Sit Large Cap Growth Fund (SNIGX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03343

Sit Large Cap Growth Fund, Inc.

(Exact name of Registrant as specified in charter)

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Address of principal executive offices)

Paul E. Rasmussen, VP

Sit Mutual Funds

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(612) 332-3223

Date of fiscal year end:  June 30, 2024

Date of reporting period:   June 30, 2024

Item 1: Reports to Stockholders.

SNIGX 

Sit Large Cap Growth Fund

Annual Shareholder Report

June 30, 2024

Fund Overview

This annual shareholder report contains important information about Sit Large Cap Growth Fund for the period of July 1, 2023 to June 30, 2024.  You can find additional information about the Fund at www.sitfunds.com/documents. You can also request this information by contacting us at 1-800-332-5580. 

What were the Fund’s costs for the last year? 

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sit Large Cap Growth Fund	$115	1.00%

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

For the 12-month period ended June 30, 2024, the Sit Large Cap Growth Fund returned +30.22%, underperforming the Russell 1000^® Growth Index's return of +33.48%. During the period, stock selection in the health technology sector was the largest detractor from performance. In this sector, an underweight position in Eli Lilly (+94%), combined with overweight positions in DexCom (-12%) and Gilead Sciences (-11%), weighed on returns. Stock selection in the technology services sector also hurt performance, as the Fund was underweight Meta Platforms (+76%) and it owned positions in equities that declined during the period, such as Paycom Software (-55%) and Accenture (-0.2%). Augmenting returns during the period was strong stock selection and an overweight position in the electronic technology sector. Key contributors to performance here included positions in NVIDIA (+192%) and Broadcom (+88%). An underweight position, combined with positive stock selection in the consumer durables sector, also benefited performance.

How did the Fund perform over the last 10 years? 

Total Return Based on $10,000 Investment 

	Sit Large Cap Growth Fund	Russell 3000® Index*	Russell 1000® Growth Index
6/14	$10,000	$10,000	$10,000
6/15	11,062	10,729	11,056
6/16	10,964	10,959	11,390
6/17	13,286	12,987	13,716
6/18	15,535	14,907	16,804
6/19	17,174	16,246	18,746
6/20	20,838	17,306	23,110
6/21	29,407	24,950	32,932
6/22	23,885	21,490	26,749
6/23	29,905	25,563	34,000
6/24	38,943	31,475	45,384

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

Footnote	Description
Footnote*	Effective with this report, and pursuant to new regulatory requirements, the Russell 3000® Index replaced the Russell 1000® Growth Index as the Fund's primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 1000® Growth Index as an additional benchmark.

Average Annual Total Returns (as of June 30, 2024)

	1 Year	5 Years	10 Years
Sit Large Cap Growth Fund	30.22%	17.79%	14.56%
Russell 3000® IndexFootnote Reference*	23.13%	14.14%	12.15%
Russell 1000® Growth Index	33.48%	19.34%	16.33%

Fund Statistics (as of June 30, 2024)

Total Net Assets	$214,112,417
# of Portfolio Holdings	63
Portfolio Turnover Rate	11.11%
Investment Advisory Fees Paid	$1,787,411
Weighted average market cap	$1,398.8 Billion
Median market cap	0

What did the Fund invest in? 

The Fund predominantly invested in common stocks of domestic companies with capitalizations exceeding $5 billion. The tables below reflect the investment makeup of the Fund as of June 30, 2024. Portfolio holdings are subject to change.

Top 10 Equity (% of Net Assets)

Microsoft Corp.	11.5%
Apple, Inc.	10.6
NVIDIA Corp.	10.0
Alphabet, Inc.	7.4
Amazon.com, Inc.	5.7
Broadcom, Inc.	3.9
Applied Materials, Inc.	2.5
UnitedHealth Group, Inc.	2.4
Meta Platforms, Inc.	2.3
salesforce.com, Inc.	1.8

Sector Allocation (% of Net Assets)

Technology Services	30.0%
Electronic Technology	29.1
Retail Trade	9.8
Health Technology	6.4
Producer Manufacturing	5.0
Health Services	2.9
Consumer Services	2.5
Consumer Non-Durables	2.4
Others	9.4
Cash and other net assets	2.5
Total	100.0

Material Fund Changes

There were no material changes to the Fund during the 12-month period ended June 30, 2024.

Additional Information

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

Householding

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

SNIGX 

Sit Large Cap Growth Fund

Annual Shareholder Report

June 30, 2024

Item 2: Code of Ethics.

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

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

Item 3: Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that Mr. Edward M. Giles, Mr. Sidney L. Jones, Mr. Bruce C. Lueck, Mr. Donald W. Phillips, and Mr. Barry N. Winslow are audit committee financial experts serving on its audit committee. Mr. Giles, Mr. Jones, Mr. Lueck, Mr. Phillips, and Mr. Winslow are independent for purposes of this Item.

Item 4: Principal Accountant Fees and Services.

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

	Audit Fees (a)		Audit Related Fees (b)		Tax Fees (c)		All Other Fees (d)
Fiscal year ended June 30, 2024		$25,600		0		$5,935		0
Fiscal year ended June 30, 2023		$29,500		0		$6,825		0

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

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

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

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6: Investments.

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

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

Financial Statements and Other Information June 30, 2024 Balanced Fund Dividend Growth Fund Global Dividend Growth Fund Large Cap Growth Fund ESG Growth Fund Mid Cap Growth Fund Small Cap Dividend Growth Fund Small Cap Growth Fund International Growth Fund Developing Markets Growth Fund Sit Mutual Funds

Sit Stock Funds

FINANCIAL STATEMENTS AND OTHER INFORMATION

TABLE OF CONTENTS

		Page
	Schedules of Investments
	Balanced Fund	2
	Dividend Growth Fund	6
	Global Dividend Growth Fund	8
	Large Cap Growth Fund	10
	ESG Growth Fund	12
	Mid Cap Growth Fund	14
	Small Cap Dividend Growth Fund	16
	Small Cap Growth Fund	18
	International Growth Fund	22
	Developing Markets Growth Fund	26
	Statements of Assets and Liabilities	28
	Statements of Operations	30
	Statements of Changes in Net Assets	32
	Financial Highlights	36
	Notes to Financial Statements	50
	Report of Independent Registered Public Accounting Firm	57
	Federal Tax Information	58
	Additional Information	59

This document must be preceded or accompanied by a Prospectus.

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Balanced Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 64.1%
Consumer Non-Durables -1.7%
Constellation Brands, Inc.		2,250		578,880
Mondelez International, Inc.		3,400		222,496
PepsiCo, Inc.		1,825		300,997
				1,102,373
Consumer Services - 1.7%
McDonald’s Corp.		1,450		369,518
Visa, Inc.		2,800		734,916
				1,104,434
Electronic Technology - 17.3%
Apple, Inc.		13,475		2,838,104
Applied Materials, Inc.		2,600		613,574
Arista Networks, Inc. *		765		268,117
Broadcom, Inc.		1,235		1,982,830
NVIDIA Corp.		38,400		4,743,936
Palo Alto Networks, Inc. *		2,160		732,262
				11,178,823
Energy Minerals - 1.3%
ConocoPhillips		5,775		660,544
Shell, PLC, ADR		2,400		173,232
				833,776
Finance - 3.4%
Ameriprise Financial, Inc.		1,150		491,269
Chubb, Ltd.		1,400		357,112
Goldman Sachs Group, Inc.		1,600		723,712
JPMorgan Chase & Co.		2,925		591,610
				2,163,703
Health Services - 2.5%
Centene Corp. *		2,475		164,093
Quest Diagnostics, Inc.		1,475		201,898
UnitedHealth Group, Inc.		2,450		1,247,687
				1,613,678
Health Technology - 4.2%
Abbott Laboratories		3,550		368,881
AbbVie, Inc.		600		102,912
Dexcom, Inc. *		5,260		596,379
Eli Lilly & Co.		260		235,399
Intuitive Surgical, Inc. *		775		344,759
Johnson & Johnson		1,250		182,700
Novo Nordisk A/S, ADR		1,550		221,247
Thermo Fisher Scientific, Inc.		1,040		575,120
Zimmer Biomet Holdings, Inc.		650		70,544
				2,697,941
Industrial Services - 0.7%
Cheniere Energy, Inc.		2,750		480,783
Process Industries -1.3%
Linde, PLC		1,225		537,542
Sherwin-Williams Co.		1,000		298,430
				835,972
Producer Manufacturing - 4.6%
General Dynamics Corp.		700		203,098
Honeywell International, Inc.		1,450		309,633

Name of Issuer	Quantity		Fair Value ($)
Motorola Solutions, Inc.		1,400		540,470
Northrop Grumman Corp.		375		163,481
Parker-Hannifin Corp.		1,350		682,843
Safran SA, ADR		11,550		615,038
Siemens AG, ADR		5,175		482,569
				2,997,132
Retail Trade - 6.2%
Amazon.com, Inc. *		9,700		1,874,525
Home Depot, Inc.		1,825		628,238
Lululemon Athletica, Inc. *		885		264,349
Netflix, Inc. *		460		310,445
TJX Cos., Inc.		5,100		561,510
Ulta Beauty, Inc. *		795		306,767
				3,945,834
Technology Services - 17.2%
Accenture, PLC		2,025		614,405
Adobe, Inc. *		1,060		588,872
Alphabet, Inc. - Class A		12,400		2,258,660
Alphabet, Inc. - Class C		4,100		752,022
Autodesk, Inc. *		1,275		315,499
Dynatrace, Inc. *		4,250		190,145
Intuit, Inc.		1,200		788,652
Meta Platforms, Inc.		1,490		751,288
Microsoft Corp.		7,475		3,340,951
Salesforce, Inc.		3,650		938,415
ServiceNow, Inc. *		560		440,535
				10,979,444
Transportation - 1.5%
FedEx Corp.		1,775		532,216
Union Pacific Corp.		2,050		463,833
				996,049
Utilities - 0.5%
NextEra Energy, Inc.		4,140		293,153
Total Common Stocks (cost: $17,482,656)				41,223,095
Name of Issuer	Principal Amount ($)		Fair Value ($)
Bonds – 28.1%
Asset-Backed Securities - 0.1%
Small Business Administration
2008-20A 1, 5.17%, 1/1/28		8,845		8,681
Towd Point Mortgage Trust:
2020-MH1 A1A, 2.18%, 2/25/60 1, 4		52,490		50,180
2019-MH1 A2, 3.00%, 11/25/58 1, 4		44,050		43,767
				102,628
Collateralized Mortgage Obligations - 6.1%
Chase Home Lending Mortgage Trust:
2023-1 A2, 6.00%, 6/25/54 1, 4		142,306		142,782
Chase Home Lending Mortgage Trust Series:
2024-1 A8A, 6.00%, 1/25/55 1, 4		200,000		196,764
2024-2 A8A, 6.00%, 2/25/55 1, 4		200,000		197,436

See accompanying notes to financial statements.

2 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

 

Name of Issuer	Principal Amount ($)		Fair Value ($)
2024-3 A8, 6.00%, 2/25/55 1, 4		100,000		99,583
2024-4 A8, 6.00%, 3/25/55 1, 4		200,000		200,137
Fannie Mae:
2017-84 JP, 2.75%, 10/25/47		16,275		14,042
2003-34 A1, 6.00%, 4/25/43		21,419		21,303
2004-T1 1A1, 6.00%, 1/25/44		12,644		12,800
1999-17 C, 6.35%, 4/25/29		3,430		3,420
2001-82 ZA, 6.50%, 1/25/32		5,730		5,734
2009-30 AG, 6.50%, 5/25/39		21,956		22,919
2013-28 WD, 6.50%, 5/25/42		20,086		20,881
2004-T1 1A2, 6.50%, 1/25/44		32,141		32,396
2004-W9 2A1, 6.50%, 2/25/44		22,176		22,264
2004-T3 1A3, 7.00%, 2/25/44		4,540		4,633
Freddie Mac:
5280 A, 3.50%, 1/25/50		143,505		131,340
4812 CZ, 4.00%, 5/15/48		151,137		138,631
4293 BA, 5.28%, 10/15/47 1		6,477		6,483
2122 ZE, 6.00%, 2/15/29		18,294		18,327
2126 C, 6.00%, 2/15/29		12,305		12,288
2480 Z, 6.00%, 8/15/32		15,821		16,111
2485 WG, 6.00%, 8/15/32		16,645		17,021
2575 QE, 6.00%, 2/15/33		6,407		6,551
2980 QA, 6.00%, 5/15/35		7,762		8,000
5354 AB, 6.00%, 5/25/49		170,061		171,328
2357 ZJ, 6.50%, 9/15/31		13,498		13,739
4520 HM, 6.50%, 8/15/45		11,400		12,259
3704 CT, 7.00%, 12/15/36		7,134		7,442
Government National Mortgage Association:
2021-86 WB, 4.77%, 5/20/51 1		128,525		123,506
2021-104 HT, 5.50%, 6/20/51		164,204		162,979
2021-27 AW, 5.86%, 2/20/51 1		177,523		181,119
2015-80 BA, 7.00%, 6/20/45 1		5,580		5,807
2018-147 AM, 7.00%, 10/20/48		19,927		20,539
2018-160 DA, 7.00%, 11/20/48		19,467		20,027
2014-69 W, 7.20%, 11/20/34 1		8,809		9,169
2013-133 KQ, 7.31%, 8/20/38 1		10,863		11,332
2005-74 HA, 7.50%, 9/16/35		139		141
JP Morgan Mortgage Trust:
2021-6 A4, 2.50%, 10/25/51 1, 4		274,451		237,104
2021-13 A4, 2.50%, 4/25/52 1, 4		260,927		225,491
2021-6 A12, 5.00%, 10/25/51 1, 4		267,609		254,684
2023-6 A2, 6.00%, 12/26/53 1, 4		130,270		129,476
2023-10 A8, 6.00%, 5/25/54 1, 4		150,000		149,646
2024-1 A8, 6.00%, 6/25/54 1, 4		200,000		195,739
2024-2 A8A, 6.00%, 8/25/54 1, 4		125,000		123,996
2024-4 A8A, 6.00%, 10/25/54 1, 4		200,000		200,628
2024-5 A8, 6.00%, 11/25/54 1, 4		200,000		198,929
New Residential Mortgage Loan Trust:
2018-3A A1, 4.50%, 5/25/58 1, 4		30,386		29,143
Sequoia Mortgage Trust:
2020-4 A5, 2.50%, 11/25/50 1, 4		37,824		33,913
Vendee Mortgage Trust:
2008-1 B, 5.85%, 3/15/25 1		5,149		5,174
Wells Fargo Mortgaged Backed Securities Trust:
2020-5 A3, 2.50%, 9/25/50 1, 4		31,450		28,056
				3,903,212

Name of Issuer	Principal Amount ($)		Fair Value ($)
Corporate Bonds - 5.6%
American Tower Trust, 5.49%, 3/15/28 4		150,000		150,635
Bank of New York Mellon Corp., 6.47%, 10/25/34 1		175,000		189,097
Charles Stark Draper Lab., Inc., 4.39%, 9/1/48		100,000		85,109
CVS Pass-Through Trust, 7.51%, 1/10/32 4		129,839		135,142
Delta Air Lines 2015-1 Class AA Pass Through Trust, 3.63%, 7/30/27		110,170		105,127
Duke Energy Florida, LLC, 2.86%, 3/1/33		120,000		103,213
Duke Energy Progress SC Storm Funding, LLC, 5.40%, 3/1/44		75,000		76,519
Entergy Louisiana, LLC, 4.95%, 1/15/45		200,000		176,199
Evergy Kansas Central, Inc., 5.90%, 11/15/33		175,000		180,303
Evergy Missouri West Storm Funding I, LLC, 5.10%, 12/1/38		100,000		99,671
Fairfax Financial Holdings, 7.75%, 7/15/37		150,000		167,011
First-Citizens Bank & Trust Co.
(Subordinated), 4.13%, 11/13/29 1		175,000		168,704
GATX Corp., 6.90%, 5/1/34		175,000		190,913
Halliburton Co., 7.60%, 8/15/96 4		75,000		84,675
JPMorgan Chase & Co., 4.59%, 4/26/33 1		50,000		47,772
KeyCorp, 2.55%, 10/1/29		250,000		212,031
Leidos, Inc., 7.13%, 7/1/32		50,000		54,276
Louisville Gas & Electric Co., 5.45%, 4/15/33		50,000		50,328
Nationwide Mutual Insurance Co. (Subordinated), 3 Mo. Libor + 2.29%, 7.89%, 12/15/24 1, 4		195,000		195,166
Northern Trust Corp. (Subordinated), 3.38%, 5/8/32 1		250,000		236,269
Polar Tankers, Inc., 5.95%, 5/10/37 4		91,175		92,655
SBA Tower Trust, 6.60%, 1/15/28 4		145,000		148,017
Security Benefit Life Insurance Co. (Subordinated), 7.45%, 10/1/33 4		100,000		95,877
State Street Corp., 5.16%, 5/18/34 1		175,000		173,280
Truist Financial Corp., 7.16%, 10/30/29 1		175,000		185,909
Union Electric Co., 4.00%, 4/1/48		100,000		78,041
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 5/1/32		121,192		104,926
				3,586,865
Federal Home Loan Mortgage Corporation - 0.2%
7.50%, 10/1/38		92,371		97,836
8.50%, 5/1/31		36,675		37,610
				135,446
Federal National Mortgage Association - 2.4%
4.50%, 7/1/52		307,519		290,822
4.50%, 9/1/52		312,257		295,118
5.00%, 1/1/30		123,364		122,553
5.50%, 8/1/56		146,840		149,371
6.00%, 7/1/41		119,216		122,558
6.00%, 9/1/53		162,540		163,200
6.00%, 10/1/53		331,646		333,777
6.50%, 9/1/27		11,497		11,712
7.00%, 1/1/32		4,055		4,047
7.00%, 3/1/33		6,402		6,533
7.00%, 12/1/38		5,120		5,176
8.31%, 7/15/26		264		263
				1,505,130

See accompanying notes to financial statements.

JUNE 30, 2024 3

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Balanced Fund (Continued)

 

Name of Issuer	Principal Amount ($)		Fair Value ($)
Government National Mortgage Association - 1.4%
3.50%, 2/20/52		251,915		226,687
4.00%, 9/20/52		228,986		208,081
5.00%, 5/20/48		20,508		20,211
5.50%, 9/20/52		85,468		83,859
5.50%, 8/20/62		184,674		182,426
6.00%, 9/20/53		164,802		164,536
6.50%, 11/20/38		8,561		8,734
7.00%, 12/15/24		180		180
7.00%, 11/20/27		2,924		2,978
7.00%, 9/20/29		10,150		10,342
7.00%, 9/20/38		5,310		5,439
7.50%, 4/20/32		6,886		6,938
				920,411
Taxable Municipal Securities - 6.2%
Benton & Polk Sch. Dist. No. 17J G.O., 5.47%, 6/15/27		150,000		152,010
City of Aurora G.O., 5.01%, 12/30/30		300,000		301,071
City of Dallas G.O., 5.61%, 2/15/30		250,000		255,197
City of Modesto CA Wastewater Rev., 1.20%, 11/1/26		240,000		220,128
CO Health Facs. Auth., 3.13%, 5/15/27		250,000		226,127
Colorado Edu. & Cultural Fac. Auth., 3.97%, 3/1/56		205,000		159,441
Coventry Local Sch. Dist., 2.20%, 11/1/29		200,000		175,028
LaGrange Co. Regional Utility Dist., 2.98%, 1/1/40		230,000		182,533
MA Bay Trans. Auth., 5.77%, 7/1/31		185,000		187,216
MA Hsg. Fin. Agy., 5.11%, 6/1/30		250,000		250,598
Maricopa Co. Industrial Dev. Auth., 3.50%, 7/1/44 4		100,000		82,344
Massachusetts Edu. Auth.:
4.41%, 7/1/34		15,000		14,470
4.95%, 7/1/38		195,000		186,757
5.95%, 7/1/44		150,000		145,866
MN Hsg. Fin. Agy., 2.31%, 1/1/27		135,000		126,650
Public Fin. Auth., 4.23%, 7/1/32		105,000		99,682
State of Connecticut G.O., 5.09%, 10/1/30		100,000		98,975
Texas Children’s Hospital, 3.37%, 10/1/29 17		115,000		108,779
Utah Charter Sch. Fin. Auth., 2.40%, 10/15/27		205,000		188,067
VA Hsg. Dev. Auth., 2.21%, 11/1/30		250,000		214,710
VT Hsg. Fin. Agy., 6.25%, 11/1/54		200,000		205,288
WA State Hsg. Fin. Comm., 3.50%, 7/1/24 4		20,000		20,000
Wichita Falls, 1.65%, 9/1/28		145,000		128,026
WV Hsg. Dev. Fund Rev., 5.45%, 5/1/34		250,000		251,148
				3,980,111

Name of Issuer	Principal Amount ($)		Fair Value ($)
U.S. Treasury / Federal Agency Securities - 6.1%
U.S. Treasury - 6.1%
U.S. Treasury Bonds:
3.63%, 2/15/53		275,000		235,437
4.25%, 2/15/54		200,000		191,625
4.63%, 5/15/54		225,000		229,500
4.75%, 11/15/53		1,200,000		1,248,187
U.S. Treasury Notes:
4.00%, 1/31/29		1,325,000		1,305,384
4.25%, 3/31/29		300,000		297,117
4.38%, 5/15/34		225,000		225,563
4.50%, 11/15/33		200,000		202,281
				3,935,094
Total Bonds (cost $18,861,870)				18,068,897
Name of Issuer	Quantity		Fair Value ($)
Investment Companies 4.8%
Angel Oak Financial Strategies Income Trust		8,400		103,908
BlackRock California Municipal Income Trust		1,700		20,349
BlackRock Credit Allocation Income Trust		11,350		121,559
BlackRock Enhanced Government Fund		4,174		38,985
BlackRock Municipal Income Fund, Inc.		12,800		157,952
BlackRock MuniHoldings NY Quality Fund		600		6,456
BlackRock MuniYield NY Quality Fund, Inc.		2,600		27,222
BlackRock New York Municipal Income Trust		500		5,355
BlackRock Taxable Municipal Bond Trust		10,671		174,471
BNY Mellon Municipal Income, Inc.		1,900		13,661
DWS Municipal Income Trust		12,900		122,163
Eaton Vance California Municipal Bond Fund		2,000		19,020
Eaton Vance Municipal Bond Fund		13,400		141,772
Eaton Vance New York Municipal Bond Fund		1,100		10,846
First Trust Mortgage Income Fund		3,800		45,334
Invesco Municipal Opportunity Trust		21,395		215,662
Invesco Municipal Trust		5,900		58,764
Invesco PA Value Municipal Income Trust		4,900		53,214
Invesco Trust for Investment Grade Municipals		8,700		89,349
Invesco Trust for Investment Grade NY Munis		5,500		61,820
MFS Intermediate Income Trust		62,200		165,452
Nuveen AMT-Free Muni Credit Income Fund		5,134		63,970
Nuveen AMT-Free Quality Muni Income Fund		19,500		223,470
Nuveen Multi-Market Income Fund		17,353		103,597
Nuveen NJ Quality Muni Income Fund		8,800		107,448
Nuveen NY AMT-Free Quality Muni Fund		8,800		97,592
Nuveen PA Quality Muni Income Fund		8,600		104,920
Nuveen Quality Municipal Income Fund		14,400		169,056
Nuveen Taxable Municipal Income Fund		7,067		109,609
Putnam Master Intermediate Income Trust		61,000		196,725
Putnam Premier Income Trust		45,692		163,577
TCW Strategic Income Fund, Inc.		18,000		85,320
Western Asset Intermediate Muni Fund, Inc.		1,800		14,148
Total Investment Companies (cost: $3,143,882)				3,092,746

See accompanying notes to financial statements.

4 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

 

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 2.7%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $1,765,021)		1,765,021		1,765,021
Total Investments in Securities - 99.7% (cost $41,253,429)				64,149,759
Other Assets and Liabilities, net - 0.3%				185,532
Net Assets - 100.0%				$64,335,291

^*  Non-income producing security.

¹  Variable rate security. Rate disclosed is as of June 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2024 was $3,741,965 and represented 5.8% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

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

ADR — American Depositary Receipt

LLC — Limited Liability Company

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)			Level 3 Significant unobservable inputs ($)			Total ($)
Common Stocks**		41,223,095		—			—			41,223,095
Asset-Backed Securities		—		102,628			—			102,628
Collateralized Mortgage Obligations		—		3,903,212			—			3,903,212
Corporate Bonds		—		3,586,865			—			3,586,865
Federal Home Loan Mortgage Corporation		—		135,446			—			135,446
Federal National Mortgage Association		—		1,505,130			—			1,505,130
Government National Mortgage Association		—		920,411			—			920,411
Taxable Municipal Securities		—		3,980,111			—			3,980,111
U.S. Treasury / Federal Agency Securities		—		3,935,094			—			3,935,094
Investment Companies		3,092,746		—			—			3,092,746
Short-Term Securities		1,765,021		—			—			1,765,021
Total:		46,080,862		18,068,897			—			64,149,759

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 5

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 99.3%
Commercial Services - 2.0%
Booz Allen Hamilton Holding Corp.		13,825		2,127,668
S&P Global, Inc.		6,125		2,731,750
				4,859,418
Communications - 1.2%
Verizon Communications, Inc.		72,950		3,008,458
Consumer Non-Durables - 4.1%
Mondelez International, Inc.		18,575		1,215,548
NIKE, Inc.		19,025		1,433,914
PepsiCo, Inc.		21,425		3,533,626
Procter & Gamble Co.		23,050		3,801,406
				9,984,494
Consumer Services - 2.3%
McDonald’s Corp.		10,500		2,675,820
Visa, Inc.		11,085		2,909,480
				5,585,300
Electronic Technology - 19.8%
Apple, Inc.		63,425		13,358,573
Applied Materials, Inc.		16,875		3,982,331
Broadcom, Inc.		5,662		9,090,511
Cisco Systems, Inc.		36,500		1,734,115
Dell Technologies, Inc.		13,550		1,868,681
Garmin, Ltd.		15,925		2,594,501
International Business Machines Corp.		15,125		2,615,869
Micron Technology, Inc.		9,950		1,308,723
NVIDIA Corp.		65,300		8,067,162
TE Connectivity, Ltd.		23,125		3,478,694
				48,099,160
Energy Minerals - 4.1%
ConocoPhillips		32,975		3,771,680
Exxon Mobil Corp.		53,200		6,124,384
				9,896,064
Finance - 13.1%
Air Lease Corp.		31,650		1,504,325
American International Group, Inc.		40,625		3,016,000
Axis Capital Holdings, Ltd.		23,580		1,665,927
Bank of New York Mellon Corp.		45,525		2,726,492
Carlyle Group, Inc.		42,100		1,690,315
Citigroup, Inc.		45,225		2,869,979
Everest Group, Ltd.		4,985		1,899,385
Goldman Sachs Group, Inc.		4,795		2,168,874
Intercontinental Exchange, Inc.		19,135		2,619,390
Invitation Homes, Inc.		35,300		1,266,917
JPMorgan Chase & Co.		20,720		4,190,827
Realty Income Corp.		54,900		2,899,818
Reinsurance Group of America, Inc.		16,150		3,315,110
				31,833,359
Health Services - 4.2%
Cardinal Health, Inc.		20,550		2,020,476
Quest Diagnostics, Inc.		20,625		2,823,150
UnitedHealth Group, Inc.		10,740		5,469,452
				10,313,078

Name of Issuer	Quantity		Fair Value ($)
Health Technology - 10.6%
Abbott Laboratories		27,050		2,810,766
AbbVie, Inc.		20,300		3,481,856
Agilent Technologies, Inc.		14,575		1,889,357
AstraZeneca, PLC, ADR		45,275		3,530,997
Eli Lilly & Co.		2,240		2,028,051
Johnson & Johnson		16,675		2,437,218
Medtronic, PLC		22,890		1,801,672
Merck & Co., Inc.		23,775		2,943,345
Novo Nordisk A/S, ADR		14,075		2,009,066
Zimmer Biomet Holdings, Inc.		26,150		2,838,059
				25,770,387
Industrial Services - 2.1%
Waste Management, Inc.		11,575		2,469,410
Williams Cos., Inc.		64,365		2,735,513
				5,204,923
Process Industries - 1.0%
PPG Industries, Inc.		18,550		2,335,260
Producer Manufacturing - 7.0%
Eaton Corp., PLC		8,775		2,751,401
Emerson Electric Co.		26,900		2,963,304
General Dynamics Corp.		11,330		3,287,286
Honeywell International, Inc.		11,905		2,542,194
L3Harris Technologies, Inc.		9,655		2,168,320
Parker-Hannifin Corp.		3,635		1,838,620
Siemens AG, ADR		16,425		1,531,631
				17,082,756
Retail Trade - 5.0%
Amazon.com, Inc. *		18,100		3,497,825
eBay, Inc.		28,100		1,509,532
Home Depot, Inc.		9,070		3,122,257
Target Corp.		7,350		1,088,094
TJX Cos., Inc.		27,000		2,972,700
				12,190,408
Technology Services - 15.4%
Accenture, PLC		10,450		3,170,635
Adobe, Inc. *		4,350		2,416,599
Alphabet, Inc. - Class A		23,075		4,203,111
Intuit, Inc.		4,035		2,651,842
Meta Platforms, Inc.		6,300		3,176,586
Microsoft Corp.		42,180		18,852,351
Oracle Corp.		21,700		3,064,040
				37,535,164
Transportation - 3.0%
FedEx Corp.		9,385		2,813,998
TFI International, Inc.		9,500		1,379,020
Union Pacific Corp.		13,400		3,031,884
				7,224,902
Utilities - 4.4%
DTE Energy Co.		22,825		2,533,803
NextEra Energy, Inc.		30,750		2,177,407
NiSource, Inc.		108,650		3,130,207

See accompanying notes to financial statements.

6 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

 

Name of Issuer	Quantity		Fair Value ($)
PPL Corp.		108,800		3,008,320
				10,849,737
Total Common Stocks (cost: $172,950,228)				241,772,868
Short-Term Securities - 0.7%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $1,623,333)		1,623,333		1,623,333
Total Investments in Securities - 100.0% (cost $174,573,561)				243,396,201
Other Assets and Liabilities, net - (0.0)%				(119,073	)
Net Assets - 100.0%				$243,277,128

* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)
Common Stocks**		241,772,868		—		—		241,772,868
Short-Term Securities		1,623,333		—		—		1,623,333
Total:		243,396,201		—		—		243,396,201

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 7

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Global Dividend Growth Fund

Investments are grouped by geographic region

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 98.4%
Asia - 4.3%
Australia - 2.2%
Atlassian Corp. *		3,445		609,352
Macquarie Group, Ltd.		3,810		520,250
				1,129,602
Japan - 1.1%
Recruit Holdings Co., Ltd.		10,600		567,060
Singapore - 1.0%
Singapore Technologies Engineering, Ltd.		155,000		494,948
Europe - 31.5%
Denmark - 0.5%
Novo Nordisk A/S, ADR		1,925		274,774
France - 0.8%
Safran SA, ADR		7,520		400,440
Germany - 5.3%
Allianz SE, ADR		34,190		947,747
Infineon Technologies AG		6,275		230,537
Muenchener Rueckversicherungs AG		1,470		735,196
Siemens AG		4,250		790,693
				2,704,173
Ireland - 4.6%
Accenture, PLC		3,285		996,702
Linde, PLC		1,445		634,081
Trane Technologies, PLC		2,125		698,976
				2,329,759
Spain - 1.5%
Iberdrola SA		59,010		765,629
Switzerland - 5.7%
Chubb, Ltd.		2,590		660,657
Logitech International SA		2,650		256,732
Lonza Group AG		930		507,621
Nestle SA		5,935		605,886
Partners Group Holding AG		705		905,526
				2,936,422
United Kingdom - 13.1%
AstraZeneca, PLC, ADR		15,040		1,172,970
BAE Systems, PLC		63,905		1,066,326
Compass Group, PLC		14,170		386,906
Diageo, PLC, ADR		4,125		520,080
London Stock Exchange Group, PLC		6,715		797,913
Man Group, PLC		216,290		662,204
RELX, PLC		14,120		649,633
Shell, PLC, ADR		20,055		1,447,570
				6,703,602
North America - 62.6%
United States - 62.6%
Abbott Laboratories		7,230		751,269
AbbVie, Inc.		750		128,640
Alphabet, Inc. - Class A		8,790		1,601,099
Apple, Inc.		18,220		3,837,496

Name of Issuer	Quantity		Fair Value ($)
Applied Materials, Inc.		7,985		1,884,380
Arthur J Gallagher & Co.		3,685		955,557
Broadcom, Inc.		1,785		2,865,871
Cheniere Energy, Inc.		2,830		494,769
ConocoPhillips		4,025		460,380
Constellation Brands, Inc.		2,690		692,083
FedEx Corp.		1,900		569,696
Goldman Sachs Group, Inc.		1,370		619,678
Home Depot, Inc.		2,490		857,158
Honeywell International, Inc.		3,130		668,380
Johnson & Johnson		5,865		857,228
JPMorgan Chase & Co.		7,180		1,452,227
Lockheed Martin Corp.		1,525		712,327
McDonald’s Corp.		1,820		463,809
Microsoft Corp.		10,475		4,681,801
Mondelez International, Inc.		6,940		454,154
NVIDIA Corp.		11,500		1,420,710
Otis Worldwide Corp.		3,785		364,344
PepsiCo, Inc.		4,765		785,891
Salesforce, Inc.		705		181,256
Sherwin-Williams Co.		1,835		547,619
Thermo Fisher Scientific, Inc.		1,145		633,185
Union Pacific Corp.		3,960		895,990
UnitedHealth Group, Inc.		1,930		982,872
Waste Management, Inc.		2,880		614,419
WEC Energy Group, Inc.		3,010		236,165
Williams Cos., Inc.		8,500		361,250
				32,031,703
Total Common Stocks (cost: $22,385,080)				50,338,112
Short-Term Securities - 1.4%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $698,629)		698,629		698,629
Total Investments in Securities - 99.8% (cost $23,083,709)				51,036,741
Other Assets and Liabilities, net - 0.2%				77,794
Net Assets - 100.0%				$51,114,535

^*  Non-income producing security.

  ADR — American Depositary Receipt

  PLC — Public Limited Company

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

See accompanying notes to financial statements.

8 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted    Prices ($)		Level 2 Other significant  observable inputs ($)		Level 3 Significant   unobservable inputs ($)		Total ($)
Common Stocks
Australia		1,129,602		—		—		1,129,602
Denmark		274,774		—		—		274,774
France		400,440		—		—		400,440
Germany		2,704,173		—		—		2,704,173
Ireland		2,329,759		—		—		2,329,759
Japan		567,060		—		—		567,060
Singapore		494,948		—		—		494,948
Spain		765,629		—		—		765,629
Switzerland		2,936,422		—		—		2,936,422
United Kingdom		6,703,602		—		—		6,703,602
United States		32,031,703		—		—		32,031,703
Short-Term Securities		698,629		—		—		698,629
Total:		51,036,741		—		—		51,036,741

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 9

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Large Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 97.5%
Consumer Durables - 0.5%
Sony Group Corp., ADR		13,200		1,121,340
Consumer Non-Durables - 2.4%
Constellation Brands, Inc.		7,425		1,910,304
Mondelez International, Inc.		12,850		840,904
NIKE, Inc.		9,050		682,099
PepsiCo, Inc.		10,000		1,649,300
				5,082,607
Consumer Services - 2.5%
McDonald’s Corp.		6,650		1,694,686
Visa, Inc.		13,650		3,582,715
				5,277,401
Electronic Technology - 29.1%
Apple, Inc.		107,900		22,725,898
Applied Materials, Inc.		22,175		5,233,078
Arista Networks, Inc. *		3,750		1,314,300
Broadcom, Inc.		5,250		8,429,033
NVIDIA Corp.		173,100		21,384,774
Palo Alto Networks, Inc. *		9,225		3,127,367
				62,214,450
Energy Minerals - 1.5%
Chevron Corp.		2,100		328,482
ConocoPhillips		24,600		2,813,748
				3,142,230
Finance - 2.1%
Chubb, Ltd.		5,050		1,288,154
Goldman Sachs Group, Inc.		5,150		2,329,448
JPMorgan Chase & Co.		4,900		991,074
				4,608,676
Health Services - 2.9%
Centene Corp. *		16,425		1,088,978
UnitedHealth Group, Inc.		10,125		5,156,257
				6,245,235
Health Technology - 6.4%
Abbott Laboratories		15,500		1,610,605
AbbVie, Inc.		2,975		510,272
Dexcom, Inc. *		22,000		2,494,360
Eli Lilly & Co.		2,400		2,172,912
Intuitive Surgical, Inc. *		3,800		1,690,430
Johnson & Johnson		6,150		898,884
Novo Nordisk A/S, ADR		7,600		1,084,824
Thermo Fisher Scientific, Inc.		5,250		2,903,250
Zimmer Biomet Holdings, Inc.		3,075		333,730
				13,699,267
Industrial Services - 1.1%
Cheniere Energy, Inc.		13,675		2,390,800
Non-Energy Minerals - 0.5%
Trex Co., Inc. *		13,800		1,022,856
Process Industries - 1.3%
Linde, PLC		2,650		1,162,846

Name of Issuer	Quantity		Fair Value ($)
Sherwin-Williams Co.		5,225		1,559,297
				2,722,143
Producer Manufacturing - 5.0%
BAE Systems, PLC, ADR		15,500		1,036,175
Eaton Corp., PLC		3,300		1,034,715
Emerson Electric Co.		9,800		1,079,568
General Dynamics Corp.		3,550		1,029,997
Honeywell International, Inc.		8,425		1,799,075
Northrop Grumman Corp.		1,875		817,406
Parker-Hannifin Corp.		3,950		1,997,949
Siemens AG, ADR		21,675		2,021,194
				10,816,079
Retail Trade - 9.8%
Amazon.com, Inc. *		63,000		12,174,750
Home Depot, Inc.		8,425		2,900,222
Lululemon Athletica, Inc. *		4,425		1,321,747
Netflix, Inc. *		2,300		1,552,224
TJX Cos., Inc.		18,075		1,990,058
Ulta Beauty, Inc. *		2,800		1,080,436
				21,019,437
Technology Services - 30.0%
Accenture, PLC		10,200		3,094,782
Adobe, Inc. *		6,250		3,472,125
Alphabet, Inc. - Class A		12,500		2,276,875
Alphabet, Inc. - Class C		73,500		13,481,370
Atlassian Corp. *		7,675		1,357,554
Autodesk, Inc. *		6,300		1,558,935
Intuit, Inc.		5,200		3,417,492
Meta Platforms, Inc.		9,725		4,903,539
Microsoft Corp.		55,000		24,582,250
Paycom Software, Inc.		2,500		357,600
salesforce.com, Inc.		15,225		3,914,348
ServiceNow, Inc. *		2,275		1,789,674
				64,206,544
Transportation - 2.0%
FedEx Corp.		7,575		2,271,288
Union Pacific Corp.		9,200		2,081,592
				4,352,880
Utilities - 0.4%
NextEra Energy, Inc.		13,100		927,611
Total Common Stocks (cost: $65,630,670)				208,849,556
Short-Term Securities - 2.5%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $5,360,832)		5,360,832		5,360,832
Total Investments in Securities - 100.0% (cost $70,991,502)				214,210,388
Other Assets and Liabilities, net - (0.0)%				(97,971	)
Net Assets - 100.0%			$	214,112,417

* Non-income producing security.

See accompanying notes to financial statements.

10 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

  ADR — American Depositary Receipt

  PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)	Total ($)
Common Stocks**		208,849,556		—	—		208,849,556
Short-Term Securities		5,360,832		—	—		5,360,832
Total:		214,210,388		—	—		214,210,388

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 11

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit ESG Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 96.9%
Asia - 5.7%
Japan - 4.6%
Keyence Corp.		200		87,700
Recruit Holdings Co., Ltd.		3,100		165,838
Sony Group Corp., ADR		2,175		184,766
Terumo Corp.		5,200		85,746
				524,050
Singapore - 1.1%
Singapore Technologies Engineering, Ltd.		37,400		119,426
Europe - 32.8%
Denmark - 1.0%
Novo Nordisk A/S, ADR		800		114,192
France - 1.5%
Forvia SE		2,358		27,917
Safran SA, ADR		2,750		146,438
				174,355
Germany - 5.8%
Allianz SE, ADR		8,800		243,936
Deutsche Post AG		1,550		62,730
Infineon Technologies AG		1,225		45,005
Muenchener Rueckversicherungs AG		275		137,537
Siemens AG, ADR		1,775		165,519
				654,727
Ireland - 5.9%
Accenture, PLC		750		227,557
CRH, PLC		1,200		89,976
Medtronic, PLC		725		57,065
Trane Technologies, PLC		875		287,814
				662,412
Netherlands - 0.6%
ASML Holding NV		65		66,477
Spain - 1.9%
Iberdrola SA, ADR		4,050		211,896
Switzerland - 3.0%
Chubb, Ltd.		250		63,770
Logitech International SA		590		57,159
Lonza Group AG		185		100,979
Nestle SA, ADR		1,200		122,940
				344,848
United Kingdom - 13.1%
AstraZeneca, PLC, ADR		3,625		282,714
BAE Systems, PLC, ADR		3,200		213,920
Coca-Cola Europacific Partners, PLC		2,100		153,027
Compass Group, PLC		3,600		98,296
Diageo, PLC, ADR		785		98,973
Entain, PLC		10,225		81,430
Man Group, PLC		55,725		170,610
RELX, PLC, ADR		4,700		215,636
Rentokil Initial, PLC, ADR		2,375		70,419
Smith & Nephew, PLC		8,050		99,786
				1,484,811

Name of Issuer	Quantity		Fair Value ($)
North America - 58.4%
United States - 58.4%
AbbVie, Inc.		160		27,443
Adobe, Inc. *		450		249,993
AES Corp.		3,025		53,149
Alphabet, Inc. - Class A		2,500		455,375
Apple, Inc.		3,600		758,232
Broadcom, Inc.		125		200,691
Cheniere Energy, Inc.		775		135,493
Dexcom, Inc. *		1,080		122,450
Ecolab, Inc.		325		77,350
FedEx Corp.		375		112,440
Gilead Sciences, Inc.		1,190		81,646
Goldman Sachs Group, Inc.		600		271,392
Home Depot, Inc.		745		256,459
Johnson & Johnson		1,175		171,738
JPMorgan Chase & Co.		1,075		217,430
Lockheed Martin Corp.		275		128,453
Microsoft Corp.		2,000		893,900
NIKE, Inc.		850		64,065
NVIDIA Corp.		10,000		1,235,400
PepsiCo, Inc.		875		144,314
salesforce.com, Inc.		850		218,535
Starbucks Corp.		1,000		77,850
T Rowe Price Group, Inc.		475		54,772
TJX Cos., Inc.		1,380		151,938
UnitedHealth Group, Inc.		500		254,630
Visa, Inc.		475		124,673
Williams Cos., Inc.		1,800		76,500
				6,616,311
Total Common Stocks (cost: $5,540,410)				10,973,505
Short-Term Securities - 3.0%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $341,750)		341,750		341,750
Total Investments in Securities - 99.9% (cost $5,882,160)				11,315,255
Other Assets and Liabilities, net - 0.1%				9,713
Net Assets - 100.0%				$11,324,968

^*  Non-income producing security.

 ADR — American Depositary Receipt

 PLC — Public Limited Company

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

See accompanying notes to financial statements.

12 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks
Denmark		114,192		—		—		114,192
France		174,355		—		—		174,355
Germany		654,727		—		—		654,727
Ireland		662,412		—		—		662,412
Japan		524,050		—		—		524,050
Netherlands		66,477		—		—		66,477
Singapore		119,426		—		—		119,426
Spain		211,896		—		—		211,896
Switzerland		344,848		—		—		344,848
United Kingdom		1,484,811		—		—		1,484,811
United States		6,616,311		—		—		6,616,311
Short-Term Securities		341,750		—		—		341,750
Total:		11,315,255		—		—		11,315,255

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 13

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Mid Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 97.9%
Commercial Services - 3.5%
ASGN, Inc. *		13,525		1,192,499
Booz Allen Hamilton Holding Corp.		27,550		4,239,945
Copart, Inc. *		32,000		1,733,120
				7,165,564
Communications - 0.6%
Iridium Communications, Inc.		47,300		1,259,126
Consumer Durables - 0.9%
Take-Two Interactive Software, Inc. *		4,892		760,657
YETI Holdings, Inc. *		28,100		1,072,015
				1,832,672
Consumer Non-Durables - 1.5%
Coca-Cola Europacific Partners, PLC		40,700		2,965,809
Consumer Services - 2.2%
Nexstar Media Group, Inc.		18,250		3,029,683
Vail Resorts, Inc.		7,700		1,387,001
				4,416,684
Electronic Technology - 18.8%
Applied Materials, Inc.		24,350		5,746,356
Arista Networks, Inc. *		35,075		12,293,086
Broadcom, Inc.		8,085		12,980,710
Ciena Corp. *		16,525		796,175
MKS Instruments, Inc.		15,100		1,971,758
Monolithic Power Systems, Inc.		5,400		4,437,072
				38,225,157
Energy Minerals - 3.7%
Chord Energy Corp.		18,850		3,160,768
Northern Oil & Gas, Inc.		73,100		2,717,127
Texas Pacific Land Corp.		2,295		1,685,150
				7,563,045
Finance - 8.8%
Air Lease Corp.		32,900		1,563,737
Ameriprise Financial, Inc.		10,000		4,271,900
Arthur J Gallagher & Co.		11,600		3,007,996
Carlyle Group, Inc.		85,700		3,440,855
Intercontinental Exchange, Inc.		25,300		3,463,317
Reinsurance Group of America, Inc.		10,300		2,114,281
				17,862,086
Health Services - 4.0%
Encompass Health Corp.		41,200		3,534,548
Molina Healthcare, Inc. *		6,250		1,858,125
Tenet Healthcare Corp. *		20,225		2,690,532
				8,083,205
Health Technology - 12.8%
Align Technology, Inc. *		6,025		1,454,616
Ascendis Pharma A/S, ADR *		7,375		1,005,803
BioMarin Pharmaceutical, Inc. *		23,500		1,934,755
Bio-Techne Corp.		32,900		2,357,285
Dexcom, Inc. *		48,040		5,446,775
Exact Sciences Corp. *		40,850		1,725,912
Glaukos Corp. *		4,525		535,534
Inspire Medical Systems, Inc. *		4,075		545,357

Name of Issuer	Quantity		Fair Value ($)
Insulet Corp. *		18,000		3,632,400
Natera, Inc. *		9,500		1,028,755
Sarepta Therapeutics, Inc. *		19,225		3,037,550
Thermo Fisher Scientific, Inc.		6,100		3,373,300
				26,078,042
Industrial Services - 5.5%
Cheniere Energy, Inc.		20,000		3,496,600
Jacobs Solutions, Inc.		24,700		3,450,837
Waste Connections, Inc.		23,400		4,103,424
				11,050,861
Non-Energy Minerals - 1.4%
Trex Co., Inc. *		38,625		2,862,885
Producer Manufacturing - 8.9%
AGCO Corp.		12,700		1,243,076
AMETEK, Inc.		14,675		2,446,469
Axon Enterprise, Inc. *		6,800		2,000,832
Carlisle Cos., Inc.		10,075		4,082,491
Donaldson Co., Inc.		22,950		1,642,302
Dover Corp.		21,875		3,947,344
Hubbell, Inc.		7,500		2,741,100
				18,103,614
Retail Trade - 5.3%
Lululemon Athletica, Inc. *		4,700		1,403,890
TJX Cos., Inc.		55,175		6,074,767
Ulta Beauty, Inc. *		8,600		3,318,482
				10,797,139
Technology Services - 18.4%
Altair Engineering, Inc. *		24,800		2,432,384
ANSYS, Inc. *		10,750		3,456,125
Aspen Technology, Inc. *		8,358		1,660,150
Atlassian Corp. *		16,950		2,998,116
Autodesk, Inc. *		14,800		3,662,260
Booking Holdings, Inc.		450		1,782,675
Crowdstrike Holdings, Inc. *		6,500		2,490,735
Dynatrace, Inc. *		65,375		2,924,878
Euronet Worldwide, Inc. *		16,075		1,663,762
Globant SA *		13,000		2,317,380
HubSpot, Inc. *		6,825		4,025,317
Paycom Software, Inc.		7,600		1,087,104
PTC, Inc. *		32,550		5,913,358
Spotify Technology SA *		3,250		1,019,817
				37,434,061
Transportation - 1.1%
Alaska Air Group, Inc. *		17,300		698,920
Knight-Swift Transportation Holdings, Inc.		28,500		1,422,720
				2,121,640
Utilities - 0.5%
WEC Energy Group, Inc.		12,800		1,004,288
Total Common Stocks (cost: $88,684,822)				198,825,878

See accompanying notes to financial statements.

14 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

 

Name of Issuer	Quantity		Fair Value ($)
Short-Term Securities - 2.2%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $4,486,737)		4,486,737		4,486,737
Total Investments in Securities - 100.1% (cost $93,171,559)				203,312,615
Other Assets and Liabilities, net - (0.1)%				(128,406)
Net Assets - 100.0%				$203,184,209

                 

* Non-income producing security.

  ADR — American Depositary Receipt

  PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted		Other significant		Significant
	Prices ($)		observable inputs ($)		unobservable inputs ($)		Total ($)
Common Stocks**		198,825,878		—		—		198,825,878
Short-Term Securities		4,486,737		—		—		4,486,737
Total:		203,312,615		—		—		203,312,615

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 15

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Small Cap Dividend Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 94.7%
Commercial Services - 4.3%
Booz Allen Hamilton Holding Corp.		2,700		415,530
Brink’s Co.		1,825		186,880
Colliers International Group, Inc.		3,600		401,940
FTI Consulting, Inc. *		1,000		215,530
				1,219,880
Communications - 0.7%
Iridium Communications, Inc.		7,050		187,671
Consumer Durables - 1.4%
Century Communities, Inc.		2,175		177,611
National Presto Industries, Inc.		750		56,347
YETI Holdings, Inc. *		4,075		155,461
				389,419
Consumer Non-Durables - 1.5%
Crocs, Inc. *		1,700		248,098
Sensient Technologies Corp.		2,450		181,766
				429,864
Consumer Services - 2.2%
Nexstar Media Group, Inc.		2,650		439,927
Vail Resorts, Inc.		1,100		198,143
				638,070
Electronic Technology - 6.5%
Coherent Corp. *		2,450		177,527
Entegris, Inc.		991		134,181
MKS Instruments, Inc.		3,275		427,650
Monolithic Power Systems, Inc.		1,050		862,764
Power Integrations, Inc.		3,400		238,646
				1,840,768
Energy Minerals - 4.3%
Chord Energy Corp.		3,860		647,245
Northern Oil & Gas, Inc.		15,600		579,852
				1,227,097
Finance - 23.6%
Air Lease Corp.		8,175		388,558
Artisan Partners Asset Management, Inc.		5,350		220,795
Axis Capital Holdings, Ltd.		6,750		476,888
Broadstone Net Lease, Inc.		18,800		298,356
Cadence Bank		9,450		267,246
CareTrust REIT, Inc.		3,000		75,300
Carlyle Group, Inc.		8,075		324,211
CNO Financial Group, Inc.		14,000		388,080
CubeSmart		5,250		237,142
Essential Properties Realty Trust, Inc.		10,050		278,485
Evercore, Inc.		1,900		396,017
H&E Equipment Services, Inc.		8,100		357,777
Hannon Armstrong Sust. Inf. Cap., Inc.		4,825		142,820
Hanover Insurance Group, Inc.		2,900		363,776
Hercules Capital, Inc.		7,725		157,976
Horace Mann Educators Corp.		10,200		332,724
Mercury General Corp.		7,200		382,608
Old National Bancorp		20,675		355,403
Piper Sandler Cos.		1,450		333,747
PotlatchDeltic Corp.		2,810		110,686
Provident Financial Services, Inc.		16,100		231,035

Name of Issuer	Quantity		Fair Value ($)
Stifel Financial Corp.		5,300		445,995
Western Alliance Bancorp		2,100		131,922
				6,697,547
Health Services - 5.3%
Addus HomeCare Corp. *		4,525		525,398
Encompass Health Corp.		5,025		431,095
Patterson Cos., Inc.		7,325		176,679
Tenet Healthcare Corp. *		2,875		382,461
				1,515,633
Health Technology - 6.3%
AtriCure, Inc. *		12,500		284,625
Bio-Techne Corp.		2,650		189,872
Glaukos Corp. *		625		73,969
Intellia Therapeutics, Inc. *		8,675		194,147
Lantheus Holdings, Inc. *		4,700		377,363
STERIS, PLC		975		214,051
Supernus Pharmaceuticals, Inc. *		5,600		149,800
Vericel Corp. *		6,750		309,690
				1,793,517
Industrial Services - 8.9%
DT Midstream, Inc.		3,850		273,466
EMCOR Group, Inc.		1,850		675,398
KBR, Inc.		10,775		691,108
Kodiak Gas Services, Inc.		8,675		236,481
MYR Group, Inc. *		1,400		189,994
TechnipFMC, PLC		17,750		464,162
				2,530,609
Non-Energy Minerals - 3.5%
AZEK Co., Inc. *		5,700		240,141
Commercial Metals Co.		3,950		217,210
Eagle Materials, Inc.		2,075		451,230
MP Materials Corp. *		6,600		84,018
				992,599
Process Industries - 4.9%
Avient Corp.		2,125		92,756
Cabot Corp.		2,450		225,131
Huntsman Corp.		4,650		105,880
Olin Corp.		7,625		359,519
Silgan Holdings, Inc.		8,000		338,640
Stepan Co.		3,325		279,167
				1,401,093
Producer Manufacturing - 11.4%
AeroVironment, Inc. *		2,550		464,508
AGCO Corp.		1,350		132,138
AZZ, Inc.		3,650		281,962
Belden, Inc.		3,175		297,815
Carlisle Cos., Inc.		775		314,038
Crane Co.		3,275		474,810
Crane NXT Co.		3,275		201,150
Donaldson Co., Inc.		2,675		191,423
EnPro, Inc.		1,575		229,273
Hubbell, Inc.		850		310,658
Lincoln Electric Holdings, Inc.		1,075		202,788
Regal Rexnord Corp.		1,042		140,899
				3,241,462

See accompanying notes to financial statements.

16 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Name of Issuer	Quantity		Fair Value ($)
Retail Trade - 2.4%
Boot Barn Holdings, Inc. *		2,225		286,869
Casey’s General Stores, Inc.		1,025		391,099
				677,968
Technology Services - 3.3%
Altair Engineering, Inc. *		3,675		360,444
Globant SA *		2,625		467,933
nCino, Inc. *		3,100		97,495
				925,872
Transportation - 3.0%
Knight-Swift Transportation Holdings, Inc.		3,700		184,704
Marten Transport, Ltd.		8,450		155,902
TFI International, Inc.		3,475		504,431
				845,037
Utilities - 1.2%
Chesapeake Utilities Corp.		3,075		326,565
Total Common Stocks (cost: $18,434,398)				26,880,671
Short-Term Securities - 5.2%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $1,474,408)		1,474,408		1,474,408
Total Investments in Securities - 99.9% (cost $19,908,806)				28,355,079
Other Assets and Liabilities, net - 0.1%				24,532
Net Assets - 100.0%				$28,379,611

^*  Non-income producing security.

  PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted    Prices ($)		Level 2 Other significant  observable inputs ($)		Level 3 Significant   unobservable inputs ($)		Total ($)
Common Stocks**		26,880,671		—		—		26,880,671
Short-Term Securities		1,474,408		—		—		1,474,408
Total:		28,355,079		—		—		28,355,079

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 17

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Small Cap Growth Fund

Investments are grouped by economic sectors.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 97.9%
Commercial Services - 4.9%
ASGN, Inc. *		17,500		1,542,975
Booz Allen Hamilton Holding Corp.		13,150		2,023,785
Colliers International Group, Inc.		11,050		1,233,732
FTI Consulting, Inc. *		3,075		662,755
				5,463,247
Consumer Durables - 1.8%
Century Communities, Inc.		8,850		722,691
Take-Two Interactive Software, Inc. *		4,075		633,622
YETI Holdings, Inc. *		15,850		604,677
				1,960,990
Consumer Non-Durables - 0.9%
Crocs, Inc. *		6,575		959,556
Consumer Services - 1.8%
Nexstar Media Group, Inc.		8,475		1,406,935
Vail Resorts, Inc.		3,550		639,461
				2,046,396
Electronic Technology - 11.6%
Arista Networks, Inc. *		12,225		4,284,618
Ciena Corp. *		14,150		681,747
Coherent Corp. *		20,075		1,454,634
Entegris, Inc.		5,249		710,715
MKS Instruments, Inc.		13,400		1,749,772
Monolithic Power Systems, Inc.		5,025		4,128,942
				13,010,428
Energy Minerals - 4.4%
Chord Energy Corp.		15,100		2,531,968
Northern Oil & Gas, Inc.		65,575		2,437,423
				4,969,391
Finance - 6.7%
Air Lease Corp.		33,325		1,583,937
Artisan Partners Asset Management, Inc.		25,750		1,062,703
Axis Capital Holdings, Ltd.		26,600		1,879,290
H&E Equipment Services, Inc.		23,750		1,049,038
Hanover Insurance Group, Inc.		5,425		680,512
Mercury General Corp.		5,400		286,956
Stifel Financial Corp.		11,800		992,970
				7,535,406
Health Services - 4.8%
Addus HomeCare Corp. *		18,550		2,153,841
Encompass Health Corp.		19,675		1,687,918
Tenet Healthcare Corp. *		11,275		1,499,913
				5,341,672

Name of Issuer	Quantity		Fair Value ($)
Health Technology - 12.1%
Align Technology, Inc. *		2,150		519,074
Ascendis Pharma A/S, ADR *		4,175		569,387
AtriCure, Inc. *		48,800		1,111,176
Bio-Techne Corp.		14,800		1,060,420
Establishment Labs Holdings, Inc. *		8,750		397,600
Exact Sciences Corp. *		12,425		524,956
Glaukos Corp. *		2,500		295,875
Inspire Medical Systems, Inc. *		2,275		304,463
Insulet Corp. *		3,525		711,345
Intellia Therapeutics, Inc. *		34,100		763,158
Iovance Biotherapeutics, Inc. *		44,125		353,883
Lantheus Holdings, Inc. *		28,075		2,254,142
Sarepta Therapeutics, Inc. *		9,450		1,493,100
STERIS, PLC		6,675		1,465,429
Supernus Pharmaceuticals, Inc. *		22,125		591,844
Vericel Corp. *		26,450		1,213,526
				13,629,378
Industrial Services - 9.4%
EMCOR Group, Inc.		7,950		2,902,386
KBR, Inc.		38,450		2,466,183
MYR Group, Inc. *		5,750		780,332
TechnipFMC, PLC		73,550		1,923,333
Waste Connections, Inc.		14,025		2,459,424
				10,531,658
Non-Energy Minerals - 4.7%
AZEK Co., Inc. *		24,200		1,019,546
Eagle Materials, Inc.		10,300		2,239,838
MP Materials Corp. *		33,350		424,546
Trex Co., Inc. *		20,825		1,543,549
				5,227,479
Process Industries - 2.8%
Avient Corp.		13,200		576,180
Cabot Corp.		7,700		707,553
Olin Corp.		40,475		1,908,396
				3,192,129
Producer Manufacturing - 11.8%
AeroVironment, Inc. *		7,925		1,443,618
AZZ, Inc.		18,450		1,425,262
Belden, Inc.		13,600		1,275,680
Carlisle Cos., Inc.		2,200		891,462
Crane Co.		13,700		1,986,226
Crane NXT Co.		19,075		1,171,587
Donaldson Co., Inc.		13,575		971,427
Hubbell, Inc.		4,375		1,598,975
Lincoln Electric Holdings, Inc.		5,400		1,018,656

See accompanying notes to financial statements.

18 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Name of Issuer	Quantity		Fair Value ($)
Regal Rexnord Corp.		6,755		913,411
Zurn Water Solutions Corp.		19,325		568,155
				13,264,459
Retail Trade - 3.5%
Boot Barn Holdings, Inc. *		8,650		1,115,245
Casey’s General Stores, Inc.		4,300		1,640,708
Ulta Beauty, Inc. *		3,050		1,176,903
				3,932,856
Technology Services - 11.7%
Altair Engineering, Inc. *		25,933		2,543,509
ANSYS, Inc. *		2,950		948,425
Aspen Technology, Inc. *		5,281		1,048,965
Euronet Worldwide, Inc. *		5,050		522,675
Globant SA *		11,350		2,023,251
HubSpot, Inc. *		3,175		1,872,583
nCino, Inc. *		15,975		502,414
Paycom Software, Inc.		6,225		890,424
PTC, Inc. *		15,375		2,793,176
				13,145,422
Transportation - 4.5%
Alaska Air Group, Inc. *		17,675		714,070
Golar LNG, Ltd.		33,600		1,053,360
Knight-Swift Transportation Holdings, Inc.		18,725		934,752
TFI International, Inc.		16,525		2,398,769
				5,100,951
Utilities - 0.5%
Chesapeake Utilities Corp.		4,925		523,035
Total Common Stocks (cost: $58,012,194)				109,834,453
Short-Term Securities - 1.9%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $2,189,235)		2,189,235		2,189,235
Total Investments in Securities - 99.8% (cost $60,201,429)				112,023,688
Other Assets and Liabilities, net - 0.2%				264,593
Net Assets - 100.0%				$112,288,281

                  

* Non-income producing security.

  ADR — American Depositary Receipt

  PLC — Public Limited Company

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

See accompanying notes to financial statements.

JUNE 30, 2024 19

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Small Cap Growth Fund (Continued)

 

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted    Prices ($)		Level 2 Other significant  observable inputs ($)		Level 3 Significant   unobservable inputs ($)		Total ($)
Common Stocks**		109,834,453		—		—		109,834,453
Short-Term Securities		2,189,235		—		—		2,189,235
Total:		112,023,688		—		—		112,023,688

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

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

See accompanying notes to financial statements.

20 FINANCIAL STATEMENTS AND OTHER INFORMATION

[This page is intentionally left blank.]

JUNE 30, 2024 21

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit International Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 97.1%
Asia - 20.3%
Australia - 4.9%
Atlassian Corp. *		1,425		252,054
BHP Group, Ltd., ADR		4,200		239,778
Lynas Rare Earths, Ltd. *		46,625		184,444
Macquarie Group, Ltd.		2,225		303,821
Rio Tinto, PLC, ADR		4,400		290,092
Westpac Banking Corp.		4,425		80,380
				1,350,569
China/Hong Kong - 2.2%
AIA Group, Ltd.		32,200		218,542
Baidu, Inc., ADR *		1,075		92,966
ENN Energy Holdings, Ltd.		18,400		151,624
Ping An Insurance Group Co. of China, Ltd.		33,500		151,862
				614,994
India - 0.6%
HDFC Bank, Ltd., ADR		2,400		154,392
Japan - 7.3%
Keyence Corp.		1,000		438,498
Recruit Holdings Co., Ltd.		11,200		599,157
Shiseido Co., Ltd.		4,100		116,917
Sony Group Corp., ADR		6,300		535,185
Terumo Corp.		21,600		356,174
				2,045,931
Singapore - 2.8%
DBS Group Holdings, Ltd.		17,160		452,918
Singapore Technologies Engineering, Ltd.		104,800		334,649
				787,567
South Korea - 1.9%
LG Chem, Ltd.		975		244,724
Samsung Electronics Co., Ltd., GDR		185		273,800
				518,524
Taiwan - 0.6%
Taiwan Semiconductor Co., ADR		1,000		173,810
Europe - 63.4%
Belgium - 1.7%
D’ieteren Group		1,075		228,067
UCB SA		1,600		237,665
				465,732
Denmark - 2.7%
Ascendis Pharma A/S, ADR *		475		64,780
Novo Nordisk A/S, ADR		4,725		674,447
				739,227
France - 9.3%
AXA SA		11,750		384,682
Dassault Systemes SE		11,700		442,313
Elis SA		8,125		175,944
Forvia SE		7,166		84,841
Safran SA		2,590		547,540

Name of Issuer	Quantity		Fair Value ($)
Schneider Electric SE *		3,970		953,650
				2,588,970
Germany - 7.5%
Allianz SE		2,250		625,301
Deutsche Post AG		6,550		265,086
Infineon Technologies AG		5,950		218,597
Muenchener Rueckversicherungs AG		800		400,107
Siemens AG		3,100		576,741
				2,085,832
Ireland - 3.9%
Accenture, PLC		550		166,876
Aptiv, PLC *		1,225		86,264
CRH, PLC		4,800		359,904
Linde, PLC		500		219,405
STERIS, PLC		1,175		257,959
				1,090,408
Netherlands - 5.3%
Adyen NV *, 4		84		100,143
ASML Holding NV		1,025		1,048,298
Stellantis NV		16,375		325,044
				1,473,485
Spain - 2.7%
Cellnex Telecom SA 4		5,200		169,129
Iberdrola SA		45,900		595,532
				764,661
Sweden - 1.5%
Evolution AB, ADR		2,325		242,474
Hexagon AB		16,200		182,879
				425,353
Switzerland - 8.3%
Logitech International SA		1,425		138,054
Lonza Group AG		590		322,039
Nestle SA		3,600		367,513
On Holding AG *		8,625		334,650
Partners Group Holding AG		490		629,373
TE Connectivity, Ltd.		1,100		165,473
Zurich Insurance Group AG		680		362,611
				2,319,713
United Kingdom - 20.5%
AstraZeneca, PLC, ADR		10,125		789,649
BAE Systems, PLC		48,500		809,277
Coca-Cola Europacific Partners, PLC		5,400		393,498
Compass Group, PLC		10,625		290,111
Diageo, PLC, ADR		1,840		231,987
Entain, PLC		27,600		219,802
London Stock Exchange Group, PLC		5,100		606,010
Man Group, PLC		93,600		286,570
Reckitt Benckiser Group, PLC		3,100		167,799
RELX, PLC		9,750		448,578
Rentokil Initial, PLC		47,250		275,469
Shell, PLC, ADR		12,250		884,205
Smith & Nephew, PLC		25,250		312,993
				5,715,948

See accompanying notes to financial statements.

22 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Name of Issuer	Quantity		Fair Value ($)
Latin America - 1.3%
Argentina - 1.3%
Globant SA *		2,050		365,433
North America - 12.1%
Canada - 4.5%
Alimentation Couche-Tard, Inc.		7,400		415,261
Colliers International Group, Inc.		1,600		178,640
Lululemon Athletica, Inc. *		600		179,220
Waste Connections, Inc.		2,750		482,240
				1,255,361
United States - 7.6%
Broadcom, Inc.		1,025		1,645,668
Euronet Worldwide, Inc. *		1,375		142,313
Mondelez International, Inc.		4,800		314,112
				2,102,093
Total Common Stocks (cost: $17,846,509)				27,038,003
Investment Companies 0.7%
iShares MSCI India ETF (cost $95,266)		3,200		178,496
Short-Term Securities - 1.8%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $511,287)		511,287		511,287
Total Investments in Securities - 99.6% (cost $18,453,062)				27,727,786
Other Assets and Liabilities, net - 0.4%				119,879
Net Assets - 100.0%				$27,847,665

                 

^*  Non-income producing security.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2024 was $269,272 and represented 1.0% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

  ADR — American Depositary Receipt

  GDR — Global Depositary Receipt

  PLC — Public Limited Company

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

See accompanying notes to financial statements.

JUNE 30, 2024 23

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit International Growth Fund (Continued)

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted  Prices ($)		Level 2 Other significant  observable inputs ($)		Level 3 Significant   unobservable inputs ($)		Total ($)
Common Stocks
Argentina		365,433		—		—		365,433
Australia		1,350,569		—		—		1,350,569
Belgium		465,732		—		—		465,732
Canada		1,255,361		—		—		1,255,361
China/Hong Kong		614,994		—		—		614,994
Denmark		739,227		—		—		739,227
France		2,588,970		—		—		2,588,970
Germany		2,085,832		—		—		2,085,832
India		154,392		—		—		154,392
Ireland		1,090,408		—		—		1,090,408
Japan		2,045,931		—		—		2,045,931
Netherlands		1,473,485		—		—		1,473,485
Singapore		787,567		—		—		787,567
South Korea		518,524		—		—		518,524
Spain		764,661		—		—		764,661
Sweden		425,353		—		—		425,353
Switzerland		2,319,713		—		—		2,319,713
Taiwan		173,810		—		—		173,810
United Kingdom		5,715,948		—		—		5,715,948
United States		2,102,093		—		—		2,102,093
Investment Companies		178,496		—		—		178,496
Short-Term Securities		511,287		—		—		511,287
Total:		27,727,786		—		—		27,727,786

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

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

See accompanying notes to financial statements.

24 FINANCIAL STATEMENTS AND OTHER INFORMATION

[This page is intentionally left blank.]

JUNE 30, 2024 25

SCHEDULE OF INVESTMENTS

June 30, 2024

Sit Developing Markets Growth Fund

Investments are grouped by geographic region.

Name of Issuer	Quantity		Fair Value ($)
Common Stocks - 91.3%
Africa/Middle East - 8.0%
Israel - 1.4%
NICE, Ltd., ADR *		775		133,277
South Africa - 6.6%
Bid Corp., Ltd.		9,850		230,022
Bidvest Group, Ltd.		5,525		86,378
Naspers, Ltd.		1,425		279,397
				595,797
Asia - 64.9%
Australia - 1.9%
Atlassian Corp. *		450		79,596
Rio Tinto, PLC, ADR		1,425		93,950
				173,546
China/Hong Kong - 21.0%
AIA Group, Ltd.		21,400		145,242
Alibaba Group Holding, Ltd., ADR		875		63,000
Baidu, Inc., ADR *		475		41,078
Budweiser Brewing Co. APAC, Ltd. 4		46,000		54,193
China Mengniu Dairy Co., Ltd.		28,000		50,198
China Petroleum & Chemical Corp.		140,000		90,715
CSPC Pharmaceutical Group, Ltd.		192,400		153,249
ENN Energy Holdings, Ltd.		19,800		163,161
Hong Kong Exchanges & Clearing, Ltd.		5,100		163,403
Jiumaojiu International Holdings, Ltd. 4		9,000		4,667
Meituan *, 4		6,820		97,029
Ping An Insurance Group Co. of China, Ltd.		26,900		121,943
Sands China, Ltd. *		42,400		88,394
Sinopharm Group Co., Ltd.		44,900		119,307
Tencent Holdings, Ltd.		8,200		391,044
Trip.com Group, Ltd., ADR *		3,275		153,925
				1,900,548
India - 3.1%
HDFC Bank, Ltd., ADR		4,375		281,444
Indonesia - 1.9%
Astra International Tbk PT		176,000		47,936
XL Axiata Tbk PT		948,800		125,155
				173,091
Singapore - 7.3%
DBS Group Holdings, Ltd.		12,100		319,365
Flex, Ltd. *		4,000		117,960
Sea, Ltd, ADR *		1,225		87,490
Singapore Technologies Engineering, Ltd.		44,000		140,501
				665,316
South Korea - 11.8%
LG Chem, Ltd.		450		112,950
NAVER Corp.		450		54,562
Samsung Electronics Co., Ltd.		10,925		646,849
Shinhan Financial Group Co., Ltd.		4,150		145,167
SK Hynix, Inc. *		650		111,678
				1,071,206
Taiwan - 16.5%
Cathay Financial Holding Co., Ltd.		88,784		161,468

Name of Issuer	Quantity		Fair Value ($)
Hon Hai Precision Industry Co., Ltd., GDR		16,625		214,795
Taiwan Semiconductor Co.		37,482		1,116,089
				1,492,352
Thailand - 1.4%
Bangkok Bank PCL		36,500		129,798
Europe - 1.5%
Netherlands - 1.5%
Prosus NV		3,705		131,971
Latin America - 8.1%
Argentina - 2.9%
Globant SA *		1,175		209,456
MercadoLibre, Inc. *		30		49,302
				258,758
Brazil - 1.4%
Ambev SA, ADR		21,575		44,229
Banco Bradesco SA		30,350		67,322
Lojas Renner SA		8,130		18,223
				129,774
Chile - 1.0%
Banco Santander Chile, ADR		4,700		88,501
Peru - 2.8%
Southern Copper Corp.		2,399		258,468
North America - 8.8%
Mexico - 2.5%
Fomento Economico Mexicano, ADR		1,575		169,549
Grupo Bimbo SAB de CV		16,000		56,505
				226,054
United States - 6.3%
Broadcom, Inc.		355		569,963
Total Common Stocks (cost: $5,933,422)				8,279,864
Investment Companies 6.0%
iShares MSCI India ETF (cost $292,600)		9,750		543,855
Short-Term Securities - 2.4%
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% (cost $217,165)		217,165		217,165
Total Investments in Securities - 99.7% (cost $6,443,187)				9,040,884
Other Assets and Liabilities, net - 0.3%				24,737
Net Assets - 100.0%				$9,065,621

See accompanying notes to financial statements.

26 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

                 

^*  Non-income producing security.

⁴  144A Restricted Security. The total value of such securities as of June 30, 2024 was $155,889 and represented 1.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.

  ADR — American Depositary Receipt

  GDR — Global Depositary Receipt

  PLC — Public Limited Company

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

A summary of the levels for the Fund’s investments as of June 30, 2024 is as follows (see Note 2 - significant accounting policies in the notes to financial statements):

	Investment in Securities
	Level 1 Quoted    Prices ($)		Level 2 Other significant  observable inputs ($)		Level 3 Significant   unobservable inputs ($)		Total ($)
Common Stocks
Argentina		258,758		—		—		258,758
Australia		173,546		—		—		173,546
Brazil		129,774		—		—		129,774
Chile		88,501		—		—		88,501
China/Hong Kong		1,900,548		—		—		1,900,548
India		281,444		—		—		281,444
Indonesia		173,091		—		—		173,091
Israel		133,277		—		—		133,277
Mexico		226,054		—		—		226,054
Netherlands		131,971		—		—		131,971
Peru		258,468		—		—		258,468
Singapore		665,316		—		—		665,316
South Africa		595,797		—		—		595,797
South Korea		1,071,206		—		—		1,071,206
Taiwan		1,492,352		—		—		1,492,352
Thailand		—		129,798		—		129,798
United States		569,963		—		—		569,963
Investment Companies		543,855		—		—		543,855
Short-Term Securities		217,165		—		—		217,165
Total:		8,911,086		129,798		—		9,040,884

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

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

See accompanying notes to financial statements.

JUNE 30, 2024 27

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2024

	Sit   Balanced   Fund		Sit   Dividend   Growth Fund		Sit Global   Dividend   Growth Fund
ASSETS
Investments in securities, at identified cost		$41,253,429		$174,573,561		$23,083,709
Investments in securities, at fair value - see accompanying schedule for detail		$64,149,759		$243,396,201		$51,036,741
Cash in bank on demand deposit		—		—		—
Accrued interest and dividends receivable		190,735		187,887		118,291
Receivable for investment securities sold		—		365,347		—
Receivable for Fund shares sold		57,237		59,857		1,837
Total assets		64,397,731		244,009,292		51,156,869
LIABILITIES
Disbursements in excess of cash balances		3,202		—		—
Payable for investment securities purchased		12,372		568,664		—
Payable for Fund shares redeemed		5,668		20,787		—
Accrued investment management fees and advisory fees		41,198		138,403		41,401
Accrued Rule 12b-1 fees (Class S)		—		4,310		933
Total liabilities		62,440		732,164		42,334
Net assets applicable to outstanding capital stock		$64,335,291		$243,277,128		$51,114,535
Net assets consist of:
Capital (par value and paid-in surplus)		$41,033,125		$160,844,604		$22,607,912
Total distributable earnings (loss), including unrealized appreciation (depreciation)		23,302,166		82,432,524		28,506,623
		$64,335,291		$243,277,128		$51,114,535
Outstanding shares:
Common Shares (Class I)*		1,879,283		13,389,432		1,719,765
Common Shares (Class S)*		—		1,280,657		171,056
Net assets applicable to outstanding shares:
Common Shares (Class I)*		$64,335,291		$222,185,277		$46,496,800
Common Shares (Class S)*		—		21,091,851		4,617,735
Net asset value per share of outstanding capital stock:
Common Shares (Class I)*		$34.23		$16.59		$27.04
Common Shares (Class S)*		—		16.47		27.00

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

See accompanying notes to financial statements.

28 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Sit   Large Cap   Growth Fund		Sit ESG Growth Fund		Sit Mid Cap Growth Fund		Sit Small Cap Dividend Growth Fund		Sit Small Cap Growth Fund		Sit International Growth Fund		Sit Developing Markets Growth Fund
	$70,991,502		$5,882,160		$93,171,559		$19,908,806		$60,201,429		$18,453,062		$6,443,187
	$214,210,388		$11,315,255		$203,312,615		$28,355,079		$112,023,688		$27,727,786		$9,040,884
	—		3		—		—		—		—		1
	74,332		19,931		75,848		44,247		98,296		137,898		30,320
	—		—		—		—		636,304		—		—
	26,133		—		3,468		2,461		2,952		1,623		1,392
	214,310,853		11,335,189		203,391,931		28,401,787		112,761,240		27,867,307		9,072,597
	—		—		—		—		—		—		—
	—		—		—		—		335,189		—		—
	29,148		—		2,303		—		580		144		—
	169,288		9,163		205,419		21,049		137,190		19,498		6,976
	—		1,058		—		1,127		—		—		—
	198,436		10,221		207,722		22,176		472,959		19,642		6,976
	$214,112,417		$11,324,968		$203,184,209		$28,379,611		$112,288,281		$27,847,665		$9,065,621
	$62,370,817		$5,927,338		$85,504,784		$19,881,117		$56,780,175		$17,876,732		$6,183,397
	151,741,600		5,397,630		117,679,425		8,498,494		55,508,106		9,970,933		2,882,224
	$214,112,417		$11,324,968		$203,184,209		$28,379,611		$112,288,281		$27,847,665		$9,065,621
	2,874,767		289,608		8,809,905		1,413,147		1,718,163		1,268,701		531,123
	—		247,688		—		341,295		—		—		—
	$214,112,417		$6,132,847		$203,184,209		$22,863,628		$112,288,281		$27,847,665		$9,065,621
	—		5,192,121		—		5,515,983		—		—		—
	$74.48		$21.18		$23.06		$16.18		$65.35		$21.95		$17.07
	—		20.96		—		16.16		—		—		—

JUNE 30, 2024 29

STATEMENTS OF OPERATIONS

Year Ended June 30, 2024

	Sit   Balanced   Fund		Sit   Dividend   Growth Fund		Sit Global   Dividend   Growth Fund
Investment income:
Income:
Dividends*		$474,801		$4,462,309		$906,542
Interest		844,239		72,457		33,601
Total income		1,319,040		4,534,766		940,143
Expenses (note 4):
Investment management and advisory service fee		553,134		2,280,002		596,907
12b-1 fees (Class S)		—		52,195		10,420
Total expenses		553,134		2,332,197		607,327
Less fees and expenses waived by investment adviser		(110,627)		(684,001)		(119,381)
Total net expenses		442,507		1,648,196		487,946
Net investment income (loss)		876,533		2,886,570		452,197
Realized and unrealized gain (loss):
Net realized gain (loss) on investments		488,045		16,528,458		1,031,940
Net realized gain (loss) on foreign currency transactions		—		—		2,003
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		9,361,487		19,659,266		7,299,887
Net gain (loss)		9,849,532		36,187,724		8,333,830
Net increase (decrease) in net assets resulting from operations		$10,726,065		$39,074,294		$8,786,027
* Foreign taxes withheld on dividends received		$3,132		$10,602		$30,923

See accompanying notes to financial statements.

30 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Sit   Large Cap   Growth Fund		Sit ESG Growth Fund		Sit Mid Cap Growth Fund		Sit Small Cap Dividend Growth Fund		Sit Small Cap Growth Fund		Sit International Growth Fund		Sit Developing Markets Growth Fund
	$1,535,145		$162,261		$1,722,811		$416,872		$1,024,799		$582,954		$190,333
	158,300		11,019		151,592		65,683		82,960		16,981		9,903
	1,693,445		173,280		1,874,403		482,555		1,107,759		599,935		200,236
	1,787,411		122,286		2,367,507		301,178		1,617,333		398,465		186,364
	—		11,450		—		12,817		—		—		—
	1,787,411		133,736		2,367,507		313,995		1,617,333		398,465		186,364
	—		(24,457)		—		(84,330)		—		(172,668)		(97,841)
	1,787,411		109,279		2,367,507		229,665		1,617,333		225,797		88,523
	(93,966)		64,001		(493,104)		252,890		(509,574)		374,138		111,713
	8,562,797		41,225		9,240,872		17,528		5,657,283		505,745		249,510
	—		(97)		—		—		—		98		(1,072)
	40,401,221		1,882,991		18,869,686		3,108,789		7,209,352		1,353,908		346,331
	48,964,018		1,924,119		28,110,558		3,126,317		12,866,635		1,859,751		594,769
	$48,870,052		$1,988,120		$27,617,454		$3,379,207		$12,357,061		$2,233,889		$706,482
	$8,899		$8,126		$6,494		$1,384		$6,674		$50,180		$18,848

JUNE 30, 2024 31

STATEMENTS OF CHANGES IN NET ASSETS

	Sit Balanced Fund							Sit Dividend Growth Fund
	Year			Year				Year			Year
	Ended			Ended				Ended			Ended
	June 30, 2024			June 30, 2023				June 30, 2024			June 30, 2023
Operations:
Net investment income (loss)		$876,533			$665,714				$2,886,570			$3,156,391
Net realized gain (loss) on investments and foreign currency transactions		488,045			(296,792)				16,528,458			8,612,443
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		9,361,487			5,025,324				19,659,266			18,864,045
Net increase (decrease) in net assets resulting from operations		10,726,065			5,394,246				39,074,294			30,632,879
Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(785,004)			(2,221,064)				(9,361,625)			(21,774,304)
Common shares (Class S)		—			—				(911,300)			(2,372,811)
Total distributions		(785,004)			(2,221,064)				(10,272,925)			(24,147,115)
Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		11,989,285			3,894,958				10,025,307			16,884,847
Common Shares (Class S)		—			—				1,501,060			1,073,831
Reinvested distributions
Common Shares (Class I)		701,735			2,174,246				8,610,760			20,490,706
Common Shares (Class S)		—			—				896,823			2,366,839
Payments for shares redeemed
Common Shares (Class I)		(7,748,651)			(7,916,953)				(32,477,006)			(24,480,723)
Common Shares (Class S)		—			—				(5,235,791)			(4,592,175)
Increase (decrease) in net assets from capital transactions		4,942,369			(1,847,749)				(16,678,847)			11,743,325
Total increase (decrease) in net assets		14,883,430			1,325,433				12,122,522			18,229,089
Net assets:
Beginning of year		49,451,861			48,126,428				231,154,606			212,925,517
End of year		$64,335,291			$49,451,861				$243,277,128			$231,154,606
Capital transactions in shares:
Sold
Common Shares (Class I)		388,376			141,588				664,126			1,190,785
Common Shares (Class S)		—			—				102,524			74,506
Reinvested distributions
Common Shares (Class I)		23,470			83,352				582,968			1,492,898
Common Shares (Class S)		—			—				61,144			173,605
Redeemed
Common Shares (Class I)		(252,191)			(296,842)				(2,190,153)			(1,717,513)
Common Shares (Class S)		—			—				(348,243)			(326,696)
Net increase (decrease)		159,655			(71,902)				(1,127,634)			887,585

See accompanying notes to financial statements.

32 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

Sit Global Dividend Growth Fund						Sit Large Cap Growth Fund						Sit ESG Growth Fund
Year			Year			Year			Year			Year			Year
Ended			Ended			Ended			Ended			Ended			Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	$452,197			$490,399			($93,966)			$148,920			$64,001			$61,364
	1,033,943			(553,795)			8,562,797			3,554,651			41,128			(122,024)
	7,299,887			6,762,490			40,401,221			29,320,184			1,882,991			1,653,170
	8,786,027			6,699,094			48,870,052			33,023,755			1,988,120			1,592,510
	(447,677)			(446,552)			(3,193,469)			(4,952,920)			(39,839)			(120,779)
	(32,328)			(31,454)			—			—			(25,161)			(116,450)
	(480,005)			(478,006)			(3,193,469)			(4,952,920)			(65,000)			(237,229)
	1,414,301			1,615,055			14,948,982			3,760,728			367,521			347,403
	347,605			300,231			—			—			107,106			125,749
	415,039			417,990			2,846,419			4,756,966			7,307			120,779
	28,025			31,454			—			—			3,159			116,450
	(6,795,861)			(915,118)			(12,132,066)			(10,251,212)			(129,545)			(55,305)
	(528,076)			(190,973)			—			—			(125,858)			(155,989)
	(5,118,967)			1,258,639			5,663,335			(1,733,518)			229,690			499,087
	3,187,055			7,479,727			51,339,918			26,337,317			2,152,810			1,854,368
	47,927,480			40,447,753			162,772,499			136,435,182			9,172,158			7,317,790
	$51,114,535			$47,927,480			$214,112,417			$162,772,499			$11,324,968			$9,172,158
	57,586			79,480			224,634			71,837			18,428			21,896
	14,146			13,785			—			—			5,665			7,983
	18,001			21,219			45,579			100,912			398			8,057
	1,239			1,602			—			—			174			7,836
	(285,520)			(45,193)			(189,311)			(204,325)			(7,174)			(3,587)
	(21,952)			(9,514)			—			—			(6,570)			(10,041)
	(216,500)			61,379			80,902			(31,576)			10,921			32,144

JUNE 30, 2024 33

STATEMENTS OF CHANGES IN NET ASSETS

							Sit Small Cap
	Sit Mid Cap Growth Fund						Dividend Growth Fund
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Operations:
Net investment income (loss)		($493,104)			($55,293)			$252,890			$270,497
Net realized gain (loss) on investments and foreign currency transactions		9,240,872			818,612			17,528			205,652
Net change in unrealized appreciation (depreciation) of investments and foreign currency transactions		18,869,686			33,871,734			3,108,789			2,493,454
Net increase (decrease) in net assets resulting from operations		27,617,454			34,635,053			3,379,207			2,969,603
Distributions from:
Net investment income and net realized gains
Common shares (Class I)		(903,590)			(5,106,424)			(202,009)			(619,836)
Common shares (Class S)		—			—			(44,992)			(182,623)
Total distributions		(903,590)			(5,106,424)			(247,001)			(802,459)
Capital share transactions:
Proceeds from shares sold
Common Shares (Class I)		1,265,545			1,684,465			5,661,159			698,064
Common Shares (Class S)		—			—			265,961			169,792
Reinvested distributions
Common Shares (Class I)		691,910			4,614,072			174,233			576,207
Common Shares (Class S)		—			—			27,519			177,090
Payments for shares redeemed
Common Shares (Class I)		(10,707,589)			(15,036,435)			(1,971,501)			(634,237)
Common Shares (Class S)		—			—			(382,921)			(213,821)
Increase (decrease) in net assets from capital transactions		(8,750,134)			(8,737,898)			3,774,450			773,095
Total increase (decrease) in net assets		17,963,730			20,790,731			6,906,656			2,940,239
Net assets:
Beginning of year		185,220,479			164,429,748			21,472,955			18,532,716
End of year		$203,184,209			$185,220,479			$28,379,611			$21,472,955
Capital transactions in shares:
Sold
Common Shares (Class I)		59,052			89,278			379,490			50,029
Common Shares (Class S)		—			—			17,413			12,109
Reinvested distributions
Common Shares (Class I)		32,607			256,911			11,899			44,217
Common Shares (Class S)		—			—			1,932			13,592
Redeemed
Common Shares (Class I)		(508,237)			(813,255)			(131,663)			(46,458)
Common Shares (Class S)		—			—			(25,272)			(15,223)
Net increase (decrease)		(416,578)			(467,066)			253,799			58,266

See accompanying notes to financial statements.

34 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

Sit Small Cap Growth Fund						Sit International Growth Fund						Sit Developing Markets Growth Fund
Year			Year			Year			Year			Year			Year
Ended			Ended			Ended			Ended			Ended			Ended
June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023			June 30, 2024			June 30, 2023
	($509,574)			($248,567)			$374,138			$363,272			$111,713			$139,410
	5,657,283			2,436,365			505,843			325,687			248,438			34,339
	7,209,352			14,084,650			1,353,908			3,397,851			346,331			419,970
	12,357,061			16,272,448			2,233,889			4,086,810			706,482			593,719
	(3,306,617)			(1,688,086)			(557,510)			(453,404)			(193,142)			(222,145)
	—			—			—			—			—			—
	(3,306,617)			(1,688,086)			(557,510)			(453,404)			(193,142)			(222,145)
	2,106,745			1,523,686			411,212			1,165,079			496,756			998,232
	—			—			—			—			—			—
	2,854,962			1,564,134			417,004			420,136			174,028			216,826
	—			—			—			—			—			—
	(11,548,021)			(6,292,024)			(1,280,490)			(1,048,990)			(2,216,354)			(888,402)
	—			—			—			—			—			—
	(6,586,314)			(3,204,204)			(452,274)			536,225			(1,545,570)			326,656
	2,464,130			11,380,158			1,224,105			4,169,631			(1,032,230)			698,230
	109,824,151			98,443,993			26,623,560			22,453,929			10,097,851			9,399,621
	$112,288,281			$109,824,151			$27,847,665			$26,623,560			$9,065,621			$10,097,851
	34,544			26,818			19,461			60,251			31,282			63,927
	—			—			—			—			—			—
	48,055			29,138			20,068			22,996			11,374			14,484
	—			—			—			—			—			—
	(185,978)			(112,711)			(62,175)			(54,715)			(140,338)			(57,576)
	—			—			—			—			—			—
	(103,379)			(56,755)			(22,646)			28,532			(97,682)			20,835

JUNE 30, 2024 35

FINANCIAL HIGHLIGHTS

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

Sit Balanced Fund

	Year Ended June 30,
	2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period		$28.76				$26.86				$32.85				$26.37				$25.06
Operations:
Net investment income 1		0.49				0.38				0.23				0.22				0.25
Net realized and unrealized gains (losses)		5.42				2.84				(4.86	)			6.71				2.64
Total from operations		5.91				3.22				(4.63	)			6.93				2.89
Distributions to Shareholders:
From net investment income		(0.44	)			(0.36	)			(0.22	)			(0.20	)			(0.27	)
From net realized gains		—				(0.96	)			(1.14	)			(0.25	)			(1.31	)
Total distributions		(0.44	)			(1.32	)			(1.36	)			(0.45	)			(1.58	)
Net Asset Value
End of period		$34.23				$28.76				$26.86				$32.85				$26.37
Total investment return 2		20.81	%			12.53	%			(14.87	%)			26.48	%			11.91	%
Net assets at end of period (000’s omitted)		$64,335				$49,452				$48,126				$66,243				$46,658
Ratios: 3
Expenses (without waiver)		1.00	%4			1.00	%4			1.00	%4			1.00	%			1.00	%
Expenses (with waiver)		0.80	%4			0.80	%4			0.91	%4			—				—
Net investment income (without waiver)		1.38	%			1.22	%			0.62	%			0.74	%			0.99	%
Net investment income (with waiver)		1.58	%			1.42	%			0.71	%			—				—
Portfolio turnover rate (excluding short-term securities)		33.30	%			39.71	%			39.92	%			38.30	%			58.63	%

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

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

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

36 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Dividend Growth Fund

Class I	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$14.64				$14.29				$17.37				$13.48				$14.45
Operations:
Net investment income 1			0.19				0.21				0.24				0.21				0.22
Net realized and unrealized gains (losses)			2.45				1.78				(1.19	)			4.75				0.64
Total from operations			2.64				1.99				(0.95	)			4.96				0.86
Redemption fee 2			—				—				—				—				—
Distributions to Shareholders:
From net investment income			(0.21	)			(0.20	)			(0.24	)			(0.21	)			(0.24	)
From net realized gains			(0.48	)			(1.44	)			(1.89	)			(0.86	)			(1.59	)
Total distributions			(0.69	)			(1.64	)			(2.13	)			(1.07	)			(1.83	)
Net Asset Value
End of period			$16.59				$14.64				$14.29				$17.37				$13.48
Total investment return 3			18.70	%			14.76	%			(7.27	%)			38.13	%			5.46	%
Net assets at end of period (000’s omitted)			$222,185				$209,856				$191,010				$207,378				$172,746
Ratios: 4
Expenses (without waiver) 5			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Expenses (with waiver) 5			0.70	%			0.70	%			0.70	%			0.70	%			0.70	%
Net investment income (without waiver)			0.99	%			1.15	%			1.11	%			1.08	%			1.30	%
Net investment income (with waiver)			1.29	%			1.45	%			1.41	%			1.38	%			1.60	%
Portfolio turnover rate (excluding short-term securities)			41.64	%			51.49	%			58.96	%			42.93	%			68.43	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

JUNE 30, 2024 37

FINANCIAL HIGHLIGHTS

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

Sit Dividend Growth Fund

Class S	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$14.54				$14.20				$17.27				$13.40				$14.37
Operations:
Net investment income 1			0.16				0.17				0.19				0.17				0.19
Net realized and unrealized gains (losses)			2.42				1.77				(1.17	)			4.73				0.63
Total from operations			2.58				1.94				(0.98	)			4.90				0.82
Redemption fee			—	2			—	2			—				—	2			—	2
Distributions to Shareholders:
From net investment income			(0.17	)			(0.16	)			(0.20	)			(0.17	)			(0.20	)
From net realized gains			(0.48	)			(1.44	)			(1.89	)			(0.86	)			(1.59	)
Total distributions			(0.65	)			(1.60	)			(2.09	)			(1.03	)			(1.79	)
Net Asset Value
End of period			$16.47				$14.54				$14.20				$17.27				$13.40
Total investment return 3			18.40	%			14.47	%			(7.50	%)			37.87	%			5.19	%
Net assets at end of period (000’s omitted)			$21,092				$21,299				$21,915				$31,295				$29,106
Ratios: 4
Expenses (without waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Expenses (with waiver) 5			0.95	%			0.95	%			0.95	%			0.95	%			0.95	%
Net investment income (without waiver)			0.74	%			0.90	%			0.85	%			0.83	%			1.05	%
Net investment income (with waiver)			1.04	%			1.20	%			1.15	%			1.13	%			1.35	%
Portfolio turnover rate (excluding short-term securities)			41.64	%			51.49	%			58.96	%			42.93	%			68.43	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

38 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Global Dividend Growth Fund

Class I	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$22.75				$19.77				$22.47				$16.87				$16.34
Operations:
Net investment income 1			0.23				0.24				0.21				0.20				0.22
Net realized and unrealized gains (losses)			4.30				2.98				(2.73	)			5.59				0.57
Total from operations			4.53				3.22				(2.52	)			5.79				0.79
Redemption fee			—	2			—				—				—				—	2
Distributions to Shareholders:
From net investment income			(0.24	)			(0.24	)			(0.18	)			(0.19	)			(0.26	)
Net Asset Value
End of period			$27.04				$22.75				$19.77				$22.47				$16.87
Total investment return 3			20.10	%			16.46	%			(11.31	%)			34.61	%			4.93	%
Net assets at end of period (000’s omitted)			$46,497				$43,893				$37,057				$41,461				$31,361
Ratios: 4
Expenses (without waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Expenses (with waiver) 5			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Net investment income (without waiver)			0.72	%			0.91	%			0.66	%			0.77	%			1.11	%
Net investment income (with waiver)			0.97	%			1.16	%			0.91	%			1.02	%			1.36	%
Portfolio turnover rate (excluding short-term securities)			3.42	%			6.09	%			4.64	%			11.55	%			22.15	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

JUNE 30, 2024 39

FINANCIAL HIGHLIGHTS

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

Sit Global Dividend Growth Fund

Class S	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$22.71				$19.74				$22.45				$16.85				$16.33
Operations:
Net investment income 1			0.17				0.19				0.15				0.15				0.18
Net realized and unrealized gains (losses)			4.30				2.96				(2.73	)			5.60				0.56
Total from operations			4.47				3.15				(2.58	)			5.75				0.74
Redemption fee			—	2			—				—				—	2			—	2
Distributions to Shareholders:
From net investment income			(0.18	)			(0.18	)			(0.13	)			(0.15	)			(0.22	)
Net Asset Value
End of period			$27.00				$22.71				$19.74				$22.45				$16.85
Total investment return 3			19.85	%			16.13	%			(11.58	%)			34.32	%			4.60	%
Net assets at end of period (000’s omitted)			$4,618				$4,034				$3,391				$4,093				$3,391
Ratios: 4
Expenses (without waiver) 5			1.50	%			1.50	%			1.50	%			1.50	%			1.50	%
Expenses (with waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Net investment income (without waiver)			0.47	%			0.66	%			0.39	%			0.52	%			0.87	%
Net investment income (with waiver)			0.72	%			0.91	%			0.64	%			0.77	%			1.12	%
Portfolio turnover rate (excluding short-term securities)			3.42	%			6.09	%			4.64	%			11.55	%			22.15	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

40 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Large Cap Growth Fund

	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$58.26				$48.29				$63.04				$47.07				$42.53
Operations:
Net investment income (loss) 1			(0.03	)			0.05				(0.09	)			(0.06	)			0.07
Net realized and unrealized gains (losses)			17.41				11.70				(10.74	)			18.95				8.60
Total from operations			17.38				11.75				(10.83	)			18.89				8.67
Redemption fee			—	2			—	2			—				—	2			—	2
Distributions to Shareholders:
From net investment income			(0.04	)			—				—				(0.02	)			(0.12	)
From net realized gains			(1.12	)			(1.78	)			(3.92	)			(2.90	)			(4.01	)
Total distributions			(1.16	)			(1.78	)			(3.92	)			(2.92	)			(4.13	)
Net Asset Value
End of period			$74.48				$58.26				$48.29				$63.04				$47.07
Total investment return 3			30.22	%			25.20	%			(18.78	%)			41.12	%			21.34	%
Net assets at end of period (000’s omitted)			$214,112				$162,772				$136,435				$177,096				$129,154
Ratios: 4
Expenses			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Net investment income (loss)			(0.05	%)			0.10	%			(0.15	%)			(0.11	%)			0.17	%
Portfolio turnover rate (excluding short-term securities)			11.11	%			2.96	%			10.83	%			9.75	%			14.53	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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.

JUNE 30, 2024 41

FINANCIAL HIGHLIGHTS

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

Sit ESG Growth Fund

Class I	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$17.51				$14.87				$18.17				$13.85				$13.21
Operations:
Net investment income 1			0.14				0.14				0.10				0.12				0.12
Net realized and unrealized gains (losses)			3.67				2.99				(3.13	)			4.30				0.74
Total from operations			3.81				3.13				(3.03	)			4.42				0.86
Redemption fee			—	2			—				—				—	2			—
Distributions to Shareholders:
From net investment income			(0.14	)			(0.10	)			(0.08	)			(0.10	)			(0.17	)
From net realized gains			—				(0.39	)			(0.19	)			—				(0.05	)
Total distributions			(0.14	)			(0.49	)			(0.27	)			(0.10	)			(0.22	)
Net Asset Value
End of period			$21.18				$17.51				$14.87				$18.17				$13.85
Total investment return 3			21.90	%			21.57	%			(16.97	%)			31.97	%			6.47	%
Net assets at end of period (000’s omitted)			$6,133				$4,866				$3,740				$4,841				$3,477
Ratios: 4
Expenses (without waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Expenses (with waiver) 5			1.00	%			1.00	%			1.00	%			1.00	%			1.00	%
Net investment income (without waiver)			0.52	%			0.65	%			0.30	%			0.48	%			0.63	%
Net investment income (with waiver)			0.77	%			0.90	%			0.55	%			0.73	%			0.88	%
Portfolio turnover rate (excluding short-term securities)			3.31	%			7.12	%			9.23	%			7.39	%			25.28	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

42 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit ESG Growth Fund

Class S	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$17.33				$14.74				$18.05				$13.78				$13.16
Operations:
Net investment income 1			0.10				0.10				0.05				0.08				0.08
Net realized and unrealized gains (losses)			3.63				2.96				(3.11	)			4.27				0.74
Total from operations			3.73				3.06				(3.06	)			4.35				0.82
Redemption fee			—	2			—				—				—				—
Distributions to Shareholders:
From net investment income			(0.10	)			(0.08	)			(0.06	)			(0.08	)			(0.15	)
From net realized gains			—				(0.39	)			(0.19	)			—				(0.05	)
Total distributions			(0.10	)			(0.47	)			(0.25	)			(0.08	)			(0.20	)
Net Asset Value
End of period			$20.96				$17.33				$14.74				$18.05				$13.78
Total investment return 3			21.62	%			21.27	%			(17.24	%)			31.61	%			6.22	%
Net assets at end of period (000’s omitted)			$5,192				$4,306				$3,577				$4,279				$3,158
Ratios: 4
Expenses (without waiver) 5			1.50	%			1.50	%			1.50	%			1.50	%			1.50	%
Expenses (with waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Net investment income (without waiver)			0.27	%			0.40	%			0.05	%			0.23	%			0.38	%
Net investment income (with waiver)			0.52	%			0.65	%			0.30	%			0.48	%			0.63	%
Portfolio turnover rate (excluding short-term securities)			3.31	%			7.12	%			9.23	%			7.39	%			25.28	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

JUNE 30, 2024 43

FINANCIAL HIGHLIGHTS

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

Sit Mid Cap Growth Fund

	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$20.07				$16.96				$25.41				$19.05				$18.84
Operations:
Net investment loss 1			(0.05	)			(0.01	)			(0.12	)			(0.10	)			(0.05	)
Net realized and unrealized gains (losses)			3.14				3.67				(5.37	)			7.44				1.64
Total from operations			3.09				3.66				(5.49	)			7.34				1.59
Redemption fee 2			—				—				—				—				—
Distributions to Shareholders:
From net realized gains			(0.10	)			(0.55	)			(2.96	)			(0.98	)			(1.38	)
Net Asset Value
End of period			$23.06				$20.07				$16.96				$25.41				$19.05
Total investment return 3			15.39	%			22.00	%			(24.70	%)			38.99	%			8.75	%
Net assets at end of period (000’s omitted)			$203,184				$185,220				$164,430				$228,171				$172,744
Ratios: 4
Expenses			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Net investment loss			(0.26	%)			(0.03	%)			(0.52	%)			(0.46	%)			(0.27	%)
Portfolio turnover rate (excluding short-term securities)			8.64	%			7.00	%			13.16	%			19.54	%			25.58	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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.

44 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Small Cap Dividend Growth Fund

Class I	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$14.31				$12.85				$16.73				$11.39				$11.89
Operations:
Net investment income 1			0.17				0.19				0.14				0.13				0.13
Net realized and unrealized gains (losses)			1.87				1.83				(2.61	)			5.32				(0.49	)
Total from operations			2.04				2.02				(2.47	)			5.45				(0.36	)
Redemption fee			—	2			—				—	2			—				—
Distributions to Shareholders:
From net investment income			(0.17	)			(0.19	)			(0.14	)			(0.11	)			(0.14	)
From net realized gains			—				(0.37	)			(1.27	)			—				—
Total distributions			(0.17	)			(0.56	)			(1.41	)			(0.11	)			(0.14	)
Net Asset Value
End of period			$16.18				$14.31				$12.85				$16.73				$11.39
Total investment return 3			14.35	%			16.20	%			(16.30	%)			48.13	%			(3.05	%)
Net assets at end of period (000’s omitted)			$22,864				$16,508				$14,209				$17,114				$11,786
Ratios: 4
Expenses (without waiver) 5			1.25	%			1.25	%			1.25	%			1.25	%			1.25	%
Expenses (with waiver) 5			0.90	%			0.90	%			0.95	%			1.00	%			1.00	%
Net investment income (without waiver)			0.76	%			1.06	%			0.59	%			0.67	%			0.90	%
Net investment income (with waiver)			1.11	%			1.41	%			0.89	%			0.92	%			1.15	%
Portfolio turnover rate (excluding short-term securities)			12.81	%			15.05	%			18.47	%			27.91	%			27.58	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

JUNE 30, 2024 45

FINANCIAL HIGHLIGHTS

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

Sit Small Cap Dividend Growth Fund

Class S	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$14.30				$12.84				$16.72				$11.38				$11.88
Operations:
Net investment income 1			0.12				0.16				0.11				0.10				0.10
Net realized and unrealized gains (losses)			1.87				1.83				(2.62	)			5.32				(0.49	)
Total from operations			1.99				1.99				(2.51	)			5.42				(0.39	)
Redemption fee			—	2			—				—	2			—				—
Distributions to Shareholders:
From net investment income			(0.13	)			(0.16	)			(0.10	)			(0.08	)			(0.11	)
From net realized gains			—				(0.37	)			(1.27	)			—				—
Total distributions			(0.13	)			(0.53	)			(1.37	)			(0.08	)			(0.11	)
Net Asset Value
End of period			$16.16				$14.30				$12.84				$16.72				$11.38
Total investment return 3			14.02	%			15.91	%			(16.48	%)			47.73	%			(3.30	%)
Net assets at end of period (000’s omitted)			$5,516				$4,965				$4,323				$5,187				$3,720
Ratios: 4
Expenses (without waiver) 5			1.50	%			1.50	%			1.50	%			1.50	%			1.50	%
Expenses (with waiver) 5			1.15	%			1.15	%			1.20	%			1.25	%			1.25	%
Net investment income (without waiver)			0.48	%			0.81	%			0.42	%			0.42	%			0.64	%
Net investment income (with waiver)			0.83	%			1.16	%			0.72	%			0.67	%			0.89	%
Portfolio turnover rate (excluding short-term securities)			12.81	%			15.05	%			18.47	%			27.91	%			27.58	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

46 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Small Cap Growth Fund

	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$60.29				$52.41				$82.14				$56.81				$55.46
Operations:
Net investment loss 1			(0.29	)			(0.13	)			(0.48	)			(0.44	)			(0.28	)
Net realized and unrealized gains (losses)			7.24				8.93				(17.68	)			28.28				3.38
Total from operations			6.95				8.80				(18.16	)			27.84				3.10
Redemption fee 2			—				—				—				—				—
Distributions to Shareholders:
From net realized gains			(1.89	)			(0.92	)			(11.57	)			(2.51	)			(1.75	)
Net Asset Value
End of period			$65.35				$60.29				$52.41				$82.14				$56.81
Total investment return 3			11.84	%			17.01	%			(25.57	%)			49.65	%			5.68	%
Net assets at end of period (000’s omitted)			$112,288				$109,824				$98,444				$145,859				$100,613
Ratios: 4
Expenses			1.50	%			1.50	%			1.50	%			1.50	%			1.50	%
Net investment loss			(0.47	%)			(0.24	%)			(0.67	%)			(0.62	%)			(0.53	%)
Portfolio turnover rate (excluding short-term securities)			12.03	%			13.76	%			15.64	%			30.54	%			25.74	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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.

JUNE 30, 2024 47

FINANCIAL HIGHLIGHTS

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

Sit International Growth Fund

	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$20.62				$17.78				$23.27				$17.38				$17.13
Operations:
Net investment income 1			0.29				0.28				0.20				0.05				0.06
Net realized and unrealized gains (losses)			1.48				2.92				(5.63	)			5.89				0.36
Total from operations			1.77				3.20				(5.43	)			5.94				0.42
Redemption fee			—	2			—				—				—				—	2
Distributions to Shareholders:
From net investment income			(0.29	)			(0.27	)			(0.06	)			(0.05	)			(0.17	)
From net realized gains			(0.15	)			(0.09	)			—				—				—
Total distributions			(0.44	)			(0.36	)			(0.06	)			(0.05	)			(0.17	)
Net Asset Value
End of period			$21.95				$20.62				$17.78				$23.27				$17.38
Total investment return 3			8.70	%			18.27	%			(23.41	%)			34.18	%			2.43	%
Net assets at end of period (000’s omitted)			$27,848				$26,624				$22,454				$31,345				$23,005
Ratios: 4
Expenses (without waiver)			1.50	%5			1.50	%5			1.50	%5			1.50	%			1.50	%
Expenses (with waiver)			0.85	%5			0.85	%5			1.20	%5			—				—
Net investment income (without waiver)			0.76	%			0.87	%			0.59	%			0.26	%			0.35	%
Net investment income (with waiver)			1.41	%			1.52	%			0.88	%			—				—
Portfolio turnover rate (excluding short-term securities)			8.35	%			7.65	%			7.76	%			12.61	%			13.38	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

48 FINANCIAL STATEMENTS AND OTHER INFORMATION

FINANCIAL HIGHLIGHTS

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

Sit Developing Markets Growth Fund

	Year Ended June 30,
		2024				2023				2022				2021				2020
Net Asset Value:
Beginning of period			$16.06				$15.46				$21.40				$16.28				$16.21
Operations:
Net investment income 1			0.19				0.23				0.21				0.01				0.26
Net realized and unrealized gains (losses)			1.14				0.74				(5.76	)			5.17				0.11
Total from operations			1.33				0.97				(5.55	)			5.18				0.37
Redemption fee			—				—	2			—				—				—	2
Distributions to Shareholders:
From net investment income			(0.24	)			(0.29	)			(0.02	)			(0.02	)			(0.30	)
From net realized gains			(0.08	)			(0.08	)			(0.37	)			(0.04	)			—
Total distributions			(0.32	)			(0.37	)			(0.39	)			(0.06	)			(0.30	)
Net Asset Value
End of period			$17.07				$16.06				$15.46				$21.40				$16.28
Total investment return 3			8.52	%			6.42	%			(26.19	%)			31.79	%			2.20	%
Net assets at end of period (000’s omitted)			$9,066				$10,098				$9,400				$13,883				$10,260
Ratios: 4
Expenses (without waiver) 5			2.00	%			2.00	%			2.00	%			2.00	%			2.00	%
Expenses (with waiver) 5			0.95	%			0.95	%			1.20	%			1.40	%			1.40	%
Net investment income (without waiver)			0.15	%			0.42	%			0.35	%			(0.55	%)			1.05	%
Net investment income (with waiver)			1.20	%			1.47	%			1.15	%			0.05	%			1.65	%
Portfolio turnover rate (excluding short-term securities)			2.11	%			0.76	%			2.49	%			7.52	%			4.15	%

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

²  Amount represents less than $0.01 per share.

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

⁴  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 adviser voluntarily absorbed expenses that were otherwise payable by the Fund.

JUNE 30, 2024 49

NOTES TO FINANCIAL STATEMENTS

Year Ended June 30, 2024

(1) Organization

The Sit Mutual Funds covered by this report are Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit Large Cap Growth Fund, Sit ESG Growth Fund, Sit Mid Cap Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund (each a “Fund” and collectively, the “Funds”). The Funds are no-load funds, and are registered under the Investment Company Act of 1940 (as amended) as diversified, open-end management investment companies, or series thereof. The Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit ESG Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, and Sit Developing Markets Growth Fund are series funds of Sit Mutual Funds, Inc. Each Fund has 10 billion authorized shares of capital stock with a par value of $0.001. This report covers the equity Funds of the Sit Mutual Funds.

The investment objective for each Fund is as follows:

Fund	Investment Objective
Balanced Fund	Seeks long-term growth consistent with the preservation of principal and seeks to provide regular income.
Dividend Growth Fund	Seeks to provide current income that exceeds the dividend yield of the S&P 500® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation.
Global Dividend Growth Fund	Seeks to provide current income that exceeds the dividend yield of the MSCI World Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation.
Large Cap Growth Fund	Seeks to maximize long-term capital appreciation.
ESG Growth Fund	Seeks to maximize long-term capital appreciation.
Mid Cap Growth Fund	Seeks to maximize long-term capital appreciation.
Small Cap Dividend Growth Fund	Seeks to provide current income that exceeds the yield of the Russell 2000® Index and that grows over a period of years. Secondarily, seeks long-term capital appreciation.
Small Cap Growth Fund	Seeks to maximize long-term capital appreciation.
International Growth Fund	Seeks long-term growth.
Developing Markets Growth Fund	Seeks to maximize long-term capital appreciation.

The Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds offer Class I and Class S shares. Both classes of shares have identical voting, dividend, and liquidation rights. The distribution fee differs among classes, the Class S shares have a 0.25% distribution fee, whereas Class I has no distribution fee. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets.

(2) Significant Accounting Policies

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”).

Investments in Securities

Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Equity securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available, at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Consistent with the Funds’ valuation policies and procedures, debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security characteristics, such as coupon rate, maturity date, issuer credit quality, and

50 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

prepayment speeds as applicable. When market quotations are not readily available, or when Sit Investment Associates, Inc. (the “Adviser” or “SIA”) becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Funds’ Board of Directors. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

Security transactions are accounted for on the date the securities are purchased or sold. Securities gains and losses are calculated on the identified-cost basis. Dividend income is recorded on the ex-dividend date or upon the receipt of ex-dividend notification in the case of certain foreign securities. Interest income is recorded on an accrual basis, including level-yield amortization of long-term bond premium and discount using the effective yield method.

Fair Value Measurements

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 – debt securities are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, U.S. government and government agency obligations, and municipal securities the pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For asset-backed securities and mortgage-backed securities, the pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as dealer supplied prices. For foreign equities, the pricing services adjust closing prices by applying a systematic process for events occurring after the close of the foreign exchange by utilizing such inputs as Depositary Receipts, quoted prices for similar securities, exchange rates, and certain indexes. All of these inputs are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 – significant unobservable inputs, including the Adviser’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A summary of the levels for the Funds’ investments as of June 30, 2024 is included with the Funds’ schedules of investments.

Foreign Currency Translations and Forward Foreign Currency Contracts

The fair value of securities and other assets and liabilities denominated in foreign currencies for Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds are translated daily into U.S. dollars at the closing rate of exchange (approximately 4:00 p.m. Eastern Time). Purchases and sales of securities, income and expenses are translated at the exchange rate on the transaction date. Dividend and interest income includes currency exchange gains (losses) realized between the accrual and payment dates on such income. Exchange gains (losses) may also be realized between the trade and settlement dates on security and forward contract transactions. For securities denominated in foreign currencies, the effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

The Global Dividend Growth, ESG Growth, International Growth and Developing Markets Growth Funds may enter into forward foreign currency exchange contracts generally for operational purposes, but the Adviser may occasionally utilize contracts to protect against adverse exchange rate fluctuation. Any gains (losses) generated by these contracts are disclosed separately on the statements of operations.

JUNE 30, 2024 51

NOTES TO FINANCIAL STATEMENTS

Year Ended June 30, 2024 (Continued)

The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Funds and the resulting unrealized appreciation or depreciation is determined using foreign currency exchange rates from an independent pricing service. The Funds are subject to the credit risk that the other party will not complete the obligations of the contract.

Federal Taxes

The Funds’ policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no income tax provision is required. In order to avoid the payment of any federal excise taxes, the Funds will distribute substantially all of their net investment income and net realized gains on a calendar year basis. Also, the Funds may utilize equalization accounting for tax purposes, whereby a portion of redemption payments are treated as distributions of income or gain for income tax purposes.

Management has analyzed the Funds’ tax positions taken in federal tax returns for all open tax years and has concluded that as of June 30, 2024, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns remain subject to examination by the Internal Revenue Service and state departments of revenue until such time as the applicable statute of limitations for audit has expired. For example, U.S. tax returns are generally subject to audit for three years from the date they are filed.

At June 30, 2024, the gross unrealized appreciation (depreciation) on investments and cost of securities on a tax basis for federal income tax purposes were as follows:

	Unrealized  Appreciation		Unrealized  Depreciation			Net Unrealized Appreciation  (Depreciation)		Cost of  Securities on a  Tax Basis
Balanced Fund		$23,931,374		($1,042,983	)		$22,888,391		$41,261,368
Dividend Growth Fund		71,773,867		(3,518,110	)		68,255,757		175,140,444
Global Dividend Growth Fund		27,975,815		(27,567	)		27,948,248		23,088,403
Large Cap Growth Fund		144,475,269		(1,256,383	)		143,218,886		70,991,502
ESG Growth Fund		5,788,548		(355,515	)		5,433,033		5,882,224
Mid Cap Growth Fund		116,074,406		(5,989,934	)		110,084,472		93,228,143
Small Cap Dividend Growth Fund		9,518,564		(1,074,368	)		8,444,196		19,910,882
Small Cap Growth Fund		54,314,551		(2,492,293	)		51,822,258		60,201,429
International Growth Fund		10,813,263		(1,545,573	)		9,267,690		18,460,463
Developing Markets Growth Fund		3,773,281		(1,197,383	)		2,575,898		6,464,589

Net investment income and net realized gains differ for financial statement and tax purposes because of corporate actions on shares held and/or losses deferred due to “wash sale” transactions. A “wash sale” occurs when a Fund sells a security that it has acquired within a period beginning thirty days before and ending thirty days after the date of sale (a sixty one day period). The character of distributions made during the year from net investment income or net realized gains may also differ from its ultimate characterization for tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid during the fiscal years ended June 30, 2024 and 2023 was as follows:

52 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Year Ended June 30, 2024:
	Ordinary Income			Long Term Capital Gain			Total
Balanced Fund		$785,004			—			$785,004
Dividend Growth Fund (Class I)		2,912,099			$6,449,526			9,361,625
Dividend Growth Fund (Class S)		243,916			667,384			911,300
Global Dividend Growth Fund (Class I)		447,677			—			447,677
Global Dividend Growth Fund (Class S)		32,328			—			32,328
Large Cap Growth Fund		122,457			3,071,012			3,193,469
ESG Growth Fund (Class I)		39,839			—			39,839
ESG Growth Fund (Class S)		25,161			—			25,161
Mid Cap Growth Fund		—			903,590			903,590
Small Cap Dividend Growth Fund (Class I)		202,009			—			202,009
Small Cap Dividend Growth Fund (Class S)		44,992			—			44,992
Small Cap Growth Fund		—			3,306,617			3,306,617
International Growth Fund		371,001			186,509			557,510
Developing Markets Growth Fund		143,001			50,141			193,142
Year Ended June 30, 2023:
	Ordinary Income			Long Term Capital Gain			Total
Balanced Fund		$619,854			$1,601,210			$2,221,064
Dividend Growth Fund (Class I)		2,683,114			19,091,190			21,774,304
Dividend Growth Fund (Class S)		241,918			2,130,893			2,372,811
Global Dividend Growth Fund (Class I)		446,552			—			446,552
Global Dividend Growth Fund (Class S)		31,454			—			31,454
Large Cap Growth Fund		—			4,952,920			4,952,920
ESG Growth Fund (Class I)		23,820			96,959			120,779
ESG Growth Fund (Class S)		19,181			97,269			116,450
Mid Cap Growth Fund		—			5,106,424			5,106,424
Small Cap Dividend Growth Fund (Class I)		236,730			383,106			619,836
Small Cap Dividend Growth Fund (Class S)		61,510			121,113			182,623
Small Cap Growth Fund		—			1,688,086			1,688,086
International Growth Fund		337,000			116,404			453,404
Developing Markets Growth Fund		176,000			46,145			222,145

As of June 30, 2024, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term  Capital Gains		Unrealized Appreciation (Depreciation)
Balanced Fund		$268,065		$145,710		$22,888,391
Dividend Growth Fund		642,026		13,534,741		68,255,757
Global Dividend Growth Fund		197,641		360,734		27,948,248
Large Cap Growth Fund		—		8,562,795		143,218,886
ESG Growth Fund		45,251		—		5,433,033
Mid Cap Growth Fund		—		7,856,897		110,084,472
Small Cap Dividend Growth Fund		77,314		—		8,444,196
Small Cap Growth Fund		—		3,970,226		51,822,258
International Growth Fund		285,368		417,875		9,267,690
Developing Markets Growth Fund		57,189		249,137		2,575,898

JUNE 30, 2024 53

NOTES TO FINANCIAL STATEMENTS

Year Ended June 30, 2024 (Continued)

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

	Distributable   Earnings			Additional   Paid-in Capital
Large Cap Growth Fund		$53,885			($53,885)
Mid Cap Growth Fund		333,983			(333,983)
Small Cap Growth Fund		416,378			(416,378)

Net capital loss carryovers and late year losses, if any, as of June 30, 2024, are available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds’ are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward retain their character as either short-term or long-term capital losses. The net capital loss carryovers and the late year losses deferred as of June 30, 2024, were as follows:

	Unlimited Period of Net   Capital Loss Carryover				Late Year   Losses Deferred
	Short-Term		Long-Term		Ordinary		Capital
Large Cap Growth Fund		—		—		$40,081		—
ESG Growth Fund		—		$80,654		—		—
Mid Cap Growth Fund		—		—		261,944		—
Small Cap Dividend Growth Fund		$23,016		—		—		—
Small Cap Growth Fund		—		—		284,378		—

For the year ended June 30, 2024, the Funds’ utilized capital losses and expired capital losses as follows:

	Utilized			Expired
Global Dividend Growth Fund		$671,206			—
ESG Growth Fund		41,225			—

Distributions

Distributions to shareholders are recorded as of the close of business on the record date. Such distributions are payable in cash or reinvested in additional shares of the Funds’ capital stock. Distributions from net investment income, if any, are declared and paid quarterly for the Balanced, Dividend Growth, Global Dividend Growth and Small Cap Dividend Growth Funds and declared and paid annually for Developing Markets Growth, Small Cap Growth, International Growth, Mid Cap Growth, Large Cap Growth and ESG Growth Funds. Distributions from net realized gains, if any, will be made annually for each of the Funds.

Concentration of Investments

The Developing Markets Growth Fund may concentrate investments in countries with limited or developing capital markets which may involve greater risks than investments in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of the Fund’s investments and the income it generates, as well as the Fund’s ability to repatriate such amounts.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported results for the respective periods. Actual results could differ from those estimates.

54 FINANCIAL STATEMENTS AND OTHER INFORMATION

 

 

Guarantees and Indemnifications

Under each Fund’s organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.

(3) Investment Security Transactions

The cost of purchases and proceeds from sales and maturities of investment securities, other than short-term securities, for the year ended June 30, 2024, were as follows:

	Purchases					Proceeds
	U.S. Government			Other		U.S. Government			Other
Balanced Fund		$8,814,249			$13,824,770		$5,999,234			$12,032,861
Dividend Growth Fund		—			94,499,579		—			117,532,850
Global Dividend Growth Fund		—			1,606,368		—			6,134,642
Large Cap Growth Fund		—			19,569,467		—			20,031,364
ESG Growth Fund		—			577,069		—			316,442
Mid Cap Growth Fund		—			16,128,755		—			29,464,059
Small Cap Dividend Growth Fund		—			5,912,280		—			2,937,842
Small Cap Growth Fund		—			12,808,737		—			23,928,077
International Growth Fund		—			2,179,799		—			2,826,285
Developing Markets Growth Fund		—			192,006		—			1,655,950

(4) Affiliated Fees and Transactions

Investment Adviser

The Funds each have entered into an investment management agreement with SIA, under which SIA manages the Funds’ assets and provides research, statistical and advisory services, and pays related office rental, executive expenses and executive salaries. The current fee for investment management and advisory services is based on the average daily net assets of the Funds at the annual rate of:

	Management Fees	Net of Adviser’s  Voluntary Fee Waiver
Balanced Fund	1.00%		0.80%
Dividend Growth Fund Class I and Class S	1.00%		0.70%
Global Dividend Growth Fund Class I and Class S	1.25%		1.00%
Large Cap Growth Fund	1.00%		N/A
ESG Growth Fund Class I and Class S	1.25%		1.00%
Mid Cap Growth Fund	1.25%		N/A
Small Cap Dividend Growth Fund Class I and Class S	1.25%		0.90%
Small Cap Growth Fund	1.50%		N/A
International Growth Fund	1.50%		0.85%
Developing Markets Growth Fund	2.00%		0.95%

SIA is obligated to pay all of the Funds’ expenses (excluding extraordinary expenses, stock transfer taxes, interest, brokerage commissions, 12b-1 fees and other transaction charges relating to investing activities).

In addition to the annual management fees, the Class S shares of the Dividend Growth, Global Dividend Growth, ESG Growth and Small Cap Dividend Growth Funds also have a 0.25% annual distribution (12b-1) fee, which is used to pay for distribution fees related to the sale and distribution of such shares.

JUNE 30, 2024 55

NOTES TO FINANCIAL STATEMENTS

Year Ended June 30, 2024 (Continued)

Effective January 1, 2022, the Adviser has agreed to voluntarily limit the management fee of the Balanced Fund to 0.80%, the Small Cap Dividend Growth Fund to 0.90% (prior to January 1, 2022, the limitation was 1.00%), the International Growth Fund to 0.85% and the Developing Markets Growth Fund to 0.95% (prior to January 1, 2022, the limitation was 1.40%) for the period through June 30, 2025 of the Fund’s daily average net assets, respectively.

Effective October 1, 2017, the Adviser has agreed to limit the management fee of the Dividend Growth Fund to 0.70%, the Global Dividend Growth Fund to 1.00% and the ESG Growth Fund to 1.00% for the period through June 30, 2025 of the Fund’s daily average net assets, respectively.

Transactions with affiliates

The Adviser, affiliates of the Adviser, directors and officers of the Funds as a whole owned the following shares as of June 30, 2024:

	Shares			% Shares   Outstanding
Balanced Fund		450,161			24.0
Dividend Growth Fund		1,777,680			12.1
Global Dividend Growth Fund		530,924			28.1
Large Cap Growth Fund		885,679			30.8
ESG Growth Fund		478,994			89.1
Mid Cap Growth Fund		4,316,638			49.0
Small Cap Dividend Growth Fund		1,058,537			60.3
Small Cap Growth Fund		1,043,756			60.7
International Growth Fund		732,802			57.8
Developing Markets Growth Fund		297,432			56.0

(5) Credit Facility

The Funds, together with the 4 bond Sit Mutual Funds managed by SIA, are borrowers in a $20 million credit facility (Credit Facility) ma-turing November 26, 2024. The Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, includ-ing the ability to meet future unanticipated or unusually large redemption requests. Under the terms of the Credit Facility, each Fund shall pay interest charged on any borrowings made by the Fund. During the year ended June 30, 2024, the Funds did not use the Credit Facility.

(6) Capital Share Activity

Short-Term Trading (Redemption) Fees

The Funds (except the Balanced Fund) charge a redemption fee equal to 2.00% of the proceeds on shares held for less than 30 calendar days. The fee is retained by the Fund for the benefit of its long-term shareholders and accounted for as an addition to paid in capital. For the year ended June 30, 2024, the Funds received the following redemption fees:

	Class I			Class S
Dividend Growth Fund		$645			$581
Global Dividend Growth Fund		42			1
Large Cap Growth Fund		2,455			—
ESG Growth Fund		298			269
Mid Cap Growth Fund		2			—
Small Cap Dividend Growth Fund		1,488			449
Small Cap Growth Fund		1,781			—
International Growth Fund		88			—

56 FINANCIAL STATEMENTS AND OTHER INFORMATION

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Directors

Sit Mutual Funds, Inc.

Sit Large Cap Growth Fund

Sit Mid Cap Growth Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Sit Balanced Fund, Sit Dividend Growth Fund, Sit Global Dividend Growth Fund, Sit ESG Growth Fund, Sit Small Cap Dividend Growth Fund, Sit Small Cap Growth Fund, Sit International Growth Fund, Sit Developing Markets Growth Fund (each a series of Sit Mutual Funds, Inc.), Sit Large Cap Growth Fund, and Sit Mid Cap Growth Fund (collectively, the Funds), including the schedules of investments, as of June 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2024, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/KPMG LLP

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

Minneapolis, Minnesota

August 16, 2024

JUNE 30, 2024 57

FEDERAL TAX INFORMATION (Unaudited)

Sit Equity Funds

For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any), for each of the Funds that qualify for the Dividends Received Deductions for the period of July 1, 2023 to June 30, 2024 is as follows:

Fund	Percentage
Balanced Fund	37.5%
Dividend Growth Fund	100.0
Global Dividend Growth Fund	94.4
Large Cap Growth Fund	100.0
ESG Growth Fund	98.0
Mid Cap Growth Fund	0.0
Small Cap Dividend Growth Fund	100.0
Small Cap Growth Fund	0.0
International Growth Fund	7.3
Developing Markets Growth Fund	18.3

For the year ended June 30, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 20%, as provided by the American Taxpayer Relief Act of 2012. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the lower dividend income tax rates.

Fund	Percentage
Balanced Fund	43.6%
Dividend Growth Fund	100.0
Global Dividend Growth Fund	100.0
Large Cap Growth Fund	100.0
ESG Growth Fund	100.0
Mid Cap Growth Fund	0.0
Small Cap Dividend Growth Fund	100.0
Small Cap Growth Fund	0.0
International Growth Fund	100.0
Developing Markets Growth Fund	97.1

 

 

The following Funds designated the listed amounts as long-term capital gain dividends during the year ended June 30, 2024. Distributable long-term gains are based on net realized long term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.

Fund	Amount
Balanced Fund	$145,710
Dividend Growth Fund	16,338,396
Global Dividend Growth Fund	360,734
Large Cap Growth Fund	8,562,797
ESG Growth Fund	—
Mid Cap Growth Fund	8,760,487
Small Cap Dividend Growth Fund	—
Small Cap Growth Fund	5,450,238
International Growth Fund	500,368
Developing Markets Growth Fund	249,137

58 FINANCIAL STATEMENTS AND OTHER INFORMATION

ADDITIONAL INFORMATION (Unaudited)

 

PROXY VOTING

A description of the policies and procedures that the Adviser uses to vote proxies related to the Funds’ portfolio securities is set forth in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.sitfunds.com, without charge by calling 800-332-5580 and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov. The Funds’ proxy voting record is available without charge by calling 800-332-5580 and on the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June.

QUARTERLY SCHEDULES OF INVESTMENTS

Each Fund files a complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov. Each Fund’s complete schedule of investments, as filed on Form N-PORT, is also available on its website at www.sitfunds.com, or without charge by calling 800-332-5580.

JUNE 30, 2024 59

 

 

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60 FINANCIAL STATEMENTS AND OTHER INFORMATION

Financial Statements and Other Information June 30, 2024 INVESTMENT ADVISER Sit Investment Associates, Inc. 80 S. Eighth Street Suite 3300 Minneapolis, MN 55402 CUSTODIAN The Bank Of New York Mellon 111 Sanders Creek Parkway Syracuse, NY 13057 TRANSFER AGENT AND DISBURSING AGENT Sit Mutual Funds Attention: 534459 500 Ross Street, 154-0520 Pittsburgh, PA 15262 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM KPMG LLP Minneapolis, MN GENERAL COUNSEL Faegre Drinker Biddle & Reath LLP Minneapolis, MN

Item 8:   Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None.

Item 9:   Proxy Disclosures for Open-End Management Investment Companies.

None.

Item 10:  Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Fiscal year ended June 30, 2024

Name of Director	Aggregate Renumeration Paid by all 14 of the Sit Mutual Funds
Edward M. Giles	$50,000
Sidney L. Jones	$60,000
Bruce C. Lueck	$50,000
Donald W. Phillips	$50,000
Barry N. Winslow	$50,000

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

None. The Board of Directors did not approve the investment advisory contracts during the Registrant’s most recent fiscal half-year. Investment advisory contracts were approved by the Board of Directors in October 2023.

Item 12:  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13:  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14:  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15:  Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors since the Registrant last submitted a proxy statement to its shareholders.

Item 16:  Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term in defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule.

(b) There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17:  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18:  Recovery of Erroneously Awarded Compensation.

None.

Item 19:  Exhibits.

(a)(1) None.

(a)(2) Not applicable.

(a)(3) Separate certifications from the principal executive officer and principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940 (certification required by Rule Section 302 of the Sarbanes-Oxley Act of 2002), are attached as an exhibit hereto.

(b) The certification required by Rule 30a-2(b) under the Investment Company Act of 1940 (certification required by Section 906 of the Sarbanes-Oxley Act of 2002) is attached as an exhibit hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Sit Large Cap Growth Fund, Inc.
By  (Signature and Title)	/s/ Paul E. Rasmussen
	Paul E. Rasmussen
	Vice President
Date August 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By  (Signature and Title)	/s/ Paul E. Rasmussen
	Paul E. Rasmussen
	Vice President
Date August 29, 2024
By  (Signature and Title)	/s/ Roger J. Sit
	Roger J. Sit
	Chairman and President
Date August 29, 2024