Fund Evaluator:
Sit Tax-Free Income Y (SNTYX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 6.7% | Sit Tax-Free Income (SNTIX) |
| 4.6% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 4.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 4.3% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 4.2% | Victory Tax Exempt Intermediate-Term (USATX) |
Fund Details
Sit Tax-Free Income Y Overview
Sit Tax-Free Income Y (SNTYX) is an actively managed Municipal Bond Muni National Interm fund. Sit launched the fund in 2021.
The investment seeks 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 regular federal income tax. Under normal circumstances, the fund invests 100% (and, as a fundamental policy, no less than 80%) of its net assets in such tax‑exempt municipal securities plus the amount of any borrowings for investment purposes.
About Sit Tax-Free Income Y (SNTYX)
There are 3 members of the management team with an average tenure of 14.01 years: Todd Emerson (2018), Kevin O’Brien (2018), Paul Jungquist (2000). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 5 Yr 4-6 TR USD index with a weighting of 100%. Sit Tax-Free Income Y has 297 securities in its portfolio. The top 10 holdings constitute 11.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Sit Tax-Free Income Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Sit Tax-Free Income Y has 0.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.8% (93.7% domestic bond, 0.1% foreign bond and 0.0% convertible bond). Sit Tax-Free Income Y has 6.3% of the portfolio in cash.
Assets Under Management
The fund has $47 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SNTYX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Sit Tax-Free Income Y expense ratio is above average compared to funds in the Muni National Interm category. Sit Tax-Free Income Y has an expense ratio of 0.70%, which is 2% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Sit Tax-Free Income Y has a portfolio turnover rate of 27%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.
Recently, in the month of August 2026, Sit Tax-Free Income Y returned -0.2%, which earned it a grade of F, as the Muni National Interm category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Sit Tax-Free Income Y has a trailing yield of 4.10%, which is above the 3.27% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Sit Tax-Free Income Y Grades
Year to date, the fund has returned 1.4%, 1.1 percentage points better than the category, which translates into a grade of A. The fund has returned 7.0% over the past year (grade of A), 5.1% over the past three years (grade of A) and 0.7% per year over the past five years (grade of C) and 2.1% per year over the past 10 years (grade of A).
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SNTYX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SNTYX Return (NAV) | -0.2% | -0.8% | 7.0% | 5.1% | 0.7% | 2.1% |
| SNTYX Grade | F | A | A | A | C | A |
| +/- Category | -0.1% | 0.3% | 3.3% | 1.6% | 0.1% | 0.4% |
| Muni National Interm Avg | -0.1% | -1.0% | 3.7% | 3.5% | 0.6% | 1.7% |
| SNTYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
SNTYX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SNTYX Return (NAV) | 1.4% | 4.6% | 5.6% | 5.3% | -12.6% | 3.4% | 4.0% | 7.1% | 0.7% | 7.7% | 0.6% |
| SNTYX Grade | A | B | A | D | F | A | D | B | C | A | A |
| +/- Category | 1.1% | 0.4% | 3.6% | -0.5% | -4.4% | 1.7% | -0.3% | 0.4% | -0.1% | 3.0% | 0.8% |
| Muni National Interm Avg | 0.3% | 4.2% | 2.0% | 5.7% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.9% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 1.25 - High |
| Category Risk Grade: | F (95% Rank) |
| Beta: | 1.01 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $126 Mil |
| Fund Total Assets: | $ 47 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 27% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 25.9 years | |||
| Average Tenure: 14.0 years | |||
| Managers (Year): Jungquist Paul (2000), Emerson Todd (2018), O’Brien Kevin (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 297 |
| % in Top 10 Holdings: | 11.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.1% |
Portfolio Allocation |
|
| Domestic Stock: | -0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.7% |
| Foreign Bond: | 0.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.3% |
Purchase Information
| Fund Family: | Sit |
| Phone Number: | 800-332-5580 |
| Website: | www.sitfunds.com |
| Status: | Open |
| Inception Date: | June 1, 2021 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $1,000,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.69% |
| Share Class: | Sit Tax-Free Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
