Sit Tax-Free Income Fund
SNTIX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 3300 Ids Ctr, 80 S. 8th Street Minneapolis MN United States of America 55402
- IPO Date
- May 30, 1996
- CIK
- 0000746601
- Website
- sitfunds.com
- Similar Companies
- Business
- Sit Tax-Free Income Fund (SNTIX) is a mutual fund that seeks high current income exempt from federal income tax, consistent with the preservation of capital. The fund invests primarily in investment-grade, intermediate-duration municipal securities, including revenue bonds backed by specific facilities or revenue sources and general obligation bonds secured by the full faith, credit, and taxation power of issuing municipalities; it allocates a significant portion to housing-related securities such as single-family and multi-family mortgage revenue bonds from municipal housing authorities, health care facility revenue bonds, and educational institution revenue bonds encompassing higher education, public, private, and charter schools, as well as student loan-backed bonds. Under normal market conditions, at least 80% of net assets are committed to tax-exempt municipal securities, with up to 20% in securities subject to the federal alternative minimum tax, up to 30% in below-investment-grade municipal securities (not lower than B3/B- ratings), and limited exposure to Rule 144A securities, open-end/closed-end investment companies, and interest rate futures/options for duration hedging not exceeding 5% of net assets; the adviser targets an average effective duration of 3 to 8 years and a dollar-weighted average maturity of 10 to 25 years. The fund offers Class S shares (ticker: SNTIX, inception September 29, 1988, minimum initial investment $5,000 or $2,000 for IRAs, expense ratio 0.95%) and Class Y shares (ticker: SNTYX, inception June 1, 2021, minimum initial investment $1,000,000, expense ratio 0.70%), with total net assets of approximately $132.6 million as of the latest reporting ($87.5 million in Class S, $45.1 million in Class Y). It is advised by Sit Investment Associates, Inc., an employee-owned firm founded in 1981 and headquartered in Minneapolis, Minnesota, which manages $16.6 billion in assets focused exclusively on investment management, including global growth equity and fixed income strategies offered via mutual funds, private funds, and collective investment trusts. Geographic operations center on U.S. states, territories, possessions, and the District of Columbia through municipal debt obligations from their political subdivisions, agencies, and instrumentalities, serving institutional clients such as corporate foundations, employee savings plans, and profit-sharing plans, as well as individual investors seeking tax-efficient fixed income exposure. The portfolio management team, led by Senior Vice President and Senior Portfolio Manager Paul J. Jungquist (since 2000) alongside Vice Presidents Todd S. Emerson and Kevin P. O’Brien (since July 2020), emphasizes high tax-exempt income through security selection based on economic outlook, interest rate forecasts, credit quality, yield, maturity, and liquidity. No major acquisitions, funding rounds, partnerships, strategic alliances, name changes, or reorganizations have been reported for the fund or its adviser within the last 1-2 years. The most recent notable development includes the August 1, 2025, update to the fund's summary prospectus, reflecting ongoing performance benchmarking adjustments such as replacing the Bloomberg 5-Year Municipal Bond Index with the broader Bloomberg Municipal Bond Index as the primary benchmark effective June 30, 2024, alongside continued portfolio turnover of 26.81% in the most recent fiscal year.