Balanced Fund

Ticker: SIBAX

Fund Type: Balanced

Roger J. Sit

Roger Sit joined the organization in January 1998. He coordinates the overall investment management activities for Sit Investment Associates and Sit International (Sit/Kim), working closely with Gene Sit. Prior to joining the firm, Roger was a Vice President and Senior Equity Research Analyst at Goldman Sachs & Co. in New York for seven years. Additionally, he served six years as a Captain in the U.S. Air Force with financial management responsibilities at Headquarters Space Division. Roger graduated with Military Distinction from the U.S. Air Force Academy in 1984. He earned a M.S. in Systems Technology from the University of Southern California in 1987 and an M.B.A. with honors from the Harvard Graduate School of Business in 1991. He is currently serving on the board of Convergent Capital.

Roger Sit also is a portfolio manager of the following Funds:

• Sit Small Cap Growth Fund
• Sit Mid Cap Growth Fund
• Sit Large Cap Growth Fund
• Sit Dividend Growth Fund
• Sit International Growth Fund
• Sit Developing Markets Growth Fund

Bryce A. Doty, CFA

Bryce Doty joined Sit Investment Associates in November 1995. He is responsible for taxable bond portfolio management serving as portfolio manager for short duration accounts. Bryce's seven years of experience with Minnesota Mutual include two years of management consulting, two years as Due Diligence Officer for broker/dealer operations and three years as the head of their Public Bond Trading desk. His responsibilities also included analyzing and monitoring all total return corporate credits. In 1988, Bryce received a B.A. in Business Management with minors in physics and psychology from Hamline University. He completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management in 1992.

Bryce Doty is a portfolio manager of the following Funds:

• Sit U.S. Government Securities Fund

John M. Bernstein

John joined Sit Investment Associates in March 1995. He currently provides fundamental research on both domestic and global financial companies. Prior to joining SIA, John was an equity research analyst for an investment advisory firm. He received a B.A. degree from Carleton College in 1986 and an M.B.A. in Finance and Marketing from the University of Minnesota Carlson School of Management in 1992.