Sit Mutual Funds
  • MutualFunds
    •  
      • Prices
      • Performance
      • The Sit Mutual Funds
        • Balanced
        • Developing Markets Growth
        • Dividend Growth
        • ESG Growth
        • Global Dividend Growth
        • International Growth
        • Large Cap Growth
        • Mid Cap Growth
        • Minnesota Tax-Free Income
        • Quality Income
        • Small Cap Dividend Growth
        • Small Cap Growth
        • Tax-Free Income
        • U.S. Government Securities
      • Invest Directly With Sit Mutual Funds
      • Invest Through Your Broker/Advisor
  • AccountManagement
    •  
      • Account Access
      • Add/Buy Shares
      • Account Types
      • Beneficiary Designation
      • Beneficiary Designations – Article
      • Checkwriting Option
      • Contact Information
    •  
      • Cost Basis
      • Death of Account Owner
      • Delivery Instructions
      • ERISA – Article
      • Exchanging Shares
      • Glossary
      • Invest Directly with Sit
      • Invest Through Your Broker/Advisor
    •  
      • Invest in the Sit Mutual Funds
      • Investor Services
      • Order an Investment Kit
      • Portfolio Allocation
      • Prices
      • Privacy Policy
      • Required Documentation
      • Required Minimum Distributions
    •  
      • Rising Interest Rates – Article
      • Sell Shares
      • Tax Information
      • Terms of Use
      • Wash Sale
  • Retirement andEducation Plans
    • Traditional IRA
      • Overview
      • Contribution Limits
      • Contribution Deadlines
      • Custodial Fees
      • Elective Distributions
      • Required Distributions
      • Transfer Your IRA to Sit
      • Traditional or Roth IRA?
    • Roth IRA
      • Overview
      • Contribution Limits
      • Contribution Deadlines
      • Custodial Fees
      • Distributions
      • Converting to a Roth IRA
      • Transfer a Roth IRA to Sit
      • Traditional or Roth IRA?
    • SEP IRA
      • Overview
      • Contribution Limits
      • Contribution Deadlines
      • Custodial Fees
      • Elective Distributions
      • Required Distributions
    • Other Retirement Information
      • IRA Account Types
      • IRA Distributions
      • IRA Beneficiaries
      • Rollover Chart
      • IRA Limits & Deadlines
      • Move 401(k) to a Sit IRA
      • SIMPLE IRA
      • Move a SIMPLE IRA to Sit
    • Education Plans
      • Coverdell Education Savings Accts
      • UGMA/UTMA
      • UGMA/UTMA or Coverdell ESA?
  • Forms andPublications
    • Regular Account Forms
      • Account Application
      • Affidavit of Domicile
      • Bank Authorization Form
      • Change of Account Information Form
      • Change of Account Options Form
      • Checkwriting Form
      • Cost Basis Election Form
      • Coverdell Application
      • Coverdell Transfer of Assets Form
      • Coverdell Withdrawal Authorization
      • Full Trading Authorization Form
      • Investment Slip
      • Trusted Contact Form
    • Retirement Account Forms
      • IRA Application Form
      • IRA Change of Acct. Information Form
      • IRA Distribution Form
      • IRA Tax Withholding Form
      • IRA Transfer/Direct Rollover Form
      • Recharacterization Request Form
      • Required Min. Dist. Election Form
      • Rollover from 529 Plan
      • Roth IRA Conversion Request Form
      • Self-Certification for Late Rollover
      • SIMPLE IRA Application
      • SIMPLE IRA Distribution Form
      • SIMPLE IRA Transfer Form
      • Trusted Contact Form
    • Forms Collection
      • All Forms
      • Forms by Situation
    • Publications
      • Fact Sheets
      • Financial Reports
      • Prospectuses
      • Portfolio Holdings
  • FirmInformation
    • Investment Professionals Directory
    • Mutual Fund Marketing Team
    • About Sit Mutual Funds/History
  • Search
  • Menu Menu

Supporting
Minnesota
Communities

Sit
Minnesota Tax-Free
Income Fund

Let your money work for you

Sit Minnesota
Tax-Free
Income Fund

FASTTRACK:       Daily Prices       |       Account Access        |       Mutual Fund Performance       |       Contact Us

Sit Minnesota Tax-Free Income Fund

Ticker: SMTFX

tab-overview-activetab-returns-passivetab-risk-passivetab-holdings-passive

Information reported as of March 31, 2025

Fund Details

Inception Date12/1/1993
Fund Assets$389.3M
Average Maturity16.2 Years
Duration (Avg. Life)6 Years
TickerSMTFX
CUSIP82979K‑10‑0
Minimum Investment$5,000
Minimum IRA Investment$2,000
Expense Ratio0.81%
Expense ratios are as stated in the prospectus dated August 1, 2024 and include Acquired Fund Fees and Expenses which represent fees and expenses incurred indirectly by the Fund as a result of its investment in shares of investment companies.

Tax-Equivalent Yields

Income earned from investments in the Sit Minnesota Tax-Free Income Fund is exempt from both Federal and state taxes.

Tax-Equivalent 30-Day Yields
30-Day SEC Yield44.83% Tax Rate46.63% Tax Rate
3.456.716.99

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 Minnesota Tax-Free Income Fund seeks current income that is exempt from federal regular income tax and Minnesota regular personal income tax consistent with preservation of capital.  To achieve its objective, the Fund invests primarily in municipal securities that generate interest income that is exempt from federal regular income tax and Minnesota regular personal income tax.  In selecting securities for the Fund, the Adviser seeks securities providing high current tax-exempt income.  In making purchase and sales decisions for the Fund, the Adviser considers their economic outlook and interest rate forecast, as well as their evaluation of a security’s structure, credit quality, yield, maturity, and liquidity.

Risk-Reward Profile

risk-reward07

The Sit Minnesota Tax-Free Income Fund has lower risk and lower reward potentials.

Investment Style

The Fund invests in investment-grade, intermediate-duration municipal bonds.

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 $16.6 billion.  The firm’s sole business is investment management.

Portfolio Management

pjj091
Paul J. Jungquist


Todd S. Emerson


Kevin P. O’Brien

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. Fixed-income securities present issuer default risk, and the revenue bonds in which the Fund invests may entail greater credit risk than the Fund’s investments in general obligation bonds. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Tax, legislative, regulatory, demographic or political changes in Minnesota, as well as changes impacting Minnesota’s financial, economic or other conditions may adversely impact the Fund.  The Fund may be more adversely affected than other funds by future changes in federal or state income tax laws. A relatively small number of Minnesota tax-exempt issuers may necessitate the Fund investing a larger portion of its assets in a limited number of issuers than a more diversified fund, and the Fund may be more susceptible to any single economic, political or regulatory occurrence than a more diversified fund.  The Fund invests a significant portion of its assets in certain sectors including health care facility bonds, housing authority bonds, and education bonds, and therefore the Fund may be more affected by events influencing these sectors than a fund that is more diversified across numerous sectors.  Call risk exists as a fixed-income security may be called, prepaid or redeemed before maturity and that similar yielding investments may not be available for purchase.  An increase in interest rates may lower the value of the fixed-income securities held by the Fund.  Falling rates may lower the income earned by the Fund and result in the Fund investing in lower yielding securities, lowering the Fund’s income and yield.  Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state, local or alternative minimum taxes.  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, 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 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.   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.
Income from tax-exempt funds may be subject to state & local taxes, and a portion of income may be subject to federal income tax including the alternative minimum tax (AMT).  Capital gains distributions, if any, will be subject to tax.

Fund Price

Current Share Prices

How to Invest

Instructions
Applications
Summary Prospectus

Manage My Account

1-800-332-5580

Investor service representatives available Monday-Friday between 7:30 a.m. - 5:30 p.m. Central Time.

The Sit Mutual Funds

Additional Resources

Fact Sheet
Summary Prospectus
Statutory Prospectus
Statement of Additional Information
Annual Report

FREE CHECKWRITING

Direct shareholders of the Sit Minnesota Tax-Free Income Fund can have quick and easy access to their assets by setting up checkwriting on their account.






















logo35-60px
800-332-5580 | e-mail: info@sitinvest.com | Copyright 2007-2021 Sit Investment Associates, Inc.
Home | Firm History | Glossary | Terms of Use | Privacy Policy
Carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus contains this and other important Fund information and may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or by downloading them from the Documents page. 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.
The content herein is for informational purposes only without regard to any particular user’s investment objectives, risk tolerances or financial situation and does not constitute investment advice, nor should it be considered a solicitation or offering to sell securities or an interest in any fund.
Opinions and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. The views and strategies described may not be suitable for all investors, and readers should not rely on this publication as their sole source of investment information.
Scroll to top