Sit Small Cap Dividend Growth Fund

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Growth + Income

Dividend Growth Fund

Global Dividend Growth Fund

Small Cap Dividend Growth Fund

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Tickers: SSCDX, SDFSX

Information reported as of December 31, 2018

Fund Details

Mid Cap Growth Details

Inception Date:	9/2/82
Fund Assets (Millions):	$138.5

Wtd. Avg. Market Cap (Billions):	$21.7
Median Market Cap (Billions):	$10.6

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):	$105.1

Wtd. Avg. Market Cap (Billions):	$236.6
Median Market Cap (Billions):	$62.1

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):	$438.1

Average Maturity:	18.1 Years
Effective Duration:	2.7 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):	$230.5

Average Maturity:	17.9 Years
Duration to Est. Avg. Life:	4.3 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):	$19.8

Wtd. Avg. Market Cap (Billions):	$71.7
Median Market Cap (Billions):	$42.6

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	$575.3M

Average Maturity	16.2 Years
Duration (Avg. Life)	4.8 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):	$33.0

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):	$83.0

Wtd. Avg. Market Cap (Billions):	N/A
Median Market Cap (Billions):	$4.2

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):	$9.2

Wtd. Avg. Market Cap (Billions):	$79.8
Median Market Cap (Billions):	$18.3

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	$421.5M
S Class	$40.5M
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	$26.7M
S Class	$2.8M
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):	$88.7

Average Maturity:	9 Years
Effective Duration:	0.8 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	$11.4M
S Class	$3.3M
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	$2.9M
S Class	$2.5M
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

	Three Month
Sit Mid Cap Growth Fund	-17.70
Russell Midcap^® Growth Index	-15.99





Large Cap Growth Returns

	Three Month
Sit Large Cap Growth Fund	-14.71
Russell 1000^® Growth Index	-15.89





U.S. Government Securities Returns

	Three Month
Sit U.S. Government Securities Fund	1.31
Bloomberg Barclays Intermediate Government Index	2.22





Tax-Free Income Returns

	Three Month
Sit Tax-Free income Fund	0.33
Bloomberg Barclays 5-Yr Municipal Bond Index	1.58





International Growth Returns

	Three Month
Sit International Growth Fund	-14.55
Morgan Stanley EAFE Index	-12.54





Minnesota Tax-Free Income Returns

	Three Month
Sit MN Tax-Free Income Fund	0.72
Bloomberg Barclays 5-yr Muni Bond Index	1.58





Balanced Returns

	Three Month
Sit Balanced Fund	-8.45
S&P 500^® Index	-13.52
Bloomberg Barclays Aggregate Bond Index	1.64




Small Cap Growth Returns

	Three Month
Sit Small Cap Growth Fund	-20.53
Russell 2000^® Growth Index	-21.65





Developing Markets Growth Returns

	Three Month
Sit Developing Markets Growth Fund	-10.70
MSCI Emerging Markets Index	-7.85





Dividend Growth Returns

	Three Month
Sit Dividend Growth Fund Class I	-12.25
S&P 500^® Index	-13.52
Sit Dividend Growth Fund Class S	-12.31
S&P 500^® Index	-13.52



Global Dividend Returns

	Three Month
Sit Global Dividend Growth Fund Class I	-11.15
Sit Global Dividend Growth Fund Class S	-11.28
MSCI World Index	-13.42




Quality Income Returns

	Three Month
Sit Quality Income Fund	0.21
Bloomberg Barclays U.S. 1-3 Year Gov't/Credit Index	1.18





Small Cap Dividend Growth Returns

	Three Month
Sit Small Cap Dividend Growth Fund Class I	-16.82
Sit Small Cap Dividend Growth Fund Class S	-16.86
Russell 2000^® Index	-20.20




ESG Growth Returns
	Three Month
Sit ESG Growth Fund Class I	-11.13
Sit ESG Growth Fund Class S	-11.21
MSCI World Index	-13.42





Mid Cap Growth Sectors
	22.5
	11.0
	10.4
	9.9
	9.0
	6.9
	5.7
	4.0
	18.8
	1.8









Large Cap Growth Sectors
	27.6
	12.7
	9.2
	8.3
	8.2
	8.1
	5.7
	4.4
	14.9
	0.9









U.S. Government Securities Sectors
	54.0
	19.7
	12.9
	7.0
	2.1
	1.1
	1.1
	2.1











Tax-Free Income Sectors
	25.8
	21.9
	9.4
	7.3
	6.7
	5.6
	5.0
	3.6
	8.1
	6.6









International Growth Sectors
	19.3
	11.7
	10.9
	10.6
	7.1
	6.0
	5.7
	5.6
	21.1
	2.0









Minnesota Tax-Free Income Sectors
	20.3
	17.9
	15.9
	13.5
	7.4
	5.3
	4.9
	3.6
	8.2
	3.0









Balanced Sectors
	56.1
	40.5
	3.4
















Small Cap Growth Sectors
	18.3
	14.4
	9.5
	9.3
	7.9
	7.3
	6.0
	4.8
	19.9
	2.0









Developing Markets Growth Sectors
	24.0
	14.6
	11.8
	7.7
	6.9
	6.8
	5.9
	4.0
	15.0
	3.3









Dividend Growth Sectors
	16.2
	16.1
	9.1
	8.9
	6.5
	5.8
	5.4
	5.3
	26.6
	0.1









Global Dividend Growth Sectors
	19.1
	10.9
	10.1
	7.7
	7.7
	7.4
	6.1
	5.7
	21.2
	4.1









Quality Income Sectors
	39.1
	14.0
	12.3
	11.8
	7.6
	6.9
	2.1
	6.2











Small Cap Dividend Growth Sectors
	28.1
	10.3
	8.5
	8.0
	6.4
	6.1
	5.1
	3.9
	21.5
	2.1









ESG Growth Sectors
	16.8
	10.5
	10.2
	9.7
	9.4
	8.5
	5.4
	4.6
	20.0
	4.9









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	5.6
S&P 500¨ Index	9.1
Bloomberg Barclay Aggregate Bond Index	2.6






Small Cap Growth Standard Deviation

Average Annual Returns

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.

Fund Objectives and Strategy

The Sit Small Cap Dividend Growth Fund seeks current income that exceeds the dividend yield of the Russell 2000^® Index and that grows over a period of years, and long-term capital appreciation. To achieve its objectives, the Fund invests, under normal market conditions, at least 80% of its net assets in dividend-paying common stocks. The Adviser invests in dividend-paying, growth-oriented companies with capitalizations of up to $3 billion, or up to the market capitalization of the largest company included in the Russell 2000^® Index measured at the end of the previous 12 months, that it believes exhibit the potential for growth and growing dividend payments. The Adviser believes that a company’s earnings growth is a primary determinant of its potential long-term return and that a record of increasing dividend payments is a strong indicator of financial health and growth prospects.

Risk-Reward Profile

The Sit Small Cap Dividend Growth Fund has moderate risk and moderate reward potentials.

Investment Style

The Fund invests in small cap, growth-oriented stocks that pay dividends. The Fund’s holdings exhibit a blend of growth and value characteristics.

Investment Adviser

The Sit Mutual Funds’ investment adviser is Sit Investment Associates, Inc. It is an employee-owned firm founded in 1981 in Minneapolis, Minnesota and currently manages $12.8 billion (as of 12/31/18). The firm’s sole business is investment management.

Portfolio Management

Roger J. Sit

Kent L. Johnson

Robert W. Sit

Michael T. Manns

Notes

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.