark - 0.6%

Novo Nordisk A/S, ADR		3,925		337,629

France - 0.8%

Safran SA, ADR		7,520		409,840

Germany - 5.3%

Allianz SE, ADR		34,190		1,044,163

Infineon Technologies AG		6,275		204,230

Muenchener Rueckversicherungs AG		1,470		741,714

Siemens AG		4,250		825,169

				2,815,276

Ireland - 4.8%

Accenture, PLC		3,285		1,155,630

Linde, PLC		1,445		604,978

Trane Technologies, PLC		2,125		784,869

				2,545,477

Spain - 1.5%

Iberdrola SA		59,010		812,969

Switzerland - 4.8%

Chubb, Ltd.		2,290		632,727

Lonza Group AG		930		548,820

Nestle SA		4,885		402,568

Partners Group Holding AG		705		953,290

				2,537,405

United Kingdom - 11.8%

AstraZeneca, PLC, ADR		15,040		985,421

BAE Systems, PLC		63,905		918,831

Compass Group, PLC		14,170		472,223

Diageo, PLC, ADR		4,125		524,411

London Stock Exchange Group, PLC		6,715		948,674

Man Group, PLC		216,290		580,538

RELX, PLC		14,120		639,458

Shell, PLC, ADR		20,055		1,256,446

				6,326,002

North America - 62.4%

United States - 62.4%

Abbott Laboratories		7,230		817,785

AbbVie, Inc.		750		133,275

Alphabet, Inc. - Class A		8,790		1,663,947




Name of Issuer	Quantity		Fair Value ($)


Apple, Inc.		18,220		4,562,652

Applied Materials, Inc.		7,985		1,298,601

Arthur J Gallagher & Co.		3,685		1,045,987

Broadcom, Inc.		17,850		4,138,344

Cheniere Energy, Inc.		2,830		608,082

ConocoPhillips		4,025		399,159

Constellation Brands, Inc.		2,690		594,490

FedEx Corp.		1,900		534,527

Goldman Sachs Group, Inc.		1,370		784,489

Home Depot, Inc.		2,490		968,585

Honeywell International, Inc.		3,130		707,036

JPMorgan Chase & Co.		7,180		1,721,118

Lockheed Martin Corp.		1,525		741,059

McDonald’s Corp.		1,820		527,600

Microsoft Corp.		10,475		4,415,213

Mondelez International, Inc.		6,940		414,526

NVIDIA Corp.		11,500		1,544,335

Otis Worldwide Corp.		3,785		350,529

PepsiCo, Inc.		4,765		724,566

Salesforce, Inc.		705		235,703

Sherwin-Williams Co.		1,835		623,772

Thermo Fisher Scientific, Inc.		1,145		595,663

Union Pacific Corp.		3,960		903,038

UnitedHealth Group, Inc.		1,930		976,310

Waste Management, Inc.		2,880		581,155

WEC Energy Group, Inc.		3,010		283,060

Williams Cos., Inc.		8,500		460,020

				33,354,626

Total Common Stocks (cost: $22,004,817)				51,979,934

Short-Term Securities - 2.6%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $1,398,246)		1,398,246		1,398,246

Total Investments in Securities - 99.9% (cost $23,403,063)				53,378,180

Other Assets and Liabilities, net - 0.1%				79,754

Net Assets - 100.0%				$53,457,934

*	Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

See accompanying notes to financial statements.



8		FINANCIAL STATEMENTS AND OTHER INFORMATION

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Common Stocks
Australia		1,361,139		—		—		1,361,139
Belgium		212,238		—		—		212,238
Denmark		337,629		—		—		337,629
France		409,840		—		—		409,840
Germany		2,815,276		—		—		2,815,276
Ireland		2,545,477		—		—		2,545,477
Japan		738,427		—		—		738,427
Singapore		528,906		—		—		528,906
Spain		812,969		—		—		812,969
Switzerland		2,537,405		—		—		2,537,405
United Kingdom		6,326,002		—		—		6,326,002
United States		33,354,626		—		—		33,354,626
Short-Term Securities		1,398,246		—		—		1,398,246


Total:		53,378,180		—		—		53,378,180

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		9

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 97.0%

Consumer Durables - 0.6%

Sony Group Corp., ADR		66,000		1,396,560

Consumer Non-Durables - 2.0%

Constellation Brands, Inc.		7,425		1,640,925

Mondelez International, Inc.		12,850		767,531

NIKE, Inc.		9,050		684,813

PepsiCo, Inc.		10,000		1,520,600

				4,613,869

Consumer Services - 2.7%

McDonald’s Corp.		6,650		1,927,769

Visa, Inc.		13,650		4,313,946

				6,241,715

Electronic Technology - 29.7%

Apple, Inc.		104,575		26,187,671

Applied Materials, Inc.		22,175		3,606,320

Arista Networks, Inc. ^*		15,000		1,657,950

Broadcom, Inc.		41,800		9,690,912

NVIDIA Corp.		173,100		23,245,599

Palo Alto Networks, Inc. ^*		18,450		3,357,162

Vertiv Holdings Co.		6,175		701,542

				68,447,156

Energy Minerals - 1.1%

ConocoPhillips		24,600		2,439,582

Finance - 2.4%

Chubb, Ltd.		5,050		1,395,315

Goldman Sachs Group, Inc.		5,150		2,948,993

JPMorgan Chase & Co.		4,900		1,174,579

				5,518,887

Health Services - 2.7%

Centene Corp. ^*		16,425		995,027

UnitedHealth Group, Inc.		10,125		5,121,832

				6,116,859

Health Technology - 5.9%

Abbott Laboratories		15,500		1,753,205

AbbVie, Inc.		2,975		528,658

Dexcom, Inc. ^*		22,000		1,710,940

Eli Lilly & Co.		5,160		3,983,520

Intuitive Surgical, Inc. ^*		3,800		1,983,448

Novo Nordisk A/S, ADR		7,600		653,752

Thermo Fisher Scientific, Inc.		5,250		2,731,207

Zimmer Biomet Holdings, Inc.		3,075		324,812

				13,669,542

Industrial Services - 1.3%

Cheniere Energy, Inc.		13,675		2,938,347

Non-Energy Minerals - 0.4%

Trex Co., Inc. ^*		13,800		952,614

Process Industries - 1.2%

Linde, PLC		2,650		1,109,476

Sherwin-Williams Co.		5,225		1,776,134
				2,885,610




Name of Issuer	Quantity		Fair Value ($)


Producer Manufacturing - 4.9%

BAE Systems, PLC, ADR		15,500		885,980

Eaton Corp., PLC		3,975		1,319,183

Emerson Electric Co.		9,800		1,214,514

General Dynamics Corp.		3,550		935,389

Honeywell International, Inc.		8,425		1,903,123

Northrop Grumman Corp.		1,875		879,919

Parker-Hannifin Corp.		3,150		2,003,495

Siemens AG, ADR		21,675		2,095,539

				11,237,142

Retail Trade - 10.5%

Amazon.com, Inc. ^*		63,000		13,821,570

Home Depot, Inc.		8,425		3,277,241

Lululemon Athletica, Inc. ^*		4,425		1,692,164

Netflix, Inc. ^*		2,300		2,050,036

TJX Cos., Inc.		18,075		2,183,641

Ulta Beauty, Inc. ^*		2,800		1,217,804

				24,242,456

Technology Services - 29.4%

Accenture, PLC		10,200		3,588,258

Adobe, Inc. ^*		6,250		2,779,250

Alphabet, Inc. - Class A		12,500		2,366,250

Alphabet, Inc. - Class C		73,500		13,997,340

Atlassian Corp. ^*		7,675		1,867,942

Autodesk, Inc. ^*		6,300		1,862,091

Intuit, Inc.		5,200		3,268,200

Meta Platforms, Inc.		11,750		6,879,742

Microsoft Corp.		55,000		23,182,500

Paycom Software, Inc.		2,500		512,425

salesforce.com, Inc.		15,225		5,090,174

ServiceNow, Inc. ^*		2,275		2,411,773

				67,805,945

Transportation - 1.8%

FedEx Corp.		7,575		2,131,075

Union Pacific Corp.		9,200		2,097,968

				4,229,043

Utilities - 0.4%

NextEra Energy, Inc.		13,100		939,139

Total Common Stocks (cost: $68,761,973)				223,674,466

Short-Term Securities - 2.9%
Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $6,709,812)		6,709,812		6,709,812

Total Investments in Securities - 99.9% (cost $75,471,785)				230,384,278

Other Assets and Liabilities, net - 0.1%				254,593

Net Assets - 100.0%				$230,638,871

*	Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

See accompanying notes to financial statements.



10		FINANCIAL STATEMENTS AND OTHER INFORMATION

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)

Common Stocks^**		223,674,466		—		—		223,674,466
Short-Term Securities		6,709,812		—		—		6,709,812

Total:		230,384,278		—		—		230,384,278

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		11

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit ESG Growth Fund

Investments are grouped by geographic region.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 96.5%

Asia - 7.0%

Japan - 5.9%

Keyence Corp.		200		81,393

Recruit Holdings Co., Ltd.		3,100		215,955

Sony Group Corp., ADR		10,875		230,115

Terumo Corp.		8,800		169,453

				696,916

Singapore - 1.1%

Singapore Technologies Engineering, Ltd.		37,400		127,619

Europe - 31.0%

Denmark - 0.9%

Novo Nordisk A/S, ADR		1,275		109,675

France - 1.3%

Safran SA, ADR		2,750		149,875

Germany - 5.7%

Allianz SE, ADR		8,800		268,752

Deutsche Post AG		1,550		54,467

Infineon Technologies AG		1,225		39,870

Muenchener Rueckversicherungs AG		275		138,756

Siemens AG, ADR		1,775		171,607

				673,452

Ireland - 6.4%

Accenture, PLC		750		263,843

CRH, PLC		1,200		111,024

Medtronic, PLC		725		57,913

Trane Technologies, PLC		875		323,181

				755,961

Netherlands - 0.4%

ASML Holding NV		65		45,050

Spain - 1.9%

Iberdrola SA, ADR		4,050		223,317

Switzerland - 2.4%

Chubb, Ltd.		250		69,075

Lonza Group AG		185		109,174

Nestle SA, ADR		1,200		98,040

				276,289

United Kingdom - 12.0%

AstraZeneca, PLC, ADR		3,625		237,510

BAE Systems, PLC, ADR		3,200		182,912

Coca-Cola Europacific Partners, PLC		2,100		161,301

Compass Group, PLC		3,600		119,972

Diageo, PLC, ADR		785		99,797

Entain, PLC		10,225		87,966

Man Group, PLC		55,725		149,570

RELX, PLC, ADR		4,700		213,474

Rentokil Initial, PLC, ADR		2,375		60,135

Smith & Nephew, PLC		8,050		99,912
				1,412,549




Name of Issuer	Quantity		Fair Value ($)


North America - 58.5%

United States - 58.5%

AbbVie, Inc.		160		28,432

Adobe, Inc. ^*		450		200,106

AES Corp.		3,025		38,932

Alphabet, Inc. - Class A		2,500		473,250

Apple, Inc.		3,600		901,512

Broadcom, Inc.		1,250		289,800

Cheniere Energy, Inc.		775		166,524

Dexcom, Inc. ^*		1,080		83,992

Ecolab, Inc.		325		76,154

FedEx Corp.		375		105,499

Gilead Sciences, Inc.		1,190		109,920

Goldman Sachs Group, Inc.		600		343,572

Home Depot, Inc.		745		289,798

JPMorgan Chase & Co.		1,075		257,688

Lockheed Martin Corp.		275		133,633

Microsoft Corp.		2,000		843,000

NIKE, Inc.		850		64,319

NVIDIA Corp.		9,250		1,242,182

PepsiCo, Inc.		875		133,052

salesforce.com, Inc.		850		284,181

Starbucks Corp.		1,000		91,250

T Rowe Price Group, Inc.		475		53,718

TJX Cos., Inc.		1,380		166,718

UnitedHealth Group, Inc.		500		252,930

Visa, Inc.		475		150,119

Williams Cos., Inc.		1,800		97,416

				6,877,697
Total Common Stocks (cost: $5,383,461)				11,348,400

Short-Term Securities - 3.4%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $395,413)		395,413		395,413

Total Investments in Securities - 99.9% (cost $5,778,874)				11,743,813

Other Assets and Liabilities, net - 0.1%				8,694
Net Assets - 100.0%				$11,752,507

*	Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

See accompanying notes to financial statements.



12		FINANCIAL STATEMENTS AND OTHER INFORMATION

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks
Denmark		109,675		—		—		109,675
France		149,875		—		—		149,875
Germany		673,452		—		—		673,452
Ireland		755,961		—		—		755,961
Japan		696,916		—		—		696,916
Netherlands		45,050		—		—		45,050
Singapore		127,619		—		—		127,619
Spain		223,317		—		—		223,317
Switzerland		276,289		—		—		276,289
United Kingdom		1,412,549		—		—		1,412,549
United States		6,877,697		—		—		6,877,697
Short-Term Securities		395,413		—		—		395,413

Total:		11,743,813		—		—		11,743,813

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		13

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Mid Cap Growth Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 97.4%

Commercial Services - 3.1%

ASGN, Inc. ^*		13,525		1,127,173

Booz Allen Hamilton Holding Corp.		27,550		3,545,685

Copart, Inc. ^*		32,000		1,836,480

				6,509,338

Consumer Durables - 0.9%

Take-Two Interactive Software, Inc. ^*		4,892		900,519

YETI Holdings, Inc. ^*		28,100		1,082,131

				1,982,650

Consumer Non-Durables - 1.5%

Coca-Cola Europacific Partners, PLC		40,700		3,126,167

Consumer Services - 0.9%

Nexstar Media Group, Inc.		11,550		1,824,554

Electronic Technology - 20.1%

Applied Materials, Inc.		24,350		3,960,040

Arista Networks, Inc. ^*		140,300		15,507,359

Broadcom, Inc.		68,025		15,770,916

Ciena Corp. ^*		16,525		1,401,485

MKS Instruments, Inc.		15,100		1,576,289

Monolithic Power Systems, Inc.		5,400		3,195,180

Vertiv Holdings Co.		11,575		1,315,036

				42,726,305

Energy Minerals - 2.3%

Chord Energy Corp.		18,850		2,203,942

Northern Oil & Gas, Inc.		73,100		2,716,396

				4,920,338

Finance - 9.6%

Air Lease Corp.		32,900		1,586,109

Ameriprise Financial, Inc.		10,000		5,324,300

Arthur J Gallagher & Co.		11,600		3,292,660

Carlyle Group, Inc.		85,700		4,326,993

Intercontinental Exchange, Inc.		25,300		3,769,953

Reinsurance Group of America, Inc.		10,300		2,200,389

				20,500,404

Health Services - 4.1%

Acadia Healthcare Co., Inc. ^*		24,500		971,425

Encompass Health Corp.		37,400		3,453,890

Molina Healthcare, Inc. ^*		6,250		1,819,062

Tenet Healthcare Corp. ^*		20,225		2,553,002

				8,797,379

Health Technology - 11.6%

Align Technology, Inc. ^*		6,025		1,256,273

Ascendis Pharma A/S, ADR ^*		10,800		1,486,836

Bio-Techne Corp.		21,700		1,563,051

Dexcom, Inc. ^*		48,040		3,736,071

Exact Sciences Corp. ^*		40,850		2,295,362

Glaukos Corp. ^*		8,300		1,244,502

Inspire Medical Systems, Inc. ^*		4,075		755,423

Insulet Corp. ^*		18,000		4,699,260

Natera, Inc. ^*		9,500		1,503,850

Sarepta Therapeutics, Inc. ^*		24,600		2,991,114



Name of Issuer	Quantity		Fair Value ($)


Name of Issuer	Quantity		Fair Value ($)


Thermo Fisher Scientific, Inc.		6,100		3,173,403

				24,705,145

Industrial Services - 5.0%

Cheniere Energy, Inc.		15,500		3,330,485

Jacobs Solutions, Inc.		24,700		3,300,414

Waste Connections, Inc.		23,400		4,014,972

				10,645,871

Non-Energy Minerals - 1.3%

Trex Co., Inc. ^*		38,625		2,666,284

Producer Manufacturing - 9.8%

AGCO Corp.		12,700		1,187,196

Amentum Holdings, Inc. ^*		24,700		519,441

AMETEK, Inc.		14,675		2,645,315

Axon Enterprise, Inc. ^*		6,800		4,041,376

Carlisle Cos., Inc.		10,075		3,716,063

Donaldson Co., Inc.		22,950		1,545,683

Dover Corp.		21,875		4,103,750

Hubbell, Inc.		7,500		3,141,675

				20,900,499

Retail Trade - 5.2%

Lululemon Athletica, Inc. ^*		4,700		1,797,327

TJX Cos., Inc.		46,500		5,617,665

Ulta Beauty, Inc. ^*		8,600		3,740,398

				11,155,390

Technology Services - 20.2%

Altair Engineering, Inc. ^*		24,800		2,705,928

ANSYS, Inc. ^*		10,750		3,626,297

Aspen Technology, Inc. ^*		8,358		2,086,408

Atlassian Corp. ^*		16,950		4,125,291

Autodesk, Inc. ^*		14,800		4,374,436

Booking Holdings, Inc.		450		2,235,789

Crowdstrike Holdings, Inc. ^*		6,500		2,224,040

Dynatrace, Inc. ^*		65,375		3,553,131

Euronet Worldwide, Inc. ^*		16,075		1,653,153

Globant SA ^*		13,000		2,787,460

HubSpot, Inc. ^*		6,825		4,755,455

Paycom Software, Inc.		7,600		1,557,772

PTC, Inc. ^*		32,550		5,984,969

Spotify Technology SA ^*		3,250		1,453,985

				43,124,114

Transportation - 1.2%

Alaska Air Group, Inc. ^*		17,300		1,120,175

Knight-Swift Transportation Holdings, Inc.		28,500		1,511,640

				2,631,815

Utilities - 0.6%

WEC Energy Group, Inc.		12,800		1,203,712

Total Common Stocks (cost: $83,259,602)				207,419,965

See accompanying notes to financial statements.



14		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Quantity		Fair Value ($)


Short-Term Securities - 2.6%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $5,567,470)		5,567,470		5,567,470

Total Investments in Securities - 100.0% (cost $88,827,072)				212,987,435

Other Assets and Liabilities, net - (0.0)%				(34,754	)

Net Assets - 100.0%			$	212,952,681

*	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 December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2	Level 3
	Quoted		Other significant	Significant
	Prices ($)		observable inputs ($)	unobservable inputs ($)	Total ($)
Common Stocks^**		207,419,965	—	—		207,419,965
Short-Term Securities		5,567,470	—	—		5,567,470
Total:		212,987,435	—	—		212,987,435

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		15

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.




Name of Issuer	Quantity		Fair Value ($)


Common Stocks - 94.5%

Commercial Services - 3.8%

Booz Allen Hamilton Holding Corp.		2,700		347,490

Brink’s Co.		1,825		169,305

Colliers International Group, Inc.		3,600		489,492

FTI Consulting, Inc. ^*		1,000		191,130

				1,197,417

Communications - 0.7%

Iridium Communications, Inc.		7,050		204,591

Consumer Durables - 1.3%

Century Communities, Inc.		2,175		159,558

National Presto Industries, Inc.		750		73,815

YETI Holdings, Inc. ^*		4,075		156,928

				390,301

Consumer Non-Durables - 1.2%

Crocs, Inc. ^*		1,700		186,201

Sensient Technologies Corp.		2,450		174,587

				360,788

Consumer Services - 1.6%

Nexstar Media Group, Inc.		1,800		284,346

Vail Resorts, Inc.		1,100		206,195

				490,541

Electronic Technology - 4.8%

Coherent Corp. ^*		2,450		232,089

Entegris, Inc.		991		98,168

MKS Instruments, Inc.		3,275		341,877

Monolithic Power Systems, Inc.		1,050		621,285

Power Integrations, Inc.		3,400		209,780

				1,503,199

Energy Minerals - 3.6%

Chord Energy Corp.		4,510		527,309

Northern Oil & Gas, Inc.		15,600		579,696

				1,107,005

Finance - 26.4%

Air Lease Corp.		8,175		394,117

Artisan Partners Asset Management, Inc.		5,350		230,318

Axis Capital Holdings, Ltd.		5,625		498,487

Broadstone Net Lease, Inc.		18,800		298,168

Cadence Bank		9,450		325,553

CareTrust REIT, Inc.		14,400		389,520

Carlyle Group, Inc.		8,075		407,707

CNO Financial Group, Inc.		14,000		520,940

Columbia Banking System, Inc.		12,150		328,172

CubeSmart		5,250		224,962

Essential Properties Realty Trust, Inc.		10,050		314,364

Evercore, Inc.		1,900		526,661

H&E Equipment Services, Inc.		8,100		396,576

HA Sustainable Infrastructure Capital, Inc.		4,825		129,455

Hanover Insurance Group, Inc.		2,475		382,783

Hercules Capital, Inc.		7,725		155,195

Horace Mann Educators Corp.		10,200		400,146

Janus Henderson Group, PLC		2,050		87,186

Mercury General Corp.		3,600		239,328

Old National Bancorp		20,675		448,751

Piper Sandler Cos.		1,450		434,928




Name of Issuer	Quantity		Fair Value ($)


Provident Financial Services, Inc.		19,975		376,928

Stifel Financial Corp.		5,300		562,224

Western Alliance Bancorp		2,100		175,434

				8,247,903

Health Services - 4.4%

Acadia Healthcare Co., Inc. ^*		3,675		145,714

Addus HomeCare Corp. ^*		3,825		479,464

Encompass Health Corp.		4,275		394,796

Tenet Healthcare Corp. ^*		2,875		362,911

				1,382,885

Health Technology - 7.0%

AtriCure, Inc. ^*		12,500		382,000

Bio-Techne Corp.		2,650		190,879

Glaukos Corp. ^*		1,225		183,676

Intellia Therapeutics, Inc. ^*		15,675		182,771

Iovance Biotherapeutics, Inc. ^*		8,150		60,310

Lantheus Holdings, Inc. ^*		4,700		420,462

STERIS, PLC		975		200,421

Supernus Pharmaceuticals, Inc. ^*		5,600		202,496

Vericel Corp. ^*		6,750		370,643

				2,193,658

Industrial Services - 11.7%

Argan, Inc.		4,475		613,254

DT Midstream, Inc.		3,850		382,805

EMCOR Group, Inc.		1,850		839,715

Golar LNG, Ltd.		2,250		95,220

KBR, Inc.		10,775		624,196

Kodiak Gas Services, Inc.		13,200		538,956

TechnipFMC, PLC		19,550		565,777

				3,659,923

Non-Energy Minerals - 3.5%

AZEK Co., Inc. ^*		5,700		270,579

Commercial Metals Co.		3,950		195,920

Eagle Materials, Inc.		2,075		512,027

MP Materials Corp. ^*		6,600		102,960

				1,081,486

Process Industries - 4.4%

Avient Corp.		4,650		189,999

Cabot Corp.		2,450		223,710

Huntsman Corp.		4,650		83,839

Olin Corp.		7,625		257,725

Silgan Holdings, Inc.		8,000		416,400

Stepan Co.		3,325		215,128

				1,386,801

Producer Manufacturing - 11.2%

AeroVironment, Inc. ^*		2,550		392,420

AGCO Corp.		1,350		126,198

AZZ, Inc.		3,650		299,008

Belden, Inc.		3,175		357,537

Carlisle Cos., Inc.		775		285,851

Crane Co.		3,275		496,981

Crane NXT Co.		3,275		190,671

Donaldson Co., Inc.		3,825		257,614

EnPro, Inc.		2,150		370,767

Hubbell, Inc.		850		356,056

Lincoln Electric Holdings, Inc.		1,075		201,530

See accompanying notes to financial statements.



16		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Quantity		Fair Value ($)


Regal Rexnord Corp.		1,042		161,645

				3,496,278

Retail Trade - 2.2%

Boot Barn Holdings, Inc. ^*		1,810		274,794

Casey’s General Stores, Inc.		1,025		406,136

				680,930

Technology Services - 3.4%

Altair Engineering, Inc. ^*		3,675		400,979

Globant SA ^*		2,625		562,853

nCino, Inc. ^*		3,100		104,098

				1,067,930

Transportation - 2.1%

Knight-Swift Transportation Holdings, Inc.		3,700		196,248

TFI International, Inc.		3,475		469,438

				665,686

Utilities - 1.2%

Chesapeake Utilities Corp.		3,075		373,151

Total Common Stocks (cost: $19,753,344)				29,490,473

Short-Term Securities - 6.1%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $1,917,948)		1,917,948		1,917,948

Total Investments in Securities - 100.6% (cost $21,671,292)				31,408,421

Other Assets and Liabilities, net - (0.6)%				(173,080	)

Net Assets - 100.0%				$31,235,341

*	Non-income producing security.

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2	Level 3
	Quoted		Other significant	Significant
	Prices ($)		observable inputs ($)	unobservable inputs ($)	Total ($)
Common Stocks^**		29,490,473	—	—		29,490,473
Short-Term Securities		1,917,948	—	—		1,917,948
Total:		31,408,421	—	—		31,408,421

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		17

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 98.4%

Commercial Services - 4.5%

ASGN, Inc. ^*		17,500		1,458,450

Booz Allen Hamilton Holding Corp.		13,150		1,692,405

Colliers International Group, Inc.		11,050		1,502,468

FTI Consulting, Inc. ^*		3,075		587,725

				5,241,048

Consumer Durables - 1.7%

Century Communities, Inc.		8,850		649,236

Take-Two Interactive Software, Inc. ^*		4,075		750,126

YETI Holdings, Inc. ^*		15,850		610,383

				2,009,745

Consumer Non-Durables - 0.6%

Crocs, Inc. ^*		6,575		720,160

Consumer Services - 0.7%

Nexstar Media Group, Inc.		5,350		845,139

Electronic Technology - 11.5%

Arista Networks, Inc. ^*		48,900		5,404,917

Ciena Corp. ^*		14,150		1,200,062

Coherent Corp. ^*		20,075		1,901,705

Entegris, Inc.		5,249		519,966

MKS Instruments, Inc.		13,400		1,398,826

Monolithic Power Systems, Inc.		5,025		2,973,292

				13,398,768

Energy Minerals - 3.2%

Chord Energy Corp.		15,100		1,765,492

Northern Oil & Gas, Inc.		53,550		1,989,918

				3,755,410

Finance - 6.8%

Air Lease Corp.		33,325		1,606,598

Artisan Partners Asset Management, Inc.		25,750		1,108,537

Axis Capital Holdings, Ltd.		22,125		1,960,718

H&E Equipment Services, Inc.		23,750		1,162,800

Hanover Insurance Group, Inc.		5,425		839,031

Stifel Financial Corp.		11,800		1,251,744

				7,929,428

Health Services - 4.5%

Acadia Healthcare Co., Inc. ^*		7,100		281,515

Addus HomeCare Corp. ^*		15,250		1,911,588

Encompass Health Corp.		17,100		1,579,185

Tenet Healthcare Corp. ^*		11,275		1,423,243

				5,195,531

Health Technology - 13.6%

Align Technology, Inc. ^*		2,150		448,296

Ascendis Pharma A/S, ADR ^*		6,300		867,321

AtriCure, Inc. ^*		48,800		1,491,328

Bio-Techne Corp.		14,800		1,066,044

Establishment Labs Holdings, Inc. ^*		17,900		824,653

Exact Sciences Corp. ^*		12,425		698,161

Glaukos Corp. ^*		4,825		723,460

Inspire Medical Systems, Inc. ^*		2,275		421,739

Insulet Corp. ^*		3,525		920,272

Intellia Therapeutics, Inc. ^*		39,725		463,194

Iovance Biotherapeutics, Inc. ^*		75,900		561,660



Name of Issuer	Quantity		Fair Value ($)

Lantheus Holdings, Inc. ^*		23,825		2,131,385

PROCEPT BioRobotics Corp. ^*		10,650		857,538

Sarepta Therapeutics, Inc. ^*		9,450		1,149,025

STERIS, PLC		3,475		714,321

Supernus Pharmaceuticals, Inc. ^*		22,125		800,040

TransMedics Group, Inc. ^*		5,625		350,719

Vericel Corp. ^*		26,450		1,452,370

				15,941,526

Industrial Services - 12.0%

Argan, Inc.		16,450		2,254,308

EMCOR Group, Inc.		7,950		3,608,505

Golar LNG, Ltd.		33,600		1,421,952

KBR, Inc.		38,450		2,227,409

TechnipFMC, PLC		73,550		2,128,537

Waste Connections, Inc.		14,025		2,406,409

				14,047,120

Non-Energy Minerals - 4.8%

AZEK Co., Inc. ^*		24,200		1,148,774

Eagle Materials, Inc.		10,300		2,541,628

MP Materials Corp. ^*		33,350		520,260

Trex Co., Inc. ^*		20,825		1,437,550

				5,648,212

Process Industries - 2.2%

Avient Corp.		13,200		539,352

Cabot Corp.		7,700		703,087

Olin Corp.		40,475		1,368,055

				2,610,494

Producer Manufacturing - 11.8%

AeroVironment, Inc. ^*		7,925		1,219,578

AZZ, Inc.		18,450		1,511,424

Belden, Inc.		13,600		1,531,496

Carlisle Cos., Inc.		2,200		811,448

Crane Co.		13,700		2,078,975

Crane NXT Co.		19,075		1,110,547

Donaldson Co., Inc.		13,575		914,276

Hubbell, Inc.		4,375		1,832,644

Lincoln Electric Holdings, Inc.		5,400		1,012,338

Regal Rexnord Corp.		6,755		1,047,903

Zurn Water Solutions Corp.		19,325		720,822

				13,791,451

Retail Trade - 3.5%

Boot Barn Holdings, Inc. ^*		6,775		1,028,581

Casey’s General Stores, Inc.		4,300		1,703,789

Ulta Beauty, Inc. ^*		3,050		1,326,536

				4,058,906

Technology Services - 12.8%

Altair Engineering, Inc. ^*		25,933		2,829,550

ANSYS, Inc. ^*		2,950		995,123

Aspen Technology, Inc. ^*		5,281		1,318,296

Euronet Worldwide, Inc. ^*		5,050		519,342

Globant SA ^*		11,350		2,433,667

HubSpot, Inc. ^*		3,175		2,212,245

nCino, Inc. ^*		15,975		536,441

Paycom Software, Inc.		6,225		1,275,938

PTC, Inc. ^*		15,375		2,827,001

				14,947,603

See accompanying notes to financial statements.



18		FINANCIAL STATEMENTS AND OTHER INFORMATION




Name of Issuer	Quantity		Fair Value ($)

Transportation - 3.7%

Alaska Air Group, Inc. ^*		17,675		1,144,456

Knight-Swift Transportation Holdings, Inc.		18,725		993,174

TFI International, Inc.		16,525		2,232,363

				4,369,993

Utilities - 0.5%

Chesapeake Utilities Corp.		4,925		597,649

Total Common Stocks (cost: $58,546,241)				115,108,183

Short-Term Securities - 1.7%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $2,028,060)		2,028,060		2,028,060

Total Investments in Securities - 100.1% (cost $60,574,301)				117,136,243

Other Assets and Liabilities, net - (0.1)%				(67,804	)

Net Assets - 100.0%				$117,068,439

*	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 December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2	Level 3
	Quoted		Other significant	Significant
	Prices ($)		observable inputs ($)	unobservable inputs ($)	Total ($)
Common Stocks^**		115,108,183	—	—		115,108,183
Short-Term Securities		2,028,060	—	—		2,028,060
Total:		117,136,243	—	—		117,136,243

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		19

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit International Growth Fund

Investments are grouped by geographic region.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 97.9%

Asia - 22.2%

Australia - 5.0%

Atlassian Corp. ^*		1,425		346,817

BHP Group, Ltd., ADR		4,200		205,086

Lynas Rare Earths, Ltd. ^*		46,625		185,560

Macquarie Group, Ltd.		2,225		305,248

Rio Tinto, PLC, ADR		4,400		258,764

Westpac Banking Corp.		4,425		88,520

				1,389,995

China/Hong Kong - 2.3%

AIA Group, Ltd.		32,200		233,416

Baidu, Inc., ADR ^*		1,075		90,633

ENN Energy Holdings, Ltd.		18,400		132,315

Ping An Insurance Group Co. of China, Ltd.		33,500		198,628

				654,992

India - 0.5%

HDFC Bank, Ltd., ADR		2,400		153,264

Japan - 8.7%

Keyence Corp.		1,000		406,962

Recruit Holdings Co., Ltd.		11,200		780,225

Sony Group Corp., ADR		35,325		747,477

Terumo Corp.		24,800		477,550

				2,412,214

Singapore - 3.3%

DBS Group Holdings, Ltd.		17,160		549,361

Singapore Technologies Engineering, Ltd.		104,800		357,609

				906,970

South Korea - 1.2%

LG Chem, Ltd.		975		164,725

Samsung Electronics Co., Ltd., GDR		185		168,350

				333,075

Taiwan - 1.2%

Hon Hai Precision Industry Co., Ltd., GDR		11,750		130,895

Taiwan Semiconductor Co., ADR		1,000		197,490

				328,385

Europe - 59.0%

Belgium - 2.0%

D’ieteren Group		1,390		231,381

UCB SA		1,600		318,545

				549,926

Denmark - 2.3%

Ascendis Pharma A/S, ADR ^*		1,000		137,670

Novo Nordisk A/S, ADR		5,825		501,066

				638,736

France - 9.4%

AXA SA		11,750		417,717

Dassault Systemes SE		11,700		406,001

Elis SA		12,125		237,378

Safran SA		2,590		569,033



Name of Issuer	Quantity		Fair Value ($)

Schneider Electric SE		3,970		990,659

				2,620,788

Germany - 7.6%

Allianz SE		2,250		690,317

Deutsche Post AG		6,550		230,167

Infineon Technologies AG		5,950		193,652

Muenchener Rueckversicherungs AG		800		403,654

Siemens AG		3,100		601,888

				2,119,678

Ireland - 2.9%

Accenture, PLC		550		193,484

CRH, PLC		2,800		259,056

Linde, PLC		500		209,335

STERIS, PLC		825		169,587

				831,462

Netherlands - 3.8%

Adyen NV ^*,4		84		125,035

ASML Holding NV		1,025		710,407

Stellantis NV		16,375		213,694

				1,049,136

Spain - 2.9%

Cellnex Telecom SA ⁴		5,200		164,340

Iberdrola SA		45,900		632,355

				796,695

Sweden - 1.2%

Evolution AB, ADR		2,325		178,676

Hexagon AB		16,200		154,537

				333,213

Switzerland - 7.5%

Lonza Group AG		590		348,176

Nestle SA		3,600		296,673

On Holding AG ^*		8,625		472,391

Partners Group Holding AG		490		662,570

TE Connectivity, PLC		1,100		157,267

Zurich Insurance Group AG		255		151,157

				2,088,234

United Kingdom - 19.4%

AstraZeneca, PLC, ADR		10,125		663,390

BAE Systems, PLC		48,500		697,337

Coca-Cola Europacific Partners, PLC		5,400		414,774

Compass Group, PLC		10,625		354,084

Diageo, PLC, ADR		1,840		233,919

Entain, PLC		27,600		237,444

London Stock Exchange Group, PLC		4,200		593,363

Man Group, PLC		93,600		251,229

Reckitt Benckiser Group, PLC		3,100		187,564

RELX, PLC		9,750		441,552

Rentokil Initial, PLC		47,250		237,082

Shell, PLC, ADR		12,250		767,463

Smith & Nephew, PLC		25,250		313,386

				5,392,587

See accompanying notes to financial statements.



20		FINANCIAL STATEMENTS AND OTHER INFORMATION



Name of Issuer	Quantity		Fair Value ($)

Latin America - 1.8%

Argentina - 1.8%

Globant SA ^*		2,050		439,561

MercadoLibre, Inc. ^*		40		68,018

				507,579

North America - 14.9%

Canada - 4.8%

Alimentation Couche-Tard, Inc.		7,400		410,399

Colliers International Group, Inc.		1,600		217,552

Lululemon Athletica, Inc. ^*		600		229,446

Waste Connections, Inc.		2,750		471,845

				1,329,242

United States - 10.1%

Broadcom, Inc.		10,250		2,376,360

Euronet Worldwide, Inc. ^*		1,375		141,405

Mondelez International, Inc.		4,800		286,704

				2,804,469

Total Common Stocks (cost: $17,518,018)				27,240,640

Investment Companies 0.6%

iShares MSCI India ETF (cost $95,267)		3,200		168,448

Short-Term Securities - 1.1%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $309,768)		309,768		309,768

Total Investments in Securities - 99.6% (cost $17,923,053)				27,718,856

Other Assets and Liabilities, net - 0.4%				102,288

Net Assets - 100.0%			$	27,821,144

*	Non-income producing security.

⁴	144A Restricted Security. The total value of such securities as of December 31, 2024 was $289,375 and represented 1.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		21

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit International Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks
Argentina		507,579		—		—		507,579
Australia		1,389,995		—		—		1,389,995
Belgium		549,926		—		—		549,926
Canada		1,329,242		—		—		1,329,242
China/Hong Kong		654,992		—		—		654,992
Denmark		638,736		—		—		638,736
France		2,620,788		—		—		2,620,788
Germany		2,119,678		—		—		2,119,678
India		153,264		—		—		153,264
Ireland		831,462		—		—		831,462
Japan		2,412,214		—		—		2,412,214
Netherlands		1,049,136		—		—		1,049,136
Singapore		906,970		—		—		906,970
South Korea		333,075		—		—		333,075
Spain		796,695		—		—		796,695
Sweden		333,213		—		—		333,213
Switzerland		2,088,234		—		—		2,088,234
Taiwan		328,385		—		—		328,385
United Kingdom		5,392,587		—		—		5,392,587
United States		2,804,469		—		—		2,804,469
Investment Companies		168,448		—		—		168,448
Short-Term Securities		309,768		—		—		309,768

Total:		27,718,856		—		—		27,718,856

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

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

See accompanying notes to financial statements.



22		FINANCIAL STATEMENTS AND OTHER INFORMATION

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DECEMBER 31, 2024		23

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 93.6%

Africa/Middle East - 8.2%

Israel - 1.4%

NICE, Ltd., ADR ^*		775		131,626

South Africa - 6.8%

Bid Corp., Ltd.		9,850		224,739

Bidvest Group, Ltd.		5,525		77,196

Naspers, Ltd.		1,425		315,127

				617,062

Asia - 64.9%

Australia - 2.1%

Atlassian Corp. ^*		450		109,521

Rio Tinto, PLC, ADR		1,425		83,804

				193,325

China/Hong Kong - 20.8%

AIA Group, Ltd.		21,400		155,127

Baidu, Inc., ADR ^*		925		77,987

China Mengniu Dairy Co., Ltd.		28,000		63,307

China Petroleum & Chemical Corp.		140,000		80,215

ENN Energy Holdings, Ltd.		19,800		142,382

Hong Kong Exchanges & Clearing, Ltd.		5,100		193,582

Meituan ^*,4		6,820		133,210

Ping An Insurance Group Co. of China, Ltd.		26,900		159,495

Sands China, Ltd. ^*		42,400		114,098

Sinopharm Group Co., Ltd.		44,900		123,138

Tencent Holdings, Ltd.		8,200		440,267

Trip.com Group, Ltd., ADR ^*		3,275		224,861

				1,907,669

India - 3.7%

HDFC Bank, Ltd., ADR		4,375		279,387

MakeMyTrip, Ltd. ^*		510		57,263

				336,650

Indonesia - 2.0%

Astra International Tbk PT		176,000		53,502

XL Axiata Tbk PT		948,800		132,472

				185,974

Singapore - 9.0%

DBS Group Holdings, Ltd.		12,100		387,370

Flex, Ltd. ^*		4,000		153,560

Sea, Ltd, ADR ^*		1,225		129,972

Singapore Technologies Engineering, Ltd.		44,000		150,141

				821,043

South Korea - 8.1%

LG Chem, Ltd.		450		76,027

NAVER Corp.		450		60,562

Samsung Electronics Co., Ltd.		10,925		394,326

Shinhan Financial Group Co., Ltd.		4,150		134,765

SK Hynix, Inc.		650		75,531

				741,211

Taiwan - 17.5%

Cathay Financial Holding Co., Ltd.		88,784		184,964

Hon Hai Precision Industry Co., Ltd., GDR		16,625		185,203



Name of Issuer	Quantity		Fair Value ($)

Taiwan Semiconductor Co.		37,482		1,229,030

				1,599,197

Thailand - 1.7%

Bangkok Bank PCL		36,500		161,417

Europe - 1.6%

Netherlands - 1.6%

Prosus NV		3,705		147,181

Latin America - 8.0%

Argentina - 3.8%

Globant SA ^*		1,175		251,944

MercadoLibre, Inc. ^*		55		93,524

				345,468

Brazil - 0.8%

Banco Bradesco SA		30,350		56,791

Lojas Renner SA		8,943		17,545

				74,336

Chile - 1.0%

Banco Santander Chile, ADR		4,700		88,642

Peru - 2.4%

Southern Copper Corp.		2,426		221,081

North America - 10.9%

Mexico - 1.9%

Fomento Economico Mexicano, ADR		1,575		134,646

Grupo Bimbo SAB de CV		16,000		42,473

				177,119

United States - 9.0%

Broadcom, Inc.		3,550		823,032
Total Common Stocks (cost: $5,536,078)				8,572,033

Investment Companies 5.7%

iShares MSCI India ETF (cost $292,601)		9,750		513,240

Short-Term Securities - 0.7%

Fidelity Inst. Money Mkt. Gvt. Fund, 4.42% (cost $67,426)		67,426		67,426

Total Investments in Securities - 100.0% (cost $5,896,105)				9,152,699

Other Assets and Liabilities, net - 0.0%				4,087

Net Assets - 100.0%			$	9,156,786

See accompanying notes to financial statements.



24		FINANCIAL STATEMENTS AND OTHER INFORMATION

*	Non-income producing security.

⁴	144A Restricted Security. The total value of such securities as of December 31, 2024 was $133,210 and represented 1.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of December 31, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):


	Investment in Securities

	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks
Argentina		345,468		—		—		345,468
Australia		193,325		—		—		193,325
Brazil		74,336		—		—		74,336
Chile		88,642		—		—		88,642
China/Hong Kong		1,907,669		—		—		1,907,669
India		336,650		—		—		336,650
Indonesia		185,974		—		—		185,974
Israel		131,626		—		—		131,626
Mexico		177,119		—		—		177,119
Netherlands		147,181		—		—		147,181
Peru		221,081		—		—		221,081
Singapore		821,043		—		—		821,043
South Africa		617,062		—		—		617,062
South Korea		741,211		—		—		741,211
Taiwan		1,599,197		—		—		1,599,197
Thailand		161,417		—		—		161,417
United States		823,032		—		—		823,032
Investment Companies		513,240		—		—		513,240
Short-Term Securities		67,426		—		—		67,426

Total:		9,152,699		—		—		9,152,699

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

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

See accompanying notes to financial statements.



DECEMBER 31, 2024		25

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

December 31, 2024


	Sit Balanced Fund		Sit Dividend Growth Fund		Sit Global Dividend Growth Fund
ASSETS
Investments in securities, at identified cost		$43,570,355		$175,915,450		$23,403,063


Investments in securities, at fair value - see accompanying schedule for detail		$68,711,278		$239,015,139		$53,378,180
Cash in bank on demand deposit		61		—		6
Accrued interest and dividends receivable		217,149		293,951		125,032
Receivable for investment securities sold		—		32,234		—
Receivable for Fund shares sold		21,477		44,291		1,837


Total assets		68,949,965		239,385,615		53,505,055


LIABILITIES
Payable for investment securities purchased		14,369		—		—
Payable for Fund shares redeemed		89,761		116,387		—
Accrued investment management fees and advisory fees		47,298		146,054		46,011
Accrued Rule 12b-1 fees (Class S)		—		4,479		1,110


Total liabilities		151,428		266,920		47,121


Net assets applicable to outstanding capital stock		$68,798,537		$239,118,695		$53,457,934


Net assets consist of:
Capital (par value and paid-in surplus)		$43,094,650		$169,228,120		$23,488,028
Total distributable earnings (loss), including unrealized appreciation (depreciation)		25,703,887		69,890,575		29,969,906


		$68,798,537		$239,118,695		$53,457,934


Outstanding shares:
Common Shares (Class I)^*		1,937,877		13,907,696		1,731,631

Common Shares (Class S)^*		—		1,328,232		189,411


Net assets applicable to outstanding shares:
Common Shares (Class I)^*		$68,798,537		$218,418,980		$48,192,016

Common Shares (Class S)^*		—		20,699,715		5,265,918


Net asset value per share of outstanding capital stock:
Common Shares (Class I)^*		$35.50		$15.70		$27.83

Common Shares (Class S)^*		—		15.58		27.80

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

See accompanying notes to financial statements.



26		FINANCIAL STATEMENTS AND OTHER INFORMATION


Sit Large Cap Growth Fund		Sit ESG Growth Fund		Sit Mid Cap Growth Fund		Sit Small Cap Dividend Growth Fund		Sit Small Cap Growth Fund		Sit International Growth Fund		Sit Developing Markets Growth Fund

	$75,471,785		$5,778,874		$88,827,072		$21,671,292		$60,574,301		$17,923,053		$5,896,105


	$230,384,278		$11,743,813		$212,987,435		$31,408,421		$117,136,243		$27,718,856		$9,152,699
	—		4		—		—		—		10		1
	88,453		20,077		69,163		49,552		86,478		121,472		8,612
	362,233		—		—		—		—		—		—
	12,318		—		128,928		8,892		2,381		1,340		3,019


	230,847,282		11,763,894		213,185,526		31,466,865		117,225,102		27,841,678		9,164,331



	—		—		—		198,858		—		—		—
	8,610		—		555		6,264		297		—		—
	199,801		10,204		232,290		24,929		156,366		20,534		7,545
	—		1,183		—		1,473		—		—		—


	208,411		11,387		232,845		231,524		156,663		20,534		7,545


	$230,638,871		$11,752,507		$212,952,681		$31,235,341		$117,068,439		$27,821,144		$9,156,786



	$72,294,332		$5,788,795		$84,893,875		$21,345,772		$61,491,988		$18,196,041		$6,191,955
	158,344,539		5,963,712		128,058,806		9,889,569		55,576,451		9,625,103		2,964,831


	$230,638,871		$11,752,507		$212,952,681		$31,235,341		$117,068,439		$27,821,144		$9,156,786



	3,004,550		283,360		8,772,164		1,448,351		1,786,494		1,282,835		530,808

	—		247,789		—		389,802		—		—		—



	$230,638,871		$6,296,492		$212,952,681		$24,613,995		$117,068,439		$27,821,144		$9,156,786

	—		5,456,015		—		6,621,346		—		—		—



	$76.76		$22.22		$24.28		$16.99		$65.53		$21.69		$17.25

	—		22.02		—		16.99		—		—		—



DECEMBER 31, 2024		27

STATEMENTS OF OPERATIONS (Unaudited)

Six Months Ended December 31, 2024


	Sit Balanced Fund			Sit Dividend Growth Fund			Sit Global Dividend Growth Fund
Investment income:
Income:
Dividends^*		$271,155			$2,230,915			$437,099
Interest		512,452			51,107			22,051


Total income		783,607			2,282,022			459,150


Expenses (note 4):
Investment management and advisory service fee		336,057			1,232,165			332,572
12b-1 fees (Class S)		—			26,860			6,010


Total expenses		336,057			1,259,025			338,582

Less fees and expenses waived by investment adviser		(67,211	)		(369,650	)		(66,514	)

Total net expenses		268,846			889,375			272,068


Net investment income (loss)		514,761			1,392,647			187,082


Realized and unrealized gain (loss):
Net realized gain (loss) on investments		1,082,696			18,363,459			465,983
Net realized gain (loss) on foreign currency transactions		—			—			(1,042	)

Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		2,244,593			(5,722,951	)		2,020,981


Net gain (loss)		3,327,289			12,640,508			2,485,922


Net increase (decrease) in net assets resulting from operations		$3,842,050			$14,033,155			$2,673,004



* Foreign taxes withheld on dividends received		$120			$1,106			$18,740

See accompanying notes to financial statements.



28		FINANCIAL STATEMENTS AND OTHER INFORMATION


Sit Large Cap Growth Fund		Sit ESG Growth Fund			Sit Mid Cap Growth Fund			Sit Small Cap Dividend Growth Fund			Sit Small Cap Growth Fund			Sit International Growth Fund			Sit Developing Markets Growth Fund


	$831,581		$67,182			$818,635			$246,786			$481,236			$259,800			$79,836
	144,124		8,979			90,268			37,137			74,580			11,373			4,808


	975,705		76,161			908,903			283,923			555,816			271,173			84,644



	1,120,587		74,037			1,312,650			196,076			906,204			215,386			94,231
	—		6,815			—			7,963			—			—			—


	1,120,587		80,852			1,312,650			204,039			906,204			215,386			94,231

	—		(14,807	)		—			(54,901	)		—			(93,334	)		(49,471	)

	1,120,587		66,045			1,312,650			149,138			906,204			122,052			44,760


	(144,882)		10,116			(403,747	)		134,785			(350,388	)		149,121			39,884



	4,029,739		80,163			4,767,469			424,629			1,007,189			(52,296	)		(246,283	)
	—		24			—			(1	)		—			(808	)		(405	)

	11,693,607		531,779			14,019,307			1,290,857			4,739,683			518,981			658,904


	15,723,346		611,966			18,786,776			1,715,485			5,746,872			465,877			412,216


	$15,578,464		$622,082			$18,383,029			$1,850,270			$5,396,484			$614,998			$452,100


	$1,027		$1,254			$3,510			$856			$3,618			$23,037			$9,541



DECEMBER 31, 2024		29

STATEMENTS OF CHANGES IN NET ASSETS


	Sit Balanced Fund						Sit Dividend Growth Fund
	Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024
Operations:
Net investment income (loss)		$514,761			$876,533			$1,392,647			$2,886,570
Net realized gain (loss) on investments and foreign currency transactions		1,082,696			488,045			18,363,459			16,528,458
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		2,244,593			9,361,487			(5,722,951	)		19,659,266


Net increase (decrease) in net assets resulting from operations		3,842,050			10,726,065			14,033,155			39,074,294


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(1,440,329	)		(785,004	)		(24,324,474	)		(9,361,625	)
Common shares (Class S)		—			—			(2,250,630	)		(911,300	)


Total distributions		(1,440,329	)		(785,004	)		(26,575,104	)		(10,272,925	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		5,826,441			11,989,285			5,324,649			10,025,307
Common Shares (Class S)		—			—			454,263			1,501,060
Reinvested distributions
Common Shares (Class I)		1,222,532			701,735			21,948,378			8,610,760
Common Shares (Class S)		—			—			2,207,792			896,823
Payments for shares redeemed
Common Shares (Class I)		(4,987,448	)		(7,748,651	)		(19,560,099	)		(32,477,006	)
Common Shares (Class S)		—			—			(1,991,467	)		(5,235,791	)


Increase (decrease) in net assets from capital transactions		2,061,525			4,942,369			8,383,516			(16,678,847	)


Total increase (decrease) in net assets		4,463,246			14,883,430			(4,158,433	)		12,122,522

Net assets:
Beginning of period		64,335,291			49,451,861			243,277,128			231,154,606


End of period		$68,798,537			$64,335,291			$239,118,695			$243,277,128


Capital transactions in shares:
Sold
Common Shares (Class I)		167,147			388,376			309,670			664,126
Common Shares (Class S)		—			—			27,080			102,524
Reinvested distributions
Common Shares (Class I)		34,188			23,470			1,362,030			582,968
Common Shares (Class S)		—			—			138,111			61,144
Redeemed
Common Shares (Class I)		(142,741	)		(252,191	)		(1,153,436	)		(2,190,153	)
Common Shares (Class S)		—			—			(117,616	)		(348,243	)


Net increase (decrease)		58,594			159,655			565,839			(1,127,634	)

See accompanying notes to financial statements.



30		FINANCIAL STATEMENTS AND OTHER INFORMATION


Sit Global Dividend Growth Fund					Sit Large Cap Growth Fund						Sit ESG Growth Fund
Six Months Ended December 31, 2024 (Unaudited)		Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024

	$187,082		$452,197			($144,882	)		($93,966	)		$10,116			$64,001
	464,941		1,033,943			4,029,739			8,562,797			80,187			41,128
	2,020,981		7,299,887			11,693,607			40,401,221			531,779			1,882,991


	2,673,004		8,786,027			15,578,464			48,870,052			622,082			1,988,120




	(1,100,529)		(447,677	)		(8,975,525	)		(3,193,469	)		(36,809	)		(39,839	)
	(109,192)		(32,328	)		—			—			(19,191	)		(25,161	)


	(1,209,721)		(480,005	)		(8,975,525	)		(3,193,469	)		(56,000	)		(65,000	)




	299,850		1,414,301			11,080,340			14,948,982			86,462			367,521
	821,402		347,605			—			—			14,930			107,106

	904,707		415,039			7,402,366			2,846,419			6,543			7,307
	42,104		28,025			—			—			2,288			3,159

	(860,026)		(6,795,861	)		(8,559,191	)		(12,132,066	)		(233,979	)		(129,545	)
	(327,921)		(528,076	)		—			—			(14,787	)		(125,858	)


	880,116		(5,118,967	)		9,923,515			5,663,335			(138,543	)		229,690


	2,343,399		3,187,055			16,526,454			51,339,918			427,539			2,152,810


	51,114,535		47,927,480			214,112,417			162,772,499			11,324,968			9,172,158


	$53,457,934		$51,114,535			$230,638,871			$214,112,417			$11,752,507			$11,324,968




	10,739		57,586			148,043			224,634			3,997			18,428
	28,706		14,146			—			—			669			5,665

	31,860		18,001			93,796			45,579			288			398
	1,481		1,239			—			—			102			174

	(30,733)		(285,520	)		(112,056	)		(189,311	)		(10,533	)		(7,174	)
	(11,832)		(21,952	)		—			—			(670	)		(6,570	)


	30,221		(216,500	)		129,783			80,902			(6,147	)		10,921



DECEMBER 31, 2024		31

STATEMENTS OF CHANGES IN NET ASSETS


	Sit Mid Cap Growth Fund						Sit Small Cap Dividend Growth Fund
	Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024
Operations:
Net investment income (loss)		($403,747	)		($493,104	)		$134,785			$252,890
Net realized gain (loss) on investments and foreign currency transactions		4,767,469			9,240,872			424,628			17,528
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		14,019,307			18,869,686			1,290,857			3,108,789


Net increase (decrease) in net assets resulting from operations		18,383,029			27,617,454			1,850,270			3,379,207


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(8,003,648	)		(903,590	)		(373,067	)		(202,009	)
Common shares (Class S)		—			—			(86,128	)		(44,992	)


Total distributions		(8,003,648	)		(903,590	)		(459,195	)		(247,001	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		1,175,630			1,265,545			1,373,445			5,661,159
Common Shares (Class S)		—			—			977,889			265,961
Reinvested distributions
Common Shares (Class I)		5,656,062			691,910			296,007			174,233
Common Shares (Class S)		—			—			27,774			27,519
Payments for shares redeemed
Common Shares (Class I)		(7,442,601	)		(10,707,589	)		(1,064,914	)		(1,971,501	)
Common Shares (Class S)		—			—			(145,546	)		(382,921	)


Increase (decrease) in net assets from capital transactions		(610,909	)		(8,750,134	)		1,464,655			3,774,450


Total increase (decrease) in net assets		9,768,472			17,963,730			2,855,730			6,906,656

Net assets:
Beginning of period		203,184,209			185,220,479			28,379,611			21,472,955


End of period		$212,952,681			$203,184,209			$31,235,341			$28,379,611


Capital transactions in shares:
Sold
Common Shares (Class I)		48,435			59,052			80,486			379,490
Common Shares (Class S)		—			—			54,906			17,413
Reinvested distributions
Common Shares (Class I)		225,251			32,607			16,931			11,899
Common Shares (Class S)		—			—			1,583			1,932
Redeemed
Common Shares (Class I)		(311,427	)		(508,237	)		(62,213	)		(131,663	)
Common Shares (Class S)		—			—			(7,982	)		(25,272	)


Net increase (decrease)		(37,741	)		(416,578	)		83,711			253,799

See accompanying notes to financial statements.



32		FINANCIAL STATEMENTS AND OTHER INFORMATION


Sit Small Cap Growth Fund					Sit International Growth Fund						Sit Developing Markets Growth Fund
Six Months Ended December 31, 2024 (Unaudited)		Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024			Six Months Ended December 31, 2024 (Unaudited)			Year Ended June 30, 2024

	($350,388)		($509,574	)		$149,121			$374,138			$39,884			$111,713
	1,007,189		5,657,283			(53,104	)		505,843			(246,688	)		248,438
	4,739,683		7,209,352			518,981			1,353,908			658,904			346,331


	5,396,484		12,357,061			614,998			2,233,889			452,100			706,482




	(5,328,139)		(3,306,617	)		(960,828	)		(557,510	)		(369,493	)		(193,142	)
	—		—			—			—			—			—


	(5,328,139)		(3,306,617	)		(960,828	)		(557,510	)		(369,493	)		(193,142	)




	4,950,210		2,106,745			280,526			411,212			698,286			496,756
	—		—			—			—			—			—

	3,716,725		2,854,962			643,844			417,004			291,124			174,028
	—		—			—			—			—			—

	(3,955,122)		(11,548,021	)		(605,061	)		(1,280,490	)		(980,852	)		(2,216,354	)
	—		—			—			—			—			—


	4,711,813		(6,586,314	)		319,309			(452,274	)		8,558			(1,545,570	)


	4,780,158		2,464,130			(26,521	)		1,224,105			91,165			(1,032,230	)


	112,288,281		109,824,151			27,847,665			26,623,560			9,065,621			10,097,851


	$117,068,439		$112,288,281			$27,821,144			$27,847,665			$9,156,786			$9,065,621




	70,834		34,544			12,319			19,461			38,194			31,282
	—		—			—			—			—			—

	54,306		48,055			28,705			20,068			16,383			11,374
	—		—			—			—			—			—

	(56,809)		(185,978	)		(26,890	)		(62,175	)		(54,892	)		(140,338	)
	—		—			—			—			—			—


	68,331		(103,379	)		14,134			(22,646	)		(315	)		(97,682	)



DECEMBER 31, 2024		33

FINANCIAL HIGHLIGHTS

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


Sit Balanced Fund

	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$34.23		$28.76			$26.86			$32.85			$26.37			$25.06


Operations:
Net investment income ¹		0.27		0.49			0.38			0.23			0.22			0.25
Net realized and unrealized gains (losses)		1.75		5.42			2.84			(4.86	)		6.71			2.64


Total from operations		2.02		5.91			3.22			(4.63	)		6.93			2.89

Distributions to Shareholders:
From net investment income		(0.40)		(0.44	)		(0.36	)		(0.22	)		(0.20	)		(0.27	)
From net realized gains		(0.35)		—			(0.96	)		(1.14	)		(0.25	)		(1.31	)


Total distributions		(0.75)		(0.44	)		(1.32	)		(1.36	)		(0.45	)		(1.58	)

Net Asset Value
End of period		$35.50		$34.23			$28.76			$26.86			$32.85			$26.37


Total investment return ²		5.89%		20.81	%		12.53	%		(14.87	%)		26.48	%		11.91	%


Net assets at end of period (000’s omitted)		$68,799		$64,335			$49,452			$48,126			$66,243			$46,658

Ratios: ³
Expenses (without waiver)		1.00%⁴		1.00	%⁴		1.00	%⁴		1.00	%⁴		1.00	%		1.00	%
Expenses (with waiver)		0.80%⁴		0.80	%⁴		0.80	%⁴		0.91	%⁴		—			—
Net investment income (without waiver)		1.33%		1.38	%		1.22	%		0.62	%		0.74	%		0.99	%
Net investment income (with waiver)		1.53%		1.58	%		1.42	%		0.71	%		—			—

Portfolio turnover rate (excluding short-term securities)		12.73%⁵		33.30	%		39.71	%		39.92	%		38.30	%		58.63	%

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

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

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

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

⁵	Not annualized.



34		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class I	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$16.59		$14.64			$14.29			$17.37			$13.48			$14.45


Operations:
Net investment income ¹		0.10		0.19			0.21			0.24			0.21			0.22
Net realized and unrealized gains (losses)		0.92		2.45			1.78			(1.19	)		4.75			0.64


Total from operations		1.02		2.64			1.99			(0.95	)		4.96			0.86


Redemption fee		—		—	²		—	²		—	²		—	²		—	²

Distributions to Shareholders:
From net investment income		(0.15)		(0.21	)		(0.20	)		(0.24	)		(0.21	)		(0.24	)
From net realized gains		(1.76)		(0.48	)		(1.44	)		(1.89	)		(0.86	)		(1.59	)


Total distributions		(1.91)		(0.69	)		(1.64	)		(2.13	)		(1.07	)		(1.83	)

Net Asset Value
End of period		$15.70		$16.59			$14.64			$14.29			$17.37			$13.48


Total investment return ³		5.89%		18.70	%		14.76	%		(7.27	%)		38.13	%		5.46	%


Net assets at end of period (000’s omitted)		$218,419		$222,185			$209,856			$191,010			$207,378			$172,746

Ratios: ⁴
Expenses (without waiver) ⁵		1.00%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Expenses (with waiver) ⁵		0.70%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (without waiver)		0.85%		0.99	%		1.15	%		1.11	%		1.08	%		1.30	%
Net investment income (with waiver)		1.15%		1.29	%		1.45	%		1.41	%		1.38	%		1.60	%

Portfolio turnover rate (excluding short-term securities)		22.61%⁶		41.64	%		51.49	%		58.96	%		42.93	%		68.43	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



DECEMBER 31, 2024		35

FINANCIAL HIGHLIGHTS

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


Sit Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class S	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$16.47		$14.54			$14.20			$17.27			$13.40			$14.37


Operations:
Net investment income ¹		0.08		0.16			0.17			0.19			0.17			0.19
Net realized and unrealized gains (losses)		0.90		2.42			1.77			(1.17	)		4.73			0.63


Total from operations		0.98		2.58			1.94			(0.98	)		4.90			0.82


Redemption fee		—²		—	²		—	²		—			—	²		—	²

Distributions to Shareholders:
From net investment income		(0.11)		(0.17	)		(0.16	)		(0.20	)		(0.17	)		(0.20	)
From net realized gains		(1.76)		(0.48	)		(1.44	)		(1.89	)		(0.86	)		(1.59	)


Total distributions		(1.87)		(0.65	)		(1.60	)		(2.09	)		(1.03	)		(1.79	)

Net Asset Value
End of period		$15.58		$16.47			$14.54			$14.20			$17.27			$13.40


Total investment return ³		5.68%		18.40	%		14.47	%		(7.50	%)		37.87	%		5.19	%


Net assets at end of period (000’s omitted)		$20,700		$21,092			$21,299			$21,915			$31,295			$29,106

Ratios: ⁴
Expenses (without waiver) ⁵		1.25%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses (with waiver) ⁵		0.95%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (without waiver)		0.60%		0.74	%		0.90	%		0.85	%		0.83	%		1.05	%
Net investment income (with waiver)		0.90%		1.04	%		1.20	%		1.15	%		1.13	%		1.35	%

Portfolio turnover rate (excluding short-term securities)		22.61%⁶		41.64	%		51.49	%		58.96	%		42.93	%		68.43	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



36		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Global Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class I	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$27.04		$22.75			$19.77			$22.47			$16.87			$16.34


Operations:
Net investment income ¹		0.10		0.23			0.24			0.21			0.20			0.22
Net realized and unrealized gains (losses)		1.34		4.30			2.98			(2.73	)		5.59			0.57


Total from operations		1.44		4.53			3.22			(2.52	)		5.79			0.79


Redemption fee		—		—	²		—			—			—			—	²

Distributions to Shareholders:
From net investment income		(0.21)		(0.24	)		(0.24	)		(0.18	)		(0.19	)		(0.26	)
From net realized gains		(0.44)		—			—			—			—			—


Total distributions		(0.65)		(0.24	)		(0.24	)		(0.18	)		(0.19	)		(0.26	)

Net Asset Value
End of period		$27.83		$27.04			$22.75			$19.77			$22.47			$16.87


Total investment return ³		5.26%		20.10	%		16.46	%		(11.31	%)		34.61	%		4.93	%


Net assets at end of period (000’s omitted)		$48,192		$46,497			$43,893			$37,057			$41,461			$31,361

Ratios: ⁴
Expenses (without waiver) ⁵		1.25%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses (with waiver) ⁵		1.00%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (without waiver)		0.47%		0.72	%		0.91	%		0.66	%		0.77	%		1.11	%
Net investment income (with waiver)		0.72%		0.97	%		1.16	%		0.91	%		1.02	%		1.36	%

Portfolio turnover rate (excluding short-term securities)		1.08%⁶		3.42	%		6.09	%		4.64	%		11.55	%		22.15	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



DECEMBER 31, 2024		37

FINANCIAL HIGHLIGHTS

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


Sit Global Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class S	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$27.00		$22.71			$19.74			$22.45			$16.85			$16.33


Operations:
Net investment income ¹		0.07		0.17			0.19			0.15			0.15			0.18
Net realized and unrealized gains (losses)		1.33		4.30			2.96			(2.73	)		5.60			0.56


Total from operations		1.40		4.47			3.15			(2.58	)		5.75			0.74


Redemption fee		—		—	²		—			—			—	²		—	²

Distributions to Shareholders:
From net investment income		(0.16)		(0.18	)		(0.18	)		(0.13	)		(0.15	)		(0.22	)
From net realized gains		(0.44)		—			—			—			—			—


Total distributions		(0.60)		(0.18	)		(0.18	)		(0.13	)		(0.15	)		(0.22	)

Net Asset Value
End of period		$27.80		$27.00			$22.71			$19.74			$22.45			$16.85


Total investment return ³		5.12%		19.85	%		16.13	%		(11.58	%)		34.32	%		4.60	%


Net assets at end of period (000’s omitted)		$5,266		$4,618			$4,034			$3,391			$4,093			$3,391

Ratios: ⁴
Expenses (without waiver) ⁵		1.50%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Expenses (with waiver) ⁵		1.25%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income (without waiver)		0.26%		0.47	%		0.66	%		0.39	%		0.52	%		0.87	%
Net investment income (with waiver)		0.51%		0.72	%		0.91	%		0.64	%		0.77	%		1.12	%

Portfolio turnover rate (excluding short-term securities)		1.08%⁶		3.42	%		6.09	%		4.64	%		11.55	%		22.15	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



38		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Large Cap Growth Fund

	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$74.48		$58.26			$48.29			$63.04			$47.07			$42.53


Operations:
Net investment income (loss) ¹		(0.05)		(0.03	)		0.05			(0.09	)		(0.06	)		0.07
Net realized and unrealized gains (losses)		5.41		17.41			11.70			(10.74	)		18.95			8.60


Total from operations		5.36		17.38			11.75			(10.83	)		18.89			8.67


Redemption fee		—		—	²		—	²		—			—	²		—	²

Distributions to Shareholders:
From net investment income		—		(0.04	)		—			—			(0.02	)		(0.12	)
From net realized gains		(3.08)		(1.12	)		(1.78	)		(3.92	)		(2.90	)		(4.01	)


Total distributions		(3.08)		(1.16	)		(1.78	)		(3.92	)		(2.92	)		(4.13	)

Net Asset Value
End of period		$76.76		$74.48			$58.26			$48.29			$63.04			$47.07


Total investment return ³		7.08%		30.22	%		25.20	%		(18.78	%)		41.12	%		21.34	%


Net assets at end of period (000’s omitted)		$230,639		$214,112			$162,772			$136,435			$177,096			$129,154

Ratios: ⁴
Expenses		1.00%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.13%)		(0.05	%)		0.10	%		(0.15	%)		(0.11	%)		0.17	%

Portfolio turnover rate (excluding short-term securities)		2.04%⁵		11.11	%		2.96	%		10.83	%		9.75	%		14.53	%

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

²	Amount represents less than $0.01 per share.

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

⁴

⁵	Not annualized.



DECEMBER 31, 2024		39

FINANCIAL HIGHLIGHTS

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


Sit ESG Growth Fund

	Six Months Ended					Year Ended June 30,
Class I	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$21.18		$17.51			$14.87			$18.17			$13.85			$13.21


Operations:
Net investment income ¹		0.03		0.14			0.14			0.10			0.12			0.12
Net realized and unrealized gains (losses)		1.14		3.67			2.99			(3.13	)		4.30			0.74


Total from operations		1.17		3.81			3.13			(3.03	)		4.42			0.86


Redemption fee		—		—	²		—			—			—	²		—

Distributions to Shareholders:
From net investment income		(0.13)		(0.14	)		(0.10	)		(0.08	)		(0.10	)		(0.17	)
From net realized gains		—		—			(0.39	)		(0.19	)		—			(0.05	)


Total distributions		(0.13)		(0.14	)		(0.49	)		(0.27	)		(0.10	)		(0.22	)

Net Asset Value
End of period		$22.22		$21.18			$17.51			$14.87			$18.17			$13.85


Total investment return ³		5.51%		21.90	%		21.57	%		(16.97	%)		31.97	%		6.47	%


Net assets at end of period (000’s omitted)		$6,296		$6,133			$4,866			$3,740			$4,841			$3,477

Ratios: ⁴
Expenses (without waiver) ⁵		1.25%		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Expenses (with waiver) ⁵		1.00%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (without waiver)		0.04%		0.52	%		0.65	%		0.30	%		0.48	%		0.63	%
Net investment income (with waiver)		0.29%		0.77	%		0.90	%		0.55	%		0.73	%		0.88	%

Portfolio turnover rate (excluding short-term securities)		1.19%⁶		3.31	%		7.12	%		9.23	%		7.39	%		25.28	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



40		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit ESG Growth Fund

	Six Months Ended					Year Ended June 30,
Class S	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$20.96		$17.33			$14.74			$18.05			$13.78			$13.16


Operations:
Net investment income ¹		—²		0.10			0.10			0.05			0.08			0.08
Net realized and unrealized gains (losses)		1.14		3.63			2.96			(3.11)			4.27			0.74


Total from operations		1.14		3.73			3.06			(3.06)			4.35			0.82


Redemption fee		—		—²			—			—			—			—

Distributions to Shareholders:
From net investment income		(0.08)		(0.10)			(0.08)			(0.06)			(0.08)			(0.15)
From net realized gains		—		—			(0.39)			(0.19)			—			(0.05)


Total distributions		(0.08)		(0.10)			(0.47)			(0.25)			(0.08)			(0.20)

Net Asset Value
End of period		$22.02		$20.96			$17.33			$14.74			$18.05			$13.78


Total investment return ³		5.42%		21.62%			21.27%			(17.24%)			31.61%			6.22%


Net assets at end of period (000’s omitted)		$5,456		$5,192			$4,306			$3,577			$4,279			$3,158

Ratios: ⁴
Expenses (without waiver) ⁵		1.50%		1.50%			1.50%			1.50%			1.50%			1.50%
Expenses (with waiver) ⁵		1.25%		1.25%			1.25%			1.25%			1.25%			1.25%
Net investment income (without waiver)		(0.21%)		0.27	%		0.40	%		0.05	%		0.23	%		0.38	%
Net investment income (with waiver)		0.04%		0.52	%		0.65	%		0.30	%		0.48	%		0.63	%

Portfolio turnover rate (excluding short-term securities)		1.19%⁶		3.31	%		7.12	%		9.23	%		7.39	%		25.28	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



DECEMBER 31, 2024		41

FINANCIAL HIGHLIGHTS

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


Sit Mid Cap Growth Fund

	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$23.06		$20.07			$16.96			$25.41			$19.05			$18.84


Operations:
Net investment loss ¹		(0.05)		(0.05	)		(0.01	)		(0.12	)		(0.10	)		(0.05	)
Net realized and unrealized gains (losses)		2.20		3.14			3.67			(5.37	)		7.44			1.64


Total from operations		2.15		3.09			3.66			(5.49	)		7.34			1.59


Redemption fee		—		—	²		—	²		—	²		—	²		—	²

Distributions to Shareholders:
From net realized gains		(0.93)		(0.10	)		(0.55	)		(2.96	)		(0.98	)		(1.38	)


Net Asset Value
End of period		$24.28		$23.06			$20.07			$16.96			$25.41			$19.05


Total investment return ³		9.20%		15.39	%		22.00	%		(24.70	%)		38.99	%		8.75	%


Net assets at end of period (000’s omitted)		$212,953		$203,184			$185,220			$164,430			$228,171			$172,744

Ratios: ⁴
Expenses		1.25%		1.25%			1.25%			1.25%			1.25%			1.25%
Net investment loss		(0.38%)		(0.26	%)		(0.03	%)		(0.52	%)		(0.46	%)		(0.27	%)

Portfolio turnover rate (excluding short-term securities)		2.38%⁵		8.64	%		7.00	%		13.16	%		19.54	%		25.58	%

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

²	Amount represents less than $0.01 per share.

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

⁴

⁵	Not annualized.



42		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Small Cap Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class I	December 31, 2024
	(Unaudited)		2024			2023		2022			2021		2020

Net Asset Value:
Beginning of period		$16.18		$14.31			$12.85		$16.73			$11.39		$11.89

Operations:
Net investment income ¹		0.08		0.17			0.19		0.14			0.13		0.13
Net realized and unrealized gains (losses)		0.99		1.87			1.83		(2.61)			5.32		(0.49)

Total from operations		1.07		2.04			2.02		(2.47)			5.45		(0.36)

Redemption fee		—		—	²		—		—	²		—		—

Distributions to Shareholders:
From net investment income		(0.12)		(0.17)			(0.19)		(0.14)			(0.11)		(0.14)
From net realized gains		(0.14)		—			(0.37)		(1.27)			—		—


Total distributions		(0.26)		(0.17)			(0.56)		(1.41)			(0.11)		(0.14)

Net Asset Value
End of period		$16.99		$16.18			$14.31		$12.85			$16.73		$11.39


Total investment return ³		6.58%		14.35%			16.20%		(16.30%)			48.13%		(3.05%)


Net assets at end of period (000’s omitted)		$24,614		$22,864			$16,508		$14,209			$17,114		$11,786

Ratios: ⁴
Expenses (without waiver) ⁵		1.25%		1.25%			1.25%		1.25%			1.25%		1.25%
Expenses (with waiver) ⁵		0.90%		0.90%			0.90%		0.95%			1.00%		1.00%
Net investment income (without waiver)		0.56%		0.76%			1.06%		0.59%			0.67%		0.90%
Net investment income (with waiver)		0.91%		1.11%			1.41%		0.89%			0.92%		1.15%

Portfolio turnover rate (excluding short-term securities)		4.72%⁶		12.81%			15.05%		18.47%			27.91%		27.58%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



DECEMBER 31, 2024		43

FINANCIAL HIGHLIGHTS

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


Sit Small Cap Dividend Growth Fund

	Six Months Ended					Year Ended June 30,
Class S	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$16.16		$14.30			$12.84			$16.72			$11.38			$11.88


Operations:
Net investment income ¹		0.06		0.12			0.16			0.11			0.10			0.10
Net realized and unrealized gains (losses)		1.00		1.87			1.83			(2.62	)		5.32			(0.49	)


Total from operations		1.06		1.99			1.99			(2.51	)		5.42			(0.39	)

Redemption fee		—²		—	²		—			—	²		—			—

Distributions to Shareholders:
From net investment income		(0.09)		(0.13	)		(0.16	)		(0.10	)		(0.08	)		(0.11	)
From net realized gains		(0.14)		—			(0.37	)		(1.27	)		—			—


Total distributions		(0.23)		(0.13	)		(0.53	)		(1.37	)		(0.08	)		(0.11	)

Net Asset Value
End of period		$16.99		$16.16			$14.30			$12.84			$16.72			$11.38


Total investment return ³		6.51%		14.02%			15.91%			(16.48%	)		47.73%			(3.30%	)


Net assets at end of period (000’s omitted)		$6,621		$5,516			$4,965			$4,323			$5,187			$3,720

Ratios: ⁴
Expenses (without waiver) ⁵		1.50%		1.50%			1.50%			1.50%			1.50%			1.50%
Expenses (with waiver) ⁵		1.15%		1.15%			1.15%			1.20%			1.25%			1.25%
Net investment income (without waiver)		0.32%		0.48%			0.81%			0.42%			0.42%			0.64%
Net investment income (with waiver)		0.67%		0.83%			1.16%			0.72%			0.67%			0.89%

Portfolio turnover rate (excluding short-term securities)		4.72%⁶		12.81%			15.05%			18.47%			27.91%			27.58%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



44		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Small Cap Growth Fund


	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$65.35		$60.29			$52.41			$82.14			$56.81			$55.46


Operations:
Net investment loss ¹		(0.20)		(0.29	)		(0.13	)		(0.48	)		(0.44	)		(0.28	)
Net realized and unrealized gains (losses)		3.45		7.24			8.93			(17.68	)		28.28			3.38


Total from operations		3.25		6.95			8.80			(18.16	)		27.84			3.10

Redemption fee		—		—	²		—	²		—	²		—	²		—	²

Distributions to Shareholders:
From net realized gains		(3.07)		(1.89	)		(0.92	)		(11.57	)		(2.51	)		(1.75	)


Net Asset Value
End of period		$65.53		$65.35			$60.29			$52.41			$82.14			$56.81


Total investment return ³		4.78%		11.84	%		17.01	%		(25.57	%)		49.65	%		5.68	%


Net assets at end of period (000’s omitted)		$117,068		$112,288			$109,824			$98,444			$145,859			$100,613

Ratios: ⁴
Expenses		1.50%		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Net investment loss		(0.58%)		(0.47	%)		(0.24	%)		(0.67	%)		(0.62	%)		(0.53	%)

Portfolio turnover rate (excluding short-term securities)		4.55%⁵		12.03	%		13.76	%		15.64	%		30.54	%		25.74	%

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

²	Amount represents less than $0.01 per share.

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

⁴

⁵	Not annualized.



DECEMBER 31, 2024		45

FINANCIAL HIGHLIGHTS

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


Sit International Growth Fund


	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$21.95		$20.62			$17.78			$23.27			$17.38			$17.13


Operations:
Net investment income ¹		0.12		0.29			0.28			0.20			0.05			0.06
Net realized and unrealized gains (losses)		0.39		1.48			2.92			(5.63	)		5.89			0.36


Total from operations		0.51		1.77			3.20			(5.43	)		5.94			0.42

Redemption fee		—		—	²		—			—			—			—	²

Distributions to Shareholders:
From net investment income		(0.35)		(0.29	)		(0.27	)		(0.06	)		(0.05	)		(0.17	)
From net realized gains		(0.42)		(0.15	)		(0.09	)		—			—			—


Total distributions		(0.77)		(0.44	)		(0.36	)		(0.06	)		(0.05	)		(0.17	)

Net Asset Value
End of period		$21.69		$21.95			$20.62			$17.78			$23.27			$17.38


Total investment return ³		2.19%		8.70	%		18.27	%		(23.41	%)		34.18	%		2.43	%


Net assets at end of period (000’s omitted)		$27,821		$27,848			$26,624			$22,454			$31,345			$23,005

Ratios: ⁴
Expenses (without waiver)		1.50%⁵		1.50	%⁵		1.50	%⁵		1.50	%⁵		1.50	%		1.50	%
Expenses (with waiver)		0.85%⁵		0.85	%⁵		0.85	%⁵		1.20	%⁵		—			—
Net investment income (without waiver)		0.39%		0.76	%		0.87	%		0.59	%		0.26	%		0.35	%
Net investment income (with waiver)		1.04%		1.41	%		1.52	%		0.88	%		—			—

Portfolio turnover rate (excluding short-term securities)		2.60%⁶		8.35	%		7.65	%		7.76	%		12.61	%		13.38	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



46		FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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


Sit Developing Markets Growth Fund


	Six Months Ended					Year Ended June 30,
	December 31, 2024
	(Unaudited)		2024			2023			2022			2021			2020

Net Asset Value:
Beginning of period		$17.07		$16.06			$15.46			$21.40			$16.28			$16.21


Operations:
Net investment income ¹		0.08		0.19			0.23			0.21			0.01			0.26
Net realized and unrealized gains (losses)		0.81		1.14			0.74			(5.76	)		5.17			0.11


Total from operations		0.89		1.33			0.97			(5.55	)		5.18			0.37

Redemption fee		—		—			—	²		—			—			—	²

Distributions to Shareholders:
From net investment income		(0.19)		(0.24	)		(0.29	)		(0.02	)		(0.02	)		(0.30	)
From net realized gains		(0.52)		(0.08	)		(0.08	)		(0.37	)		(0.04	)		—


Total distributions		(0.71)		(0.32	)		(0.37	)		(0.39	)		(0.06	)		(0.30	)

Net Asset Value
End of period		$17.25		$17.07			$16.06			$15.46			$21.40			$16.28


Total investment return ³		5.10%		8.52	%		6.42	%		(26.19	%)		31.79	%		2.20	%


Net assets at end of period (000’s omitted)		$9,157		$9,066			$10,098			$9,400			$13,883			$10,260

Ratios: ⁴
Expenses (without waiver) ⁵		2.00%		2.00	%		2.00	%		2.00	%		2.00	%		2.00	%
Expenses (with waiver) ⁵		0.95%		0.95	%		0.95	%		1.20	%		1.40	%		1.40	%
Net investment income (without waiver)		(0.20%)		0.15	%		0.42	%		0.35	%		(0.55	%)		1.05	%
Net investment income (with waiver)		0.85%		1.20	%		1.47	%		1.15	%		0.05	%		1.65	%

Portfolio turnover rate (excluding short-term securities)		1.57%⁶		2.11	%		0.76	%		2.49	%		7.52	%		4.15	%

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

²	Amount represents less than $0.01 per share.

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

⁴

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

⁶	Not annualized.



DECEMBER 31, 2024		47

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2024

(1)	Organization

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

The investment objective for each Fund is as follows:


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

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

(2)	Significant Accounting Policies

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

Investments in Securities

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



48		FINANCIAL STATEMENTS AND OTHER INFORMATION

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

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

Fair Value Measurements

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

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

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

• Level 3 – significant unobservable inputs, including the Adviser’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the levels for the Funds’ investments as of December 31, 2024 is included with the Funds’ schedules of investments.

Foreign Currency Translations and Forward Foreign Currency Contracts

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

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



DECEMBER 31, 2024		49

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2024 (Continued)

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

Federal Taxes

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

Management has analyzed the Funds’ tax positions taken in federal tax returns for all open tax years and has concluded that as of December 31, 2024, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue until such time as the applicable statute of limitations for audit has expired. For example, U.S. tax returns are generally subject to audit for three years from the date they are filed.

At December 31, 2024, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes were as follows:


	Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)		Cost of Securities on a Tax Basis
Balanced Fund		$26,427,131		($1,286,208	)		$25,140,923		$43,570,355
Dividend Growth Fund		67,066,542		(3,966,853	)		63,099,689		175,915,450
Global Dividend Growth Fund		30,317,310		(342,193	)		29,975,117		23,403,063
Large Cap Growth Fund		157,008,525		(2,096,032	)		154,912,493		75,471,785
ESG Growth Fund		6,353,794		(388,855	)		5,964,939		5,778,874
Mid Cap Growth Fund		128,102,835		(3,942,472	)		124,160,363		88,827,072
Small Cap Dividend Growth Fund		10,918,947		(1,181,818	)		9,737,129		21,671,292
Small Cap Growth Fund		59,337,235		(2,775,293	)		56,561,942		60,574,301
International Growth Fund		11,383,700		(1,587,897	)		9,795,803		17,923,053
Developing Markets Growth Fund		4,069,122		(812,528	)		3,256,594		5,896,105

Net investment income and net realized gains differ for financial statement and tax purposes because of corporate actions on shares held and/or losses deferred due to “wash sale” transactions. A “wash sale” occurs when a Fund sells a security that it has acquired within a period beginning thirty days before and ending thirty days after the date of sale (a sixty one day period). The character of distributions made during the year from net investment income or net realized gains may also differ from its ultimate characterization for tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid during the fiscal years ended June 30, 2024 and 2023 was as follows:



50		FINANCIAL STATEMENTS AND OTHER INFORMATION


Year Ended June 30, 2024:
	Ordinary Income		Long Term Capital Gain		Total
Balanced Fund		$785,004		—		$785,004
Dividend Growth Fund (Class I)		2,912,099		$6,449,526		9,361,625
Dividend Growth Fund (Class S)		243,916		667,384		911,300
Global Dividend Growth Fund (Class I)		447,677		—		447,677
Global Dividend Growth Fund (Class S)		32,328		—		32,328
Large Cap Growth Fund		122,457		3,071,012		3,193,469
ESG Growth Fund (Class I)		39,839		—		39,839
ESG Growth Fund (Class S)		25,161		—		25,161
Mid Cap Growth Fund		—		903,590		903,590
Small Cap Dividend Growth Fund (Class I)		202,009		—		202,009
Small Cap Dividend Growth Fund (Class S)		44,992		—		44,992
Small Cap Growth Fund		—		3,306,617		3,306,617
International Growth Fund		371,001		186,509		557,510
Developing Markets Growth Fund		143,001		50,141		193,142


Year Ended June 30, 2023:
	Ordinary Income		Long Term Capital Gain		Total
Balanced Fund		$619,854		$1,601,210		$2,221,064
Dividend Growth Fund (Class I)		2,683,114		19,091,190		21,774,304
Dividend Growth Fund (Class S)		241,918		2,130,893		2,372,811
Global Dividend Growth Fund (Class I)		446,552		—		446,552
Global Dividend Growth Fund (Class S)		31,454		—		31,454
Large Cap Growth Fund		—		4,952,920		4,952,920
ESG Growth Fund (Class I)		23,820		96,959		120,779
ESG Growth Fund (Class S)		19,181		97,269		116,450
Mid Cap Growth Fund		—		5,106,424		5,106,424
Small Cap Dividend Growth Fund (Class I)		236,730		383,106		619,836
Small Cap Dividend Growth Fund (Class S)		61,510		121,113		182,623
Small Cap Growth Fund		—		1,688,086		1,688,086
International Growth Fund		337,000		116,404		453,404
Developing Markets Growth Fund		176,000		46,145		222,145

As of June 30, 2024, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)
Balanced Fund		$268,065		$145,710		$22,888,391
Dividend Growth Fund		642,026		13,534,741		68,255,757
Global Dividend Growth Fund		197,641		360,734		27,948,248
Large Cap Growth Fund		—		8,562,795		143,218,886
ESG Growth Fund		45,251		—		5,433,033
Mid Cap Growth Fund		—		7,856,897		110,084,472
Small Cap Dividend Growth Fund		77,314		—		8,444,196
Small Cap Growth Fund		—		3,970,226		51,822,258
International Growth Fund		285,368		417,875		9,267,690
Developing Markets Growth Fund		57,189		249,137		2,575,898



DECEMBER 31, 2024		51

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2024 (Continued)

Net capital loss carryovers and late year losses, if any, as of June 30, 2024, are available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds’ are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward retain their character as either short-term or long-term capital losses. The net capital loss carryovers and the late year losses deferred as of June 30, 2024, were as follows:


	Unlimited Period of Net Capital Loss Carryover				Late Year Losses Deferred
	Short-Term		Long-Term		Ordinary		Capital
Large Cap Growth Fund		—		—		$40,081		—
ESG Growth Fund		—		$80,654		—		—
Mid Cap Growth Fund		—		—		261,944		—
Small Cap Dividend Growth Fund		$23,016		—		—		—
Small Cap Growth Fund		—		—		284,378		—

For the year ended June 30, 2024, the Funds’ utilized capital losses as follows:


	Utilized
Global Dividend Growth Fund	$	671,206
ESG Growth Fund		41,225

Distributions

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

Concentration of Investments

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

Use of Estimates

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

Guarantees and Indemnifications

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

(3)	Investment Security Transactions

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the six months ended December 31, 2024, were as follows:



52		FINANCIAL STATEMENTS AND OTHER INFORMATION


	Purchases				Proceeds
	U.S. Government		Other		U.S. Government		Other
Balanced Fund		$5,398,872		$4,774,357		$2,110,505		$6,124,821
Dividend Growth Fund		—		54,747,300		—		71,761,583
Global Dividend Growth Fund		—		557,394		—		1,403,620
Large Cap Growth Fund		—		4,399,314		—		5,295,891
ESG Growth Fund		—		134,758		—		371,868
Mid Cap Growth Fund		—		4,875,340		—		15,067,853
Small Cap Dividend Growth Fund		—		2,291,399		—		1,397,081
Small Cap Growth Fund		—		5,322,612		—		5,785,852
International Growth Fund		—		725,877		—		1,002,057
Developing Markets Growth Fund		—		142,964		—		293,713

(4) Affiliated Fees and Transactions

Investment Adviser

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


	Management Fees	Net of Adviser’s Voluntary Fee Waiver

Balanced Fund	1.00%	0.80%
Dividend Growth Fund Class I and Class S	1.00%	0.70%
Global Dividend Growth Fund Class I and Class S	1.25%	1.00%
Large Cap Growth Fund	1.00%	N/A
ESG Growth Fund Class I and Class S	1.25%	1.00%
Mid Cap Growth Fund	1.25%	N/A
Small Cap Dividend Growth Fund Class I and Class S	1.25%	0.90%
Small Cap Growth Fund	1.50%	N/A
International Growth Fund	1.50%	0.85%
Developing Markets Growth Fund	2.00%	0.95%

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

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

The Adviser has agreed to voluntarily limit the management fee of the Balanced Fund to 0.80%, the Small Cap Dividend Growth Fund to 0.90%, the International Growth Fund to 0.85% and the Developing Markets Growth Fund to 0.95% for the period through June 30, 2025 of the Fund’s daily average net assets, respectively.

The Adviser has agreed to limit the management fee of the Dividend Growth Fund to 0.70%, the Global Dividend Growth Fund to 1.00% and the ESG Growth Fund to 1.00% for the period through June 30, 2025 of the Fund’s daily average net assets, respectively.

Transactions with affiliates

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of December 31, 2024:



DECEMBER 31, 2024		53

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Six Months Ended December 31, 2024 (Continued)


	Shares		% Shares Outstanding
Balanced Fund		450,356		23.2
Dividend Growth Fund		1,840,004		12.1
Global Dividend Growth Fund		529,234		27.5
Large Cap Growth Fund		994,162		33.1
ESG Growth Fund		474,216		89.3
Mid Cap Growth Fund		4,353,841		49.6
Small Cap Dividend Growth Fund		1,063,756		57.9
Small Cap Growth Fund		1,105,536		61.9
International Growth Fund		747,154		58.2
Developing Markets Growth Fund		315,837		59.5

(5)	Credit Facility

The Funds, together with the 4 bond Sit Mutual Funds managed by SIA, are borrowers in a $20 million credit facility (Credit Facility) maturing November 28, 2025. The Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund shall pay interest charged on any borrowings made by the Fund. During the period ended December 31, 2024, the Funds did not use the Credit Facility.

(6)	Capital Share Activity

Short-Term Trading (Redemption) Fees

The Funds (except the Balanced Fund) charge a redemption fee equal to 2.00% of the proceeds on shares held for less than 30 calendar days. The fee is retained by the Fund for the benefit of its long-term shareholders and accounted for as an addition to paid in capital. For the six months ended December 31, 2024, the Funds received the following redemption fees:


	Class I		Class S
Dividend Growth Fund		$—		$89
Small Cap Dividend Growth Fund		—		1

(7)	Regulatory Updates

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07 among other things, (i) requires a single segment public entity to follow segment guidance, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability to elect more than one performance measure. ASU 2023-07 is effective for the fiscal year beginning after December 15, 2023, and interim periods beginning with the first quarter ended 2025. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. The Funds are currently assessing the impact of this guidance, however, the Funds do not expect a material impact on its financial statements.



54		FINANCIAL STATEMENTS AND OTHER INFORMATION

ADDITIONAL INFORMATION (Unaudited)

PROXY VOTING

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

QUARTERLY SCHEDULES OF INVESTMENTS

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



DECEMBER 31, 2024		55

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56		FINANCIAL STATEMENTS AND OTHER INFORMATION

LOGO
Financial Statements and Other Information December 31, 2024 INVESTMENT ADVISER Sit Investment Associates, Inc. 80 S. Eighth Street Suite 3300 Minneapolis, MN 55402 CUSTODIAN The Bank Of New York Mellon 111 Sanders Creek Parkway Syracuse, NY 13057 TRANSFER AGENT AND DISBURSING AGENT Sit Mutual Funds Attention: 534459 500 Ross Street, 154-0520 Pittsburgh, PA 15262 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM KPMG LLP Minneapolis, MN GENERAL COUNSEL Faegre Drinker Biddle & Reath LLP Minneapolis, MN Sit Mutual Funds 1-800-332-5580 www.sitfunds.com

Item 8:

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None.

Item 9:

Proxy Disclosures for Open-End Management Investment Companies.

None.

Item 10:

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Six Months ended December 31, 2024


Name of Director	Aggregate Renumeration Paid by all 14 of the Sit Mutual Funds
Edward M. Giles	$	25,000
Sidney L. Jones	$	25,000
Bruce C. Lueck	$	25,000
Donald W. Phillips	$	25,000
Barry N. Winslow	$	25,000

Item 11:

Statement Regarding Basis for Approval of Investment Advisory Contract.

During the Registrant’s most recent fiscal half-year, the Boards of Directors approved the renewal of the investment management agreements with the Sit Mutual Funds. Below is the Boards’ discussion at the October 29, 2024 board meeting of the material factors and conclusions that formed the basis for the board’s approval.

BOARD RE-APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS

At their joint meeting held on October 29, 2024, the Boards of Directors (the “Boards”) of Sit Mid Cap Growth Fund, Inc., Sit Large Cap Growth Fund, Inc., Sit International Growth Fund, Sit Balanced Fund, Sit Developing Markets Growth Fund, Sit ESG Growth Fund, Sit Small Cap Growth Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund and Sit Small Cap Dividend Growth Fund (each a “Fund” and collectively, the “Funds”) unanimously approved the continuation for another one-year period of the investment management agreements entered into by and between Sit Investment Associates, Inc. (“SIA”) and each of Sit Mid Cap Growth Fund, Inc., dated November 1, 1996; Sit Large Cap Growth Fund, Inc., dated November 1, 1996; and Sit Mutual Funds Inc., dated November 1, 1992 (collectively, the “Agreements”).

In advance of the October 29, 2024 meeting, the Boards requested and received materials from SIA to assist them in considering the re-approval of the Agreements. The Boards, including all of the Directors who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “non-interested Directors”) approved the Agreements after discussion and consideration of various factors relating to the Boards’ selection of SIA as the Funds’ investment adviser and the Boards’ approval of the fees to be paid under the Agreements. In evaluating the Agreements, the Directors relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of SIA and its services and personnel. The Directors did not consider any single factor as controlling in determining whether to approve the Agreements, and the items described herein are not all-encompassing of the matters considered by the Directors.

Investment Adviser Criteria. The Directors began their analysis by discussing their criteria for determining the quality of an investment adviser. In this regard, the Directors noted that their criteria were similar to those used by institutional investors in evaluating and selecting investment advisers. The Directors discussed several factors in assessing the nature, extent and quality of the services performed by SIA, including the following:

Investment Philosophy and Process. The Directors considered SIA’s philosophy of managing assets. With respect to equity securities, the Directors noted that SIA seeks to identify growth-oriented securities issued by companies with the potential for earnings growth at a faster rate than the general economy and market indices. The Directors considered SIA’s belief that earnings growth is the primary determinant of superior long-term returns for equity securities, and that SIA invests in companies it believes exhibit above-market and consistent growth, as well as conservative and cyclical growth companies. They also considered that SIA’s active management style concentrates on the best growth opportunities at reasonable valuation levels. The Directors determined that the Funds’ investment objectives are consistent with SIA’s investment philosophy and growth style. The Directors reviewed the Funds’ portfolio characteristics and noted that SIA consistently managed the Funds in a growth style. The Directors found no indication in reviewing the Funds’ portfolio characteristics of style drift away from growth stocks over market cycles. The Directors noted that, in periods during which growth stocks have generally under-performed relative to value stocks, Fund performance may not rank favorably in comparisons with other funds investing in value stocks.

The Directors discussed SIA’s consistent and well-defined investment process. With respect to equity securities, the Directors noted that SIA utilizes a team-based, top-down and bottom-up investment decision making process.

Investment Professionals. The Directors discussed the experience, knowledge and organizational stability of SIA and its investment professionals. The Directors noted that SIA’s senior professionals are actively involved in the investment process and have significant investment industry experience.

The Directors discussed the depth of SIA’s investment staff, noting that SIA has over 35 investment professionals. Given the investment products offered by SIA and SIA’s amount of assets under management, the Directors determined that SIA’s investment staff is well positioned to meet the current needs of its clients, including the Funds, and to accommodate growth in its number of clients and assets under management for the near future. The Directors concluded that the depth of SIA’s investment staff, and in particular senior management and investment analysts, is actually greater than the Funds currently require at their present asset size. The Directors noted that SIA has the resources of an investment firm with over $17 billion in assets under management working for the benefit of the Funds’ shareholders. The Directors concluded that SIA has substantial resources to provide services to the Funds and that SIA’s services had been acceptable.

Investment Performance. The Directors reviewed and discussed the Funds’ investment performance on an absolute and comparable basis for various periods as discussed below. The Directors noted that the investment performance of the Funds has generally been competitive with indices and other funds with similar investment styles as the Funds, such as equity growth funds.

Corporate Culture. The Directors discussed SIA’s corporate values and commitment to operate under the highest ethical and professional standards. They considered that SIA’s culture is set and practiced by senior management of SIA who insist that all SIA professionals exhibit honesty and integrity. The Directors noted that SIA’s values are evident in the services it provides to the Funds.

Review of Specific Factors. The Directors continued their analysis by reviewing specific information on SIA and the Funds, and the specific terms of the Agreements, including the following:

Investment Performance. The Directors reviewed the investment performance of each Fund for the 3-month, 1-year, and 5-year periods ended September 30, 2024, both on an absolute basis and on a comparative basis to indices and mutual funds within the same investment categories. As noted above, the Directors concluded that the investment performance of the Funds has been competitive in relation to funds with similar objectives and strategies.

Fees and Expenses. The Directors noted that the Funds pay SIA a monthly fee and SIA is responsible for all of the Funds’ expenses, except interest, brokerage commissions, portfolio transaction charges including acquired fund fees and expenses, certain extraordinary expenses, and fees paid under a distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act for Class S shares of Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Small Cap Dividend Growth Fund, and Sit ESG Growth Fund. The Directors reviewed fees paid in prior years and the current fees to be paid under the Agreements both before and after fee waivers with respect to Sit Balanced Fund, Sit International Growth Fund, Sit Developing Markets Growth Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Small Cap Dividend Growth Fund and Sit ESG Growth Fund.

The Directors compared each Fund’s expense ratio to (i) the average and median expense ratios of no-load mutual funds within the same Morningstar, Inc. (“Morningstar”) investment category, (ii) the average expense ratio for load funds within the Fund’s Morningstar category, and (iii) the average expense ratio for all funds within the Fund’s Morningstar category. The Directors also compared each Fund’s management fees to (i) the average and median actual management fees of no-load mutual funds within the same Morningstar investment category, (ii) the average actual management fees for load funds within the Fund’s Morningstar category, and (iii) the average actual management fees for all funds within the Fund’s Morningstar category. Generally, the Funds’ expense ratios were higher than or approximated the averages of the applicable category. The Directors noted that the Morningstar no-load categories include funds of various asset sizes, some of which are significantly larger in assets than the Funds. The Directors also noted that, unlike other funds within each Fund’s Morningstar category, SIA charges a single unified management fee and is responsible for paying all Fund operating expenses. The Directors concluded that the fees paid by the Funds are reasonable and appropriate.

The Directors reviewed the extent to which the fees to be paid under the Agreements by each Fund may be affected by an increase in the Fund’s assets, which included reviewing each Fund’s current and historical assets and the likelihood and magnitude of future increases in the Fund’s assets. The Directors agreed that it is appropriate that the Funds benefit from improved economies of scale as the Funds’ assets increase. However, the Directors concluded that, given the amount of the Funds’ current assets and the likelihood and magnitude of future increases in the Funds’ assets, a graduated fee structure for each Fund was unnecessary at the time because the fees to be paid under the current Agreements were reasonable and appropriate.

The Directors reviewed the expenses paid by SIA relating to the operations of the Funds, and SIA’s income with respect to its management of the Funds for the past two calendar years. The Directors concluded that the expenses paid were appropriate and that SIA’s profit margin with respect to the management of the Funds was acceptable.

The Directors reviewed SIA’s investment advisory fee schedule for investment management services provided to other clients. The Directors compared the services provided to the Funds and other clients of SIA and its affiliates and recognized that the Funds’ expenses are borne by SIA except as noted above. The Directors concluded that the fees paid by the Funds in relation to the fees paid by other clients of SIA and its affiliates were appropriate and reasonable.

The Directors discussed the extent to which SIA receives ancillary benefits from its relationship with the Funds, such as soft dollar arrangements by which brokers provide research services to SIA as a result of brokerage generated by the Funds. The Boards

concluded that any benefits SIA receives from its relationship with the Funds are well within industry norms, are reflected in the amount of the fees paid by the Funds to SIA and are appropriate and reasonable.

Non-Advisory Services. The Directors considered the quality of non-advisory services which SIA provides to the Funds (and their shareholders) and the quality and depth of SIA’s non-investment personnel who provide such services. The Directors concluded that the level of such services and the quality and depth of such personnel are acceptable and consistent with industry standards.

Finally, the Directors considered the compliance staff and the regulatory history of SIA and the Funds and concluded that both are acceptable and consistent with industry standards.

Based on these conclusions, without any single conclusion being dispositive, the Directors, including the non-interested Directors by separate vote, determined that renewal of the Agreements was in the interest of each Fund and its shareholders.

Item 12:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15:

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors since the Registrant last submitted a proxy statement to its shareholders.

Item 16:

Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17:

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18:

Recovery of Erroneously Awarded Compensation.

None.

Item 19:

Exhibits.

(a) (1) None.

(a) (2) Not applicable.

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

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

SIGNATURES

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


Sit Mid Cap Growth Fund, Inc.

By (Signature and Title)				/s/ Paul E. Rasmussen
				Paul E. Rasmussen
				VP, Treasurer, COO & Secretary Principal Financial Officer

Date February 21, 2025

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


By (Signature and Title)				/s/ Paul E. Rasmussen
				Paul E. Rasmussen
				VP, Treasurer, COO & Secretary Principal Financial Officer

Date February 21, 2025

By (Signature and Title)				/s/ Roger J. Sit
				Roger J. Sit
				Chairman and President Principal Executive Officer

Date February 21, 2025