Sit U.S. Government Securities Fund (SNGVX) NPORT-P Sit U S Government Securities Fund Inc (Dec 2022 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Sit U.S. Government Securities Fund

Principal  Amount ($)		Coupon Rate (%)	Maturity Date		Fair Value ($)
	Mortgage Pass-Through Securities - 29.3%
	Federal Home Loan Mortgage Corporation - 2.6%
	26,308	4.00		7/1/25		25,965
	319,938	5.00		5/1/42		322,252
	979,504	5.50		8/1/49		1,011,711
	46,882	5.82		10/1/37		47,567
	245,208	6.50		12/1/34		249,143
	170,623	6.88		2/17/31		174,287
	22,595	7.00		8/1/27		22,568
	257,237	7.00		4/1/28		258,576
	1,997,650	7.00		12/1/31		2,060,290
	348,265	7.00		2/1/37		350,195
	211,020	7.00		4/1/37		223,610
	3,045,783	7.00		10/1/37		3,185,262
	1,596,783	7.00		10/1/38		1,698,325
	6,334	7.38		12/17/24		6,312
	17,169	7.50		1/1/31		17,149
	197,583	7.50		1/1/32		206,161
	169,416	7.50		8/1/32		171,431
	2,670	7.95		10/1/25		2,668
	8,921	8.00		5/1/31		8,914
	36,752	8.00		11/1/36		38,823
	69,769	8.00		1/1/37		74,507
	42,724	8.50		6/20/27		44,070
	8,865	8.50		12/1/29		8,951
	57,669	8.50		3/1/31		60,182
	6,574	9.00		3/20/27		6,573
	19,369	9.00		2/17/31		19,240
	6,972	9.00		5/1/31		6,975
	554	10.00		7/1/30		553
						10,302,260
	Federal National Mortgage Association - 13.3%
	3,100,000	2.48		2/1/35		2,481,584
	3,100,000	2.68		2/1/35		2,535,573
	1,642,767	4.50		4/1/48		1,617,764
	5,183,351	4.50		7/1/52		4,994,625
	5,222,493	4.50		9/1/52		5,032,371
	992,135	5.00		9/1/43		1,025,094
	7,104,571	5.00		2/1/49		7,222,236
	388,830	5.00		6/1/51		404,138
	1,843,975	5.00		7/1/52		1,794,659
	329,164	5.50		6/1/33		330,502
	3,329,645	5.50		12/1/41		3,504,174
	964,613	5.50		5/1/49		982,005
	507,208	5.50		4/1/50		516,559
	794,221	5.93		5/1/35		791,789
	60,402	6.00		5/1/37		61,375
	48,054	6.00		9/1/37		47,872
	1,150,949	6.00		4/1/38		1,199,412
	387,702	6.00		2/1/40		397,708
	3,125,454	6.00		5/1/41		3,234,043
	2,237,239	6.00		7/1/52		2,278,394
	666,940	6.50		2/1/29		683,676
	94,007	6.50		3/1/29		93,195
	102,520	6.50		6/1/31		104,181
	45,551	6.50		8/1/34		46,279
	73,444	6.50		11/1/34		73,227
	155,499	6.50		1/1/39		154,991
	662,219	6.75		6/1/32		684,957
	473,204	6.82		6/1/40		488,861

Principal Amount ($)		Coupon Rate (%)	Maturity Date		Fair Value ($)
	7,494	7.00		2/1/26		7,486
	35,447	7.00		9/1/27		35,571
	14,606	7.00		10/1/27		14,672
	75,235	7.00		11/1/27		76,055
	17,181	7.00		1/1/28		17,260
	11,285	7.00		10/1/32		11,295
	2,188,372	7.00		12/1/32		2,306,199
	69,503	7.00		7/1/33		71,130
	53,553	7.00		7/1/34		54,801
	10,238	7.00		12/1/37		10,413
	2,631,068	7.00		1/1/40		2,743,844
	440,815	7.00		9/1/47		426,901
	36,809	7.50		4/1/32		36,773
	109,195	7.50		1/1/34		112,364
	1,896,667	7.50		10/1/38		1,993,745
	795,773	7.50		11/1/38		839,877
	5,085	7.85		7/20/30		5,089
	2,508	8.00		8/20/25		2,507
	2,400	8.00		7/20/28		2,398
	86,280	8.00		1/1/32		88,165
	48,208	8.00		11/1/37		51,185
	37,139	8.17		11/15/31		38,721
	70,133	8.50		1/1/37		71,389
	1,055	9.00		6/15/25		1,056
	16,102	9.00		5/15/28		16,098
	17,230	9.00		7/1/31		17,189
	8,571	9.50		8/1/24		8,561
						51,841,988
	Government National Mortgage Association - 12.9%
	55,479	4.00		12/15/24		54,690
	306,734	4.00		10/20/30		308,070
	5,667,404	4.00		8/20/31		5,607,746
	594,813	4.00		12/20/31		598,819
	455,232	4.25		10/20/31		462,570
	308,281	4.25		3/20/37		303,349
	1,457,042	4.75		9/20/31		1,501,935
	4,985,910	5.00		12/15/45		5,247,655
	341,145	5.00		7/20/49		339,428
	35,872	5.50		9/15/25		35,062
	465,100	5.50		5/15/29		485,513
	386,152	5.50		7/20/37		407,547
	667,188	5.50		7/20/62		671,760
	11,920,961	5.50		8/20/62		12,002,664
	1,242,602	5.75		2/15/29		1,266,679
	503,241	5.75		10/20/31		518,772
	324,060	6.00		9/15/33		333,511
	161,986	6.00		2/20/47		170,431
	1,906,416	6.00		7/20/47		2,013,031
	8,663,781	6.00		8/20/62		8,790,936
	6,363	6.25		12/15/23		6,252
	378,650	6.25		4/15/29		390,212
	14,310	6.50		11/15/23		14,274
	43,501	6.50		4/15/24		43,397
	435,170	6.50		2/20/28		440,331
	172,003	6.50		2/20/29		171,478
	293,748	6.50		7/20/34		303,737
	15,599	6.50		12/20/38		15,477
	151,020	6.50		1/20/39		155,042
	88,473	6.50		2/20/39		92,001
	194,184	6.50		4/20/39		202,648
	182,207	6.50		6/20/39		192,846

DECEMBER 31, 2022 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)		Coupon Rate (%)		Maturity Date			Fair Value ($)
	383,323		6.50		8/20/39			405,373
	208,033		6.50		4/20/43			213,755
	1,962,896		7.00		8/15/29			2,034,725
	2,203,921		7.00		10/15/29			2,284,619
	105,754		7.00		10/15/36			105,531
	1,904,099		7.00		12/20/52			1,955,882
								50,147,748
	Small Business Administration - 0.5%
	1,239,514		5.33		8/25/36			1,185,543
	633,186		5.33		9/25/36			605,765
								1,791,308
	Total Mortgage Pass-Through Securities (cost: $121,398,065)							114,083,304
	U.S. Treasury / Federal Agency Securities - 0.8%
	U.S. Treasury Notes:
	3,000,000		4.13		11/15/32			3,072,656
	Total U.S. Treasury / Federal Agency Securities (cost: $3,170,681)							3,072,656
	Collateralized Mortgage Obligations - 68.2%
	Federal Home Loan Mortgage Corporation - 14.6%
	7,907,154		3.31		5/25/23	1		7,846,851
	774,362		4.78		7/25/32	1		737,661
	3,206,663		5.00		11/25/50			3,258,845
	5,522,798		5.00		11/25/50	1		5,413,699
	231,429		5.38		5/15/38	1		221,492
	5,223,987		5.50		6/25/51			5,425,539
	1,141,535		6.00		1/15/33			1,176,535
	1,252,969		6.00		5/15/36			1,286,871
	810,680		6.00		6/15/37			834,679
	1,099,688		6.00		9/15/42			1,123,277
	2,960,935		6.00		9/25/52			3,063,706
	9,906		6.25		5/15/29			9,822
	9,997		6.50		9/15/23			10,017
	6,865		6.50		3/15/24			6,894
	212,311		6.50		7/15/27			217,451
	188,988		6.50		2/15/28			192,276
	297,679		6.50		3/15/29			304,573
	8,014		6.50		2/15/30			8,153
	237,340		6.50		1/15/31			243,621
	471,779		6.50		8/15/31			482,153
	125,221		6.50		1/15/32			128,817
	43,087		6.50		3/15/32			44,777
	291,989		6.50		6/25/32			298,931
	127,392		6.50		7/15/32			133,039
	2,909,229		6.50		5/15/33			3,015,747
	632,894		6.50		5/15/35			667,089
	295,646		6.50		8/15/39			307,137
	884,137		6.50		2/25/43			923,475
	372,034		6.50		3/25/43			377,808
	529,292		6.50		7/25/43			549,472
	706,132		6.50		10/25/43			711,032
	260,876		6.50		11/15/43			273,511
	1,749,717		6.50		8/15/45			1,876,435
	278,658		6.50		2/15/49			288,835
	1,356		6.70		9/15/23			1,356
	254,810		6.75		3/15/28			261,935
	224,072		6.95		3/15/28			229,384
	345		7.00		3/25/23			343

Principal Amount ($)		Coupon Rate (%)		Maturity Date			Fair Value ($)
	333		7.00		4/15/23			333
	3,099		7.00		7/15/23			3,104
	14,450		7.00		1/15/24			14,481
	7,753		7.00		3/15/24			7,764
	8,097		7.00		8/15/25			8,153
	20,930		7.00		9/15/26			21,187
	55,136		7.00		6/15/29			57,188
	154,069		7.00		8/15/29			159,861
	197,445		7.00		10/20/29			206,142
	34,456		7.00		1/15/30			36,263
	103,012		7.00		10/15/30			108,568
	93,373		7.00		7/15/31			97,870
	41,839		7.00		4/15/32			43,188
	320,406		7.00		5/15/32			339,002
	1,565,752		7.00		8/15/41			1,601,839
	2,934,069		7.00		2/25/43			3,005,834
	1,975,403		7.00		3/25/43			2,084,881
	728,242		7.00		7/25/43			769,915
	1,073,334		7.00		3/15/49			1,168,972
	1,792		7.50		3/15/23			1,792
	10,513		7.50		4/15/23			10,510
	16,517		7.50		9/20/26			16,865
	98,606		7.50		3/15/28			102,371
	180,905		7.50		9/15/29			190,988
	51,275		7.50		12/15/29			53,270
	108,352		7.50		6/15/30			114,519
	179,839		7.50		8/15/30			189,324
	194,208		7.50		9/15/30			207,108
	60,051		7.50		11/15/30			63,366
	1,776,728		7.50		6/15/34			1,934,194
	383,974		7.50		2/25/42			392,728
	1,166,295		7.50		8/25/42	1		1,196,323
	636,300		7.50		9/25/43			652,727
	2,627		8.00		2/15/23			2,622
	2,070		8.00		4/25/24			2,079
	49,022		8.00		2/15/27			51,072
	82,167		8.00		11/20/29			86,695
	87,118		8.00		1/15/30			92,708
	33,013		8.50		3/15/25			33,930
	15,239		8.50		3/15/32			16,356
								57,099,330
	Federal National Mortgage Association - 20.3%
	246,850		2.00		7/25/37	1		219,012
	1,274,389		3.00		7/25/40			1,257,318
	9,576,165		3.25		9/25/52			8,954,720
	364,449		3.26		8/25/43	1		336,183
	1,108,170		4.00		9/25/43			1,091,555
	164,378		4.55		6/25/43			159,389
	1,746,118		4.92		2/25/42	1		1,706,525
	1,930,375		5.00		7/25/33			1,926,146
	1,543,614		5.00		7/25/40			1,534,793
	276,962		5.00		11/25/41			277,158
	467,183		5.00		6/25/43			458,355
	3,388,385		5.00		11/25/50			3,398,118
	3,964,979		5.00		12/25/50			4,016,803
	427,475		5.00		1/25/51			427,254
	1,181,994		5.06		10/25/42 1			1,199,986
	2,106,254		5.29		12/25/42	1		2,040,778
	512,923		5.36		6/25/42			512,323
	537,890		5.50		9/25/33			544,284
	2,582,056		5.50		6/25/40			2,543,945

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)
	692,336	5.63		12/25/53	1		713,584
	289,757	5.75		8/25/33			293,336
	547,622	5.81		8/25/43			542,658
	685,404	6.00		5/25/30			695,845
	120,708	6.00		11/25/32			123,682
	235,440	6.00		7/25/33			242,057
	1,410,719	6.00		5/25/36			1,454,060
	186,289	6.00		6/25/36			191,061
	695,118	6.00		10/25/36			719,618
	1,548,029	6.00		11/25/43			1,565,917
	644,687	6.00		9/25/46			637,839
	803,591	6.00		2/25/48			832,101
	179,454	6.00		12/25/49			182,051
	725,472	6.31		8/25/47	1		724,049
	872,517	6.47		9/25/37	1		870,806
	125,434	6.50		8/20/28			125,935
	761,780	6.50		1/25/32			786,793
	119,779	6.50		3/25/32			122,445
	200,034	6.50		6/25/32			207,424
	164,759	6.50		7/25/36			172,903
	35,772	6.50		9/25/36			37,241
	1,463,558	6.50		11/25/41			1,498,928
	158,822	6.50		3/25/42			161,687
	1,238,538	6.50		5/25/42			1,289,264
	1,731,074	6.50		7/25/42			1,753,714
	202,749	6.50		9/25/42			207,319
	501,875	6.50		11/25/42			518,912
	2,355,968	6.50		12/25/43			2,423,982
	86,429	6.50		7/25/44			86,479
	160,031	6.51		2/25/45	1		167,727
	247,842	6.69		9/25/37	1		253,350
	257,332	6.73		8/25/37	1		258,767
	1,438,107	6.75		6/25/32			1,516,090
	311,417	6.75		4/25/37			314,006
	31,853	6.85		12/18/27			32,033
	767,055	6.97		6/19/41	1		787,430
	1,115	7.00		6/25/23			1,114
	67,596	7.00		4/25/24			67,488
	66,433	7.00		9/18/27			68,295
	720,213	7.00		5/25/31			717,568
	1,014,269	7.00		12/25/33			1,065,093
	103,456	7.00		9/25/40			107,690
	380,365	7.00		10/25/41			390,989
	113,301	7.00		11/25/41			120,297
	227,459	7.00		12/25/41			237,533
	745,287	7.00		7/25/42			781,238
	1,523,262	7.00		2/25/44			1,592,083
	64,300	7.00		8/25/44			67,593
	816,858	7.00		4/25/49			892,104
	14,585	7.50		8/20/27			14,993
	155,226	7.50		10/25/40			157,681
	1,055,574	7.50		11/25/40			1,042,119
	607,304	7.50		6/19/41	1		623,495
	1,035,733	7.50		7/25/41			1,032,866
	575,033	7.50		8/25/41			592,198
	203,782	7.50		11/25/41			219,211
	380,177	7.50		1/25/42			401,044
	2,699,258	7.50		5/25/42			2,864,314
	245,702	7.50		6/25/42			258,703
	2,431,171	7.50		8/25/42	1		2,625,310
	803,756	7.50		2/25/44			844,451

Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)
	334,033	7.50		3/25/44			349,261
	534,481	7.50		5/25/44			574,613
	34,575	7.50		10/25/44			36,699
	3,348,608	7.50		1/25/48			3,580,128
	15,242	8.00		7/18/27			15,733
	241,402	8.00		7/25/44			249,229
	301,177	8.01		11/25/37	1		321,792
	149,696	8.12		11/25/37	1		159,718
	30,834	8.41		10/25/42	1		33,147
	2,509	8.50		1/25/25			2,550
	274,482	8.50		6/25/30			297,057
	30,461	9.00		11/25/28			32,184
	220,815	9.00		6/25/30			242,591
	40,688	9.00		10/25/30			44,637
	46,274	9.44		6/25/32	1		49,892
	49,525	9.50		11/25/31			54,464
	158,443	9.50		12/25/41			171,422
	182,825	9.64		6/25/44	1		183,567
	674,388	11.51		9/25/42	1		773,443
	10,245	22.93		3/25/39	1		14,240
							79,087,575
	Government National Mortgage Association - 32.3%
	1,962,001	4.73		5/20/51	1		1,953,988
	2,415,780	4.75		5/20/51	1		2,412,120
	5,145,454	4.83		8/20/51	1		5,112,745
	3,980,229	4.88		4/20/51	1		3,949,659
	2,382,757	4.90		7/20/51	1		2,357,855
	3,033,798	5.00		12/20/50			3,058,275
	4,175,996	5.00		1/20/51			4,209,025
	6,518,441	5.00		2/20/51			6,402,438
	495,405	5.50		9/20/39			507,013
	8,473,240	5.50		10/20/50			8,747,349
	1,804,965	5.50		11/20/50			1,892,940
	3,171,402	5.50		1/20/51			3,280,854
	1,962,131	5.50		4/20/51			2,054,616
	13,068,783	5.50		5/20/51			13,557,794
	7,940,141	5.50		6/20/51			8,166,568
	16,030,674	5.50		7/20/51			16,525,168
	500,751	5.50		10/20/51			522,209
	5,690,824	5.50		11/20/51			5,844,221
	233,800	5.52		4/20/48	1		234,975
	3,356,264	5.61		4/20/40	1		3,430,430
	3,821,171	5.80		3/20/45	1		3,941,612
	7,874,839	5.85		2/20/51	1		8,353,092
	577,534	5.94		10/20/40	1		597,745
	335,675	5.99		11/20/43	1		348,523
	1,140,520	6.00		11/20/33			1,152,403
	357,884	6.00		12/20/35			370,074
	222,164	6.00		3/20/42			230,327
	293,624	6.00		3/20/48			301,547
	1,407,051	6.00		3/20/49			1,421,966
	447,298	6.00		5/20/49			465,906
	1,402,414	6.12		1/20/39	1		1,461,142
	1,161,369	6.43		6/20/41	1		1,208,559
	228,673	6.46		4/20/37	1		232,728
	862,833	6.50		7/20/32			859,366
	848,546	6.50		2/20/37			869,894
	164,114	6.50		9/16/38			167,778
	1,426,606	6.50		8/20/48			1,492,382
	1,017,298	6.50		10/20/48			1,055,408
	1,028,635	6.50		1/20/49			1,042,374

DECEMBER 31, 2022 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)		Coupon Rate (%)		Maturity Date			Fair Value ($)
	382,755		6.52		7/20/39	1		398,210
	368,055		6.64		4/20/39	1		386,065
	581,415		6.84		8/20/40	1		611,499
	269,643		7.00		6/20/45	1		281,624
	87,265		7.00		9/16/33			88,100
	233,081		7.00		5/20/42			246,437
	569,652		7.00		10/20/48			599,521
	702,827		7.00		11/20/48			738,244
	358,696		7.09		2/20/45	1		385,708
	722,021		7.09		12/20/38	1		765,367
	375,197		7.16		12/20/33	1		393,215
	957,540		7.32		8/20/38	1		1,015,741
								125,702,799
	Vendee Mortgage Trust - 1.0%
	814,595		5.98		3/15/25	1		829,139
	295,616		6.50		2/15/24			295,976
	1,069,150		6.50		8/15/31			1,065,428
	519,379		6.50		10/15/31			540,049
	333,275		6.75		2/15/26			339,973
	403,632		7.00		3/15/28			406,463
	84,090		7.25		9/15/25			85,730
	212,173		7.50		2/15/27			217,295
	82,839		7.75		9/15/24			83,612
	36,071		8.00		2/15/25			36,251
	44,395		8.29		12/15/26			45,407
								3,945,323
	Total Collateralized Mortgage Obligations (cost: $288,019,093)							265,835,027
	Asset-Backed Securities - 0.9%
	Federal Home Loan Mortgage Corporation - 0.1%
	293		6.09		9/25/29	1		283
	509,481		7.16		7/25/29			523,287
								523,570
	Federal National Mortgage Association - 0.5%
	351,520		4.40		11/25/33	14		334,256
	302,495		4.45		9/26/33	14		291,461
	8,477		1 Mo. Libor + 0.17%, 4.56		11/25/32	1		8,335
	86,370		4.88		10/25/33	14		80,394
	1,303,664		5.71		2/25/33	14		1,269,994
	1,516		6.00		5/25/32	14		1,492
	46,512		6.09		10/25/31	14		46,769
	1,957		7.72		6/25/26	1		1,981
								2,034,682
	Small Business Administration - 0.3%
	122,969		5.78		8/1/27			122,064
	542,232		5.87		7/1/28			536,077
	508,661		6.02		8/1/28			505,790
								1,163,931
	Total Asset-Backed Securities (cost: $3,884,475)							3,722,183
	Put Options Purchased 19 - 0.9% (cost: $4,052,232)							3,412,860

Quantity		Name of Issuer	Fair Value ($)
	Short-Term Securities - 0.5%
	1,814,468	Fidelity Inst. Money Mkt. Gvt. Fund, 4.06%		1,814,468
	(cost: $1,814,468)
	Total Investments in Securities -100.6% (cost: $422,339,014)			391,940,498
	Other Assets and Liabilities - (0.6)%			(2,301,464	)
	Net Assets - 100.0%		$	389,639,034

¹ Variable rate security. Rate disclosed is as of December 31, 2022. 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.

¹⁴ Step Coupon: A bond that pays a coupon rate that increases on a specified date(s). Rate disclosed is as of December 31, 2022.

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

4

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2022

Sit U.S. Government Securities Fund (Continued)

¹⁹ Options outstanding as of December 31, 2022 were as follows:

Description	Contracts		Exercise Price ($)		Expiration Date		Counterparty		Notional Amount ($)		Cost/ Premiums ($)		Value ($)
Put Options Purchased - U.S. Treasury Futures:
5-Year		2,287		106.75		February 2023		StoneX Financial, Inc.		244,137,250		1,727,776		1,036,297
5-Year		1,000		107.25		February 2023		StoneX Financial, Inc.		107,250,000		951,971		617,188
5-Year		400		109.50		February 2023		StoneX Financial, Inc.		43,800,000		591,460		756,250
5-Year		400		110.25		February 2023		StoneX Financial, Inc.		44,100,000		781,025		1,003,125
Total										439,287,250		4,052,232		3,412,860

A summary of the levels for the Fund’s investments as of December 31, 2022 is as follows:

			Investment in Securities
	Level 1 Quoted Prices ($)		Level 2 Other significant observable inputs ($)		Level 3 Significant unobservable inputs ($)		Total ($)
Mortgage Pass-Through Securities		—		114,083,304		—		114,083,304
U.S. Treasury / Federal Agency Securities		—		3,072,656		—		3,072,656
Collateralized Mortgage Obligations		—		265,835,027		—		265,835,027
Asset-Backed Securities		—		3,722,183		—		3,722,183
Put Options Purchased		3,412,860		—		—		3,412,860
Short-Term Securities		1,814,468		—		—		1,814,468
Total:		5,227,328		386,713,170		—		391,940,498

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.

DECEMBER 31, 2022 5