Firm Description Sit Investment is a privately owned independent investment adviser located in Minneapolis, Minnesota. Sit Investment was founded in 1981. We manage our clients’ assets on a discretionary basis. Sit Investment manages domestic and international equity securities. Our subsidiary, Sit Fixed Income Advisors II, LLC is a separately registered investment adviser and specializes in managing fixed income securities. Sit Investment and its subsidiary are located in the same Minneapolis office and share all resources. The fixed income investment management services offered by our subsidiary are discussed in a separate brochure. Ownership Sit Investment is privately held. Approximately 88% of the company is owned by members of the Sit Family and by trusts established for their benefit, the trustees of which are Roger J. Sit and Ronald D. Sit. Roger J. Sit and Ronald D. Sit are officers and directors of Sit Investment and actively involved in the management operations. The outstanding shares are held by: Sit Family 88% Other Employees 8% Outside Shareholders - Individuals 4% Total 100% Investment Management – Equity Investment Philosophy Our equity investment philosophy targets growth-oriented companies. Generally, we look to invest in companies with the potential to increase earnings at a faster rate than the representative economy and market index. We believe that earnings growth is the primary determinant of superior long-term returns. We manage our portfolios on an active basis, concentrating our investment in the best growth opportunities at the most reasonable valuation levels. See Item 8 for a discussion regarding our investment strategies. Investment Management – Decision Making Process We manage our clients’ assets on a team basis. Investment management decisions are made by the Investment Committee, with Roger J. Sit as the Chief Investment Officer having final decision-making responsibilities. The Investment Committee’s investment decisions are implemented using model portfolios with targeted security weightings. The stock selections for specific client accounts are based on the model portfolios and adjusted

for each client’s unique investment restrictions as set forth in the investment management agreement with each client. Specific client restrictions differ from client to client and include, for example, restrictions on investing in certain companies or types of securities. The Investment Committee is comprised of the firm’s equity investment management professionals. The individuals with the most significant responsibility for the day-to-day discretionary advice provided to clients are listed below. These individuals also have primary client relationship responsibilities. Please see the Brochure Supplement for information about these individuals. Roger J. Sit, Chairman, CEO, President and Global Chief Investment Officer David A. Brown, CFA, CPA (inactive), Vice President – Research and Investment Management, Director of Client Services Kent L. Johnson, CFA, Senior Vice President – Research and Investment Management Ronald D. Sit, CFA, Director, Vice President - Research and Investment Management Assets Under Management Sit Investment manages client assets on a discretionary basis for several types of clients, including, public and private institutional investors, pension funds, Taft-Hartley plans, charitable institutions, foundations, endowments, corporations, insurance companies, municipalities, registered investment companies, private investment companies, collective investment trusts and high net worth individuals. As of December 31, 2022, we managed $3.2 billion. Please refer to Item 7 for information regarding the accounts managed. Sit Investment serves as the sponsor, general partner, or manager for several of the investment companies to which it provides investment advisory services. Sit Investment is the adviser to the Sit Mutual Funds, a family of 14 no-load mutual funds. For information on the investment company affiliates, see the response to Items 7 and 10. Sit Investment’s subsidiary, Sit Fixed Income Advisors II, LLC, manages fixed income assets on a discretionary basis for the same types of clients. Together, Sit Investment and Sit Fixed Income Advisors II, LLC manage $15.0 billion in fixed income and equity securities as of December 31, 2022. .