Sit Fixed Income Advisors II, LLC

Updated the disclosures in “Cybersecurity Risk,” “Interest Rate Risk” and “Market Risk.” Added the risk titled “Securities Backed by the U.S. Government Risk.” Full Brochure Available To receive a current brochure (free of charge) please contact us at 612-332-3223. Our brochure is also available on our web site www.sitinvest.com. Additional information about Sit Fixed Income is also available via the SEC’s web site www.adviserinfo.sec.gov.

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Table of Contents Cover Page Item 1 ............................................................................................................................. i Material Changes Item 2 ................................................................................................................. ii Table of Contents Item 3 ................................................................................................................. iii Advisory Business Item 4 ................................................................................................................ 4 Fees and Compensation Item 5 ....................................................................................................... 5 Performance-Based Fees and Side-By-Side Management Item 6................................................. 10 Types of Clients Item 7 ................................................................................................................. 10 Methods of Analysis, Investment Strategies and Risk of Loss Item 8 .......................................... 11 Disciplinary Information Item 9.................................................................................................... 17 Other Financial Industry Activities and Affiliations Item 10........................................................ 18 Code of Ethics, Interest in Client Transactions and Personal Trading Item 11 ............................ 21 Brokerage Practices Item 12 ......................................................................................................... 22 Review of Accounts Item 13 ......................................................................................................... 24 Client Referrals and Other Compensation Item 14 ....................................................................... 24 Custody Item 15 ............................................................................................................................ 25 Investment Discretion Item 16 ...................................................................................................... 25 Voting Client Securities Item 17 ................................................................................................... 25 Financial Information Item 18 ...................................................................................................... 27 Requirements for State-Registered Advisers ................................................................................. 27 Privacy Policy ................................................................................................................................ 27 Business Continuation Policy ........................................................................................................ 28 Class Action Settlements ............................................................................................................... 28 Brochure Supplement..................................................................................................................... 29

Advisory Business Item 4 Firm Description Sit Fixed Income Advisors II, LLC (“Sit Fixed Income”) is a privately owned independent investment adviser located in Minneapolis, Minnesota and founded in 1984. We manage our clients’ assets on a discretionary basis. Sit Fixed Income manages taxable and tax-exempt fixed income securities. Its parent company, Sit Investment Associates, Inc., is a separately registered investment adviser and specializes in managing equity growth securities. Sit Fixed Income and its parent are located in the same Minneapolis office and share all resources. The equity investment management services offered by our parent company are discussed in a separate brochure. Ownership Sit Fixed Income is owned by: Sit Investment Associates, Inc. Employees Total

69% 31% 100%

Sit Investment Associates, Inc. is a privately owned independent investment adviser founded in 1981. Approximately 88% of Sit Investment is owned by members of the Sit Family and by trusts established for their benefit, the trustees of which are Roger J. Sit and Ronald D. Sit. Roger J. Sit is an officer and director of Sit Investment and actively involved in the management operations. Ronald D. Sit is a director of Sit Investment. The outstanding shares of Sit Investment are held by: Sit Family 88% Other Employees 8% Outside Shareholders 4% Total 100% Investment Management – Fixed Income Investment Philosophy We believe the consistent attainment of superior risk-adjusted returns is achievable using a conservative investment management approach with: • investment grade securities; • special emphasis on interest income; • significant stability of principal value. To this end, we utilize a bottom-up strategy which looks for securities and market sectors with strong risk/reward potential. Although we do place a great deal of emphasis on interest rate projection and interest rate movement, we are not duration managers. Within the stated philosophy, our fixed income separate account objectives are established to: • provide superior results compared to benchmarks and managers of a similar style; • avoid excessive return volatility and generate consistent returns over an economic cycle; • structure portfolios to meet specific client needs.

Investment Management – Decision Making Process The day-to-day mangement of client portfolios is the responsibility of the portfolio managers who are responsible for executing the trades. Duration targets are the responsibility of the portfolio managers, and interest rate decisions are the responsibility of Roger J. Sit, CEO and Global Chief Investment Officer. All transactions are reviewed on a daily basis. In addition, a monthly review of portfolio durations, sector weightings, ratings and security holdings is conducted. Assets Under Management Sit Fixed Income manages client assets on a discretionary basis for several types of clients, including, public and private institutional investors, pension funds, Taft-Hartley plans, charitable institutions, foundations, endowments, corporations, insurance companies, municipalities, registered investment companies, private investment companies, collective investment trusts and high net worth individuals. As of December 31, 2025, we managed $14.8 billion. We also manage a few client accounts on a nondiscretionary basis as an accommodation to clients. The non-discretionary accounts as of December 31, 2025, totaled $139.2 million. Therefore, the total assets managed by Sit Fixed Income on a discretionary basis and non-discretionary basis is $14.9 billion. Please refer to Item 7 for information regarding the accounts managed by Sit Fixed Income and its affiliated advisers. Sit Fixed Income serves as the advisor, sponsor, general partner, or manager for several investment companies to which it provides investment advisory services. See the response to Item 10 for information on these affiliated companies. Together, Sit Fixed Income and its parent company, Sit Investment Associates, Inc., manage $18.5 billion in fixed income and equity securities as of December 31, 2025. Fees and Compensation Item 5 The specific manner in which fees are calculated and paid to Sit Fixed Income is established in the investment management agreement with each client. Generally, fees are stated at an annual rate, calculated quarterly as a percentage of net asset value at the end of each calendar quarter, and payable quarterly in arrears. Fees paid by investment company clients are generally calculated and paid monthly in arrears. The net asset value is generally determined based on the aggregate market value of all assets held in the account. Management fees are prorated for material capital contributions or withdrawals made during the calendar quarter, and fees are prorated for accounts initiated or terminated during the quarter. Depending on specific circumstances, such as, for example, a large amount of assets managed for a client, fees are subject to negotiation. Sit Fixed Income’s fees are exclusive of brokerage commissions, transaction fees, and other portfolio related costs and expenses which are incurred by the client. Clients will likely incur charges imposed by custodians, brokers, and consultants. Item 12 further describes the factors that Sit Fixed Income considers in selecting or recommending broker-dealers for client transactions and determining the reasonableness of the commissions. Clients may request to be billed in advance, and in the event such a client terminates its agreement, unearned fees will be promptly refunded. Clients may also request that Sit Fixed Income send a copy of its invoice directly to its custodian, who will in turn direct payment from the client’s account.

Pursuant to the terms of the investment management agreement with each client, clients may terminate the agreement with Sit Fixed Income on thirty days written notice, or in some cases at any time without notice. Each registered investment company may terminate the investment management agreement with Sit Fixed Income on sixty days written notice provided the investment company's Board of Directors consents or a majority of the investment company's shareholders consent. The investment management agreements are terminated automatically if assigned. All terminations are without penalty. Sit Fixed Income provides investment management services to tax-exempt charitable organizations and makes a charitable contribution to certain of such organizations. The charitable contributions are generally equal to a fixed percentage of the investment management fees paid to Sit Fixed Income by the charitable organizations directly or through an investment in a private investment fund. Sit Fixed Income’s most significant fee schedules are presented below. Separate Account Management by strategy: Balanced Net Asset Value First $10 million Next $10 million Next $10 million Next $10 million Next $10 million Over $50 million

Annual Rate 0.75% 0.70% 0.65% 0.60% 0.55% Negotiable

Taxable Short Duration Taxable Municipal Bond Municipal Short Duration Municipal Intermediate Duration Net Asset Value Annual Rate First $20 million 0.40% Next $30 million 0.30% Next $50 million 0.25% Over $100 million Negotiable Municipal Long Intermediate Duration Net Asset Value Annual Rate First $20 million 0.35% Next $30 million 0.25% Next $50 million 0.20% Municipal Total Return Net Asset Value First $20 million Next $30 million Next $50 million Over $100 million

Annual Rate 0.35% 0.30% 0.25% Negotiable

Taxable Intermediate Duration (Govt/Corp) Taxable Intermediate Duration (Government) Quality Income Taxable Total Return Net Asset Value Annual Rate First $10 million 0.35% Next $10 million 0.25% Over $20 million 0.20% Taxable Return Plus Municipal Return Plus 0.40% on all assets, plus a performance fee equal to 20% of the excess return over benchmark; or a 1.00% fee and no performance fee. Municipal High Income Net Asset Value All assets

Annual Rate 0.50%

For certain clients for which Sit Fixed Income manages multiple accounts, Sit Fixed Income has negotiated a rate applicable to the total of all assets managed on behalf of the client by Sit Fixed Income and its affiliates. For certain clients utilizing the services of certain financial consultants or financial intermediaries, Sit Fixed Income has negotiated a rate applicable to the total of all assets managed on behalf of the financial consultant or financial intermediary by Sit Fixed Income and its affiliates. Affiliated Registered Investment Company Management (Mutual Funds): Sit Fixed Income assists its parent company Sit Investment Associates, Inc. in the management of the following registered investment companies that are part of the Sit Mutual Funds, a family of no-load, open-end registered investment companies (mutual funds): Sit Tax-Free Income Fund Sit Balanced Fund Sit Minnesota Tax-Free Income Fund Sit U.S. Government Securities Fund Sit Quality Income Fund Affiliated Collective Investment Trust Management: Sit Fixed Income’s parent company, Sit Investment Associates, Inc. has entered into an investment advisor agreement with Global Trust Company (“GTC”) to serve as investment adviser with respect to the assets of collective investment funds under the Sit Collective Investment Trust (the “Trust”) established by GTC. GTC serves as Trustee of the Trust. The Trust was established to provide for the collective investment and reinvestment of assets of taxexempt employee benefit plans. The fees charged for investing in a fund are set forth in the fund’s Offering Memorandum, Participation Agreement and Fund Declaration. Sit Investment Associates, Inc. negotiates a fee lower than the Class A fee with certain qualifying participating plans investing in Class O. Fees are calculated based upon the average daily net asset value of the participating plan’s investment in the fund. GTC and Sit Investment Associates, Inc. have agreed that the total annual fee will not exceed the amount shown below, with Sit Investment Associates, Inc. being responsible to

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