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Document/Exhibit Description Pages Size
1: 485BPOS Sit Mutual Funds, Inc. HTML 1.55M
2: EX-99.(A) Articles of Incorporation HTML 148K
3: EX-99.(B) Bylaws HTML 157K
4: EX-99.(D) Investment Advisory Contracts HTML 100K
5: EX-99.(E) Underwriting Contracts HTML 58K
6: EX-99.(G.1) Sit Mutual Funds, Inc. Amended and Restated HTML 19K
Schedule Ii
7: EX-99.(H.1) Transfer Agency and Shareholder Services HTML 421K
Agreement
8: EX-99.(H.2) Administration and Accounting Services Agreement HTML 121K
9: EX-99.(J.1) Other Opinions: Consent of Kpmg LLP HTML 15K
10: EX-99.(J.2) Other Opinions: Power of Attorney HTML 24K
11: EX-99.(M) Rule 12B-1 Plan - Sit Mutual Funds Inc. HTML 32K
12: EX-99.(N) Rule 18F-3 Plan -- Sit Mutual Funds, Inc. HTML 31K
13: EX-99.(P) Code of Ethics HTML 79K
20: R1 Document and Entity Information HTML 32K
21: R2 Risk/Return Summary- Sit Balanced Fund HTML 132K
22: R8 Risk/Return Detail Data- Sit Balanced Fund HTML 203K
23: R9 Risk/Return Summary- Sit Dividend Growth Fund HTML 130K
24: R15 Risk/Return Detail Data- Sit Dividend Growth Fund HTML 209K
25: R16 Risk/Return Summary- Sit Global Dividend Growth HTML 133K
Fund
26: R22 Risk/Return Detail Data- Sit Global Dividend HTML 213K
Growth Fund
27: R23 Risk/Return Summary- Sit Large Cap Growth Fund Inc HTML 114K
28: R29 Risk/Return Detail Data- Sit Large Cap Growth Fund HTML 177K
Inc
29: R30 Risk/Return Summary- SIT MID CAP GROWTH FUND INC HTML 117K
30: R36 Risk/Return Detail Data- SIT MID CAP GROWTH FUND HTML 184K
INC
31: R37 Risk/Return Summary- Sit ESG Growth Fund HTML 113K
32: R43 Risk/Return Detail Data- Sit ESG Growth Fund HTML 189K
33: R44 Risk/Return Summary- Sit Small Cap Dividend Growth HTML 117K
Fund
34: R50 Risk/Return Detail Data- Sit Small Cap Dividend HTML 193K
Growth Fund
35: R51 Risk/Return Summary- Sit International Growth Fund HTML 124K
36: R57 Risk/Return Detail Data- Sit International Growth HTML 191K
Fund
37: R58 Risk/Return Summary- Sit Small Cap Growth Fund HTML 118K
38: R64 Risk/Return Detail Data- Sit Small Cap Growth Fund HTML 184K
39: R65 Risk/Return Summary- Sit Developing Markets Growth HTML 133K
Fund
40: R71 Risk/Return Detail Data- Sit Developing Markets HTML 202K
Growth Fund
41: R72 Risk/Return Detail Data HTML 20K
42: XML IDEA XML File -- Filing Summary XML 65K
19: XML XBRL Instance -- d885560d485bpos_htm XML 786K
15: EX-101.CAL XBRL Calculations -- slcgfi-20200630_cal XML 21K
16: EX-101.DEF XBRL Definitions -- slcgfi-20200630_def XML 2.84M
17: EX-101.LAB XBRL Labels -- slcgfi-20200630_lab XML 252K
18: EX-101.PRE XBRL Presentations -- slcgfi-20200630_pre XML 2.71M
14: EX-101.SCH XBRL Schema -- slcgfi-20200630 XSD 124K
43: JSON XBRL Instance as JSON Data -- MetaLinks 115± 301K
44: ZIP XBRL Zipped Folder -- 0001193125-20-276950-xbrl Zip 658K
| Sit Mutual Funds, Inc. |
| File Nos. | ||||
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | X |
|||
Pre-Effective Amendment No. |
||||
| Post-Effective Amendment No. 59 |
||||
and/or | ||||
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
X |
|||
| Amendment No. 62 |
||||
SIT LARGE CAP GROWTH FUND, INC. | ||||
(Exact Name of Registrant as Specified in Charter) | ||||
| --------------------------------------------------------------------------------------------------------------------------------------- |
||||
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
X |
|||
| Pre-Effective Amendment No. |
||||
| Post-Effective Amendment No. 59 |
||||
and/or | ||||
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
X |
|||
| Amendment No. 62 |
||||
SIT MID CAP GROWTH FUND, INC. | ||||
(Exact Name of Registrant as Specified in Charter) | ||||
| ------------------------------------------------------------------------------------------------------------------------------------------------ |
||||
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
X |
|||
| Pre-Effective Amendment No. |
||||
| Post-Effective Amendment No. 61 |
||||
and/or | ||||
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
X |
|||
| Amendment No. 62 |
||||
SIT MUTUAL FUNDS, INC. | ||||
(Exact Name of Registrant as Specified in Charter) | ||||
| ---------------------------------------------------------------------------------------------------------------------------------------------- |
||||
| immediately upon filing pursuant to paragraph (b) of rule 485 |
XX |
on i November 1, 2020 pursuant to paragraph (b) of rule 485 |
| 60 days after filing pursuant to paragraph (a)(1) of rule 485 |
| on (specify date) pursuant to paragraph (a)(1) of rule 485 |
| 75 days after filing pursuant to paragraph (a)(2) of rule 485 |
| on (specify date) pursuant to paragraph (a)(2) of rule 485 |
| This post-effective amendment designates a new effective date for a previously filed post effective amendment. |
SUMMARY INFORMATION ABOUT THE FUNDS |
||||
Sit Balanced Fund |
4 |
|||
Sit Dividend Growth Fund |
9 |
|||
Sit Global Dividend Growth Fund |
13 |
|||
Sit Large Cap Growth Fund |
17 |
|||
Sit Mid Cap Growth Fund |
21 |
|||
Sit ESG Growth Fund |
25 |
|||
Sit Small Cap Dividend Growth Fund |
30 |
|||
Sit International Growth Fund |
35 |
|||
Sit Small Cap Growth Fund |
39 |
|||
Sit Developing Markets Growth Fund |
43 |
|||
ADDITIONAL INFORMATION ABOUT THE FUNDS |
||||
How the Funds Invest |
48 |
|||
More on the Funds’ Risks |
49 |
|||
Temporary Defensive Investing |
52 |
|||
Methods to Fund Redemption Requests |
52 |
|||
Portfolio Turnover |
52 |
|||
Portfolio Holdings Disclosure |
52 |
|||
Duration |
53 |
|||
Securities Ratings |
53 |
|||
MANAGEMENT OF THE FUNDS |
||||
Investment Adviser |
54 |
|||
Portfolio Management |
54 |
|||
BUYING AND SELLING SHARES |
||||
Buying Shares |
58 |
|||
Selling Shares |
59 |
|||
Exchanging Shares |
59 |
|||
ACCOUNT INFORMATION |
||||
Pricing of Fund Shares |
60 |
|||
When Orders are Effective |
60 |
|||
Investing Through Financial Intermediaries |
61 |
|||
Class I and Class S Shares |
61 |
|||
Purchase Restrictions |
62 |
|||
Excessive Trading in Fund Shares |
62 |
|||
Small Account Balances / Mandatory Redemptions |
62 |
|||
Uncashed Checks and Dormant Accounts |
62 |
|||
Early Redemption Fee |
63 |
|||
Investor Service Fees |
63 |
|||
Customer Identification Program |
63 |
|||
Delivery of Regulatory Documents |
63 |
|||
Privacy Policy |
64 |
|||
DIVIDENDS AND DISTRIBUTIONS |
65 |
|||
TAXES |
||||
Taxes on Distributions |
66 |
|||
Taxes on Transactions |
66 |
|||
Foreign Tax Credits |
66 |
|||
Tax-Deferred Accounts |
67 |
|||
FINANCIAL HIGHLIGHTS |
||||
Sit Balanced Fund |
68 |
|||
Sit Dividend Growth Fund – Class I |
69 |
|||
Sit Dividend Growth Fund – Class S |
70 |
|||
Sit Global Dividend Growth Fund – Class I |
71 |
|||
Sit Global Dividend Growth Fund – Class S |
72 |
|||
Sit Large Cap Growth Fund |
73 |
|||
Sit Mid Cap Growth Fund |
74 |
|||
Sit ESG Growth Fund – Class I |
75 |
|||
Sit ESG Growth Fund – Class S |
76 |
|||
Sit Small Cap Dividend Growth Fund – Class I |
77 |
|||
Sit Small Cap Dividend Growth Fund – Class S |
78 |
|||
Sit International Growth Fund |
79 |
|||
Sit Small Cap Growth Fund |
80 |
|||
Sit Developing Markets Growth Fund |
81 |
|||
FOR MORE INFORMATION |
82 |
|||
| i This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
||||
i Shareholder Fees (fees paid directly from your investment) |
i None |
|||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 1.00% |
|||
Acquired Fund Fees and Expenses (1) |
i 0.06% |
|||
Total Annual Fund Operating Expenses (1) |
i 1.06% |
(1) |
i The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
1 Year |
3 Years |
5 Years |
10 Years |
|||||||
$ i 109 |
$ i 339 |
$ i 587 |
$ i 1,299 |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | mortgage-backed securities (including collateralized mortgage obligations), such as securities issued by Government National Mortgage Association (GNMA securities are backed by the full faith and credit of the U.S. government), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) (FHLMC and FNMA securities are backed by the credit of the issuing governmental agency), |
| › | asset-backed securities collateralized by assets such as automobile and credit card receivables, utilities, home improvement loans and home equity loans, |
| › | obligations of the U.S. government, its agencies and instrumentalities, |
| › | corporate debt securities, |
| › | taxable municipal securities, and |
| › | short-term debt obligations, including commercial paper and bank instruments, such as certificates of deposit, time deposits, and bankers’ acceptances. The Fund invests primarily in debt securities that, at the time of purchase, are either rated investment-grade (BBB or above by Standard & Poor’s or Baa or above by Moody’s Investor Services), or, if unrated, determined to be of comparable quality by the Adviser. Unrated securities will not exceed 20% of the fixed-income portion of the Fund’s portfolio. As of September 30, 2020, there were no unrated securities in the fixed-income portion of the Fund’s portfolio. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Mid Cap Stock Risk: Stocks of mid cap companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Income Risk: The income you earn from the Fund may decline due to declining interest rates. |
| › | Interest Rate Risk: An increase in interest rates may lower the Fund’s value and the overall return on your investment. The magnitude of this decrease is often greater for longer-term fixed income securities than shorter-term securities. The Fund’s exposure to risks associated with rising interest rates may be increased due to the current period of historically low interest rates in the U.S. and the effect of potential governmental fiscal policy initiatives and resulting market reaction to those initiatives. |
| › | Credit Risk: The issuers or guarantors of securities of fixed-income securities owned by the Fund may default on the payment of principal or interest, or experience a decline in credit quality, causing the value of the Fund to decrease. |
| › | Prepayment and Extension Risk: Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying the mortgage-backed and asset-backed securities owned by the Fund. The proceeds received by the Fund from pre- payments will likely be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund. Likewise, rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Fund’s value to rising interest rates. |
| › | Call Risk: Many bonds may be redeemed (“called”) at the option of the issuer before their stated maturity date. In general, an issuer will call its bonds if they can be refinanced by issuing new bonds which bear a lower interest rate. The Fund may then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. |
| › | Mortgage-Backed Securities Risk: The value of the Fund’s mortgage-backed securities may be affected by factors including changes in interest rates, the market value of the underlying assets, and the creditworthiness of the issuer or entities that provide credit enhancements. Mortgage-backed securities are subject to prepayment risk, and the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility. |
| › | Political, Economic and Tax Risk: Because the Fund invests in municipal securities issued by states and their political subdivisions, the Fund may be particularly affected by the political and economic conditions and developments in those states. |
| › | Liquidity Risk: The reduction in market making capacity and other market events has the potential to decrease liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund many have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash, those sales could further reduce the bonds’ prices and hurt performance. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Balanced Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 20.69 |
% |
i 8.13 |
% |
i 9.00 |
% | ||||||
Return after taxes on distributions |
i 18.81 |
% |
i 6.99 |
% |
i 8.14 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 13.34 |
% |
i 6.20 |
% |
i 7.18 |
% | ||||||
Bloomberg Barclays Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) |
i 8.72 |
% |
i 3.05 |
% |
i 3.75 |
% | ||||||
S&P 500 ® |
i 31.49 |
% |
i 11.70 |
% |
i 13.56 |
% |
Class I |
Class S |
|||||||
i Shareholder Fees (fees paid directly from your investment) |
||||||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00 |
% |
i 2.00 |
% | ||||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||||||
Management Fees |
i 1.00 |
% |
i 1.00 |
% | ||||
Distribution (12b-1) fees |
i None |
i 0.25 |
% | |||||
Total Annual Fund Operating Expenses |
i 1.00 |
% |
i 1.25 |
% | ||||
Fee Waiver (1) |
( i 0.30 |
)% |
( i 0.30 |
)% | ||||
Total Annual Fund Operating Expenses After Fee Waiver (1) |
i 0.70 |
% |
i 0.95 |
% | ||||
(1) |
The Adviser has agreed to reduce the management fee to 0.70% through i June 30, 2022. The Adviser may elect to extend, modify or terminate the fee waiver at that time. |
1 Year |
3 Years |
5 Years |
10 Years |
|||||||||
Class I |
$ i 72 |
$ i 320 |
$ i 555 |
$ i 1,229 |
||||||||
Class S |
$ i 97 |
$ i 399 |
$ i 690 |
$ i 1,518 |
| › | a record of paying dividends, |
| › | strong prospects for growing dividend payments indicated in part by growing earnings and cash flow, |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movement than stocks of larger, more established companies. |
| › | Dividend Paying Company Risk: The Fund’s income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In ad- |
| dition, stocks held by the Fund may reduce or stop paying dividends which could affect the Fund’s ability to generate income. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | International Investing Risk: Because the Fund may invest in foreign securities, there is an international investing risk. International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Dividend Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Class I Return before taxes (inception i 12/31/03) |
i 29.10 |
% |
i 10.05 |
% |
i 12.22 |
% | ||||||
Class I Return after taxes on distributions |
i 25.52 |
% |
i 6.73 |
% |
i 9.93 |
% | ||||||
Class I Return after taxes on distributions and sale of Fund shares |
i 19.71 |
% |
i 7.37 |
% |
i 9.71 |
% | ||||||
Class S Return before taxes (inception i 3/31/06) |
i 28.84 |
% |
i 9.78 |
% |
i 11.94 |
% | ||||||
S&P 500 ® |
i 31.49 |
% |
i 11.70 |
% |
i 13.56 |
% |
Class I |
Class S | |||
i Shareholder Fees (fees paid directly from your investment) |
||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00% |
i 2.00% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 1.25% |
i 1.25% | ||
Acquired Fund Fees and Expenses (1) |
i 0.01% |
i 0.01% | ||
Distribution (12b-1) fees |
i None |
i 0.25% | ||
Total Annual Fund Operating Expenses (1) |
i 1.26% |
i 1.51% | ||
Fee Waiver (2) |
( i 0.25)% |
( i 0.25)% | ||
Total Annual Fund Operating Expenses After Fee Waiver (2) |
i 1.01% |
i 1.26% | ||
(1) |
The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
(2) |
The Adviser has agreed to reduce the management fee to 1.00% through i June 30, 2022. The Adviser may elect to extend, modify or terminate the fee waiver at that time. |
1 Year |
3 Years |
5 Years |
10 Years |
|||||||||
Class I |
$ i 104 |
$ i 402 |
$ i 695 |
$ i 1,530 |
||||||||
Class S |
$ i 129 |
$ i 481 |
$ i 829 |
$ i 1,812 |
| › | a record of paying dividends, |
| › | strong prospects for growing dividend payments indicated in part by growing earnings and cash flow, |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Dividend Paying Company Risk: The Fund’s income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying dividends which could affect the Fund’s ability to generate income. |
| › | International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movement than stocks of larger, more established companies. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Global Dividend Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Class I Return before taxes (inception i i i 9/30/08 / / ) |
i 26.70 |
% |
i 7.35 |
% |
i 8.35 |
% | ||||||
Class I Return after taxes on distributions |
i 26.19 |
% |
i 6.53 |
% |
i 7.45 |
% | ||||||
Class I Return after taxes on distributions and sale of Fund shares |
i 16.12 |
% |
i 5.61 |
% |
i 6.63 |
% | ||||||
Class S Return before taxes (inception i 9/30/08) |
i 26.41 |
% |
i 7.08 |
% |
i 8.07 |
% | ||||||
MSCI World Index (reflects no deduction for fees, expenses or taxes) |
i 27.67 |
% |
i 8.74 |
% |
i 9.47 |
% | ||||||
i Shareholder Fees (fees paid directly from your investment) Redemption Fee (as a percentatge of amount redeemed only on shares held for less than 30 days) |
i 2.00 | % | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 1.00 | % | ||
Total Annual Fund Operating Expenses |
i 1.00 | % |
1 Year |
3 Years |
5 Years |
10 Years | |||
$ i 103 |
$ i 320 |
$ i 555 |
$ i 1,229 |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Large Cap Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 32.81 |
% |
i 12.39 |
% |
i 12.44 |
% | ||||||
Return after taxes on distributions |
i 30.04 |
% |
i 9.24 |
% |
i 9.91 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 21.38 |
% |
i 9.17 |
% |
i 9.69 |
% | ||||||
Russell 1000 ® |
i 36.39 |
% |
i 14.63 |
% |
i 15.22 |
% | ||||||
i Shareholder (fees paid directly from your investment) Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00 |
% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 1.25 |
% | ||
Acquired Fund Fees and Expenses (1) |
i 0.01 |
% | ||
Total Annual Fund Operating Expenses (1) |
i 1.26 |
% |
| (1) | The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
1 Year |
3 Years |
5 Years |
10 Years | |||
$ i 128 |
$ i 402 |
$ i 695 |
$ i 1,530 |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Mid Cap Stock Risk: Stocks of mid cap companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Mid Cap Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 30.21 |
% |
i 7.70 |
% |
i 11.16 |
% | ||||||
Return after taxes on distributions |
i 28.04 |
% |
i 5.70 |
% |
i 9.63 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 19.43 |
% |
i 5.70 |
% |
i 8.96 |
% | ||||||
Russell Midcap ® |
i 35.47 |
% |
i 11.60 |
% |
i 14.24 |
% | ||||||
Class I |
Class S | |||
i Shareholder Fees (fees paid directly from your investment) |
||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00% |
i 2.00% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Management Fees |
i 1.25% |
i 1.25% | ||
Distribution (12b-1) fees |
i None |
i 0.25% | ||
Total Annual Fund Operating Expenses |
i 1.25% |
i 1.50% | ||
Fee Waiver (1) |
( i 0.25)% |
( i 0.25)% | ||
Total Annual Fund Operating Expenses After Fee Waiver (1) |
i 1.00% |
i 1.25% | ||
(1) |
The Adviser has agreed to reduce the management fee to 1.00% through i June 30, 2022. The Adviser may elect to extend, modify or terminate the fee waiver at that time. |
1 Year |
3 Years |
5 Years |
10 Years | |||||
Class I |
$ i 103 |
$ i 399 |
$ i 690 |
$ i 1,518 | ||||
Class S |
$ i 128 |
$ i 477 |
$ i 824 |
$ i 1,801 | ||||
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to fac- tors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social develop- ments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | ESG Risk: The Fund’s ESG criteria may exclude securities of certain issuers for nonfinancial reasons and therefore the Fund may forgo some market opportunities available to funds that don’t use an ESG criteria. Stocks of companies with ESG practices may shift into and out of favor with stock market investors depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use an ESG criteria. |
| › | Mid Cap Stock Risk: Stocks of mid cap companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | International Investing Risk: Because the Fund may invest in foreign securities, there is an international investing risk. International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit ESG Growth Fund |
1 Year |
5 Years |
Life of Fund (1) | |||||||
Class I Return before taxes |
i 26.41% |
i N/A |
i 11.79% | |||||||
Class I Return after taxes on distributions |
i 25.95% |
i N/A |
i 11.49% | |||||||
Class I Return after taxes on distributions and sale of Fund shares |
i 15.96% |
i N/A |
i 9.24% | |||||||
Class S Return before taxes (inception i i i i i 6/30/16 / / / / ) |
i 26.06% |
i N/A |
i 11.50% | |||||||
MSCI World Index (reflects no deduction for fees, expenses or taxes) |
i 27.67% |
i N/A |
i 12.77% | |||||||
(1) June 30, 2016 |
||||||||||
Class I |
Class S | |||
i Shareholder Fees (fees paid directly from your investment) |
||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00% |
i 2.00% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Management Fees |
i 1.25% |
i 1.25% | ||
Distribution (12b-1) fees |
i None |
i 0.25% | ||
Total Annual Fund Operating Expenses |
i 1.25% |
i 1.50% | ||
Fee Waiver (1) |
( i 0.25)% |
( i 0.25)% | ||
Total Annual Fund Operating Expenses After Fee Waiver (1) |
i 1.00% |
i 1.25% | ||
(1) |
The Adviser has agreed to reduce the management fee to 1.00% through i June 30, 2022. The Adviser may elect to extend, modify or terminate the fee waiver at that time. |
1 Year |
3 Years |
5 Years |
10 Years | |||||
Class I |
$ i 103 |
$ i 399 |
$ i 690 |
$ i 1,518 | ||||
Class S |
$ i 128 |
$ i 477 |
$ i 824 |
$ i 1,801 | ||||
| › | a record of paying dividends, |
| › | strong prospects for growing dividend payments indicated in part by growing earnings and cash flow, |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Dividend Paying Company Risk: The Fund’s income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying dividends which could affect the Fund’s ability to generate income. |
| › | Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity or trading opportunities at a favorable price or time. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | International Investing Risk: Because the Fund may invest in foreign securities, there is an international investing risk. International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Small Cap Dividend Growth Fund |
1 Year |
5 Years |
Life of Fund (1) | |||||||
Class I Return before taxes |
i 27.11% |
N/A |
i 6.53% | |||||||
Class I Return after taxes on distributions |
i 26.36% |
N/A |
i 5.95% | |||||||
Class I Return after taxes on distributions and sale of Fund shares |
i 16.03% |
N/A |
i 4.85% | |||||||
Class S Return before taxes (inception i i i i i 3/31/15 / / / / ) |
i 26.70% |
N/A |
i 6.25% | |||||||
Russell 2000 ® Index (reflects no deduction for fees, expenses or taxes) |
i 25.53% |
N/A |
i 7.71% | |||||||
(1) March 31, 2015 |
||||||||||
i Shareholder Fee s (fees paid directly from your investment) |
||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00% | |
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||
Management Fees |
i 1.50% | |
Acquired Fund Fees and Expenses (1) |
i 0.01% | |
Total Annual Fund Operating Expenses (1) |
i 1.51% |
(1) |
i The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
1 Year |
3 Years |
5 Years |
10 Years | |||
$ i 155 |
$ i 481 |
$ i 829 |
$ i 1,812 | |||
› economic trends |
› currency exchange rate expectations | |
› earnings outlook |
› market sentiment | |
› liquidity within the market |
› social and political trends | |
› fiscal and monetary policy |
||
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Developing Markets Risk: Investment in developing markets are subject to unique political, economic, and market risks that can cause the Fund’s investments to be more volatile and less liquid than investments in developed markets. |
| › | Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. |
| › | Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time. |
| › | Foreign Currency Hedging Transactions Risk: If the Adviser’s forecast of exchange rate movements is incorrect, the Fund may realize losses on their foreign currency transactions. In addition, the Fund’s hedging transactions may prevent the Funds from realizing the benefits of a favorable change in the value of foreign currencies. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit International Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 26.17 |
% |
i 5.10 |
% |
i 4.89 |
% | ||||||
Return after taxes on distributions |
i 25.89 |
% |
i 4.58 |
% |
i 4.49 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 15.69 |
% |
i 3.91 |
% |
i 3.86 |
% | ||||||
MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) |
i 22.01 |
% |
i 5.67 |
% |
i 5.50 |
% | ||||||
i Shareholder Fees (fees paid directly from your investment) |
||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00 |
% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 1.50 |
% | ||
Acquired Fund Fees and Expenses (1) |
i 0.01 |
% | ||
Total Annual Fund Operating Expenses (1) |
i 1.51 |
% |
(1) |
The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
1 Year |
3 Years |
5 Years |
10 Years |
|||||
$ i 155 |
$ i 481 |
$ i 829 |
$ i 1,812 |
| › | unique product or service, |
| › | growing product demand, |
| › | dominant and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
 |
i Average Annual Total Returns for periods ended December 31, 2019 |
||||||||||||
Sit Small Cap Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 29.17 |
% |
i 6.11 |
% |
i 10.40 |
% | ||||||
Return after taxes on distributions |
i 28.22 |
% |
i 4.68 |
% |
i 9.36 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 17.93 |
% |
i 4.56 |
% |
i 8.43 |
% | ||||||
Russell 2000 ® |
i 28.48 |
% |
i 9.34 |
% |
i 13.01 |
% | ||||||
i Shareholder Fees (fees paid directly from your investment) |
||||
Redemption Fee (as a percentage of amount redeemed only on shares held for less than 30 days) |
i 2.00 |
% | ||
i Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||||
Management Fees |
i 2.00 |
% | ||
Acquired Fund Fees and Expenses (1) |
i 0.03 |
% | ||
Total Annual Fund Operating Expenses (1) |
i 2.03 |
% | ||
Fee Waiver (2) |
( i 0.60 |
)% | ||
Total Annual Fund Operating Expenses After Fee Waiver (2) |
i 1.43 |
% | ||
(1) |
i The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies. |
(2) |
The Adviser has agreed to reduce the management fee to 1.40% through i June 30, 2022. The Adviser may elect to extend, modify or terminate the fee waiver at that time. |
1 Year |
3 Years |
5 Years |
10 Years |
|||||
$ i 147 |
$ i 643 |
$ i 1,103 |
$ i 2,377 |
| › | have emerging stock markets as defined by the International Finance Corporation, |
| › | have low-to middle-income economies according to the World Bank, or |
| › | have similar developing characteristics, for example, countries in the MSCI EM Index and Hong Kong are considered to be developing. |
| › | economic trends, |
| › | earnings outlook, |
| › | liquidity within the market, |
| › | fiscal and monetary policy, |
| › | currency exchange rate expectations, |
| › | investment valuation, |
| › | market sentiment, and |
| › | social and political trends. |
| › | unique product or service, |
| › | growing product demand, |
| › | regional or country dominance and growing market share, |
| › | management experience and capabilities, and |
| › | strong financial condition. |
| › | Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the markets(s) generally. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and potentially increase the risks described herein. |
| › | Developing Markets Risk: Investment in developing markets are subject to unique political, economic, and market risks that can cause the Fund’s investments to be more volatile and less liquid than investments in developed markets. |
| › | International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund’s investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. |
| › | Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund’s performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. |
| › | Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. |
| › | Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time. |
| › | Foreign Currency Hedging Transactions Risk: If the Adviser’s forecast of exchange rate movements is incorrect, the Fund may realize losses on their foreign currency transactions. In addition, the Fund’s hedging transactions may prevent the Funds from realizing the benefits of a favorable change in the value of foreign currencies. |
| › | Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will indirectly absorb its pro rata share of such investment company’s operation expenses, including investment advisory and administrative fees, which will reduce the Fund’s return on such investment relative to investment alternatives that do not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective. |
| › | Management Risk: A strategy used by the investment management team may not produce the intended results. |
| › | Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. |
Sit Developing Markets Growth Fund |
1 Year |
5 Years |
10 Years |
|||||||||
Return before taxes |
i 19.77 |
% |
i 4.97 |
% |
i 2.06 |
% | ||||||
Return after taxes on distributions |
i 19.15 |
% |
i 4.54 |
% |
i 1.21 |
% | ||||||
Return after taxes on distributions and sale of Fund shares |
i 11.92 |
% |
i 3.79 |
% |
i 1.61 |
% | ||||||
MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) |
i 15.43 |
% |
i 3.11 |
% |
i 1.20 |
% | ||||||
Fund |
Advisory fee as a % of average daily net assets |
|||
| Balanced Fund |
1.00% |
|||
| Dividend Growth Fund - Class I shares |
0.70% |
|||
| Dividend Growth Fund - Class S shares |
0.95% |
|||
| Global Dividend Growth Fund - Class I shares |
1.00% |
|||
| Global Dividend Growth Fund - Class S shares |
1.25% |
|||
| Large Cap Growth Fund |
1.00% |
|||
| Mid Cap Growth Fund |
1.25% |
|||
| ESG Growth Fund - Class I shares |
1.00% |
|||
| ESG Growth Fund - Class S shares |
1.25% |
|||
| Small Cap Dividend Growth Fund - Class I shares |
1.00% |
|||
| Small Cap Dividend Growth Fund - Class S shares |
1.25% |
|||
| International Growth Fund |
1.50% |
|||
| Small Cap Growth Fund |
1.50% |
|||
| Developing Markets Growth Fund |
1.40% |
Portfolio Manager Title |
Role on Management Team |
Experience with: • • • |
Past 5 Years Business Experience | |||||
| Balanced Fund |
||||||||
| Chairman and President |
Chief Investment Officer |
12 yrs 22 yrs 30 yrs |
7 m 11 m 5 m |
Chairman, President, CEO and Global CIO of the Advisor; Chairman and CEO of Sit Investment Fixed Income Advisors, Inc. (“SF”); Chairman of SIA Securities Corp. (the “Distributor”). | ||||
| Bryce A. Doty Vice President — Investments |
Senior Portfolio Manager |
24 yrs 24 yrs 30 yrs |
10 m 11 m 5 m |
Senior Vice President and Senior Portfolio Manager of SF. | ||||
| Ronald D. Sit Vice President — Investments |
Portfolio Manager |
4 yrs 36 yrs 36 yrs |
1 m 4 m 4 m |
Vice President — Equity Investments of the Adviser. | ||||
| Dividend Growth Fund |
||||||||
| Chairman and President |
Chief Investment Officer |
16 yrs 22 yrs 30 yrs |
10 m 11 m 5 m |
See above. | ||||
| Kent L. Johnson Vice President — Investments |
Portfolio Manager |
16 yrs 31 yrs 31 yrs |
10 m 9 m 9 m |
Senior Vice President — Equity Investments of the Adviser. | ||||
| Global Dividend Growth Fund |
||||||||
| Chairman and President |
Chief Investment Officer |
12 yrs 22 yrs 31 yrs |
1 m 11 m 5 m |
See above. | ||||
| Kent L. Johnson Vice President — Investments |
Portfolio Manager |
12 yrs 31 yrs 31 yrs |
1 m 9 m 9 m |
See above. | ||||
| Raymond E. Sit Vice President — Research and Investment Management of the Adviser |
Portfolio Manager |
12 yrs 26 yrs 28 yrs |
1 m 2 m 2 m |
Vice President — Research and Investment Management of the Adviser. | ||||
| Large Cap Growth Fund |
||||||||
| Chairman and President |
Chief Investment Officer |
22 yrs 22 yrs 30 yrs |
11 m 11 m 5 m |
See above. | ||||
| Ronald D. Sit Vice President — Investments |
Portfolio Manager |
36 yrs 36 yrs 36 yrs |
4 m 4 m 4 m |
See above. | ||||
Portfolio Manager Title |
Role on Management Team |
Experience with: • • • |
Past 5 Years Business Experience | |||||
Mid Cap Growth Fund |
||||||||
Chief Investment Officer |
12 yrs |
7 m |
See above. | |||||
Chairman and President |
22 yrs |
11 m |
||||||
30 yrs |
5 m |
|||||||
Kent L. Johnson |
Portfolio Manager |
17 yrs |
0 m |
See above. | ||||
Vice President — Investments |
31 yrs |
9 m |
||||||
31 yrs |
9 m |
|||||||
Robert W. Sit |
Portfolio Manager |
22 yrs |
10 m |
Vice President — Equity Investments of the | ||||
Vice President — Investments |
29 yrs |
3 m |
Adviser. | |||||
29 yrs |
3 m |
|||||||
ESG Growth Fund |
||||||||
Chief Investment Officer |
4 yrs |
4 m |
See above. | |||||
Chairman and President |
22 yrs |
11 m |
||||||
30 yrs |
5 m |
|||||||
David A. Brown |
Portfolio Manager |
4 yrs |
4 m |
Vice President — Research and Investment | ||||
Vice President — Research and |
22 yrs |
3 m |
Management of the Adviser. | |||||
Investment Management of the Adviser. |
25 yrs |
5 m |
||||||
Kent L. Johnson |
Portfolio Manager |
4 yrs |
4 m |
See above. | ||||
Vice President — Investments |
31 yrs |
9 m |
||||||
31 yrs |
9 m |
|||||||
Michael T. Manns |
Portfolio Manager |
4 yrs |
4 m |
Vice President — Research and Investment | ||||
Vice President — Research and |
6 yrs |
7 m |
Management of the Adviser. | |||||
Investment Management of the Adviser |
32 yrs |
7 m |
||||||
Small Cap Dividend Growth Fund |
||||||||
Chief Investment Officer |
5 yrs |
7 m |
See above. | |||||
Chairman and President |
22 yrs |
11 m |
||||||
30 yrs |
5 m |
|||||||
Kent L. Johnson |
Portfolio Manager |
5 yrs |
7 m |
See above. | ||||
Vice President — Investments |
31 yrs |
9 m |
||||||
30 yrs |
9 m |
|||||||
Michael T. Manns |
Portfolio Manager |
5 yrs |
7 m |
See above. | ||||
Vice President — Research and Invest- |
6 yrs |
7 m |
||||||
ment Management of the Adviser |
32 yrs |
7 m |
||||||
Robert W. Sit |
Portfolio Manager |
5 yrs |
7 m |
See above. | ||||
Vice President — Investments |
29 yrs |
3 m |
||||||
29 yrs |
3 m |
|||||||
International Growth Fund |
||||||||
Chief Investment Officer |
22 yrs |
11 m |
See above. | |||||
Chairman and President |
22 yrs |
11 m |
||||||
30 yrs |
5 m |
|||||||
Raymond E. Sit |
Portfolio Manager |
0 yrs |
4 m |
See above. | ||||
Vice President — Research and Invest- |
26 yrs |
2 m |
||||||
ment Management of the Adviser |
28 yrs |
2 m |
||||||
| Portfolio Manager Title | Role on Management Team | Experience with: • • • |
Past 5 Years Business Experience | |||||
Small Cap Growth Fund |
||||||||
| Roger J. Sit | Chief Investment Officer | 12 yrs | 7 m | See above. | ||||
| Chairman and President | 22 yrs | 11 m | ||||||
| 30 yrs | 5 m | |||||||
| Kent L. Johnson | Portfolio Manager | 17 yrs | 0 m | See above. | ||||
| Vice President — Investments | 31 yrs | 9 m | ||||||
| 31 yrs | 9 m | |||||||
| Robert W. Sit | Portfolio Manager | 22 yrs | 10 m | See above. | ||||
| Vice President — Investments | 29 yrs | 3 m | ||||||
| 29 yrs | 3 m | |||||||
Developing Markets Growth Fund |
||||||||
| Roger J. Sit | Chief Investment Officer | 22 yrs | 11 m | See above. | ||||
| Chairman and President | 22 yrs | 11 m | ||||||
| 30 yrs | 5 m | |||||||
| Raymond E. Sit | Portfolio Manager | 26 yrs | 2 m | See above. | ||||
| Vice President — Research and Invest- | 26 yrs | 2 m | ||||||
| ment Management of the Adviser | 28 yrs | 2 m | ||||||
| BUYING AND SELLING SHARES BUYING SHARES |
||||||||
To Open an Account | ||||||||
Minimum Investment |
Invest by Check |
Invest by Wire |
Invest Online | |||||
| $5,000 per Fund, except it is $100,000 for Class I shares of Dividend Growth, Global Dividend Growth, Small Cap Dividend Growth, and ESG Growth Funds |
Mail a completed account application with a check via regular mail or overnight delivery: |
Mail a completed account application with a request for a new account number to: Regular Mail Sit Mutual Funds P. O. Box 9763 |
You cannot open an account and make an initial purchase online. | |||||
Regular Mail |
Overnight Delivery | |||||||
| Sit Mutual Funds P. O. Box 9763 |
Sit Mutual Funds 4400 Computer Drive | |||||||
| Mail your investment check, made payable to Sit Mutual Funds, along with your application. Certain checks and other instruments are not accepted without prior approval such as: |
A representative will contact you with the new account number, or call us at 1-800-332-5580. Bank of New York Mellon ABA#: 011001234 Credit: 0000733571 BNY Mellon Investment Servicing as Agent for Sit Mutual Funds Further Credit: Account Name New Sit Fund / Account Number | |||||||
| • third party checks • starter checks |
• money orders • credit card checks |
|||||||
| Prospectuses and account applications may be viewed and printed from our website, www.sitfunds.com |
Bank Address (required by some financial institutions)Bank of New York Mellon 135 Santilli Highway |
|||||||
| Sit Mutual Funds does not charge a fee for incoming wires. Your bank may charge a fee for sending a wire. |
||||||||
| • | Shares may be purchased on any day the NYSE is open with a minimum initial investment of $5,000 per Fund except for Class I shares of Dividend Growth, Global Dividend Growth, Small Cap Dividend Growth, & ESG Growth Funds which have a minimum initial investment of $100,000. |
| • | IRA accounts (regular, Roth and SEP) require a minimum initial investment of $2,000 per fund except for Class I shares of Dividend Growth, Global Dividend Growth, Small Cap Dividend Growth, and ESG Growth Funds which have a minimum initial investment of $100,000. |
To Add to an Account |
||||||||
Minimum Investment |
Invest by Check |
Invest by Wire or ACH |
Invest Online | |||||
$100 |
Mail a completed investment slip for a particular fund (which you received in your account statement) or a letter of instruction with a check: |
Invest by Wire . Instruct your bank to wire your additional investment to us using the wire instructions provided above in “Invest by Wire.”Invest by ACH . Call us at 1-800-332-5580 to request that a purchase be made electronically from your bank account. The shares purchased will be priced on the next business day following your telephone request made prior to the close of the NYSE.Before using the ACH feature, you must set up the ACH option on your initial account application or a Change of Account Options Form. |
You may purchase additional shares of a Sit Fund or invest in a new Sit Fund online. Visit www.sitfunds.com to access your account. Your ac-count must have a designated bank account to execute transactions. | |||||
| Regular Mail Sit Mutual Funds P. O. Box 9763 |
Overnight Delivery Sit Mutual Funds 4400 Computer Drive | |||||||
| A letter of instruction must include your account number, the name(s) of the registered owner(s) and the Fund(s) that you want to purchase. | ||||||||
| Certain checks and other instruments are not accepted without prior approval such as: | ||||||||
| • third party checks • starter checks |
• money orders • credit card checks | |||||||
| • | Additional investments in any account must be at least $100. |
| • | You may set up an Automatic Investment Plan on your initial account application or on a Change of Account Options Form. The Plan will invest in the selected Fund electronically from your bank account (via ACH) on any day the Funds are open. |
To Sell Shares | ||||
| Sell by Mail | Sell by Telephone | Sell Online | ||
| Mail a written request that includes: • account number • names and signatures of all registered owners exactly as they appear on the account • name of Fund and number of shares or dollar amount you want to sell • Medallion signature guarantee(s) if you have requested that the proceeds from the sale be: • paid to anyone other than the registered account owners • paid by check and mailed to an address other than the registered address • sent via bank wire (currently an $8 fee) to a bank
different than the bank authorized by you on your account application • supporting legal documents, if required • method of payment (check, wire transfer, or ACH) |
Call us at 1-800-332-5580 and request a sale of shares. Before selling shares by telephone, you must set up the option on your initial account application or a Change of Account Options Form. Proceeds from the sale will be sent as directed on your application by check, bank wire or ACH. The Funds’ bank charges a wire fee to send the proceeds via bank wire (currently $8). Note for IRA Accounts: Before selling shares from an IRA account by telephone, you must set up the option on an IRA Redemption Privileges Form. |
You may sell shares of a Sit Fund online. Visit www.sitfunds.com to access your account. To send proceeds to your bank, you must have set up ACH instructions via your initial account application or via a Change of Account Instructions form. | ||
| Note for IRA Accounts: |
||||
| • | Your sale proceeds will be paid as soon as possible, generally not later than 7 days after the Funds’ receipt of your request to sell. However, if you purchased shares with nonguaranteed funds, such as a personal check, and you sell shares, your sale proceeds payment will be delayed until your check clears, which may take 15 days. You may receive proceeds from the sales of your shares in one of three ways: |
| • | By Mail: |
| • | By Wire: |
| • | By ACH: |
| • | Other Documents: Under certain circumstances, sales of shares may require additional legal documentation, such as sales by estates, trusts, guardianships, custodianships, corporations, pension and profit sharing plans and other organizations. |
| • | Medallion Signature Guarantee: A medallion signature guarantee assures that a signature is genuine and protects shareholders from unauthorized account transactions. A medallion signature guarantee may be obtained from a bank, brokerage firm, or other financial institution that is participating in a medallion program recognized by the Securities Transfer Association. A notary public stamp cannot be substituted for a medallion signature guarantee. |
| • | You may set up an Automatic Withdrawal Plan (minimum $100) on your initial account application or on a Change of Account Options Form. The Plan will sell shares of the selected Fund and send the proceeds by check or by ACH. |
To Exchange Shares | ||||||
Exchange by Mail |
Exchange by Telephone |
Exchange Online | ||||
You may sell shares of one Sit Fund and purchase shares of another Sit Fund by mailing a letter of instruction signed by all registered owners of the account: |
You may sell shares of one Sit Fund and purchase shares of another Sit Fund by calling us at 1-800-332-5580. If you call after business hours, you will need your Personal identification number to use the automatic telephone system |
You may sell shares of one Sit Fund and purchase shares of another Sit Fund online. Visit www.sitfunds.com to access your account. | ||||
| Regular Mail Sit Mutual Funds P. O. Box 9763 |
Overnight Delivery Sit Mutual Funds 4400 Computer Drive | |||||
| A letter of instruction must include your account number, the name(s) and the number of shares or dollar amount of the Fund(s) you want to sell and the name(s) of the Fund(s) you want to purchase. | ||||||
| • | There is no transaction fee to sell shares of one or more Sit Funds and use the proceeds to buy shares of another Sit Fund. |
| • | Before making an exchange, please read the Prospectus and consider the investment objective of the Fund you are purchasing. |
| • | An exchange of shares is a sale for federal income tax purposes and you may have a taxable capital gain or loss. |
| • | You may set up an Automatic Exchange Plan on your initial account application or on a Change of Account Options Form. The Plan will sell shares of one Sit Fund and invest in another Sit Fund on any day the Funds are open. |
| › | shares in accounts of asset allocation or wrap programs or other fee-based programs of intermediaries whose trading practices are determined by the Fund not to be detrimental to the Fund or long-term shareholders, such as model driven programs with periodic automatic portfolio rebalancing or non-discretionary rebalancing or asset allocation programs; |
| › | shares acquired through reinvestment of dividends and/or capital gains; |
| › | shares redeemed in involuntary transactions, including, for example, shares redeemed from a shareholder account for purposes of complying with the anti-money laundering (AML) requirements or required by law or regulation, a regulatory agency, or a court order; |
| › | shares redeemed due to the shareholder’s death; and |
| › | shares redeemed from certain omnibus accounts held by financial intermediaries whose systems are unable to assess the redemption fee; certain employer-sponsored retirement accounts (including certain plans qualified under 401(k) of the Internal Revenue Code and other types of defined contribution or employee benefit plans); and shares redeemed in connection with required distributions from an IRA. |
| › | Information we receive from account documentation, including applications, contracts, and other forms which may include (but is not limited to) information such as a shareholder’s name, address, tax identification number or social security number, assets and income; |
| › | Information about shareholder transactions and communications with the Funds, their affiliates, agents or others which may include (but is not limited to) account numbers, balances, and transaction requests made through transfer agents, custodians or third party intermediaries. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$25.06 | $23.76 | $22.71 | $20.40 | $21.54 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.25 | 0.32 | 0.25 | 0.25 | 0.26 | |||||||||||||||
| Net realized and unrealized gains |
2.64 | 1.52 | 1.96 | 2.29 | 0.04 | |||||||||||||||
| Total from operations |
2.89 | 1.84 | 2.21 | 2.54 | 0.30 | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.27 | ) | (0.31 | ) | (0.27 | ) | (0.23 | ) | (0.45 | ) | ||||||||||
| From net realized gains |
(1.31 | ) | (0.23 | ) | (0.89 | ) | — | (0.99 | ) | |||||||||||
| Total distributions |
(1.58 | ) | (0.54 | ) | (1.16 | ) | (0.23 | ) | (1.44 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$26.37 | $25.06 | $23.76 | $22.71 | $20.40 | |||||||||||||||
| Total investment return 2 |
11.91% | 7.98% | 9.84% | 12.56% | 1.47% | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$46,658 | $34,465 | $37,541 | $25,242 | $23,511 | |||||||||||||||
| Ratios: 3 |
||||||||||||||||||||
| Expenses |
1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||||||||
| Net investment income |
0.99% | 1.33% | 1.07% | 1.18% | 1.25% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
58.63% | 50.45% | 50.49% | 50.31% | 54.46% | |||||||||||||||
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. |
3 |
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. |
Class I |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$14.45 | $16.69 | $16.88 | $15.82 | $17.40 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.22 | 0.38 | 0.26 | 0.24 | 0.26 | |||||||||||||||
| Net realized and unrealized gains |
0.64 | 0.55 | 1.49 | 2.09 | 0.32 | |||||||||||||||
| Total from operations |
0.86 | 0.93 | 1.75 | 2.33 | 0.58 | |||||||||||||||
| Redemption fees 2 |
— | — | — | — | — | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.24 | ) | (0.40 | ) | (0.26 | ) | (0.23 | ) | (0.32 | ) | ||||||||||
| From net realized gains |
(1.59 | ) | (2.77 | ) | (1.68 | ) | (1.04 | ) | (1.84 | ) | ||||||||||
| Total distributions |
(1.83 | ) | (3.17 | ) | (1.94 | ) | (1.27 | ) | (2.16 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$13.48 | $14.45 | $16.69 | $16.88 | $15.82 | |||||||||||||||
| Total investment return 3 |
5.46% | 8.37% | 10.36% | 15.41% | 3.94% | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$172,746 | $214,204 | $918,584 | $1,015,920 | $942,244 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.00% 5 |
1.00% 5 |
1.00% 5 |
1.00% | 1.00% | |||||||||||||||
| Expenses (with waiver) |
0.70% 5 |
0.70% 5 |
0.78% 5 |
1.00% | 1.00% | |||||||||||||||
| Net investment income (without waiver) |
1.30% | 2.04% | 1.31% | 1.49% | 1.64% | |||||||||||||||
| Net investment income (with waiver) |
1.60% | 2.34% | 1.53% | 1.49% | 1.64% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
68.43% | 51.52% | 68.38% | 61.33% | 75.94% | |||||||||||||||
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 |
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. |
5 |
Total Fund expenses are limited to 1.00% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class S |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$14.37 | $16.61 | $16.81 | $15.76 | $17.34 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.19 | 0.32 | 0.22 | 0.20 | 0.22 | |||||||||||||||
| Net realized and unrealized gains (losses) |
0.63 | 0.57 | 1.47 | 2.08 | 0.32 | |||||||||||||||
| Total from operations |
0.82 | 0.89 | 1.69 | 2.28 | 0.54 | |||||||||||||||
| Redemption fees 2 |
— | — | — | — | — | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.20 | ) | (0.36 | ) | (0.21 | ) | (0.19 | ) | (0.28 | ) | ||||||||||
| From net realized gains |
(1.59 | ) | (2.77 | ) | (1.68 | ) | (1.04 | ) | (1.84 | ) | ||||||||||
| Total distributions |
(1.79 | ) | (3.13 | ) | (1.89 | ) | (1.23 | ) | (2.12 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$13.40 | $14.37 | $16.61 | $16.81 | $15.76 | |||||||||||||||
| Total investment return 3 |
5.19% | 8.12% | 10.06% | 15.11% | 3.68% | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$29,106 | $39,729 | $51,331 | $65,278 | $67,620 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.25% 5 |
1.25% 5 |
1.25% 5 |
1.25% | 1.25% | |||||||||||||||
| Expenses (with waiver) |
0.95% 5 |
0.95% 5 |
1.03% 5 |
1.25% | 1.25% | |||||||||||||||
| Net investment income (without waiver) |
1.05% | 1.80% | 1.06% | 1.24% | 1.39% | |||||||||||||||
| Net investment income (with waiver) |
1.35% | 2.10% | 1.28% | 1.24% | 1.39% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
68.43% | 51.52% | 68.38% | 61.33% | 75.94% | |||||||||||||||
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 |
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. |
5 |
Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class I |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$16.34 | $15.24 | $14.54 | $13.19 | $14.80 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.22 | 0.28 | 0.27 | 0.22 | 0.21 | |||||||||||||||
| Net realized and unrealized gains (losses) |
0.57 | 1.10 | 0.67 | 1.34 | (0.48 | ) | ||||||||||||||
| Total from operations |
0.79 | 1.38 | 0.94 | 1.56 | (0.27 | ) | ||||||||||||||
| Redemption fees |
— | 2 |
— | 2 |
— | — | 2 |
— | ||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.26 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.34 | ) | ||||||||||
| From net realized gains |
— | — | — | — | (1.00 | ) | ||||||||||||||
| Total distributions |
(0.26 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (1.34 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$16.87 | $16.34 | $15.24 | $14.54 | $13.19 | |||||||||||||||
| Total investment return 3 |
4.93% | 9.18% | 6.46% | 11.94% | (1.67%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$31,361 | $30,823 | $28,778 | $25,623 | $22,333 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.25% 5 |
1.25% 5 |
1.25% 5 |
1.25% | 1.25% | |||||||||||||||
| Expenses (with waiver) |
1.00% 5 |
1.00% 5 |
1.06% 5 |
1.25% | 1.25% | |||||||||||||||
| Net investment income (without waiver) |
1.11% | 1.53% | 1.59% | 1.63% | 1.56% | |||||||||||||||
| Net investment income (with waiver) |
1.36% | 1.78% | 1.78% | 1.63% | 1.56% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
22.15% | 15.07% | 19.80% | 32.04% | 48.30% | |||||||||||||||
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 |
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. |
5 |
Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class S |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$16.33 | $15.22 | $14.53 | $13.18 | $14.78 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.18 | 0.24 | 0.23 | 0.19 | 0.18 | |||||||||||||||
| Net realized and unrealized gains (losses) |
0.56 | 1.11 | 0.66 | 1.33 | (0.48 | ) | ||||||||||||||
| Total from operations |
0.74 | 1.35 | 0.89 | 1.52 | (0.30 | ) | ||||||||||||||
| Redemption fees |
— | 2 |
— | — | — | — | ||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.22 | ) | (0.24 | ) | (0.20 | ) | (0.17 | ) | (0.30 | ) | ||||||||||
| From net realized gains |
— | — | — | — | (1.00 | ) | ||||||||||||||
| Total distributions |
(0.22 | ) | (0.24 | ) | (0.20 | ) | (0.17 | ) | (1.30 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$16.85 | $16.33 | $15.22 | $14.53 | $13.18 | |||||||||||||||
| Total investment return 3 |
4.60% | 8.98% | 6.13% | 11.67% | (1.89%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$3,391 | $3,241 | $3,246 | $3,274 | $2,861 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.50% 5 |
1.50% 5 |
1.50% 5 |
1.50% | 1.50% | |||||||||||||||
| Expenses (with waiver) |
1.25% 5 |
1.25% 5 |
1.31% 5 |
1.50% | 1.50% | |||||||||||||||
| Net investment income (without waiver) |
0.87% | 1.28% | 1.33% | 1.38% | 1.31% | |||||||||||||||
| Net investment income (with waiver) |
1.12% | 1.53% | 1.52% | 1.38% | 1.31% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
22.15% | 15.07% | 19.80% | 32.04% | 48.30% | |||||||||||||||
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 |
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. |
5 |
Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$42.53 | $42.40 | $40.56 | $36.02 | $47.21 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.07 | 0.16 | 0.13 | 0.21 | 0.18 | |||||||||||||||
| Net realized and unrealized gains (losses) |
8.60 | 3.61 | 6.55 | 7.07 | (0.42 | ) | ||||||||||||||
| Total from operations |
8.67 | 3.77 | 6.68 | 7.28 | (0.24 | ) | ||||||||||||||
| Redemption fees 2 |
— | — | — | — | — | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.12 | ) | (0.15 | ) | (0.17 | ) | (0.19 | ) | (1.44 | ) | ||||||||||
| From net realized gains |
(4.01 | ) | (3.49 | ) | (4.67 | ) | (2.55 | ) | (9.51 | ) | ||||||||||
| Total distributions |
(4.13 | ) | (3.64 | ) | (4.84 | ) | (2.74 | ) | (10.95 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$47.07 | $42.53 | $42.40 | $40.56 | $36.02 | |||||||||||||||
| Total investment return 3 |
21.34% | 10.54% | 16.93% | 21.18% | (0.89%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$129,154 | $116,581 | $118,792 | $113,620 | $117,459 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses |
1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||||||||
| Net investment income |
0.17% | 0.39% | 0.30% | 0.54% | 0.44% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
14.53% | 16.02% | 15.20% | 17.69% | 20.05% | |||||||||||||||
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 |
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. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$18.84 | $18.96 | $18.06 | $15.36 | $20.22 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment loss 1 |
(0.05 | ) | (0.03 | ) | (0.03 | ) | — | 2 |
(0.04 | ) | ||||||||||
| Net realized and unrealized gains (losses) |
1.64 | 1.79 | 1.71 | 2.86 | (1.92 | ) | ||||||||||||||
| Total from operations |
1.59 | 1.76 | 1.68 | 2.86 | (1.96 | ) | ||||||||||||||
| Redemption fees 2 |
— | — | — | — | — | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| Fromnet investment income |
— | — | — | 2 |
— | — | ||||||||||||||
| From net realized gains |
(1.38 | ) | (1.88 | ) | (0.78 | ) | (0.16 | ) | (2.90 | ) | ||||||||||
| Total distributions |
(1.38 | ) | (1.88 | ) | (0.78 | ) | (0.16 | ) | (2.90 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$19.05 | $18.84 | $18.96 | $18.06 | $15.36 | |||||||||||||||
| Total investment return 3 |
8.75% | 11.76% | 9.42% | 18.74% | (9.97%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$172,744 | $169,099 | $158,501 | $156,305 | $139,523 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses |
1.25% | 1.25% | 1.25% | 1.25% | 1.25% | |||||||||||||||
| Net investment loss |
(0.27%) | (0.16%) | (0.17%) | (0.01%) | (0.23%) | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
25.58% | 27.70% | 28.89% | 23.02% | 21.57% | |||||||||||||||
1 |
The net investment income (loss) 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 |
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. |
Class I |
Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| June 30, 2020 | June 30, 2019 | June 30, 2018 | June 30, 2017 * |
|||||||||||||
| Net Asset Value: |
||||||||||||||||
| Beginning of period |
$13.21 | $12.37 | $11.29 | $10.00 | ||||||||||||
| Operations: |
||||||||||||||||
| Net investment income 1 |
0.12 | 0.17 | 0.16 | 0.11 | ||||||||||||
| Net realized and unrealized gains |
0.74 | 0.83 | 1.03 | 1.20 | ||||||||||||
| Total from operations |
0.86 | 1.00 | 1.19 | 1.31 | ||||||||||||
| Distributions to Shareholders: |
||||||||||||||||
| From net investment income |
(0.17 | ) | (0.16 | ) | (0.11 | ) | (0.02 | ) | ||||||||
| From net realized gains |
(0.05 | ) | — | — | — | |||||||||||
| Total distributions |
(0.22 | ) | (0.16 | ) | (0.11 | ) | (0.02 | ) | ||||||||
| Net Asset Value: |
||||||||||||||||
| End of period |
$13.85 | $13.21 | $12.37 | $11.29 | ||||||||||||
| Total investment return 2 |
6.47% | 8.30% | 10.57% | 13.13% | ||||||||||||
| Net assets at end of period (000’s omitted) |
$3,477 | $3,387 | $3,041 | $2,349 | ||||||||||||
| Ratios: 3 |
||||||||||||||||
| Expenses (without waiver) |
1.25% 4 |
1.25% 4 |
1.25% 4 |
1.25% | ||||||||||||
| Expenses (with waiver) |
1.00% 4 |
1.00% 4 |
1.06% 4 |
1.25% | ||||||||||||
| Net investment income (without waiver) |
0.63% | 1.14% | 1.10% | 1.01% | ||||||||||||
| Net investment income (with waiver) |
0.88% | 1.38% | 1.29% | 1.01% | ||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
25.28% | 9.26% | 14.97% | 27.60% | ||||||||||||
* |
The Fund commenced investment operations on June 30, 2016. |
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. |
3 |
Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
4 |
Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class S |
Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| June 30, 2020 | June 30, 2019 | June 30, 2018 | June 30, 2017 * |
|||||||||||||
| Net Asset Value: |
||||||||||||||||
| Beginning of period |
$13.16 | $12.34 | $11.28 | $10.00 | ||||||||||||
| Operations: |
||||||||||||||||
| Net investment income 1 |
0.08 | 0.14 | 0.13 | 0.08 | ||||||||||||
| Net realized and unrealized gains |
0.74 | 0.83 | 1.03 | 1.21 | ||||||||||||
| Total from operations |
0.82 | 0.97 | 1.16 | 1.29 | ||||||||||||
| Distributions to Shareholders: |
||||||||||||||||
| From net investment income |
(0.15 | ) | (0.15 | ) | (0.10 | ) | (0.01 | ) | ||||||||
| From net realized gains |
(0.05 | ) | ||||||||||||||
| Total distributions |
(0.20 | ) | (0.15 | ) | (0.10 | ) | (0.01 | ) | ||||||||
| Net Asset Value: |
||||||||||||||||
| End of period |
$13.78 | $13.16 | $12.34 | $11.28 | ||||||||||||
| Total investment return 2 |
6.22% | 8.01% | 10.37% | 12.79% | ||||||||||||
| Net assets at end of period (000’s omitted) |
$3,158 | $2,895 | $2,660 | $2,321 | ||||||||||||
| Ratios: 3 |
||||||||||||||||
| Expenses (without waiver) |
1.50% 4 |
1.50% 4 |
1.50% 4 |
1.50% | ||||||||||||
| Expenses (with waiver) |
1.25% 4 |
1.25% 4 |
1.31% 4 |
1.50% | ||||||||||||
| Net investment income (without waiver) |
0.38% | 0.89% | 0.84% | 0.76% | ||||||||||||
| Net investment income (with waiver) |
0.63% | 1.14% | 1.03% | 0.76% | ||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
25.28% | 9.26% | 14.97% | 27.60% | ||||||||||||
* |
The Fund commenced investment operations on June 30, 2016. |
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. |
3 |
Ratios are annualized for periods less than one year. In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios. |
4 |
Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class I |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$11.89 | $12.27 | $11.47 | $10.00 | $9.96 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.13 | 0.15 | 0.11 | 0.12 | 0.14 | |||||||||||||||
| Net realized and unrealized gains (losses) |
(0.49 | ) | (0.25 | ) | 0.80 | 1.46 | 0.02 | |||||||||||||
| Total from operations |
(0.36 | ) | (0.10 | ) | 0.91 | 1.58 | 0.16 | |||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.14 | ) | (0.15 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | ||||||||||
| From net realized gains |
— | (0.13 | ) | — | — | — | 2 | |||||||||||||
| Total distributions |
(0.14 | ) | (0.28 | ) | (0.11 | ) | (0.11 | ) | (0.12 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$11.39 | $11.89 | $12.27 | $11.47 | $10.00 | |||||||||||||||
| Total investment return 3 |
(3.05% | ) | (0.54%) | 8.00% | 15.84% | 1.71% | ||||||||||||||
| Net assets at end of period (000’s omitted) |
$11,786 | $12,559 | $14,597 | $12,716 | $5,777 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.25% 5 |
1.25% 5 |
1.25% 5 |
1.25% | 1.25% | |||||||||||||||
| Expenses (with waiver) |
1.00% 5 |
1.00% 5 |
1.06% 5 |
1.25% | 1.25% | |||||||||||||||
| Net investment income (without waiver) |
0.90% | 1.07% | 0.75% | 1.06% | 1.46% | |||||||||||||||
| Net investment income (with waiver) |
1.15% | 1.32% | 0.94% | 1.06% | 1.46% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
27.58% | 24.17% | 29.74% | 19.57% | 26.43% | |||||||||||||||
1 |
The net investment income per share is based on average shares outstanding for the period. |
2 |
Amount represents less than $0.01 per share. |
3 |
Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. |
4 |
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. |
5 |
Total Fund expenses are limited to 1.25% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
Class S |
Years Ended June 30, | |||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$11.88 | $12.26 | $11.46 | $10.00 | $9.96 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.10 | 0.12 | 0.08 | 0.09 | 0.11 | |||||||||||||||
| Net realized and unrealized gains (losses) |
(0.49 | ) | (0.25 | ) | 0.80 | 1.45 | 0.03 | |||||||||||||
| Total from operations |
(0.39 | ) | (0.13 | ) | 0.88 | 1.54 | 0.14 | |||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.11 | ) | (0.12 | ) | (0.08 | ) | (0.08 | ) | (0.10 | ) | ||||||||||
| From net realized gains |
— | (0.13 | ) | — | — | — | 2 | |||||||||||||
| Total distributions |
(0.11 | ) | (0.25 | ) | (0.08 | ) | (0.08 | ) | (0.10 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$11.38 | $11.88 | $12.26 | $11.46 | $10.00 | |||||||||||||||
| Total investment return 3 |
(3.30% | ) | (0.80%) | 7.74% | 15.46% | 1.46% | ||||||||||||||
| Net assets at end of period (000’s omitted) |
$3,720 | $3,981 | $3,882 | $3,461 | $2,587 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
1.50% 5 |
1.50% 5 |
1.50% 5 |
1.50% | 1.50% | |||||||||||||||
| Expenses (with waiver) |
1.25% 5 |
1.25% 5 |
1.31% 5 |
1.50% | 1.50% | |||||||||||||||
| Net investment income (without waiver) |
0.64% | 0.82% | 0.51% | 0.81% | 1.21% | |||||||||||||||
| Net investment income (with waiver) |
0.89% | 1.07% | 0.70% | 0.81% | 1.21% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
27.58% | 24.17% | 29.74% | 19.57% | 26.43% | |||||||||||||||
1 |
The net investment income per share is based on average shares outstanding for the period. |
2 |
Amount represents less than $0.01 per share. |
3 |
Total investment return is based on the change in net asset value of a share during the period (not annualized) and assumes reinvestment of distributions at net asset value. |
4 |
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. |
5 |
Total Fund expenses are limited to 1.50% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$17.13 | $16.75 | $16.23 | $14.48 | $16.92 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income 1 |
0.06 | 0.16 | 0.19 | 0.14 | 0.12 | |||||||||||||||
| Net realized and unrealized gains (losses) |
0.36 | 0.40 | 0.47 | 1.68 | (1.47 | ) | ||||||||||||||
| Total from operations |
0.42 | 0.56 | 0.66 | 1.82 | (1.35 | ) | ||||||||||||||
| Redemption fees |
— | 2 |
— | — | 2 |
— | 2 |
— | ||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.17 | ) | (0.18 | ) | (0.14 | ) | (0.07 | ) | (0.09 | ) | ||||||||||
| From net realized gains |
— | — | — | — | (1.00 | ) | ||||||||||||||
| Total distributions |
(0.17 | ) | (0.18 | ) | (0.14 | ) | (0.07 | ) | (1.09 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$17.38 | $17.13 | $16.75 | $16.23 | $14.48 | |||||||||||||||
| Total investment return 3 |
2.43% | 3.55% | 4.06% | 12.64% | (8.19%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$23,005 | $23,463 | $23,875 | $22,618 | $20,440 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
| Net investment income |
0.35% | 0.97% | 1.11% | 0.97% | 0.76% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
13.38% | 27.38% | 16.35% | 39.23% | 37.94% | |||||||||||||||
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 |
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. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$55.46 | $57.18 | $54.18 | $45.59 | $60.10 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment loss 1 |
(0.28 | ) | (0.25 | ) | (0.29 | ) | (0.24 | ) | (0.33 | ) | ||||||||||
| Net realized and unrealized gains (losses) |
3.38 | 2.88 | 7.01 | 8.91 | (8.97 | ) | ||||||||||||||
| Total from operations |
3.10 | 2.63 | 6.72 | 8.67 | (9.30 | ) | ||||||||||||||
| Redemption fees 2 |
— | — | — | — | — | |||||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net realized gains |
(1.75 | ) | (4.35 | ) | (3.72 | ) | (0.08 | ) | (5.21 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$56.81 | $55.46 | $57.18 | $54.18 | $45.59 | |||||||||||||||
| Total investment return 3 |
5.68% | 6.45% | 12.68% | 19.06% | (16.00%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$100,613 | $99,630 | $100,038 | $90,817 | $81,209 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses |
1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||||||||||||
| Net investment loss |
(0.53% | ) | (0.47% | ) | (0.51% | ) | (0.47% | ) | (0.65% | ) | ||||||||||
| Portfolio turnover rate (excluding short-term securities) |
25.74% | 26.34% | 29.01% | 29.08% | 27.37% | |||||||||||||||
1 |
The net investment income (loss) 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 |
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. |
| Years Ended June 30, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
| Net Asset Value: |
||||||||||||||||||||
| Beginning of period |
$16.21 | $17.25 | $15.23 | $12.26 | $14.77 | |||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income (loss) 1 |
0.26 | 0.10 | 0.03 | (0.02 | ) | 0.04 | ||||||||||||||
| Net realized and unrealized gains (losses) |
0.11 | (0.90 | ) | 2.24 | 3.02 | (2.18 | ) | |||||||||||||
| Total from operations |
0.37 | (0.80 | ) | 2.27 | 3.00 | (2.14 | ) | |||||||||||||
| Redemption fees |
— | 2 |
— | — | 2 |
— | — | 2 | ||||||||||||
| Distributions to Shareholders: |
||||||||||||||||||||
| From net investment income |
(0.30 | ) | (0.08 | ) | — | (0.03 | ) | (0.02 | ) | |||||||||||
| From net realized gains |
— | (0.16 | ) | (0.25 | ) | — | (0.35 | ) | ||||||||||||
| Total distributions |
(0.30 | ) | (0.24 | ) | (0.25 | ) | (0.03 | ) | (0.37 | ) | ||||||||||
| Net Asset Value: |
||||||||||||||||||||
| End of period |
$16.28 | $16.21 | $17.25 | $15.23 | $12.26 | |||||||||||||||
| Total investment return 3 |
2.20% | (4.43%) | 14.94% | 24.56% | (14.42%) | |||||||||||||||
| Net assets at end of period (000’s omitted) |
$10,260 | $9,996 | $11,027 | $9,561 | $7,297 | |||||||||||||||
| Ratios: 4 |
||||||||||||||||||||
| Expenses (without waiver) |
2.00% 5 |
2.00% 5 |
2.00% 5 |
2.00% | 2.00% | |||||||||||||||
| Expenses (with waiver) |
1.40% 5 |
1.40% 5 |
1.54% 5 |
2.00% | 2.00% | |||||||||||||||
| Net investment income (loss) (without waiver) |
1.05% | 0.03% | (0.26%) | (0.18%) | 0.31% | |||||||||||||||
| Net investment income (loss) (with waiver) |
1.65% | 0.63% | 0.20% | (0.18%) | 0.31% | |||||||||||||||
| Portfolio turnover rate (excluding short-term securities) |
4.15% | 10.28% | 30.30% | 19.67% | 28.14% | |||||||||||||||
| 1 | The net investment income (loss) 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 | 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. |
| 5 | Total Fund expenses are limited to 2.00% of average daily net assets. However, during the period above, the investment advisor voluntarily absorbed expenses that were otherwise payable by the Fund. |
| www.sitfunds.com | 800-332-5580 | |
| info@sitinvest.com | 612-334-5888 |
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| 1 |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities which are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments and not in excess of 33 1/3% of the Fund’s total net assets; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted in emergency or extraordinary situations as discussed herein; or |
| 9. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 3. | Purchase or retain securities of any issuer if, in total, the holdings of all officers and directors of the Fund and of its investment adviser, who individually own beneficially more than 0.5% of such securities, together own more than 5% of such securities; |
| 4. | Invest more than 10% of its net assets in securities of issuers which, with their predecessors, have a record of less than three years continuous operation. Securities of such issuers will not be deemed to fall within this limitation if they are guaranteed by an entity in continuous operation for more than three years; |
| 5. | Invest for the purpose of exercising control or management; |
| 6. | Enter into reverse repurchase agreements; |
| 7. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 8. | Invest in more than 10% of the outstanding voting securities of any one issuer; |
| 9. | Purchase more than 10% of any class of securities of any issuer except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. All debt securities and all preferred stocks are each considered as one class. This restriction is limited to 75% of the Fund’s net assets; |
| 10. | Invest more than 5% of the Fund’s net assets in warrants (valued at lower of cost or market) including a maximum of 2% which are not listed on the New York or American Stock Exchanges. For this purpose, warrants acquired by the Fund in units or attached to other securities will be deemed to be without value; |
| 11. | Pledge, mortgage, hypothecate or otherwise encumber the Fund’s assets except to the extent necessary to secure permitted borrowings; |
| 12. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; |
| 13. | Purchase put and call options if the aggregate premiums paid for such options would exceed 10% of the Fund’s total assets; |
| 14. | Invest more than 25% of the fixed-income portion of its portfolio in debt securities that are rated below investment grade; |
| 15. | Invest less than 35% or more than 65% of its net assets in equity securities and will not invest less than 35% or more than 65% of its net assets in fixed-income securities, under normal circumstances; |
| 16. | Invest less than 25% of the fixed-income portion of its portfolio in fixed-income senior securities; or |
| 17. | Invest more than 20% of its assets in foreign government securities or equity securities of foreign issuers that are either listed on a U.S. or Toronto stock exchange or represented by American Depository Receipts. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities that are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments, and not in excess of 33 1/3% of the Fund’s total net assets at the time of such borrowing. In the event that the principal amount of the Fund’s borrowing at any time exceeds 33 1/3% of the Fund’s total net assets, the Fund shall, within three days thereafter (not including Sundays and holidays) reduce the amount of its borrowing to an amount not in excess of 33 1/3% of the Fund’s total net assets; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted temporarily in emergency or extraordinary situations as permitted within the Fund’s investment restrictions. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest for the purpose of exercising control or management; |
| 3. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 4. | Pledge, mortgage, hypothecate or otherwise encumber either Fund’s assets except to the extent necessary to secure the permitted borrowings; |
| 5. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 6. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; |
| 7. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s total assets; or |
| 8. | Invest more than 20% of its assets in equity securities of foreign issuers. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities that are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments, and not in excess of 33 1/3% of the Fund’s total net assets at the time of such borrowing. In the event that the principal amount of the Fund’s borrowing at any time exceeds 33 1/3% of the Fund’s total net assets, the Fund shall, within three days thereafter (not including Sundays and holidays) reduce the amount of its borrowing to an amount not in excess of 33 1/3% of the Fund’s total net assets; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted temporarily in emergency or extraordinary situations as permitted within the Fund’s investment restrictions. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest for the purpose of exercising control or management; |
| 3. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 4. | Pledge, mortgage, hypothecate or otherwise encumber either Fund’s assets except to the extent necessary to secure the permitted borrowings; |
| 5. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 6. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; or |
| 7. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s net assets. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities that are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments, and not in excess of 33 1/3% of the Fund’s total net assets at the time of such borrowing; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted temporarily in emergency or extraordinary situations as permitted within the Fund’s investment restrictions. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest for the purpose of exercising control or management; |
| 3. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 4. | Pledge, mortgage, hypothecate or otherwise encumber either Fund’s assets except to the extent necessary to secure the permitted borrowings; |
| 5. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 6. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; |
| 7. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s net assets; or |
| 8. | Invest more than 20% of its assets in equity securities of foreign issuers. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities that are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments, and not in excess of 33 1/3% of the Fund’s total net assets at the time of such borrowing; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted temporarily in emergency or extraordinary situations as permitted within the Fund’s investment restrictions. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest for the purpose of exercising control or management; |
| 3. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 4. | Pledge, mortgage, hypothecate or otherwise encumber either Fund’s assets except to the extent necessary to secure the permitted borrowings; |
| 5. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as |
| part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 6. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; or |
| 7. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s net assets. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase more than 10% of any class of securities of any issuer except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. All debt securities and all preferred stocks are each considered as one class. This restriction is limited to 75% of the Fund’s net assets; |
| 3. | Invest more than 10% of the Fund’s net assets in securities of companies which have (with their predecessors) a record of less than five years continuous operation; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments and not in excess of 33-1/3% of the Fund’s total net assets. |
| 6. | Invest more than 5% of the Fund’s net assets in warrants (valued at lower of cost or market) including a maximum of 2% which are not listed on the New York or American Stock Exchanges. For this purpose, warrants acquired by the Fund in units or attached to other securities will be deemed to be without value; |
| 7. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions; |
| 8. | Concentrate more than 25% of its net assets in any one industry, provided that (a) there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and (b) utility companies will be classified according to their services, for example, water, gas, electric and communications, and each will be considered a separate industry; |
| 9. | Purchase or retain the securities of any issuer if, in total, the holdings of all officers and directors of the Fund and of its investment adviser, who individually own beneficially more than 0.5% of such securities, together own more than 5% of such securities; |
| 10. | Invest for the purpose of controlling management of any company; |
| 11. | Invest in commodities or commodity futures contracts or in real estate, although it may invest in securities which are secured by interests in real estate and in securities of companies which invest or deal in real estate; |
| 12. | Invest in exploration or development for oil, gas or other minerals, although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 13. | Underwrite the securities of other issuers; |
| 14. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted in emergency or extraordinary situations as discussed herein; |
| 15. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 16. | Invest more than 15% of its net assets collectively in all types of illiquid securities. |
| 1. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; |
| 2. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s net assets; |
| 3. | Pledge, mortgage, hypothecate, or otherwise encumber the Fund’s assets except to the extent necessary to secure permitted borrowings; |
| 4. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Funds and/or the Adviser by the Securities and Exchange Commission; |
| 5. | Invest, under normal market conditions, less than 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks of companies with capitalizations of $5 billion or more at the time of purchase in the case of the Large Cap Growth Fund, and, in the case of the Mid Cap Growth Fund, invest, under normal market conditions, at least 80% of its net assets in the common stocks of companies that, at the time of purchase, have market capitalizations that fall within the range of companies included in the Russell Midcap ® Growth Index during the most recent 12-month period; or |
| 6. | Invest more than 20% of its assets in equity securities of foreign issuers that are either listed on a U.S. or Toronto stock exchange or represented by American Depository Receipts. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase more than 10% of any class of securities of any issuer except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. All debt securities and all preferred stocks are each considered as one class. This restriction is limited to 75% of the Fund’s net assets; |
| 3. | Invest more than 5% of the Fund’s net assets in securities of companies which have (with their predecessors) a record of less than three years continuous operation; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments and not in excess of 33 1/3% of the Fund’s total net assets; |
| 6. | Invest more than 5% of the Fund’s net assets in warrants (valued at lower of cost or market) including a maximum of 2% which are not listed on the New York Stock Exchange, American Stock Exchange or a recognized foreign exchange. For this purpose, warrants acquired by the Fund in units or attached to other securities will be deemed to be without value; |
| 7. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions; |
| 8. | Concentrate more than 25% of its net assets in any one industry, provided that there shall be no limitation on the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; |
| 9. | Purchase or retain the securities of any issuer if, to the Fund’s knowledge, those holdings of all officers and directors of the Fund or its affiliates, who individually own beneficially more than 0.5% of such securities, together own more than 5% of such securities; |
| 10. | Invest for the purpose of controlling management of any company; |
| 11. | Invest in commodities or commodity futures contracts provided, however, that the entering into of a foreign currency contract shall not be prohibited by this restriction; |
| 12. | Invest in real estate or limited partnerships with assets invested in real estate, although the Fund may invest in securities which are secured by interests in real estate and in securities of companies which invest or deal in real estate; |
| 13. | Invest in exploration or development for oil, gas or other minerals, although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 14. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 15. | Underwrite the securities of other issuers; |
| 16. | Modify the Fund’s investment objective; or |
| 17. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted in emergency or extraordinary situations as discussed herein. |
| 1. | Pledge, mortgage, hypothecate or otherwise encumber the Fund’s assets in an amount exceeding the amount of the borrowing secured thereby except to the extent necessary to secure permitted borrowings; or |
| 2. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; or |
| 3. | Invest, under normal market conditions, less than 90% of its net assets in common stocks of companies domiciled outside the United States. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity futures, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities which are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments and not in excess of 33 1/3% of the Fund’s total net assets; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted in emergency or extraordinary situations as discussed herein. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 3. | Purchase or retain securities of any issuer if, in total, the holdings of all officers and directors of the Fund and of its investment adviser, who individually own beneficially more than 0.5% of such securities, together own more than 5% of such securities; |
| 4. | Invest more than 10% of its net assets in securities of issuers which, with their predecessors have a record of less than three years continuous operation. Securities of such issuers will not be deemed to fall within this limitation if they are guaranteed by an entity in continuous operation for more than three years; |
| 5. | Invest for the purpose of exercising control or management; |
| 6. | Enter into reverse repurchase agreements; |
| 7. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 8. | Invest in more than 10% of the outstanding voting securities of any one issuer; |
| 9. | Purchase more than 10% of any class of securities of any issuer except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. All debt securities and all preferred stocks are each considered as one class. This restriction is limited to 75% of the Fund’s net assets; |
| 10. | Invest more than 5% of the Fund’s net assets in warrants (valued at lower of cost or market) including a maximum of 2% which are not listed on the New York or American Stock Exchanges. For this purpose, warrants acquired by the Fund in units or attached to other securities will be deemed to be without value; |
| 11. | Pledge, mortgage, hypothecate or otherwise encumber the Fund’s assets except to the extent necessary to secure permitted borrowings; |
| 12. | Engage in arbitrage transactions or write unsecured put options but may write fully covered call options; |
| 13. | Purchase put and call options if the aggregate premiums paid for such options would exceed 5% of the Fund’s net assets; |
| 14. | Invest, under normal market conditions, less than 80% of its net assets in common stocks of companies with capitalizations of $3.0 billion or less at the time of purchase, or up to the market capitalization of the largest company included in the Russell 2000 ® Index measured at the end of the previous 12 months; or |
| 15. | Invest more than 20% of its assets in equity securities of foreign issuers that are either listed on a U.S. or Toronto stock exchange or represented by American Depository Receipts. |
| 1. | Purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities), if as a result, more than 5% of the Fund’s net assets would be invested in securities of that issuer. This restriction is limited to 75% of the Fund’s net assets; |
| 2. | Purchase or sell commodities or commodity contracts, provided that this restriction does not apply to financial futures contracts or options thereon; |
| 3. | Invest in real estate (including real estate limited partnerships), although it may invest in securities which are secured by or represent interests in real estate; |
| 4. | Make loans except by (a) purchasing publicly distributed debt securities such as bonds, debentures and similar securities in which the Fund may invest consistent with its investment policies, and (b) lending its portfolio securities to broker-dealers, banks and other institutions in an amount not to exceed 33-1/3% of its total net assets if such loans are secured by collateral equal to 100% of the value of the securities lent; |
| 5. | Underwrite the securities of other issuers; |
| 6. | Borrow money, except temporarily in emergency or extraordinary situations and then not for the purchase of investments and not in excess of 33 1/3% of the Fund’s total net assets; |
| 7. | Invest in exploration or development for oil, gas or other minerals (including mineral leases), although it may invest in the securities of issuers which deal in or sponsor such activities; |
| 8. | Invest 25% or more of its assets in a single industry except with regard to the purchase of obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; or |
| 9. | Issue senior securities as defined in the Investment Company Act of 1940, except for borrowing as permitted in emergency or extraordinary situations as discussed herein. |
| 1. | Purchase on margin or sell short except to obtain short-term credit as may be necessary for the clearance of transactions and it may make margin deposits in connection with futures contracts; |
| 2. | Invest more than 5% of the value of its total assets in the securities of any one investment company or more than 10% of the value of its total assets, in the aggregate, in the securities of two or more investment companies, or acquire more than 3% of the total outstanding voting securities of any one investment company, except (a) as part of a merger, consolidation, acquisition, or reorganization or (b) in a manner consistent with the requirements of an exemptive order issued to the Fund and/or the Adviser by the Securities and Exchange Commission; |
| 3. | Purchase or retain the securities of any issuer if, in total, the holdings of all officers and directors of the Fund and of its investment adviser, who individually own beneficially more than 0.5% of such securities, together own more than 5% of such securities; |
| 4. | Invest more than 5% of its net assets in securities of companies which have (with their predecessors) a record of less than three years’ continuous operation; |
| 5. | Invest for the purpose of exercising control or management; |
| 6. | Invest more than 5% of the Fund’s net assets in warrants (valued at lower of cost or market) including a maximum of 2% which are not listed on the New York Stock Exchange, American Stock Exchange or a recognized foreign |
| exchange. For this purpose, warrants acquired by the Fund in units or attached to other securities will be deemed to be without value; |
| 7. | Enter into reverse repurchase agreements; |
| 8. | Invest more than 15% of its net assets collectively in all types of illiquid securities; |
| 9. | Purchase more than 10% of any class of securities of any issuer except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities. All debt securities and all preferred stocks are considered as one class. This restriction is limited to 75% of the Fund’s net assets; |
| 10. | Pledge, mortgage, hypothecate or otherwise encumber the Fund’s assets except to the extent necessary to secure permitted borrowings; or |
| 11. | Invest, under normal market conditions, less than 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks of companies domiciled or operating in a developing market. |
| Pacific Basin: |
Australia |
China |
Hong Kong |
Japan |
New Zealand |
Singapore | ||||||
| South Korea |
Taiwan |
|||||||||||
| Europe: |
Austria |
Belgium |
Czech Republic |
Denmark |
Finland |
France | ||||||
| Germany |
Greece |
Ireland |
Italy |
Luxembourg |
Netherlands | |||||||
| Norway |
Portugal |
Spain |
Sweden |
Switzerland |
United Kingdom | |||||||
| Other: |
Argentina |
Bermuda |
Brazil |
Canada |
Israel |
India | ||||||
| Mexico |
||||||||||||
| Pacific Basin: |
Australia |
China |
Hong Kong |
Japan |
New Zealand |
Singapore | ||||||
| South Korea |
Taiwan |
|||||||||||
| Europe: |
Austria |
Belgium |
Czech Republic |
Denmark |
Finland |
France | ||||||
| Germany |
Greece |
Ireland |
Italy |
Luxembourg |
Netherlands | |||||||
| Norway |
Portugal |
Spain |
Sweden |
Switzerland |
United Kingdom | |||||||
| Other: |
Argentina |
Bermuda |
Brazil |
Canada |
Israel |
India | ||||||
| Mexico |
||||||||||||
| Pacific Basin: |
Australia |
China |
Hong Kong |
Indonesia |
Japan |
Malaysia | ||||||
| New Zealand |
Philippines |
Singapore |
South Korea |
Taiwan |
Thailand | |||||||
| Europe: |
Austria |
Belgium |
Czech Republic |
Denmark |
Finland |
France | ||||||
| Germany |
Greece |
Hungary + |
Ireland |
Italy |
Luxembourg | |||||||
| Netherlands |
Norway |
Poland |
Portugal |
Spain |
Sweden | |||||||
| Switzerland |
United Kingdom |
|||||||||||
| Other: |
Argentina |
Bermuda |
Brazil |
Canada |
Chile |
India | ||||||
| Mexico |
Peru |
South Africa |
Turkey |
Venezuela |
Israel | |||||||
| + | Indicates countries in which the Fund effectively may invest primarily through investment funds. Such investments are subject to the provisions of the Investment Company Act of 1940 relating to the purchase of securities of investment companies. See “Additional Investment Restrictions”. |
| Pacific Basin: |
Bangladesh |
China |
Hong Kong |
India |
Indonesia |
Malaysia | ||||||
| Pakistan |
Philippines |
South Korea |
Sri Lanka |
Singapore |
||||||||
| Taiwan |
Thailand |
Vietnam + |
||||||||||
| Europe: |
Austria |
Czech Rep. |
Hungary + |
Luxembourg |
Poland |
United | ||||||
| Kingdom | ||||||||||||
| Latin |
Argentina |
Barbados |
Belize |
Bolivia |
Brazil |
Chile | ||||||
| America: |
||||||||||||
| Colombia |
Costa Rica |
Ecuador |
Jamaica |
Mexico |
Panama | |||||||
| Paraguay |
Peru |
Trinidad |
Uruguay |
Venezuela |
Tobago | |||||||
| Africa: |
Botswana |
Egypt |
Ghana+ |
Ivory Coast + |
Kenya + |
Mauritius + | ||||||
| Morocco |
Namibia + |
Nigeria |
South Africa |
Swaziland + |
Tunisia | |||||||
| Zimbabwe |
||||||||||||
| Other: |
Australia |
Bermuda |
Cyprus + |
Israel |
Jordan |
Kuwait + | ||||||
| Russia |
South Africa |
Turkey |
||||||||||
| + | Indicates countries in which the Fund effectively may invest primarily through investment funds. Such investments are subject to the provisions of the Investment Company Act of 1940 relating to the purchase of securities of investment companies. See “Additional Investment Restrictions”. |
| - | During any period that the NYSE is closed other than customary weekend or holiday closings, or when trading is restricted, as determined by the Securities and Exchange Commission (“SEC”); |
| - | During any period when an emergency exists, as determined by the SEC, as a result of which it is not reasonably practical for the Fund to dispose of securities owned by it or to fairly determine the value of its assets; |
| - | For such other periods as the SEC may permit. |
| Fund |
net assets |
Shares outstanding | NAV & public offering price | |||||||
| Balanced Fund |
$46,657,501 | 1,769,110 | $26.37 | |||||||
| Dividend Growth Fund – Class I |
$172,746,099 | 12,814,303 | $13.48 | |||||||
| Dividend Growth Fund – Class S |
$29,105,695 | 2,171,404 | $13.40 | |||||||
| Global Dividend Growth Fund – Class I |
$31,360,920 | 201,264 | $16.87 | |||||||
| Global Dividend Growth Fund – Class S |
$3,391,367 | 201,264 | $16.85 | |||||||
| Small Cap Dividend Growth Fund –Class I |
$11,786,363 | 1,034,761 | $11.39 | |||||||
| Small Cap Dividend Growth Fund – Class S |
$3,719,752 | 326,775 | $11.38 | |||||||
| Large Cap Growth Fund |
$129,154,005 | 2,744,066 | $47.07 | |||||||
| Mid Cap Growth Fund |
$172,744,191 | 9,066,950 | $19.05 | |||||||
| International Growth Fund |
$23,004,559 | 1,323,597 | $17.38 | |||||||
| Small Cap Growth Fund |
$100,612,703 | 1,771,105 | $56.81 | |||||||
| Developing Markets Growth Fund |
$10,259,789 | 630,386 | $16.28 | |||||||
| Sit ESG Growth Fund – Class I |
$3,477,402 | 251,047 | $13.85 | |||||||
| Sit ESG Growth Fund – Class S |
$3,158,388 | 229,203 | $13.78 | |||||||
Name, Age and Position with Funds |
Term of Office(1) and Length of Time Served |
Principal Occupations During Past Five Years |
Number of Funds Overseen in Fund Complex |
Other Directorships Held by Director During the Past Five Years (3) | ||||
| Interested Director (2): |
||||||||
| Age: 58 Chairman and President |
Chairman since 10/08; Officer since 1998. |
Chairman, President, CEO and Global CIO of Sit Investment Associates, Inc. (the “Adviser”); Chairman and CEO of Sit Investment Fixed Income Advisors, Inc. (“SF”); Chairman of SIA Securities Corp. (the “Distributor”). | 14 | TCF Financial Corporation. | ||||
| Independent Directors: |
||||||||
| Edward M. Giles Age: 85 Director |
Director since 2012 or the Fund’s inception, if later. |
Senior Vice President of Peter B. Cannell & Co., July 2011 to present. |
14 |
None. | ||||
| Sidney L. Jones Age: 87 |
Director from 1988 to 1989 and since 1993 or the Fund’s inception, if later. | Lecturer, Washington Campus Consortium of 17 Universities. | 14 | None. | ||||
| Bruce C. Lueck Age: 79 Director |
Director since 2004 or the Fund’s inception, if later. | Consultant for Zephyr Management, L.P. (investment management) and committee member of several investment funds and foundations. | 14 | None. | ||||
| Donald W. Phillips Age: 72 Director |
Director of the International Fund since 1993 and since 1990 or the Fund’s inception if later for all other Funds. | Chairman and CEO of WP Global Partners Inc., July 2005 to present. | 14 | None. | ||||
| Barry N. Winslow Age: 73 Director |
Director since 2010, or the Fund’s inception, if later. | Board member, TCF Financial Corporation. | 14 | TCF Financial Corporation. | ||||
| 1) | Each Director serves until their resignation, removal or the next meeting of the shareholders at which election of directors is an agenda item and until his successor is duly elected and shall qualify. |
| 2) | Director who is deemed to be an “interested person” of the Funds as that term is defined by the Investment Company Act of 1940. Mr. Sit is considered an “interested person” because he is a director and shareholder of Sit Investment Associates, Inc., the Funds’ investment adviser. |
| 3) | Includes only directorships of companies required to report under the Securities Exchange Act of 1934 (i.e. public companies) or other investment companies registered under the 1940 Act. |
| Name, Age and Position with the Funds |
Term of Office and Length of Time Served |
Principal Occupations During Past Five Years | ||
| Age: 58 Chairman and President |
Re-Elected by the Boards annually; Chairman since 10/08; Officer since 1998. |
Chairman, President, CEO and Global CIO of Sit Investment Associates, Inc. (the “Adviser”); Chairman and CEO of Sit Investment Fixed Income Advisors, Inc. (“SF”); Chairman of SIA Securities Corp. (the “Distributor”). | ||
| Kelly K. Boston Age: 52 Assistant Secretary & Assistant Treasurer |
Re-Elected by the Boards annually; Officer since 2000. |
Staff Attorney of the Adviser; Secretary of the Distributor. | ||
| Bryce A. Doty Age: 53 Vice President – Investments of Balanced Fund only. |
Re-Elected by the Boards annually; Officer since 1996. |
Senior Vice President and Senior Portfolio Manager of SF. | ||
| Kent L. Johnson Age: 55 Vice President – Investments |
Re-Elected by the Boards annually; Officer since 2003. |
Senior Vice President – Research and Investment Management of the Adviser. | ||
| Michael J. Radmer 50 South Sixth St. Age: 75 Secretary |
Re-Elected by the Boards annually; Officer since 1984. |
Senior Counsel with the law firm of Dorsey & Whitney, LLP since January 2016; Partner from 1976 to December 2015. | ||
| Age: 59 Vice President, Treasurer & Chief Compliance Officer |
Re-Elected by the Boards annually; Officer since 1994. |
Vice President, Secretary, Controller and Chief Compliance Officer of the Adviser; Vice President, Secretary, and Chief Compliance Officer of SF; President and Treasurer of the Distributor. | ||
| Carla J. Rose Age: 54 Vice President, Assistant Secretary & Assistant Treasurer |
Re-Elected by the Boards annually; Officer since 2000. |
Vice President, Administration & Deputy Controller of the Adviser; Vice President, Controller, Treasurer & Assistant Secretary of SF; Vice President and Assistant Secretary of the Distributor. | ||
| Robert W. Sit Age: 51 Vice President – Investments |
Re-Elected by the Boards annually; Officer since 1997. |
Vice President – Research and Investment Management of the Adviser. | ||
| Ronald D. Sit Age: 61 Vice President – Investments |
Re-Elected by the Boards annually; Officer since 1985. |
Vice President – Research and Investment Management of the Adviser. |
| Type of account | Number of accounts without performance-based advisory fees |
Total assets of accounts without performance-based advisory fees |
Number of accounts with performance- based advisory fees |
Total assets of accounts with performance-based advisory fees | ||||
| Registered investment companies |
10 | $724,554,871 | None | 0 | ||||
| Other pooled investment vehicles |
10 | 200,719,986 | None | 0 | ||||
| Other accounts |
41 |
866,172,500 |
None |
0 | ||||
| Total |
61 | 1,791,447,357 | None | 0 | ||||
| David A. Brown |
||||||||
| Registered investment companies |
1 | 6,630,644 | None | 0 | ||||
| Other pooled investment vehicles |
0 | 0 | None | 0 | ||||
| Other accounts |
0 | 0 |
None | 0 | ||||
| Total |
1 | 6,630,644 | None | 0 | ||||
| Bryce A. Doty |
||||||||
| Registered investment companies |
3 | 556,722,032 | None | 0 | ||||
| Other pooled investment vehicles |
5 | 470,875,565 | 13 | $430,112,654 | ||||
| Other accounts |
67 |
5,244,051,486 |
19 |
655,818,792 | ||||
| Totals |
75 | 6,271,649,083 | 32 | 1,085,9321,446 | ||||
| Kent L. Johnson |
||||||||
| Registered investment companies |
6 | 532,456,111 | None | 0 | ||||
| Other pooled investment vehicles |
7 | 129,894,903 | None | 0 | ||||
| Other accounts |
19 |
510,496,963 |
None |
0 | ||||
| Total |
32 | 1,172,847,977 | None | 0 | ||||
| Michael T. Manns |
||||||||
| Registered investment companies |
2 | 22,191,605 | None | 0 | ||||
| Other pooled investment vehicles |
0 | 0 | None | 0 | ||||
| Other accounts |
0 | 0 |
None |
0 | ||||
| Total |
2 | 22,191,605 | None | 0 | ||||
| Raymond E. Sit |
||||||||
| Registered investment companies |
2 | 44,921,535 | None | 0 | ||||
| Other pooled investment vehicles |
2 | 36,411,281 | None | 0 | ||||
| Other accounts |
10 |
81,591,161 |
None |
0 | ||||
| Total |
14 | 162,923,977 | None | 0 | ||||
| Robert W. Sit |
||||||||
| Registered investment companies |
3 | 289,266,050 | None | 0 | ||||
| Other pooled investment vehicles |
2 | 17,206,827 | None | 0 | ||||
| Other accounts |
0 |
0 |
None |
0 | ||||
| Total |
5 | 306,472,877 | None | 0 | ||||
| Ronald D. Sit |
||||||||
| Registered investment companies |
2 | 158,952,301 | None | 0 | ||||
| Other pooled investment vehicles |
1 | 10,767,548 | None | 0 | ||||
| Other accounts |
8 |
211,721,594 |
None |
0 | ||||
| Total |
11 | 381,441,443 | None | 0 | ||||
Name of Portfolio Manager |
Balanced Fund |
Dividend Growth Fund |
Global Dividend Growth Fund |
Large Cap Growth Fund |
Mid Cap Growth Fund |
Int’l Growth Fund |
Small Cap Growth Fund |
Developing Markets Growth Fund |
Small Cap Dividend Growth Fund |
ESG Growth Fund | ||||||||||
| $10,001 – $50,000 |
$50,001 – $100,000 |
$50,001 – $100,000 |
500,001 – $1,000,000 |
500,001 – $1,000,000 |
$100,001 – $500,000 |
500,001 – $1,000,000 |
$10,001 – $50,000 |
$10,001 – $50,000 |
$10,001 – $50,000 | |||||||||||
| David A. Brown |
None | $100,001 – $500,000 |
None | $100,001 – $500,000 |
$50,001 – $100,000 |
None | $50,001 – $100,000 |
$50,001 – $100,000 |
$100,001 – $500,000 |
$100,001 – $500,000 | ||||||||||
| Bryce A. Doty |
None | $1 – $10,000 |
None | None | None | None | None | None | None | None | ||||||||||
| Kent L. Johnson |
None | $100,001 – $500,000 |
$10,001 – $50,000 |
None | None | None | None | $10,001 – $50,000 |
None | None | ||||||||||
| Michael T. Manns |
None | $50,001 – $100,000 |
None | $10,001 – $50,000 |
$1 – $10,000 |
$10,001 – $50,000 |
$10,001 – $50,000 |
None | $10,001 – $50,000 |
$1 – $10,000 | ||||||||||
| Raymond W. Sit |
None | $100,001 – $500,000 |
$50,001 – $100,000 |
Over $1,000,000 |
Over $1,000,000 |
$100,001 – $500,000 |
Over $1,000,000 |
$50,001 – $100,000 |
$50,001 – $100,000 |
$50,001 – $100,000 | ||||||||||
| Robert W. Sit |
None | $500,001 – $1,000,000 |
$100,001– $500,000 |
Over $1,000,000 |
Over $1,000,000 |
$500,001 – $1,000,000 |
Over $1,000,000 |
$100,001 – $500,000 |
None | None | ||||||||||
| Ronald D. Sit |
None | $500,001 – $1,000,000 |
$50,001 – $100,000 |
Over $1,000,000 |
Over $1,000,000 |
Over $1,000,000 |
Over $1,000,000 |
Over $1,000,000 |
$100,001 –$500,000 |
$1 – $10,000 |
Fund |
Roger J. Sit (1) |
Edward M. Giles |
Sidney L. Jones |
Bruce C. Lueck |
Donald W. Phillips |
Barry N. Winslow | ||||||
| Balanced Fund |
$10,001 – $50,000 |
None | None | None | None | None | ||||||
| Dividend Growth Fund |
$50,001 – $100,000 |
None | Over $100,000 |
None | None | None | ||||||
| Global Dividend Growth Fund |
$50,001 – $100,000 |
None | $50,001 - $100,000 |
None | None | None | ||||||
| Sit Small Cap Dividend Growth Fund |
$50,001 – $100,000 |
None | None | None | None | None | ||||||
| Large Cap Growth Fund |
Over $100,000 |
None | None | None | Over $100,000 |
None | ||||||
| Mid Cap Growth Fund |
Over $100,000 |
None | $10,001 - $50,000 |
None | Over $100,000 |
None | ||||||
| International Growth Fund |
Over $100,000 |
None | None | None | None | None | ||||||
| Small Cap Growth Fund |
Over $100,000 |
None | $50,001 - $100,000 |
None | Over $100,000 |
None | ||||||
| Developing Markets Growth Fund |
$10,001 – $50,000 |
None | None | None | None | None | ||||||
| Sit ESG Growth Fund |
$1 - $10,000 |
None | None | None | None | None | ||||||
| Aggregate Dollar Range of Equity Securities in all 14 Sit Mutual Funds |
Over $100,000 |
None | Over $100,000 |
$50,001 – $100,000 |
Over $100,000 |
None |
| 1) | Director who is deemed to be an “interested person” of the Funds as that term is defined by the Investment Company Act of 1940. Mr. Sit is considered an “interested person” because he is an officer of Sit Investment Associates, Inc., the Fund’s investment adviser. |
Name of Director |
Name of Owners and Relationships to Director |
Company |
Title of Class |
Value of Securities |
Percent of Class | |||||
| Sidney L. Jones |
--- |
--- |
--- |
--- |
--- | |||||
| Edward M. Giles |
Edward M. Giles IRA #2 | Sit Pacific Basin Fund, LLC (1) | LLC (2) | $306,545 | 3.1% | |||||
| Bruce C. Lueck |
--- | --- |
--- |
--- |
--- | |||||
| Donald W. Phillips |
--- | --- |
--- |
--- |
--- | |||||
| Barry N. Winslow |
--- | --- |
--- |
--- |
--- |
| 1) | Sit Investment Associates, Inc. is the general partner and a limited partner in the Fund. |
| 2) | Membership interest in Limited Partnership. |
Name of Director |
Aggregate Compensation From Each Fund |
Pension or Retirement Benefits Accrued as Part of Fund Expenses |
Estimated Annual Benefits Upon Retirement |
Total Compensation From Fund Complex | ||||||
| Edward M. Giles |
$ | 3,500 | None |
None |
$49,000 | |||||
| Sidney L. Jones |
$ | 4,214 | None |
None |
$59,000 | |||||
| Bruce C. Lueck |
$ | 3,500 | None |
None |
$49,000 | |||||
| Donald W. Phillips |
$ | 3,500 | None |
None |
$49,000 | |||||
| Barry N. Winslow |
$ | 3,500 | None |
None |
$49,000 | |||||
| Sit Balanced Fund |
1.00% | |
| Sit Dividend Growth Fund |
0.70% (1)(2) | |
| Sit Global Dividend Growth Fund |
1.00% (1)(2) | |
| Sit Small Cap Dividend Growth Fund |
1.25% (1)(2) | |
| Sit ESG Growth Fund |
1.00% (1)(2) | |
| Sit Large Cap Growth Fund, Inc. |
1.00% | |
| Sit Mid Cap Growth Fund, Inc. |
1.25% | |
| Sit International Growth Fund |
1.50% | |
| Sit Small Cap Growth Fund |
1.50% | |
| Sit Developing Markets Growth Fund |
1.40% (1) |
| (1) | Net of voluntary fee waivers. The contractual fees (without waivers) are 1.00% for Dividend Growth Fund, 2.00% for Developing Markets Growth Fund, and 1.25% for Global Dividend Growth Fund, ESG Growth Fund, and Small Cap Dividend Growth Fund. |
| (2) | Management fee for both Class I Shares and Class S Shares of Fund. The fee does not reflect the additional 0.25% 12b-1 Fee for Class S Shares of the Fund. Total annual fees for Class S Shares of Sit Dividend Growth are 1.25% and 1.50% for Sit Global Dividend Growth, Sit Small Cap Dividend Growth, and Sit ESG Growth Fund. |
Large Cap Growth Fund |
Mid Cap Growth Fund |
Small Cap Growth Fund |
Balanced Fund |
Dividend Growth Fund |
Global Dividend Growth Fund |
Int’l Growth Fund |
Developing Markets Growth |
Small Cap Dividend Growth Fund |
ESG Growth Fund |
|||||||||||||||||||||||||||||||
| 2020 |
||||||||||||||||||||||||||||||||||||||||
| Investment Advisory Fees |
$1,177,876 | $2,055,165 | $1,436,329 | $371,609 | $2,339,326 | $428,404 | $338,324 | $195,927 | $197,553 | $80,076 | ||||||||||||||||||||||||||||||
| 12b-1 Fee |
0 | 0 | 0 | 0 | 87,811 | 8,293 | 0 | 0 | 9,779 | 7,453 | ||||||||||||||||||||||||||||||
| Net Fund Expenses |
1,177,876 | 2,055,165 | 1,436,239 | 371,609 | 2,427,137 | 436,697 | 338,324 | 195,927 | 207,332 | 87,529 | ||||||||||||||||||||||||||||||
| 2019 |
||||||||||||||||||||||||||||||||||||||||
| Investment Advisory Fees |
1,167,721 | 1,993,266 | 1,454,688 | 361,740 | 6,055,915 | 405,615 | 335,515 | 203,066 | 213,141 | 73,739 | ||||||||||||||||||||||||||||||
| 12b-1 Fee |
0 | 0 | 0 | 0 | 114,774 | 7,858 | 0 | 0 | 9,498 | 6,792 | ||||||||||||||||||||||||||||||
| Net Fund Expenses |
1,167,721 | 1,993,266 | 1,454,688 | 361,740 | 6,170,689 | 413,473 | 335,515 | 203,066 | 222,639 | 80,531 | ||||||||||||||||||||||||||||||
| 2018 |
||||||||||||||||||||||||||||||||||||||||
| Investment Advisory Fees |
1,191,691 | 2,003,068 | 1,442,755 | 282,351 | 10,288,077 | 397,977 | 362,344 | 225,880 | 224,352 | 68,797 | ||||||||||||||||||||||||||||||
| 12b-1 Fee |
0 | 0 | 0 | 0 | 149,643 | 8,707 | 0 | 0 | 9,547 | 6,486 | ||||||||||||||||||||||||||||||
| Net Fund Expenses |
1,191,691 | 2,003,068 | 1,442,755 | 282,351 | 10,437,720 | 406,684 | 362,344 | 225,880 | 233,899 | 75,283 | ||||||||||||||||||||||||||||||
| Fund |
Total brokerage commission |
Amount paid to firms for soft dollar & research |
Amount paid to firms for trade, principal & other | |||
| Twelve months through 6/30/20: |
||||||
| Balanced |
$9,417 | $9,240 | $177 | |||
| Dividend Growth |
153,108 | 146,999 | 6,109 | |||
| Global Dividend Growth |
12,188 | 11,774 | 415 | |||
| Large Cap Growth |
13,351 | 12,358 | 994 | |||
| Mid Cap Growth |
44,422 | 42,080 | 2,342 | |||
| International Growth |
6,976 | 6,861 | 14 | |||
| Small Cap Growth |
38,761 | 35,986 | 2,774 | |||
| Developing Markets Growth |
994 | 994 | 0 | |||
| Small Cap Dividend Growth |
6,667 | 6,511 | 156 | |||
| ESG Growth |
2,552 | 1,994 | 8 |
| Fund |
Total brokerage commission |
Amount paid to firms for soft dollar & research |
Amount paid to firms for trade, principal & other | |||
| Twelve months through 6/30/19: |
||||||
| Balanced |
$7,596 | $7,403 | $193 | |||
| Dividend Growth |
406,788 | 400,481 | 6,306 | |||
| Global Dividend Growth |
6,737 | 6,654 | 82 | |||
| Large Cap Growth |
14,214 | 13,820 | 524 | |||
| Mid Cap Growth |
37,301 | 35,387 | 1,915 | |||
| International Growth |
12,871 | 12,864 | 8 | |||
| Small Cap Growth |
40,246 | 35,465 | 4,783 | |||
| Developing Markets Growth |
4,005 | 4,005 | 0 | |||
| Small Cap Dividend Growth |
5,412 | 5,041 | 370 | |||
| ESG Growth |
737 | 736 | 0 | |||
| Twelve months through 6/30/18: |
||||||
| Balanced |
$3,370 | $3,303 | $68 | |||
| Dividend Growth |
690,850 | 668,610 | 22,240 | |||
| Global Dividend Growth |
8,285 | 8,259 | 27 | |||
| Large Cap Growth |
12,682 | 11,961 | 721 | |||
| Mid Cap Growth |
38,535 | 36,417 | 2,119 | |||
| International Growth |
7,498 | 7,498 | 0 | |||
| Small Cap Growth |
49,451 | 36,746 | 12,705 | |||
| Developing Markets Growth |
9,091 | 9,092 | 10 | |||
| Small Cap Dividend Growth |
5,889 | 5,538 | 351 | |||
| ESG Growth |
1,189 | 1,190 | 0 | |||
Beneficially |
Record & |
|||||||||
| Person |
Record Only |
Only |
Beneficially |
|||||||
| BALANCED FUND |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
11.96 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Charles Schwab & Co., Inc., Special Custody Acct FBO Cust. |
11.0 | % | ||||||||
| 101 Montgomery Street, San Francisco, CA |
||||||||||
| National Financial Services Corp., FBO Cust., |
24.8 | % | ||||||||
| Church Street Station, P.O. Box 3908, New York, NY |
||||||||||
| TD Ameritrade Inc. FBO Clients |
5.5 | % | ||||||||
| P.O. Box 2226, Omaha, NE |
||||||||||
| DIVIDEND GROWTH FUND – Class S Shares |
||||||||||
| Charles Schwab & Co., Inc., Special Custody Acct FBO Cust. |
26.3 | % | ||||||||
| 101 Montgomery Street, San Francisco, CA |
||||||||||
| TD Ameritrade Inc. FBO Clients |
22.4 | % | ||||||||
| P.O. Box 2226, Omaha, NE |
||||||||||
| National Financial Services Corp., FBO Cust., |
23.5 | % | ||||||||
| Church Street Station, P.O. Box 3908, New York, NY |
||||||||||
| DIVIDEND GROWTH FUND – Class I Shares |
||||||||||
| UBATCO & Co., FBO College Savings Group |
8.6 | % | ||||||||
| P.O. Box 82535, Lincoln, NE |
||||||||||
| JP Morgan Securities LLC Omnibus Acct FBO Customers, |
14.7 | % | ||||||||
| 4 Chase Metrotech Center, Brooklyn, NY |
||||||||||
| National Financial Services Corp., FBO Cust., |
17.5 | % | ||||||||
| Church Street Station, P.O. Box 3908, New York, NY |
||||||||||
| GLOBAL DIVIDEND GROWTH FUND – Class S Shares |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
58.6 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| GLOBAL DIVIDEND GROWTH FUND – Class I Shares |
||||||||||
| Patricia J. Marinovich Rev. Trust U/A dtd 6/4/13 |
9.2 | % | ||||||||
| 5516 Merritt Circle, Edina, MN |
||||||||||
| James T. Ward and Jennie D. Ward, JTWROS |
5.8 | % | ||||||||
| 172 Country Club Dr., Mankato, MN |
||||||||||
| Sit Investment Associates Foundation |
8.4 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Kaplan, Strangis and Kaplan P.A. Profit Sharing Trust |
5.2 | % | ||||||||
| 5500 Wells Fargo Center, 90 S. 7 th Street, Minneapolis, MN |
||||||||||
| LARGE CAP GROWTH FUND |
||||||||||
| Charles Schwab & Co., Inc., Special Custody Acct FBO Cust |
30.7 | % | ||||||||
| 101 Montgomery Street, San Francisco, CA |
||||||||||
| Sit Investment Associates Foundation |
6.3 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
5.4 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| MID CAP GROWTH FUND |
||||||||||
| Charles Schwab & Co., Inc., Special Custody Acct FBO Cust. |
5.3 | % | ||||||||
| 101 Montgomery Street, San Francisco, CA |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
10.7 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
Beneficially |
Record & |
|||||||||
| Person |
Record Only |
Only |
Beneficially |
|||||||
| MID CAP GROWTH FUND (continued) |
||||||||||
| Gail V. Sit 2019 G.R.A.T. U/A DTD 8/12/2019 |
7.2 | % | ||||||||
| P.O. Box 2132, Minneapolis, MN |
||||||||||
| Gail V. Sit Revocable Trust |
6.3 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| INTERNATIONAL GROWTH FUND |
||||||||||
| Gail V. Sit 2019 G.R.A.T. U/A DTD 8/12/19 |
9.0 | % | ||||||||
| P.O. Box 2132, Minneapolis, MN |
||||||||||
| Gail V. Sit Revocable Trust |
7.4 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
14.0 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates Foundation |
7.2 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Alerus Financial FBO Sit Investment Associates, Inc. 401(k) |
5.7 | % | ||||||||
| P.O. Box 64535, St. Paul, MN |
||||||||||
| SMALL CAP GROWTH FUND |
||||||||||
| Gail V. Sit 2019 G.R.A.T. U/A DTD 8/12/19 |
7.1 | % | ||||||||
| P.O. Box 2132, Minneapolis, MN |
||||||||||
| Gail V. Sit Revocable Trust |
5.9 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates Foundation |
13.0 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| DEVELOPING MARKETS GROWTH FUND |
||||||||||
| JP Morgan Securities LLC Omnibus Acct FBO Customers, |
11.5 | % | ||||||||
| 4 Chase Metrotech Center, Brooklyn, NY |
||||||||||
| Alerus Financial FBO Sit Investment Associates, Inc. 401(k) |
11.6 | % | ||||||||
| P.O. Box 64535, St. Paul, MN |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
6.9 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates Foundation |
7.7 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Thomas & Lynn Noll JTWROS |
10.4 | % | ||||||||
| 115 Clay Cliffe Dr., Tonka Bay, MN |
||||||||||
| SMALL CAP DIVIDEND GROWTH FUND – Class S Shares |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
67.3 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| SMALL CAP DIVIDEND GROWTH FUND – Class I Shares |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
20.5 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Alerus Financial FBO Sit Investment Associates, Inc. 401(k) |
8.1 | % | ||||||||
| P.O. Box 64535, St. Paul, MN |
||||||||||
| Capinco C/O US Bank NA |
8.8 | % | ||||||||
| P.O. Box 1787, Milwaukee, WI |
||||||||||
| National Financial Services LLC, FBO Customers |
8.0 | % | ||||||||
| 499 Washington Blvd, Jersey City, NJ |
||||||||||
| JP Morgan Securities LLC Omnibus Acct FBO Customers, |
5.1 | % | ||||||||
| 4 Chase Metrotech Center, Brooklyn, NY |
||||||||||
| ESG GROWTH FUND – Class S Shares |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
91.4 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
Beneficially |
Record & |
|||||||||
| Person |
Record Only |
Only |
Beneficially |
|||||||
| ESG GROWTH FUND – Class I Shares |
||||||||||
| Sit Investment Associates, Inc. (various accounts) |
81.2 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Sit Investment Associates, Inc. – Account #29 |
6.1 | % | ||||||||
| 3300 IDS Center, Minneapolis, MN |
||||||||||
| Mid Cap Growth |
7.69 | % | Developing Markets Growth |
7.19 | % | |||||
| Small Cap Growth |
10.50 | % | Global Dividend Growth – Class I |
1.68 | % | |||||
| International Growth |
8.47 | % | Large Cap Growth |
2.08 | % | |||||
| Small Cap Dividend Growth – Class I |
2.63 | % |
| Unlimited Period of Net Capital Loss Carryover |
Late Year Losses Deferred | |||||||
| | ||||||||
| Short-Term | Long-Term | Ordinary | Capital | |||||
| | ||||||||
| Dividend Growth |
-- | -- | -- | $6,693,354 | ||||
| Global Dividend Growth |
$1,047,906 | -- | -- | -- | ||||
| ESG Growth |
-- | -- | -- | 96,362 | ||||
| Mid Cap Growth |
-- | -- | $260,780 | -- | ||||
| Small Cap Dividend Growth |
101,296 | $152,158 | -- | -- | ||||
| Small Cap Growth |
-- | -- | 286,404 | 447,295 | ||||
| International Growth |
1,086,655 | 335,708 | -- | -- | ||||
| Developing Markets Growth |
31,404 | -- | -- | -- | ||||
| Aaa | Judged to be the best quality, carry the smallest degree of investment risk |
| Aa | Judged to be of high quality by all standards |
| A | Possess many favorable investment attributes and are to be considered as higher medium grade obligations |
| Baa | Medium grade obligations. Lack outstanding investment characteristics. |
| Ba | Judged to have speculative elements. Protection of interest and principal payments may be very moderate. |
| B | Generally lack characteristics of a desirable investment. Assurance of interest and principal payments over any long period of time may be small. |
| Caa | May be present elements of danger with respect to principal or interest or may be in default |
| Ca | Represent obligations which are speculative in a high degree. Often in default. |
| C | Lowest class of bonds and issued regarded as having extremely poor prospects of attaining any real investment standing. |
| AAA | Highest grade obligations and possess the ultimate degree of protection as to principal and interest |
| AA | Also qualify as high grade obligations, and in the majority of instances differ from AAA issues only in small degree |
| A | Regarded as upper medium grade, have considerable investment strength but are not entirely free from adverse effects of changes in economic and trade conditions, interest and principal are regarded as safe |
| BBB | Considered investment grade with adequate capacity to pay interest and repay principal. |
| BB | Judged to be speculative with some inadequacy to meet timely interest and principal payments. |
| B | Has greater vulnerability to default than other speculative grade securities. Adverse economic conditions will likely impair capacity or willingness to pay interest and principal. |
| CCC | Has a vulnerability to default and is dependent upon favorable business, financial and economic conditions to meet timely payment of interest and repayment of principal. |
| CC | Applied to debt subordinated to senior debt |
| C | Applied to debt subordinated to senior debt that is assigned an actual or implied CCC debt rating |
| AAA | Highest credit quality with exceptional ability to pay interest and repay principal |
| AA | Investment grade and very high credit quality ability to pay interest and repay principal is very strong, although not quite as strong as AAA |
| A | Investment grade with high credit quality. Ability to pay interest and repay principal is strong. |
| BBB | Investment grade and has satisfactory credit quality. Adequate ability to pay interest and repay principal. |
| BB | Considered speculative. Ability to pay interest and repay principal may be affected over time by adverse economic changes. |
| B | Considered highly speculative. Currently meeting interest and principal obligations, but probability of continued payment reflects limited margin of safety. |
| CCC | Identifiable characteristics which if not remedied may lead to default. Ability to meet obligations requires an advantageous business and economic environment. |
| CC | Minimally protected bonds. Default in payment of interest and/or principal seems probable over time. |
| C | Imminent default in payment of interest or principal |
F-1+ |
Exceptionally strong credit quality |
F-1 |
Strong credit quality |
Item 28. |
Exhibits |
| (a) | Articles of Incorporation |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith, including Certificates of Designation through April 18, 2016 (Series J). |
| (b) | Bylaws |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (c) | Instruments Defining Rights of Security Holders |
| Not applicable. |
| (d) | Investment Management Agreement |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith, including Amendment dated November 1. 2010 and Exhibit A Fund Lists through May 18, 2016. |
| (e) | Underwriting and Distribution Agreement |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith, |
| (f) | Bonus or Profit Sharing Contracts |
| Not applicable. |
| (g.1) | Custody Agreement |
| 1. | Sit Large Cap Growth Fund, Inc . Incorporated by reference to Post-Effective Amendment No. 42 to the Fund’s Registration Statement under the Securities Act of 1933; Amended and Restated Schedule II to the Custody Agreement filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc . Incorporated by reference to Post-Effective Amendment No. 42 to the Fund’s Registration Statement under the Securities Act of 1933; Amended and Restated Schedule II to the Custody Agreement filed herewith. |
| 3. | Sit Mutual Funds, Inc. Incorporated by reference to Post-Effective Amendment No. 41 to the Fund’s Registration Statement under the Securities Act of 1933; Amended and Restated Schedule II to the Custody Agreement filed herewith. |
| (g.2.) | Foreign Custody Manager Agreement |
| 1. | Sit Large Cap Growth Fund, Inc . Incorporated by reference to Post-Effective Amendment No. 42 to the Fund’s Registration Statement under the Securities Act of 1933. |
| 2. | Sit Mid Cap Growth Fund, Inc . Incorporated by reference to Post-Effective Amendment No. 42 to the Fund’s Registration Statement under the Securities Act of 1933. |
| 3. | Sit Mutual Funds, Inc. Incorporated by reference to Post-Effective Amendment No. 41 to the Fund’s Registration Statement under the Securities Act of 1933. |
| (h.1) | Transfer Agency and Shareholder Services Agreement |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (h.2) | Administration and Accounting Services Agreement |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (i) | Legal Opinion: Opinions and Consents of Dorsey & Whitney LLP |
| 1. | Sit Large Cap Growth Fund, Inc . Not applicable to this filing. |
| 2. | Sit Mid Cap Growth Fund, Inc . Not applicable to this filing. |
| 3. | Sit Mutual Funds, Inc . Not applicable to this filing. |
| (j.1) | Other Opinions : Consent of KPMG LLP |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (j.2) | Other Opinions : Power of Attorney |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 4. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 5. | Sit Mutual Funds, Inc. Filed herewith. |
| (k) | Omitted Financial Statements |
| (l) | Initial Capital Agreements |
| 1. | Sit Large Cap Growth Fund, Inc. Not applicable to this filing. |
| 2. | Sit Mid Cap Growth Fund, Inc. Not applicable to this filing. |
| 3. | Sit Mutual Funds, Inc. Not applicable to this filing. |
| (m) | Rule 12b-1 Plan |
| 1. | Sit Large Cap Growth Fund, Inc. Not applicable. |
| 2. | Sit Mid Cap Growth Fund, Inc. Not applicable. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (n) | Rule 18f-3 Plan |
| 1. | Sit Large Cap Growth Fund, Inc. Not applicable. |
| 2. | Sit Mid Cap Growth Fund, Inc. Not applicable. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
| (o) | Reserved . |
| (p) | Code of Ethics |
| 1. | Sit Large Cap Growth Fund, Inc. Filed herewith. |
| 2. | Sit Mid Cap Growth Fund, Inc. Filed herewith. |
| 3. | Sit Mutual Funds, Inc. Filed herewith. |
101 |
XBRL Exhbits | |
| EX-101.INS | XBRL Instance Document | |
| EX-1-1.SCH | XBRL Taxonomy Extension Schema Document | |
| EX-1-1.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
| EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
| EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
| EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
Item 29. |
Persons Controlled by or Under Common Control with Registrant |
Item 30. |
Indemnification |
| (a) | has not received indemnification for the same conduct from any other party or organization; |
| (b) | acted in good faith; |
| (c) | received no improper personal benefit; |
| (d) | in the case of criminal proceedings, had no reasonable cause to believe the conduct was unlawful; |
| (e) | reasonably believed that the conduct was in the best interest of a Registrant, or in certain contexts, was not opposed to the best interest of a Registrant; and |
| (f) | had not otherwise engaged in conduct which precludes indemnification under either Minnesota or Federal law (including, but not limited to, conduct constituting willful misfeasance, bad faith, gross negligence, or reckless disregard of duties as set forth in Section 17(h) and (i) of the Investment Company Act of 1940). |
| Name |
Business and Employment During Past Two Years; Principal Business Address | |
| Chairman, President, CEO and Global CIO of the Adviser; Director, Chairman and CEO of Sit Investment Fixed Income Advisors, Inc. (“SF”); Chairman of SIA Securities Corp. (the “Distributor”); Chairman and President of all Sit Mutual Funds. | ||
| Denise A. Anderson |
Vice President - Research and Investment Management of the Adviser | |
| Debra K. Beaudet |
Vice President - Staff Operations of the Adviser. | |
| David A. Brown |
Vice President – Research and Investment Management of the Adviser. | |
| Joseph R. Eshoo |
Vice President - Research and Investment Management of the Adviser | |
| Kent L. Johnson |
Senior Vice President - Research and Investment Management of the Adviser | |
| Michael T. Manns |
Vice President – Research and Investment Management of the Adviser | |
| Mark A. Pepper |
Vice President - Research and Investment Management of the Adviser | |
| Vice President, Secretary and Controller and Chief Compliance Officer of the Adviser; Vice President, Secretary, and Chief Compliance Officer of SF; President and Treasurer of the Distributor; Vice President, Treasurer and Chief Compliance Officer of all Sit Mutual Funds. | ||
| Carla J. Rose |
Vice President - Administration & Controller of the Adviser; Vice President, Controller and Treasurer and Assistant Secretary of SF; Vice President and Assistant Secretary of Distributor; Vice President, Assistant Secretary and Assistant Treasurer of all Sit Mutual Funds. | |
| Raymond E. Sit |
Vice President - Research and Investment Management of the Adviser | |
| Robert W. Sit |
Vice President - Research and Investment Management of the Adviser; Vice President – Investments of all Stock Funds. | |
| Ronald D. Sit |
Director and Vice President - Research and Investment Management of the Adviser; Vice President – Investments of all Stock Funds. | |
Item 32. |
Principal Underwriters |
| Name |
Business and Employment During Past Two Years; Principal Business Address | |
| Chairman, President, CEO and Global CIO of the Adviser; Chairman and CEO of Sit Investment Fixed Income Advisors, Inc. (“SF”); Chairman of the Distributor; Chairman and President of all Sit Mutual Funds. | ||
| Vice President, Secretary and Controller and Chief Compliance Officer of the Adviser; Vice President, Secretary, and Chief Compliance Officer of SF; President and Treasurer of the Distributor; Vice President, Treasurer and Chief Compliance Officer of all Sit Mutual Funds. | ||
| Carla J. Rose |
Vice President—Administration & Deputy Controller of the Adviser; Vice President, Controller and Treasurer and Assistant Secretary of SF; Vice President and Assistant Secretary of Distributor; Vice President, Assistant Secretary and Assistant Treasurer of all Sit Mutual Funds. | |
| Kelly K. Boston |
Staff Attorney of the Adviser; Secretary of the Distributor; Assistant Secretary & Assistant Treasurer of all Sit Mutual Funds. | |
Item 33. |
Location of Accounts and Records |
Item 34. |
Management Services |
Item 35. |
Undertakings |
| SIT LARGE CAP GROWTH FUND, INC. (Registrant) | ||
| By | /s/ Roger J. Sit | |
| Roger J. Sit, Chairman | ||
Signature and Title |
||||
/s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Chairman | ||||
| (Principal Executive Officer and Director) | ||||
| Dated: October 26, 2020 | ||||
| Paul E. Rasmussen, Treasurer | ||||
| (Principal Financial Officer and Accounting Officer) | ||||
| Edward M. Giles, Director* | ||||
| Sidney L. Jones, Director* | ||||
| Bruce C. Lueck, Director* | ||||
| Donald W. Phillips, Director* | ||||
| Barry N. Winslow, Director* | ||||
*By /s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Attorney-in-fact | ||||
| *Pursuant to a power of attorney filed herewith. |
||||
| SIT MID CAP GROWTH FUND, INC. (Registrant) | ||
| By | /s/ Roger J. Sit | |
| Roger J. Sit, Chairman | ||
Signature and Title |
||||
/s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Chairman | ||||
| (Principal Executive Officer and Director) | ||||
| Dated: October 26, 2020 | ||||
| Paul E. Rasmussen, Treasurer | ||||
| (Principal Financial Officer and Accounting Officer) | ||||
| Edward M. Giles, Director* | ||||
| Sidney L. Jones, Director* | ||||
| Bruce C. Lueck, Director* | ||||
| Donald W. Phillips, Director* | ||||
| Barry N. Winslow, Director* | ||||
*By /s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Attorney-in-fact | ||||
| *Pursuant to a power of attorney filed herewith. |
||||
| SIT MUTUAL FUNDS, INC. (Registrant) | ||
| By | /s/ Roger J. Sit | |
| Roger J. Sit, Chairman | ||
Signature and Title |
||||
/s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Chairman | ||||
| (Principal Executive Officer and Director) | ||||
| Dated: October 26, 2020 | ||||
| Paul E. Rasmussen, Treasurer | ||||
| (Principal Financial Officer and Accounting Officer) | ||||
| Edward M. Giles, Director* | ||||
| Sidney L. Jones, Director* | ||||
| Bruce C. Lueck, Director* | ||||
| Donald W. Phillips, Director* | ||||
| Barry N. Winslow, Director* | ||||
*By /s/ Roger J. Sit |
Dated: October 26, 2020 | |||
| Roger J. Sit, Attorney-in-fact |
||||
| *Pursuant to a power of attorney filed herewith. |
||||
Exhibit No. |
Name of Exhibit |
Page No. | ||
| (a.) | Articles of Incorporation | |||
| Sit Large Cap Growth Fund, Inc. |
C-10 | |||
| Sit Mid Cap Growth, Inc. |
C-17 | |||
| Sit Mutual Funds, Inc. |
C-24 | |||
| (b.) | Bylaws | |||
| Sit Large Cap Growth Fund, Inc. |
C-53 | |||
| Sit Mid Cap Growth, Inc. |
C-70 | |||
| Sit Mutual Funds, Inc. |
C-83 | |||
| (d.) | Investment Advisory Contracts | |||
| Sit Large Cap Growth Fund, Inc. |
C-95 | |||
| Sit Mid Cap Growth, Inc. |
C-98 | |||
| Sit Mutual Funds, Inc. |
C-101 | |||
| (e.) | Underwriting Contracts | |||
| Sit Large Cap Growth Fund, Inc. |
C-116 | |||
| Sit Mid Cap Growth, Inc. |
C-123 | |||
| Sit Mutual Funds, Inc. |
C-130 | |||
| (g.1) | Custodian Agreements | C-137 | ||
| (Combined Amended and Restated Schedule II to the Custody Agreement for each Registrant) |
||||
| (h.1.) | Transfer Agency and Shareholder Services Agreement | C-138 | ||
| (Combined Agreement and Amendments 1 through 6 for each Registrant) |
||||
| (h.2.) | Administration and Accounting Services Agreement | C-217 | ||
| (Agreement and Amendments through June 30, 2020 for each Registrant) |
||||
| (j.1.) | Other Opinions: Consent of KPMG LLP | C-247 | ||
| (Combined Consent for each Registrant) |
||||
| (j.2.) | Other Opinions: Power of Attorney | C-248 | ||
| (Combined Powers of Attorney for each Registrant) |
||||
| (m) | Rule 12b-1 Plan | |||
| Sit Mutual Funds, Inc. only |
C-251 | |||
| (n) | Rule 18f-3 Plan | |||
| Sit Mutual Funds, Inc. only |
C-258 | |||
| (p.) | Code of Ethics | C-262 | ||
| (Combined Code of Ethics for each Registrant) |
||||
| This ‘485BPOS’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 6/30/22 | ||||
| 1/1/21 | ||||
| Effective on: | 11/1/20 | |||
| Filed on: | 10/26/20 | 497K | ||
| 9/30/20 | NPORT-P | |||
| 8/10/20 | 24F-2NT, 40-24B2 | |||
| 8/1/20 | ||||
| 7/1/20 | ||||
| 6/30/20 | 24F-2NT, N-CEN, N-CSR, N-PX, NPORT-P | |||
| 12/31/19 | N-CSRS, NPORT-P | |||
| 10/21/19 | 40-24B2 | |||
| 6/30/19 | 24F-2NT, N-CEN, N-CSR, N-PX | |||
| 6/30/18 | 24F-2NT, N-CEN, N-CSR, N-PX | |||
| 6/30/17 | 24F-2NT, N-CSR, N-PX, NSAR-B | |||
| 6/30/16 | 24F-2NT, 485BPOS, N-CSR, N-PX, NSAR-B | |||
| 5/18/16 | ||||
| 4/18/16 | ||||
| 3/31/15 | 485BPOS, N-Q | |||
| 1/1/11 | ||||
| 12/22/10 | ||||
| 9/30/08 | 485BPOS, N-Q | |||
| 3/31/06 | 485BPOS, N-Q | |||
| 11/1/96 | ||||
| 11/1/92 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/26/23 Sit Mid Cap Growth Fund Inc. 485BPOS 11/01/23 23:8.3M Donnelley … Solutions/FA 10/25/22 Sit Mid Cap Growth Fund Inc. 485BPOS 11/01/22 23:7.9M Donnelley … Solutions/FA 10/20/21 Sit Large Cap Growth Fund Inc. 485BPOS 11/01/21 24:7.5M Donnelley … Solutions/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/29/12 Sit Large Cap Growth Fund Inc. 485BPOS 11/01/12 7:3.3M Donnelley … Solutions/FA |