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, 2026

Date of reporting period: June 30, 2026

Item 1: Reports to Stockholders.

NBNGX

Sit Mid Cap Growth Fund

Annual Shareholder Report

June 30, 2026

Fund Overview

This annual shareholder report contains important information about Sit Mid Cap Growth Fund for the period of July 1, 2025 to June 30, 2026. 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 year?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Mid Cap Growth Fund	$137	1.25%

How did the Fund perform in the past 12 months and what affected its performance?

For the 12-month period ended June 30, 2026, the Sit Mid Cap Growth Fund returned +19.35%, outperforming the Russell Midcap Growth^® Index's return of +6.17%. The significant overweight in the electronic technology sector was the primary factor driving outperformance, with several large holdings posting strong gains, including Ciena (+503%), Coherent (+342%), and Applied Materials (+298%). In addition, the retail trade sector outperformed largely due to the outperformance of TJX Companies (+24%). Strong stock selection in health technology sector also boosted returns, driven by Exact Sciences (+97%), Glaukos (+35%), and Ascendis (+55%) The producer manufacturing sector detracted from returns, largely due to an underweight position in Comfort Systems, which gained +270% during the period. Stock selection in non-energy minerals, industrial services, and energy minerals also detracted from returns over the period. Underperformers in these sectors included Waste Connections (-10%), Trex (-8%), and Jacobs Solutions (-3%).

How did the Fund perform over the last 10 years?

Total Return Based on $10,000 Investment

Table Summary
	Sit Mid Cap Growth Fund	Russell 3000^® Index	Russell Midcap^® Growth Index
6/16	$10,000	$10,000	$10,000
6/17	11,874	11,851	11,705
6/18	12,992	13,602	13,873
6/19	14,520	14,824	15,806
6/20	15,791	15,792	17,689
6/21	21,948	22,767	25,432
6/22	16,526	19,610	17,911
6/23	20,162	23,327	22,054
6/24	23,264	28,721	25,373
6/25	25,990	33,114	32,095
6/26	31,019	40,672	34,075

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 above and table below 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.

Average Annual Total Returns (as of 06/30/26)

Table Summary
	1 Year	5 Years	10 Years
Sit Mid Cap Growth Fund	19.35%	7.16%	11.99%
Russell 3000^® Index	22.82%	12.31%	15.06%
Russell Midcap^® Growth Index	6.17%	6.03%	13.04%

Fund Statistics (as of 06/30/26)

Table Summary
Total Net Assets	$236,490,912
# of Portfolio Holdings	64
Portfolio Turnover Rate	10.68%
Investment Advisory Fees Paid	$2,762,218
Weighted average market cap	$262.2 Billion

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 June 30, 2026. Portfolio holdings are subject to change.

Top 10 Equity (% of Net Assets)

Table Summary
Broadcom, Inc.	9.0%
Arista Networks, Inc.	8.9
Applied Materials, Inc.	6.5
Ciena Corp.	3.4
Coherent Corp.	3.3
Monolithic Power Systems, Inc.	3.2
TJX Cos., Inc.	3.0
Crowdstrike Holdings, Inc.	2.1
Dover Corp.	2.1
Ameriprise Financial, Inc.	2.0

Sector Allocation (% of Net Assets)

Table Summary
Electronic Technology	37.1%
Technology Services	12.0
Producer Manufacturing	11.1
Finance	8.7
Health Technology	7.9
Industrial Services	5.9
Retail Trade	4.6
Consumer Non-Durables	2.1
Others	8.3
Cash and other net assets	2.3
Total	100.0%

Material Fund Changes

There were no material changes to the Fund during the 12-month period ended June 30, 2026.

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

Annual Shareholder Report

June 30, 2026

Item 4: Principal Accountant Fees and Services.

(a) – (d) Aggregate fees billed to the Registrant for the last two fiscal years for professional services rendered by the Registrant’s principal accountant were as follows:


	Audit Fees (a)		Audit Related Fees (b)		Tax Fees (c)		All Other Fees (d)
Fiscal year ended June 30, 2026	$	25,600		0	$	6,380		0
Fiscal year ended June 30, 2025	$	24,900		0	$	6,170		0

(e) (1) The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor in order to assure that the provision of such services does not impair the auditor’s independence. The audit committee also is required to pre-approve certain non-audit services performed by the Registrant’s independent auditor for the Registrant’s investment adviser and certain of the adviser’s affiliates if the services relate directly to the operations and financial reporting of the Registrant. Services to be provided by the auditor must receive general pre-approval or specific pre-approval by the audit committee. Any proposed services exceeding pre-approved cost levels will require separate pre-approval by the audit committee.

The audit committee may delegate pre-approval authority to the audit committee chairman. The chairman shall report any pre-approval decisions to the audit committee at its next scheduled meeting. The audit committee does not delegate its responsibility to pre-approve services performed by the independent auditor to management.

(2) No services included in (b) – (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $0 and $0, respectively.

(h) The Registrant’s audit committee has determined that the provision of non-audit services rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is considered compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

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.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Balanced Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 64.3%

Consumer Non-Durables - 0.3%
PepsiCo, Inc.		1,825		247,105


Consumer Services - 1.7%
McDonald’s Corp.		1,450		391,949
Visa, Inc.		2,800		960,652


				1,352,601


Electronic Technology - 24.1%
Apple, Inc.		13,475		3,899,126
Applied Materials, Inc.		1,900		1,373,700
Arista Networks, Inc. ^*		3,060		519,833
Broadcom, Inc.		10,850		4,098,588
Honeywell Aerospace, Inc. ^*		725		160,283
Motorola Solutions, Inc.		750		311,468
NVIDIA Corp.		30,900		6,182,781
Palo Alto Networks, Inc. ^*		4,320		1,473,206
Tower Semiconductor, Ltd. ^*		825		215,028
Vertiv Holdings Co.		1,225		410,155


				18,644,168


Energy Minerals - 0.2%
Shell, PLC, ADR		2,400		186,096


Finance - 5.0%
Ameriprise Financial, Inc.		1,150		527,574
Bank of America Corp.		4,800		273,504
Chubb, Ltd.		1,400		477,036
Goldman Sachs Group, Inc.		1,600		1,618,192
JPMorgan Chase & Co.		2,925		957,440


				3,853,746


Health Services - 1.0%
UnitedHealth Group, Inc.		1,900		789,697


Health Technology - 3.9%
Abbott Laboratories		2,450		222,313
AbbVie, Inc.		1,750		440,370
Eli Lilly & Co.		840		1,007,521
Intuitive Surgical, Inc. ^*		1,290		513,007
Merck & Co., Inc.		1,825		234,512
Thermo Fisher Scientific, Inc.		1,040		521,414


				2,939,137


Industrial Services - 1.7%
Cheniere Energy, Inc.		1,900		454,119
Waste Connections, Inc.		1,500		250,035
Williams Cos., Inc.		8,700		646,758


				1,350,912


Process Industries - 0.9%
Linde, PLC		575		298,391
Sherwin-Williams Co.		1,000		344,320


				642,711


Producer Manufacturing - 4.4%
Axon Enterprise, Inc. ^*		405		227,047
Eaton Corp., PLC		800		340,896
Emerson Electric Co.		750		107,363
General Dynamics Corp.		700		247,968
Honeywell International, Inc.		725		162,327
Northrop Grumman Corp.		375		190,991



Name of Issuer	Quantity		Fair Value ($)

Parker-Hannifin Corp.		625		611,325
Safran SA, ADR		7,350		722,285
Siemens AG, ADR		5,175		832,709


				3,442,911


Retail Trade - 5.4%
Amazon.com, Inc. ^*		9,700		2,311,898
Home Depot, Inc.		1,825		643,641
Netflix, Inc. ^*		5,900		421,260
TJX Cos., Inc.		5,100		772,650


				4,149,449


Technology Services - 14.5%
Accenture, PLC		2,025		251,991
Alphabet, Inc. - Class A		12,400		4,431,388
Alphabet, Inc. - Class C		3,675		1,298,488
Autodesk, Inc. ^*		1,275		247,886
Intuit, Inc.		1,200		313,200
Meta Platforms, Inc.		2,115		1,191,358
Microsoft Corp.		7,475		2,788,324
ServiceNow, Inc. ^*		2,800		277,984
Take-Two Interactive Software, Inc. ^*		1,765		441,215


				11,241,834


Transportation - 0.7%
Union Pacific Corp.		2,050		557,600


Utilities - 0.5%
NextEra Energy, Inc.		4,140		363,368


Total Common Stocks (cost: $15,827,436)				49,761,335



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

Bonds – 29.9%

Asset-Backed Securities - 0.9%
DTE Electric Securitization Funding II, LLC
6.09%, 9/1/37		100,000		107,773

Duke Energy Florida, LLC
2.86%, 3/1/33		120,000		109,770

Duke Energy Progress SC Storm Funding, LLC
5.40%, 3/1/44		70,119		71,463

Evergy Missouri West Storm Funding I, LLC
5.10%, 12/1/38		89,086		89,730

RCKT Mortgage Trust
2025-CES1 A1A, 5.65%, 1/25/45 ^14,4		309,965		311,084

Small Business Administration
2008-20A 1, 5.17%, 1/1/28		3,882		3,890


				693,710


Collateralized Mortgage Obligations - 6.6%

Chase Home Lending Mortgage Trust:
2026-1 A5A, 5.00%, 11/25/56 ^1,⁴		200,000		190,530
2024-9 A4, 5.50%, 9/25/55 ^1,⁴		37,469		37,434
2023-1 A2, 6.00%, 6/25/54 ^1,⁴		96,970		98,129
2024-1 A8A, 6.00%, 1/25/55 ^1,⁴		200,000		199,228
2024-2 A8A, 6.00%, 2/25/55 ^1,⁴		200,000		199,248

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		99,616
2024-4 A8, 6.00%, 3/25/55 ^1,⁴		200,000		200,630
2025-1 A4, 6.00%, 11/25/55 ^1,⁴		160,117		160,373
2025-2 A8, 6.00%, 12/25/55 ^1,⁴		250,000		247,989

Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		14,311		12,568
2026-47 GK, 4.50%, 2/25/54		225,000		211,929
2004-T1 1A1, 6.00%, 1/25/44		9,392		9,672
1999-17 C, 6.35%, 4/25/29		1,197		1,205
2009-30 AG, 6.50%, 5/25/39		15,544		16,322
2004-W9 2A1, 6.50%, 2/25/44		16,928		17,215
2004-T3 1A3, 7.00%, 2/25/44		3,674		3,742

Freddie Mac:
5280 A, 3.50%, 1/25/50		107,642		101,398
4812 CZ, 4.00%, 5/15/48		121,699		114,109
5598 CM, 4.50%, 4/25/53		275,000		263,922
5676 CB, 4.50%, 11/25/55		300,000		282,469
4293 BA, 5.15%, 10/15/47 ¹		4,843		4,899
2122 ZE, 6.00%, 2/15/29		8,056		8,171
2126 C, 6.00%, 2/15/29		5,032		5,095
2480 Z, 6.00%, 8/15/32		9,193		9,393
2485 WG, 6.00%, 8/15/32		10,935		11,241
2357 ZJ, 6.50%, 9/15/31		9,604		9,824
4520 HM, 6.50%, 8/15/45		9,208		9,942
3704 CT, 7.00%, 12/15/36		4,740		4,992

Government National Mortgage Association:
2021-86 WB, 4.73%, 5/20/51 ¹		111,408		106,480
2021-104 HT, 5.50%, 6/20/51		140,533		142,838
2021-27 AW, 5.92%, 2/20/51 ¹		151,951		154,560
2018-147 AM, 7.00%, 10/20/48		18,088		18,827
2015-80 BA, 7.00%, 6/20/45 ¹		2,353		2,477
2005-74 HA, 7.50%, 9/16/35		30		30

JP Morgan Mortgage Trust:
2021-6 A4, 2.50%, 10/25/51 ^1,⁴		222,891		199,964
2021-13 A4, 2.50%, 4/25/52 ^1,⁴		197,346		176,404
2021-6 A12, 5.00%, 10/25/51 ^1,⁴		233,772		226,723
2023-6 A2, 6.00%, 12/26/53 ^1,⁴		82,674		83,662
2023-10 A8, 6.00%, 5/25/54 ^1,⁴		150,000		149,172
2024-1 A8, 6.00%, 6/25/54 ^1,⁴		160,971		160,413
2024-2 A8A, 6.00%, 8/25/54 ^1,⁴		16,348		16,300
2024-4 A8A, 6.00%, 10/25/54 ^1,⁴		200,000		199,215
2024-5 A8, 6.00%, 11/25/54 ^1,⁴		200,000		199,894
2025-1 A8, 6.00%, 6/25/55 ^1,⁴		250,000		248,124

New Residential Mortgage Loan Trust:
2018-3A A1, 4.50%, 5/25/58 ^1,⁴		22,218		21,482

Sequoia Mortgage Trust:
2020-4 A5, 2.50%, 11/25/50 ^1,⁴		30,739		28,349
2026-4 A7, 5.50%, 3/25/56 ^1,⁴		150,000		147,109
2025-1 A4, 6.00%, 1/25/55 ^1,⁴		119,824		120,084
2025-3 A16, 6.00%, 4/25/55 ^1,⁴		150,000		149,414

Wells Fargo Mortgaged Backed Securities Trust:
2020-5 A3, 2.50%, 9/25/50 ^1,⁴		23,997		22,010


				5,104,816


Corporate Bonds - 5.8%
Assurant, Inc., 5.55%, 2/15/36		150,000		149,485
BOKF NA (Subordinated), 6.11%, 11/6/40		250,000		256,447
Booz Allen Hamilton, Inc., 5.95%, 4/15/35		250,000		249,422



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

Charles Stark Draper Lab., Inc., 4.39%, 9/1/48		100,000		85,619
CVS Pass-Through Trust:
4.16%, 8/11/36 ⁴		143,776		134,637
6.94%, 1/10/30		56,076		57,509
Dominion Energy, Inc. (Subordinated), 6.25%, 12/15/56		150,000		150,625
Entergy Corp. (Subordinated), 6.10%, 6/15/56		125,000		125,235
Entergy Louisiana, LLC, 5.80%, 3/15/55		125,000		125,495
Equifax, Inc., 7.00%, 7/1/37		200,000		221,764
Evergy Kansas Central, Inc., 5.30%, 7/1/36		125,000		125,394
Exelon Corp. (Subordinated), 6.50%, 3/15/55		150,000		153,958
Fifth Third Bank NA (Subordinated), 5.33%, 8/25/33		250,000		250,064
First Citizens BancShares, Inc. (Subordinated), 6.25%, 3/12/40		200,000		197,163
Halliburton Co., 7.60%, 8/15/96 ⁴		75,000		84,725
Hut 8 DC, LLC, 6.19%, 11/15/42 ⁴		125,000		126,829
JPMorgan Chase & Co. (Subordinated), 5.58%, 7/23/36		125,000		126,954
L3Harris Technologies, Inc., 5.50%, 8/15/54		50,000		48,617
Morgan Stanley, 5.07%, 1/30/37		125,000		122,437
NextEra Energy Capital Holdings, Inc., 6.20%, 10/1/56		100,000		100,048
Old National Bancorp (Subordinated), 5.77%, 2/15/36		250,000		250,073
Old Republic International Corp., 5.70%, 6/1/36		50,000		50,259
Pinnacle Financial Partners, Inc., 5.60%, 5/19/32		125,000		125,468
Regions Financial Corp. (Subordinated), 7.38%, 12/10/37		200,000		227,922
South State Bank NA (Subordinated), 8.38%, 8/15/34		100,000		106,000
Southern Co. (Subordinated), 6.00%, 4/1/58		50,000		50,121
SouthState Bank Corp. (Subordinated), 7.00%, 6/13/35		150,000		156,903
Union Electric Co., 4.00%, 4/1/48		275,000		216,996
US Bancorp (Subordinated), 4.97%, 7/22/33		100,000		99,186
Western Alliance Bank (Subordinated), 6.54%, 11/15/35		100,000		99,304
Wynnton Funding Trust, 5.25%, 8/15/35 ⁴		250,000		247,524


				4,522,183


Federal Home Loan Mortgage Corporation - 1.1%
4.00%, 1/1/53		222,326		208,588
4.00%, 11/1/54		229,303		214,811
4.00%, 3/1/55		245,391		229,862
4.50%, 4/1/55		234,947		225,726


				878,987


Federal National Mortgage Association - 4.8%
4.00%, 9/1/53		237,676		223,001
4.00%, 4/1/54		155,360		145,543
4.00%, 5/1/54		260,885		244,399
4.00%, 9/1/54		158,606		148,582
4.00%, 11/1/54		230,924		216,331
4.00%, 4/1/55		470,644		440,860
4.00%, 5/1/55		539,456		505,317
4.50%, 7/1/52		261,511		253,264
4.50%, 9/1/52		259,856		251,414
4.50%, 6/1/53		202,559		195,877
4.50%, 7/1/53		222,903		215,124

See accompanying notes to financial statements.



JUNE 30, 2026		3

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Balanced Fund (Continued)



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

4.50%, 6/1/54		235,603		226,371
4.50%, 11/1/54		542,746		521,478
4.50%, 10/1/55		72,957		70,093
6.50%, 9/1/27		2,722		2,817


				3,660,471


Government National Mortgage Association - 0.6%
3.50%, 2/20/52		204,764		186,245
4.00%, 9/20/52		184,576		169,740
4.50%, 8/20/64		105,405		100,913
6.50%, 11/20/38		7,484		7,673
7.00%, 11/20/27		731		755
7.00%, 9/20/29		5,284		5,457
7.00%, 9/20/38		3,925		4,054
7.50%, 4/20/32		3,017		3,054


				477,891


Taxable Municipal Securities - 5.2%
City of Colorado Springs Co. Utilities System Rev., 6.62%, 11/15/40		250,000		277,573
City of Oak Creek G.O., 2.40%, 10/1/29		295,000		281,770
CO Edu. & Cultural Fac. Auth., 3.97%, 3/1/56		205,000		155,781
County of Vermillion Rev., 4.90%, 8/1/32		250,000		251,415
Dallas County Hospital Dist. G.O., 5.62%, 8/15/44		200,000		201,194
Downtown Dallas Dev. Auth., 6.21%, 8/15/36		240,000		240,210

ID Hsg. & Fin. Association Rev.:
5.18%, 5/1/28		90,000		89,338
5.23%, 5/1/28		110,000		109,191
IL Hsg. Dev. Auth. Rev., 5.38%, 10/1/36		250,000		252,013
IN Hsg. & Community Dev. Auth. Rev., 5.75%, 7/1/54		260,000		264,503
LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40		230,000		189,970
MA Edu. Auth., 4.95%, 7/1/38		155,000		152,201
MA School Building Auth. Rev., 5.72%, 8/15/39		300,000		309,485
Maricopa Co. Indus. Dev. Auth., 3.50%, 7/1/44 ⁴		100,000		81,018
MN Hsg. Fin. Agy., 2.31%, 1/1/27		135,000		133,859
MS Dev. Bank Rev., 5.06%, 5/1/37		200,000		200,551
NE Investment Fin. Auth. Rev., 6.00%, 9/1/31		115,000		120,077
Texas Children’s Hospital, 3.37%, 10/1/29 ¹⁷		90,000		87,738
TX Dept. of Hsg. & Community Affairs Rev., 6.25%, 9/1/53		190,000		197,059
Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27		205,000		199,540
WV Hsg. Dev. Fund Rev., 5.45%, 5/1/34		250,000		257,717


				4,052,203



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

U.S. Treasury / Federal Agency Securities - 4.9%

U.S. Treasury - 4.9%
U.S. Treasury Bonds:
4.63%, 5/15/54		225,000		214,638
4.63%, 2/15/55		575,000		548,855
4.75%, 11/15/53		1,150,000		1,117,432
4.75%, 2/15/56		150,000		146,390
U.S. Treasury Inflation Indexed Notes 1.25%, 4/15/28		305,319		300,461
U.S. Treasury Notes:
4.00%, 11/15/35		600,000		581,437
4.13%, 2/15/36		575,000		562,063
4.25%, 8/15/35		200,000		197,789
4.50%, 11/15/33		100,000		101,133

				3,770,198


Total Bonds (cost $23,644,511)				23,160,459



Name of Issuer	Quantity		Fair Value ($)

Investment Companies 4.1%
Angel Oak Financial Strategies Income Trust		28,182		360,730
BlackRock Core Bond Trust		31,526		289,093
BlackRock Income Trust, Inc.		8,379		89,823
BlackRock Taxable Municipal Bond Trust		29,033		469,464
DoubleLine Opportunistic Credit Fund		4,400		63,272
DWS Municipal Income Trust		24,300		223,560
First Trust Mortgage Income Fund		11,200		131,712
John Hancock Income Securities Trust		5,900		65,047
MFS Government Markets Income Trust		28,700		82,369
MFS Intermediate Income Trust		108,833		268,818
Nuveen Multi-Market Income Fund		22,553		132,161
Nuveen Taxable Municipal Income Fund		11,867		187,261
Putnam Master Intermediate Income Trust		66,500		214,795
Putnam Premier Income Trust		77,203		269,438
TCW Strategic Income Fund, Inc.		59,631		268,937


Total Investment Companies (cost: $3,181,073)				3,116,480

Short-Term Securities - 1.5%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $1,173,473)		1,173,473		1,173,473


Total Investments in Securities - 99.8% (cost $43,826,493)				77,211,747

Other Assets and Liabilities, net - 0.2%				192,201


Net Assets - 100.0%				$77,403,948

See accompanying notes to financial statements.



4		FINANCIAL STATEMENTS AND OTHER INFORMATION

*	Non-income producing security.

Variable rate security. Rate disclosed is as of June 30, 2026. 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 June 30, 2026 was $4,567,313 and represented 5.9% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

14	Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of June 30, 2026.

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 June 30, 2026 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**		49,761,335		—		—		49,761,335
Asset-Backed Securities		—		693,710		—		693,710
Collateralized Mortgage Obligations		—		5,104,816		—		5,104,816
Corporate Bonds		—		4,522,183		—		4,522,183
Federal Home Loan Mortgage Corporation		—		878,987		—		878,987
Federal National Mortgage Association		—		3,660,471		—		3,660,471
Government National Mortgage Association		—		477,891		—		477,891
Taxable Municipal Securities		—		4,052,203		—		4,052,203
U.S. Treasury / Federal Agency Securities		—		3,770,198		—		3,770,198
Investment Companies		3,116,480		—		—		3,116,480
Short-Term Securities		1,173,473		—		—		1,173,473

Total:		54,051,288		23,160,459		—		77,211,747

**	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.



JUNE 30, 2026		5

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Dividend Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 99.2%

Commercial Services - 1.0%
S&P Global, Inc.		5,775		2,351,926


Communications - 0.7%
Verizon Communications, Inc.		41,400		1,752,876


Consumer Non-Durables - 3.2%
Coca-Cola Co.		33,075		2,688,005
Mondelez International, Inc.		27,200		1,573,248
Procter & Gamble Co.		24,450		3,585,348


				7,846,601


Consumer Services - 2.4%
McDonald’s Corp.		9,875		2,669,311
Visa, Inc.		9,575		3,285,087


				5,954,398


Electronic Technology - 24.6%
Analog Devices, Inc.		6,550		2,601,464
Apple, Inc.		41,800		12,095,248
Applied Materials, Inc.		5,950		4,301,850
Broadcom, Inc.		27,100		10,237,025
Cisco Systems, Inc.		37,675		4,425,305
Garmin, Ltd.		7,525		1,787,489
Honeywell Aerospace, Inc. ^*		6,450		1,425,966
International Business Machines Corp.		12,425		3,494,034
Micron Technology, Inc.		5,275		6,088,880
NVIDIA Corp.		54,300		10,864,887
TE Connectivity, PLC		13,325		2,686,453


				60,008,601


Energy Minerals - 2.2%
ConocoPhillips		22,650		2,354,694
Exxon Mobil Corp.		21,650		2,959,988


				5,314,682


Finance - 15.2%
American International Group, Inc.		33,550		2,500,481
Ameriprise Financial, Inc.		5,300		2,431,428
Axis Capital Holdings, Ltd.		11,975		1,286,594
Bank of America Corp.		52,000		2,962,960
Bank of New York Mellon Corp.		16,225		2,346,297
CareTrust REIT, Inc.		67,825		2,736,739
Carlyle Group, Inc.		41,650		1,753,882
Citigroup, Inc.		15,700		2,197,372
Citizens Financial Group, Inc.		27,425		1,921,670
Equitable Holdings, Inc.		47,400		2,079,912
Goldman Sachs Group, Inc.		2,450		2,477,856
Intercontinental Exchange, Inc.		12,125		1,492,709
JPMorgan Chase & Co.		12,000		3,927,960
Morgan Stanley		12,775		2,670,486
Realty Income Corp.		36,900		2,286,324
US Bancorp		32,175		1,943,370


				37,016,040


Health Services - 2.9%
Cardinal Health, Inc.		13,125		3,117,975
Quest Diagnostics, Inc.		6,575		1,393,571
UnitedHealth Group, Inc.		6,225		2,587,297

				7,098,843



Name of Issuer	Quantity		Fair Value ($)

Health Technology - 11.0%
Abbott Laboratories		24,325		2,207,251
AbbVie, Inc.		12,400		3,120,336
Agilent Technologies, Inc.		21,250		2,822,638
AstraZeneca, PLC		16,900		3,204,578
Eli Lilly & Co.		3,440		4,126,039
Johnson & Johnson		12,575		3,193,673
Medtronic, PLC		29,550		2,311,696
Merck & Co., Inc.		25,375		3,260,687
Stryker Corp.		7,900		2,487,236


				26,734,134


Industrial Services - 3.2%
Waste Management, Inc.		12,100		2,696,848
Williams Cos., Inc.		68,100		5,062,554


				7,759,402


Process Industries - 2.3%
Avery Dennison Corp.		17,600		2,857,360
Linde, PLC		5,500		2,854,170


				5,711,530


Producer Manufacturing - 9.3%
Dover Corp.		9,800		2,197,944
Eaton Corp., PLC		7,665		3,266,210
Emerson Electric Co.		12,900		1,846,635
Flowserve Corp.		26,725		1,981,926
GE Vernova, Inc.		2,510		2,948,899
General Dynamics Corp.		7,150		2,532,816
Honeywell International, Inc.		6,450		1,444,155
RTX Corp.		15,475		2,936,072
Siemens AG, ADR		9,175		1,476,349
Xylem, Inc.		18,325		2,166,198


				22,797,204


Retail Trade - 4.9%
Amazon.com, Inc. ^*		19,075		4,546,336
eBay, Inc.		14,050		1,570,088
Home Depot, Inc.		10,000		3,526,800
TJX Cos., Inc.		15,775		2,389,912


				12,033,136


Technology Services - 9.7%
Alphabet, Inc. - Class A		24,500		8,755,565
Genpact, Ltd.		67,275		1,850,063
Meta Platforms, Inc.		4,355		2,453,128
Microsoft Corp.		28,525		10,640,395


				23,699,151


Transportation - 2.1%
CH Robinson Worldwide, Inc.		10,775		2,029,363
CSX Corp.		65,375		3,107,274


				5,136,637


Utilities - 4.5%
Evergy, Inc.		25,675		2,219,090
IDACORP, Inc.		8,900		1,346,570
NextEra Energy, Inc.		25,075		2,200,833
NiSource, Inc.		42,800		2,035,140

See accompanying notes to financial statements.



6		FINANCIAL STATEMENTS AND OTHER INFORMATION



Name of Issuer	Quantity		Fair Value ($)

PPL Corp.		86,475		3,143,366


				10,944,999


Total Common Stocks (cost: $166,587,646)				242,160,160


Short-Term Securities - 0.9%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $2,135,284)		2,135,284		2,135,284


Total Investments in Securities - 100.1% (cost $168,722,930)				244,295,444

Other Assets and Liabilities, net - (0.1)%				(348,201	)


Net Assets - 100.0%				$243,947,243

*	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 June 30, 2026 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**		242,160,160		—		—		242,160,160
Short-Term Securities		2,135,284		—		—		2,135,284
Total:		244,295,444		—		—		244,295,444

**	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.



JUNE 30, 2026		7

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Global Dividend Growth Fund

Investments are grouped by geographic region



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 96.3%

Asia - 4.3%

Australia - 1.4%
Atlassian Corp. ^*		3,445		267,987
Macquarie Group, Ltd.		3,810		660,228


				928,215


Japan - 1.1%
Recruit Holdings Co., Ltd.		10,600		738,633


Singapore - 1.8%
Singapore Technologies Engineering, Ltd.		155,000		1,244,792


Europe - 26.1%

Belgium - 1.5%
D’ieteren Group		5,225		1,017,303


France - 1.1%
Safran SA, ADR		7,520		738,990


Germany - 5.8%
Allianz SE, ADR		23,840		1,123,341
Infineon Technologies AG		6,275		585,559
Muenchener Rueckversicherungs AG		1,470		820,495
Siemens AG		4,250		1,365,278


				3,894,673


Ireland - 3.8%
Accenture, PLC		3,285		408,786
Eaton Corp., PLC		850		362,202
Linde, PLC		1,445		749,868
Trane Technologies, PLC		2,125		1,043,715


				2,564,571


Spain - 2.2%
Iberdrola SA		59,010		1,472,558


Switzerland - 3.3%
Chubb, Ltd.		2,290		780,295
Lonza Group AG		930		628,210
Nestle SA		4,885		502,284
Partners Group Holding AG		375		307,333


				2,218,122


United Kingdom - 8.4%
AstraZeneca, PLC		6,500		1,232,530
BAE Systems, PLC		27,380		669,708
Compass Group, PLC		14,170		457,691
London Stock Exchange Group, PLC		6,715		726,998
Man Group, PLC		216,290		838,316
RELX, PLC		14,120		444,962
Shell, PLC, ADR		16,175		1,254,210


				5,624,415


North America - 65.9%

United States - 65.9%
Abbott Laboratories		7,230		656,050
AbbVie, Inc.		750		188,730
Alphabet, Inc. - Class A		8,790		3,141,282
Apple, Inc.		16,875		4,882,950
Applied Materials, Inc.		6,100		4,410,300
Arthur J Gallagher & Co.		2,425		556,707



Name of Issuer	Quantity		Fair Value ($)

Bank of America Corp.		5,900		336,182
Broadcom, Inc.		17,285		6,529,409
Cheniere Energy, Inc.		2,830		676,398
ConocoPhillips		4,025		418,439
Eli Lilly & Co.		800		959,544
FedEx Corp.		1,900		594,947
Fedex Freight Holding Co., Inc. ^*		950		143,450
Goldman Sachs Group, Inc.		1,370		1,385,577
Home Depot, Inc.		2,490		878,173
Honeywell Aerospace, Inc. ^*		2,165		478,638
Honeywell International, Inc.		2,165		484,744
JPMorgan Chase & Co.		7,180		2,350,230
Lockheed Martin Corp.		1,525		776,927
McDonald’s Corp.		2,100		567,651
Microsoft Corp.		9,375		3,497,063
Mondelez International, Inc.		6,940		401,410
NVIDIA Corp.		16,125		3,226,451
Otis Worldwide Corp.		3,785		271,006
PepsiCo, Inc.		4,765		645,181
Salesforce, Inc.		705		110,445
Sherwin-Williams Co.		1,835		631,827
Stryker Corp.		1,050		330,582
Thermo Fisher Scientific, Inc.		1,145		574,057
Union Pacific Corp.		3,960		1,077,120
UnitedHealth Group, Inc.		2,580		1,072,325
Waste Management, Inc.		3,815		850,287
WEC Energy Group, Inc.		3,010		351,478
Williams Cos., Inc.		12,000		892,080


				44,347,640


Total Common Stocks (cost: $23,552,563)				64,789,912


Short-Term Securities - 3.5%

Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $2,352,229)		2,352,229		2,352,229


Total Investments in Securities - 99.8% (cost $25,904,792)				67,142,141

Other Assets and Liabilities, net - 0.2%				130,640


Net Assets - 100.0%				$67,272,781

*	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 June 30, 2026 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		928,215		—		—		928,215
Belgium		1,017,303		—		—		1,017,303
France		738,990		—		—		738,990
Germany		3,894,673		—		—		3,894,673
Ireland		2,564,571		—		—		2,564,571
Japan		738,633		—		—		738,633
Singapore		1,244,792		—		—		1,244,792
Spain		1,472,558		—		—		1,472,558
Switzerland		2,218,122		—		—		2,218,122
United Kingdom		5,624,415		—		—		5,624,415
United States		44,347,640		—		—		44,347,640
Short-Term Securities		2,352,229		—		—		2,352,229

Total:		67,142,141		—		—		67,142,141

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.



JUNE 30, 2026		9

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 96.5%

Consumer Durables - 0.5%
Sony Group Corp., ADR		66,000		1,323,960


Consumer Non-Durables - 0.5%
PepsiCo, Inc.		10,000		1,354,000


Consumer Services - 2.5%
McDonald’s Corp.		6,650		1,797,561
Visa, Inc.		13,650		4,683,179


				6,480,740


Electronic Technology - 36.8%
Apple, Inc.		104,575		30,259,822
Applied Materials, Inc.		15,350		11,098,050
Arista Networks, Inc. ^*		15,000		2,548,200
Broadcom, Inc.		27,050		10,218,138
Honeywell Aerospace, Inc. ^*		4,213		931,300
NVIDIA Corp.		164,925		32,999,843
Palo Alto Networks, Inc. ^*		18,450		6,291,819
Tower Semiconductor, Ltd. ^*		4,375		1,140,300
Vertiv Holdings Co.		6,175		2,067,513


				97,554,985


Energy Minerals - 0.6%
ConocoPhillips		15,925		1,655,563


Finance - 3.8%
Bank of America Corp.		25,250		1,438,745
Chubb, Ltd.		5,050		1,720,737
Goldman Sachs Group, Inc.		5,150		5,208,556
JPMorgan Chase & Co.		4,900		1,603,917


				9,971,955


Health Services - 1.6%
UnitedHealth Group, Inc.		10,125		4,208,254


Health Technology - 7.0%
Abbott Laboratories		15,500		1,406,470
AbbVie, Inc.		2,975		748,629
Dexcom, Inc. ^*		22,000		1,481,700
Eli Lilly & Co.		5,940		7,124,614
Intuitive Surgical, Inc. ^*		6,950		2,763,876
Merck & Co., Inc.		9,400		1,207,900
Stryker Corp.		3,775		1,188,521
Thermo Fisher Scientific, Inc.		5,250		2,632,140


				18,553,850


Industrial Services - 2.3%
Cheniere Energy, Inc.		10,925		2,611,184
Williams Cos., Inc.		46,900		3,486,546


				6,097,730


Process Industries - 1.2%
Linde, PLC		2,650		1,375,191
Sherwin-Williams Co.		5,225		1,799,072


				3,174,263


Producer Manufacturing - 6.1%
Axon Enterprise, Inc. ^*		2,125		1,191,297
BAE Systems, PLC, ADR		15,500		1,518,225
Eaton Corp., PLC		3,975		1,693,827



Name of Issuer	Quantity		Fair Value ($)

Emerson Electric Co.		14,975		2,143,671
General Dynamics Corp.		3,550		1,257,552
Honeywell International, Inc.		4,213		943,179
Northrop Grumman Corp.		1,875		954,956
Parker-Hannifin Corp.		3,150		3,081,078
Siemens AG, ADR		21,675		3,487,724


				16,271,509


Retail Trade - 7.9%
Amazon.com, Inc. ^*		49,200		11,726,328
Home Depot, Inc.		8,425		2,971,329
Netflix, Inc. ^*		30,650		2,188,410
TJX Cos., Inc.		18,075		2,738,362
Ulta Beauty, Inc. ^*		2,800		1,262,744


				20,887,173


Technology Services - 24.3%
Accenture, PLC		10,200		1,269,288
Alphabet, Inc. - Class A		12,500		4,467,125
Alphabet, Inc. - Class C		63,600		22,471,788
Autodesk, Inc. ^*		6,300		1,224,846
Intuit, Inc.		5,200		1,357,200
Meta Platforms, Inc.		14,575		8,209,952
Microsoft Corp.		55,000		20,516,100
salesforce.com, Inc.		7,600		1,190,616
ServiceNow, Inc. ^*		11,375		1,129,310
Take-Two Interactive Software, Inc. ^*		9,700		2,424,806


				64,261,031


Transportation - 1.0%
Union Pacific Corp.		9,200		2,502,400


Utilities - 0.4%
NextEra Energy, Inc.		13,100		1,149,787


Total Common Stocks (cost: $69,737,071)				255,447,200


Short-Term Securities - 2.7%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $7,255,345)		7,255,345		7,255,345


Total Investments in Securities - 99.2% (cost $76,992,416)				262,702,545

Other Assets and Liabilities, net - 0.8%				2,140,383


Net Assets - 100.0%				$264,842,928

*	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

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit ESG Growth Fund

Investments are grouped by geographic region.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 94.0%

Asia - 7.6%

Japan - 4.9%
Keyence Corp.		200		99,708
Recruit Holdings Co., Ltd.		3,100		216,015
Sony Group Corp., ADR		10,875		218,153
Terumo Corp.		13,400		184,111


				717,987


Singapore - 2.7%
Singapore Technologies Engineering, Ltd.		49,900		400,743


Europe - 29.1%

Belgium - 1.0%
D’ieteren Group		785		152,839


France - 1.9%
Safran SA, ADR		2,750		270,242


Germany - 6.2%
Allianz SE, ADR		5,525		260,338
Deutsche Post AG		1,550		94,042
Infineon Technologies AG		1,225		114,312
Muenchener Rueckversicherungs AG		275		153,494
Siemens AG, ADR		1,775		285,615


				907,801


Ireland - 4.8%
Accenture, PLC		750		93,330
CRH, PLC		1,200		128,400
Medtronic, PLC		725		56,717
Trane Technologies, PLC		875		429,765


				708,212


Netherlands - 0.9%
ASML Holding NV		65		129,314


Spain - 2.8%
Iberdrola SA, ADR		4,050		404,595


Switzerland - 2.9%
Chubb, Ltd.		250		85,185
Lonza Group AG		185		124,967
Nestle SA, ADR		1,200		123,228
Ypsomed Holding AG		207		93,457


				426,837


United Kingdom - 8.6%
AstraZeneca, PLC		1,500		284,430
BAE Systems, PLC, ADR		1,450		142,027
Coca-Cola Europacific Partners, PLC		2,100		210,147
Compass Group, PLC		3,600		116,280
Entain, PLC		10,225		75,817
Man Group, PLC		55,725		215,984
RELX, PLC, ADR		4,700		148,849
Rentokil Initial, PLC, ADR		2,375		67,949


				1,261,483


North America - 57.3%

United States - 57.3%
AbbVie, Inc.		160		40,262
Alphabet, Inc. - Class A		2,500		893,425



Name of Issuer	Quantity		Fair Value ($)

Apple, Inc.		3,600		1,041,696
Broadcom, Inc.		1,925		727,169
Cheniere Energy, Inc.		600		143,406
Dexcom, Inc. ^*		1,080		72,738
Ecolab, Inc.		325		90,548
Eli Lilly & Co.		178		213,499
FedEx Corp.		375		117,424
Fedex Freight Holding Co., Inc. ^*		187		28,237
Goldman Sachs Group, Inc.		600		606,822
Home Depot, Inc.		745		262,747
JPMorgan Chase & Co.		1,075		351,880
Lockheed Martin Corp.		275		140,101
Microsoft Corp.		2,000		746,040
NIKE, Inc.		850		34,892
NVIDIA Corp.		9,250		1,850,832
PepsiCo, Inc.		875		118,475
salesforce.com, Inc.		425		66,581
T Rowe Price Group, Inc.		475		54,003
TJX Cos., Inc.		1,380		209,070
UnitedHealth Group, Inc.		500		207,815
Visa, Inc.		475		162,968
Williams Cos., Inc.		2,675		198,859


				8,379,489


Total Common Stocks (cost: $5,199,199)				13,759,542


Short-Term Securities - 5.9%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $857,965)		857,965		857,965


Total Investments in Securities - 99.9% (cost $6,057,164)				14,617,507

Other Assets and Liabilities, net - 0.1%				12,482


Net Assets - 100.0%				$14,629,989

*	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 June 30, 2026 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
Belgium		152,839		—		—		152,839
France		270,242		—		—		270,242
Germany		907,801		—		—		907,801
Ireland		708,212		—		—		708,212
Japan		717,987		—		—		717,987
Netherlands		129,314		—		—		129,314
Singapore		400,743		—		—		400,743
Spain		404,595		—		—		404,595
Switzerland		426,837		—		—		426,837
United Kingdom		1,261,483		—		—		1,261,483
United States		8,379,489		—		—		8,379,489
Short-Term Securities		857,965		—		—		857,965

Total:		14,617,507		—		—		14,617,507

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.



JUNE 30, 2026		13

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Mid Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 97.7%

Commercial Services - 0.9%
Amentum Holdings, Inc. ^*		26,202		541,595
Booz Allen Hamilton Holding Corp.		27,550		1,671,459


				2,213,054


Consumer Durables - 0.6%
YETI Holdings, Inc. ^*		28,100		1,392,636


Consumer Non-Durables - 2.1%
Coca-Cola Europacific Partners, PLC		40,700		4,072,849
elf Beauty, Inc. ^*		12,250		906,500


				4,979,349


Consumer Services - 0.6%
Nexstar Media Group, Inc.		7,375		1,317,101


Electronic Technology - 37.1%
Applied Materials, Inc.		21,175		15,309,525
Arista Networks, Inc. ^*		123,800		21,031,144
Broadcom, Inc.		56,300		21,267,325
Ciena Corp. ^*		16,525		8,106,504
Coherent Corp. ^*		19,850		7,830,230
Monolithic Power Systems, Inc.		5,400		7,464,744
Synopsys, Inc. ^*		3,653		1,629,494
Tower Semiconductor, Ltd. ^*		4,700		1,225,008
Vertiv Holdings Co.		11,575		3,875,541


				87,739,515


Energy Minerals - 0.6%
Northern Oil & Gas, Inc.		73,100		1,326,765


Finance - 8.7%
Ameriprise Financial, Inc.		10,000		4,587,600
Arthur J Gallagher & Co.		11,600		2,663,012
Carlyle Group, Inc.		85,700		3,608,827
Hamilton Lane, Inc.		17,550		1,383,466
Intercontinental Exchange, Inc.		25,300		3,114,683
Pinnacle Financial Partners, Inc.		29,100		2,935,608
Reinsurance Group of America, Inc.		10,300		2,190,295


				20,483,491


Health Services - 1.6%
Encompass Health Corp.		24,800		2,506,784
Tenet Healthcare Corp. ^*		6,350		1,187,958


				3,694,742


Health Technology - 7.9%
Align Technology, Inc. ^*		6,025		1,016,177
Ascendis Pharma A/S ^*		8,350		2,227,112
Dexcom, Inc. ^*		48,040		3,235,494
Glaukos Corp. ^*		26,515		3,705,736
IDEXX Laboratories, Inc. ^*		4,350		2,290,014
Natera, Inc. ^*		11,700		3,175,965
Thermo Fisher Scientific, Inc.		6,100		3,058,296


				18,708,794


Industrial Services - 5.9%
Argan, Inc.		5,100		4,072,605
Cheniere Energy, Inc.		12,000		2,868,120
Jacobs Solutions, Inc.		24,700		3,112,200



Name of Issuer	Quantity		Fair Value ($)

Waste Connections, Inc.		23,400		3,900,546


				13,953,471


Non-Energy Minerals - 0.8%
Trex Co., Inc. ^*		38,625		1,932,795


Producer Manufacturing - 11.1%
AMETEK, Inc.		14,675		3,550,470
Axon Enterprise, Inc. ^*		6,800		3,812,148
BWX Technologies, Inc.		13,600		2,647,240
Carlisle Cos., Inc.		10,075		3,654,706
Donaldson Co., Inc.		22,950		2,060,222
Dover Corp.		21,875		4,906,125
Hubbell, Inc.		7,500		3,924,000
Xylem, Inc.		14,550		1,719,955


				26,274,866


Retail Trade - 4.6%
TJX Cos., Inc.		46,500		7,044,750
Ulta Beauty, Inc. ^*		8,600		3,878,428


				10,923,178


Technology Services - 12.0%
Atlassian Corp. ^*		16,950		1,318,541
Autodesk, Inc. ^*		14,800		2,877,416
Booking Holdings, Inc.		11,250		2,005,200
Crowdstrike Holdings, Inc. ^*		6,500		4,960,410
Datadog, Inc. ^*		17,400		4,530,264
Dynatrace, Inc. ^*		65,375		2,870,616
Euronet Worldwide, Inc. ^*		16,075		1,176,529
HubSpot, Inc. ^*		6,825		1,245,631
PTC, Inc. ^*		29,500		3,351,495
Sportradar Group AG ^*		86,400		1,293,408
Spotify Technology SA ^*		3,250		1,492,172
Take-Two Interactive Software, Inc. ^*		4,892		1,222,902


				28,344,584


Transportation - 1.3%
Alaska Air Group, Inc. ^*		17,300		903,060
Knight-Swift Transportation Holdings, Inc.		28,500		2,219,295


				3,122,355


Utilities - 1.9%
Vistra Corp.		19,100		3,029,833
WEC Energy Group, Inc.		12,800		1,494,656


				4,524,489


Total Common Stocks (cost: $76,931,301)				230,931,185


Short-Term Securities - 2.4%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $5,724,894)		5,724,894		5,724,894


Total Investments in Securities - 100.1% (cost $82,656,195)				236,656,079

Other Assets and Liabilities, net - (0.1)%				(165,167)


Net Assets - 100.0%				$236,490,912

See accompanying notes to financial statements.



14		FINANCIAL STATEMENTS AND OTHER INFORMATION

*	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 June 30, 2026 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**		230,931,185		—		—		230,931,185
Short-Term Securities		5,724,894		—		—		5,724,894

Total:		236,656,079		—		—		236,656,079

**	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.



JUNE 30, 2026		15

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 93.7%

Commercial Services - 1.7%
Booz Allen Hamilton Holding Corp.		2,700		163,809
Brink’s Co.		3,100		292,919
Colliers International Group, Inc.		3,600		337,644
FTI Consulting, Inc. ^*		1,000		149,010


				943,382


Communications - 0.5%
Iridium Communications, Inc.		4,900		268,765


Consumer Durables - 1.8%
Century Communities, Inc.		3,925		281,265
IMAX Corp. ^*		17,100		681,606


				962,871


Consumer Non-Durables - 0.8%
Sensient Technologies Corp.		3,650		450,009


Consumer Services - 1.3%
Covista, Inc. ^*		3,200		398,912
Nexstar Media Group, Inc.		1,675		299,138


				698,050


Electronic Technology - 12.2%
Coherent Corp. ^*		4,475		1,765,253
Entegris, Inc.		3,340		600,733
MKS, Inc.		3,975		1,768,080
Monolithic Power Systems, Inc.		1,050		1,451,478
Power Integrations, Inc.		13,000		1,088,880


				6,674,424


Energy Minerals - 1.2%
Chord Energy Corp.		3,525		402,908
Northern Oil & Gas, Inc.		14,275		259,091


				661,999


Finance - 24.5%
Artisan Partners Asset Management, Inc.		5,350		184,735
Axis Capital Holdings, Ltd.		5,625		604,350
Broadstone Net Lease, Inc.		26,125		540,004
CareTrust REIT, Inc.		16,900		681,915
Carlyle Group, Inc.		8,075		340,038
CNO Financial Group, Inc.		14,000		713,720
Columbia Banking System, Inc.		25,750		825,288
CubeSmart		10,000		397,700
Equitable Holdings, Inc.		9,625		422,345
Essential Properties Realty Trust, Inc.		14,450		431,332
Evercore, Inc.		2,315		790,434
Glacier Bancorp, Inc.		8,075		416,509
HA Sustainable Infrastructure Capital, Inc.		4,825		188,416
Hamilton Lane, Inc.		6,800		536,044
Hanover Insurance Group, Inc.		2,475		529,947
Hercules Capital, Inc.		24,675		389,125
Horace Mann Educators Corp.		12,900		666,285
Huntington Bancshares, Inc.		42,136		747,071
Old National Bancorp		32,575		843,693
Outfront Media, Inc.		9,925		325,143
Pinnacle Financial Partners, Inc.		7,488		755,389
Piper Sandler Cos.		8,600		622,124
Provident Financial Services, Inc.		26,100		617,004
Stifel Financial Corp.		7,950		554,671



Name of Issuer	Quantity		Fair Value ($)

Western Alliance Bancorp		3,625		297,975


				13,421,257


Health Services - 2.2%
Addus HomeCare Corp. ^*		5,545		557,106
Encompass Health Corp.		4,275		432,117
Tenet Healthcare Corp. ^*		1,300		243,204


				1,232,427


Health Technology - 6.4%
AtriCure, Inc. ^*		17,300		484,054
Bio-Techne Corp.		4,100		289,665
Glaukos Corp. ^*		4,940		690,414
iRadimed Corp.		3,450		329,682
STERIS, PLC		975		205,306
Supernus Pharmaceuticals, Inc. ^*		12,250		569,748
TG Therapeutics, Inc. ^*		7,945		436,498
Vericel Corp. ^*		10,825		481,604


				3,486,971


Industrial Services - 14.4%
Argan, Inc.		2,615		2,088,208
DT Midstream, Inc.		5,600		821,744
EMCOR Group, Inc.		1,850		1,535,278
Golar LNG, Ltd.		14,800		737,632
Kodiak Gas Services, Inc.		18,400		1,382,392
TechnipFMC, PLC		19,550		1,296,165


				7,861,419


Non-Energy Minerals - 2.7%
Commercial Metals Co.		3,950		247,862
Eagle Materials, Inc.		2,075		466,875
James Hardie Industries, PLC ^*		5,893		154,279
MP Materials Corp. ^*		10,600		593,706


				1,462,722


Process Industries - 3.9%
Avient Corp.		8,900		328,944
Cabot Corp.		4,325		392,796
CSW Industrials, Inc.		1,200		333,960
Hawkins, Inc.		975		138,548
Olin Corp.		11,500		227,930
Silgan Holdings, Inc.		11,400		528,846
Stepan Co.		3,325		185,269


				2,136,293


Producer Manufacturing - 14.3%
AeroVironment, Inc. ^*		2,775		458,069
AZZ, Inc.		3,650		565,933
Belden, Inc.		3,175		380,714
BWX Technologies, Inc.		3,150		613,148
Carlisle Cos., Inc.		775		281,131
Crane Co.		3,275		730,554
Crane NXT Co.		6,775		346,609
Donaldson Co., Inc.		5,650		507,201
EnPro, Inc.		1,900		716,167
Flowserve Corp.		12,475		925,146
Hubbell, Inc.		1,225		640,920
Huntington Ingalls Industries, Inc.		1,625		454,821
Lincoln Electric Holdings, Inc.		1,075		285,423
Regal Rexnord Corp.		2,900		690,751

See accompanying notes to financial statements.



16		FINANCIAL STATEMENTS AND OTHER INFORMATION



Name of Issuer	Quantity		Fair Value ($)

Zurn Water Solutions Corp.		4,700		237,491


				7,834,078


Retail Trade - 2.2%
Boot Barn Holdings, Inc. ^*		2,400		394,248
Casey’s General Stores, Inc.		1,025		814,660


				1,208,908


Technology Services - 1.0%
Genpact, Ltd.		13,325		366,438
nCino, Inc. ^*		11,535		188,597


				555,035


Transportation - 1.4%
Knight-Swift Transportation Holdings, Inc.		3,700		288,119
TFI International, Inc.		3,475		498,906


				787,025


Utilities - 1.2%
Chesapeake Utilities Corp.		3,075		376,626
IDACORP, Inc.		1,750		264,775


				641,401


Total Common Stocks (cost: $30,230,320)				51,287,036


Short-Term Securities - 6.5%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $3,561,477)		3,561,477		3,561,477


Total Investments in Securities - 100.2% (cost $33,791,797)				54,848,513

Other Assets and Liabilities, net - (0.2)%				(82,574	)


Net Assets - 100.0%				$54,765,939

*	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 June 30, 2026 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**		51,287,036		—		—		51,287,036
Short-Term Securities		3,561,477		—		—		3,561,477
Total:		54,848,513		—		—		54,848,513

**	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.



JUNE 30, 2026		17

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 96.3%

Commercial Services - 1.6%
Booz Allen Hamilton Holding Corp.		13,150		797,811
Colliers International Group, Inc.		11,050		1,036,379
FTI Consulting, Inc. ^*		3,075		458,206


				2,292,396


Communications - 0.5%
Iridium Communications, Inc.		12,975		711,679


Consumer Durables - 1.6%
Century Communities, Inc.		6,600		472,956
IMAX Corp. ^*		26,125		1,041,343
YETI Holdings, Inc. ^*		15,850		785,526


				2,299,825


Consumer Non-Durables - 0.6%
Sensient Technologies Corp.		6,775		835,290


Consumer Services - 1.4%
Covista, Inc. ^*		9,475		1,181,153
Nexstar Media Group, Inc.		4,450		794,726


				1,975,879


Electronic Technology - 22.6%
Arista Networks, Inc. ^*		44,700		7,593,636
Ciena Corp. ^*		10,300		5,052,768
Coherent Corp. ^*		17,675		6,972,258
Entegris, Inc.		5,249		944,085
MKS, Inc.		13,400		5,960,320
Monolithic Power Systems, Inc.		4,100		5,667,676
Synopsys, Inc. ^*		1,002		446,962


				32,637,705


Energy Minerals - 0.5%
Northern Oil & Gas, Inc.		39,300		713,295


Finance - 6.3%
Artisan Partners Asset Management, Inc.		25,750		889,148
Axis Capital Holdings, Ltd.		22,125		2,377,110
Columbia Banking System, Inc.		11,625		372,581
Hamilton Lane, Inc.		18,000		1,418,940
Hanover Insurance Group, Inc.		3,200		685,184
Old National Bancorp		38,250		990,675
Outfront Media, Inc.		26,425		865,683
Stifel Financial Corp.		17,700		1,234,929
Western Alliance Bancorp		3,600		295,920


				9,130,170


Health Services - 2.5%
Addus HomeCare Corp. ^*		15,250		1,532,167
Encompass Health Corp.		13,525		1,367,107
Tenet Healthcare Corp. ^*		3,575		668,811


				3,568,085


Health Technology - 10.8%
Align Technology, Inc. ^*		2,150		362,619
Amneal Pharmaceuticals, Inc. ^*		46,000		796,260
Arcutis Biotherapeutics, Inc. ^*		23,675		620,758
ARS Pharmaceuticals, Inc. ^*		73,100		585,531
Ascendis Pharma A/S, ADR ^*		5,100		1,360,272
AtriCure, Inc. ^*		60,800		1,701,184



Name of Issuer	Quantity		Fair Value ($)

Bio-Techne Corp.		14,800		1,045,620
Butterfly Network, Inc. ^*		119,575		1,006,822
Establishment Labs Holdings, Inc. ^*		17,900		1,535,999
Glaukos Corp. ^*		14,565		2,035,604
STERIS, PLC		3,475		731,731
Supernus Pharmaceuticals, Inc. ^*		34,200		1,590,642
TG Therapeutics, Inc. ^*		8,150		447,761
TransMedics Group, Inc. ^*		11,025		732,280
Vericel Corp. ^*		25,975		1,155,628


				15,708,711


Industrial Services - 15.8%
Argan, Inc.		7,300		5,829,415
EMCOR Group, Inc.		5,850		4,854,798
Golar LNG, Ltd.		41,100		2,048,424
Kodiak Gas Services, Inc.		49,050		3,685,127
TechnipFMC, PLC		61,580		4,082,754
Waste Connections, Inc.		14,025		2,337,827


				22,838,345


Non-Energy Minerals - 4.1%
Eagle Materials, Inc.		10,300		2,317,500
James Hardie Industries, PLC ^*		25,022		655,076
MP Materials Corp. ^*		33,350		1,867,933
Trex Co., Inc. ^*		20,825		1,042,083


				5,882,592


Process Industries - 1.7%
CSW Industrials, Inc.		3,650		1,015,795
Hawkins, Inc.		2,600		369,460
Olin Corp.		19,775		391,940
UFP Technologies, Inc. ^*		2,550		676,082


				2,453,277


Producer Manufacturing - 15.0%
AAR Corp. ^*		6,975		996,937
AeroVironment, Inc. ^*		6,650		1,097,715
AZZ, Inc.		18,450		2,860,672
Belden, Inc.		13,600		1,630,776
Carlisle Cos., Inc.		2,200		798,050
Crane Co.		13,700		3,056,059
Crane NXT Co.		19,075		975,877
Donaldson Co., Inc.		17,275		1,550,777
Flowserve Corp.		27,475		2,037,546
Hubbell, Inc.		4,375		2,289,000
Lincoln Electric Holdings, Inc.		5,400		1,433,754
Regal Rexnord Corp.		8,340		1,986,505
Zurn Water Solutions Corp.		19,325		976,492


				21,690,160


Retail Trade - 4.1%
Boot Barn Holdings, Inc. ^*		6,775		1,112,929
Casey’s General Stores, Inc.		4,300		3,417,597
Ulta Beauty, Inc. ^*		3,050		1,375,489


				5,906,015


Technology Services - 3.6%
Euronet Worldwide, Inc. ^*		5,050		369,609
Globant SA ^*		11,350		328,469
HubSpot, Inc. ^*		3,175		579,469
nCino, Inc. ^*		35,375		578,381
PTC, Inc. ^*		14,500		1,647,345

See accompanying notes to financial statements.



18		FINANCIAL STATEMENTS AND OTHER INFORMATION



Name of Issuer	Quantity		Fair Value ($)

Sportradar Group AG ^*		47,575		712,198
Take-Two Interactive Software, Inc. ^*		4,075		1,018,669


				5,234,140


Transportation - 2.7%
Alaska Air Group, Inc. ^*		17,675		922,635
Knight-Swift Transportation Holdings, Inc.		18,725		1,458,116
TFI International, Inc.		11,225		1,611,573


				3,992,324


Utilities - 0.9%
Chesapeake Utilities Corp.		4,925		603,214
IDACORP, Inc.		4,850		733,805


				1,337,019


Total Common Stocks (cost: $61,387,873)				139,206,907


Short-Term Securities - 4.1%

Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $5,988,973)		5,988,973		5,988,973


Total Investments in Securities - 100.4% (cost $67,376,846)				145,195,880

Other Assets and Liabilities, net - (0.4)%				(595,342	)


Net Assets - 100.0%				$144,600,538

*	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 June 30, 2026 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**		139,206,907		—		—		139,206,907
Short-Term Securities		5,988,973		—		—		5,988,973
Total:		145,195,880		—		—		145,195,880

** 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.



JUNE 30, 2026		19

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit International Growth Fund

Investments are grouped by geographic region.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 96.9%

Africa/Middle East - 0.5%

Israel - 0.5%
Tower Semiconductor, Ltd. ^*		725		188,964


Asia - 25.5%

Australia - 5.0%
Atlassian Corp. ^*		1,425		110,851
BHP Group, Ltd., ADR		2,900		241,599
Lynas Rare Earths, Ltd. ^*		43,175		539,853
Macquarie Group, Ltd.		2,225		385,566
Rio Tinto, PLC, ADR		4,400		417,692
Westpac Banking Corp.		4,425		107,871


				1,803,432


China/Hong Kong - 2.0%
AIA Group, Ltd.		32,200		293,349
Baidu, Inc., ADR ^*		1,075		122,862
ENN Energy Holdings, Ltd.		18,400		94,922
Ping An Insurance Group Co. of China, Ltd.		33,500		218,055


				729,188


India - 0.4%
HDFC Bank, Ltd., ADR		4,800		123,984


Japan - 8.5%
Keyence Corp.		1,000		498,539
Mitsubishi Heavy Industries, Ltd.		18,000		405,843
Mizuho Financial Group, Inc., ADR		28,400		272,072
Recruit Holdings Co., Ltd.		11,200		780,442
Sony Group Corp., ADR		35,325		708,620
Terumo Corp.		30,300		416,312


				3,081,828


Singapore - 4.7%
DBS Group Holdings, Ltd.		17,160		867,451
Singapore Technologies Engineering, Ltd.		104,800		841,640


				1,709,091


South Korea - 3.1%
Hanwha Aerospace Co., Ltd.		220		141,290
Samsung Electronics Co., Ltd., GDR		185		997,150


				1,138,440


Taiwan - 1.8%
Hon Hai Precision Industry Co., Ltd., GDR		11,750		189,175
Taiwan Semiconductor Co., ADR		1,000		477,570


				666,745


Europe - 55.8%

Belgium - 2.8%
D’ieteren Group		2,800		545,157
UCB SA		1,550		464,010


				1,009,167


Denmark - 1.0%
Ascendis Pharma A/S, ADR ^*		1,315		350,737


France - 10.4%
AXA SA		11,750		588,711
Elis SA		12,125		375,444



Name of Issuer	Quantity		Fair Value ($)

Safran SA		2,590		1,020,970
Schneider Electric SE		3,970		1,294,609
Societe Generale SA		5,525		488,426


				3,768,160


Germany - 9.7%
Allianz SE		1,685		797,259
Deutsche Post AG		6,550		397,402
Infineon Technologies AG		5,950		555,231
Muenchener Rueckversicherungs AG		800		446,528
Rheinmetall AG		285		322,548
Siemens AG		3,100		995,850


				3,514,818


Ireland - 2.1%
CRH, PLC		2,800		299,600
Linde, PLC		500		259,470
STERIS, PLC		825		173,720


				732,790


Netherlands - 5.8%
Adyen NV ^*,⁴		84		78,741
ASML Holding NV		1,025		2,039,176


				2,117,917


Spain - 3.5%
Banco Santander SA, ADR		9,300		128,340
Iberdrola SA		45,900		1,145,406


				1,273,746


Sweden - 0.6%
Spotify Technology SA ^*		500		229,565


Switzerland - 5.9%
Bachem Holding AG		800		74,901
Galderma Group AG		1,800		409,678
Lonza Group AG		590		398,542
Nestle SA		3,600		370,158
On Holding AG ^*		8,625		305,498
Partners Group Holding AG		200		163,911
TE Connectivity, PLC		1,100		221,771
Ypsomed Holding AG		510		230,257


				2,174,716


United Kingdom - 14.0%
AstraZeneca, PLC		4,550		862,771
BAE Systems, PLC		28,250		690,988
Coca-Cola Europacific Partners, PLC		5,400		540,378
Compass Group, PLC		10,625		343,188
Entain, PLC		17,100		126,794
London Stock Exchange Group, PLC		4,200		454,712
Man Group, PLC		93,600		362,783
Reckitt Benckiser Group, PLC		2,976		193,862
RELX, PLC		9,750		307,251
Rentokil Initial, PLC		47,250		267,371
Shell, PLC, ADR		12,250		949,865


				5,099,963


Latin America - 0.5%

Argentina - 0.2%
Globant SA ^*		2,050		59,327

See accompanying notes to financial statements.



20		FINANCIAL STATEMENTS AND OTHER INFORMATION



Name of Issuer	Quantity		Fair Value ($)

Brazil - 0.3%
MercadoLibre, Inc. ^*		75		127,304


North America - 14.6%

Canada - 3.9%
Alimentation Couche-Tard, Inc.		7,400		471,680
Aritzia, Inc. ^*		3,025		333,566
Colliers International Group, Inc.		1,600		150,064
Waste Connections, Inc.		2,750		458,397


				1,413,707


United States - 10.7%
Broadcom, Inc.		9,600		3,626,400
Euronet Worldwide, Inc. ^*		1,375		100,636
Mondelez International, Inc.		3,075		177,858


				3,904,894


Total Common Stocks (cost: $17,095,627)				35,218,483


Investment Companies 0.5%

iShares MSCI India ETF (cost $95,267)		3,200		158,049


Short-Term Securities - 2.2%

Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $812,956)		812,956		812,956


Total Investments in Securities - 99.6% (cost $18,003,850)				36,189,488

Other Assets and Liabilities, net - 0.4%				144,397


Net Assets - 100.0%				$36,333,885

*	Non-income producing security.

4	144A Restricted Security. The total value of such securities as of June 30, 2026 was $78,741 and represented 0.2% 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.



JUNE 30, 2026		21

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit International Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of June 30, 2026 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
Argentina		59,327		—		—		59,327
Australia		1,803,432		—		—		1,803,432
Belgium		1,009,167		—		—		1,009,167
Brazil		127,304		—		—		127,304
Canada		1,413,707		—		—		1,413,707
China/Hong Kong		729,188		—		—		729,188
Denmark		350,737		—		—		350,737
France		3,768,160		—		—		3,768,160
Germany		3,514,818		—		—		3,514,818
India		123,984		—		—		123,984
Ireland		732,790		—		—		732,790
Israel		188,964		—		—		188,964
Japan		3,081,828		—		—		3,081,828
Netherlands		2,117,917		—		—		2,117,917
Singapore		1,709,091		—		—		1,709,091
South Korea		1,138,440		—		—		1,138,440
Spain		1,273,746		—		—		1,273,746
Sweden		229,565		—		—		229,565
Switzerland		2,174,716		—		—		2,174,716
Taiwan		666,745		—		—		666,745
United Kingdom		5,099,963		—		—		5,099,963
United States		3,904,894		—		—		3,904,894
Investment Companies		158,049		—		—		158,049
Short-Term Securities		812,956		—		—		812,956
Total:		36,189,488		—		—		36,189,488

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

SCHEDULE OF INVESTMENTS

June 30, 2026

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.



Name of Issuer	Quantity		Fair Value ($)

Common Stocks - 92.1%

Africa/Middle East - 4.8%

Israel - 0.3%
NICE, Ltd., ADR ^*		500		45,425


South Africa - 4.5%
Bid Corp., Ltd.		7,725		210,622
Bidvest Group, Ltd.		5,525		80,773
Naspers, Ltd.		7,125		356,955


				648,350


Asia - 74.0%

Australia - 0.9%
Rio Tinto, PLC, ADR		1,425		135,275


China/Hong Kong - 12.8%
AIA Group, Ltd.		21,400		194,959
Alibaba Group Holding, Ltd., ADR		1,800		172,764
Baidu, Inc., ADR ^*		925		105,718
ENN Energy Holdings, Ltd.		19,800		102,145
Hong Kong Exchanges & Clearing, Ltd.		5,100		236,050
Meituan ^*,⁴		6,820		59,566
Ping An Insurance Group Co. of China, Ltd.		26,900		175,095
Pop Mart International Group, Ltd. ⁴		2,200		43,395
Sands China, Ltd.		42,400		70,551
Sinopharm Group Co., Ltd.		44,900		91,084
Tencent Holdings, Ltd.		8,200		449,372
Trip.com Group, Ltd., ADR ^*		3,950		157,368


				1,858,067


India - 1.8%
HDFC Bank, Ltd., ADR		8,750		226,012
MakeMyTrip, Ltd. ^*		800		42,632


				268,644


Indonesia - 1.2%
Astra International Tbk PT		176,000		44,492
XLSMART Telecom Sejahtera Tbk PT		948,800		125,764


				170,256


Singapore - 9.9%
DBS Group Holdings, Ltd.		7,900		399,351
Flex, Ltd. ^*		3,450		559,142
Sea, Ltd, ADR ^*		1,225		117,392
Singapore Technologies Engineering, Ltd.		44,000		353,360


				1,429,245


South Korea - 23.7%
Hanwha Aerospace Co., Ltd.		120		77,067
LG Chem, Ltd.		130		23,495
NAVER Corp.		450		57,800
Samsung Electronics Co., Ltd.		9,410		2,028,619
Shinhan Financial Group Co., Ltd.		4,150		256,613
SK Hynix, Inc.		575		983,509


				3,427,103


Taiwan - 22.3%
Cathay Financial Holding Co., Ltd.		88,784		273,962
Hon Hai Precision Industry Co., Ltd., GDR		16,625		267,663
Taiwan Semiconductor Co.		35,482		2,684,275


				3,225,900



Name of Issuer	Quantity		Fair Value ($)

Thailand - 1.4%
Bangkok Bank PCL		36,500		197,220


Europe - 0.6%

Netherlands - 0.6%
Prosus NV		1,940		84,210


Latin America - 4.9%

Argentina - 0.2%
Globant SA ^*		1,175		34,004


Brazil - 1.5%
Banco Bradesco SA		30,350		106,178
MercadoLibre, Inc. ^*		67		113,725


				219,903


Chile - 1.1%
Banco Santander Chile, ADR		4,700		154,771


Peru - 2.1%
Southern Copper Corp.		1,735		302,341


North America - 7.8%

Mexico - 1.4%
Fomento Economico Mexicano, ADR		1,575		201,443


United States - 6.4%
Broadcom, Inc.		2,475		934,931


Total Common Stocks (cost: $5,335,066)				13,337,088


Investment Companies 3.4%
iShares MSCI India ETF (cost $292,601)		9,750		481,553


Short-Term Securities - 4.1%
Fidelity Inv. Money Mkt. Gvt. Fund, 3.53% (cost $600,524)		600,524		600,524


Total Investments in Securities - 99.6% (cost $6,228,191)				14,419,165

Other Assets and Liabilities, net - 0.4%				53,420


Net Assets - 100.0%				$14,472,585

*	Non-income producing security.

4	144A Restricted Security. The total value of such securities as of June 30, 2026 was $102,961 and represented 0.7% 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.



24		FINANCIAL STATEMENTS AND OTHER INFORMATION

A summary of the levels for the Fund’s investments as of June 30, 2026 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
Argentina		34,004		—		—		34,004
Australia		135,275		—		—		135,275
Brazil		219,903		—		—		219,903
Chile		154,771		—		—		154,771
China/Hong Kong		1,858,067		—		—		1,858,067
India		268,644		—		—		268,644
Indonesia		170,256		—		—		170,256
Israel		45,425		—		—		45,425
Mexico		201,443		—		—		201,443
Netherlands		84,210		—		—		84,210
Peru		302,341		—		—		302,341
Singapore		1,429,245		—		—		1,429,245
South Africa		648,350		—		—		648,350
South Korea		3,427,103		—		—		3,427,103
Taiwan		3,225,900		—		—		3,225,900
Thailand		—		197,220		—		197,220
United States		934,931		—		—		934,931
Investment Companies		481,553		—		—		481,553
Short-Term Securities		600,524		—		—		600,524

Total:		14,221,945		197,220		—		14,419,165

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.



JUNE 30, 2026		25

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026


	Sit Balanced Fund		Sit Dividend Growth Fund		Sit Global Dividend Growth Fund		Sit Large Cap Growth Fund		Sit ESG Growth Fund

ASSETS
Investments in securities, at identified cost	$	43,826,493	$	168,722,930	$	25,904,792	$	76,992,416	$	6,057,164


Investments in securities, at fair value - see accompanying schedule for detail	$	77,211,747	$	244,295,444	$	67,142,141	$	262,702,545	$	14,617,507
Cash in bank on demand deposit		155,532		—		7		—		1,051
Accrued interest and dividends receivable		231,218		219,820		184,504		63,365		25,728
Receivable for investment securities sold		—		236,572		—		2,299,946		—
Receivable for Fund shares sold		1,083		30,221		1,548		3,621		—


Total assets		77,599,580		244,782,057		67,328,200		265,069,477		14,644,286


LIABILITIES
Disbursements in excess of cash balances		—		—		—		—		809
Payable for investment securities purchased		124,856		637,637		—		—		—
Payable for Fund shares redeemed		20,074		54,855		1		9,327		—
Cash portion of dividends payable to shareholders		—		6		—		104		—
Accrued investment management fees and advisory fees		50,702		138,930		54,307		217,118		12,100
Accrued Rule 12b-1 fees (Class S)		—		3,386		1,111		—		1,388


Total liabilities		195,632		834,814		55,419		226,549		14,297


Net assets applicable to outstanding capital stock	$	77,403,948	$	243,947,243	$	67,272,781	$	264,842,928	$	14,629,989

Net assets consist of:
Capital (par value and paid-in surplus)	$	43,509,933	$	152,402,108	$	24,042,701	$	67,161,478	$	5,883,203
Total distributable earnings (loss), including unrealized appreciation (depreciation)		33,894,015		91,545,135		43,230,080		197,681,450		8,746,786



	$	77,403,948	$	243,947,243	$	67,272,781	$	264,842,928	$	14,629,989


Outstanding shares:
Common Shares (Class I)^*		1,936,558		12,576,940		1,782,536		2,954,477		288,062


Common Shares (Class S)^*		—		925,709		157,228		—		246,995

Net assets applicable to outstanding shares:

Common Shares (Class I)^*	$	77,403,948	$	227,362,937	$	61,828,875	$	264,842,928	$	7,915,377

Common Shares (Class S)^*		—		16,584,306		5,443,906		—		6,714,612

Net asset value per share of outstanding capital stock:

Common Shares (Class I)^*	$	39.97	$	18.08	$	34.69	$	89.64	$	27.48


Common Shares (Class S)^*		—		17.92		34.62		—		27.19

*	Dividend Growth, Global Dividend Growth and ESG 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

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026


	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

ASSETS
Investments in securities, at identified cost		$82,656,195		$33,791,797		$67,376,846		$18,003,850		$6,228,191


Investments in securities, at fair value - see accompanying schedule for detail		$236,656,079		$54,848,513		$145,195,880		$36,189,488		$14,419,165
Cash in bank on demand deposit		—		—		104		10		—
Accrued interest and dividends receivable		79,545		64,480		85,602		168,467		37,201
Receivable for investment securities sold		—		168,281		437,804		—		24,224
Receivable for Fund shares sold		12,431		5,087		3,634		1,337		3,457


Total assets		236,748,055		55,086,361		145,723,024		36,359,302		14,484,047


LIABILITIES
Payable for investment securities purchased		—		279,637		946,084		—		—
Payable for Fund shares redeemed		19,106		2,514		4,240		183		139
Accrued investment management fees and advisory fees		238,037		36,691		172,162		25,234		11,323
Accrued Rule 12b-1 fees (Class S)		—		1,580		—		—		—


Total liabilities		257,143		320,422		1,122,486		25,417		11,462


Net assets applicable to outstanding capital stock		$236,490,912		$54,765,939		$144,600,538		$36,333,885		$14,472,585


Net assets consist of:
Capital (par value and paid-in surplus)		$70,764,322		$31,747,339		$57,525,602		$17,774,503		$5,903,265
Total distributable earnings (loss), including unrealized appreciation (depreciation)		165,726,590		23,018,600		87,074,936		18,559,382		8,569,320


		$236,490,912		$54,765,939		$144,600,538		$36,333,885		$14,472,585


Outstanding shares:
Common Shares (Class I)^*		8,249,040		2,050,883		1,740,322		1,267,094		508,780


Common Shares (Class S)^*		—		354,323		—		—		—


Net assets applicable to outstanding shares:
Common Shares (Class I)^*		$236,490,912		$46,706,068		$144,600,538		$36,333,885		$14,472,585


Common Shares (Class S)^*		—		8,059,871		—		—		—


Net asset value per share of outstanding capital stock:
Common Shares (Class I)^*		$28.67		$22.77		$83.09		$28.67		$28.45


Common Shares (Class S)^*		—		22.75		—		—		—

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



JUNE 30, 2026		27

STATEMENTS OF OPERATIONS

June 30, 2026


					Sit
			Sit		Global		Sit		Sit
	Sit		Dividend		Dividend		Large Cap		ESG
	Balanced		Growth		Growth		Growth		Growth
	Fund		Fund		Fund		Fund		Fund

Investment income:
Income:
Dividends^*		$553,317		$3,886,833		$962,459		$1,921,946		$193,035
Interest		1,171,390		68,312		54,208		167,954		21,961


Total income		1,724,707		3,955,145		1,016,667		2,089,900		214,996


Expenses (note 4):
Investment management and advisory service fee
Class I Shares		642,175		1,723,333		612,087		2,556,407		81,113
Class S Shares		—		135,757		57,274		—		69,512


Total investment management fee		642,175		1,859,090		669,361		2,556,407		150,625

12b-1 fees (Class S)		—		42,294		13,218		—		16,074

Total expenses		642,175		1,901,384		682,579		2,556,407		166,699


Less fees and expenses waived by investment adviser		(48,152)		(232,605)		(50,822)		—		(11,430)


Total net expenses		594,023		1,668,779		631,757		2,556,407		155,269


Net investment income (loss)		1,130,684		2,286,366		384,910		(466,507)		59,727


Realized and unrealized gain (loss):
Net realized gain (loss) on investments		852,056		21,390,657		1,761,309		12,190,125		166,889
Net realized gain (loss) on in-kind redemptions		—		12,212,535		—		—		—
Net realized gain (loss) on foreign currency transactions		—		—		(149)		—		(256)

Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		6,240,250		4,903,971		7,763,888		24,533,472		1,589,129


Net gain (loss)		7,092,306		38,507,163		9,525,048		36,723,597		1,755,762


Net increase (decrease) in net assets resulting from operations		$8,222,990		$40,793,529		$9,909,958		$36,257,090		$1,815,489


* Foreign taxes withheld on dividends received		$3,928		$4,595		$37,344		$11,341		$8,520

See accompanying notes to financial statements.



28		FINANCIAL STATEMENTS AND OTHER INFORMATION

STATEMENTS OF OPERATIONS

June 30, 2026


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

Investment income:
Income:
Dividends^*		$1,506,236		$679,758		$873,556		$627,132		$200,703
Interest		228,128		82,318		96,236		15,851		9,138


Total income		1,734,364		762,076		969,792		642,983		209,841


Expenses (note 4):
Investment management and advisory service fee
Class I Shares		2,762,218		372,998		1,904,009		360,654		151,478
Class S Shares		—		70,388		—		—		—


Total investment management fee		2,762,218		443,386		1,904,009		360,654		151,478

12b-1 fees (Class S)		—		17,978		—		—		—

Total expenses		2,762,218		461,364		1,904,009		360,654		151,478


Less fees and expenses waived by investment adviser		—		(55,322)		—		(72,012)		(37,686)


Total net expenses		2,762,218		406,042		1,904,009		288,642		113,792


Net investment income (loss)		(1,027,854)		356,034		(934,217)		354,341		96,049


Realized and unrealized gain (loss):
Net realized gain (loss) on investments		17,342,459		1,863,254		14,274,559		201,420		477,000
Net realized gain (loss) on foreign currency transactions		—		—		—		559		(660)

Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		23,128,956		10,946,623		24,052,942		4,634,260		3,951,005


Net gain (loss)		40,471,415		12,809,877		38,327,501		4,836,239		4,427,345


Net increase (decrease) in net assets resulting from operations		$39,443,561		$13,165,911		$37,393,284		$5,190,580		$4,523,394


* Foreign taxes withheld on dividends received		$7,985		$1,879		$12,269		$50,479		$25,260



JUNE 30, 2026		29

STATEMENTS OF CHANGES IN NET ASSETS

June 30, 2026


	Sit Balanced Fund						Sit Dividend Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Operations:
Net investment income		$1,130,684			$1,010,931			$2,286,366			$2,695,732
Net realized gain (loss) on investments and in-kind redemptions		852,056			1,275,930			33,603,192			24,952,202
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		6,240,250			4,248,674			4,903,971			1,845,903


Net increase (decrease) in net assets resulting from operations		8,222,990			6,535,535			40,793,529			29,493,837


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(2,491,346	)		(1,675,330	)		(20,098,719	)		(24,959,400	)
Common shares (Class S)		—			—			(1,613,740	)		(2,285,708	)


Total distributions		(2,491,346	)		(1,675,330	)		(21,712,459	)		(27,245,108	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		9,950,508			8,912,422			14,077,945			12,433,902
Common Shares (Class S)		—			—			562,532			800,836
Reinvested distributions
Common Shares (Class I)		2,115,680			1,421,048			17,979,785			22,510,260
Common Shares (Class S)		—			—			1,576,156			2,241,965
Payments for shares redeemed
Common Shares (Class I)		(8,983,890	)		(10,938,960	)		(52,529,102	)		(29,283,859	)
Common Shares (Class S)		—			—			(3,400,116	)		(7,629,988	)


Increase (decrease) in net assets from capital transactions		3,082,298			(605,490	)		(21,732,800	)		1,073,116


Total increase (decrease) in net assets		8,813,942			4,254,715			(2,651,730	)		3,321,845

Net assets:
Beginning of year		68,590,006			64,335,291			246,598,973			243,277,128


End of year		$77,403,948			$68,590,006			$243,947,243			$246,598,973


Capital transactions in shares:
Sold
Common Shares (Class I)		254,983			255,008			809,659			760,323
Common Shares (Class S)		—			—			32,643			49,261
Reinvested distributions
Common Shares (Class I)		55,063			40,285			1,070,210			1,401,323
Common Shares (Class S)		—			—			94,654			140,519
Redeemed
Common Shares (Class I)		(230,970	)		(317,094	)		(3,076,500	)		(1,777,507	)
Common Shares (Class S)		—			—			(198,711	)		(473,314	)


Net increase (decrease)		79,076			(21,801	)		(1,268,045	)		100,605

See accompanying notes to financial statements.



30		FINANCIAL STATEMENTS AND OTHER INFORMATION

STATEMENTS OF CHANGES IN NET ASSETS

June 30, 2026


	Sit Global Dividend Growth Fund						Sit Large Cap Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Operations:
Net investment income (loss)		$384,910			$488,606			($466,507	)		($219,982	)
Net realized gain (loss) on investments and foreign currency transactions		1,761,160			899,292			12,190,125			5,882,760
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		7,763,888			5,526,217			24,533,472			17,957,771


Net increase (decrease) in net assets resulting from operations		9,909,958			6,914,115			36,257,090			23,620,549


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(757,121	)		(1,169,200	)		(5,470,032	)		(8,975,525	)
Common shares (Class S)		(61,773	)		(112,522	)		—			—


Total distributions		(818,894	)		(1,281,722	)		(5,470,032	)		(8,975,525	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		3,335,739			2,031,862			7,968,848			20,778,570
Common Shares (Class S)		194,700			1,153,696			—			—
Reinvested distributions
Common Shares (Class I)		602,617			959,740			4,505,413			7,402,366
Common Shares (Class S)		20,660			43,245			—			—
Payments for shares redeemed
Common Shares (Class I)		(3,824,359	)		(1,248,134	)		(18,672,957	)		(16,683,811	)
Common Shares (Class S)		(704,938	)		(1,130,039	)		—			—


Increase (decrease) in net assets from capital transactions		(375,581	)		1,810,370			(6,198,696	)		11,497,125


Total increase (decrease) in net assets		8,715,483			7,442,763			24,588,362			26,142,149

Net assets:
Beginning of year		58,557,298			51,114,535			240,254,566			214,112,417


End of year		$67,272,781			$58,557,298			$264,842,928			$240,254,566


Capital transactions in shares:
Sold
Common Shares (Class I)		101,518			71,432			94,659			280,685
Common Shares (Class S)		6,117			40,891			—			—
Reinvested distributions
Common Shares (Class I)		19,259			33,967			52,683			93,796
Common Shares (Class S)		662			1,524			—			—
Redeemed
Common Shares (Class I)		(118,658	)		(44,747	)		(217,837	)		(224,276	)
Common Shares (Class S)		(22,112	)		(40,910	)		—			—


Net increase (decrease)		(13,214	)		62,157			(70,495	)		150,205



JUNE 30, 2026		31

STATEMENTS OF CHANGES IN NET ASSETS

June 30, 2026


	Sit ESG Growth Fund						Sit Mid Cap Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Operations:
Net investment income (loss)		$59,727			$57,141			($1,027,854	)		($810,158	)
Net realized gain (loss) on investments and foreign currency transactions		166,633			145,735			17,342,459			2,887,794
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		1,589,129			1,538,237			23,128,956			20,729,872


Net increase (decrease) in net assets resulting from operations		1,815,489			1,741,113			39,443,561			22,807,508


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(88,347	)		(36,809	)		(7,201,117	)		(8,003,648	)
Common shares (Class S)		(63,099	)		(19,191	)		—			—


Total distributions		(151,446	)		(56,000	)		(7,201,117	)		(8,003,648	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		287,726			395,321			1,065,143			1,964,348
Common Shares (Class S)		151,911			19,824			—			—
Reinvested distributions
Common Shares (Class I)		14,337			6,543			5,051,327			5,656,062
Common Shares (Class S)		7,978			2,288			—			—
Payments for shares redeemed
Common Shares (Class I)		(366,717	)		(360,166	)		(13,420,301	)		(14,056,180	)
Common Shares (Class S)		(170,266	)		(32,914	)		—			—


Increase (decrease) in net assets from capital transactions		(75,031	)		30,896			(7,303,831	)		(6,435,770	)


Total increase (decrease) in net assets		1,589,012			1,716,009			24,938,613			8,368,090

Net assets:
Beginning of year		13,040,977			11,324,968			211,552,299			203,184,209


End of year		$14,629,989			$13,040,977			$236,490,912			$211,552,299


Capital transactions in shares:
Sold
Common Shares (Class I)		10,708			17,353			40,225			81,891
Common Shares (Class S)		5,868			889			—			—
Reinvested distributions
Common Shares (Class I)		552			288			199,028			225,251
Common Shares (Class S)		310			102			—			—
Redeemed
Common Shares (Class I)		(13,992	)		(16,455	)		(505,509	)		(601,751	)
Common Shares (Class S)		(6,359	)		(1,503	)		—			—


Net increase (decrease)		(2,913	)		674			(266,256	)		(294,609	)

See accompanying notes to financial statements.



32		FINANCIAL STATEMENTS AND OTHER INFORMATION

STATEMENTS OF CHANGES IN NET ASSETS

June 30, 2026


	Sit Small Cap Dividend Growth Fund						Sit Small Cap Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Operations:
Net investment income (loss)		$356,034			$310,207			($934,217	)		($684,672	)
Net realized gain (loss) on investments and foreign currency transactions		1,863,254			810,154			14,274,559			3,639,225
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		10,946,623			1,663,821			24,052,942			1,943,833


Net increase (decrease) in net assets resulting from operations		13,165,911			2,784,182			37,393,284			4,898,386


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(774,879	)		(430,563	)		(6,365,751	)		(5,328,139	)
Common shares (Class S)		(129,912	)		(94,633	)		—			—


Total distributions		(904,791	)		(525,196	)		(6,365,751	)		(5,328,139	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		7,355,124			8,170,094			1,266,773			5,599,201
Common Shares (Class S)		496,479			1,143,703			—			—
Reinvested distributions
Common Shares (Class I)		654,595			343,899			4,438,325			3,716,725
Common Shares (Class S)		39,342			30,816			—			—
Payments for shares redeemed
Common Shares (Class I)		(2,855,246	)		(1,998,579	)		(6,171,338	)		(7,135,209	)
Common Shares (Class S)		(1,111,906	)		(402,099	)		—			—


Increase (decrease) in net assets from capital transactions		4,578,388			7,287,834			(466,240	)		2,180,717


Total increase (decrease) in net assets		16,839,508			9,546,820			30,561,293			1,750,964

Net assets:
Beginning of year		37,926,431			28,379,611			114,039,245			112,288,281


End of year		$54,765,939			$37,926,431			$144,600,538			$114,039,245


Capital transactions in shares:
Sold
Common Shares (Class I)		368,061			468,455			16,502			80,984
Common Shares (Class S)		24,190			65,303			—			—
Reinvested distributions
Common Shares (Class I)		34,688			20,184			65,031			54,306
Common Shares (Class S)		2,095			1,790			—			—
Redeemed
Common Shares (Class I)		(135,090	)		(118,562	)		(84,463	)		(110,201	)
Common Shares (Class S)		(56,241	)		(24,109	)		—			—


Net increase (decrease)		237,703			413,061			(2,930	)		25,089



JUNE 30, 2026		33

STATEMENTS OF CHANGES IN NET ASSETS

June 30, 2026


	Sit International Growth Fund						Sit Developing Markets Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025

Operations:
Net investment income		$354,341			$445,873			$96,049			$107,352
Net realized gain (loss) on investments and foreign currency transactions		201,979			(4,827	)		476,340			(115,896	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		4,634,260			4,284,652			3,951,005			1,642,739


Net increase (decrease) in net assets resulting from operations		5,190,580			4,725,698			4,523,394			1,634,195


Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(367,001	)		(960,828	)		(101,000	)		(369,493	)


Total distributions		(367,001	)		(960,828	)		(101,000	)		(369,493	)


Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		315,177			748,984			1,542,892			1,139,825
Reinvested distributions
Common Shares (Class I)		241,554			643,844			78,377			291,124
Payments for shares redeemed
Common Shares (Class I)		(991,159	)		(1,060,629	)		(1,535,829	)		(1,796,521	)


Increase (decrease) in net assets from capital transactions		(434,428	)		332,199			85,440			(365,572	)


Total increase (decrease) in net assets		4,389,151			4,097,069			4,507,834			899,130

Net assets:
Beginning of year		31,944,734			27,847,665			9,964,751			9,065,621


End of year		$36,333,885			$31,944,734			$14,472,585			$9,964,751


Capital transactions in shares:
Sold
Common Shares (Class I)		11,837			32,487			62,409			62,307
Reinvested distributions
Common Shares (Class I)		9,352			28,705			3,511			16,383
Redeemed
Common Shares (Class I)		(37,051	)		(46,937	)		(63,635	)		(103,318	)


Net increase (decrease)		(15,862	)		14,255			2,285			(24,628	)

See accompanying notes to financial statements.



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 Balanced Fund



	Year Ended June 30,
	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$36.93			$34.23			$28.76			$26.86			$32.85

Operations:
Net investment income ¹		0.59			0.53			0.49			0.38			0.23
Net realized and unrealized gains (losses)		3.76			3.05			5.42			2.84			(4.86	)

Total from operations		4.35			3.58			5.91			3.22			(4.63	)

Distributions to Shareholders:
From net investment income		(0.58	)		(0.53	)		(0.44	)		(0.36	)		(0.22	)
From net realized gains		(0.73	)		(0.35	)		—			(0.96	)		(1.14	)

Total distributions		(1.31	)		(0.88	)		(0.44	)		(1.32	)		(1.36	)

Net Asset Value
End of period		$39.97			$36.93			$34.23			$28.76			$26.86

Total investment return ²		11.94	%		10.58	%		20.81	%		12.53	%		(14.87	%)

Net assets at end of period (000’s omitted)		$77,404			$68,590			$64,335			$49,452			$48,126

Ratios: ³
Expenses (without waiver)		0.86	%⁴		1.00	%⁵		1.00	%⁵		1.00	%⁵		1.00	%⁵
Expenses (with waiver)		0.80	%⁴		0.80	%⁵		0.80	%⁵		0.80	%⁵		0.91	%⁵
Net investment income (without waiver)		1.46	%		1.32	%		1.38	%		1.22	%		0.62	%
Net investment income (with waiver)		1.52	%		1.52	%		1.58	%		1.42	%		0.71	%

Portfolio turnover rate (excluding short-term securities)		19.79	%		35.11	%		33.30	%		39.71	%		39.92	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.80% of average daily net assets.

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.



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 Dividend Growth Fund



Class I	Year Ended June 30,
Class I	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$16.70			$16.59			$14.64			$14.29			$17.37

Operations:
Net investment income ¹		0.17			0.19			0.19			0.21			0.24
Net realized and unrealized gains (losses)		2.92			1.87			2.45			1.78			(1.19	)

Total from operations		3.09			2.06			2.64			1.99			(0.95	)

Redemption fee		—			—			—	²		—	²		—	²

Distributions to Shareholders:
From net investment income		(0.18	)		(0.19	)		(0.21	)		(0.20	)		(0.24	)
From net realized gains		(1.53	)		(1.76	)		(0.48	)		(1.44	)		(1.89	)

Total distributions		(1.71	)		(1.95	)		(0.69	)		(1.64	)		(2.13	)

Net Asset Value
End of period		$18.08			$16.70			$16.59			$14.64			$14.29

Total investment return ³		19.34	%		13.00	%		18.70	%		14.76	%		(7.27	%)

Net assets at end of period (000’s omitted)		$227,363			$230,078			$222,185			$209,856			$191,010

Ratios: ⁴
Expenses (without waiver)		0.80	%⁵		1.00	%⁶		1.00	%⁶		1.00	%⁶		1.00	%⁶
Expenses (with waiver)		0.70	%⁵		0.70	%⁶		0.70	%⁶		0.70	%⁶		0.70	%⁶
Net investment income (without waiver)		0.90	%		0.85	%		0.99	%		1.15	%		1.11	%
Net investment income (with waiver)		1.00	%		1.15	%		1.29	%		1.45	%		1.41	%

Portfolio turnover rate (excluding short-term securities)		43.80	%⁷		48.72	%		41.64	%		51.49	%		58.96	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.70% of average daily net assets.

⁶	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.

⁷	Portfolio turnover excludes securities delivered from processing redemptions-in-kind.



JUNE 30, 2026		37

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



Class S	Year Ended June 30,
Class S	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$16.57			$16.47			$14.54			$14.20			$17.27

Operations:
Net investment income ¹		0.13			0.15			0.16			0.17			0.19
Net realized and unrealized gains (losses)		2.89			1.86			2.42			1.77			(1.17	)

Total from operations		3.02			2.01			2.58			1.94			(0.98	)

Redemption fee		—			—	²		—	²		—	²		—

Distributions to Shareholders:
From net investment income		(0.14	)		(0.15	)		(0.17	)		(0.16	)		(0.20	)
From net realized gains		(1.53	)		(1.76	)		(0.48	)		(1.44	)		(1.89	)

Total distributions		(1.67	)		(1.91	)		(0.65	)		(1.60	)		(2.09	)

Net Asset Value
End of period		$17.92			$16.57			$16.47			$14.54			$14.20

Total investment return ³		19.01	%		12.67	%		18.40	%		14.47	%		(7.50	%)

Net assets at end of period (000’s omitted)		$16,584			$16,521			$21,092			$21,299			$21,915

Ratios: ⁴
Expenses (without waiver)		1.05	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Expenses (with waiver)		0.95	%⁵		0.95	%⁶		0.95	%⁶		0.95	%⁶		0.95	%⁶
Net investment income (without waiver)		0.65	%		0.59	%		0.74	%		0.90	%		0.85	%
Net investment income (with waiver)		0.75	%		0.89	%		1.04	%		1.20	%		1.15	%

Portfolio turnover rate (excluding short-term securities)		43.80	%⁷		48.72	%		41.64	%		51.49	%		58.96	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.95% of average daily net assets.

⁶	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.

⁷	Portfolio turnover excludes securities delivered from processing redemptions-in-kind.



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 Global Dividend Growth Fund



Class I	Year Ended June 30,
Class I	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period	$	29.99		$	27.04		$	22.75		$	19.77		$	22.47

Operations:
Net investment income ¹		0.21			0.26			0.23			0.24			0.21
Net realized and unrealized gains (losses)		4.92			3.38			4.30			2.98			(2.73	)

Total from operations		5.13			3.64			4.53			3.22			(2.52	)
Redemption fee		—			—			—	²		—			—
Distributions to Shareholders:
From net investment income		(0.20	)		(0.25	)		(0.24	)		(0.24	)		(0.18	)
From net realized gains		(0.23	)		(0.44	)		—			—			—

Total distributions		(0.43	)		(0.69	)		(0.24	)		(0.24	)		(0.18	)

Net Asset Value
End of period	$	34.69		$	29.99		$	27.04		$	22.75		$	19.77

Total investment return ³		17.29	%		13.60	%		20.10	%		16.46	%		(11.31	%)

Net assets at end of period (000’s omitted)	$	61,829		$	53,391		$	46,497		$	43,893		$	37,057

Ratios: ⁴
Expenses (without waiver)		1.08	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Expenses (with waiver)		1.00	%⁵		1.00	%⁶		1.00	%⁶		1.00	%⁶		1.00	%⁶
Net investment income (without waiver)		0.56	%		0.68	%		0.72	%		0.91	%		0.66	%
Net investment income (with waiver)		0.64	%		0.93	%		0.97	%		1.16	%		0.91	%

Portfolio turnover rate (excluding short-term securities)		4.85	%		3.52	%		3.42	%		6.09	%		4.64	%

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	Effective November 1, 2025, total Fund expenses are limited to 1.00% of average daily net assets.

⁶	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.



JUNE 30, 2026		39

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



Class S	Year Ended June 30,
Class S	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period	$	29.94		$	27.00		$	22.71		$	19.74		$	22.45

Operations:
Net investment income ¹		0.12			0.19			0.17			0.19			0.15
Net realized and unrealized gains (losses)		4.92			3.37			4.30			2.96			(2.73	)

Total from operations		5.04			3.56			4.47			3.15			(2.58	)
Redemption fee		—			—			—	²		—			—
Distributions to Shareholders:
From net investment income		(0.13	)		(0.18	)		(0.18	)		(0.18	)		(0.13	)
From net realized gains		(0.23	)		(0.44	)		—			—			—

Total distributions		(0.36	)		(0.62	)		(0.18	)		(0.18	)		(0.13	)

Net Asset Value
End of period	$	34.62		$	29.94		$	27.00		$	22.71		$	19.74

Total investment return ³		16.98	%		13.30	%		19.85	%		16.13	%		(11.58	%)

Net assets at end of period (000’s omitted)	$	5,444		$	5,167		$	4,618		$	4,034		$	3,391

Ratios: ⁴
Expenses (without waiver)		1.33	%⁵		1.50	%⁶		1.50	%⁶		1.50	%⁶		1.50	%⁶
Expenses (with waiver)		1.25	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Net investment income (without waiver)		0.30	%		0.44	%		0.47	%		0.66	%		0.39	%
Net investment income (with waiver)		0.38	%		0.69	%		0.72	%		0.91	%		0.64	%

Portfolio turnover rate (excluding short-term securities)		4.85	%		3.52	%		3.42	%		6.09	%		4.64	%

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	Effective November 1, 2025, total Fund expenses are limited to 1.25% of average daily net assets.

⁶	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.



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 Large Cap Growth Fund



	Year Ended June 30,
	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period	$	79.42		$	74.48		$	58.26		$	48.29		$	63.04

Operations:
Net investment income (loss) ¹		(0.16	)		(0.07	)		(0.03	)		0.05			(0.09	)
Net realized and unrealized gains (losses)		12.23			8.09			17.41			11.70			(10.74	)

Total from operations		12.07			8.02			17.38			11.75			(10.83	)
Redemption fee		—	²		—	²		—	²		—	²		—
Distributions to Shareholders:
From net investment income		—			—			(0.04	)		—			—
From net realized gains		(1.85	)		(3.08	)		(1.12	)		(1.78	)		(3.92	)

Total distributions		(1.85	)		(3.08	)		(1.16	)		(1.78	)		(3.92	)

Net Asset Value
End of period	$	89.64		$	79.42		$	74.48		$	58.26		$	48.29

Total investment return ³		15.30	%		10.79	%		30.22	%		25.20	%		(18.78	%)

Net assets at end of period (000’s omitted)	$	264,843		$	240,255		$	214,112		$	162,772		$	136,435

Ratios: ⁴
Expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.18	%)		(0.10	%)		(0.05	%)		0.10	%		(0.15	%)

Portfolio turnover rate (excluding short-term securities)		4.91	%		4.27	%		11.11	%		2.96	%		10.83	%

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



JUNE 30, 2026		41

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



Class I	Year Ended June 30,
Class I	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$24.36			$21.18			$17.51			$14.87			$18.17

Operations:
Net investment income ¹		0.14			0.13			0.14			0.14			0.10
Net realized and unrealized gains (losses)		3.29			3.18			3.67			2.99			(3.13	)

Total from operations		3.43			3.31			3.81			3.13			(3.03	)
Redemption fee		—			—			—	²		—			—
Distributions to Shareholders:
From net investment income		(0.14	)		(0.13	)		(0.14	)		(0.10	)		(0.08	)
From net realized gains		(0.17	)		—			—			(0.39	)		(0.19	)

Total distributions		(0.31	)		(0.13	)		(0.14	)		(0.49	)		(0.27	)

Net Asset Value
End of period		$27.48			$24.36			$21.18			$17.51			$14.87

Total investment return ³		14.17	%		15.68	%		21.90	%		21.57	%		(16.97	%)

Net assets at end of period (000’s omitted)		$7,915			$7,083			$6,133			$4,866			$3,740

Ratios: ⁴
Expenses (without waiver)		1.08	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Expenses (with waiver)		1.00	%⁵		1.00	%⁶		1.00	%⁶		1.00	%⁶		1.00	%⁶
Net investment income (without waiver)		0.47	%		0.35	%		0.52	%		0.65	%		0.30	%
Net investment income (with waiver)		0.55	%		0.60	%		0.77	%		0.90	%		0.55	%

Portfolio turnover rate (excluding short-term securities)		3.28	%		3.88	%		3.31	%		7.12	%		9.23	%

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	Effective November 1, 2025, total Fund expenses are limited to 1.00% of average daily net assets.

⁶	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.



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 ESG Growth Fund



Class S	Year Ended June 30,
Class S	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$24.11			$20.96			$17.33			$14.74			$18.05

Operations:
Net investment income ¹		0.08			0.08			0.10			0.10			0.05
Net realized and unrealized gains (losses)		3.25			3.15			3.63			2.96			(3.11	)

Total from operations		3.33			3.23			3.73			3.06			(3.06	)
Redemption fee		—			—			—	²		—			—
Distributions to Shareholders:
From net investment income		(0.08	)		(0.08	)		(0.10	)		(0.08	)		(0.06	)
From net realized gains		(0.17	)		—			—			(0.39	)		(0.19	)

Total distributions		(0.25	)		(0.08	)		(0.10	)		(0.47	)		(0.25	)

Net Asset Value
End of period		$27.19			$24.11			$20.96			$17.33			$14.74

Total investment return ³		13.88	%		15.43	%		21.62	%		21.27	%		(17.24	%)

Net assets at end of period (000’s omitted)		$6,715			$5,958			$5,192			$4,306			$3,577

Ratios: ⁴
Expenses (without waiver)		1.33	%⁵		1.50	%⁶		1.50	%⁶		1.50	%⁶		1.50	%⁶
Expenses (with waiver)		1.25	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Net investment income (without waiver)		0.21	%		0.10	%		0.27	%		0.40	%		0.05	%
Net investment income (with waiver)		0.29	%		0.35	%		0.52	%		0.65	%		0.30	%

Portfolio turnover rate (excluding short-term securities)		3.28	%		3.88	%		3.31	%		7.12	%		9.23	%

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	Effective November 1, 2025, total Fund expenses are limited to 1.25% of average daily net assets.

⁶	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.



JUNE 30, 2026		43

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



	Year Ended June 30,
	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$24.84			$23.06			$20.07			$16.96			$25.41

Operations:
Net investment loss ¹		(0.12	)		(0.09	)		(0.05	)		(0.01	)		(0.12	)
Net realized and unrealized gains (losses)		4.81			2.80			3.14			3.67			(5.37	)

Total from operations		4.69			2.71			3.09			3.66			(5.49	)
Redemption fee		—	²		—			—	²		—	²		—	²
Distributions to Shareholders:
From net realized gains		(0.86	)		(0.93	)		(0.10	)		(0.55	)		(2.96	)

Net Asset Value
End of period		$28.67			$24.84			$23.06			$20.07			$16.96

Total investment return ³		19.35	%		11.72	%		15.39	%		22.00	%		(24.70	%)

Net assets at end of period (000’s omitted)		$236,491			$211,552			$203,184			$185,220			$164,430

Ratios: ⁴
Expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment loss		(0.47	%)		(0.39	%)		(0.26	%)		(0.03	%)		(0.52	%)

Portfolio turnover rate (excluding short-term securities)		10.68	%		6.67	%		8.64	%		7.00	%		13.16	%

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



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 Dividend Growth Fund



Class I	Year Ended June 30,
Class I		2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period			$17.50			$16.18			$14.31			$12.85			$16.73

Operations:
Net investment income ¹			0.16			0.17			0.17			0.19			0.14
Net realized and unrealized gains (losses)			5.51			1.45			1.87			1.83			(2.61	)

Total from operations			5.67			1.62			2.04			2.02			(2.47	)
Redemption fee			—			—			—	²		—			—	²
Distributions to Shareholders:
From net investment income			(0.17	)		(0.16	)		(0.17	)		(0.19	)		(0.14	)
From net realized gains			(0.23	)		(0.14	)		—			(0.37	)		(1.27	)

Total distributions			(0.40	)		(0.30	)		(0.17	)		(0.56	)		(1.41	)

Net Asset Value
End of period			$22.77			$17.50			$16.18			$14.31			$12.85

Total investment return ³			32.90	%		10.02	%		14.35	%		16.20	%		(16.30	%)

Net assets at end of period (000’s omitted)			$46,706			$31,208			$22,864			$16,508			$14,209

Ratios: ⁴
Expenses (without waiver)			0.97	%⁵		1.25	%⁶		1.25	%⁶		1.25	%⁶		1.25	%⁶
Expenses (with waiver)			0.85	%⁵		0.88	%⁶		0.90	%⁶		0.90	%⁶		0.95	%⁶
Net investment income (without waiver)			0.70	%		0.63	%		0.76	%		1.06	%		0.59	%
Net investment income (with waiver)			0.82	%		1.00	%		1.11	%		1.41	%		0.89	%
Portfolio turnover rate (excluding short-term securities)			12.75	%		11.54	%		12.81	%		15.05	%		18.47	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.85% of average daily net assets.

⁶	^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.



JUNE 30, 2026		45

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



Class S	Year Ended June 30,
Class S	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$17.48			$16.16			$14.30			$12.84			$16.72

Operations:
Net investment income ¹		0.11			0.12			0.12			0.16			0.11
Net realized and unrealized gains (losses)		5.51			1.45			1.87			1.83			(2.62	)

Total from operations		5.62			1.57			1.99			1.99			(2.51	)
Redemption fee		—			—	²		—	²		—			—	²
Distributions to Shareholders:
From net investment income		(0.12	)		(0.11	)		(0.13	)		(0.16	)		(0.10	)
From net realized gains		(0.23	)		(0.14	)		—			(0.37	)		(1.27	)

Total distributions		(0.35	)		(0.25	)		(0.13	)		(0.53	)		(1.37	)

Net Asset Value
End of period		$22.75			$17.48			$16.16			$14.30			$12.84

Total investment return ³		32.62	%		9.75	%		14.02	%		15.91	%		(16.48	%)

Net assets at end of period (000’s omitted)		$8,060			$6,718			$5,516			$4,965			$4,323

Ratios: ⁴
Expenses (without waiver)		1.23	%⁵		1.50	%⁶		1.50	%⁶		1.50	%⁶		1.50	%⁶
Expenses (with waiver)		1.10	%⁵		1.13	%⁶		1.15	%⁶		1.15	%⁶		1.20	%⁶
Net investment income (without waiver)		0.43	%		0.35	%		0.48	%		0.81	%		0.42	%
Net investment income (with waiver)		0.56	%		0.72	%		0.83	%		1.16	%		0.72	%

Portfolio turnover rate (excluding short-term securities)		12.75	%		11.54	%		12.81	%		15.05	%		18.47	%

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	Effective November 1, 2025, total Fund expenses are limited to 1.10% of average daily net assets.

⁶	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.



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 Small Cap Growth Fund



	Year Ended June 30,
		2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period			$65.42			$65.35			$60.29			$52.41			$82.14

Operations:
Net investment loss ¹			(0.54	)		(0.39	)		(0.29	)		(0.13	)		(0.48	)
Net realized and unrealized gains (losses)			21.94			3.53			7.24			8.93			(17.68	)

Total from operations			21.40			3.14			6.95			8.80			(18.16	)
Redemption fee			—	²		—			—	²		—	²		—	²
Distributions to Shareholders:
From net realized gains			(3.73	)		(3.07	)		(1.89	)		(0.92	)		(11.57	)

Net Asset Value
End of period			$83.09			$65.42			$65.35			$60.29			$52.41

Total investment return ³			33.94	%		4.60	%		11.84	%		17.01	%		(25.57	%)

Net assets at end of period (000’s omitted)			$144,601			$114,039			$112,288			$109,824			$98,444

Ratios: ⁴
Expenses			1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Net investment loss			(0.74	%)		(0.59	%)		(0.47	%)		(0.24	%)		(0.67	%)

Portfolio turnover rate (excluding short-term securities)			15.42	%		11.22	%		12.03	%		13.76	%		15.64	%

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



JUNE 30, 2026		47

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



	Year Ended June 30,
	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$24.90			$21.95			$20.62			$17.78			$23.27

Operations:
Net investment income ¹		0.28			0.35			0.29			0.28			0.20
Net realized and unrealized gains (losses)		3.78			3.37			1.48			2.92			(5.63	)

Total from operations		4.06			3.72			1.77			3.20			(5.43	)

Redemption fee		—			—			—	²		—			—

Distributions to Shareholders:
From net investment income		(0.29	)		(0.35	)		(0.29	)		(0.27	)		(0.06	)
From net realized gains		—			(0.42	)		(0.15	)		(0.09	)		—

Total distributions		(0.29	)		(0.77	)		(0.44	)		(0.36	)		(0.06	)

Net Asset Value
End of period		$28.67			$24.90			$21.95			$20.62			$17.78

Total investment return ³		16.43	%		17.31	%		8.70	%		18.27	%		(23.41	%)

Net assets at end of period (000’s omitted)		$36,334			$31,945			$27,848			$26,624			$22,454

Ratios: ⁴
Expenses (without waiver)		1.06	%⁵		1.50	%⁶		1.50	%⁶		1.50	%⁶		1.50	%⁶
Expenses (with waiver)		0.85	%⁵		0.85	%⁶		0.85	%⁶		0.85	%⁶		1.20	%⁶
Net investment income (without waiver)		0.83	%		0.89	%		0.76	%		0.87	%		0.59	%
Net investment income (with waiver)		1.04	%		1.54	%		1.41	%		1.52	%		0.88	%

Portfolio turnover rate (excluding short-term securities)		7.61	%		6.53	%		8.35	%		7.65	%		7.76	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.85% of average daily net assets.

⁶	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.



48		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



	Year Ended June 30,
	2026			2025			2024			2023			2022

Net Asset Value:
Beginning of period		$19.67			$17.07			$16.06			$15.46			$21.40

Operations:
Net investment income ¹		0.19			0.21			0.19			0.23			0.21
Net realized and unrealized gains (losses)		8.79			3.10			1.14			0.74			(5.76	)

Total from operations		8.98			3.31			1.33			0.97			(5.55	)
Redemption fee		—	²		—	²		—			—	²		—
Distributions to Shareholders:
From net investment income		(0.20	)		(0.19	)		(0.24	)		(0.29	)		(0.02	)
From net realized gains		—			(0.52	)		(0.08	)		(0.08	)		(0.37	)

Total distributions		(0.20	)		(0.71	)		(0.32	)		(0.37	)		(0.39	)

Net Asset Value
End of period		$28.45			$19.67			$17.07			$16.06			$15.46

Total investment return ³		45.95	%		19.85	%		8.52	%		6.42	%		(26.19	%)

Net assets at end of period (000’s omitted)		$14,473			$9,965			$9,066			$10,098			$9,400

Ratios: ⁴
Expenses (without waiver)		1.26	%⁵		2.00	%⁶		2.00	%⁶		2.00	%⁶		2.00	%⁶
Expenses (with waiver)		0.95	%⁵		0.95	%⁶		0.95	%⁶		0.95	%⁶		1.20	%⁶
Net investment income (without waiver)		0.49	%		0.12	%		0.15	%		0.42	%		0.35	%
Net investment income (with waiver)		0.80	%		1.17	%		1.20	%		1.47	%		1.15	%

Portfolio turnover rate (excluding short-term securities)		4.13	%		2.54	%		2.11	%		0.76	%		2.49	%

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	Effective November 1, 2025, total Fund expenses are limited to 0.95% of average daily net assets.

⁶	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.



JUNE 30, 2026		49

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

(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



50		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. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. 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 June 30, 2026 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.



JUNE 30, 2026		51

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued)

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. 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.

Income Taxes

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Management has reviewed the impact of the new standard and concludes there is no material impact to the Funds’ financial position or the results of its operations as of June 30, 2026; and therefore, no additional related disclosures were included in these financial statements.

Federal Taxes

The Funds’ policy is to continue 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 June 30, 2026, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state of Minnesota 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 June 30, 2026, 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		$34,122,646		($741,051)			$33,381,595		$43,830,152
Dividend Growth Fund		78,815,035		(3,785,595	)		75,029,440		169,266,004
Global Dividend Growth Fund		41,550,077		(310,292	)		41,239,785		25,908,054
Large Cap Growth Fund		186,202,906		(492,777	)		185,710,129		76,992,416
ESG Growth Fund		8,902,152		(341,689	)		8,560,463		6,057,164
Mid Cap Growth Fund		158,428,242		(4,484,942	)		153,943,300		82,712,779
Small Cap Dividend Growth Fund		22,388,641		(1,326,710	)		21,061,931		33,786,582
Small Cap Growth Fund		82,280,788		(4,460,044	)		77,820,744		67,375,135
International Growth Fund		19,241,219		(1,048,468	)		18,192,751		18,005,102
Developing Markets Growth Fund		9,004,704		(882,031	)		8,122,673		6,296,562

Net investment income and net realized gains differ for financial statement and tax purposes because of corporate actions on shares held, redemptions in-kind 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, 2026 and 2025 was as follows:



52		FINANCIAL STATEMENTS AND OTHER INFORMATION

Year Ended June 30, 2026:


	Ordinary Income		Long Term Capital Gain		Total
Balanced Fund		$1,095,004		$1,396,342		$2,491,346
Dividend Growth Fund (Class I)		2,237,737		17,860,982		20,098,719
Dividend Growth Fund (Class S)		132,284		1,481,456		1,613,740
Global Dividend Growth Fund (Class I)		362,334		394,787		757,121
Global Dividend Growth Fund (Class S)		22,670		39,103		61,773
Large Cap Growth Fund		—		5,470,032		5,470,032
ESG Growth Fund (Class I)		40,266		48,081		88,347
ESG Growth Fund (Class S)		20,734		42,365		63,099
Mid Cap Growth Fund		—		7,201,117		7,201,117
Small Cap Dividend Growth Fund (Class I)		405,630		369,249		774,879
Small Cap Dividend Growth Fund (Class S)		61,059		68,853		129,912
Small Cap Growth Fund		—		6,365,751		6,365,751
International Growth Fund		367,001		—		367,001
Developing Markets Growth Fund		101,000		—		101,000

Year Ended June 30, 2025:
	Ordinary Income		Long Term Capital Gain		Total
Balanced Fund		$1,072,378		$602,952		$1,675,330
Dividend Growth Fund (Class I)		3,383,821		21,575,579		24,959,400
Dividend Growth Fund (Class S)		257,693		2,028,015		2,285,708
Global Dividend Growth Fund (Class I)		424,227		744,973		1,169,200
Global Dividend Growth Fund (Class S)		30,777		81,745		112,522
Large Cap Growth Fund		—		8,975,525		8,975,525
ESG Growth Fund (Class I)		36,809		—		36,809
ESG Growth Fund (Class S)		19,191		—		19,191
Mid Cap Growth Fund		—		8,003,648		8,003,648
Small Cap Dividend Growth Fund (Class I)		284,098		146,465		430,563
Small Cap Dividend Growth Fund (Class S)		54,951		39,682		94,633
Small Cap Growth Fund		—		5,328,139		5,328,139
International Growth Fund		439,433		521,395		960,828
Developing Markets Growth Fund		100,374		269,119		369,493

As of June 30, 2026, 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	$	318,481	$	193,939	$	33,381,595
Dividend Growth Fund		568,593		15,947,102		75,029,440
Global Dividend Growth Fund		230,419		1,759,876		41,239,785
Large Cap Growth Fund		—		12,189,959		185,710,129
ESG Growth Fund		47,071		139,252		8,560,463
Mid Cap Growth Fund		—		12,803,494		153,943,300
Small Cap Dividend Growth Fund		93,415		1,863,254		21,061,931
Small Cap Growth Fund		—		9,732,174		77,820,744
International Growth Fund		285,545		81,086		18,192,751
Developing Markets Growth Fund		58,200		388,447		8,122,673



JUNE 30, 2026		53

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued)

On the statements of assets and liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made to the following capital accounts:


	Distributable Earnings		Additional Paid-in Capital
Dividend Growth Fund		($12,217,188)		$12,217,188
Large Cap Growth Fund		322,967		(322,967)
Mid Cap Growth Fund		335,164		(335,164)

Net capital loss carryovers and late year losses, if any, as of June 30, 2026, 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, 2026, were as follows:


	Unlimited Period of Net Capital Loss Carryover				Late Year Losses Deferred
	Short-Term		Long-Term		Ordinary		Capital
Large Cap Growth Fund		—		—		$218,638		—
Mid Cap Growth Fund		—		—		537,835		$482,369
Small Cap Growth Fund		—		—		477,982		—

For the year ended June 30, 2026, the Funds’ utilized capital losses as follows:


	Utilized
Developing Markets Growth Fund		$88,536

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.



54		FINANCIAL STATEMENTS AND OTHER INFORMATION

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.

Cash Balance Credit Risk

The Funds may place portions of its uninvested cash with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 for each account holder. The Funds may be subject to credit risk to the extent amounts on deposit are in excess of the insured limits.

Segment Reporting

The Funds represent a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Chief Executive Officer of the Adviser (“CEO”) acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Funds. The CODM monitors the operating results as a whole, and the Funds’ long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.

(3) Investment Security Transactions

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the year ended June 30, 2026, were as follows:


	Purchases				Proceeds

	U.S. Government		Other		U.S. Government		Other
Balanced Fund		$6,101,506		$10,424,200		$5,873,335		$8,506,156
Dividend Growth Fund^*		—		101,296,162		—		110,423,216
Global Dividend Growth Fund		—		2,925,839		—		3,552,132
Large Cap Growth Fund		—		12,316,867		—		26,154,633
ESG Growth Fund		—		436,291		—		737,599
Mid Cap Growth Fund		—		22,997,466		—		33,467,688
Small Cap Dividend Growth Fund		—		8,731,545		—		5,538,820
Small Cap Growth Fund		—		19,170,290		—		26,533,210
International Growth Fund		—		2,543,341		—		3,176,125
Developing Markets Growth Fund		—		484,344		—		767,634

*	The proceeds from in-kind redemptions of investment securities during the year ended June 30, 2026 in the Sit Dividend Growth Fund was $31,074,620; gains and losses on in-kind redemptions are not recognized at the Fund level for tax purposes.



JUNE 30, 2026		55

NOTES TO FINANCIAL STATEMENTS

June 30, 2026 (Continued)

(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 provides 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
Balanced Fund		0.80%^*
Dividend Growth Fund Class I and Class S		0.70%^*
Global Dividend Growth Fund Class I and Class S		1.00%
Large Cap Growth Fund		1.00%^*
ESG Growth Fund Class I and Class S		1.00%^*
Mid Cap Growth Fund		1.25%
Small Cap Dividend Growth Fund Class I and Class S		0.85%^*
Small Cap Growth Fund		1.50%
International Growth Fund		0.85%^*
Developing Markets Growth Fund		0.95%^*

Effective November 1, 2025. the Funds’ investment management fees were contractually reduced to such indicated amounts. Prior November 1, 2025, the management fees were 1.00%, 1.00%, 1.25%, 1.25%, 1.25%, 1.50% and 2.00% for the Balanced Fund, Dividend Growth Fund Class I and Class S, Global Dividend Growth Fund Class I and Class S, ESG Growth Fund Class I and Class S, Small Cap Dividend Growth Fund Class I and Class S, International Growth Fund and Developing Markets Growth Fund, respectively.

Prior to November 1, 2025, the Adviser agreed to voluntarily limit the management fee of the Balanced Fund to 0.80%, the Small Cap Dividend Growth Fund to 0.85% (prior to March 1, 2025, the limitation was 0.90%), the International Growth Fund to 0.85%, the Developing Markets Growth Fund to 0.95%, 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 October 31, 2025 of the Fund’s daily average net assets, respectively.

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.

Transactions with affiliates

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of June 30, 2026:


	Shares		% Shares Outstanding
Balanced Fund		465,367	24.0
Dividend Growth Fund		1,983,166	14.7
Global Dividend Growth Fund		569,488	29.4
Large Cap Growth Fund		1,084,984	36.7
ESG Growth Fund		471,475	88.1
Mid Cap Growth Fund		4,091,982	49.6
Small Cap Dividend Growth Fund		1,171,348	48.7
Small Cap Growth Fund		1,094,376	62.9
International Growth Fund		752,693	59.4
Developing Markets Growth Fund		317,556	62.4



56		FINANCIAL STATEMENTS AND OTHER INFORMATION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors

Sit Mutual Funds, Inc.

Sit Large Cap Growth Fund

Sit Mid Cap Growth Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of 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, Sit Developing Markets Growth Fund (each a series of Sit Mutual Funds, Inc.), Sit Large Cap Growth Fund, and Sit Mid Cap Growth Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2026, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2026, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2026, by correspondence with custodians, transfer agents and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/KPMG LLP

We have served as the auditor of one or more Sit Mutual Funds investment companies since 1982.

Columbus, Ohio

August 19, 2026



58		FINANCIAL STATEMENTS AND OTHER INFORMATION

FEDERAL TAX INFORMATION (Unaudited)

Sit Equity Funds

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any), for each of the Funds that qualify for the Dividends Received Deductions for the period of July 1, 2025 to June 30, 2026 is as follows:


Fund	Percentage
Balanced Fund		30.1	%
Dividend Growth Fund		100.0
Global Dividend Growth Fund		94.3
Large Cap Growth Fund		0.0
ESG Growth Fund		100.0
Mid Cap Growth Fund		0.0
Small Cap Dividend Growth Fund		95.6
Small Cap Growth Fund		0.0
International Growth Fund		7.7
Developing Markets Growth Fund		13.6

For the year ended June 30, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided by the American Taxpayer Relief Act of 2012. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the lower dividend income tax rates.


Fund	Percentage
Balanced Fund		35.2	%
Dividend Growth Fund		100.0
Global Dividend Growth Fund		100.0
Large Cap Growth Fund		0.0
ESG Growth Fund		100.0
Mid Cap Growth Fund		0.0
Small Cap Dividend Growth Fund		97.3
Small Cap Growth Fund		0.0
International Growth Fund		100.0
Developing Markets Growth Fund		100.0

The following Funds designated the listed amounts as long-term capital gain dividends during the year ended June 30, 2026. Distributable long-term gains are based on net realized long term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.


Fund	Amount
Balanced Fund	$	1,396,342
Dividend Growth Fund		19,342,438
Global Dividend Growth Fund		1,759,877
Large Cap Growth Fund		12,189,961
ESG Growth Fund		164,923
Mid Cap Growth Fund		17,263,568
Small Cap Dividend Growth Fund		1,863,254
Small Cap Growth Fund		13,816,613
International Growth Fund		81,086
Developing Markets Growth Fund		388,447



JUNE 30, 2026		59

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.

Fiscal year ended June 30, 2026


Name of Director		Aggregate Renumeration Paid by all 14 of the Sit Mutual Funds
Edward M. Giles		$62,000
Sidney L. Jones		$72,000
Bruce C. Lueck		$62,000
Donald W. Phillips		$62,000
Barry N. Winslow		$62,000

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.

None. The Board of Directors did not approve the investment advisory contracts during the Registrant’s most recent fiscal half-year. Investment advisory contracts were approved by the Board of Directors in October 2026.

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.


				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		36

		Notes to Financial Statements		50

		Report of Independent Registered Public Accounting Firm		58

		Federal Tax Information		59

		Additional Information		60


Sit Mid Cap Growth Fund, Inc.

By (Signature and Title)		/s/ Paul E. Rasmussen
		Paul E. Rasmussen
		Vice President

Date August 21, 2026