0001752724-23-126577.txt : 20230531 0001752724-23-126577.hdr.sgml : 20230531 20230531080444 ACCESSION NUMBER: 0001752724-23-126577 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230531 DATE AS OF CHANGE: 20230531 EFFECTIVENESS DATE: 20230531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT U S GOVERNMENT SECURITIES FUND INC CENTRAL INDEX KEY: 0000809981 IRS NUMBER: 411570831 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-04995 FILM NUMBER: 23979016 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR 80 S 8TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123323223 MAIL ADDRESS: STREET 1: 3300 IDS CENTER, 80 SOUTH EIGHTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402-4130 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC DATE OF NAME CHANGE: 19870601 0000809981 S000011654 SIT U S GOVERNMENT SECURITIES FUND INC C000032004 Sit U.S. Government Securities Fund - Class S SNGVX C000217198 Sit U.S. Government Securities Fund - Class Y SNGYX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000809981 XXXXXXXX 811-04995 false false false N-1A true SIT U S GOVERNMENT SECURITIES FUND INC 811-04995 0000809981 254900MGQV5RVCBUFN27 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 1-212-495-1784 custodian and accounting records BNY Mellon Investment Servicing (U.S.) Inc. 4400 Computer Drive Westborough 01581 508-871-8500 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 1 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. Eighth Street Suite 3300 Minneapolis 55402 XXXXXX N N N N N N N SIA Securities Corp. 008-46668 000035403 254900FB09T95U83RL09 Y N KPMG LLP 185 5493003PVCIGA21K0K42 N N N N N N N Sit U S Government Securities Fund Inc S000011654 254900MGQV5RVCBUFN27 N 2 0 0 N/A N N N N N/A N/A N/A Rule 18f-4 (17 CFR 270.18f-4) Rule 12d1-1 (17 CFR 270.12d1-1) N N N N Sit Investment Associates, Inc. 801-16350 000105725 2549000ULJFODQ80G890 N BNY Mellon Investment Servicing (US) Inc. 084-01761 549300CFZQLI9QMJ1Z03 N N N Thomson Reuters Corporation 549300561UZND4C7B569 CA N Intercontinental Exchange, Inc. 5493000F4ZO33MV32P92 N Bloomberg Finance L.P. 5493001KJTIIGC8Y1R12 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N BNY Mellon Investment Servicing (US) Inc. 549300CFZQLI9QMJ1Z03 N N N SIA Securities Corp. 008-46668 000035403 254900FB09T95U83RL09 0.00000000 0.00000000 STEPHENS INC. 008-01927 000003496 213800LH6T9XDYZCA534 30534085.56000000 Robert W. Baird & Co. Incorporated 008-00497 000008158 549300772UJAHRD6LO53 108459206.36000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 39077918.63000000 BREAN CAPITAL, LLC 008-40742 000023723 254900ZZA1UBVDCNQ378 66774808.83000000 GNMA FUND N/A N/A 5493001L5ZV8Q54PWC13 62148242.04000000 ARBOR RESEARCH AND TRADING LLC 008-38818 000021313 ZXV72XFMG8HDWWYVKP59 224736297.30000000 TD SECURITIES (USA) LLC 008-36747 000018476 SUVUFHICNZMP2WKHG940 70739702.46000000 HILLTOP SECURITIES INC. 008-45123 000006220 549300IXU82PMU6XZT45 73455798.56000000 BOK FINANCIAL SECURITIES, INC. 008-35381 000017530 5493008UZFTI4G7UQ733 91777324.60000000 STONEX FINANCIAL INC. 008-51269 000045993 549300LNKU6K5TJCRG93 60098559.71000000 891337355.49000000 N 402558728.00000000 0.00000000 Committed 20000000.00000000 N N N N false false true false false false INTERNAL CONTROL RPT 2 KPMG-NCEN-Letter-2023-docx.htm PDFtoHTML Conversion Output

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Sit U.S. Government Securities Fund

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, 2023, 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 U.S. 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 U.S. 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 misstatement of the annual or interim financial statements will 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, 2023.

This report is intended solely for the information and use of management and the Board of Directors of

Mutual Funds 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

Minneapolis, Minnesota

May 18, 2023

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.