Sit U.S. Government Securities Fund (SNGVX) NPORT-P Sit U.S. Government Securities Fund (Dec 2019 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund

Principal Amount ($)	Coupon Rate (%)	Maturity Date		Fair Value ($)
Mortgage Pass-Through Securities - 35.4%
Federal Home Loan Mortgage Corporation - 6.5%
148,452	4.00		7/1/25		154,883
823,597	5.00		5/1/42		895,296
1,199,949	5.00		9/1/43		1,309,380
52,840	5.82		10/1/37		57,884
414,441	6.50		12/1/34		468,918
1,755,986	6.50		11/1/35		1,964,191
2,149,349	6.50		9/1/39		2,440,751
202,283	6.88		2/17/31		227,305
56,501	7.00		8/1/27		58,536
728,083	7.00		4/1/28		785,863
4,560,907	7.00		12/1/31		5,109,378
497,771	7.00		2/1/37		554,283
402,855	7.00		4/1/37		464,322
5,380,581	7.00		10/1/37		6,340,730
2,805,338	7.00		10/1/38		3,273,051
64,742	7.38		12/17/24		67,797
87,889	7.50		1/1/31		90,601
473,658	7.50		1/1/32		537,221
289,625	7.50		8/1/32		312,677
10,553	7.95		10/1/25		10,577
10,054	7.95		11/1/25		10,076
60,931	8.00		5/1/31		62,954
61,436	8.00		11/1/36		70,709
119,757	8.00		1/1/37		137,382
110,236	8.50		12/1/21		114,182
129,558	8.50		6/20/27		147,892
31,299	8.50		12/1/29		33,941
92,687	8.50		3/1/31		105,807
12,241	9.00		11/1/25		12,371
35,373	9.00		3/20/27		35,554
87,158	9.00		2/17/31		89,367
88,173	9.00		5/1/31		98,322
10,089	9.50		12/17/21		10,071
253	10.00		9/1/20		253
1,725	10.00		3/1/21		1,731
8,564	10.00		3/17/25		8,574
647	10.00		3/25/25		650
9,371	10.00		7/1/30		9,459
128	11.00		8/25/20		128
					26,073,067

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
Federal National Mortgage Association - 16.0%
5,385,770	4.50		4/1/48			5,778,581
859,690	5.00		6/1/51			950,720
395,283	5.50		6/1/33			426,451
910,645	5.93		5/1/35			922,264
602,762	6.00		11/1/34			690,989
146,120	6.00		5/1/37			161,149
92,837	6.00		9/1/37			101,902
248,024	6.00		11/1/37			261,621
1,930,102	6.00		4/1/38			2,208,599
466,832	6.00		2/1/40			525,349
6,235,949	6.00		5/1/41			7,140,492
2,102,774	6.03		11/1/43			2,368,182
7,507	6.50		1/1/22			7,541
1,637,001	6.50		2/1/29			1,816,974
281,638	6.50		3/1/29			302,856
4,075,705	6.50		12/1/30			4,523,792
304,516	6.50		6/1/31			339,928
405,062	6.50		4/1/32			453,289
60,737	6.50		8/1/34			66,819
380,236	6.50		11/1/34			419,903
861,783	6.50		12/1/36			961,238
300,212	6.50		1/1/39			335,949
3,116,321	6.50		6/1/40			3,563,936
1,513,953	6.50		9/1/40			1,713,441
1,049,742	6.75		6/1/32			1,191,115
1,018,468	6.87		6/1/40			1,145,933
19,305	1 Mo. Libor + 2.25, 6.95%		8/1/21	1		19,053
16,188	7.00		9/1/21			16,522
59,401	7.00		3/1/22			60,967
72,803	7.00		6/1/22			74,502
47,360	7.00		1/1/24			49,366
30,038	7.00		2/1/26			31,687
73,349	7.00		9/1/27			78,206
41,992	7.00		10/1/27			45,173
163,889	7.00		11/1/27			179,173
36,042	7.00		1/1/28			38,650
34,529	7.00		10/1/32			37,509
4,228,208	7.00		12/1/32			4,885,015
95,653	7.00		7/1/33			106,258
116,794	7.00		7/1/34			132,503
11,232	7.00		12/1/37			12,273
2,323,034	7.00		3/1/39			2,765,895
5,268,498	7.00		1/1/40			6,023,718
591,974	7.00		9/1/47			630,240
18,711	7.50		6/1/22			19,118
3,138	7.50		8/1/22			3,148
17,594	7.50		12/1/22			17,705
29,648	7.50		3/1/23			29,870
130,721	7.50		4/1/32			145,195
10,276	7.50		8/1/32			10,513
182,339	7.50		1/1/34			202,657
3,831,506	7.50		10/1/38			4,499,793

DECEMBER 31, 2019 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)	Coupon Rate (%)	Maturity Date		Fair Value ($)
1,656,351	7.50		11/1/38		1,937,292
15,574	7.57		7/20/30		15,714
55,835	8.00		10/1/23		57,355
188,047	8.00		6/1/25		200,611
6,763	8.00		7/20/28		6,831
89,353	8.00		2/1/31		101,987
216,546	8.00		1/1/32		234,330
204,640	8.00		11/1/37		239,345
324,292	8.00		3/1/38		389,528
93,006	8.09		11/15/31		103,488
38	8.33		7/15/20		38
10,076	8.47		8/20/25		10,191
79,264	8.50		11/1/26		82,945
69,123	8.50		3/1/28		71,933
55,466	8.50		10/1/28		63,217
13,222	8.50		11/1/28		13,731
186,059	8.50		4/1/29		208,490
44,109	8.50		10/1/29		44,527
82,343	8.50		7/1/30		94,605
59,289	8.50		8/1/30		71,190
214,330	8.50		4/1/32		258,590
227,173	8.50		1/1/37		262,624
16,420	9.00		9/1/24		16,588
8,270	9.00		6/15/25		8,374
25,945	9.00		5/15/28		26,370
40,864	9.00		6/1/30		44,732
81	9.00		7/1/30		82
22,206	9.00		10/1/30		24,143
121,577	9.00		2/1/31		131,231
21,070	9.00		7/1/31		21,125
31,382	9.00		10/1/31		35,942
69,261	9.00		8/1/37		72,561
23,667	9.00		1/1/38		23,869
163,168	9.00		2/1/38		178,233
4,476	9.24		3/15/22		4,527
2,183	9.50		7/1/20		2,189
89	9.50		12/15/20		90
133	9.50		4/15/21		134
21,244	9.50		8/1/24		21,459
138,867	9.50		5/1/29		158,617
25,159	9.50		4/1/30		28,123
141,052	9.50		8/1/31		161,476
30,881	10.00		2/1/28		31,420
98,785	10.00		6/1/30		111,672
2,136	10.50		6/1/28		2,139
					64,067,380

Principal Amount ($)	Coupon Rate (%)	Maturity Date		Fair Value ($)
Government National Mortgage Association - 12.0%
161,779	4.00		12/15/24		168,538
597,150	4.00		10/20/30		623,183
9,669,983	4.00		8/20/31		10,091,773
940,601	4.00		12/20/31		981,675
753,196	4.25		10/20/31		792,070
485,160	4.25		3/20/37		509,799
2,127,656	4.75		9/20/31		2,270,973
84,165	5.50		9/15/25		89,850
1,082,111	5.50		5/15/29		1,155,223
2,428,035	5.75		2/15/29		2,634,610
820,944	5.75		10/20/31		898,830
575,310	6.00		9/15/33		636,684
416,664	6.00		2/20/47		474,741
4,068,065	6.00		7/20/47		4,435,794
64,987	6.25		12/15/23		70,476
785,247	6.25		4/15/29		867,531
119,321	6.50		11/15/23		125,786
476,240	6.50		4/15/24		500,877
912,006	6.50		2/20/28		1,027,370
451,660	6.50		2/20/29		485,032
557,270	6.50		7/20/34		641,484
3,197,412	6.50		2/15/35		3,619,820
17,050	6.50		12/20/38		17,942
335,285	6.50		1/20/39		377,524
192,361	6.50		2/20/39		220,147
354,255	6.50		4/20/39		404,267
469,097	6.50		6/20/39		534,969
692,156	6.50		8/20/39		781,406
480,670	6.50		4/20/43		543,907
4,951,517	7.00		8/15/29		5,593,952
5,204,211	7.00		10/15/29		5,911,349
279,593	7.00		10/15/36		322,543
					47,810,125
Small Business Administration - 0.9%
1,444,272	5.33		8/25/36		1,567,814
1,953,003	5.33		9/25/36		2,114,779
					3,682,593
Total Mortgage Pass-Through Securities (cost: $140,099,619)					141,633,165
U.S. Treasury / Federal Agency Securities - 0.2%
U.S. Treasury Note:
1,000,000	1.63		8/15/29		974,961
Total U.S. Treasury / Federal Agency Securities (cost: $980,228)

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
Collateralized Mortgage Obligations - 58.6%
Federal Home Loan Mortgage Corporation - 16.0%
420,202	5.00		2/15/23			435,141
1,819,421	5.42		7/25/32	1		2,001,946
496,135	5.52		5/15/38	1		533,202
3,161	6.00		9/15/21			3,227
1,813,827	6.00		1/15/33			2,144,668
2,492,507	6.00		5/15/36			2,858,284
3,581,561	6.00		9/15/42			4,065,970
32,290	6.25		5/15/29			34,928
120,588	6.50		9/15/23			127,854
50,210	6.50		3/15/24			53,735
16,548	6.50		2/15/30			18,366
1,035,089	6.50		8/15/31			1,171,296
184,882	6.50		1/15/32			208,388
77,900	6.50		3/15/32			86,317
451,118	6.50		6/25/32			511,197
221,697	6.50		7/15/32			250,866
5,489,262	6.50		5/15/33			6,290,487
950,893	6.50		5/15/35			1,108,736
530,079	6.50		8/15/39			608,863
789,815	6.50		2/25/43			919,526
597,136	6.50		3/25/43			679,500
714,127	6.50		7/25/43			843,730
627,014	6.50		10/25/43			745,310
4,727,253	6.50		8/15/45			5,603,313
1,651,282	6.50		2/15/49			1,883,483
17,335	6.70		9/15/23			18,449
492,102	6.95		3/15/28			545,482
27,756	7.00		10/15/22			28,933
7,156	7.00		11/15/22			7,449
230,517	7.00		3/25/23			240,259
10,336	7.00		4/15/23			10,876
44,976	7.00		7/15/23			47,813
107,405	7.00		1/15/24			114,564
59,717	7.00		3/15/24			63,540
85,782	7.00		8/15/25			93,694
72,972	7.00		9/15/26			80,022
126,537	7.00		6/15/29			142,660
730,662	7.00		8/15/29			785,167
418,924	7.00		10/20/29			480,863
418,506	7.00		11/15/29			425,527
978,484	7.00		12/15/29			995,230
102,055	7.00		1/15/30			117,022
267,197	7.00		10/15/30			310,664
153,231	7.00		7/15/31			175,715
103,458	7.00		4/15/32			116,340
612,745	7.00		5/15/32			710,439
3,523,348	7.00		8/15/41			3,995,175
3,676,839	7.00		2/25/43			4,337,781
760,422	7.00		3/25/43			869,592
909,936	7.00		7/25/43			1,095,980
1,752,842	7.00		9/25/43			2,017,153

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
2,428,982	7.00		3/15/49			2,786,161
12,775	7.50		10/15/21			13,138
44,388	7.50		7/15/22			46,022
102,274	7.50		3/15/23			108,196
388,060	7.50		4/15/23			410,094
56,851	7.50		9/20/26			63,977
272,902	7.50		3/15/28			311,399
364,203	7.50		9/15/29			423,151
134,770	7.50		12/15/29			152,676
213,421	7.50		6/15/30			249,199
310,478	7.50		8/15/30			355,860
490,674	7.50		9/15/30			577,781
118,341	7.50		11/15/30			136,949
2,815,620	7.50		6/15/34			3,367,035
1,177,074	7.50		8/25/42	1		1,444,412
874,234	7.50		9/25/43			1,006,132
20,984	8.00		7/15/21			21,259
407,855	8.00		2/15/23			432,770
29,503	8.00		4/25/24			31,406
132,682	8.00		2/15/27			150,990
149,794	8.00		11/20/29			174,169
178,854	8.00		1/15/30			208,682
7,669	8.25		6/15/22			8,108
9,480	8.30		11/15/20			9,669
238	8.50		10/15/22			238
111,064	8.50		3/15/25			124,836
30,876	8.50		3/15/32			35,546
						63,664,577
Federal National Mortgage Association - 24.3%
746,140	2.55		7/25/37	1		716,455
640,605	3.87		8/25/43	1		659,977
260,705	4.55		6/25/43			279,801
743,665	5.00		6/25/43			803,520
699,253	5.36		6/25/42			776,704
1,033,027	5.50		9/25/33			1,139,268
4,578,402	5.50		6/25/40			5,136,022
1,294,536	5.57		12/25/53	1		1,477,973
2,763,339	5.64		2/25/42	1		2,997,986
1,778,768	5.68		10/25/42	1		1,993,774
993,103	5.81		12/25/42	1		1,071,371
829,132	5.81		8/25/43			913,181
1,901,107	6.00		5/25/30			2,135,300
2,831,609	6.00		5/25/36			3,294,575
202,685	6.00		6/25/36			243,984
2,422,685	6.00		11/25/43			2,733,613
754,980	6.00		9/25/46			827,637
2,862,258	6.00		2/25/48			3,160,215
1,227,459	6.32		8/25/47	1		1,363,914
273,058	6.50		8/20/28			294,477
1,023,840	6.50		1/25/32			1,169,303
167,933	6.50		3/25/32			193,811
401,437	6.50		6/25/32			458,074

DECEMBER 31, 2019 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
287,455	6.50		7/25/36			330,085
102,444	6.50		9/25/36			115,057
247,890	6.50		3/25/42			279,596
1,603,083	6.50		5/25/42			1,852,044
4,210,261	6.50		7/25/42			4,696,889
311,851	6.50		9/25/42			354,876
786,984	6.50		11/25/42			880,652
3,690,488	6.50		7/25/44			4,085,458
447,018	6.56		9/25/37	1		513,156
323,742	6.62		2/25/45	1		376,832
3,472,148	6.75		6/25/32			4,034,002
659,117	6.75		4/25/37			729,346
88,365	6.85		12/18/27			98,647
456,514	6.91		8/25/37	1		491,217
631	7.00		1/25/21			641
6,505	7.00		7/25/22			6,730
12,512	7.00		11/25/22			13,118
23,789	7.00		12/25/22			25,001
18,911	7.00		6/25/23			19,945
560,506	7.00		4/25/24			593,899
179,788	7.00		9/18/27			200,001
3,879,154	7.00		5/25/31			4,357,971
1,366,556	7.00		12/25/33			1,565,366
282,571	7.00		9/25/40			315,376
560,311	7.00		10/25/41			631,796
268,222	7.00		11/25/41			316,330
362,890	7.00		12/25/41			414,847
1,043,372	7.00		1/25/42			1,199,860
1,032,591	7.00		7/25/42			1,203,553
2,477,618	7.00		2/25/44			2,850,241
121,593	7.00		8/25/44			141,849
35,668	7.50		8/20/27			40,329
249,192	7.50		10/25/40			285,729
706,103	7.50		11/25/40			750,012
839,699	7.50		6/19/41	1		974,236
1,656,105	7.50		7/25/41			1,932,927
1,003,994	7.50		8/25/41			1,173,040
299,810	7.50		11/25/41			354,045
552,608	7.50		1/25/42			645,845
3,784,121	7.50		5/25/42			4,493,671
406,839	7.50		6/25/42			471,695
3,480,232	7.50		8/25/42	1		4,177,866
1,209,222	7.50		2/25/44			1,419,325
699,946	7.50		3/25/44			796,160
796,984	7.50		5/25/44			947,535
57,778	7.50		10/25/44			67,594
5,358,319	7.50		1/25/48			6,341,322
668,266	7.99		11/25/37	1		786,103
35,620	8.00		7/25/22			37,422
58,690	8.00		7/18/27			65,942
442,132	8.00		7/25/44			513,425
349,811	8.09		11/25/37	1		411,626

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
49,509	8.40		10/25/42	1		59,462
4,099	8.50		1/25/21			4,120
4,538	8.50		9/25/21			4,637
12,383	8.50		1/25/25			13,694
568,115	8.50		6/25/30			669,364
233	8.75		9/25/20			236
1,834	8.95		10/25/20			1,862
2	9.00		3/25/20			2
2,127	9.00		5/25/20			2,138
179	9.00		6/25/20			180
121	9.00		7/25/20			123
1,265	9.00		9/25/20			1,282
1,000	9.00		10/25/20			1,017
16,013	9.00		1/25/21			16,382
5,915	9.00		8/25/22			6,333
65,221	9.00		11/25/28			73,946
417,514	9.00		6/25/30			508,677
72,244	9.00		10/25/30			87,536
128,709	9.38		6/25/32	1		146,843
220	9.50		3/25/20			221
13	9.50		4/25/20			13
1,572	9.50		11/25/20			1,599
83,205	9.50		11/25/31			99,163
236,674	9.50		12/25/41			280,515
299	9.60		3/25/20			299
1,092,752	11.28		9/25/42	1		1,405,636
368,546	11.32		6/25/44	1		420,364
21,886	21.50		3/25/39	1		34,142
						97,060,951
Government National Mortgage Association - 16.1%
500,000	5.50		9/20/39			595,151
3,009,721	5.52		11/20/45	1		3,414,190
6,221,669	5.64		4/20/40	1		7,162,209
851,024	5.99		11/20/43	1		960,337
2,346,090	6.00		11/20/33			2,610,486
673,247	6.00		12/20/35			769,158
435,929	6.00		3/20/42			494,752
7,400,911	6.00		3/20/49			8,202,294
1,975,677	6.00		5/20/49			2,190,631
1,140,426	6.05		10/20/40	1		1,299,181
2,567,694	6.13		1/20/39	1		2,997,206
523,108	6.40		4/20/37	1		586,564
2,663,679	6.47		6/20/41	1		3,048,952
301,809	6.50		5/16/32			301,543
1,314,260	6.50		7/20/32			1,313,985
536,412	6.50		2/20/37			606,294
231,703	6.50		9/16/38			259,534
4,274,194	6.50		8/20/48			5,062,232
3,961,100	6.50		1/20/49			4,546,581
849,339	6.58		7/20/39	1		977,888
1,634,683	6.63		9/20/44	1		1,898,079
582,913	6.65		4/20/39	1		681,326
1,293,939	6.87		8/20/40	1		1,509,803

4

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair Value ($)
846,421	6.99		6/20/45	1		973,263
156,112	7.00		9/16/33			179,436
457,835	7.00		5/20/42			525,779
2,423,525	7.00		10/20/48			2,846,345
844,349	7.14		12/20/33	1		962,508
1,864,968	7.30		8/20/38	1		2,151,455
4,586,615	7.43		7/20/44	1		5,263,401
						64,390,563
Vendee Mortgage Trust - 2.2%
1,428,346	6.48		3/15/25	1		1,606,406
2,152,735	6.50		8/15/31			2,486,781
1,029,238	6.50		10/15/31			1,185,921
820,961	6.75		2/15/26			911,553
914,677	7.00		3/15/28			1,032,032
126,525	7.25		9/15/22			130,005
294,185	7.25		9/15/25			325,677
455,429	7.75		5/15/22			476,716
382,041	7.75		9/15/24			415,359
142,237	8.00		2/15/25			158,485
87,494	8.29		12/15/26			98,490
						8,827,425
Total Collateralized Mortgage Obligations (cost: $229,243,360)						233,943,516
Asset-Backed Securities - 1.9%
Federal Home Loan Mortgage Corporation - 0.3%
555	6.09		9/25/29	1		549
1,114,061	7.16		7/25/29			1,247,787
						1,248,336
Federal National Mortgage Association - 0.5%
14,938	1 Mo. Libor + 0.34, 1.98%		11/25/32	1		14,638
417,798	4.66		9/26/33	14		473,098
152,383	4.71		10/25/33	14		160,611
1,013,391	5.69		2/25/33	14		1,104,221
2,433	6.47		10/25/31	14		2,490
11,042	6.49		5/25/32	14		11,681
147,009	6.59		10/25/31	14		155,165
885	6.83		7/25/31	14		887
7,254	7.80		6/25/26	1		8,182
						1,930,973

Principal Amount ($)	Coupon Rate (%)	Maturity Date		Fair Value ($)
Small Business Administration - 1.1%
412,462	5.78		8/1/27		440,871
1,770,088	5.87		7/1/28		1,906,767
1,482,993	6.02		8/1/28		1,600,430
98,796	7.13		10/1/20		99,359
123,130	7.33		8/1/20		123,976
46,689	8.03		5/1/20		47,009
					4,218,412
Total Asset-Backed Securities (cost: $7,118,712)					7,397,721
Quantity	Name of Issuer			Fair Value ($)
Short-Term Securities - 3.1%
12,280,773	Fidelity Inst. Money Mkt. Gvt. Fund, 1.49%				12,280,773
(cost: $12,280,773)
Total Investments in Securities - 99.2% (cost: $389,722,692)					396,230,136
Call Options Written10, 19- (0.1%) (premiums received: $530,401)					(219,211	)
Other Assets and Liabilities, net - 0.9%					3,517,804
Total Net Assets - 100.0%				$	399,528,729

¹  Variable rate security. Rate disclosed is as of December 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

¹⁰  The amount of $2,000,000 in cash was segregated with the broker to cover margin requirements for derivative transactions as of December 31, 2019.

¹⁴  Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2019.

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

DECEMBER 31, 2019 5

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2019

Sit U.S. Government Securities Fund (Continued)

⁽¹⁹⁾ Options outstanding as of December 31, 2019 were as follows:

Description

Contracts

Exercise       Price ($)

Expiration Date

Counterparty

Notional Amount ($)

Cost/ Premiums ($)

Value ($)

Call Options Written - U.S. Treasury Futures:

5-Year

597

118.75

February 2020

Societe Generale

70,893,750

(530,401)

(219,211

)

A summary of the levels for the Fund’s investments as of December 31, 2019 is as follows:

	Investment in Securities
	Level 1			Level 2		Level 3
	Quoted Price ($)			Other significant observable inputs ($)		Significant unobservable inputs ($)		Total ($)
Assets
Mortgage Pass-Through Securities		—			141,633,165		—		141,633,165
U.S. Treasury / Federal Agency Securities		—			974,961		—		974,961
Collateralized Mortgage Obligations		—			233,943,516		—		233,943,516
Asset-Backed Securities		—			7,397,721		—		7,397,721
Short-Term Securities		12,280,773			—		—		12,280,773
		12,280,773			383,949,363		—		396,230,136
Liabilities
Call Options Written		(219,211	)		—		—		(219,211	)

There were no transfers into or out of level 3 during the reporting period.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.

6