0001752724-25-133323.txt : 20250611 0001752724-25-133323.hdr.sgml : 20250611 20250611060657 ACCESSION NUMBER: 0001752724-25-133323 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250611 DATE AS OF CHANGE: 20250611 EFFECTIVENESS DATE: 20250611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS II INC CENTRAL INDEX KEY: 0000746601 ORGANIZATION NAME: EIN: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-04033 FILM NUMBER: 251038715 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 S. 8TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 S. 8TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING YIELD FUND INC DATE OF NAME CHANGE: 19880929 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING YIELD FUND INC DATE OF NAME CHANGE: 19870907 0000746601 S000003467 Sit Tax-Free Income Fund C000009601 Sit Tax-Free Income Fund - Class S SNTIX C000229508 Sit Tax-Free Income Fund - Class Y SNTYX 0000746601 S000003468 Sit Minnesota Tax-Free Income Fund C000009602 Sit Minnesota Tax-Free Income Fund SMTFX 0000746601 S000039473 Sit Quality Income Fund C000121593 Sit Quality Income Fund - Class S SQIFX C000235257 Sit Quality Income Fund - Class Y SQIYX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000746601 XXXXXXXX 811-04033 false false false N-1A S000003467 C000229508 C000009601 S000039473 C000235257 C000121593 S000003468 C000009602 SIT MUTUAL FUNDS II INC 811-04033 0000746601 2549002D9C8PNDJXIE31 80 S. Eighth Street Suite 3300 Minneapolis 55402 US-MN US 612-332-3223 The Bank of New York Mellon 240 Greenwich Street New York 10286 212-495-1784 custodian and accounting records BNY Mellon Investment Servicing (U.S.) Inc. 500 Ross Street Pittsburgh 15262 412-234-5000 transfer agent records Sit Investment Associates, Inc. 3300 IDS Center 80 South 8th Street Minneapolis 55402 1 612-332-3223 adviser records N N N-1A 3 Y Donald W. Phillips N/A N Roger J. Sit 002174779 Y Bruce C. Lueck N/A N Sidney L. Jones N/A N Edward M. Giles N/A N Barry N. Winslow N/A N Paul E. Rasmussen 002421880 80 S. 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KPMG LLP
Suite 500
191 West Nationwide Blvd.
Columbus, OH 43215-2568


Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders
Sit U.S. Government Securities Fund and Sit Mutual Funds II, Inc.:

In planning and performing our audits of the financial statements of Sit U.S. Government Securities Fund and Sit Quality Income Fund, Sit Tax-Free Income Fund, and Sit Minnesota Tax-Free Income Fund (each a series of Sit Mutual Funds II, Inc.) (collectively, the Funds) as of and for the year ended March 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2025.

This report is intended solely for the information and use of the management and the Board of Directors of Sit U.S. Government Securities Fund, Sit Quality Income Fund, Sit Tax-Free Income Fund, and Sit Minnesota Tax- Free Income Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/s/KPMG LLP
Columbus, Ohio
May 14, 2025



KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.