SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 1981 · corporation

Assets managed$3.5bn
Staff73 · 35 in investment roles
Main clients (by assets)Mutual funds and ETFs 54%, Charities 13%, Private funds 10%
Private funds7 · $234.6m gross assets
Websitesitinvest.com
Form ADV · 2026-06-22SEC adviser record

Legal entitySit Investment Associates, Inc. (US)

Other 13F filers in this group: SIT FIXED INCOME ADVISORS II LLC /ADV files a notice

$5.3bn reported value +7.3% vs Q1 2026

521positions

23.2%in top 10

54 new 155 added 152 reduced 34 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

SIT FIXED INCOME ADVISORS II LLC /ADV – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	819,830	$164.0m3.10%	3.10%	Reduced -4.2k	-4,227 -0.5%
2	BROADCOM INC COM AVGO	AVGO	415,970	$157.1m2.97%	2.97%	Reduced -26.9k	-26,914 -6.1%
3	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	10,962,663	$140.3m2.66%	2.66%	Added +89.0k	+89,025 0.8%
4	APPLE INC COM AAPL	AAPL	448,073	$129.7m2.45%	2.45%	Reduced -18.9k	-18,882 -4.0%
5	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	7,890,277	$127.6m2.41%	2.41%	Added +426.5k	+426,455 5.7%
6	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	11,940,867	$109.5m2.07%	2.07%	Added +1.1m	+1,081,661 10.0%
7	MICROSOFT CORP COM MSFT	MSFT	275,845	$102.9m1.95%	1.95%	Reduced -3.1k	-3,106 -1.1%
8	ALPHABET INC CAP STK CL A GOOGL	GOOGL	287,445	$102.7m1.94%	1.94%	Added +2.2k	+2,153 0.8%
9	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	28,618,942	$99.9m1.89%	1.89%	Added +439.1k	+439,137 1.6%
10	TCW STRATEGIC INCOME FD INC COM TSI	TSI	20,744,061	$93.6m1.77%	1.77%	Added +1.8m	+1,792,742 9.5%
11	DWS MUN INCOME TR COM KTF	KTF	9,781,996	$90.0m1.70%	1.70%	Reduced -111.4k	-111,388 -1.1%
12	APPLIED MATLS INC COM AMAT	AMAT	121,592	$87.9m1.66%	1.66%	Reduced -3.3k	-3,265 -2.6%
13	MFS INTER INCOME TR SH BEN INT SH BEN INT		33,381,994	$82.5m1.56%	1.56%	Added +2.9m	+2,931,118 9.6%
14	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	8,006,717	$75.0m1.42%	1.42%	Added +137.5k	+137,509 1.8%
15	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	22,681,925	$73.3m1.39%	1.39%	Reduced -29.3k	-29,335 -0.1%
16	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	6,991,115	$71.4m1.35%	1.35%	Added +49.3k	+49,254 0.7%
17	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	3,809,746	$60.1m1.14%	1.14%	Added +16.0k	+16,031 0.4%
18	BLACKROCK INCOME TR INC COM NEW BKT	BKT	5,419,312	$58.1m1.10%	1.10%	Added +499.2k	+499,180 10.2%
19	AMAZON COM INC COM AMZN	AMZN	235,687	$56.2m1.06%	1.06%	Reduced -9.1k	-9,092 -3.7%
20	NUVEEN REAL ASSET INCOME & G COM JRI	JRI	4,317,631	$56.0m1.06%	1.06%	Reduced -48.9k	-48,895 -1.1%
21	BLACKROCK MULTI SECTOR INC T COM BIT	BIT	4,333,909	$54.3m1.03%	1.03%	Reduced -347.1k	-347,138 -7.4%
22	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	2,408,758	$45.3m0.86%	0.86%	Reduced -16.4k	-16,426 -0.7%
23	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	3,125,689	$44.9m0.85%	0.85%	Added +21.3k	+21,281 0.7%
24	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	3,252,705	$44.6m0.84%	0.84%	Added +470.3k	+470,293 16.9%
25	ARISTA NETWORKS INC COM SHS ANET	ANET	248,956	$42.3m0.80%	0.80%	Reduced -717	-717 -0.3%
26	LMP CAP & INCOME FD INC COM XSCDX	XSCDX	2,635,988	$41.3m0.78%	0.78%	Reduced -143.8k	-143,845 -5.2%
27	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	3,635,425	$41.1m0.78%	0.78%	Added +882.3k	+882,292 32.0%
28	META PLATFORMS INC CL A META	META	70,989	$40.0m0.76%	0.76%	Reduced -2.1k	-2,101 -2.9%
29	BROOKFIELD REAL ASSETS INCOM SHS BEN INT RA	RA	3,062,517	$39.4m0.75%	0.75%	Added +207.3k	+207,281 7.3%
30	ELI LILLY & CO COM LLY	LLY	32,822	$39.4m0.75%	0.75%	Reduced -1.5k	-1,471 -4.3%
31	CHUBB LIMITED COM CB	CB	111,885	$38.1m0.72%	0.72%	Unchanged
32	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	4,388,421	$37.6m0.71%	0.71%	Reduced -838.9k	-838,900 -16.1%
33	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	3,356,948	$37.0m0.70%	0.70%	Added +163.2k	+163,152 5.1%
34	UNITEDHEALTH GROUP INC COM UNH	UNH	86,669	$36.0m0.68%	0.68%	Reduced -16.5k	-16,487 -16.0%
35	JPMORGAN CHASE & CO COM JPM	JPM	108,572	$35.5m0.67%	0.67%	Reduced -3.3k	-3,329 -3.0%
36	NEUBERGER BERMAN HIGH YIELD COM NHS	NHS	5,605,481	$35.0m0.66%	0.66%	Added +5.3m	+5,300,207 1736.2%
37	NUVEEN GLOBAL HIGH INCOME FD SHS JGH	JGH	2,729,458	$34.7m0.66%	0.66%	Reduced -179.4k	-179,364 -6.2%
38	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	5,814,677	$34.1m0.64%	0.64%	Added +120.2k	+120,160 2.1%
39	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	19,046,313	$33.9m0.64%	0.64%	Added +18.9m	+18,894,848 12474.7%
40	GOLDMAN SACHS GROUP INC COM GS	GS	31,440	$31.8m0.60%	0.60%	Reduced -1.5k	-1,547 -4.7%
41	MFS MULTIMARKET INCOME TR SH BEN INT MMT	MMT	7,175,980	$31.6m0.60%	0.60%	Added +6.4m	+6,360,650 780.1%
42	PALO ALTO NETWORKS INC COM PANW	PANW	91,842	$31.3m0.59%	0.59%	Unchanged
43	NUVEEN FLOATING RATE INCOME COM JFR	JFR	4,082,097	$31.3m0.59%	0.59%	Reduced -557.3k	-557,319 -12.0%
44	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		10,688,042	$30.7m0.58%	0.58%	Added +1.6m	+1,558,004 17.1%
45	ALPHABET INC CAP STK CL C GOOG	GOOG	83,425	$29.5m0.56%	0.56%	Reduced -400	-400 -0.5%
46	ALLSPRING MULTI SECTOR INCOM COM ERC	ERC	3,197,573	$29.4m0.56%	0.56%	Added +327.6k	+327,567 11.4%
47	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	2,608,084	$29.1m0.55%	0.55%	Added +198.6k	+198,643 8.2%
48	RIVERNORTH OPPORTUNITIES FD COM RIV	RIV	2,488,022	$29.0m0.55%	0.55%	Reduced -10.0k	-10,000 -0.4%
49	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	13,488	$26.8m0.51%	0.51%	Unchanged
50	FIRST TR MTG INCOME FD COM SHS FMY	FMY	2,281,594	$26.8m0.51%	0.51%	Reduced -1.5k	-1,541 -0.1%
51	WILLIAMS COS INC COM WMB	WMB	357,674	$26.6m0.50%	0.50%	Reduced -31.8k	-31,795 -8.2%
52	VISA INC COM CL A V	V	77,191	$26.5m0.50%	0.50%	Reduced -1.2k	-1,155 -1.5%
53	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	3,533,467	$25.4m0.48%	0.48%	Reduced -2.2m	-2,218,433 -38.6%
54	NUVEEN MUN HIGH INCOME OPPOR COM NMZ	NMZ	2,336,943	$24.7m0.47%	0.47%	New
55	TJX COS INC NEW COM TJX	TJX	146,999	$22.3m0.42%	0.42%	Reduced -2.7k	-2,725 -1.8%
56	FIRST TR INTER DURATN PFD & COM FPF	FPF	1,217,427	$22.1m0.42%	0.42%	Added +3.7k	+3,700 0.3%
57	HOME DEPOT INC COM HD	HD	61,801	$21.8m0.41%	0.41%	Reduced -975	-975 -1.6%
58	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	4,309,448	$21.5m0.41%	0.41%	Added +425.7k	+425,727 11.0%
59	FLAHERTY & CRUMRINE TOTAL RE COM FLC	FLC	1,270,656	$21.5m0.41%	0.41%	Added +91.4k	+91,436 7.8%
60	MONOLITHIC PWR SYS INC COM MPWR	MPWR	15,491	$21.4m0.41%	0.41%	Unchanged
61	CIENA CORP COM NEW CIEN	CIEN	42,775	$21.0m0.40%	0.40%	Unchanged
62	INVESCO BD FD COM VBF	VBF	1,363,869	$20.7m0.39%	0.39%	Added +294.8k	+294,787 27.6%
63	BLACKROCK MUNIYIELD QUALITY COM MYI	MYI	1,832,694	$20.4m0.39%	0.39%	Reduced -867.6k	-867,602 -32.1%
64	COHERENT CORP COM COHR	COHR	50,285	$19.8m0.38%	0.38%	Unchanged
65	LINDE PLC SHS LIN	LIN	37,412	$19.4m0.37%	0.37%	Reduced -3.0k	-3,000 -7.4%
66	VIRTUS DIVIDEND INTEREST & P COM NFJ	NFJ	1,243,817	$18.9m0.36%	0.36%	Added +773.2k	+773,176 164.3%
67	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	3,080,407	$18.9m0.36%	0.36%	Reduced -31.8k	-31,751 -1.0%
68	ASTRAZENECA PLC ORD AZN	AZN	99,154	$18.8m0.36%	0.36%	Reduced -660	-660 -0.7%
69	GABELLI DIVID & INCOME TR COM XGDVX	XGDVX	638,803	$18.8m0.36%	0.36%	Unchanged
70	MICRON TECHNOLOGY INC COM MU	MU	16,182	$18.7m0.35%	0.35%	Reduced -5.4k	-5,443 -25.2%
71	ADVENT CONV & INCOME FD COM AVK	AVK	1,421,316	$18.6m0.35%	0.35%	Reduced -712.5k	-712,460 -33.4%
72	FLAHERTY & CRUMRINE PFD SECS COM XFFCX	XFFCX	1,127,695	$18.4m0.35%	0.35%	Added +406.0k	+405,971 56.2%
73	CLOUGH GLOBAL EQUITY FD COM XGLQX	XGLQX	2,100,530	$18.1m0.34%	0.34%	Reduced -4.0k	-4,000 -0.2%
74	VERTIV HOLDINGS CO COM CL A VRT	VRT	53,385	$17.9m0.34%	0.34%	Unchanged
75	AMERIPRISE FINL INC COM AMP	AMP	38,145	$17.5m0.33%	0.33%	Added +8.1k	+8,140 27.1%
76	Siemens AG COM SIEGY	SIEGY	107,453	$17.3m0.33%	0.33%	Reduced -4.9k	-4,860 -4.3%
77	FLAHERTY & CRUMRINE PFD INCO COM PFD	PFD	1,462,183	$17.0m0.32%	0.32%	Added +142.0k	+141,966 10.8%
78	ARGAN INC COM AGX	AGX	20,197	$16.1m0.31%	0.31%	Reduced -4.6k	-4,643 -18.7%
79	FLAHERTY & CRUMRINE PFD INCO COM PFO	PFO	1,720,165	$15.9m0.30%	0.30%	Added +199.9k	+199,859 13.2%
80	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	3,020,168	$15.7m0.30%	0.30%	Reduced -134.2k	-134,164 -4.2%
81	GE VERNOVA INC COM GEV	GEV	13,265	$15.6m0.29%	0.29%	Added +7.6k	+7,621 135.0%
82	BANK AMERICA CORP COM BAC	BAC	272,748	$15.5m0.29%	0.29%	Reduced -23.1k	-23,125 -7.8%
83	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	878,972	$15.4m0.29%	0.29%	Reduced -81.3k	-81,283 -8.5%
84	GENERAL AMERN INVS CO INC COM GAM	GAM	239,704	$15.3m0.29%	0.29%	Reduced -9.0k	-8,955 -3.6%
85	MCDONALDS CORP COM MCD	MCD	55,595	$15.0m0.28%	0.28%	Added +841	+841 1.5%
86	BNY MELLON STRATEGIC MUNS IN COM LEO	LEO	2,295,354	$14.8m0.28%	0.28%	Added +376.5k	+376,472 19.6%
87	WESTERN ASSET GBL HIGH INC F COM EHI	EHI	2,465,538	$14.7m0.28%	0.28%	Reduced -525.6k	-525,649 -17.6%
88	WESTERN ASSET INVT GRADE DEF COM IGI	IGI	909,296	$14.6m0.28%	0.28%	Added +53.5k	+53,497 6.2%
89	EATON CORP PLC SHS ETN	ETN	34,082	$14.5m0.27%	0.27%	Reduced -80	-80 -0.2%
90	VIRTUS GLOBAL MULTI-SECTOR I COM VGI	VGI	1,923,402	$14.4m0.27%	0.27%	Added +12.1k	+12,098 0.6%
91	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	867,536	$14.2m0.27%	0.27%	Reduced -11.8k	-11,817 -1.3%
92	ABBVIE INC COM ABBV	ABBV	56,249	$14.2m0.27%	0.27%	Added +11.1k	+11,055 24.5%
93	WESTERN ASSET INVESTMENT GRA COM PAI	PAI	1,160,755	$14.1m0.27%	0.27%	Added +6.1k	+6,075 0.5%
94	DATADOG INC CL A COM DDOG	DDOG	53,425	$13.9m0.26%	0.26%	Unchanged
95	BNY MELLON STRATEGIC MUN BD COM DSM	DSM	2,241,927	$13.8m0.26%	0.26%	Added +132.1k	+132,127 6.3%
96	FLOWSERVE CORP COM FLS	FLS	184,920	$13.7m0.26%	0.26%	Added +645	+645 0.3%
97	FLAHERTY & CRUMRINE DYNAMIC SHS DFP	DFP	657,212	$13.6m0.26%	0.26%	Added +75.6k	+75,646 13.0%
98	CISCO SYS INC COM CSCO	CSCO	114,125	$13.4m0.25%	0.25%	Reduced -26.1k	-26,100 -18.6%
99	COHEN & STEERS INFRASTRUCTUR COM UTF	UTF	483,836	$13.3m0.25%	0.25%	Reduced -747.4k	-747,412 -60.7%
100	MERCK & CO INC COM MRK	MRK	103,159	$13.3m0.25%	0.25%	Added +19.8k	+19,817 23.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NUVEEN PENNSYLVANIA QLT MUN XNQPX	XNQPX	3,017,202	$36.0m3.0m shares
MFS CHARTER INCOME TR XMCRX	XMCRX	4,097,943	$24.8m4.1m shares
HONEYWELL INTL INC		40,597	$18.4m40.6k shares
EXXON MOBIL CORP XOM	XOM	74,405	$12.6m74.4k shares
ASCENDIS PHARMA A/S		20,095	$4.6m20.1k shares
INSULET CORP PODD	PODD	19,020	$4.0m19.0k shares
AIR LEASE CORP AL	AL	59,245	$3.8m59.2k shares
NUVEEN NEW JERSEY QULT MUN F XNXJX	XNXJX	265,380	$3.3m265.4k shares
NEUBERGER BERMAN NEXT GENERA NBXG	NBXG	230,874	$3.0m230.9k shares
WESTERN ASSET DIVERSIFIED IN WDI	WDI	214,483	$2.9m214.5k shares
MFS INTER HIGH INCOME FD		1,597,150	$2.6m1.6m shares
MFS HIGH INCOME MUN TR		633,241	$2.3m633.2k shares
STARBUCKS CORP SBUX	SBUX	20,375	$1.8m20.4k shares
RIVERNORTH CAP AND INCM FD I XRSFX	XRSFX	98,891	$1.4m98.9k shares
CORNERSTONE STRATEGIC INVEST CLM	CLM	158,042	$1.2m158.0k shares
NXG NEXTGEN INFRASTR INCM FD NXG	NXG	19,902	$1.1m19.9k shares
NUVEEN MINN QUALITY MUN INM NMS	NMS	71,621	$873.0k71.6k shares
PROCEPT BIOROBOTICS CORP PRCT	PRCT	34,840	$871.0k34.8k shares
ASGN INC EFOR	EFOR	20,940	$811.0k20.9k shares
PIMCO DYNAMIC INCOME OPRNTS PDO	PDO	60,514	$782.0k60.5k shares
THOMSON REUTERS CORP		8,425	$758.0k8.4k shares
PUBLIC STORAGE PSA	PSA	2,391	$648.0k2.4k shares
WESTERN ASSET HIGH INCOM FD HIX	HIX	79,965	$318.0k80.0k shares
PIMCO INCOME STRATEGY FD II PFN	PFN	22,834	$157.0k22.8k shares
COMMSCOPE HLDG CO INC VISN	VISN	8,450	$154.0k8.4k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on. The largest 25 of 60.

Company	Ticker	Stake	Change	Schedule	Last filed
NUVEEN MULTI-MKT INCOME FD JMM · 13G · filed 2026-09-04	JMM	62.6%≈ $34.7m		13G	2026-09-04
FIRST TR MTG INCOME FD FMY · 13G · filed 2026-10-01	FMY	55.1%≈ $27.3m	+1.0 pts	13G	2026-10-01
PUTNAM MASTER INTER INCOME T PIM · 13G · filed 2026-10-01	PIM	48.2%≈ $74.9m	+1.0 pts	13G	2026-10-01
MFS GOVT MKTS INCOME TR 13G · filed 2026-10-01		37.3%≈ $34.9m	+0.6 pts	13G	2026-10-01
TCW STRATEGIC INCOME FD INC TSI · 13G · filed 2026-07-06	TSI	32.6%≈ $93.6m	-8.1 pts	13G	2026-07-06
MFS INTER INCOME TR 13G · filed 2026-10-01		31.1%≈ $87.4m	+1.2 pts	13G	2026-10-01
PUTNAM PREMIER INCOME TR PPT · 13G · filed 2026-10-01	PPT	30.9%≈ $103.2m	+0.8 pts	13G	2026-10-01
ANGEL OAK FINL STRATEGIES IN FINS · 13G · filed 2025-06-05	FINS	28.7%≈ $122.6m	+8.1 pts	13G	2025-06-05
HANCOCK JOHN INCOME SECS TR JHS · 13G · filed 2025-07-07	JHS	26.8%≈ $34.5m		13G	2025-07-07
DWS MUN INCOME TR KTF · 13G · filed 2026-10-01	KTF	22.9%≈ $82.7m	no change	13G	2026-10-01
VIRTUS GLOBAL MULTI-SECTOR I VGI · 13G · filed 2026-01-06	VGI	18.2%≈ $15.4m		13G	2026-01-06
NUVEEN MORTGAGE AND INCOME F JLS · 13G · filed 2026-05-05	JLS	16.8%≈ $16.1m	-5.6 pts	13G	2026-05-05
EATON VANCE CALIF MUN BD FD XEVMX · 13D · filed 2025-09-15	XEVMX	16.5%	+1.0 pts	13D	2025-09-15
EATON VANCE NEW YORK MUN BD XENWX · 13D · filed 2025-09-08	XENWX	15.6%	+1.2 pts	13D	2025-09-08
BLACKROCK INCOME TR INC BKT · 13D · filed 2025-03-26	BKT	14.2%≈ $36.9m	no change	13D	2025-03-26
BLACKROCK CORE BD TR BHK · 13G · filed 2025-07-07	BHK	13.9%≈ $92.2m	new	13G	2025-07-07
DTF TAX-FREE INCOME 2028 TER DTF · 13G · filed 2026-03-04	DTF	13.1%≈ $10.7m	+4.3 pts	13G	2026-03-04
NEUBERGER BERMAN HIGH YIELD NHS · 13G · filed 2026-05-05	NHS	13.0%≈ $34.0m	new	13G	2026-05-05
CREDIT SUISSE HIGH YIELD BD XDHYX · 13G · filed 2026-06-04	XDHYX	12.9%≈ $31.7m	new	13G	2026-06-04
WESTERN ASSET INVT GRADE DEF IGI · 13G · filed 2026-01-06	IGI	12.8%≈ $12.4m	+7.2 pts	13G	2026-01-06
NUVEEN REAL ASSET INCOME & G JRI · 13G · filed 2026-04-06	JRI	12.1%≈ $56.6m	new	13G	2026-04-06
WESTERN ASSET INVESTMENT GRA PAI · 13G · filed 2026-01-06	PAI	12.1%≈ $13.9m		13G	2026-01-06
PIONEER MUNICIPAL HIGH INCOM XMHIX · 13G · filed 2025-08-05	XMHIX	11.5%		13G	2025-08-05
INVESCO BD FD VBF · 13G · filed 2026-06-04	VBF	11.2%≈ $19.3m	+5.3 pts	13G	2026-06-04
CLOUGH GLOBAL EQUITY FD XGLQX · 13G · filed 2026-03-04	XGLQX	11.2%≈ $18.1m		13G	2026-03-04