Fund Description

The fund was incepted in September 1988 and is managed by Sit Investment Associates, Inc. The fund seeks high current income that is exempt from federal income tax consistent with preservation of capital. The fund invests primarily in municipal securities that generate interest income that is exempt from both regular federal income tax and federal alternative minimum tax. Municipal securities are debt obligations issued by or for the U.S. states, territories, and possessions and the District of Columbia and their political sub0divisions, agencies and instrumentalities. The fund primarily invests in securities that are rated investment grade (or of comparable quality) at the time of purchase. Dividends are declared daily and paid monthly. Capital gains, if any, are distributed at least once a year.