EXHIBIT (h.4.)

Other Material Contracts: Fee Waiver Amendment dated February 28, 2025

February 28, 2025

Sit Mutual Funds Boards of Directors

80 South 8th Street, Suite 3300

Minneapolis, MN 55402

RE:   Fee Waiver Amendment

Pursuant to the Investment Management Agreements between Sit Investment Associates, Inc. (“SIA”) and Sit Mid Cap Growth Fund, Inc. dated November 1, 1996; Sit Large Cap Growth Fund, Inc. dated November 1, 1996; Sit Mutual Funds Inc., dated November 1, 1992; Sit Mutual Funds II, Inc. dated November 1, 1992; and Sit U.S. Government Securities Fund, Inc. dated November 1, 1992; and the Supervision and Administration Agreements between SIA and Sit Mutual Funds II, Inc. dated May 1, 2021 and Sit U.S. Government Securities Fund, Inc. dated January 1, 2020; as amended, (collectively the “Agreements”) each Fund is a unified fee investment company where SIA charges a single unified management fee and is responsible for paying all fund operating expenses. Under the Agreements, SIA is obligated to bear all of the Funds’ expenses, except for extraordinary expenses, interest, brokerage commissions and other transaction charges relating to the investing activities of the Funds.

In a letter to the Board of Directors dated October 29, 2024, SIA confirmed our agreement to waive a portion of certain fees payable to SIA pursuant to the Agreements. SIA hereby revises such agreement effective March 1, 2025 to increase the amount of fees waived for the Small Cap Dividend Growth Fund Class S and Small Cap Dividend Growth Fund Class I as set forth below and as approved by the Board of Directors at a meeting held on February 28, 2025.

Annual % of average daily net assets

Sit Mutual Fund   Investment  
Advisory  
Fee  		  

Supervision  

and  
Administration  
Fee  

   Total  
Management  
Fee  		   Fee  
Waiver  		   Net Total  
Management  
Fee  

Small Cap Growth Fund

   1.50   n/a   1.50   n/a   1.50

Mid Cap Growth Fund, Inc.

   1.25   n/a   1.25   n/a   1.25

Large Cap Growth Fund, Inc.

   1.00   n/a   1.00   n/a   1.00

Balanced Fund

   1.00   n/a   1.00   0.20   0.80

International Growth Fund

   1.50   n/a   1.50   0.65   0.85

Developing Markets Growth Fund

   2.00   n/a   2.00   1.05   0.95

Dividend Growth Fund Class S

   1.00   n/a   1.00   0.30   0.70

Dividend Growth Fund Class I

   1.00   n/a   1.00   0.30   0.70

Global Dividend Growth Fund Class S

   1.25   n/a   1.25   0.25   1.00

Global Dividend Growth Fund Class I

   1.25   n/a   1.25   0.25   1.00

Small Cap Dividend Growth Fund Class S

   1.25   n/a   1.25   0.35   0.90

Small Cap Dividend Growth Fund Class I

   1.25   n/a   1.25   0.35   0.90

Small Cap Dividend Growth Fund Class S

   1.25   n/a   1.25   0.40   0.85

Small Cap Dividend Growth Fund Class I

   1.25   n/a   1.25   0.40   0.85

ESG Growth Fund Class S

   1.25   n/a   1.25   0.25   1.00

ESG Growth Fund Class I

   1.25   n/a   1.25   0.25   1.00

U.S. Government Securities Fund Class S

   0.20   0.60   0.80   n/a   0.80

U.S. Government Securities Fund Class Y

   0.20   0.35   0.55   n/a   0.55

Minnesota Tax-Free Income Fund

   0.20   0.60   0.80   n/a   0.80

Tax-Free Income Fund Class S

   0.20   0.60   0.80   n/a   0.80

Tax-Free Income Fund Class Y

   0.20   0.35   0.55   n/a   0.55

Quality Income Fund Class S

   0.30   0.60   0.90   0.10   0.80

Quality Income Fund Class Y

   0.30   0.35   0.65   0.10   0.55

 

C-10

SIA will waive the fees set forth above through June 30, 2026, for all funds except Quality Income Fund, with the intent of extending the waiver on an annual basis thereafter. Until June 30, 2026, the fee waivers will not be changed without your approval.

SIA will waive the fees set forth above through March 31, 2027 for Quality Income Fund, with the intent of extending the waiver on an annual basis thereafter. Until March 31, 2027, the fee waiver will not be changed without your approval.

 

Sincerely,
/s/Roger J. Sit
Roger J. Sit
CEO, President and Global Chief Investment Officer

 

C-11

Other Material Contracts: Fee Waiver Agreement dated October 29, 2024

October 29, 2024

Sit Mutual Funds Boards of Directors

80 South 8th Street, Suite 3300

Minneapolis, MN 55402

RE:   Fee Waivers

Dear Board of Directors:

Pursuant to the Investment Management Agreements between Sit Investment Associates, Inc. (“SIA”) and Sit Mid Cap Growth Fund, Inc. dated November 1, 1996; Sit Large Cap Growth Fund, Inc. dated November 1, 1996; Sit Mutual Funds Inc., dated November 1, 1992; Sit Mutual Funds II, Inc. dated November 1, 1992; and Sit U.S. Government Securities Fund, Inc. dated November 1, 1992; and the Supervision and Administration Agreements between SIA and Sit Mutual Funds II, Inc. dated May 1, 2021 and Sit U.S. Government Securities Fund, Inc. dated January 1, 2020; as amended, (collectively the “Agreements”) each Fund is a unified fee investment company where SIA charges a single unified management fee and is responsible for paying all fund operating expenses. Under the Agreements, SIA is obligated to bear all of the Funds’ expenses, except for extraordinary expenses, interest, brokerage commissions and other transaction charges relating to the investing activities of the Funds.

SIA confirms our agreement to waive a portion of certain fees payable to SIA pursuant to the Agreements as set forth below.

Annual % of average daily net assets

Sit Mutual Fund   

Investment  
Advisory  

Fee  

    Supervision  
  and
Administration  
Fee  		    Total  
Management  
Fee  		    Fee  
Waiver  		    Net Total  
Management  
Fee  

Small Cap Growth Fund

    1.50    n/a    1.50    n/a    1.50

Mid Cap Growth Fund, Inc.

    1.25    n/a    1.25    n/a    1.25

Large Cap Growth Fund, Inc.

    1.00    n/a    1.00    n/a    1.00

Balanced Fund

    1.00    n/a    1.00    0.20    0.80

International Growth Fund

    1.50    n/a    1.50    0.65    0.85

Developing Markets Growth Fund

    2.00    n/a    2.00    1.05    0.95

Dividend Growth Fund Class S

    1.00    n/a    1.00    0.30    0.70

Dividend Growth Fund Class I

    1.00    n/a    1.00    0.30    0.70

Global Dividend Growth Fund Class S

    1.25    n/a    1.25    0.25    1.00

Global Dividend Growth Fund Class I

    1.25    n/a    1.25    0.25    1.00

Small Cap Dividend Growth Fund Class S

    1.25    n/a    1.25    0.35    0.90

Small Cap Dividend Growth Fund Class I

    1.25    n/a    1.25    0.35    0.90

ESG Growth Fund Class S

    1.25    n/a    1.25    0.25    1.00

ESG Growth Fund Class I

    1.25    n/a    1.25    0.25    1.00

U.S. Government Securities Fund Class S

    0.20    0.60    0.80    n/a    0.80

U.S. Government Securities Fund Class Y

    0.20    0.35    0.55    n/a    0.55

Minnesota Tax-Free Income Fund

    0.20    0.60    0.80    n/a    0.80

Tax-Free Income Fund Class S

    0.20    0.60    0.80    n/a    0.80

Tax-Free Income Fund Class Y

    0.20    0.35    0.55    n/a    0.55

Quality Income Fund Class S

    0.30    0.60    0.90    0.10    0.80

Quality Income Fund Class Y

    0.30    0.35    0.65    0.10    0.55

SIA will waive the fees set forth above through June 30, 2026, for all funds except Quality Income Fund, with the intent of extending the waiver on an annual basis thereafter. Until June 30, 2026, the fee waivers will not be changed without your approval.

 

C-12

SIA will waive the fees set forth above through March 31, 2027 for Quality Income Fund, with the intent of extending the waiver on an annual basis thereafter. Until March 31, 2027, the fee waiver will not be changed without your approval.

 

Sincerely,
/s/Roger J. Sit
Roger J. Sit
CEO, President and Global Chief Investment Officer

 

C-13