SMTFX Fees and Costs — Sit Minnesota Tax-Free Income Fund
Data updated: 2026-08-21
The net expense ratio is 0.81%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $764 in broker commissions, 0.0002% of average net assets, and portfolio turnover was 20%.
SMTFX Fees and Expenses
Annual operating expenses and sales charges of SMTFX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 0.81% |
| Fee waiver | — |
| Net expense ratio | 0.81% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SMTFX Costs Over Time
On $10,000 invested in SMTFX, assuming 5% a year before costs, total costs come to $509 over 5 years, cutting the return by 0.85% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.81%) | $85 | $266 | $462 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $85 | $279 | $509 |
| Value after costs | $10,415 | $11,297 | $12,254 |
| Impact on return, per year | 0.85% | 0.85% | 0.85% |
SMTFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $764
- Bought from dealers (principal trades, not a cost): $132.3M
- Portfolio turnover (prospectus): 20%
- Securities lending: none during the year
SMTFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CLEAR STREET LLC | $764 | 100.00% |
SMTFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| FHN FINANCIAL SECURITIES CORP | $21.8M | 19.28% |
| PIPER SANDLER & CO. | $17.2M | 15.24% |
| RBC CAPITAL MARKETS, LLC | $14.4M | 12.74% |
| WELLS FARGO SECURITIES, LLC | $13.3M | 11.80% |
| COLLIERS SECURITIES LLC | $10.1M | 8.90% |
| J.P. Morgan Securities LLC | $9.9M | 8.75% |
| NORTHLAND SECURITIES, INC. | $9.2M | 8.17% |
| BNY MELLON CAPITAL MARKETS, LLC | $8.6M | 7.58% |
| HILLTOP SECURITIES INC. | $4.7M | 4.13% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $3.9M | 3.41% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.