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. 72% Employees 28% Total 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 and Ronald D. Sit are officers and directors of Sit Investment and actively involved in the management operations. 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, 2022, we managed $11.7 billion. We also manage a few client accounts on a non- discretionary basis as an accommodation to clients. The non-discretionary accounts as of December 31, 2022, totaled $117 million. Therefore, the total assets managed by Sit Fixed Income on a discretionary basis and non-discretionary basis is $11.9 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 $15.0 billion in fixed income and equity securities as of December 31, 2022.