# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0000356787-23-000026
**Filing Date:** 2023-3
**Character Count:** 10302
**Document Hash:** b6570aca03bcd4590206c2262caec15a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356787-23-000026.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0000356787-23-000026

**CONFORMED SUBMISSION TYPE**: 40-24B2

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**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:** 40-24B2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03342
- **FILM NUMBER:** 23755103

**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:** 40-24B2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 23755106

**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 U S GOVERNMENT SECURITIES FUND INC
- **CENTRAL INDEX KEY:** 0000809981
- **IRS NUMBER:** 411570831
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 40-24B2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04995
- **FILM NUMBER:** 23755105

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR 80 S 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123323223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CENTER, 80 SOUTH EIGHTH  ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19870601
**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:** 40-24B2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03343
- **FILM NUMBER:** 23755107

**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 MUTUAL FUNDS II INC
- **CENTRAL INDEX KEY:** 0000746601
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 40-24B2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 23755104

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-332-3223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19880929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19870907

### Attached PDF Documents

**Attachment 1:** `SitFundsHomePage3232023.pdf`

Sit Mutual Funds

Print

Mutual Funds

Account Management

Retirement and Education Plans

Forms and Publications

Firm Information

## Market Commentary

March 8, 2023

Equity markets retraced some of January's substantial gains in February as investors priced in a higher terminal fed funds rate on greater-than-expected job growth and inflation. The Consumer Price Index and PCE Price Index for January 2023 exceeded consensus, though both measures should continue to trend down in the coming months. Even so, fed fund futures now discount a more aggressive monetary tightening cycle and a peak rate of around +5.6 percent (up from +4.9 percent at the end of January), putting downward pressure on stock valuation multiples.

In terms of strategy, portfolios remain well diversified as we expect volatility to continue, particularly in the near term, as investors further assess the path of monetary policy and its impact on the economy and corporate earnings. January's risk-on rotation and a corresponding sell-off in the healthcare sector provided attractive buying opportunities, notably in pharmaceutical and HMO stocks. We have also selectively increased positions in technology, as earnings have stayed relatively resilient. On the other hand, we are reducing exposure to retailers and banks as we expect an economic slowdown to hit these two sectors the hardest.

For our latest full *Global Investment Outlook & Strategy Update*, download the .pdf document.

## Why the Federal Reserve should cut interest rates

March 21, 2023

Too much fiscal stimulus ($6.3 trillion) combined with widespread global lockdowns disrupted the fragile economic balance. Too much stimulus hampered a recovery by reducing the percentage of the population willing/needing to work which fueled labor shortage induced inflation.

A fiscal solution was needed to solve this core source of supply-shortage-related inflation. Specifically, legislation that focused on incentivizing people to work and for businesses to hire those that have been out of the workforce.

In the absence of a fiscal solution, the Federal Reserve took it upon itself to attack inflation. However, the Fed uses monetary tools geared toward impacting the demand side of inflation.

Unfortunately, the Federal Reserve was the last to recognize inflation was more than just transitory. So instead of raising rates slowly and ceasing printing trillions of dollars when the economy first reopened, the Fed didn't begin raising rates until a year ago after year-over-year inflation had surpassed 7%.

- View the Full Article

## 2023 Investment Seminars

The Sit Mutual Funds investment seminar series is back for the Summer of 2023. The series will include seminars on:

- Money, Investing and the Pursuit of Happiness
- Essential Terms, Documents and Laws to Know for Those Age 50 and Older
- Financial Psychology 101

For more details on the seminars and how to sign up, visit the *2023 Investment Seminar page*.

## The Case for Dividend Growth Investing

Until recently, dividend-based strategies have lagged the market for several years primarily due to a combination of unprecedented outperformance from high "long duration" non-dividend paying growth stocks and the lagging performance of the defensive cohort within the dividend paying universe. Going forward, we believe there are several catalysts for sustained outperformance of dividend-paying stocks. Short term catalysts include continued market volatility and the risk of a recession. Long-term catalysts likely include more subdued market returns given the probability of prolonged sluggish economic growth, geopolitical risks, and somewhat higher inflation.

- Case for Dividend Growth Investing Presentation

## Capital Gains Distributions

Click here for 2022 capital gain distributions. Contact your tax advisor regarding the use of this information. Please contact an investor services representative at 800-332-5580 or info@sitinvest.com if any questions.

800-332-5580 | e-mail: info@sitinvest.com | Copyright 2007-2021 Sit Investment Associates, Inc.

Home | Firm History | Glossary | Terms of Use | Privacy Policy

Carefully consider the Fund's investment objectives, risks, charges and expenses before investing. The prospectus contains this and other important Fund information and may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or by downloading them from the Documents page. Read the prospectus carefully before investing. Investment return and principal value of an investment will fluctuate so that an investor's shares when redeemed may be worth more or less than their original cost.

The content herein is for informational purposes only without regard to any particular user's investment objectives, risk tolerances or financial situation and does not constitute investment advice, nor should it be considered a solicitation or offering to sell securities or an interest in any fund.

Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. The views and strategies described may not be suitable for all investors, and readers should not rely on this publication as their sole source of investment information.