Sit U.S. Government Securities Fund

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Ticker: SNGVX

Information reported as of March 31, 2019

Duration (%)

U.S. Government Securities Yield
30-Day SEC Yield	3.39%








Dividend Growth Yield
	30-Day SEC Yield
I Share	1.87
S Share	1.63






Global Dividend Growth Yield
	30-Day SEC Yield
I Share	1.82
S Share	1.57






Quality Income Yield
30-Day SEC Yield	2.19%








Small Cap Dividend Growth Yield
	30-Day SEC Yield
Class I	1.61
Class S	1.36
























































Tax-Free Income Equivalent Yield
30-Day SEC Yield	2.67
38.8% Tax Rate	4.36
40.8% Tax Rate	4.51






Minnesota Tax-Free Income Equivalent Yield
30-Day SEC Yield	2.60
44.83% Tax Rate	5.06
46.63% Tax Rate	5.27






















































































U.S. Government Securities Duration
0-1 Year	2.9
1-5 Years	93.7
5-10 Years	2.6
10-20 Years	0.0
20+ Years	0.8




Tax-Free Income Duration
Average Maturity:	Duration to Estimated Average Life:
18 Years	4.3 Years







Minnesota Tax-Free Income Duration
Average Maturity:	Duration to Estimated Average Life:
15.9 Years	4.7 Years







Quality Income Duration
Average Maturity	Effective Duration
9.7 Years	1.1 Years

Sector Allocation (%)

Click on chart segments for detailed information.

Mid Cap Growth Details

Inception Date:	9/2/82
Fund Assets (Millions):	$162.0

Wtd. Avg. Market Cap (Billions):	$24.6
Median Market Cap (Billions):	$11.8

Ticker:	NBNGX
CUSIP:	829796‑10‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.25%












Large Cap Growth Details

Inception Date:	9/2/82
Fund Assets (Millions):	$114.3

Wtd. Avg. Market Cap (Billions):	$279.5
Median Market Cap (Billions):	$78.5

Ticker:	SNIGX
CUSIP:	829797‑10‑9
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.00%












U.S. Government Securities Details

Fund Assets (Millions):	$427.3

Average Maturity:	18.1 Years
Effective Duration:	3.1 Years

Ticker:	SNGVX
CUSIP:	829800‑10‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.80%













Tax-Free Income Details
Inception Date:	9/29/88
Fund Assets (Millions):	$247.4

Average Maturity:	18 Years
Duration to Est. Avg. Life:	4.3 Years

Ticker:	SNTIX
CUSIP:	829799‑10‑5
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.80%













International Growth Details
Inception Date:	11/1/91
Fund Assets (Millions):	$22.1

Wtd. Avg. Market Cap (Billions):	$82.2
Median Market Cap (Billions):	$45.8

Ticker:	SNGRX
CUSIP:	82980D‑10‑3
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.50%













Minnesota Tax-Free Income Details
Inception Date	12/1/93
Fund Assets	$617.8M

Average Maturity	15.9 Years
Duration (Avg. Life)	4.7 Years

Ticker	SMTFX
CUSIP	82979K‑10‑0

Minimum Investment	$5,000
Minimum IRA Investment	$2,000

Expense Ratio	0.80%











Balanced Details
Inception Date:	12/31/93
Fund Assets (Millions):	$33.9

Ticker:	SIBAX
CUSIP:	82980D‑20‑2
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.00%
















Small Cap Growth Details
Inception Date:	7/1/94
Fund Assets (Millions):	$95.8

Wtd. Avg. Market Cap (Billions):	N/A
Median Market Cap (Billions):	$4.6

Ticker:	SSMGX
CUSIP:	82980D‑30‑1
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.50%













Developing Markets Growth Details
Inception Date:	7/1/94
Fund Assets (Millions):	$10.4

Wtd. Avg. Market Cap (Billions):	$96.7
Median Market Cap (Billions):	$19.6

Ticker:	SDMGX
CUSIP:	82980D‑40‑0
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	1.40%













Dividend Growth Details
Inception Dates
I Class	12/31/03
S Class	3/31/06
Fund Assets
I Class	$222.9M
S Class	$41.9M
Tickers
I Class	SDVGX
S Class	SDVSX
CUSIP Numbers
I Class	82980D‑70‑7
S Class	82980D‑80‑6
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	0.70%
S Class	0.95%



Global Dividend Growth Details
Inception Dates
I Class	9/30/08
S Class	9/30/08
Fund Assets
I Class	$29.4M
S Class	$3.1M
Tickers
I Class	GDGIX
S Class	GDGSX
CUSIP Numbers
I Class	82980D‑88‑9
S Class	82980D‑87‑1
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%



Quality Income Details
Inception Date:	12/31/12
Fund Assets (Millions):	$82.3

Average Maturity:	9.7 Years
Effective Duration:	1.1 Years

Ticker:	SQIFX
CUSIP:	82979K‑50‑6
Minimum Investment Amount:	$5,000
Minimum IRA Investment Amount:	$2,000
Expense Ratio:	0.90%













Small Cap Dividend Growth Details
Inception Dates	3/31/15
Fund Assets
I Class	$12.3M
S Class	$3.7M
Tickers
I Class	SSCDX
S Class	SDFSX
CUSIP Numbers
I Class	82980D‑86‑3
S Class	82980D‑85‑5
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%





ESG Growth Details
Inception Dates	6/30/16
Fund Assets
I Class	$3.2M
S Class	$2.8M
Tickers
I Class	IESGX
S Class	SESGX
CUSIP Numbers
I Class	82980D‑84‑8
S Class	82980D‑83‑0
Minimum Investment Amounts
I Class	$100,000
S Class	$5,000
Minimum IRA Investment Amount
I Class	$100,000
S Class	$2,000
Expense Ratios
I Class	1.00%
S Class	1.25%























































Mid Cap Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Mid Cap Growth Fund	17.70	8.05
Russell Midcap^® Growth Index	19.62	11.51





Large Cap Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Large Cap Growth Fund	14.50	9.32
Russell 1000^® Growth Index	16.10	12.75





U.S. Government Securities Returns
		Annualized Returns
	Three Month	One Year
Sit U.S. Government Securities Fund	1.25	3.31
Bloomberg Barclays Intermediate Government Index	1.58	3.79





Tax-Free Income Returns
		Annualized Returns
	Three Month	One Year
Sit Tax-Free income Fund	2.85	3.67
Bloomberg Barclays 5-Yr Municipal Bond Index	2.11	4.42





International Growth Returns
		Annualized Returns
	Three Month	One Year
Sit International Growth Fund	13.12	-3.62
Morgan Stanley EAFE Index	9.98	-3.71





Minnesota Tax-Free Income Returns
		Annualized Returns
	Three Month	One Year
Sit MN Tax-Free Income Fund	2.60	4.15
Bloomberg Barclays 5-yr Muni Bond Index	2.11	4.42





Balanced Returns
		Annualized Returns
	Three Month	One Year
Sit Balanced Fund	8.92	5.68
S&P 500^® Index	13.65	9.50
Bloomberg Barclays Aggregate Bond Index	2.94	4.48




Small Cap Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Small Cap Growth Fund	17.78	5.03
Russell 2000^® Growth Index	17.14	3.85





Developing Markets Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Developing Markets Growth Fund	12.28	-8.28
MSCI Emerging Markets Index	9.57	-9.63





Dividend Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Dividend Growth Fund Class I	11.79	5.83
S&P 500^® Index	13.65	9.50
Sit Dividend Growth Fund Class S	11.77	5.64
S&P 500^® Index	13.65	9.50



Global Dividend Returns
		Annualized Returns
	Three Month	One Year
Sit Global Dividend Growth Fund Class I	10.76	4.15
Sit Global Dividend Growth Fund Class S	10.69	3.81
MSCI World Index	12.48	4.01




Quality Income Returns
		Annualized Returns
	Three Month	One Year
Sit Quality Income Fund	1.13	2.17
Bloomberg Barclays U.S. 1-3 Year Gov't/Credit Index	1.21	3.03





Small Cap Dividend Growth Returns
		Annualized Returns
	Three Month	One Year
Sit Small Cap Dividend Growth Fund Class I	13.22	-2.66
Sit Small Cap Dividend Growth Fund Class S	13.12	-2.92
Russell 2000^® Index	14.58	2.05




ESG Growth Returns
	Three Month	One Year
Sit ESG Growth Fund Class I	10.26	4.49
Sit ESG Growth Fund Class S	10.20	4.19
MSCI World Index	12.48	4.01





Mid Cap Growth Sectors
	22.1	Technology Services
	11.4	Electronic Technology
	10.6	Health Technology
	9.2	Finance
	8.7	Producer Manufacturing
	7.3	Consumer Services
	6.3	Retail Trade
	4.2	Industrial Services
	16.6	Sectors less than 4.2%
	3.6	Cash and Other Net Assets









Large Cap Growth Sectors
	28.6	Technology Services
	13.1	Electronic Technology
	9.3	Retail Trade
	8.9	Health Technology
	8.8	Producer Manufacturing
	7.9	Consumer Services
	5.2	Finance
	5.0	Consumer Non-Durables
	12.8	Sectors less than 4%
	0.4	Cash and Other Net Assets









U.S. Government Securities Sectors
	56.2	CMO
	16.0	FNMA Pass-Through
	12.7	GNMA Pass-Through
	6.9	FHLMC Pass-Through
	2.1	Asset-Backed
	2.0	U.S. Treasury/Federal Agy.
	1.2	SBA Pass-Through
	2.9	Cash and Other Net Assets











Tax-Free Income Sectors
	25.9	Single Family Mortgage
	21.0	Multi Family Mortgage
	9.4	Other Revenue
	7.3	Insured
	7.0	Education/Student Loan
	6.1	General Obligation
	5.1	Hospital / Health Care
	3.6	Investment Companies
	8.7	Sectors less than 3%
	5.9	Cash and Other Net Assets









International Growth Sectors
	18.7	Finance
	12.7	Consumer Non-Durables
	10.8	Technology Services
	10.3	Health Technology
	10.0	Producer Manufacturing
	9.0	Electronic Technology
	4.4	Process Industries
	4.3	Energy Minerals
	18.0	Sectors less than 4%
	1.8	Cash & Other Net Assets









Minnesota Tax-Free Income Sectors
	19.4	Multi Family Mortgage
	16.9	Single Family Mortgage
	15.7	Hospital / Health Care
	13.2	Education/Student Loan
	8.7	General Obligation
	5.2	Municipal Lease
	4.5	Other Revenue
	3.5	Utility
	7.6	Sectors less than 3.5%
	5.3	Cash and Other Net Assets









Balanced Sectors
	62.0	Stocks
	35.3	Bonds
	2.7	Cash & Other Net Assets
















Small Cap Growth Sectors
	18.4	Technology Services
	13.6	Health Technology
	9.8	Producer Manufacturing
	9.7	Electronic Technology
	8.7	Consumer Services
	6.5	Finance
	6.2	Industrial Services
	5.3	Consumer Durables
	20.5	Sectors less than 5%
	1.8	Cash and Other Net Assets









Developing Markets Growth Sectors
	23.8	Finance
	14.7	Electronic Technology
	11.9	Retail Trade
	7.8	Technology Services
	7.6	Consumer Services
	7.0	Energy Minerals
	5.8	Health Technology
	4.0	Consumer Non-Durables
	14.9	Sectors less than 4%
	2.5	Cash and Other Net Assets









Dividend Growth Sectors
	15.9	Health Technology
	15.4	Finance
	10.2	Electronic Technology
	8.3	Producer Manufacturing
	7.5	Consumer Non-Durables
	7.0	Technology Services
	6.0	Energy Minerals
	5.1	Retail Trade
	23.5	Sectors less than 5%
	1.1	Cash and Other Net Assets









Global Dividend Growth Sectors
	16.9	Finance
	11.9	Producer Manufacturing
	9.7	Consumer Non-Durables
	9.7	Health Technology
	8.3	Technology Services
	6.4	Process Industries
	6.1	Electronic Technology
	5.8	Consumer Services
	21.2	Sectors less than 5%
	4.0	Cash & Other Net Assets









Quality Income Sectors
	39.0	U.S. Treasury/Federal Agency
	17.4	Corporate Bonds
	11.9	Mortgage Pass-Through (Agy.)
	10.4	Asset-Backed (non-agency)
	9.2	Taxable Municipal
	8.6	CMO (non-agency)
	1.8	Taxable Municipal (Agy-Backed)
	1.7	Cash and Other Net Assets











Small Cap Dividend Growth Sectors
	27.3	Finance
	10.1	Producer Manufacturing
	8.3	Consumer Services
	8.2	Process Industries
	7.3	Electronic Technology
	6.5	Health Technology
	5.8	Commercial Services
	4.1	Utilities
	20.7	Sectors less than 4%
	1.7	Cash and Other Net Assets









ESG Growth Sectors
	15.9	Finance
	10.8	Technology Services
	10.1	Consumer Non-Durables
	9.7	Consumer Services
	9.7	Health Technology
	8.5	Producer Manufacturing
	4.9	Electronic Technology
	4.5	Energy Minerals
	19.3	Sectors less than 4.5%
	6.6	Cash and Other Net Assets









Mid Cap Standard Deviation









Large Cap Standard Deviation









U.S. Government Standard Deviation









Tax-Free Income Standard Deviation









International Growth Standard Deviation









Minnesota Tax-Free Income Standard Deviation









Balanced Standard Deviation
Balanced Fund	6.9
S&P 500® Index	10.8
Bloomberg Barclay Aggregate Bond Index	2.8






Small Cap Growth Standard Deviation

Portfolio Holdings

Complete List of Holdings for the U.S. Government Securities Fund as of March 31, 2019.

Notes

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Fixed-income securities present issuer default risk. Securities held by the Fund may not be backed by the full faith and credit of the United States. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. An increase in interest rates may lower the value of the fixed-income securities held by the Fund. Declining interest rates may compel borrowers to prepay mortgages and debt obligations underlying the mortgage-backed securities owned by the Fund. The proceeds received by the Fund from prepayments may be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to the Fund. Rising interest rates could reduce prepayments and extend the life of securities with lower interest rates, which may increase the sensitivity of the Fund’s value to rising interest rates. There may be limited liquidity for certain fixed-income securities. The Fund may hold securities for which prices from pricing services may be unavailable or are deemed unreliable. More information on these risks considerations, as well as information on other risks to which the Fund is subject such as futures contacts and options, are included in the Fund’s prospectus. The prospectus may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or downloaded from this website. Read the prospectus carefully before investing. Investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Carefully consider the Fund’s investment objectives, risks, charges and expenses before investing.

Fund holdings, sector allocations (as % of market value) and portfolio characteristics may change at any time and are not investment recommendations. The Bloomberg Barclays Intermediate Government Index is a sub-index of the Bloomberg Barclays Government Bond Index covering issues with remaining maturities of between three and five years. The Bloomberg Barclays Government Bond Index is an index that measures the performance of all public U.S. government obligations with remaining maturities of one year or more. The returns include the reinvestment of income and do not include any transaction costs, management fees or other costs. It is not possible to invest directly in an index. Duration is a measure of estimated price sensitivity relative to changes in interest rates. Portfolios with longer durations are typically more sensitive to changes in interest rates. For example, if interest rates rise by 1%, the market value of a security with an effective duration of 5 years would decrease by 5%, with all other factors being constant. The correlation between duration and price sensitivity is greater for securities rates investment-grade than it is for securities rated below investment-grade. Duration estimates are based on assumptions by the Adviser and are subject to a number of limitations. Effective duration is calculated based on historical price changes of securities held by the Fund, and therefore is a more accurate estimate of price sensitivity provided interest rates remain within their historical range.