UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06373

Sit Mutual Funds, Inc.

(Exact name of Registrant as specified in charter)

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Address of principal executive offices)

Paul E. Rasmussen, VP

Sit Mutual Funds

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(612) 332-3223

Date of fiscal year end: June 30, 2024

Date of reporting period: December 31, 2024

Item 1:

Reports to Stockholders.

SIBAX

Sit Balanced Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Balanced 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 Balanced Fund	$42	0.80%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Balanced Fund	Bloomberg U.S. Aggregate Bond Index	S&P 500^® Index
12/14	$10,000	$10,000	$10,000
12/15	10,225	10,055	10,138
12/16	10,695	10,321	11,351
12/17	12,593	10,687	13,829
12/18	12,249	10,688	13,223
12/19	14,783	11,620	17,386
12/20	17,850	12,492	20,585
12/21	20,911	12,299	26,494
12/22	16,552	10,699	21,696
12/23	20,300	11,291	27,399
12/24	23,958	11,432	34,254

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

	6 Months	1 Year	5 Years	10 Years
Sit Balanced Fund	5.89%	18.02%	10.14%	9.13%
Bloomberg U.S. Aggregate Bond Index	1.98%	1.25%	-0.33%	1.35%
S&P 500^® Index	8.44%	25.02%	14.53%	13.10%

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 invested in a diversified portfolio of stocks and bonds to achieve long-term capital growth. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$68,798,537
# of Portfolio Holdings	222
Portfolio Turnover Rate	12.73%
Investment Advisory Fees Paid	$268,846

Top 10 Equity (% of Net Assets)

NVIDIA Corp.	6.9%
Apple, Inc.	4.9
Microsoft Corp.	4.6
Alphabet, Inc.	4.5
Broadcom, Inc.	3.8
Amazon.com, Inc.	3.1
Salesforce, Inc.	1.8
Meta Platforms, Inc.	1.7
UnitedHealth Group, Inc.	1.4
Goldman Sachs Group, Inc.	1.3

Asset Weighting (% of Net Assets)

Equities	64.2%
Bonds	34.1
Cash and other net assets	1.7
Total	100.0%

Portfolio Composition of Bonds (% of Net Assets)

U.S. Treasury / Federal Agency Securities	9.0%
Taxable Municipal Securities	6.1
Collateralized Mortgage Obligations	6.1
Corporate Bonds	5.1
Mortgage Pass-Through Securities	4.6
Others	3.2
Total	34.1%

Equity Sector (% of Net Assets)

Electronic Technology	18.0%
Technology Services	17.2
Retail Trade	6.6
Producer Manufacturing	4.6
Health Technology	4.2
Finance	3.8
Consumer Services	1.9
Health Services	1.7
Consumer Non-Durables	1.4
Others	4.8
Total	64.2%

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.

SIBAX

Semi-Annual Shareholder Report

December 31, 2024

Sit Balanced Fund

Class I - SDVGX

Sit Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Dividend 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Dividend Growth Fund - Class I	$36	0.70%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Dividend Growth Fund - Class I	S&P 500^® Index
12/14	$10,000	$10,000
12/15	10,051	10,138
12/16	11,129	11,351
12/17	13,382	13,829
12/18	12,503	13,223
12/19	16,141	17,386
12/20	18,396	20,585
12/21	23,543	26,494
12/22	20,729	21,696
12/23	23,815	27,399
12/24	28,168	34,254

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

	6 Months	1 Year	5 Years	10 Years
Sit Dividend Growth Fund - Class I	5.89%	18.28%	11.78%	10.91%
S&P 500^® Index	8.44%	25.02%	14.53%	13.10%

What did the Fund invest in?

The Fund primarily invested in dividend-paying common stocks, targeting growth-oriented companies with potential for increasing dividend payments. The tables reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$239,118,695
# of Portfolio Holdings	78
Portfolio Turnover Rate	22.61%
Investment Advisory Fees Paid	$862,515
Weighted average market cap	$800.4 Billion
Weighted average market cap	$800.4 Billion

Sector Allocation (% of Net Assets)

Electronic Technology	20.2%
Technology Services	14.9
Finance	14.7
Health Technology	10.2
Producer Manufacturing	7.4
Utilities	5.5
Retail Trade	4.9
Health Services	4.3
Transportation	3.2
Others	14.0
Cash and other net assets	0.7
Total	100.0%

Top 10 Equity (% of Net Assets)

Microsoft Corp.	6.5%
Apple, Inc.	6.0
Broadcom, Inc.	4.1
NVIDIA Corp.	3.4
Amazon.com, Inc.	1.8
Procter & Gamble Co.	1.7
Exxon Mobil Corp.	1.7
Alphabet, Inc.	1.6
JPMorgan Chase & Co.	1.6
Williams Cos., Inc.	1.5

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

Class I - SDVGX

Sit Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class S - SDVSX

Sit Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Dividend Growth Fund - Class S	$49	0.95%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Dividend Growth Fund - Class S	S&P 500^® Index
12/14	$10,000	$10,000
12/15	10,025	10,138
12/16	11,077	11,351
12/17	13,278	13,829
12/18	12,377	13,223
12/19	15,947	17,386
12/20	18,126	20,585
12/21	23,141	26,494
12/22	20,319	21,696
12/23	23,290	27,399
12/24	27,462	34,254

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

	6 Months	1 Year	5 Years	10 Years
Sit Dividend Growth Fund - Class S	5.68%	17.91%	11.48%	10.63%
S&P 500^® Index	8.44%	25.02%	14.53%	13.10%

What did the Fund invest in?

Fund Statistics (as of 12/31/24)

Total Net Assets	$239,118,695
# of Portfolio Holdings	78
Portfolio Turnover Rate	22.61%
Investment Advisory Fees Paid	$862,515
Weighted average market cap	$800.4 Billion
Weighted average market cap	$800.4 Billion

Sector Allocation (% of Net Assets)

Electronic Technology	20.2%
Technology Services	14.9
Finance	14.7
Health Technology	10.2
Producer Manufacturing	7.4
Utilities	5.5
Retail Trade	4.9
Health Services	4.3
Transportation	3.2
Others	14.0
Cash and other net assets	0.7
Total	100.0%

Top 10 Equity (% of Net Assets)

Microsoft Corp.	6.5%
Apple, Inc.	6.0
Broadcom, Inc.	4.1
NVIDIA Corp.	3.4
Amazon.com, Inc.	1.8
Procter & Gamble Co.	1.7
Exxon Mobil Corp.	1.7
Alphabet, Inc.	1.6
JPMorgan Chase & Co.	1.6
Williams Cos., Inc.	1.5

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

Class S - SDVSX

Sit Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class I - GDGIX

Sit Global Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Global Dividend 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Global Dividend Growth Fund - Class I	$52	1.00%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Global Dividend Growth Fund - Class I	MSCI World Index
12/14	$10,000	$10,000
12/15	9,907	9,913
12/16	10,398	10,657
12/17	12,452	13,045
12/18	11,253	11,908
12/19	14,257	15,203
12/20	16,539	17,621
12/21	20,440	21,465
12/22	16,753	17,571
12/23	20,626	21,751
12/24	24,093	25,812

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

	6 Months	1 Year	5 Years	10 Years
Sit Global Dividend Growth Fund - Class I	5.26%	16.81%	11.06%	9.19%
MSCI World Index	6.20%	18.67%	11.17%	9.95%

What did the Fund invest in?

The Fund primarily invested in dividend-paying common stocks issued by U.S. and foreign companies, with at least 30% allocated to international firms. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$53,457,934
# of Portfolio Holdings	58
Portfolio Turnover Rate	1.08%
Investment Advisory Fees Paid	$266,058
Weighted average market cap	$925.2 Billion
Weighted average market cap	$925.2 Billion

Top 10 Equity (% of Net Assets)

Apple, Inc.	8.5%
Microsoft Corp.	8.3
Broadcom, Inc.	7.7
JPMorgan Chase & Co.	3.2
Alphabet, Inc.	3.1
NVIDIA Corp.	2.9
Applied Materials, Inc.	2.4
Shell, PLC, ADR	2.3
Accenture, PLC	2.2
Arthur J Gallagher & Co.	2.0

Sector Allocation (% of Net Assets)

Electronic Technology	22.0%
Technology Services	16.9
Finance	16.8
Producer Manufacturing	9.9
Health Technology	6.4
Consumer Non-Durables	5.0
Consumer Services	3.5
Industrial Services	3.1
Energy Minerals	3.1
Others	10.6
Cash and other net assets	2.7
Total	100.0%

Country Allocation (% of Net Assets)

United States	62.4%
United Kingdom	11.8
Germany	5.3
Ireland	4.8
Switzerland	4.8
Australia	2.5
Spain	1.5
Japan	1.4
Singapore	1.0
France	0.8
Others	1.0
Cash and other net assets	2.7
Total	100.0%

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

Class I - GDGIX

Sit Global Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class S - GDGSX

Sit Global Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Global Dividend Growth Fund - Class S	$65	1.25%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Global Dividend Growth Fund - Class S	MSCI World Index
12/14	$10,000	$10,000
12/15	9,879	9,913
12/16	10,344	10,657
12/17	12,365	13,045
12/18	11,137	11,908
12/19	14,078	15,203
12/20	16,299	17,621
12/21	20,090	21,465
12/22	16,421	17,571
12/23	20,162	21,751
12/24	23,490	25,812

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

	6 Months	1 Year	5 Years	10 Years
Sit Global Dividend Growth Fund - Class S	5.12%	16.50%	10.78%	8.91%
MSCI World Index	6.20%	18.67%	11.17%	9.95%

What did the Fund invest in?

Fund Statistics (as of 12/31/24)

Total Net Assets	$53,457,934
# of Portfolio Holdings	58
Portfolio Turnover Rate	1.08%
Investment Advisory Fees Paid	$266,058
Weighted average market cap	$925.2 Billion
Weighted average market cap	$925.2 Billion

Top 10 Equity (% of Net Assets)

Apple, Inc.	8.5%
Microsoft Corp.	8.3
Broadcom, Inc.	7.7
JPMorgan Chase & Co.	3.2
Alphabet, Inc.	3.1
NVIDIA Corp.	2.9
Applied Materials, Inc.	2.4
Shell, PLC, ADR	2.3
Accenture, PLC	2.2
Arthur J Gallagher & Co.	2.0

Sector Allocation (% of Net Assets)

Electronic Technology	22.0%
Technology Services	16.9
Finance	16.8
Producer Manufacturing	9.9
Health Technology	6.4
Consumer Non-Durables	5.0
Consumer Services	3.5
Industrial Services	3.1
Energy Minerals	3.1
Others	10.6
Cash and other net assets	2.7
Total	100.0%

Country Allocation (% of Net Assets)

United States	62.4%
United Kingdom	11.8
Germany	5.3
Ireland	4.8
Switzerland	4.8
Australia	2.5
Spain	1.5
Japan	1.4
Singapore	1.0
France	0.8
Others	1.0
Cash and other net assets	2.7
Total	100.0%

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

Class S - GDGSX

Sit Global Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class I - IESGX

Sit ESG Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit ESG 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit ESG Growth Fund - Class I	$52	1.00%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit ESG Growth Fund - Class I	MSCI World Index
6/16	$10,000	$10,000
12/16	10,201	10,681
12/17	12,620	13,074
12/18	11,692	11,935
12/19	14,779	15,237
12/20	17,129	17,660
12/21	20,546	21,513
12/22	16,230	17,610
12/23	20,559	21,799
12/24	24,715	25,869

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

	6 Months	1 Year	5 Years	Since Inception 6/30/2016
Sit ESG Growth Fund - Class I	5.51%	20.21%	10.83%	11.22%
MSCI World Index	6.20%	18.67%	11.17%	11.82%

What did the Fund invest in?

The Fund primarily invested in U.S. and foreign companies demonstrating robust environmental, social, and corporate governance (ESG) practices. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$11,752,507
# of Portfolio Holdings	58
Portfolio Turnover Rate	1.19%
Investment Advisory Fees Paid	$59,230
Weighted average market cap	$1,075.5 Billion
Weighted average market cap	$1,075.5 Billion

Top 10 Equity (% of Net Assets)

NVIDIA Corp.	10.6%
Apple, Inc.	7.7
Microsoft Corp.	7.2
Alphabet, Inc.	4.0
Goldman Sachs Group, Inc.	2.9
Trane Technologies, PLC	2.8
Broadcom, Inc.	2.5
Home Depot, Inc.	2.5
salesforce.com, Inc.	2.4
Allianz SE, ADR	2.3

Sector Allocation (% of Net Assets)

Electronic Technology	22.1%
Technology Services	19.4
Finance	10.9
Producer Manufacturing	9.3
Health Technology	8.6
Consumer Services	5.6
Consumer Non-Durables	4.7
Retail Trade	3.9
Others	12.0
Cash and other net assets	3.5
Total	100.0%

Country Allocation (% of Net Assets)

United States	58.5%
United Kingdom	12.0
Ireland	6.4
Japan	5.9
Germany	5.7
Switzerland	2.4
Spain	1.9
France	1.3
Singapore	1.1
Denmark	0.9
Others	0.4
Cash and other net assets	3.5
Total	100.0%

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

Class I - IESGX

Sit ESG Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class S - SESGX

Sit ESG Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit ESG Growth Fund - Class S	$65	1.25%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit ESG Growth Fund - Class S	MSCI World Index
6/16	$10,000	$10,000
12/16	10,188	10,681
12/17	12,580	13,074
12/18	11,617	11,935
12/19	14,645	15,237
12/20	16,933	17,660
12/21	20,263	21,513
12/22	15,958	17,610
12/23	20,163	21,799
12/24	24,186	25,869

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

	6 Months	1 Year	5 Years	Since Inception 6/30/2016
Sit ESG Growth Fund - Class S	5.42%	19.96%	10.55%	10.94%
MSCI World Index	6.20%	18.67%	11.17%	11.82%

What did the Fund invest in?

Fund Statistics (as of 12/31/24)

Total Net Assets	$11,752,507
# of Portfolio Holdings	58
Portfolio Turnover Rate	1.19%
Investment Advisory Fees Paid	$59,230
Weighted average market cap	$1,075.5 Billion
Weighted average market cap	$1,075.5 Billion

Top 10 Equity (% of Net Assets)

NVIDIA Corp.	10.6%
Apple, Inc.	7.7
Microsoft Corp.	7.2
Alphabet, Inc.	4.0
Goldman Sachs Group, Inc.	2.9
Trane Technologies, PLC	2.8
Broadcom, Inc.	2.5
Home Depot, Inc.	2.5
salesforce.com, Inc.	2.4
Allianz SE, ADR	2.3

Sector Allocation (% of Net Assets)

Electronic Technology	22.1%
Technology Services	19.4
Finance	10.9
Producer Manufacturing	9.3
Health Technology	8.6
Consumer Services	5.6
Consumer Non-Durables	4.7
Retail Trade	3.9
Others	12.0
Cash and other net assets	3.5
Total	100.0%

Country Allocation (% of Net Assets)

United States	58.5%
United Kingdom	12.0
Ireland	6.4
Japan	5.9
Germany	5.7
Switzerland	2.4
Spain	1.9
France	1.3
Singapore	1.1
Denmark	0.9
Others	0.4
Cash and other net assets	3.5
Total	100.0%

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

Class S - SESGX

Sit ESG Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class I - SSCDX

Sit Small Cap Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Small Cap Dividend 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)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Small Cap Dividend Growth Fund - Class I	$47	0.90%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Small Cap Dividend Growth Fund - Class I	Russell 3000^® Index	Russell 2000^® Index
12/15	9,349	9,870	9,163
12/16	11,274	11,127	11,116
12/17	12,818	13,478	12,744
12/18	10,630	12,772	11,340
12/19	13,512	16,734	14,235
12/20	15,701	20,229	17,076
12/21	19,403	25,420	19,607
12/22	16,090	20,537	15,600
12/23	18,582	25,868	18,241
12/24	21,458	32,027	20,345

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

	6 Months	1 Year	5 Years	Since Inception 3/31/2015
Sit Small Cap Dividend Growth Fund - Class I	6.58%	15.48%	9.69%	8.14%
Russell 3000^® Index	9.03%	23.81%	13.86%	12.66%
Russell 2000^® Index	9.64%	11.54%	7.40%	7.55%

The Fund continues to use the Russell 2000^® Index as an additional benchmark.

What did the Fund invest in?

Fund Statistics (as of 12/31/24)

Total Net Assets	$31,235,341
# of Portfolio Holdings	94
Portfolio Turnover Rate	4.72%
Investment Advisory Fees Paid	$141,175
Weighted average market cap	$7.7 Billion
Weighted average market cap	$7.7 Billion

Sector Allocation (% of Net Assets)

Finance	26.4%
Industrial Services	11.7
Producer Manufacturing	11.2
Health Technology	7.0
Electronic Technology	4.8
Health Services	4.4
Process Industries	4.4
Commercial Services	3.8
Others	20.8
Cash and other net assets	5.5
Total	100.0%

Top 10 Equity (% of Net Assets)

EMCOR Group, Inc.	2.7%
KBR, Inc.	2.0
Monolithic Power Systems, Inc.	2.0
Argan, Inc.	2.0
Northern Oil & Gas, Inc.	1.9
TechnipFMC, PLC	1.8
Globant SA	1.8
Stifel Financial Corp.	1.8
Kodiak Gas Services, Inc.	1.7
Chord Energy Corp.	1.7

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

Class I - SSCDX

Sit Small Cap Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Class S - SDFSX

Sit Small Cap Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

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

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Small Cap Dividend Growth Fund - Class S	$60	1.15%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Small Cap Dividend Growth Fund - Class S	Russell 3000^® Index	Russell 2000^® Index
12/15	9,331	9,870	9,163
12/16	11,226	11,127	11,116
12/17	12,733	13,478	12,744
12/18	10,532	12,772	11,340
12/19	13,344	16,734	14,235
12/20	15,479	20,229	17,076
12/21	19,081	25,420	19,607
12/22	15,770	20,537	15,600
12/23	18,169	25,868	18,241
12/24	20,944	32,027	20,345

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

	6 Months	1 Year	5 Years	Since Inception 3/31/2015
Sit Small Cap Dividend Growth Fund - Class S	6.51%	15.27%	9.44%	7.87%
Russell 3000^® Index	9.03%	23.81%	13.86%	12.66%
Russell 2000^® Index	9.64%	11.54%	7.40%	7.55%

The Fund continues to use the Russell 2000^® Index as an additional benchmark.

What did the Fund invest in?

Fund Statistics (as of 12/31/24)

Total Net Assets	$31,235,341
# of Portfolio Holdings	94
Portfolio Turnover Rate	4.72%
Investment Advisory Fees Paid	$141,175
Weighted average market cap	$7.7 Billion
Weighted average market cap	$7.7 Billion

Sector Allocation (% of Net Assets)

Finance	26.4%
Industrial Services	11.7
Producer Manufacturing	11.2
Health Technology	7.0
Electronic Technology	4.8
Health Services	4.4
Process Industries	4.4
Commercial Services	3.8
Others	20.8
Cash and other net assets	5.5
Total	100.0%

Top 10 Equity (% of Net Assets)

EMCOR Group, Inc.	2.7%
KBR, Inc.	2.0
Monolithic Power Systems, Inc.	2.0
Argan, Inc.	2.0
Northern Oil & Gas, Inc.	1.9
TechnipFMC, PLC	1.8
Globant SA	1.8
Stifel Financial Corp.	1.8
Kodiak Gas Services, Inc.	1.7
Chord Energy Corp.	1.7

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

Class S - SDFSX

Sit Small Cap Dividend Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

SSMGX

Sit Small Cap Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Small 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 Small Cap Growth Fund	$77	1.50%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Small Cap Growth Fund	Russell 3000^® Index	Russell 2000^® Growth Index
12/14	$10,000	$10,000	$10,000
12/15	9,734	10,048	9,862
12/16	10,080	11,327	10,978
12/17	11,663	13,721	13,411
12/18	10,414	13,002	12,163
12/19	13,452	17,035	15,628
12/20	18,285	20,593	21,040
12/21	21,254	25,877	21,636
12/22	15,823	20,907	15,933
12/23	18,486	26,334	18,906
12/24	20,977	32,604	21,772

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

	6 Months	1 Year	5 Years	10 Years
Sit Small Cap Growth Fund	4.78%	13.48%	9.29%	7.69%
Russell 3000^® Index	9.03%	23.81%	13.86%	12.55%
Russell 2000^® Growth Index	10.26%	15.15%	6.86%	8.09%

The Fund continues to use the Russell 2000^® Growth Index as an additional benchmark.

What did the Fund invest in?

The Fund focused on common stocks of domestic small companies with market capitalizations up to $3 billion or matching the largest Russell 2000^® Index company. 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	$117,068,439
# of Portfolio Holdings	86
Portfolio Turnover Rate	4.55%
Investment Advisory Fees Paid	$906,204
Weighted average market cap	$17.1 Billion

Sector Allocation (% of Net Assets)

Health Technology	13.6%
Technology Services	12.8
Industrial Services	12.0
Producer Manufacturing	11.8
Electronic Technology	11.5
Finance	6.8
Non-Energy Minerals	4.8
Commercial Services	4.5
Health Services	4.5
Others	16.1
Cash and other net assets	1.6
Total	100.0%

Top 10 Equity (% of Net Assets)

Arista Networks, Inc.	4.6%
EMCOR Group, Inc.	3.1
Monolithic Power Systems, Inc.	2.6
Altair Engineering, Inc.	2.4
PTC, Inc.	2.4
Eagle Materials, Inc.	2.2
Globant SA	2.1
Waste Connections, Inc.	2.1
Argan, Inc.	1.9
TFI International, Inc.	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

SSMGX

Sit Small Cap Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

SNGRX

Sit International Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit International 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 International Growth Fund	$43	0.85%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit International Growth Fund	MSCI EAFE Index
12/14	$10,000	$10,000
12/15	10,486	9,919
12/16	9,788	10,018
12/17	12,139	12,526
12/18	10,164	10,798
12/19	12,824	13,176
12/20	15,213	14,205
12/21	17,019	15,805
12/22	13,270	13,521
12/23	15,919	15,987
12/24	16,803	16,598

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

	6 Months	1 Year	5 Years	10 Years
Sit International Growth Fund	2.19%	5.56%	5.55%	5.33%
MSCI EAFE Index	-1.44%	3.82%	4.73%	5.20%

What did the Fund invest in?

The Fund primarily invested in common stocks of companies outside the United States, targeting regions with positive economic trends, earnings outlook, and market liquidity. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$27,821,144
# of Portfolio Holdings	76
Portfolio Turnover Rate	2.60%
Investment Advisory Fees Paid	$122,052
Weighted average market cap	$178.8 Billion

Top 10 Equity (% of Net Assets)

Broadcom, Inc.	8.6%
Schneider Electric SE	3.6
Recruit Holdings Co., Ltd.	2.8
Shell, PLC, ADR	2.8
Sony Group Corp., ADR	2.7
ASML Holding NV	2.6
BAE Systems, PLC	2.5
Allianz SE	2.5
AstraZeneca, PLC, ADR	2.4
Partners Group Holding AG	2.4

Sector Allocation (% of Net Assets)

Finance	16.9%
Electronic Technology	15.6
Producer Manufacturing	12.1
Health Technology	10.5
Technology Services	9.1
Consumer Non-Durables	6.8
Consumer Services	5.2
Consumer Durables	3.5
Non-Energy Minerals	3.3
Others	15.5
Cash and other net assets	1.5
Total	100.0%

Country Allocation (% of Net Assets)

United Kingdom	19.4%
United States	10.1
France	9.4
Japan	8.7
Germany	7.6
Switzerland	7.5
Australia	5.0
Canada	4.8
Netherlands	3.8
Singapore	3.3
Others	18.9
Cash and other net assets	1.5
Total	100.0%

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

SNGRX

Sit International Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

SDMGX

Sit Developing Markets Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about Sit Developing Markets 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 Developing Markets Growth Fund	$49	0.95%

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

	Sit Developing Markets Growth Fund	MSCI Emerging Markets Index
12/14	$10,000	$10,000
12/15	8,412	8,304
12/16	8,714	9,017
12/17	12,481	12,114
12/18	10,640	10,098
12/19	12,743	11,656
12/20	15,692	13,503
12/21	14,301	12,883
12/22	11,844	10,001
12/23	12,712	10,705
12/24	14,444	11,246

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

	6 Months	1 Year	5 Years	10 Years
Sit Developing Markets Growth Fund	5.10%	13.62%	2.54%	3.75%
MSCI Emerging Markets Index	-0.99%	5.05%	-0.71%	1.18%

What did the Fund invest in?

The Fund primarily invested in common stocks of companies domiciled in developing markets. The tables below reflect the investment makeup of the Fund as of December 31, 2024. Portfolio holdings are subject to change.

Fund Statistics (as of 12/31/24)

Total Net Assets	$9,156,786
# of Portfolio Holdings	47
Portfolio Turnover Rate	1.57%
Investment Advisory Fees Paid	$44,760
Weighted average market cap	$284.1 Billion

Top 10 Equity (% of Net Assets)

Taiwan Semiconductor Co.	13.4%
Broadcom, Inc.	9.0
iShares MSCI India ETF	5.7
Tencent Holdings, Ltd.	4.8
Samsung Electronics Co., Ltd.	4.3
DBS Group Holdings, Ltd.	4.2
Naspers, Ltd.	3.4
HDFC Bank, Ltd., ADR	3.1
Globant SA	2.8
Trip.com Group, Ltd., ADR	2.5

Sector Allocation (% of Net Assets)

Electronic Technology	32.7%
Finance	19.7
Technology Services	14.8
Consumer Services	6.2
Retail Trade	6.1
Investment Companies	5.6
Non-Energy Minerals	3.3
Consumer Non-Durables	2.6
Producer Manufacturing	2.2
Others	6.1
Cash and other net assets	0.7
Total	100.0%

Country Allocation (% of Net Assets)

China/Hong Kong	20.8%
Taiwan	17.5
India	9.4
Singapore	9.0
United States	9.0
South Korea	8.1
South Africa	6.8
Argentina	3.8
Peru	2.4
Australia	2.1
Others	10.4
Cash and other net assets	0.7
Total	100.0%

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

SDMGX

Sit Developing Markets Growth Fund

Semi-Annual Shareholder Report

December 31, 2024

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.

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.

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.

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

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

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):

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):

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