U.S. Government Securities Fund

Ticker: SNGVX

Fund Type: General U.S. Government

Michael C. Brilley

Lead Manager

Michael Brilley joined Sit Investment Associates in early 1984. He currently serves as the President and Fixed Income Officer. Michael spent nearly ten years with First Bank Minneapolis where he was Vice President and Senior Fixed Income Officer. His responsibilities at First Bank included management of over $2.5 billion of assets in bond portfolios for the Bank’s institutional customers, its own investment portfolio and two money market mutual funds. Prior to coming to Minneapolis, he spent seven years in the investment management business with the trust departments of the Merchants National Bank of Indianapolis and the Continental Illinois National Bank of Chicago. His experience includes both credit and equity analysis and the management of both debt and equity portfolios. Collective bond funds that he managed were often leaders in investment performance. Michael has served as a voluntary financial advisor to various municipal entities and has spoken at numerous regional and national investment conferences. He received a B.S. in Business Administration from Millikin University in 1967.

Michael Brilley also is a portfolio manager of the following Funds:

• Sit Tax-Free Income Fund
• Sit Minnesota Tax-Free Income Fund
• Sit Money Market 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 Fund:

• Sit Balanced Fund

Mark H. Book, CFA, CMA

Mark joined Sit Investment Associates in August 2000 as a Portfolio Manager and Fixed Income Analyst. He is responsible for taxable bond portfolio management and credit research. Prior to joining SIA, Mark spent three years with U.S. Bancorp Piper Jaffray where he was Vice President and Senior Corporate Bond Strategist. Prior to U.S. Bancorp Piper Jaffray, he worked as a fixed income portfolio manager at Northwest Investment Management for one year and Insight Investment Management for six years. He also traded fixed income securities at Reliastar Financial Corporation (now ING) for five years. Mark received a B.A. in Accounting from the University of Minnesota in 1987. In 1992 he completed his M.B.A. with a concentration in finance at the University of Minnesota Carlson School of Management.

Mark Book is a portfolio manager of the following Fund:

• Sit Money Market Fund