Dividend Growth Fund

I Class Ticker: SDVGX
S Class Ticker: SDVSX

Fund Type: Equity Income

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 Balanced Fund
• Sit International Growth Fund
• Sit Developing Markets Growth Fund

Kent L. Johnson, CFA

Kent joined Sit Investment Associates in January 1989. He is currently responsible for co-managing the Sit Dividend Growth Fund and provides fundamental research on companies in the capital goods, financial, transportation and education sectors. In addition, Kent leads SIA’s quantitative research team. He has served in a variety of positions at SIA including client administration and computer applications before joining the equity research staff in 1993. Kent received a B.S. in Finance in 1989 from the University of Minnesota and earned an M.B.A. from the University of Minnesota Carlson School of Management in 1995.

Kent Johnson also is a portfolio manager of the following Funds:

• Sit Small Cap Growth Fund
• Sit Mid Cap Growth Fund

Michael J. Stellmacher, CFA

Mike joined Sit Investment Associates in January 2001. His investment research responsibilities include energy-related companies. Prior to joining SIA, Mike spent ten years managing the investments of The Pillsbury Company’s employee benefit plans. Trained as an economist, he also held economic research and analysis positions with Pillsbury, Tri/Valley Growers, and the U.S. Department of Agriculture. He received B.S. and M.S. degrees in Agricultural Economics from the University of Wisconsin- Madison (1977) and Oklahoma State University (1979), respectively, and received an M.B.A. from the University of Minnesota Carlson School of Management in 1991.

Mike Stellmacher also is a portfolio manager of the following Fund:

• Sit Large Cap Growth Fund
• Sit Small Cap Growth Fund