# EDGAR Filing Document

**Accession Number:** 0000809981
**File Stem:** 0001193125-25-168634
**Filing Date:** 2025-7
**Character Count:** 21936
**Document Hash:** fb03dd41f93809b719f12e1acae196a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-168634.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001193125-25-168634

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT U S GOVERNMENT SECURITIES FUND INC
- **CENTRAL INDEX KEY:** 0000809981

**ORGANIZATION NAME:**
- **EIN:** 411570831
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-11549
- **FILM NUMBER:** 251163964

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR 80 S 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123323223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CENTER, 80 SOUTH EIGHTH  ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING U S GOVERNMENT SECURITIES FUND INC
- **DATE OF NAME CHANGE:** 19870601

## Series and Classes Contracts Data

### SIT U S GOVERNMENT SECURITIES FUND INC (Series ID: S000011654)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000032004 | Sit U.S. Government Securities Fund - Class S | SNGVX           |
| C000217198 | Sit U.S. Government Securities Fund - Class Y | SNGYX           |

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| | |
|:---|:---|
| **SUMMARY PROSPECTUS**<br> AUGUST 1, 2025 | ![LOGO](g44624g12g80.jpg) |

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| | |
|:---|:---|
| **Sit U.S. Government Securities Fund** | TRADING SYMBOLS: SNGVX, SNGYX |

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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund online at www.sitfunds.com/open/documents.php. You can also get this information at no cost by calling 800-332-5580 or by sending an email request to info@sitinvest.com. If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the prospectus will also be available from your financial intermediary. The Fund's prospectus and statement of additional information (SAI), both dated August 1, 2025, are incorporated by reference into this summary prospectus and may be obtained at no cost online at the website, phone number, or email address listed above.

**INVESTMENT OBJECTIVE** 

The Sit U.S. Government Securities Fund (the "Fund") seeks high current income and safety of principal.

**FEES AND EXPENSES OF THE FUND** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or the examples below.

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| | | |
|:---|:---|:---|
| | Class S | Class Y |
|  **Shareholder Fees** *(fees paid directly from your investment)*  |  |  |
|  **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 0.80% | 0.55% |
|  Total Annual Fund Operating Expenses | 0.80% | 0.55% |

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**Example** 

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in Class S shares of the Fund and $1,000,000 in Class Y shares of the Fund for the time periods indicated, that your investment has a 5% return each year, that the Fund's operating expenses remain the same, and that you redeem all of your shares at the end of those periods. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <u>1 Year</u> | <u>3 Years</u> | <u>5 Years</u> | <u>10 Years</u> |
| &nbsp;&nbsp; Class S | $82 | $256 | $446 | $993 |
| &nbsp;&nbsp; Class Y | $5638 | $17674 | $30802 | $69070 |

---

**PORTFOLIO TURNOVER** 

The Fund pays transactions costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25.55% of the average value of the portfolio.

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*Summary — Sit U.S. Government Securities Fund* 

**PRINCIPAL INVESTMENT STRATEGIES** 

The Fund seeks to achieve its objective by investing exclusively in U.S. government securities, which are securities issued, guaranteed or insured by the U.S. government, its agencies or instrumentalities.

The Fund invests a substantial portion of its assets in pass-through securities. Pass-through securities are formed when mortgages or other debt instruments are pooled together and undivided interests in the pool are sold to investors, such as the Fund. Pass-through securities in which the Fund invests include mortgage-backed securities such as those issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). GNMA is an agency of the U.S. government and its securities are backed by the full faith and credit of the U.S. government. FNMA and FHLMC are U.S. government sponsored enterprises and their securities are backed by their credit. Other types of U.S. government securities in which the Fund may invest include U.S. Treasury securities, U.S. government agency collateralized mortgage obligations and other U.S. government agency securities.

In selecting securities for the Fund, Sit Investment Associates, Inc. (the "Adviser") seeks securities providing high current income relative to yields currently available in the market. In making purchase and sales decisions for the Fund, the Adviser considers its economic outlook and interest rate forecast, as well as its evaluation of a security's prepayment risk, yield, maturity, and liquidity.

The Adviser attempts to maintain an average effective duration for the portfolio of approximately 0 to 5 years. Duration is a measure of total price sensitivity relative to changes in interest rates. For example, if interest rates rise by 1%, the market value of a security with an effective duration of 3 years would decrease by 3%, with all other factors being constant. Portfolios with longer durations are typically more sensitive to changes in interest rates. The Adviser may hedge the Fund's duration by investing in interest rate futures and options, but not in excess of 5% of the Fund's net assets.

The Fund's dollar-weighted average maturity will, under normal market conditions, range between 15 and 25 years. However, since the Fund's securities are subject to various types of call provisions which make their expected average lives shorter than their stated maturity dates, the Adviser believes that the Fund's average effective duration is a more accurate measure of the Fund's price sensitivity to changes in interest rates than the Fund's dollar-weighted average maturity.

**PRINCIPAL INVESTMENT RISKS** 

As with all mutual funds investing in bonds, the price and yield of the Fund may change daily due to interest rate changes and other factors. You could lose money by investing in the Fund.

The principal risks of investing in the Fund are listed below. Different risks may be more significant at different times, depending on market conditions or other factors.

&nbsp;&nbsp;&nbsp;&nbsp;› Interest Rate Risk: The value of fixed income securities fluctuates as a result of the inverse relationship
between the market value of outstanding fixed income securities and changes in interest rates. An increase in interest rates will generally reduce the market value of fixed income investments and a decline in interest rates will tend to increase
their value. The Fund may face a heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a quantitative easing program and/or changes rates. A changing interest
rate environment increases certain risks, including the potential for periods of volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).

&nbsp;&nbsp;&nbsp;&nbsp;› Income Risk: Income received from the Fund may vary widely over the short- and long-term and/or be less than
anticipated if the proceeds from maturing securities in the Fund are reinvested in lower-yielding securities.

&nbsp;&nbsp;&nbsp;&nbsp;› Prepayment and Extension Risk: 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 will likely be reinvested at interest rates lower than the original investment, thus resulting in a reduction of income to
the Fund. Likewise, 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.

&nbsp;&nbsp;&nbsp;&nbsp;› Credit Risk: The issuers or guarantors of securities (including U.S. government agencies and instrumentalities
issuing securities

------

 *Summary — Sit U.S. Government Securities Fund* 

that are not guaranteed by the full faith and credit of the U.S. government) owned by the Fund may default on the payment of principal or interest, or the other party to a contract may default on its obligations to the Fund, causing the value of the Fund to decrease.

&nbsp;&nbsp;&nbsp;&nbsp;› Market Risk: The market value of securities may fall, sometimes rapidly and unpredictably. These declines may
be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the market(s) generally. Local, regional or global events such as war, acts of terrorism,
other armed conflicts, tariffs, the spread of infectious illness, epidemics or other public health issues, recessions, market instability, or other events could have a significant impact on the Fund and its investments and potentially increase the
risks described herein.

&nbsp;&nbsp;&nbsp;&nbsp;› Liquidity Risk: The reduction in market making capacity and other market events has the potential to decrease
liquidity and increase price volatility in the fixed income markets in which the Fund invests, particularly during periods of economic or market stress. As a result of this decreased liquidity, the Fund may have to accept a lower price to sell a
security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds to meet shareholder redemption requests or to raise cash,
those sales could further reduce the bonds' prices and hurt performance.

&nbsp;&nbsp;&nbsp;&nbsp;› Reinvestment Risk: Income from the Fund's debt securities portfolio will decline if and when the Fund
invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;› Valuation Risk: The Fund may hold securities for which prices from pricing services may be unavailable or are
deemed unreliable, in which case the Fund's procedures for valuing investments provide that the Adviser shall use the fair value of such securities for valuing investments. There is a risk that the fair value determined by the Adviser or the
price determined by the pricing service may be different than the actual sale prices of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;› U.S. Government Securities Risk: Securities purchased by the Fund issued by the Federal National Mortgage
Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. There is a risk that the U.S. government
will not provide financial support to U.S. government agencies or instrumentalities if it is not obligated to do so by law.

&nbsp;&nbsp;&nbsp;&nbsp;› Mortgage-Backed Securities Risk: The value of the Fund's mortgage-backed securities may be affected by
factors including changes in interest rates, the market value of the underlying assets, and the creditworthiness of the issuer or entities that provide credit enhancements. Mortgage-backed securities are subject to prepayment risk, and the impact of
prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility.

&nbsp;&nbsp;&nbsp;&nbsp;› Derivatives Risk: The Fund may incur losses from its investments in options, futures, and options on futures.
Investments in such derivative instruments may result in losses exceeding the amounts invested. The Fund may use derivatives for hedging purposes. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or
to sudden fluctuations in market prices and thus the Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. Derivatives can be illiquid and difficult to value. A derivative transaction also
involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments.

&nbsp;&nbsp;&nbsp;&nbsp;› Investment Company Risk: To the extent that the Fund invests in shares of another investment company, it will
indirectly absorb its pro rata share of such investment company's operating expenses, including investment advisory and administrative fees, which will reduce the Fund's return on such investment relative to investment alternatives that do
not include such expenses. In addition, the ability of the Fund to achieve its investment objective will partially depend upon the ability of the acquired fund to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;› Management Risk: A strategy used by the investment management team may not produce the intended results.

&nbsp;&nbsp;&nbsp;&nbsp;› Temporary Investment Risk: The Fund may hold cash and/or invest all or a portion of its assets in short-term
obligations in response to adverse market, economic or other conditions when the investment management team believes that it is in the best interest of the Fund to pursue such a defensive strategy. The Fund may not achieve its investment objective
when it holds cash or invests its assets in short-term obligations.

&nbsp;&nbsp;&nbsp;&nbsp;› Cybersecurity Risk: Cybersecurity breaches may allow an unauthorized party to gain access to Fund assets,
shareholder data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality. The issuers of securities in which the Fund invests are also subject to cybersecurity risks,
and the value of these securities could decline if the issuers experience cyber attacks or other cybersecurity breaches.

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*Summary — Sit U.S. Government Securities Fund* 

**HISTORICAL PERFORMANCE** 

The following tables provide information on the Fund's volatility and performance. The Fund's past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year for Class S shares.

The table below compares the Fund's performance over different time periods to that of a broad-based securities market index and a more narrowly-based index that reflects the market sectors in which the Fund invests (each, an "Index"). The table includes returns both before and after taxes. After-tax returns are calculated using historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class S shares only. After-tax returns for Class Y shares will differ.

The performance information reflects Fund expenses, and assumes that all distributions have been reinvested. Each Index is an unmanaged index, has no expenses, and it is not possible to invest directly in an index. Updated performance information is available at www.sitfunds.com or by calling 800-332-5580.

**Annual Total Returns for calendar years ended December 31 (Class S)**![LOGO](g44624g00a04.jpg)

The Fund's year-to-date return as of 6/30/25 (not annualized) was 4.12%.

Best Quarter: 4.35% (4Q23)

Worst Quarter: -2.98% (3Q22)

**Average Annual Total Returns for periods ended December 31, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Sit U.S. Government Securities Fund** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Return before taxes (inception 6/2/87) | 2.40% | 0.72% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Return after taxes on distributions | 0.85% | (0.22)% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S Return after taxes on distributions and sale of Fund shares\* | 1.41% | 0.15% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Y Return before taxes (inception 1/1/20) | 2.77% | 0.97 | N/A |
|  Bloomberg U.S. Aggregate Bond Index<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |
|  Bloomberg Intermediate Government Bond Index<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 2.44% | 0.49% | 1.24% |

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<sup>(1)</sup> A broad-based securities market index that represents the overall domestic debt markets. Effective June 30, 2024, and pursuant to regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the Bloomberg Intermediate Government Bond Index as the Fund's primary performance benchmark to represent a broad-based securities market index. The Fund continues to use the Bloomberg Intermediate Government Bond Index as an additional performance benchmark. 

<sup>(2)</sup> A more narrowly-based index that reflects the market sectors in which the Fund invests.

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*Summary — Sit U.S. Government Securities Fund* 

**INVESTMENT ADVISER AND PORTFOLIO MANAGERS** 

Sit Investment Associates, Inc. serves as the Fund's investment adviser. The Fund's investment decisions are made by a team of portfolio managers and analysts who are jointly responsible for the day-to-day management of the Fund.

The primary portfolio managers of the Fund are:

**Bryce A. Doty,** Senior Vice President and Senior Portfolio Manager, has served as a portfolio manager of the Fund since 1995.

**Mark H. Book,** Vice President and Portfolio Manager, has served as a portfolio manager of the Fund since 2002.

**Christopher M. Rasmussen,** Vice President and Portfolio Manager, has served as a portfolio manager of the Fund since August 2025. **Andrew J. Tich,** Vice President - Investment Research, has served as a portfolio manager of the Fund since August 2025.

**PURCHASE AND SALE OF FUND SHARES** 

The minimum initial investment for Class S shares of the Fund is $5,000, and the minimum initial investment for Class Y shares of the Fund is $1,000,000. The minimum subsequent investment for either share class is $100. The Fund's shares are redeemable. In general, you may buy or redeem shares of the Fund on any business day by mail (Sit Mutual Funds, P.O. Box 534459, Pittsburgh, PA 15253-4459), by phone (1-800-332-5580), or online if your account has online privileges (www.sitfunds.com).

For additional information, please see "Buying and Selling Shares" in the Prospectus.

**TAX INFORMATION** 

The Fund's distributions will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account.

Distributions paid from any interest income and from any short-term or long-term capital gains will be taxable whether you reinvest those distributions or receive them in cash. Distributions paid from a Fund's net long-term capital gains, if any, are generally taxable to you as long-term capital gains, regardless of how long you have held your shares.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES** 

If you purchase the Fund's shares through a broker-dealer or other financial intermediary (such as a bank or financial adviser), the financial intermediary may impose account charges. The Fund and its related companies may also pay that intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary to recommend the Fund over another investment. Ask your intermediary or visit your intermediary's website for more information.

SNGVX-SNGYX Sum Pro 8-1-25