Sit U.S. Government Securities Fund (SNGVX) NPORT-P Sit U S Government Securities Fund Inc (Dec 2024 report)

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit U.S. Government Securities Fund

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair  Value ($)
Mortgage Pass-Through Securities - 23.8%
Federal Home Loan Mortgage Corporation - 7.4%
225,221	2.00		8/1/41			187,683
991,990	4.50		7/1/52			937,135
296,902	5.00		7/1/35			294,768
298,265	5.00		5/1/42			294,198
458,315	5.50		9/1/52			455,015
42,278	5.82		10/1/37			43,449
3,908,132	6.00		11/1/38			3,973,350
334,135	6.00		6/1/52			338,284
778,757	6.00		2/1/54			774,334
1,892,448	6.50		11/1/53			1,932,985
76,590	6.88		2/17/31			77,945
2,072,151	7.00		10/1/37			2,158,588
1,193,346	7.00		10/1/38			1,244,464
1,093,876	7.00		3/1/39			1,161,574
1,809,620	7.00		11/1/53			1,876,823
42,098	8.50		3/1/31			44,022
1,255	9.00		5/1/31			1,263
						15,795,880
Federal National Mortgage Association - 7.2%
172,384	3.50		10/1/34			163,950
4,514,914	4.50		7/1/52			4,248,471
4,733,104	4.50		9/1/52			4,459,245
338,019	5.00		6/1/51			344,279
1,794,104	5.00		7/1/52			1,716,201
703,701	5.93		5/1/35			701,460
50,181	6.00		5/1/37			51,233
37,746	6.00		9/1/37			37,705
1,744,818	6.00		2/1/54			1,737,043
12,151	6.50		8/1/34			12,287
1,408,415	6.50		10/1/53			1,427,492
56,697	7.00		7/1/33			57,327
9,440	7.00		12/1/37			9,508
418,464	7.00		9/1/47			410,789
64,327	7.50		1/1/34			65,995
38,131	8.00		11/1/37			38,476
1,831	8.07		7/20/30			1,833
20,420	8.17		11/15/31			20,961
8,285	9.00		5/15/28			8,283
14,008	9.00		7/1/31			14,018
						15,526,556
Government National Mortgage Association - 9.2%
394,604	5.00		7/20/49			385,041
8,533	5.50		9/15/25			8,536
317,019	5.50		5/20/40			322,246
656,433	5.50		7/20/62			646,816
7,109,042	5.50		8/20/62			7,004,885
219,684	6.00		7/20/29			224,302
298,887	6.00		10/20/32			306,959
332,125	6.00		8/20/38			345,223
986,288	6.00		1/20/39			1,034,073
123,974	6.00		2/20/47			128,844
1,455,666	6.00		7/20/47			1,512,853
5,044,899	6.00		8/20/62			5,038,634
7,245	6.50		12/20/38			7,153
119,461	6.50		1/20/39			121,910
145,406	6.50		6/20/39			150,776
332,560	6.50		8/20/39			349,671

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair  Value ($)
148,272	6.50		4/20/43			153,015
858,624	7.00		12/20/52			883,358
169,889	7.50		4/15/34			174,519
782,263	8.00		10/20/48			802,749
236,768	8.00		10/20/53			242,992
						19,844,555
Total Mortgage Pass-Through Securities						51,166,991
(cost: $52,374,366)
U.S. Treasury / Federal Agency Securities - 4.0%
U.S. Treasury Bonds:
500,000	3.50		9/30/29			481,035
2,850,000	3.63		2/15/53			2,319,522
2,300,000	4.13		3/31/29			2,277,090
3,000,000	4.25		11/15/34			2,922,656
600,000	4.38		5/15/34			590,906
Total U.S. Treasury / Federal Agency Securities						8,591,209
(cost: $9,018,827)
Collateralized Mortgage Obligations - 70.3%
Federal Home Loan Mortgage Corporation - 14.6%
704,762	4.69		7/25/32	1		645,599
1,244,526	5.00		10/25/48			1,238,365
1,537,555	5.00		2/25/51			1,473,139
2,126,479	5.00		4/25/52			2,091,327
5,006,808	5.00		11/25/50	1		4,736,523
1,379,847	5.50		6/25/48			1,392,862
1,986,424	5.50		11/25/50			2,009,502
4,341,019	5.50		6/25/51			4,300,711
424,789	6.00		4/15/30			433,274
616,856	6.00		6/15/37			640,574
846,625	6.00		9/15/42			848,900
2,460,327	6.00		9/25/52			2,501,399
247,976	6.50		6/25/32			246,701
204,826	6.50		8/15/39			214,719
780,035	6.50		2/25/43			774,924
756,102	6.50		10/25/43			757,679
1,434,365	6.50		8/15/45			1,532,744
600,000	7.00		12/15/40			644,459
1,419,270	7.00		3/25/43			1,483,188
1,985,480	7.00		7/25/43			2,051,499
907,514	7.00		3/15/49			948,453
507,835	7.50		9/25/43			516,904
						31,483,445
Federal National Mortgage Association - 17.5%
1,633,838	5.00		7/25/33			1,594,975
2,992,777	5.00		11/25/50			2,857,787
3,274,105	5.00		12/25/50			3,209,616
370,389	5.00		1/25/51			361,121
1,661,221	5.16		12/25/42	1		1,638,810
1,587,680	5.25		8/25/49			1,592,954
380,415	5.36		6/25/42			383,728
545,725	5.50		6/25/40			547,407
825,075	5.50		1/25/49			832,056
1,215,296	5.62		11/25/33			1,199,262
223,221	5.75		8/25/33			222,402
83,961	6.00		11/25/32			86,129
452,306	6.00		9/25/35			467,941
459,320	6.00		10/25/36			473,508
1,158,305	6.00		11/25/43			1,176,050

DECEMBER 31, 2024 1

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit U.S. Government Securities Fund (Continued)

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair  Value ($)
1,540,498	6.00		6/25/44			1,566,152
405,753	6.00		8/25/44			411,963
617,025	6.00		2/25/48			634,944
1,450,000	6.00		10/25/53			1,500,144
1,879,823	6.50		11/25/41			1,898,856
1,032,821	6.50		7/25/42			1,061,104
1,840,263	6.50		12/25/43			1,865,296
804,844	6.54		9/25/37	1		784,964
284,460	6.65		8/25/37	1		279,890
280,198	6.75		4/25/37			278,565
775,070	7.00		12/25/33			801,033
637,068	7.00		6/19/41	1		649,925
911,258	7.00		12/25/41			939,654
633,087	7.00		7/25/42			653,352
518,422	7.00		2/25/44			532,435
623,827	7.00		4/25/49			651,884
238,074	7.50		10/25/40			239,638
790,730	7.50		11/25/40			785,777
875,680	7.50		7/25/41			885,792
281,300	7.50		1/25/42			291,310
505,105	7.50		5/25/42			531,054
593,249	7.50		2/25/44			608,147
375,688	7.50		5/25/44			395,341
2,394,620	7.50		1/25/48			2,511,687
23,484	8.41		10/25/42	1		24,979
138,317	8.50		6/25/30			147,392
8,033	19.74		3/25/39	1		10,274
						37,585,298
Government National Mortgage Association - 38.0%
2,022,177	4.75		5/20/51	1		1,907,821
2,068,510	4.77		5/20/51	1		1,955,423
4,461,340	4.83		8/20/51	1		4,232,106
1,294,201	5.00		8/20/48			1,286,289
3,616,014	5.00		1/20/51			3,502,928
6,330,368	5.00		2/20/51			6,115,312
724,825	5.00		6/20/52			721,708
957,375	5.50		12/20/49			959,160
3,374,650	5.50		12/20/50			3,368,353
2,827,533	5.50		1/20/51			2,817,441
1,607,613	5.50		4/20/51			1,617,121
11,796,106	5.50		5/20/51			11,794,230
12,011,634	5.50		6/20/51			11,911,812
14,236,126	5.50		7/20/51			14,159,459
448,052	5.50		10/20/51			448,072
1,423,171	5.50		12/20/51			1,442,723
6,810,107	5.88		2/20/51	1		6,835,525
261,124	6.00		12/20/35			268,653
158,485	6.00		3/20/42			163,167
221,102	6.00		3/20/48			223,430
1,236,168	6.00		3/20/49			1,230,554
374,470	6.00		5/20/49			378,011
1,896,624	6.50		8/20/48			1,907,518
827,042	6.50		10/20/48			858,672
810,364	6.50		1/20/49			840,908
674,054	7.00		11/20/48			691,382
283,241	7.06		2/20/45	1		296,667
						81,934,445

Principal Amount ($)	Coupon Rate (%)	Maturity Date			Fair  Value ($)
Vendee Mortgage Trust - 0.2%
361,863	6.44		7/15/30	1		367,287
						367,287
Total Collateralized Mortgage Obligations						151,370,475
(cost: $164,665,074)
Asset-Backed Securities - 0.7%
Federal Home Loan Mortgage Corporation - 0.1%
174	6.09		9/25/29	1		169
246,794	7.16		7/25/29			249,311
						249,480
Federal National Mortgage Association - 0.6%
269,353	4.36		9/26/33	14		261,629
5,327	SOFRRATE 30 Day Average + 0.28%, 4.85		11/25/32	1		5,210
65,627	4.87		10/25/33	14		65,813
934,390	5.74		2/25/33	14		931,983
480	6.00		5/25/32	14		482
316	7.36		6/25/26	1		317
						1,265,434
Total Asset-Backed Securities						1,514,914
(cost: $1,548,623)
Put Options Purchased 19 - 0.0%						90,031
(cost: $117,400)
Quantity	Name of Issuer				Fair   Value ($)
Short-Term Securities - 0.9%
1,874,824	Fidelity Inst. Money Mkt. Gvt. Fund, 4.42%					1,874,824
(cost: $1,874,824)
Total Investments in Securities - 99.7% (cost: $229,599,114)						214,608,444
Other Assets and Liabilities - 0.3%						681,776
Net Assets - 100.0%					$	215,290,220

¹  Variable rate security. Rate disclosed is as of December 31, 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 December 31, 2024.

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

2

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2024

Sit U.S. Government Securities Fund (Continued)

¹⁹ Options outstanding as of December 31, 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

172

106.00

February 2025

StoneX Financial, Inc.

18,232,000

117,400

90,031

A summary of the levels for the Fund’s investments as of December 31, 2024 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		—			51,166,991			—		51,166,991
U.S. Treasury / Federal Agency Securities		—			8,591,209			—		8,591,209
Collateralized Mortgage Obligations		—			151,370,475			—		151,370,475
Asset-Backed Securities		—			1,514,914			—		1,514,914
Put Options Purchased		90,031			—			—		90,031
Short-Term Securities		1,874,824			—			—		1,874,824
Total:		1,964,855			212,643,589			—		214,608,444

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, 2024 3