Sit Small Cap Dividend Growth Fund – Performance

Yield (%)

U.S. Government Securities Yield
30-Day SEC Yield	2.98%








Dividend Growth Yield
	30-Day SEC Yield
I Share	1.68
S Share	1.43






Global Dividend Growth Yield
	30-Day SEC Yield
I Share	1.69
S Share	1.44






Quality Income Yield
30-Day SEC Yield	2.33%








Small Cap Dividend Growth Yield
	30-Day SEC Yield
Class I	1.19
Class S	0.94
























































Tax-Free Income Equivalent Yield
30-Day SEC Yield	2.92
38.8% Tax Rate	4.77
40.8% Tax Rate	4.93






Minnesota Tax-Free Income Equivalent Yield
30-Day SEC Yield	2.89
44.83% Tax Rate	5.63
46.63% Tax Rate	5.86






















































































U.S. Government Securities Duration
0-1 Year	1.6
1-5 Years	96.0
5-10 Years	2.4
10-20 Years	0.0
20+ Years	0.0




Tax-Free Income Duration
Average Maturity:	Duration to Estimated Average Life:
17.4 Years	4.2 Years







Minnesota Tax-Free Income Duration
Average Maturity:	Duration to Estimated Average Life:
16.4 Years	4.7 Years







Quality Income Duration
Average Maturity	Effective Duration
9.6 Years	0.9 Years

The SEC yield reflects the rate at which the Fund is earning income on its current portfolio of securities.

Average Annual Returns (%)

Mid Cap Growth Details

Inception Date:	9/2/82
Fund Assets (Millions):	$171.8

Wtd. Avg. Market Cap (Billions):	$26.0
Median Market Cap (Billions):	$13.8

Ticker:	NBNGX
CUSIP:	829796‑10‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.25%












Large Cap Growth Details

Inception Date:	9/2/82
Fund Assets (Millions):	$127.7

Wtd. Avg. Market Cap (Billions):	$302.6
Median Market Cap (Billions):	$78.7

Ticker:	SNIGX
CUSIP:	829797‑10‑9
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.00%












U.S. Government Securities Details

Fund Assets (Millions):	$472.9

Average Maturity:	18.4 Years
Effective Duration:	2.1 Years

Ticker:	SNGVX
CUSIP:	829800‑10‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.80%













Tax-Free Income Details
Inception Date:	9/29/88
Fund Assets (Millions):	$217.7

Average Maturity:	17.4 Years
Duration to Est. Avg. Life:	4.2 Years

Ticker:	SNTIX
CUSIP:	829799‑10‑5
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.80%













International Growth Details
Inception Date:	11/1/91
Fund Assets (Millions):	$23.9

Wtd. Avg. Market Cap (Billions):	$79.1
Median Market Cap (Billions):	$47.3

Ticker:	SNGRX
CUSIP:	82980D‑10‑3
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.50%













Minnesota Tax-Free Income Details
Inception Date	12/1/93
Fund Assets	$575.7M

Average Maturity	16.4 Years
Duration (Avg. Life)	4.7 Years

Ticker	SMTFX
CUSIP	82979K‑10‑0

Minimum Investment	$5,000
Minimum IRA Investment	$2,000

Expense Ratio	0.80%











Balanced Details
Inception Date:	12/31/93
Fund Assets (Millions):	$40.1

Ticker:	SIBAX
CUSIP:	82980D‑20‑2
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.00%
















Small Cap Growth Details
Inception Date:	7/1/94
Fund Assets (Millions):	$106.5

Wtd. Avg. Market Cap (Billions):	N/A
Median Market Cap (Billions):	$4.8

Ticker:	SSMGX
CUSIP:	82980D‑30‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.50%













Developing Markets Growth Details
Inception Date:	7/1/94
Fund Assets (Millions):	$10.8

Wtd. Avg. Market Cap (Billions):	$89.4
Median Market Cap (Billions):	$23.3

Ticker:	SDMGX
CUSIP:	82980D‑40‑0
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.40%













Dividend Growth Details
Inception Dates
I Class	12/31/03
S Class	3/31/06
Fund Assets
I Class	$945.8M
S Class	$53M
Tickers
I Class	SDVGX
S Class	SDVSX
CUSIP Numbers
I Class	82980D‑70‑7
S Class	82980D‑80‑6
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	0.70%
S Class	0.95%



Global Dividend Growth Details
Inception Dates
I Class	9/30/08
S Class	9/30/08
Fund Assets
I Class	$30.6M
S Class	$3.3M
Tickers
I Class	GDGIX
S Class	GDGSX
CUSIP Numbers
I Class	82980D‑88‑9
S Class	82980D‑87‑1
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%



Quality Income Details
Inception Date:	12/31/12
Fund Assets (Millions):	$81.3

Average Maturity:	9.6 Years
Effective Duration:	0.9 Years

Ticker:	SQIFX
CUSIP:	82979K‑50‑6
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.90%













Small Cap Dividend Growth Details
Inception Dates	3/31/15
Fund Assets
I Class	$14.8M
S Class	$4M
Tickers
I Class	SSCDX
S Class	SDFSX
CUSIP Numbers
I Class	82980D‑86‑3
S Class	82980D‑85‑5
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%





ESG Growth Details
Inception Dates	6/30/16
Fund Assets
I Class	$3.3M
S Class	$2.8M
Tickers
I Class	IESGX
S Class	SESGX
CUSIP Numbers
I Class	82980D‑84‑8
S Class	82980D‑83‑0
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%























































Mid Cap Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Mid Cap Growth Fund	9.12	16.38	11.74	9.52
Russell Midcap^® Growth Index	7.57	21.10	16.65	13.00





Large Cap Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Large Cap Growth Fund	8.68	21.28	17.24	14.25
Russell 1000^® Growth Index	9.17	26.30	20.55	16.58





U.S. Government Securities Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit U.S. Government Securities Fund	0.42	0.81	0.90	1.22
Bloomberg Barclays Intermediate Government Index	-0.11	-1.18	0.19	0.93





Tax-Free Income Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Tax-Free income Fund	-0.35	2.68	3.64	5.48
Bloomberg Barclays 5-Yr Municipal Bond Index	-0.20	-0.60	1.16	1.85





International Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit International Growth Fund	1.37	-0.05	5.86	2.81
Morgan Stanley EAFE Index	1.35	2.74	9.23	4.42





Minnesota Tax-Free Income Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit MN Tax-Free Income Fund	-0.10	1.82	2.57	4.06
Bloomberg Barclays 5-yr Muni Bond Index	-0.20	-0.60	1.16	1.85





Balanced Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Balanced Fund	4.59	11.14	10.72	9.33
S&P 500^® Index	7.71	17.91	17.31	13.95
Bloomberg Barclays Aggregate Bond Index	0.02	-1.22	1.31	2.16




Small Cap Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Small Cap Growth Fund	7.33	15.42	10.90	7.51
Russell 2000^® Growth Index	5.52	21.06	17.98	12.14





Developing Markets Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Developing Markets Growth Fund	-4.87	1.30	13.01	2.37
MSCI Emerging Markets Index	-2.02	-3.13	9.78	1.20





Dividend Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Dividend Growth Fund Class I	6.82	13.82	14.72	11.77
S&P 500^® Index	7.71	17.91	17.31	13.95
Sit Dividend Growth Fund Class S	6.78	13.52	14.44	11.48
S&P 500^® Index	7.71	17.91	17.31	13.95



Global Dividend Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Global Dividend Growth Fund Class I	5.85	7.96	10.24	7.07
Sit Global Dividend Growth Fund Class S	5.86	7.69	9.97	6.82
MSCI World Index	4.98	11.24	13.54	9.28




Quality Income Returns
		Annualized Returns
	Three Month	One Year	Three Year	Five Year
Sit Quality Income Fund	0.59	0.90	0.86	0.65
Bloomberg Barclays U.S. 1-3 Year Gov't/Credit Index	0.33	0.20	0.73	0.83





Small Cap Dividend Growth Returns
		Annualized Returns
	Three Month	One Year	Three Year	Since Inception*
Sit Small Cap Dividend Growth Fund Class I	0.83	4.40	11.70	7.25
Sit Small Cap Dividend Growth Fund Class S	0.77	4.14	11.44	6.98
Russell 2000^® Index	3.58	15.24	17.12	10.55




ESG Growth Returns
	Three Month	One Year	Since Inception*
Sit ESG Growth Fund Class I	5.17	11.26	12.95
Sit ESG Growth Fund Class S	5.11	10.98	12.68
MSCI World Index	4.98	11.24	15.32





Mid Cap Growth Sectors
	22.3	Technology Services
	10.9	Electronic Technology
	9.8	Finance
	9.7	Health Technology
	8.8	Producer Manufacturing
	6.2	Retail Trade
	4.9	Consumer Services
	4.0	Process Industries
	21.0	Sectors less than 4%
	2.4	Cash and Other Net Assets









Large Cap Growth Sectors
	26.8	Technology Services
	14.1	Electronic Technology
	9.3	Producer Manufacturing
	8.7	Consumer Services
	8.3	Retail Trade
	6.8	Health Technology
	6.0	Finance
	4.5	Consumer Non-Durables
	14.8	Sectors less than 4.5%
	0.7	Cash and Other Net Assets









U.S. Government Securities Sectors
	53.9	CMO
	19.9	FNMA Pass-Through
	13.0	GNMA Pass-Through
	7.0	FHLMC Pass-Through
	2.0	Asset-Backed
	1.6	U.S. Treasury/Federal Agy.
	1.0	SBA Pass-Through
	1.6	Cash and Other Net Assets











Tax-Free Income Sectors
	24.9	Single Family Mortgage
	23.1	Multi Family Mortgage
	8.4	Other Revenue
	7.3	Insured
	6.8	Education/Student Loan
	6.1	General Obligation
	5.1	Hospital / Health Care
	3.6	Investment Companies
	8.3	Sectors less than 3%
	6.4	Cash and Other Net Assets









International Growth Sectors
	19.0	Finance
	11.7	Producer Manufacturing
	11.0	Consumer Non-Durables
	10.2	Technology Services
	6.0	Process Industries
	5.9	Electronic Technology
	5.3	Consumer Durables
	4.6	Consumer Services
	23.2	Sectors less than 4.6%
	3.1	Cash & Other Net Assets









Minnesota Tax-Free Income Sectors
	20.2	Multi Family Mortgage
	17.8	Single Family Mortgage
	16.4	Hospital / Health Care
	12.9	Education/Student Loan
	7.0	General Obligation
	6.4	Municipal Lease
	4.9	Other Revenue
	4.2	Utility
	8.1	Sectors less than 4%
	2.1	Cash and Other Net Assets









Balanced Sectors
	61.3	Stocks
	33.4	Bonds
	5.3	Cash & Other Net Assets
















Small Cap Growth Sectors
	17.4	Technology Services
	17.1	Health Technology
	9.5	Producer Manufacturing
	7.7	Consumer Services
	7.6	Electronic Technology
	7.3	Finance
	5.5	Industrial Services
	5.4	Consumer Durables
	20.8	Sectors less than 5%
	3.1	Cash and Other Net Assets









Developing Markets Growth Sectors
	21.0	Finance
	15.0	Electronic Technology
	13.9	Retail Trade
	8.6	Energy Minerals
	6.7	Technology Services
	6.5	Health Technology
	6.3	Consumer Services
	3.3	Investment Companies
	14.2	Sectors less than 3%
	4.5	Cash and Other Net Assets









Dividend Growth Sectors
	15.5	Finance
	13.5	Health Technology
	10.0	Electronic Technology
	9.0	Producer Manufacturing
	7.4	Energy Minerals
	6.9	Technology Services
	5.8	Consumer Non-Durables
	5.3	Retail Trade
	25.8	Sectors less than 5%
	0.8	Cash and Other Net Assets









Global Dividend Growth Sectors
	19.6	Finance
	10.7	Producer Manufacturing
	9.7	Health Technology
	8.8	Process Industries
	7.7	Technology Services
	6.9	Consumer Non-Durables
	5.9	Electronic Technology
	5.8	Energy Minerals
	20.7	Sectors less than 5.5%
	4.2	Cash & Other Net Assets









Quality Income Sectors
	41.0	U.S. Treasury/Federal Agency
	14.8	Mortgage Pass-Through (Agy.)
	14.0	Asset-Backed (non-agency)
	13.7	Corporate Bonds
	7.0	CMO (non-agency)
	4.9	Taxable Municipal
	2.4	Taxable Municipal (Agy-Backed)
	2.2	Cash and Other Net Assets











Small Cap Dividend Growth Sectors
	25.2	Finance
	11.5	Producer Manufacturing
	8.7	Process Industries
	7.2	Consumer Services
	5.6	Electronic Technology
	4.9	Commercial Services
	4.7	Health Technology
	4.1	Consumer Durables
	23.3	Sectors less than 4%
	4.8	Cash and Other Net Assets









ESG Growth Sectors
	17.7	Finance
	11.5	Technology Services
	9.9	Health Technology
	8.7	Consumer Services
	8.7	Producer Manufacturing
	8.6	Consumer Non-Durables
	5.7	Process Industries
	5.2	Energy Minerals
	20.2	Sectors less than 5%
	3.8	Cash and Other Net Assets









Mid Cap Standard Deviation









Large Cap Standard Deviation









U.S. Government Standard Deviation









Tax-Free Income Standard Deviation









International Growth Standard Deviation









Minnesota Tax-Free Income Standard Deviation









Balanced Standard Deviation
Balanced Fund	6.2
S&P 500® Index	10.0
Bloomberg Barclay Aggregate Bond Index	2.6






Small Cap Growth Standard Deviation

*Inception Date of 3/31/15

Performance figures are historical and do not guarantee future results. Investment returns and principal value will vary, and you may have a gain or loss when you sell shares. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available. Returns include changes in share price as well as reinvestment of all dividends and capital gains. Returns do no reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Management fees and administrative expenses are included in the Fund’s performance. Returns for periods greater than one year are compounded average annual rates of return.

Returns by Year (%)

Tax-Free Income Tax Equivalents
	Tax-Equivalent 30-Day Yields
30-Day SEC Yield	38.8% Tax Rate	40.8% Tax Rate
2.92	4.77	4.93






Minnesota Tax-Free Income Tax Equivalents
	Tax-Equivalent 30-Day Yields
30-Day SEC Yield	44.83% Tax Rate	46.63% Tax Rate
2.89	5.63	5.86
















Mid Cap Growth Calendar Year Returns
	Fund	Index
2009	35.59	46.29
2010	27.10	26.38
2011	-6.53	-1.65
2012	18.36	15.81
2013	33.42	35.74
2014	6.01	11.90
2015	-2.22	-0.20
2016	3.10	7.33
2017	19.01	25.27
2018	12.69	13.38








Large Cap Growth Calendar Year Returns
	Fund	Index
2009	28.14	37.21
2010	10.79	16.71
2011	-0.53	2.64
2012	13.96	15.26
2013	29.21	33.48
2014	10.97	13.05
2015	4.47	5.67
2016	4.36	7.08
2017	27.83	30.21
2018	13.61	17.09








U.S. Government Securities Calendar Year Returns
	Fund	Index
2009	7.78	-0.32
2010	4.91	4.98
2011	2.72	6.08
2012	2.67	1.73
2013	-2.08	-1.25
2014	2.22	2.52
2015	1.42	1.18
2016	0.69	1.05
2017	1.33	1.14
2018	0.46	-0.78








Tax-Free Income Calendar Year Returns
	Fund	Index
2009	22.42	7.40
2010	2.49	3.40
2011	10.73	6.93
2012	9.93	2.97
2013	-4.46	0.81
2014	14.60	3.19
2015	3.91	2.43
2016	0.64	-0.39
2017	7.68	3.14
2018	0.36	0.10








International Growth Calendar Year Returns
	Fund	Index
2009	27.65	31.78
2010	9.51	7.75
2011	-10.80	-12.14
2012	18.79	17.32
2013	17.56	22.78
2014	-7.88	-4.90
2015	4.86	-0.81
2016	-6.66	1.00
2017	24.02	25.03
2018	-2.02	-1.43








Minnesota Tax-Free Income Calendar Year Returns
	Fund	Index
2009	22.04	7.40
2010	3.18	3.40
2011	10.64	6.93
2012	7.24	2.97
2013	-3.10	0.81
2014	9.91	3.19
2015	3.54	2.43
2016	0.14	-0.39
2017	5.83	3.14
2018	0.30	0.10








Balanced Calendar Year Returns
	Fund	Stock Index
2009	23.12	26.47
2010	10.51	15.06
2011	2.04	2.11
2012	9.95	16.00
2013	18.36	32.39
2014	9.15	13.69
2015	2.25	1.38
2016	4.60	11.96
2017	17.74	21.83
2018	6.25	10.56








Small Cap Growth Calendar Year Returns
	Fund	Index
2009	33.06	34.47
2010	27.28	29.09
2011	-0.23	-2.91
2012	14.4	14.59
2013	35.66	43.3
2014	1.46	5.60
2015	-2.66	-1.38
2016	3.56	11.32
2017	15.71	22.17
2018	12.36	15.76








Developing Markets Growth Calendar Year Returns
	Fund	Index
2009	73.97	74.50
2010	14.53	16.36
2011	-18.48	-20.41
2012	11.08	15.15
2013	0.59	-4.98
2014	-7.79	-4.63
2015	-15.88	-16.96
2016	3.59	8.58
2017	43.23	34.35
2018	-4.54	-9.54








Dividend Growth Calendar Year Returns
	Fund (Class I)	Index
2009	25.59	26.47
2010	16.43	15.06
2011	3.29	2.11
2012	13.54	16.00
2013	28.18	32.39
2014	12.12	13.69
2015	0.51	1.38
2016	10.73	11.96
2017	20.24	-1.31
2018	6.48	10.56








Global Dividend Growth Calendar Year Returns
	Fund (Class I)	Index
2009	24.65	29.99
2010	11.58	11.76
2011	-2.58	-5.54
2012	13.61	15.83
2013	21.70	26.68
2014	4.03	4.94
2015	-0.93	-0.87
2016	4.96	7.51
2017	19.75	22.40
2018	1.71	5.43








Quality Income Calendar Year Returns
	Fund	Index
2013	0.58	0.64
2014	0.68	0.77
2015	-0.27	0.65
2016	0.79	1.28
2017	1.16	0.84
2018	0.69	0.41












Small Cap Dividend Growth Calendar Year Returns
	Fund (Class I)	Index
2015	-6.51	8.36
2016	20.59	21.31
2017	13.69	14.65
2018	-0.31	11.51














ESG Growth Calendar Year Returns
	Fund (Class I)	Index
2016	2.01	6.81
2017	23.72	22.40
2018	4.25	5.43















Mid Cap Growth Holdings
Company	% of Net Assets
TJX Cos., Inc.	3.2%
Arista Networks, Inc.	2.8
Waste Connections, Inc.	2.7
PTC, Inc.	2.4
Ulta Beauty, Inc.	2.3
Broadcom, Inc.	2.3
Booking Holdings, Inc.	2.2
Thermo Fisher Scientific, Inc.	2.2
Ultimate Software Group, Inc.	2.1
Ecolab, Inc.	2.0
Number of Holdings: 81	Top 10: 24.1







Large Cap Growth Holdings
Company	% of Net Assets
Apple, Inc.	7.5
Alphabet, Inc.	6.6
Microsoft Corp.	6.2
Amazon.com, Inc.	4.3
Visa, Inc.	3.8
Adobe Systems, Inc.	3.0
Facebook, Inc.	2.6
UnitedHealth Group, Inc.	2.1
Home Depot, Inc.	2.0
Raytheon Co.	2.0
Numbers of Holdings: 71	Top 10: 40







International Growth Holdings
Company	% of Net Assets
Nestle SA	2.9
Royal Dutch Shell, PLC, ADR	2.4
Safran SA	2.3
Allianz SE	2.2
Reckitt Benckiser Group, PLC	2.2
Suncor Energy, Inc.	2.1
Dassault Systemes SA	2.0
Bayer AG	2.0
ING Groep NV	1.9
Tencent Holdings, Ltd.	1.9
Numbers of Holdings: 75	Top 10: 21.8







Balanced Holdings
Company	% of Net Assets
Apple, Inc.	2.7
Microsoft Corp.	2.3
Visa, Inc.	2.1
Alphabet, Inc.	2.1
Amazon.com, Inc.	2.1
Numbers of Holdings: 248	Top 5: 11.4












Small Cap Growth Holdings
Company	% of Net Assets
Paycom Software, Inc.	2.7
Take-Two Interactive Software, Inc.	2.2
Arista Networks, Inc.	2.2
Waste Connections, Inc.	2.1
Sarepta Therapeutics, Inc.	2.0
Ultimate Software Group, Inc.	2.0
PTC, Inc.	1.9
Booz Allen Hamilton Holding Corp.	1.9
SVB Financial Group	1.9
Skyworks Solutions, Inc.	1.9
Numbers of Holdings: 100	Top 10: 20.7







Developing Markets Growth Holdings
Company	% of Net Assets
Alibaba Group Holding, Ltd., ADR	4.8
Samsung Electronics Co., Ltd.	4.7
Tencent Holdings, Ltd.	4.3
NICE Systems, Ltd., ADR	3.5
iShares MSCI India ETF	3.3
Naspers, Ltd.	3.3
Geopark, Ltd.	3.1
Taiwan Semiconductor Co.	3.0
China Construction Bank Corp.	2.9
China Petroleum & Chemical Corp., ADR	2.9
Numbers of Holdings: 49	Top 10: 35.8







Dividend Growth Holdings
Company	% of Net Assets
Microsoft Corp.	3.8
Apple, Inc.	3.5
Johnson & Johnson	3.2
Verizon Communications, Inc.	3.1
JPMorgan Chase & Co.	2.6
Abbott Laboratories	2.3
Becton Dickinson and Co.	2.1
Home Depot, Inc.	2.1
Broadcom, Inc.	2.0
Occidental Petroleum Corp.	1.9
Numbers of Holdings: 79	Top 10: 26.5







Global Dividend Growth Holdings
Company	% of Net Assets
Microsoft Corp.	4.9
Verizon Communications, Inc.	3.5
JPMorgan Chase & Co.	3.2
Johnson & Johnson	2.8
Pfizer, Inc.	2.7
Apple, Inc.	2.7
Allianz SE, ADR	2.3
AbbVie, Inc.	2.3
Union Pacific Corp.	2.2
Nestle SA	2.1
Number of Holdings: 67	Top 10: 17







Small Cap Dividend Growth Holdings
Company	% of Net Assets
East West Bancorp, Inc.	2.2
MKS Instruments, Inc.	2.0
Strategic Education, Inc.	2.0
PacWest Bancorp	1.9
Wintrust Financial Corp.	1.8
Encompass Health Corp.	1.8
Booz Allen Hamilton Holding Corp.	1.7
Monolithic Power Systems, Inc.	1.7
Pinnacle Foods, Inc.	1.6
Orion Engineered Carbons SA	1.6
Numbers of Holdings: 91	Top 10: 18.3







ESG Growth Holdings
Company	% of Net Assets
Microsoft Corp.	3.7
Allianz SE, ADR	3.6
JPMorgan Chase & Co.	3.2
Verizon Communications, Inc.	3.2
Ingersoll-Rand, PLC	2.7
Suncor Energy, Inc.	2.6
Starbucks Corp.	2.6
Home Depot, Inc.	2.5
Apple, Inc.	2.5
Alphabet, Inc.	2.5
Numbers of Holdings: 54	Top 10: 29.1















































Tax-Free Income Quality
	12.8	AAA
	35.2	AA
	16.2	A
	6.7	BBB
	2.4	Less than BBB
	20.3	Nonrated
	6.4	Other Assets and Liabilities


Minnesota Tax-Free Income Quality
	10.0	AAA
	28.9	AA
	16.8	A
	9.6	BBB
	5.5	Less than BBB
	27.1	Nonrated
	2.1	Other Assets and Liabilities

Growth of $10,000

From March 31, 2015 to September 30, 2018

Disclosure

Performance listed above is current to the most recent quarter-end. Performance data current to the most recent month-end can be found on the Performance Summary page.

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The market value of securities held by the Fund may fall or fail to rise. Dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks, and the stocks held by the Fund may reduce or stop paying dividends. Stocks of small and medium sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and there may be limited liquidity for certain small cap stocks. The Fund’s focus on growth stocks may cause the Fund’s performance at times to be better or worse than the performance of funds that focus on other types of stocks or that have a broader investment style. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. An increase in interest rates may lower the value of the fixed-income securities held by the Fund. A decrease in interest rates may lower the income earned by the Fund. More information on these risks considerations, as well as information on other risks to which the Fund is subject, are included in the Fund’s prospectus. The prospectus may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or downloaded from this website. Carefully consider the Fund’s investment objectives, risks, charges and expenses before investing.

Fund holdings, sector allocations (as % of market value) and portfolio characteristics may change at any time and are not investment recommendations. The Russell 2000® Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000® Index, an index consisting of the 3,000 largest U.S. companies based on market capitalization. Russell Investment Group is the owner of the registered trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a registered trademark of Russell Investment Group. It is not possible to invest directly in an index.