Mutual fund investing involves risk; principal loss is possible.  There is no guarantee the Fund’s investment objectives will be achieved. Fixed-income securities present issuer default risk.  Securities held by the Fund may not be backed by the full faith and credit of the United States.  Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. An increase in interest rates may lower the value of the fixed-income securities held by the Fund.  Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying the mortgage-backed securities owned by the Fund. The proceeds received by the Fund from prepayments may be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund.  Rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Fund’s value to rising interest rates.  There may be limited liquidity for certain fixed-income securities.  The Fund may hold securities for which prices from pricing services may be unavailable or are deemed unreliable. More information on these risks considerations, as well as information on other risks to which the Fund is subject such as futures contacts and options, 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.  Read the prospectus carefully before investing.  Investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost.  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 Bloomberg Intermediate Government Index is a sub-index of the Bloomberg Government Bond Index covering issues with remaining maturities of between three and five years.  The Bloomberg Government Bond Index is an index that measures the performance of all public U.S. government obligations with remaining maturities of one year or more.  The returns include the reinvestment of income and do not include any transaction costs, management fees or other costs.  It is not possible to invest directly in an index.  Duration is a measure of estimated price sensitivity relative to changes in interest rates.  Portfolios with longer durations are typically more sensitive to changes in interest rates.  For example, if interest rates rise by 1%, the market value of a security with an effective duration of 5 years would decrease by 5%, with all other factors being constant.  The correlation between duration and price sensitivity is greater for securities rates investment-grade than it is for securities rated below investment-grade.  Duration estimates are based on assumptions by the Adviser and are subject to a number of limitations.  Effective duration is calculated based on historical price changes of securities held by the Fund, and therefore is a more accurate estimate of price sensitivity provided interest rates remain within their historical range.