Sit U.S. Government Securities Fund (SNGVX) NPORT-P Sit U S Government Securities Fund Inc (Dec 2023 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit U.S. Government Securities Fund

Principal Amount ($)		Coupon Rate (%)	Maturity Date		Fair Value ($)
	Mortgage Pass-Through Securities - 26.1%
	Federal Home Loan Mortgage Corporation - 6.6%
	244,986	2.00		8/1/41		209,869
	8,020	4.00		7/1/25		7,897
	1,022,540	4.50		7/1/52		993,146
	349,347	5.00		7/1/35		355,867
	309,498	5.00		5/1/42		313,000
	44,652	5.82		10/1/37		46,508
	5,549,247	6.00		11/1/38		5,679,681
	389,901	6.00		6/1/52		396,702
	230,138	6.50		12/1/34		233,949
	2,453,372	6.50		11/1/53		2,514,213
	110,747	6.88		2/17/31		113,010
	10,579	7.00		8/1/27		10,551
	187,593	7.00		4/1/37		195,238
	2,358,648	7.00		10/1/37		2,468,206
	1,312,970	7.00		10/1/38		1,387,072
	2,441,747	7.00		11/1/53		2,519,664
	1,230	7.38		12/17/24		1,224
	146,011	7.50		1/1/32		151,758
	95,274	7.50		8/1/32		96,446
	53,252	8.00		1/1/37		56,950
	24,286	8.50		6/20/27		24,612
	4,308	8.50		12/1/29		4,313
	49,874	8.50		3/1/31		52,223
	2,028	9.00		3/20/27		2,027
	10,111	9.00		2/17/31		10,039
	2,825	9.00		5/1/31		2,824
	184	10.00		7/1/30		183
						17,847,172
	Federal National Mortgage Association - 8.0%
	207,001	3.50		10/1/34		199,129
	938,043	4.50		4/1/48		926,089
	4,882,445	4.50		7/1/52		4,739,448
	4,936,283	4.50		9/1/52		4,791,709
	845,619	5.00		9/1/43		873,184
	352,427	5.00		6/1/51		367,713
	1,819,792	5.00		7/1/52		1,774,879
	238,121	5.50		6/1/33		239,331
	460,643	5.50		4/1/50		469,714
	750,360	5.93		5/1/35		747,359
	57,611	6.00		5/1/37		59,807
	41,133	6.00		9/1/37		40,975
	1,567,024	6.00		11/1/38		1,603,857
	71,050	6.50		3/1/29		72,027
	89,880	6.50		6/1/31		91,272
	27,214	6.50		8/1/34		27,279
	125,752	6.50		1/1/39		125,472
	1,422,714	6.50		10/1/53		1,446,636
	3,951	7.00		2/1/26		4,076
	22,672	7.00		9/1/27		23,391
	11,458	7.00		10/1/27		11,822
	47,645	7.00		11/1/27		49,158
	13,633	7.00		1/1/28		14,066
	12,187	7.00		10/1/32		12,150
	62,078	7.00		7/1/33		62,440
	43,371	7.00		7/1/34		44,276
	9,854	7.00		12/1/37		9,872
	1,836,374	7.00		1/1/40		1,895,980
	429,517	7.00		9/1/47		425,551

Principal Amount ($)		Coupon Rate (%)	Maturity Date		Fair Value ($)
	20,585	7.50		4/1/32		20,515
	78,779	7.50		1/1/34		80,775
	1,181	8.00		8/20/25		1,177
	924	8.00		7/20/28		921
	70,473	8.00		1/1/32		71,723
	43,422	8.00		11/1/37		45,971
	3,086	8.03		7/20/30		3,083
	28,008	8.18		11/15/31		28,982
	66,728	8.50		1/1/37		67,865
	506	9.00		6/15/25		505
	12,376	9.00		5/15/28		12,346
	15,694	9.00		7/1/31		15,643
	3,432	9.50		8/1/24		3,422
						21,501,590
	Government National Mortgage Association - 11.1%
	25,094	4.00		12/15/24		24,770
	538,835	4.00		12/20/31		523,052
	411,093	4.25		10/20/31		404,439
	286,538	4.25		3/20/37		280,206
	401,951	5.00		7/20/49		400,919
	22,816	5.50		9/15/25		22,732
	304,887	5.50		7/20/37		314,356
	389,131	5.50		5/20/40		401,059
	661,967	5.50		7/20/62		660,420
	9,613,229	5.50		8/20/62		9,580,462
	459,170	5.75		10/20/31		470,259
	299,909	6.00		7/20/29		306,593
	331,445	6.00		10/20/32		341,005
	376,661	6.00		8/20/38		397,806
	140,159	6.00		2/20/47		148,034
	1,648,202	6.00		7/20/47		1,740,797
	7,197,281	6.00		8/20/62		7,277,230
	675	6.50		4/15/24		673
	15,043	6.50		12/20/38		14,956
	131,144	6.50		1/20/39		134,360
	70,881	6.50		2/20/39		73,145
	160,722	6.50		4/20/39		167,976
	169,955	6.50		6/20/39		179,874
	327,749	6.50		8/20/39		346,391
	173,995	6.50		4/20/43		178,839
	99,164	7.00		10/15/36		100,906
	1,478,007	7.00		12/20/52		1,522,015
	188,864	7.50		4/15/34		194,656
	2,054,587	8.00		10/20/48		2,140,129
	1,687,338	8.00		10/20/53		1,758,731
						30,106,790
	Small Business Administration - 0.4%
	1,175,580	5.33		8/25/36		1,128,624
						1,128,624
	Total Mortgage Pass-Through Securities					70,584,176
	(cost: $71,854,005)
	U.S. Treasury / Federal Agency Securities - 1.0%
	U.S. Treasury Bonds:
	2,850,000	3.63		2/15/53		2,644,488
	Total U.S. Treasury / Federal Agency Securities					2,644,488
	(cost: $2,711,116)

DECEMBER 31, 2023 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)
	Collateralized Mortgage Obligations - 71.0%
	Federal Home Loan Mortgage Corporation - 12.1%
	770,211	4.64		7/25/32	1		750,259
	1,227,371	5.00		2/25/51			1,225,368
	5,299,546	5.00		11/25/50	1		5,182,904
	172,552	5.25		5/15/38	1		173,322
	4,781,899	5.50		6/25/51			4,939,506
	571,754	6.00		4/15/30			574,982
	1,077,731	6.00		5/15/36			1,131,097
	709,835	6.00		6/15/37			729,983
	980,841	6.00		9/15/42			1,005,640
	2,746,334	6.00		9/25/52			2,852,659
	4,897	6.25		5/15/29			4,847
	495	6.50		3/15/24			494
	121,042	6.50		2/15/28			122,216
	6,074	6.50		2/15/30			6,144
	182,606	6.50		1/15/31			186,185
	109,896	6.50		8/15/31			112,723
	111,943	6.50		1/15/32			114,589
	36,377	6.50		3/15/32			37,596
	270,395	6.50		6/25/32			274,438
	103,593	6.50		7/15/32			107,580
	555,960	6.50		5/15/35			585,341
	252,425	6.50		8/15/39			262,286
	833,968	6.50		2/25/43			865,092
	315,931	6.50		3/25/43			320,199
	634,922	6.50		10/25/43			651,572
	1,583,912	6.50		8/15/45			1,698,210
	204	7.00		1/15/24			203
	135	7.00		3/15/24			134
	5,175	7.00		8/15/25			5,164
	13,451	7.00		9/15/26			13,473
	41,483	7.00		6/15/29			42,694
	113,459	7.00		8/15/29			116,733
	153,651	7.00		10/20/29			159,226
	29,635	7.00		1/15/30			30,959
	81,868	7.00		10/15/30			85,734
	79,175	7.00		7/15/31			82,545
	30,951	7.00		4/15/32			31,696
	600,000	7.00		12/15/40			665,334
	1,378,331	7.00		8/15/41			1,414,688
	1,694,000	7.00		3/25/43			1,783,736
	2,161,589	7.00		7/25/43			2,281,183
	927,927	7.00		3/15/49			1,003,033
	8,690	7.50		9/20/26			8,763
	66,497	7.50		3/15/28			68,089
	33,685	7.50		12/15/29			34,530
	81,665	7.50		6/15/30			85,630
	137,021	7.50		8/15/30			143,170
	49,946	7.50		9/15/30			53,215
	33,750	7.50		11/15/30			35,481
	560,181	7.50		9/25/43			574,152
	32,346	8.00		2/15/27			33,212
	61,399	8.00		11/20/29			64,160
	59,781	8.00		1/15/30			62,887
	14,018	8.50		3/15/25			14,165
	12,822	8.50		3/15/32			13,683
							32,822,904
	Federal National Mortgage Association - 20.1%
	198,008	2.01		7/25/37	1		174,003

Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)
	321,005	3.73		8/25/43	1		299,069
	141,266	4.55		6/25/43			136,839
	1,519,272	4.66		2/25/42	1		1,473,692
	1,785,805	5.00		7/25/33			1,775,890
	240,201	5.00		11/25/41			240,924
	402,662	5.00		6/25/43			397,627
	3,184,544	5.00		11/25/50			3,169,826
	3,760,452	5.00		12/25/50			3,782,499
	404,910	5.00		1/25/51			402,556
	1,902,826	5.20		12/25/42	1		1,837,312
	421,908	5.36		6/25/42			420,268
	436,728	5.50		9/25/33			441,932
	597,350	5.50		6/25/40			608,416
	1,422,391	5.62		11/25/33			1,416,305
	578,111	5.64		12/25/53	1		592,681
	253,829	5.75		8/25/33			256,164
	488,122	5.81		8/25/43			482,573
	102,565	6.00		11/25/32			104,950
	537,134	6.00		9/25/35			554,569
	158,231	6.00		6/25/36			163,395
	590,008	6.00		10/25/36			610,500
	1,367,569	6.00		11/25/43			1,377,748
	1,883,283	6.00		6/25/44			1,882,884
	442,132	6.00		8/25/44			444,661
	525,907	6.00		9/25/46			519,120
	678,524	6.00		2/25/48			717,784
	1,000,000	6.00		10/25/53			1,075,934
	610,911	6.28		8/25/47	1		608,597
	934,425	6.48		9/25/37	1		919,112
	91,521	6.50		8/20/28			91,459
	626,959	6.50		1/25/32			644,209
	108,984	6.50		3/25/32			110,875
	175,168	6.50		6/25/32			181,242
	31,007	6.50		9/25/36			32,232
	1,290,149	6.50		11/25/41			1,314,650
	126,219	6.50		3/25/42			127,980
	1,140,885	6.50		7/25/42			1,156,344
	2,125,276	6.50		12/25/43			2,178,288
	300,191	6.66		8/25/37	1		301,451
	224,593	6.70		9/25/37	1		226,092
	1,279,690	6.75		6/25/32			1,342,506
	295,742	6.75		4/25/37			297,579
	23,946	6.85		12/18/27			23,881
	4,476	7.00		4/25/24			4,453
	49,446	7.00		9/18/27			50,124
	857,087	7.00		12/25/33			896,587
	61,760	7.00		9/25/40			64,230
	691,451	7.00		6/19/41	1		709,075
	298,752	7.00		10/25/41			303,192
	153,616	7.00		11/25/41			162,731
	962,710	7.00		12/25/41			999,849
	703,492	7.00		7/25/42			734,974
	1,287,203	7.00		2/25/44			1,334,275
	53,172	7.00		8/25/44			55,630
	720,881	7.00		4/25/49			781,130
	10,129	7.50		8/20/27			10,276
	273,932	7.50		10/25/40			275,583
	911,590	7.50		11/25/40			898,455
	966,038	7.50		7/25/41			979,733
	313,354	7.50		1/25/42			327,108
	2,312,303	7.50		5/25/42			2,438,661

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)
	2,246,974	7.50		8/25/42	1		2,416,128
	672,842	7.50		2/25/44			695,789
	267,254	7.50		3/25/44			277,762
	438,725	7.50		5/25/44			464,913
	27,253	7.50		10/25/44			28,830
	2,886,948	7.50		1/25/48			3,052,144
	229,709	7.99		11/25/37	1		242,506
	9,012	8.00		7/18/27			9,199
	165,094	8.00		7/25/44			169,754
	108,893	8.09		11/25/37	1		114,878
	27,442	8.26		10/25/42	1		29,406
	704	8.50		1/25/25			705
	241,618	8.50		6/25/30			259,812
	21,508	9.00		11/25/28			22,485
	167,519	9.00		6/25/30			182,162
	33,615	9.00		10/25/30			36,588
	33,492	9.48		6/25/32	1		35,734
	37,377	9.50		11/25/31			40,955
	156,818	9.50		12/25/41			168,137
	142,516	9.89		6/25/44	1		143,668
	8,647	22.26		3/25/39	1		11,557
							54,345,796
	Government National Mortgage Association - 37.9%
	2,181,328	4.74		5/20/51	1		2,164,226
	2,231,308	4.76		5/20/51	1		2,216,864
	4,791,945	4.83		8/20/51	1		4,728,899
	2,785,181	5.00		12/20/50			2,795,984
	3,884,999	5.00		1/20/51			3,910,381
	6,938,974	5.00		2/20/51			6,798,700
	305,465	5.47		4/20/48	1		305,720
	486,769	5.50		9/20/39			491,248
	1,763,498	5.50		11/20/50			1,843,054
	3,619,822	5.50		12/20/50			3,757,510
	3,044,526	5.50		1/20/51			3,217,365
	1,766,524	5.50		4/20/51			1,842,153
	12,304,533	5.50		5/20/51			12,699,637
	12,947,100	5.50		6/20/51			13,287,539
	15,178,825	5.50		7/20/51			15,563,570
	483,289	5.50		10/20/51			500,987
	5,306,939	5.50		11/20/51			5,424,678
	7,332,736	5.85		2/20/51	1		7,719,026
	511,226	5.89		10/20/40	1		525,723
	305,856	5.99		11/20/43	1		316,444
	309,773	6.00		12/20/35			320,070
	190,022	6.00		3/20/42			195,946
	262,490	6.00		3/20/48			269,474
	1,330,171	6.00		3/20/49			1,356,671
	390,374	6.00		5/20/49			407,225
	1,251,729	6.12		1/20/39	1		1,336,080
	174,240	6.46		4/20/37	1		175,985
	825,397	6.49		7/20/39	1		853,712
	732,338	6.50		2/20/37			741,008
	137,489	6.50		9/16/38			139,469
	2,096,918	6.50		8/20/48			2,178,609
	909,416	6.50		10/20/48			936,790
	931,774	6.50		1/20/49			948,065
	75,207	7.00		9/16/33			75,047
	198,294	7.00		5/20/42			208,925
	493,671	7.00		10/20/48			522,549
	792,856	7.00		11/20/48			837,417
	316,972	7.08		2/20/45	1		338,882

Principal Amount ($)		Coupon Rate (%)		Maturity Date			Fair Value ($)
	740,586		7.09		12/20/38	1		775,680
								102,727,312
	Vendee Mortgage Trust - 0.9%
	121,716		6.50		2/15/24			121,408
	888,386		6.50		8/15/31			888,996
	514,819		6.50		10/15/31			536,188
	479,545		6.52		7/15/30	1		490,474
	299,108		7.00		3/15/28			300,959
	48,501		7.25		9/15/25			49,029
	29,299		7.75		9/15/24			29,342
	15,219		8.00		2/15/25			15,201
	29,817		8.29		12/15/26			30,175
								2,461,772
	Total Collateralized Mortgage Obligations							192,357,784
	(cost: $206,860,646)
	Asset-Backed Securities - 1.1%
	Federal Home Loan Mortgage Corporation - 0.1%
	248		6.09		9/25/29	1		239
	352,928		7.16		7/25/29			360,356
								360,595
	Federal National Mortgage Association - 0.7%
	290,197		4.40		11/25/33	14		282,789
	302,495		4.46		9/26/33	14		292,110
	74,843		4.86		10/25/33	14		71,678
			SOFRRATE 30 Day
	5,745		Average + 0.28%, 5.62		11/25/32	1		5,654
	1,092,174		5.76		2/25/33	14		1,043,709
	755		6.00		5/25/32	14		737
	28,541		6.09		10/25/31	14		28,587
	784		7.36		6/25/26	1		786
								1,726,050
	Small Business Administration - 0.3%
	95,353		5.78		8/1/27			94,637
	383,837		5.87		7/1/28			381,044
	380,672		6.02		8/1/28			384,785
								860,466
	Total Asset-Backed Securities							2,947,111
	(cost: $3,074,712)
	Put Options Purchased 19 - 0.1%							351,563
	(cost: $533,431)
Quantity		Name of Issuer					Fair      Value ($)
	Short-Term Securities - 0.4%
	1,159,714		Fidelity Inst. Money Mkt. Gvt. Fund,
			5.29%					1,159,714
	(cost: $1,159,714)
	Total Investments in Securities - 99.7%
	(cost: $286,193,624)							270,044,836
	Other Assets and Liabilities - 0.3%							850,388
	Net Assets - 100.0%						$	270,895,224

DECEMBER 31, 2023 3

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2023

Sit U.S. Government Securities Fund (Continued)

¹  Variable rate security. Rate disclosed is as of December 31, 2023. 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, 2023.

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

¹⁹ Options outstanding as of December 31, 2023 were as follows:

Description	Contracts	Exercise Price ($)	Expiration Date		Counterparty		Notional Amount ($)		Cost/ Premiums ($)		Value ($)
Put Options Purchased - U.S. Treasury Futures:
5-Year	400	107.00		February 2024		StoneX Financial, Inc.		42,800,000		239,027		109,375
5-Year	500	107.75		February 2024		StoneX Financial, Inc.		53,875,000		294,404		242,188
Total								96,675,000		533,431		351,563

A summary of the levels for the Fund’s investments as of December 31, 2023 is as follows:

	Investment in Securities
	Level 1		Level 2		Level 3
	Quoted         Prices ($)		Other significant observable inputs ($)		Significant unobservable inputs ($)	Total ($)
Mortgage Pass-Through Securities		—		70,584,176	—		70,584,176
U.S. Treasury / Federal Agency Securities		—		2,644,488	—		2,644,488
Collateralized Mortgage Obligations		—		192,357,784	—		192,357,784
Asset-Backed Securities		—		2,947,111	—		2,947,111
Put Options Purchased		351,563		—	—		351,563
Short-Term Securities		1,159,714		—	—		1,159,714
Total:		1,511,277		268,533,559	—		270,044,836

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.

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