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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.47

$431 M

3.01%

$0.29

0.81%

Vitals

YTD Return

1.2%

1 yr return

3.3%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

0.7%

Net Assets

$431 M

Holdings in Top 10

15.8%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.81%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 20.82%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$5,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.47

$431 M

3.01%

$0.29

0.81%

SMTFX - Profile

Distributions

  • YTD Total Return 1.2%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.50%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Sit Minnesota Tax-Free Income Fund
  • Fund Family Name
    Sit Mutual Funds
  • Inception Date
    Dec 01, 1993
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Paul Jungquist

Fund Description

The Fund seeks to achieve its objective by investing primarily in municipal securities that generate interest income that is exempt from regular federal income tax and Minnesota regular personal income tax. During normal market conditions, the Fund invests 100% (and, as a fundamental policy, no less than 80%) of its net assets in such tax-exempt municipal securities. The Fund may invest up to 20% of its assets in securities that generate interest income subject to both Minnesota and federal alternative minimum tax (“AMT”). Investors subject to AMT treat the Fund’s income subject to AMT as an item of tax preference in computing their alternative minimum taxable income.
The Fund substantially invests in municipal securities issued by the state of Minnesota and its political subdivisions. The Fund invests in both general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality, and in revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source. The Fund invests a significant portion of its assets in housing-related securities, such as obligations of municipal housing authorities, which include single family and multi-family mortgage revenue bonds; revenue bonds of health care-related facilities; and revenue bonds of educational institutions, which include higher education institutions, public, private, and charter schools, and student loan-backed bonds.
The Fund primarily invests in securities rated investment-grade at the time of purchase or, if unrated, determined to be of comparable quality by Sit Investment Associates, Inc. (the “Adviser”). Investment-grade securities are rated within the four highest grades by the major rating agencies. However, the Fund may invest up to 30% of its assets in municipal securities rated below investment-grade (commonly referred to as junk bonds) or determined to be of comparable quality by the Adviser, but the Fund may not invest in securities rated lower than B3 by Moody’s Investors Service, or B- by S&P Global Ratings or Fitch Ratings or, if unrated, determined by the Adviser to be of comparable quality.
The Fund may invest in open-end investment companies (mutual funds) and closed-end investment companies which invest in the same types of securities in which the Fund may invest directly.
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 its economic outlook and interest rate forecast, as well as its evaluation of a security’s structure, credit quality, yield, maturity, and liquidity.
The Adviser attempts to maintain an average effective duration for the portfolio of approximately 3 to 8 years. Duration is a measure of total price sensitivity relative to changes in interest rates. For example, if interest rates rise by 1%, the market value of a security with an effective duration of 3 years would decrease by 3%, with all other factors being constant. Portfolios with longer durations are typically more sensitive to changes in interest rates. The Adviser may hedge the Fund’s duration by investing in interest rate futures and options, but not in excess of 5% of the Fund’s net assets.
The Fund’s dollar-weighted average maturity will, under normal market conditions, range between 10 and 20 years. However, since the Fund’s securities are subject to various types of call provisions which make their expected average lives shorter than their stated maturity dates, the Adviser believes that the Fund’s average effective duration is a more accurate measure of the Fund’s price sensitivity to changes in interest rates than the Fund’s dollar-weighted average maturity.
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SMTFX - Performance

Return Ranking - Trailing

Period SMTFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -2.7% 12.2% 1.23%
1 Yr 3.3% -3.0% 38.5% 41.63%
3 Yr -1.3%* -10.3% 3.3% 72.31%
5 Yr 0.7%* -5.7% 1102.9% 63.99%
10 Yr 2.1%* -0.2% 248.3% 34.86%

* Annualized

Return Ranking - Calendar

Period SMTFX Return Category Return Low Category Return High Rank in Category (%)
2023 1.1% -1.4% 41.0% 94.43%
2022 -13.3% -39.7% 0.3% 76.35%
2021 0.1% -5.6% 6.9% 24.67%
2020 0.7% -2.6% 310.0% 89.38%
2019 3.7% 0.0% 26.0% 53.12%

Total Return Ranking - Trailing

Period SMTFX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.2% -2.7% 12.2% 1.23%
1 Yr 3.3% -3.0% 38.5% 41.63%
3 Yr -1.3%* -10.3% 3.3% 72.31%
5 Yr 0.7%* -5.7% 1102.9% 63.99%
10 Yr 2.1%* -0.2% 248.3% 34.86%

* Annualized

Total Return Ranking - Calendar

Period SMTFX Return Category Return Low Category Return High Rank in Category (%)
2023 3.9% -1.3% 41.0% 84.72%
2022 -10.4% -39.7% 1.1% 66.03%
2021 2.7% -4.8% 23761504.0% 20.97%
2020 3.8% -1.5% 17057.9% 48.82%
2019 6.7% 0.2% 3514.6% 43.55%

NAV & Total Return History


SMTFX - Holdings

Concentration Analysis

SMTFX Category Low Category High SMTFX % Rank
Net Assets 431 M 3.48 M 68.1 B 50.42%
Number of Holdings 291 2 12848 41.11%
Net Assets in Top 10 63.3 M -317 M 3.4 B 56.44%
Weighting of Top 10 15.80% 1.9% 100.4% 58.67%

Top 10 Holdings

  1. White Bear Lake Independent School District No 624 2.34%
  2. City of Rochester MN 1.85%
  3. Minnesota Housing Finance Agency 1.80%
  4. Minnesota Housing Finance Agency 1.62%
  5. Minnesota Housing Finance Agency 1.55%
  6. City of Rochester MN 1.53%
  7. Minnesota Housing Finance Agency 1.46%
  8. Minnesota Housing Finance Agency 1.37%
  9. Housing Redevelopment Authority of The City of St Paul Minnesota 1.22%
  10. Minnesota Higher Education Facilities Authority 1.05%

Asset Allocation

Weighting Return Low Return High SMTFX % Rank
Bonds
95.04% 0.00% 150.86% 88.54%
Cash
5.79% -50.86% 50.09% 6.06%
Stocks
0.36% 0.00% 99.80% 5.34%
Preferred Stocks
0.00% 0.00% 0.52% 41.24%
Convertible Bonds
0.00% 0.00% 0.93% 41.20%
Other
-1.20% -8.54% 33.35% 99.29%

Stock Sector Breakdown

Weighting Return Low Return High SMTFX % Rank
Utilities
0.00% 0.00% 0.00% N/A
Technology
0.00% 0.00% 0.00% N/A
Real Estate
0.00% 0.00% 0.00% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 0.00% N/A
Financial Services
0.00% 0.00% 0.00% N/A
Energy
0.00% 0.00% 0.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 0.00% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 0.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High SMTFX % Rank
US
0.36% 0.00% 99.80% 5.35%
Non US
0.00% 0.00% 10.75% 41.04%

Bond Sector Breakdown

Weighting Return Low Return High SMTFX % Rank
Municipal
99.87% 44.39% 100.00% 18.05%
Cash & Equivalents
0.00% 0.00% 48.02% 74.36%
Securitized
0.00% 0.00% 5.93% 42.04%
Corporate
0.00% 0.00% 9.41% 51.23%
Government
0.00% 0.00% 52.02% 45.60%
Derivative
-1.20% -8.54% 23.38% 99.36%

Bond Geographic Breakdown

Weighting Return Low Return High SMTFX % Rank
US
95.04% 0.00% 142.23% 85.18%
Non US
0.00% 0.00% 23.89% 47.87%

SMTFX - Expenses

Operational Fees

SMTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.01% 20.65% 42.19%
Management Fee 0.80% 0.00% 1.20% 99.10%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

SMTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

SMTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SMTFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 20.82% 0.00% 283.00% 61.53%

SMTFX - Distributions

Dividend Yield Analysis

SMTFX Category Low Category High SMTFX % Rank
Dividend Yield 3.01% 0.00% 14.36% 30.07%

Dividend Distribution Analysis

SMTFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SMTFX Category Low Category High SMTFX % Rank
Net Income Ratio 2.50% -0.53% 5.33% 18.59%

Capital Gain Distribution Analysis

SMTFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

SMTFX - Fund Manager Analysis

Managers

Paul Jungquist


Start Date

Tenure

Tenure Rank

Dec 31, 2000

21.43

21.4%

Paul J. Jungquist is Vice President of Sit Investment Associates, Inc. Jungquist joined Sit Investment Associates in January 1994 and has been a portfolio manager since 2000. Previously, he worked as an auditor for Grant Thornton and has served as an assistant controller for a publicly held engineering services company. Jungquist holds the Chartered Financial Analyst designation.

Todd Emerson


Start Date

Tenure

Tenure Rank

Aug 01, 2018

3.83

3.8%

Todd S. Emerson, Vice President and Portfolio Manager, has served as a portfolio manager since July 2020 and as a research analyst from August 2018 through July 2020.

Kevin O’Brien


Start Date

Tenure

Tenure Rank

Aug 01, 2018

3.83

3.8%

Kevin P. O’Brien, Vice President and Portfolio Manager, has served as a portfolio manager since July 2020 and as a research analyst from August 2018 through July 2020.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58