Sit U.S. Government Securities Fund NPORTP Sit U S Government Securities Fund Inc (Jun 2024 report)

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit U.S. Government Securities Fund


Principal Amount ($)		Coupon Rate (%)	Maturity Date		Fair Value ($)

	Mortgage Pass-Through Securities - 26.3%

	Federal Home Loan Mortgage Corporation - 8.1%

	235,238	2.00		8/1/41		199,240
	1,013,552	4.50		7/1/52		960,562
	322,697	5.00		7/1/35		319,270
	303,864	5.00		5/1/42		300,629
	487,433	5.50		9/1/52		484,052
	43,484	5.82		10/1/37		44,472
	4,827,196	6.00		11/1/38		4,880,562
	387,110	6.00		6/1/52		390,383
	997,383	6.00		2/1/54		991,508
	222,244	6.50		12/1/34		223,888
	2,274,571	6.50		11/1/53		2,317,150
	101,168	6.88		2/17/31		102,257
	4,213	7.00		8/1/27		4,203
	169,390	7.00		4/1/37		173,983
	2,226,062	7.00		10/1/37		2,310,651
	1,242,358	7.00		10/1/38		1,293,546
	1,210,855	7.00		3/1/39		1,276,665
	2,195,098	7.00		11/1/53		2,258,802
	388	7.38		12/17/24		387
	132,188	7.50		1/1/32		136,257
	46,077	8.50		3/1/31		47,923
	1,671	9.00		5/1/31		1,678

						18,718,068
	Federal National Mortgage Association - 7.8%
	188,546	3.50		10/1/34		178,437
	4,700,654	4.50		7/1/52		4,445,429
	4,773,078	4.50		9/1/52		4,511,090
	343,815	5.00		6/1/51		351,215
	1,807,104	5.00		7/1/52		1,727,469
	433,799	5.50		4/1/50		435,385
	727,392	5.93		5/1/35		724,541
	56,144	6.00		5/1/37		56,904
	39,468	6.00		9/1/37		39,071
	1,355,811	6.00		11/1/38		1,370,800
	1,984,054	6.00		2/1/54		1,967,190
	25,849	6.50		8/1/34		25,875
	123,052	6.50		1/1/39		121,917
	1,415,691	6.50		10/1/53		1,428,121
	59,546	7.00		7/1/33		59,729
	9,651	7.00		12/1/37		9,654
	424,247	7.00		9/1/47		414,313
	71,087	7.50		1/1/34		72,364
	474	8.00		8/20/25		472
	40,843	8.00		11/1/37		42,817
	2,436	8.06		7/20/30		2,434
	23,746	8.18		11/15/31		24,394
	201	9.00		6/15/25		201
	10,379	9.00		5/15/28		10,354
	14,869	9.00		7/1/31		14,839
	664	9.50		8/1/24		662

						18,035,677
	Government National Mortgage Association - 10.4%
	10,158	4.00		12/15/24		10,096
	398,329	5.00		7/20/49		390,234
	15,835	5.50		9/15/25		15,797
	339,327	5.50		5/20/40		345,386
	659,240	5.50		7/20/62		650,285


Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)

	8,245,591	5.50		8/20/62			8,145,234
	257,890	6.00		7/20/29			261,465
	315,431	6.00		10/20/32			321,777
	353,139	6.00		8/20/38			366,275
	133,695	6.00		2/20/47			138,650
	1,550,685	6.00		7/20/47			1,608,156
	6,291,373	6.00		8/20/62			6,277,927
	14,751	6.50		12/20/38			14,537
	125,051	6.50		1/20/39			126,992
	159,061	6.50		6/20/39			165,309
	311,339	6.50		8/20/39			323,310
	157,989	6.50		4/20/43			162,266
	1,118,706	7.00		12/20/52			1,141,255
	180,226	7.50		4/15/34			184,335
	1,808,714	8.00		10/20/48			1,852,805
	1,680,671	8.00		10/20/53			1,722,347

							24,224,438

	Total Mortgage Pass-Through Securities						60,978,183
	(cost: $62,424,604)

	U.S. Treasury / Federal Agency Securities - 2.3%
	U.S. Treasury Bonds:

	2,850,000	3.63		2/15/53			2,439,979
	2,300,000	4.25		3/31/29			2,277,898
	600,000	4.38		5/15/34			601,500

	Total U.S. Treasury / Federal Agency Securities						5,319,377
	(cost: $5,565,468)

	Collateralized Mortgage Obligations - 68.9%

	Federal Home Loan Mortgage Corporation - 13.5%

	732,980	4.76		7/25/32	¹		705,604
	1,474,811	5.00		10/25/48			1,445,573
	1,575,941	5.00		2/25/51			1,538,551
	5,160,591	5.00		11/25/50	¹		4,920,807
	1,492,202	5.50		6/25/48			1,492,716
	2,395,089	5.50		11/25/50			2,378,173
	4,565,070	5.50		6/25/51			4,564,819
	507,877	6.00		4/15/30			513,676
	654,704	6.00		6/15/37			678,612
	909,447	6.00		9/15/42			913,496
	2,622,153	6.00		9/25/52			2,659,230
	259,037	6.50		6/25/32			257,402
	227,265	6.50		8/15/39			237,434
	805,779	6.50		2/25/43			810,945
	794,411	6.50		10/25/43			796,910
	1,510,559	6.50		8/15/45			1,624,330
	600,000	7.00		12/15/40			643,695
	1,498,324	7.00		3/25/43			1,554,471
	2,086,984	7.00		7/25/43			2,154,981
	917,968	7.00		3/15/49			963,012
	535,990	7.50		9/25/43			543,451

							31,397,888
	Federal National Mortgage Association - 17.0%
	1,710,770	5.00		7/25/33			1,661,267
	3,117,939	5.00		11/25/50			3,001,484
	3,567,147	5.00		12/25/50			3,507,164
	387,329	5.00		1/25/51			374,479
	1,863,409	5.25		8/25/49			1,836,883
	1,790,196	5.27		12/25/42	¹		1,760,523
	399,647	5.36		6/25/42			400,670


JUNE 30, 2024		1

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit U.S. Government Securities Fund (Continued)


Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)

	578,705	5.50		6/25/40			576,605
	965,146	5.50		1/25/49			956,687
	1,302,671	5.62		11/25/33			1,276,339
	236,409	5.75		8/25/33			234,147
	94,634	6.00		11/25/32			96,592
	499,600	6.00		9/25/35			514,917
	537,399	6.00		10/25/36			550,790
	1,269,829	6.00		11/25/43			1,282,016
	1,713,596	6.00		6/25/44			1,731,867
	425,931	6.00		8/25/44			429,989
	652,723	6.00		2/25/48			674,692
	1,450,000	6.00		10/25/53			1,500,945
	1,191,994	6.50		11/25/41			1,194,944
	1,071,607	6.50		7/25/42			1,103,054
	2,001,460	6.50		12/25/43			2,016,293
	842,695	6.51		9/25/37	¹		818,031
	292,215	6.66		8/25/37	¹		287,119
	288,106	6.75		4/25/37			284,882
	796,134	7.00		12/25/33			818,310
	662,389	7.00		6/19/41	¹		664,462
	896,039	7.00		12/25/41			917,276
	679,766	7.00		7/25/42			697,898
	535,825	7.00		2/25/44			546,823
	683,965	7.00		4/25/49			719,074
	253,719	7.50		10/25/40			253,438
	857,952	7.50		11/25/40			847,591
	918,608	7.50		7/25/41			923,042
	294,762	7.50		1/25/42			303,356
	532,860	7.50		5/25/42			557,774
	623,289	7.50		2/25/44			635,750
	409,578	7.50		5/25/44			428,247
	2,708,341	7.50		1/25/48			2,829,136
	25,693	8.23		10/25/42	¹		27,102
	115	8.50		1/25/25			114
	155,928	8.50		6/25/30			165,391
	8,300	21.05		3/25/39	¹		10,775

							39,417,938
	Government National Mortgage Association -38.2%
	2,088,538	4.77		5/20/51	¹		2,006,975
	2,136,392	4.79		5/20/51	¹		2,058,864
	4,624,752	4.83		8/20/51	¹		4,425,379
	1,953,763	5.00		8/20/48			1,928,975
	3,739,606	5.00		1/20/51			3,648,023
	6,691,350	5.00		2/20/51			6,366,443
	991,845	5.00		6/20/52			975,705
	992,455	5.50		12/20/49			982,416
	1,699,299	5.50		11/20/50			1,719,340
	3,506,074	5.50		12/20/50			3,525,245
	2,948,284	5.50		1/20/51			3,019,190
	1,664,971	5.50		4/20/51			1,687,070
	12,247,777	5.50		5/20/51			12,338,094
	12,571,136	5.50		6/20/51			12,540,010
	14,702,912	5.50		7/20/51			14,716,006
	461,496	5.50		10/20/51			464,904
	1,645,458	5.50		12/20/51			1,643,766
	7,100,937	5.86		2/20/51	¹		7,244,776
	284,611	6.00		12/20/35			290,923
	174,904	6.00		3/20/42			178,928
	248,801	6.00		3/20/48			248,740
	1,288,719	6.00		3/20/49			1,285,648
	378,341	6.00		5/20/49			384,201


Principal Amount ($)		Coupon Rate (%)	Maturity Date			Fair Value ($)

	2,005,353	6.50		8/20/48			2,028,865
	872,118	6.50		10/20/48			911,199
	818,968	6.50		1/20/49			848,715
	708,612	7.00		11/20/48			728,980
	301,919	7.05		2/20/45	¹		315,528

							88,512,908

	Vendee Mortgage Trust - 0.2%
	396,721	6.48		7/15/30	¹		400,381

							400,381

	Total Collateralized Mortgage Obligations						159,729,115
	(cost: $173,815,027)

	Asset-Backed Securities - 0.7%

	Federal Home Loan Mortgage Corporation - 0.1%
	217	6.09		9/25/29	¹		210
	289,398	7.16		7/25/29			290,256

							290,466

	Federal National Mortgage Association - 0.6%
	302,495	4.44		9/26/33	¹⁴		290,091
	69,811	4.86		10/25/33	¹⁴		69,713
		SOFRRATE 30 Day
	5,545	Average + 0.28%, 5.62		11/25/32	¹		5,420
	1,022,668	5.75		2/25/33	¹⁴		1,014,660
	623	6.00		5/25/32	¹⁴		606
	563	7.36		6/25/26	¹		561

							1,381,051

	Total Asset-Backed Securities						1,671,517
	(cost: $1,723,540)

	Put Options Purchased ¹⁹- 0.2%						319,289
	(cost: $537,237)
Quantity		Name of Issuer				Fair Value ($)

	Short-Term Securities - 1.3%
	3,048,140	Fidelity Inst. Money Mkt. Gvt. Fund, 5.25%					3,048,140

	(cost: $3,048,140)

	Total Investments in Securities - 99.7%
	(cost: $247,114,016)						231,065,621

	Other Assets and Liabilities - 0.3%						689,189

	Net Assets - 100.0%					$	231,754,810

Variable rate security. Rate disclosed is as of June 30, 2024. 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 June 30, 2024.

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

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2024

Sit U.S. Government Securities Fund (Continued)

¹⁹ Options outstanding as of June 30, 2024 were as follows:

Description

Contracts

Exercise
Price ($)

Expiration
Date

Counterparty

Notional
Amount ($)

Cost/
Premiums ($)

Value ($)

Put Options Purchased - U.S. Treasury Futures:

5-Year

717

106.00

August 2024

StoneX Financial, Inc.

76,002,000

537,237

319,289

A summary of the levels for the Fund’s investments as of June 30, 2024 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		—		60,978,183	—		60,978,183
U.S. Treasury / Federal Agency Securities		—		5,319,377	—		5,319,377
Collateralized Mortgage Obligations		—		159,729,115	—		159,729,115
Asset-Backed Securities		—		1,671,517	—		1,671,517
Put Options Purchased		319,289		—	—		319,289
Short-Term Securities		3,048,140		—	—		3,048,140
Total:		3,367,429		227,698,192	—		231,065,621

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.


JUNE 30, 2024		3

Sit U.S. Government Securities Fund (SNGVX) NPORT-PSit U S Government Securities Fund Inc (Jun 2024 report)