Effective January 30, 2023, we removed INTECH Investment Management LLC’s International Volatility Capture strategy from the SIT International Equity Fund.

Rationale

We removed the strategy to consolidate assets among the highest-conviction alpha-source-oriented managers within the Fund.

The assets in INTECH’s strategy were transferred to the newly-added Lazard Asset Management EAFE 130/30 Momentum strategy.

We believe the removal of INTECH will improve the Fund’s manager line-up and enhance its exposure to the momentum alpha source. Momentum investing is a trend-following investment strategy that is based on acquiring assets with recent improvement in their price, earnings or other relevant fundamentals.