|Fund Assets (Millions):||$338.2|
|Average Maturity:||19.6 Years|
|Duration to Est. Avg. Life:||5.3 Years|
|Minimum Investment Amount:||$5,000|
|Minimum IRA Investment Amount:||$2,000|
Fund Objectives and Strategy
The Sit Tax-Free Income Fund objective is high current income that is exempt from federal income tax consistent with preservation of capital. The Fund seeks to achieve its objective by investing primarily in municipal securities that generate interest income that is exempt from both federal regular income tax and federal alternative minimum tax. In selecting securities for the Fund, the Adviser seeks securities providing high tax-exempt income. The Adviser attempts to maintain an average effective duration for the portfolio of approximately 3 to 8 years.
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 $14.9 billion (as of 12/31/20). The firm’s sole business is investment management.