Sit Mutual Funds, Inc.

0001193125-12-457622.txt : 20121107 0001193125-12-457622.hdr.sgml : 20121107 20121107164710 ACCESSION NUMBER: 0001193125-12-457622 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121107 DATE AS OF CHANGE: 20121107 EFFECTIVENESS DATE: 20121107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT LARGE CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356786 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-75152 FILM NUMBER: 121187375 BUSINESS ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING GROWTH FUND INC/NEW DATE OF NAME CHANGE: 19870907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT LARGE CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356786 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03343 FILM NUMBER: 121187376 BUSINESS ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CENTER 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING GROWTH FUND INC/NEW DATE OF NAME CHANGE: 19870907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MID CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356787 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-75151 FILM NUMBER: 121187379 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-32 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19930923 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING INCOME & GROWTH FUND INC DATE OF NAME CHANGE: 19870907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MID CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000356787 IRS NUMBER: 411414580 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03342 FILM NUMBER: 121187380 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-32 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 S 8TH ST STREET 2: 3300 IDS CTR, 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT GROWTH FUND INC DATE OF NAME CHANGE: 19940620 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19930923 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING INCOME & GROWTH FUND INC DATE OF NAME CHANGE: 19870907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000877880 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-42101 FILM NUMBER: 121187377 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING MUTUAL FUNDS INC DATE OF NAME CHANGE: 19920929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS INC CENTRAL INDEX KEY: 0000877880 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06373 FILM NUMBER: 121187378 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 SOUTH 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING MUTUAL FUNDS INC DATE OF NAME CHANGE: 19920929

0000356786 S000011803 SIT LARGE CAP GROWTH FUND INC

C000032270 SIT LARGE CAP GROWTH FUND INC SNIGX

0000356787 S000011802 SIT MID CAP GROWTH FUND INC

C000032269 SIT MID CAP GROWTH FUND INC NBNGX

0000877880 S000003461 Sit International Growth Fund

C000009595 Sit International Growth Fund SNGRX

0000877880 S000003462 Sit Balanced Fund

C000009596 Sit Balanced Fund SIBAX

0000877880 S000003463 Sit Developing Markets Growth Fund

C000009597 Sit Developing Markets Growth Fund SDMGX

0000877880 S000003464 Sit Small Cap Growth Fund

C000009598 Sit Small Cap Growth Fund SSMGX

0000877880 S000003466 Sit Dividend Growth Fund

C000009600 Sit Dividend Growth Fund - Class I SDVGX

C000033658 Sit Dividend Growth Fund - Class S SDVSX

0000877880 S000023468 Sit Global Dividend Growth Fund

C000069003 Sit Global Dividend Growth Fund - Class I GDGIX

C000071096 Sit Global Dividend Growth Fund - Class S GDGSX

485BPOS 1 d414393d485bpos.htm SIT MUTUAL FUNDS, INC. Sit Mutual Funds, Inc.

As filed with the Securities and Exchange Commission on November 7, 2012

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

File Nos. 2-75152, 811-03343


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 43		¨

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 46

SIT LARGE CAP GROWTH FUND, INC.

(Exact Name of Registrant as Specified in Charter)

File Nos. 2-75151, 811-03342


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 43		¨

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 46

SIT MID CAP GROWTH FUND, INC.

(Exact Name of Registrant as Specified in Charter)

File Nos. 33-42101, 811-06373


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 42		¨

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 43

SIT MUTUAL FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

3300 IDS Center,

Minneapolis, Minnesota 55402

(Address of Principal Executive Offices) (Zip Code)

(612) 332-3223

(Registrants’ Telephone Number, including Area Code)

Kelly K. Boston, Esq.

Sit Mutual Funds

3300 IDS Center

Minneapolis, Minnesota 55402

(Name and Address of Agent for Service)

Copy to:

Michael J. Radmer, Esq.

Dorsey & Whitney, LLP

50 South 6^th Street, Suite 1500

Minneapolis, Minnesota 55402

It is proposed that this filing will become effective (check appropriate box):

immediately upon filing pursuant to paragraph (b) of rule 485

on (specify date) pursuant to paragraph (b) of rule 485

60 days after filing pursuant to paragraph (a)(1) of rule 485

on (specify date) pursuant to paragraph (a)(1) of rule 485

75 days after filing pursuant to paragraph (a)(2) of rule 485

on (specify date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

This post-effective amendment designates a new effective date for a previously filed post effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Minneapolis, State of Minnesota, on the 7th day of November 2012.


SIT LARGE CAP GROWTH FUND, INC. (Registrant)

By		/s/ Roger J. Sit
		Roger J. Sit, Chairman

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registrant’s Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. The enclosed Amendment does not contain disclosures that would render it ineligible to become effective pursuant to Rule 485(b).


Signature and Title

/s/ Roger J. Sit Roger J. Sit, Chairman (Principal Executive Officer)		Dated: November 7, 2012

/s/ Paul E. Rasmussen Paul E. Rasmussen, Treasurer (Principal Financial Officer and Accounting Officer)		Dated: November 7, 2012

William E. Frenzel, Director*

Edward M. Giles, Director*

Sidney L. Jones, Director*

Bruce C. Lueck, Director*

Donald W. Phillips, Director*

Barry N. Winslow, Director*


By	/s/ Roger J. Sit	Dated: November 7, 2012
	Roger J. Sit, Attorney-in-fact

*	Pursuant to a power of attorney filed previously with the Commission.

SIGNATURES


SIT MID CAP GROWTH FUND, INC. (Registrant)

By		/s/ Roger J. Sit
		Roger J. Sit, Chairman


Signature and Title

/s/ Roger J. Sit Roger J. Sit, Chairman (Principal Executive Officer)		Dated: November 7, 2012

/s/ Paul E. Rasmussen Paul E. Rasmussen, Treasurer (Principal Financial Officer and Accounting Officer)		Dated: November 7, 2012

William E. Frenzel, Director*

Edward M. Giles, Director*

Sidney L. Jones, Director*

Bruce C. Lueck, Director*

Donald W. Phillips, Director*

Barry N. Winslow, Director*


By	/s/ Roger J. Sit	Dated: November 7, 2012
	Roger J. Sit, Attorney-in-fact

*	Pursuant to a power of attorney filed previously with the Commission.

SIGNATURES


SIT MUTUAL FUNDS, INC. (Registrant)

By		/s/ Roger J. Sit
		Roger J. Sit, Chairman


Signature and Title

/s/ Roger J. Sit Roger J. Sit, Chairman (Principal Executive Officer)		Dated: November 7, 2012

/s/ Paul E. Rasmussen Paul E. Rasmussen, Treasurer (Principal Financial Officer and Accounting Officer)		Dated: November 7, 2012

William E. Frenzel, Director*

Edward M. Giles, Director*

Sidney L. Jones, Director*

Bruce C. Lueck, Director*

Donald W. Phillips, Director*

Barry N. Winslow, Director*


By	/s/ Roger J. Sit	Dated: November 7, 2012
	Roger J. Sit, Attorney-in-fact

*	Pursuant to a power of attorney filed previously with the Commission.

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-1-1.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

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2011-11-02 2012-11-01 0000877880 smfi1:S000003462Member smfi1:SandpFiveHundredIndexMember 2011-11-02 2012-11-01 0000877880 smfi1:S000003463Member rr:AfterTaxesOnDistributionsMember smfi1:C000009597Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003463Member rr:AfterTaxesOnDistributionsAndSalesMember smfi1:C000009597Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003463Member smfi1:MsciEmergingMarketsIndexMember 2011-11-02 2012-11-01 0000877880 smfi1:S000003461Member rr:AfterTaxesOnDistributionsMember smfi1:C000009595Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003461Member rr:AfterTaxesOnDistributionsAndSalesMember smfi1:C000009595Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003461Member smfi1:MsciEafeIndexMember 2011-11-02 2012-11-01 0000877880 smfi1:S000023468Member rr:AfterTaxesOnDistributionsMember smfi1:C000069003Member 2011-11-02 2012-11-01 0000877880 smfi1:S000023468Member rr:AfterTaxesOnDistributionsAndSalesMember smfi1:C000069003Member 2011-11-02 2012-11-01 0000877880 smfi1:S000023468Member smfi1:SandpFiveHundredIndexMember 2011-11-02 2012-11-01 0000877880 smfi1:S000023468Member smfi1:MsciEafeIndexMember 2011-11-02 2012-11-01 0000877880 smfi1:S000003466Member rr:AfterTaxesOnDistributionsMember smfi1:C000009600Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003466Member rr:AfterTaxesOnDistributionsAndSalesMember smfi1:C000009600Member 2011-11-02 2012-11-01 0000877880 smfi1:S000003466Member smfi1:SandpFiveHundredIndexMember 2011-11-02 2012-11-01 pure iso4217:USD 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitGlobalDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitBalancedFund column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitDevelopingMarketsGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSITMIDCAPGROWTHFUND column period compact * ~</div> 2012-09-30 728 861 Example 690 Example 636 771 Example 555 Example Example Example Example Example <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSITLARGECAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleShareholderFeesSitInternationalGrowthFund column period compact * ~</div> The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 16.23% of the average value of the portfolio. 0.1547 The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 15.06% of the average value of the portfolio. The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 26.84% (both classes) of the average value of the portfolio. 0.3851 824 The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 22.32% of the average value of the portfolio. 0.1592 0.2634 1093 The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 22.56% of the average value of the portfolio. www.sitfunds.com The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 26.65% (both classes) of the average value of the portfolio. 560 The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 47.01% of the average value of the portfolio. 824 www.sitfunds.com 0.3457 0.1194 www.sitfunds.com www.sitfunds.com 0.1287 0.1362 www.sitfunds.com The Fund pays transactions costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 27.82% of the average value of the portfolio. www.sitfunds.com 0.1049 www.sitfunds.com 0.192 0.4596 0.287 www.sitfunds.com SUMMARY INFORMATION SIT MID CAP GROWTH FUND Shareholder Fees (fees paid directly from your investment) 135 161 SUMMARY INFORMATION SIT DEVELOPING MARKETS GROWTH FUND Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) SUMMARY INFORMATION SIT DIVIDEND GROWTH FUND 128 SUMMARY INFORMATION SIT LARGE CAP GROWTH FUND Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 144 118 The Fund’s year-to-date return as of 9/30/12 (not annualized) was 15.47%. Best Quarter: 19.71% (2Q09) Worst Quarter: -26.99% (4Q08) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) SUMMARY INFORMATION SIT SMALL CAP GROWTH FUND Shareholder Fees (fees paid directly from your investment) 103 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund’s year-to-date return as of 9/30/12 (not annualized) was 15.92%. Best Quarter: 14.50% (2Q03) Worst Quarter: -21.13% (4Q08) SUMMARY INFORMATION SIT INTERNATIONAL GROWTH FUND 154 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) SUMMARY INFORMATION SIT GLOBAL DIVIDEND GROWTH FUND The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Funds Financial Highlights, which does not include Acquired Fund Fees and Expenses. SUMMARY INFORMATION SIT BALANCED FUND <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitGlobalDividendGrowthFund column period compact * ~</div> Shareholder Fees (fees paid directly from your investment) 206 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund’s year-to-date return as of 9/30/12 (not annualized) was 13.62%. Best Quarter: 14.44% (2Q09) Worst Quarter: -19.13% (4Q08) The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Funds Financial Highlights, which does not include Acquired Fund Fees and Expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 104 2003-12-31 2006-03-31 154 The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year for Class I shares. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. The Funds year-to-date return as of 9/30/12 (not annualized) was 11.94% Best Quarter: 16.30% (2Q09) Worst Quarter: -16.65% (3Q11) The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which does not include Acquired Fund Fees and Expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year for Class I shares. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. 2008-09-30 2008-09-30 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitSmallCapGrowthFund column period compact * ~</div> The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Funds Financial Highlights, which does not include Acquired Fund Fees and Expenses. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark indices which are broad measures of market performance. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitDividendGrowthFund column period compact * ~</div> The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitBalancedFund column period compact * ~</div> 0.0529 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitDevelopingMarketsGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSITMIDCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSITLARGECAPGROWTHFUND column period compact * ~</div> 0.1128 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualFundOperatingExpensesSitInternationalGrowthFund column period compact * ~</div> INVESTMENT OBJECTIVE This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 421 499 INVESTMENT OBJECTIVE -0.0258 INVESTMENT OBJECTIVE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 399 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. INVESTMENT OBJECTIVE PRINCIPAL INVESTMENT STRATEGIES This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 367 446 INVESTMENT OBJECTIVE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 320 0.1971 PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns for periods ended December 31, 2011 -0.3464 -0.0653 Average Annual Total Returns for periods ended December 31, 2011 0.0342 0.0336 0.0297 0.0529 Average Annual Total Returns for periods ended December 31, 2011 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 477 INVESTMENT OBJECTIVE 485BPOS SIT MUTUAL FUNDS INC 0.145 2012-10-29 -0.3058 -0.0053 INVESTMENT OBJECTIVE 0.0235 0.0229 0.0202 0.026 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 636 800-332-5580 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0329 PRINCIPAL INVESTMENT STRATEGIES Average Annual Total Returns for periods ended December 31, 2011 PRINCIPAL INVESTMENT STRATEGIES This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 323 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitGlobalDividendGrowthFundBarChart column period compact * ~</div> PRINCIPAL INVESTMENT STRATEGIES 0.0465 0.0465 0.0406 0.0448 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, that your investment has a 5% return each year, that the Funds operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 477 800-332-5580 -0.2622 -0.0023 0.163 The Fund’s year-to-date return as of 9/30/12 (not annualized) was 12.87%. Best Quarter: 20.02% (2Q03) Worst Quarter: -26.22% (4Q08) 800-332-5580 Average Annual Total Returns for periods ended December 31, 2011 800-332-5580 0.2002 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns for periods ended December 31, 2011 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s year-to-date return as of 9/30/12 (not annualized) was 10.49%. Best Quarter: 11.54% (3Q09) Worst Quarter: -15.45% (4Q08) Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0327 0.0263 0.0248 0.0578 0.0292 0.1444 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitSmallCapGrowthFundBarChart column period compact * ~</div> 800-332-5580 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. PRINCIPAL INVESTMENT STRATEGIES 800-332-5580 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitDividendGrowthFundBarChart column period compact * ~</div> 800-332-5580 0.1154 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. -0.1859 -0.1837 0.0204 -0.1848 Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s year-to-date return as of 9/30/12 (not annualized) was 5.29%. Best Quarter: 32.98% (2Q09) Worst Quarter: -30.73% (4Q08) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.3298 Average Annual Total Returns for periods ended December 31, 2011 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitBalancedFundBarChart column period compact * ~</div> 0.0959 0.0925 0.0853 0.1119 2012-06-30 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitDevelopingMarketsGrowthFundBarChart column period compact * ~</div> -0.2984 -0.108 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSITMIDCAPGROWTHFUNDBarChart column period compact * ~</div> 0.2358 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSITLARGECAPGROWTHFUNDBarChart column period compact * ~</div> The Fund’s year-to-date return as of 9/30/12 (not annualized) was 11.28%. Best Quarter: 23.58% (2Q09) Worst Quarter: -23.52% (4Q08) 800-332-5580 Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns for periods ended December 31, 2010 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAnnualTotalReturnsSitInternationalGrowthFundBarChart column period compact * ~</div> 0.0096 0.0083 0.0082 0.0427 The Fund seeks to maximize long-term capital appreciation. FEES AND EXPENSES OF THE FUND 0 0.0025 0.0132 0.0157 -0.0525 0.2465 0.1158 -0.0258 -0.0298 -0.0115 -0.0289 0.0211 -0.1214 0.0798 0.0762 0.0684 0.077 0.0466 -0.0004 The Fund seeks to maximize long-term capital appreciation. 0.0125 The Fund primarily seeks to provide current income that exceeds the dividend yield of the S&P 500 Index and that grows over a period of years. FEES AND EXPENSES OF THE FUND FEES AND EXPENSES OF THE FUND PORTFOLIO TURNOVER The Fund seeks to maximize long-term capital appreciation. FEES AND EXPENSES OF THE FUND 0 0.0025 0.0115 0.014 You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows:<ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies.</blockquote></li></ul> PRINCIPAL INVESTMENT RISKS HISTORICAL PERFORMANCE Annual Total Returns for calendar years ended December 31 0.01 PORTFOLIO TURNOVER FEES AND EXPENSES OF THE FUND PORTFOLIO TURNOVER PORTFOLIO TURNOVER year-to-date return Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 PRINCIPAL INVESTMENT RISKS HISTORICAL PERFORMANCE Annual Total Returns for calendar years ended December 31 PRINCIPAL INVESTMENT RISKS HISTORICAL PERFORMANCE 0.1702 0.1527 0.1887 -0.4534 0.3559 0.271 Annual Total Returns for calendar years ended December 31 PRINCIPAL INVESTMENT RISKS -0.0653 -0.0653 -0.0424 -0.0165 0.015 2012-11-01 FEES AND EXPENSES OF THE FUND 2003-06-30 2008-12-31 0000877880 0.0201 Worst Quarter: Best Quarter: year-to-date return You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows:<ul type="square"><li style="margin-left:20px"><blockquote>Dividend Paying Company Risk: The Funds income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying dividends which could affect the Funds ability to generate income.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>International Investing Risk: Because the Fund may invest in foreign securities, there is an international investing risk. International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Funds investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movement than stocks of larger, more established companies.</blockquote></li></ul> HISTORICAL PERFORMANCE 2012-11-01 false 0.1279 0.0959 0.1414 -0.341 0.2814 0.1079 The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in common stocks of companies with capitalizations at the time of purchase of up to $3.0 billion, or up to the market capitalization of the largest company included in the Russell 2000 Index measured at the end of the previous twelve months. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index (which is made up of the 3,000 largest U.S. companies based on total market capitalization). As of September 30, 2012, the market capitalization of the largest company included in the Russell 2000 Index measured at the end of the previous twelve months was $4.6 billion. The Adviser invests in domestic growth-oriented small companies it believes exhibit the potential for superior growth. The Adviser believes that a companys earnings growth is the primary determinant of its potential long-term return and evaluates a companys potential for above average long-term earnings and revenue growth. Several factors are considered in the Advisers evaluation of a company, including: <ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals and anticipated earnings. Annual Total Returns for calendar years ended December 31 (Class I) -0.0053 -0.0064 -0.0019 0.0264 PORTFOLIO TURNOVER The Fund seeks to provide current income that exceeds the dividend yield of a composite index (comprised of 60% S&P 500 Index and 40% MSCI EAFE Index) and that grows over a period of years. INVESTMENT OBJECTIVE The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in the common stocks of companies with capitalizations of $2 billion to $15 billion at the time of purchase. The Adviser invests in domestic growth-oriented medium to small companies it believes exhibit the potential for superior growth. The Adviser believes that a companys earnings growth is the primary determinant of its potential long-term return and evaluates a companys potential for above average long-term earnings and revenue growth. Several factors are considered in the Advisers evaluation of a company, including:<ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals and anticipated earnings. The Fund seeks long-term capital growth consistent with preservation of principal and seeks to provide shareholders with regular income. FEES AND EXPENSES OF THE FUND FEES AND EXPENSES OF THE FUND You could lose money by investing in the Fund. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitGlobalDividendGrowthFund column period compact * ~</div> 0 The Fund seeks long-term growth. 0.1091 0.0941 0.1289 PORTFOLIO TURNOVER -0.296 0.2559 PORTFOLIO TURNOVER 0.1643 0.0101 The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. 0.0329 0.0295 0.0259 0.0298 0.0211 After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows: <ul type="square"><li style="margin-left:20px"><blockquote> Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Addionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time.</blockquote></li></ul> 0.0703 0.0648 0.0604 0.0491 0.0363 PORTFOLIO TURNOVER 0.015 -0.0023 -0.0023 -0.0015 -0.0291 The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its net assets in dividend-paying common stocks issued by U.S. and foreign companies. The Fund may invest the balance of its assets in preferred stocks, convertible bonds, and U.S. Treasury securities. The Funds diversified portfolio is designed to have lower volatility than that of a composite index comprised of 60% S&P 500 Index and 40% MSCI EAFE Index (the Composite Index), but with a higher yield and greater prospects for dividend growth. The Adviser invests in dividend paying growth-oriented companies it believes exhibit the potential for growth and growing dividend payments. The Adviser believes that a companys earnings growth is a primary determinant of its potential long-term return, and that a record of increasing dividend payments is a strong indicator of financial health and growth prospects. By investing in dividend paying stocks it is anticipated that the holdings will tend to be in large to medium-sized companies (companies with market capitalization in excess of $2 billion). The Adviser considers several factors in its evaluation of a companys potential for above average long-term earnings, revenue, and dividend growth, including: <ul type="square"><li style="margin-left:20px"><blockquote>a record of paying dividends,</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>strong prospects for growing dividend payments indicated in part by growing earnings and cash flow,</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul> Since stocks that pay dividends tend to be less volatile and may not experience the same capital appreciation as stocks that dont pay dividends, the Funds diversified portfolio of dividend paying stocks is expected to have lower volatility than that of the Composite Index, but with a higher dividend yield and greater prospects for dividend growth. The Fund diversifies its investments among a number of different countries throughout the world, but not fewer than three countries. Under normal market conditions, the Fund will invest significantly (at least 30% of its net assets) in companies outside the U.S. When selling equity securities for the Fund, the Adviser considers several factors, including changes in the companys fundamentals, anticipated earnings, anticipated dividend payments and financial position. PRINCIPAL INVESTMENT RISKS You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows: <ul type="square"><li style="margin-left:20px"><blockquote>Developing Markets Risk: Investment in developing markets are subject to unique political, economic, and market risks that can cause the Funds investments to be more volatile and less liquid than investments in developed markets.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>Dividend Paying Company Risk: The Funds income objective may limit its ability to appreciate during a broad market advance because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, stocks held by the Fund may reduce or stop paying dividends which could affect the Funds ability to generate income. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Funds investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results.</blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably. </blockquote></li></ul> <ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movement than stocks of larger, more established companies. </blockquote></li></ul> You could lose money by investing in the Fund. HISTORICAL PERFORMANCE The Fund seeks to achieve its objective by investing in a diversified portfolio of stocks and bonds. In seeking to achieve the Funds long-term capital growth objective, the Fund invests in common stocks of growth companies. To provide shareholders with regular income, the Fund invests in fixed-income securities and/or common stocks selected primarily for their dividend payment potential. Between 35% and 65% of the Funds assets will be invested in common stocks and between 35% and 65% in fixed-income securities. The Funds allocation of assets will vary over time in response to the Advisers evaluation of present and anticipated market and economic conditions. The equity portion of the Funds portfolio is invested primarily in the common stocks of growth companies with a capitalization of $5 billion or more at the time of purchase. In selecting equity securities for the Fund, the Adviser invests in growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a companys earnings growth is the primary determinant of its potential long-term return and evaluates a companys potential for above average long-term earnings and revenue growth. Several factors are considered in the Advisers evaluation of a company, including: <ul type="square"><li style="margin-left:20px"><blockquote>unique product or service, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition. </blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals and anticipated earnings. The fixed-income portion of the Funds portfolio is invested primarily in a diversified portfolio of debt securities that may include the following securities: <ul type="square"><li style="margin-left:20px"><blockquote>mortgage-backed securities (including collateralized mortgage obligations), such as securities issued by Government National Mortgage Association (GNMA securities are backed by the full faith and credit of the U.S. government), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA) (FHLMC and FNMA securities are backed by the credit of the issuing governmental agency), </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>asset-backed securities collateralized by assets such as automobile and credit card receivables, utilities, home improvement loans and home equity loans, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>obligations of the U.S. government, its agencies and instrumentalities, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>corporate debt securities, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>taxable municipal securities, and </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>short-term debt obligations, including commercial paper and bank instruments, such as certificates of deposit, time deposits, and bankers acceptances. The Fund invests primarily in debt securities that, at the time of purchase, are either rated investment-grade (BBB or above by Standard & Poors or Baa or above by Moodys Investor Services), or, if unrated, determined to be of comparable quality by the Adviser. Unrated securities will not exceed 20% of the fixed-income portion of the Funds portfolio. As of September 30, 2012, 1.9% of the fixed-income portion of the Funds portfolio was in unrated securities. </blockquote></li></ul>In selecting fixed-income securities for the Fund, the Adviser seeks fixed-income securities providing maximum total return. In making purchase and sales decisions for the Fund, the Adviser considers its economic outlook and interest rate forecast, as well as its evaluation of a fixed-income securitys credit quality, yield, maturity, and liquidity. Based upon its economic outlook, the Adviser attempts to shift the fixed-income sector concentrations of the portfolio. Based upon its interest rate forecast, the Adviser attempts to shift the fixed-income portfolios average effective duration, seeking to maintain an average effective duration for the fixed-income portion of the Funds portfolio of 3 to 7 years. Duration is a measure of estimated price sensitivity relative to changes in interest rates. Portfolios with longer durations are typically more sensitive to changes in interest rates. For example, if interest rates rise by 1%, the market value of a security with an effective duration of 3 years would decrease by 3%, with all other factors being constant. The Fund seeks to achieve its objectives by investing, under normal market conditions, at least 80% of its net assets in dividend-paying common stocks. The Fund may invest the balance of its assets in preferred stocks, convertible bonds, and U.S. Treasury securities. The Adviser invests in dividend paying growth-oriented companies it believes exhibit the potential for growth and growing dividend payments. The Adviser believes that a companys earnings growth is a primary determinant of its potential long-term return, and that a record of increasing dividend payments is a strong indicator of financial health and growth prospects. By investing in dividend paying stocks it is anticipated that the holdings will tend to be in large to medium-sized companies (companies with market capitalizations in excess of $2 billion). The Adviser considers several factors in its evaluation of a companys potential for above average long-term earnings, revenue, and dividend growth, including:<ul type="square"><li style="margin-left:20px"><blockquote>a record of paying dividends,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong prospects for growing dividend payments indicated in part by growing earnings and cash flow,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>Since stocks that pay dividends tend to be less volatile and may not experience the same capital appreciation as stocks that dont pay dividends, the Funds diversified portfolio of dividend paying stocks is expected to have lower volatility than that of the S&P 500 Index, but with a higher dividend yield and greater prospects for dividend growth. The Fund may invest up to 20% of its net assets in securities of issuers domiciled outside the U.S. When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals, anticipated earnings, anticipated dividend payments and financial position. 0.0679 0.1852 The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. 0.2043 -0.4296 0.3306 0.2728 Annual Total Returns for calendar years ended December 31 (Class I) PRINCIPAL INVESTMENT RISKS You could lose money by investing in the Fund. year-to-date return Best Quarter: 2009-06-30 Worst Quarter: 2011-09-30 You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows: <ul type="square"><li style="margin-left:20px"><blockquote>Call Risk: Many bonds may be redeemed (called) at the option of the issuer before their stated maturity date. In general, an issuer will call its bonds if they can be refinanced by issuing new bonds which bear a lower interest rate. The Fund may then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Funds income.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Credit Risk: The issuers or guarantors of securities of fixed-income securities owned by the Fund may default on the payment of principal or interest, or experience a decline in credit quality, causing the value of the Fund to decrease. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Income Risk: The income you earn from the Fund may decline due to declining interest rates. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Interest Rate Risk: An increase in interest rates may lower the Funds value and the overall return on your investment. The magnitude of this decrease is often greater for longer-term fixed income securities than shorter-term securities. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Prepayment and Extension Risk: Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying the mortgage-backed and asset-backed securities owned by the Fund. The proceeds received by the Fund from prepayments will likely be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund. Likewise, rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Funds value to rising interest rates. </blockquote></li></ul> You could lose money by investing in the Fund. HISTORICAL PERFORMANCE year-to-date return After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Best Quarter: 2003-06-30 The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. Worst Quarter: 2008-12-31 After-tax returns are shown only for Class I shares; after-tax returns for Class S shares will vary. Annual Total Returns for calendar years ended December 31 After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown only for Class I shares; after-tax returns for Class S shares will vary. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0204 0.0171 0.0156 0.0784 0.0211 The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in common stocks of companies domiciled or operating in a developing market. Developing markets are those countries that: <ul type="square"><li style="margin-left:20px"><blockquote>have emerging stock markets as defined by the International Finance Corporation, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>have low-to middle-income economies according to the World Bank, or </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>have similar developing characteristics, for example, countries in the MSCI EM Index and Hong Kong are considered to be developing. </blockquote></li></ul>As of September 30, 2012, the Fund held investments in Hong Kong, Philippines, South Korea, Taiwan, Thailand, Brazil, Mexico, South Africa, Australia, China, Singapore, Israel, Russia, India, Indonesia, Peru, Chile, Argentina, and Sweden. The Fund also held investments in companies domiciled in Great Britain, which have substantial business activities in developing markets. In selecting investments for the Fund, the Adviser begins by selecting countries or regions in which to invest. In making its selections, the Adviser considers several factors affecting the economy and equity market of foreign countries and regions, including:<ul type="square"><li style="margin-left:20px"><blockquote>economic trends, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>earnings outlook, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>liquidity within the market, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>fiscal and monetary policy, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>currency exchange rate expectations, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>investment valuation, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>market sentiment, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>social and political trends.</blockquote></li></ul>After the country and regional allocations are determined, the Adviser seeks industries and sectors that appear to have strong earnings growth prospects. Within the selected industries and sectors, the Adviser invests in foreign growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a companys earnings growth is the primary determinant of its potential long-term return and evaluates a companys potential for above average long-term earnings and revenue growth. Several factors are considered in the Advisers evaluation of a company, including:<ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>regional or country dominance and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals and anticipated earnings. The Fund invests in small, medium and large sized companies. Small companies generally have capitalizations of under $3.0 billion, and large companies generally have a capitalization greater than $5 billion. The Fund may invest in securities representing underlying international securities such as sponsored American Depository Receipts, European Depository Receipts and Global Depository Receipts. In order to hedge against adverse movements in currency exchange rates, the Fund may from time to time enter into forward foreign currency exchange contracts. PRINCIPAL INVESTMENT RISKS year-to-date return Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitGlobalDividendGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitSmallCapGrowthFund column period compact * ~</div> <ul type="square"><li style="margin-left:20px"><blockquote>Developing Markets Risk: Investment in developing markets are subject to unique political, economic, and market risks that can cause the Funds investments to be more volatile and less liquid than investments in developed markets. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Foreign Currency Hedging Transactions Risk: If the Advisers forecast of exchange rate movements is incorrect, the Fund may realize losses on their foreign currency transactions. In addition, the Funds hedging transactions may prevent the Funds from realizing the benefits of a favorable change in the value of foreign currencies. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Funds investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time. </blockquote></li></ul> You could lose money by investing in the Fund. You could lose money by investing in the Fund. The principal risks of investing in the Fund are as follows:<ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Funds performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably.</blockquote></li></ul> HISTORICAL PERFORMANCE The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund seeks to achieve its objective by investing, under normal market conditions, at least 80% of its net assets in the common stocks of companies with capitalizations of $5 billion or more at the time of purchase. The Adviser invests in domestic growth-oriented companies it believes exhibit the potential for superior growth. The Fund focuses on stocks issued by companies with long records of earnings and revenue growth. The Adviser believes that a companys earnings growth is the primary determinant of its potential long-term return and evaluates a companys potential for above average long-term earnings and revenue growth. Several factors are considered in the Advisers evaluation of a company, including:<ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a companys fundamentals and anticipated earnings. <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitDividendGrowthFund column period compact * ~</div> You could lose money by investing in the Fund. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. year-to-date return Best Quarter: After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 2009-09-30 Worst Quarter: 2008-12-31 Annual Total Returns for calendar years ended December 31 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitDividendGrowthFund column period compact * ~</div> 0.0922 0.0751 The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. 0.1654 0.1052 -0.2688 0.3377 0.2312 0.1051 0.4072 -0.5526 0.7397 0.1453 After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The Fund seeks to maximize long-term capital appreciation. year-to-date return Best Quarter: 2009-06-30 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitBalancedFund column period compact * ~</div> -0.1848 -0.1958 -0.1058 -0.2041 The Fund seeks to achieve its objective by investing, under normal market conditions, at least 90% of its net assets in common stocks of companies domiciled outside the United States. In selecting investments for the Fund, the Adviser begins by selecting countries or regions in which to invest. In making its selections, the Adviser considers several factors affecting the economy and equity market of foreign countries and regions, including: <ul type="square"><li style="margin-left:20px"><blockquote>economic trends, </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>earnings outlook,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>liquidity within the market,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>fiscal and monetary policy,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>currency exchange rate expectations,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>market sentiment, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote> social and political trends.</blockquote></li></ul>After the country and regional allocations are determined, the Adviser seeks industries and sectors that it believes have earnings growth prospects that are greater than the average. Within the selected industries and sectors, the Adviser invests in foreign growth-oriented companies it believes exhibit the potential for superior growth. The Adviser believes that a company’s earnings growth is the primary determinant of its potential long-term return and evaluates a company's potential for above average long-term earnings and revenue growth. Several factors are considered in the Adviser’s evaluation of a company, including:<ul type="square"><li style="margin-left:20px"><blockquote>unique product or service,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>growing product demand,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>dominant and growing market share,</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>management experience and capabilities, and</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>strong financial condition.</blockquote></li></ul>When selling equity securities for the Fund, the Adviser considers several factors, including changes in a company's fundamentals and anticipated earnings. The Fund invests in common stocks of issuers domiciled in at least three foreign countries. As of September 30, 2012, the Fund was invested in common stocks of companies domiciled in 23 foreign countries. Up to 50% of the Fund's total assets may be invested in equity securities of small-to medium-sized emerging growth companies in developed markets (such as Germany and Japan) and developing markets (such as Thailand and Brazil). Small companies generally have a capitalization of under $3.0 billion, and medium-sized companies generally have capitalizations between $2 and $15 billion. Emerging growth companies are small-and medium-sized companies that the Adviser believes have a potential for earnings growth over time that is above the growth rate of more established companies or are early in their life cycles. The Fund may invest in securities representing underlying international securities such as sponsored American Depository Receipts, European Depository Receipts and Global Depository Receipts. In order to hedge against adverse movements in currency exchange rates, the Fund may from time to time enter into forward foreign currency exchange contracts. PRINCIPAL INVESTMENT RISKS <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitDevelopingMarketsGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitDevelopingMarketsGrowthFund column period compact * ~</div> <ul type="square"><li style="margin-left:20px"><blockquote>Developing Markets Risk: Investment in developing markets are subject to unique political, economic, and market risks that can cause the Fund's investments to be more volatile and less liquid than investments in developed markets.</blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Foreign Currency Hedging Transactions Risk: If the Adviser's forecast of exchange rate movements is incorrect, the Fund may realize losses on their foreign currency transactions. In addition, the Fund's hedging transactions may prevent the Funds from realizing the benefits of a favorable change in the value of foreign currencies. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Growth Style Investing Risk: Different types of stocks tend to shift into and out of favor with stock market investors depending on market and economic conditions. The Fund invests in growth style stocks. The Fund's performance may at times be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>International Investing Risk: International investing involves risks not typically associated with investing in U.S. securities which may adversely affect the Fund's investment. These risks include currency risk, foreign securities market risk, foreign tax risk, information risk, investment restriction risk, and political and economic risks. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Management Risk: A strategy used by the investment management team may not produce the intended results. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Market Risk: The market value of securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, or the market as a whole. The market value of securities may fluctuate, sometimes rapidly and unpredictably. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Mid Cap Stock Risk: Stocks of mid cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </blockquote></li></ul><ul type="square"><li style="margin-left:20px"><blockquote>Small Cap Stock Risk: Stocks of smaller companies involve substantial risk. Prices of small cap stocks may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Additionally, for certain small cap stocks, there may also be limited liquidity, or trading opportunities at a favorable price or time. </blockquote></li></ul> HISTORICAL PERFORMANCE Annual Total Returns for calendar years ended December 31 0.1297 0.1467 0.1608 -0.4499 0.2765 0.0951 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSITMIDCAPGROWTHFUND column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSITMIDCAPGROWTHFUND column period compact * ~</div> year-to-date return Best Quarter: <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSITLARGECAPGROWTHFUND column period compact * ~</div> 2009-06-30 Worst Quarter: 2008-12-31 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSITLARGECAPGROWTHFUND column period compact * ~</div> The Fund’s past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.108 -0.1105 -0.0671 -0.1211 <div style="display:none">~ http://www.sitfunds.com/role/ScheduleExpenseExampleTransposedSitInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.sitfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedSitInternationalGrowthFund column period compact * ~</div> 0.0125 0.0125 0.0007 0.0007 1598 1878 0.0125 Secondarily the Fund seeks long-term capital appreciation. 1518 0.1623 0.01 0.01 0.0015 0.0015 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. The table includes returns both before and after taxes. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.01 1404 1689 1229 -0.2699 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0956 -0.02 0.015 0.0091 0.0078 0.0079 0.0244 1801 0.02 -0.2113 0.0001 0.0954 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year for Class I shares. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class S shares will vary. 0.0122 0.0113 0.0103 0.025 Secondarily the Fund seeks long-term capital appreciation. 2355 0.1829 0.01 0.0001 0.2665 0.2256 0.0372 0.0311 0.0307 0.0345 -0.0025 1241 -0.02 0.015 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.0303 0.0303 0.0259 0.0209 1801 0.1506 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year for Class I shares. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class I shares; after-tax returns for Class S shares will vary. 0.0799 0.2684 -0.1665 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark indices which are broad measures of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. -0.2622 0.0233 0.0172 0.017 0.065 -0.0025 -0.1913 -0.02 -0.02 0.4701 -0.02 -0.02 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.2232 -0.02 -0.1545 0.0788 0.3159 -0.3073 0.0045 -0.0014 0.0034 0.0008 -0.02 -0.02 The following bar chart and table provide information on the Funds volatility and performance. The Funds past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year. The table below compares the Funds performance over different time periods to that of the Funds benchmark index, which is a broad measure of market performance. Updated performance information is available at the Funds website at www.sitfunds.com or by calling 800-332-5580. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 0.1819 -0.2352 0.2782 -0.0446 -0.0464 -0.0373 -0.0316 The total annual fund operating expenses do not correlate to the ratio of expenses to average net assets shown in the Fund's Financial Highlights, which does not include Acquired Fund Fees and Expenses. 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