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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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      <invstOrSec>
        <name>Fresb Mortgage Trust</name>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>UTAH ST HSG CORP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>J P MORGAN MORTGAGE TRUST 2025-1</name>
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        <name>First Horizon Corporation</name>
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        <name>Federal National Mortgage Association</name>
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        <title>FN BM1065</title>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
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        <name>Federal National Mortgage Association</name>
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        <title>FNR 2010-68 W</title>
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        <name>Federal National Mortgage Association</name>
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        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>G2 786951</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN FM1324</title>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN FS2454</title>
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        <name>MASSACHUSETTS EDL FING AUTH</name>
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        <name>Government National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>CHASE HOME LENDING MORTGAGE TRUST 2024-4</name>
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      <invstOrSec>
        <name>FEDERAL NATIONAL MORTGAGE ASSOCIATION</name>
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        <name>TOWD POINT MORTGAGE TRUST 2023-CES2</name>
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        <name>NEW MEXICO MTG FIN AUTH</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Truist Bank (North Carolina)</name>
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        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
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        <name>ILLINOIS HSG DEV AUTH</name>
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        <name>Fresb Mortgage Trust</name>
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        <name>Associated Banc-Corp</name>
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        <title>ASB V6.455 08/29/30</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.59100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN MORTGAGE TRUST 2024-4</name>
        <lei>N/A</lei>
        <title>JPMMT 2024-4 A4A</title>
        <cusip>46657WAE8</cusip>
        <identifiers>
          <isin value="US46657WAE84"/>
        </identifiers>
        <balance>300931.96000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>301836.05000000</valUSD>
        <pctVal>0.220452434773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHR 5596 CA</title>
        <cusip>3137HNTC2</cusip>
        <identifiers>
          <isin value="US3137HNTC25"/>
        </identifiers>
        <balance>1194139.90000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1186370.23000000</valUSD>
        <pctVal>0.866490950123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Citizens BancShares Inc (Delaware)</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>FCNCA V5.231 03/12/31</title>
        <cusip>31959XAC7</cusip>
        <identifiers>
          <isin value="US31959XAC74"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1190113.26000000</valUSD>
        <pctVal>0.869224752388</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-03-12</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.23100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FG C91402</title>
        <cusip>3128P7RX3</cusip>
        <identifiers>
          <isin value="US3128P7RX38"/>
        </identifiers>
        <balance>66701.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>66200.69000000</valUSD>
        <pctVal>0.048351094225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Small Business Administration</name>
        <lei>N/A</lei>
        <title>SBAP 2007-20B 1</title>
        <cusip>83162CQV8</cusip>
        <identifiers>
          <isin value="US83162CQV80"/>
        </identifiers>
        <balance>8408.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8450.57000000</valUSD>
        <pctVal>0.006172055099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.49000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEQUOIA MORTGAGE TRUST 2020-4</name>
        <lei>N/A</lei>
        <title>SEMT 2020-4 A5</title>
        <cusip>81748RAE7</cusip>
        <identifiers>
          <isin value="US81748RAE71"/>
        </identifiers>
        <balance>189538.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175770.99000000</valUSD>
        <pctVal>0.128378113575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FG E02927</title>
        <cusip>31294MHC8</cusip>
        <identifiers>
          <isin value="US31294MHC82"/>
        </identifiers>
        <balance>84.54000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>84.36000000</valUSD>
        <pctVal>0.000061614135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Home Loan Mortgage Corp.</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHR 3756 PZ</title>
        <cusip>3137A2NU1</cusip>
        <identifiers>
          <isin value="US3137A2NU17"/>
        </identifiers>
        <balance>2082559.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2023419.42000000</valUSD>
        <pctVal>1.477847784274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IDAHO HSG &amp; FIN ASSN</name>
        <lei>5493002WM3NYB1LQB744</lei>
        <title>ID IDSSFH 6.5 07/01/2053</title>
        <cusip>45129Y3Y0</cusip>
        <identifiers>
          <isin value="US45129Y3Y02"/>
        </identifiers>
        <balance>845000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>896915.36000000</valUSD>
        <pctVal>0.655081375791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OKLAHOMA DEV FIN AUTH</name>
        <lei>549300PXGPHUWC32DJ91</lei>
        <title>OK OKSDEV 3.88 05/01/2037</title>
        <cusip>6789084C5</cusip>
        <identifiers>
          <isin value="US6789084C54"/>
        </identifiers>
        <balance>349204.75450000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>344103.54000000</valUSD>
        <pctVal>0.251323402910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.87700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEVADA HSG DIV</name>
        <lei>549300RE377OK3CTT852</lei>
        <title>NV NVSSFH 6.25 10/01/2056</title>
        <cusip>641279R22</cusip>
        <identifiers>
          <isin value="US641279R220"/>
        </identifiers>
        <balance>500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>533078.20000000</valUSD>
        <pctVal>0.389345100144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONROE COUNTY WATER AUTHORITY (NY)</name>
        <lei>N/A</lei>
        <title>NY MONWTR 6.26 08/01/2030</title>
        <cusip>610763PG3</cusip>
        <identifiers>
          <isin value="US610763PG32"/>
        </identifiers>
        <balance>1455000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1506837.43000000</valUSD>
        <pctVal>1.100551045016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25900000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>FN FS3281</title>
        <cusip>3140XJUF8</cusip>
        <identifiers>
          <isin value="US3140XJUF87"/>
        </identifiers>
        <balance>391377.46000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>402119.82000000</valUSD>
        <pctVal>0.293696837702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-21</ncom:dateSigned>
      <ncom:nameOfApplicant>SIT MUTUAL FUNDS II INC</ncom:nameOfApplicant>
      <ncom:signature>Paul Rasmussen</ncom:signature>
      <ncom:signerName>Paul Rasmussen</ncom:signerName>
      <ncom:title>VP, Treasurer &amp; Chief Compliance Officer </ncom:title>
    </signature>
  </formData>
</edgarSubmission>
