High Income Municipal Bond Fund

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 U.S. Government Securities Fund
• Sit Tax-Free Income Fund
• Sit Minnesota Tax-Free Income Fund
• Sit Money Market Fund

Debra A. Sit, CFA

Debbie Sit joined Sit Investment Associates in 1981. Since 1991, she has served as co-manager of the firm’s tax-exempt bond portfolios. Debbie’s prior work experience includes more than three years with Sit Investment Associates in the computer applications and administrative areas. She returned to the firm in September 1987 as a research analyst and Bond Specialist - Assistant Fixed Income Manager focusing primarily on taxable bonds. She is also responsible for overseeing the firm’s municipal bond research process and has spoken at several industry conferences. Debbie received her B.A. in Biology from the University of Minnesota in 1982. In the summer of 1987, she completed her M.B.A. at the University of Chicago Graduate School of Business where she earned a finance specialization with concentrations in accounting and policy. She currently serves on the boards of the University of Minnesota Foundation, Ordway Performing Arts Center and VocalEssence.

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

• Sit Tax-Free Income Fund
• Sit Minnesota Tax-Free Income Fund

Paul J. Jungquist, CPA, CFA

Paul joined Sit Investment Associates in January 1994. He is responsible for analyzing municipal and corporate credits and serves as portfolio manager for certain taxable and tax-exempt accounts. Prior to that he worked as an auditor for Grant Thornton. He has also served as an assistant controller for a publicly held engineering services company. In 1984, Paul received a B.B.A. of Accountancy from the University of Notre Dame. He graduated from the University of Minnesota Carlson School of Management in 1993, where he obtained an M.B.A. in finance.

Paul Jungquist is a portfolio manager of the following Funds:

• Sit Tax-Free Income Fund
• Sit Minnesota Tax-Free Income Fund