SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2023-02-10

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

$3.6bn reported value +6.7% vs Q3 2022

542positions

19.4%in top 10

50 new 133 added 217 reduced 28 sold out vs Q3 2022

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, Q4 2022

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	CORNERSTONE STRATEGIC INVEST COM CLM	CLM	18,838,292	$138.8m3.89%	3.89%	Reduced -633.3k	-633,261 -3.2%
2	APPLE INC COM AAPL	AAPL	661,852	$86.0m2.41%	2.41%	Reduced -14.3k	-14,319 -2.1%
3	MICROSOFT CORP COM MSFT	MSFT	351,627	$84.3m2.36%	2.36%	Reduced -3.6k	-3,604 -1.0%
4	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	17,175,182	$62.3m1.75%	1.75%	Added +876.9k	+876,923 5.4%
5	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	6,981,693	$61.0m1.71%	1.71%	Added +6.7m	+6,745,528 2856.3%
6	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	17,253,383	$55.2m1.55%	1.55%	Added +224.5k	+224,502 1.3%
7	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	5,207,917	$52.6m1.47%	1.47%	Added +433.2k	+433,193 9.1%
8	MFS INTER INCOME TR SH BEN INT SH BEN INT		18,661,151	$51.5m1.44%	1.44%	Reduced -16.7k	-16,712 -0.1%
9	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	5,351,036	$50.2m1.41%	1.41%	Reduced -48.1k	-48,082 -0.9%
10	BROADCOM INC COM AVGO	AVGO	89,347	$50.0m1.40%	1.40%	Reduced -13	-13 -0.0%
11	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	4,127,679	$46.9m1.32%	1.32%	Added +169.9k	+169,869 4.3%
12	NUVEEN PFD & INCOME SECS FD COM COM		6,674,460	$45.4m1.27%	1.27%	Added +1.3m	+1,309,642 24.4%
13	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	6,114,278	$43.4m1.22%	1.22%	Reduced -562.2k	-562,186 -8.4%
14	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	3,389,900	$40.0m1.12%	1.12%	Added +850.0k	+850,011 33.5%
15	WESTERN AST INFL LKD OPP & I COM WIW	WIW	4,345,846	$39.7m1.11%	1.11%	Reduced -2.4m	-2,419,801 -35.8%
16	UNITEDHEALTH GROUP INC COM UNH	UNH	72,337	$38.4m1.07%	1.07%	Added +4.2k	+4,170 6.1%
17	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	2,515,766	$37.4m1.05%	1.05%	Reduced -57.6k	-57,585 -2.2%
18	VIRTUS TOTAL RETURN FD INC COM ZTR	ZTR	5,495,498	$36.0m1.01%	1.01%	Reduced -147.2k	-147,202 -2.6%
19	JOHNSON & JOHNSON COM JNJ	JNJ	191,594	$33.8m0.95%	0.95%	Reduced -4.6k	-4,591 -2.3%
20	CHUBB LIMITED COM CB	CB	140,819	$31.1m0.87%	0.87%	Reduced -1.6k	-1,619 -1.1%
21	DWS MUN INCOME TR COM KTF	KTF	3,600,672	$31.0m0.87%	0.87%	Added +137.1k	+137,104 4.0%
22	BLACKROCK INCOME TR INC COM NEW BKT	BKT	2,455,173	$30.3m0.85%	0.85%	New
23	ALPHABET INC CAP STK CL A GOOGL	GOOGL	337,414	$29.8m0.83%	0.83%	Added +8.5k	+8,544 2.6%
24	INSIGHT SELECT INCOME FD COM XXINSIXX	XXINSIXX	1,906,757	$28.8m0.81%	0.81%	Added +126.0k	+125,962 7.1%
25	CONOCOPHILLIPS COM COP	COP	237,350	$28.0m0.78%	0.78%	Reduced -29.7k	-29,740 -11.1%
26	INVESCO DYNAMIC CREDIT O EQUITY FUNDS XAXCX	XAXCX	2,228,420	$24.9m0.70%	0.70%	Reduced -203.3k	-203,279 -8.4%
27	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	4,206,920	$24.7m0.69%	0.69%	Added +34.2k	+34,203 0.8%
28	TCW STRATEGIC INCOME FD INC COM TSI	TSI	5,316,198	$24.6m0.69%	0.69%	Added +1.1m	+1,124,995 26.8%
29	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,500,440	$24.3m0.68%	0.68%	Reduced -111.6k	-111,579 -6.9%
30	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	90,424	$24.1m0.68%	0.68%	Added +585	+585 0.7%
31	APPLIED MATLS INC COM AMAT	AMAT	244,740	$23.8m0.67%	0.67%	Reduced -10.3k	-10,322 -4.0%
32	PEPSICO INC COM PEP	PEP	129,879	$23.5m0.66%	0.66%	Reduced -4.7k	-4,745 -3.5%
33	RIVERNORTH DOUBLELINE STRATE COM OPP	OPP	2,544,475	$22.1m0.62%	0.62%	Reduced -452.2k	-452,227 -15.1%
34	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	39,422	$21.7m0.61%	0.61%	Reduced -8.0k	-7,971 -16.8%
35	FIRST TR MTG INCOME FD COM SHS FMY	FMY	1,934,378	$21.7m0.61%	0.61%	Added +48.0k	+48,012 2.5%
36	ABBOTT LABS COM ABT	ABT	195,801	$21.5m0.60%	0.60%	Added +2.4k	+2,422 1.2%
37	VISA INC COM CL A V	V	102,107	$21.2m0.59%	0.59%	Added +627	+627 0.6%
38	WESTERN ASSET DIVERSIFIED IN COM SHS BEN INT WDI	WDI	1,654,560	$21.0m0.59%	0.59%	Reduced -58.6k	-58,618 -3.4%
39	UNION PAC CORP COM UNP	UNP	101,034	$20.9m0.59%	0.59%	Added +4.6k	+4,637 4.8%
40	HOME DEPOT INC COM HD	HD	63,184	$20.0m0.56%	0.56%	Reduced -1.6k	-1,634 -2.5%
41	NEXTERA ENERGY INC COM NEE	NEE	228,846	$19.1m0.54%	0.54%	Added +9.7k	+9,670 4.4%
42	INVESCO TR INVT GRADE MUNS COM VGM	VGM	1,897,604	$19.1m0.53%	0.53%	Added +201.3k	+201,275 11.9%
43	FRANKLIN LTD DURATION INCOME COM FTF	FTF	3,061,775	$19.0m0.53%	0.53%	Reduced -820.6k	-820,584 -21.1%
44	TJX COS INC NEW COM TJX	TJX	237,065	$18.9m0.53%	0.53%	Reduced -26.0k	-26,005 -9.9%
45	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	1,905,863	$18.9m0.53%	0.53%	Added +346.7k	+346,735 22.2%
46	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	1,710,679	$18.2m0.51%	0.51%	Added +114.0k	+113,975 7.1%
47	DELAWARE IVY HIGH INCOME OPP COM COM		1,630,270	$17.9m0.50%	0.50%	Added +53.7k	+53,683 3.4%
48	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		261,121	$17.7m0.50%	0.50%	Reduced -14.9k	-14,860 -5.4%
49	MEDTRONIC PLC SHS MDT	MDT	223,031	$17.3m0.49%	0.49%	Reduced -12.3k	-12,314 -5.2%
50	INVESCO BD FD COM VBF	VBF	1,095,392	$17.2m0.48%	0.48%	Added +58.3k	+58,270 5.6%
51	AMERIPRISE FINL INC COM AMP	AMP	54,804	$17.1m0.48%	0.48%	Reduced -1.8k	-1,777 -3.1%
52	CONSTELLATION BRANDS INC CL A STZ	STZ	72,366	$16.8m0.47%	0.47%	Reduced -6.7k	-6,687 -8.5%
53	ORACLE CORP COM ORCL	ORCL	198,646	$16.2m0.45%	0.45%	Reduced -10.2k	-10,205 -4.9%
54	MCDONALDS CORP COM MCD	MCD	61,066	$16.1m0.45%	0.45%	Reduced -2.6k	-2,576 -4.0%
55	INTUIT COM INTU	INTU	40,913	$15.9m0.45%	0.45%	Added +5.3k	+5,254 14.7%
56	FIRST TR DYNAMIC EUROPE EQUI COM SHS XFDEX	XFDEX	1,401,886	$15.8m0.44%	0.44%	Added +230.7k	+230,740 19.7%
57	BLACKROCK ENHANCED GOVT FD I COM XEGFX	XEGFX	1,629,943	$15.8m0.44%	0.44%	Reduced -134.8k	-134,750 -7.6%
58	DEXCOM INC COM DXCM	DXCM	137,126	$15.5m0.44%	0.44%	Added +4.1k	+4,066 3.1%
59	MONDELEZ INTL INC CL A MDLZ	MDLZ	232,471	$15.5m0.43%	0.43%	Added +37.6k	+37,639 19.3%
60	Siemens AG COM SIEGY	SIEGY	216,877	$14.9m0.42%	0.42%	Reduced -19.4k	-19,362 -8.2%
61	WESTERN ASSET PREMIER BD FD SHS BEN INT WEA	WEA	1,392,510	$14.8m0.42%	0.42%	Added +233.4k	+233,361 20.1%
62	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	1,096,490	$14.7m0.41%	0.41%	New
63	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	1,378,549	$14.6m0.41%	0.41%	Reduced -131.3k	-131,299 -8.7%
64	AMAZON COM INC COM AMZN	AMZN	169,532	$14.2m0.40%	0.40%	Added +10.2k	+10,187 6.4%
65	NUVEEN AMT FREE MUN CR INC F COM NVG	NVG	1,156,200	$14.0m0.39%	0.39%	Added +927.5k	+927,460 405.5%
66	NUVEEN PFD & INCOME OPPORTUN COM JPC	JPC	1,891,045	$13.8m0.39%	0.39%	Reduced -34.0k	-34,027 -1.8%
67	NUVEEN NEW JERSEY QULT MUN F COM XNXJX	XNXJX	1,215,270	$13.7m0.38%	0.38%	Added +166.3k	+166,278 15.8%
68	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	930,191	$13.7m0.38%	0.38%	Reduced -273.7k	-273,739 -22.7%
69	CVS HEALTH CORP COM CVS	CVS	145,600	$13.6m0.38%	0.38%	Reduced -13.3k	-13,316 -8.4%
70	NVIDIA CORPORATION COM NVDA	NVDA	92,329	$13.5m0.38%	0.38%	Added +5.4k	+5,428 6.2%
71	ANALOG DEVICES INC COM ADI	ADI	81,336	$13.3m0.37%	0.37%	Reduced -5.4k	-5,396 -6.2%
72	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	126,040	$13.2m0.37%	0.37%	Reduced -21.5k	-21,495 -14.6%
73	COHEN & STEERS TAX ADVAN PFD COM PTA	PTA	743,492	$13.1m0.37%	0.37%	Reduced -353.6k	-353,551 -32.2%
74	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	1,317,863	$13.1m0.37%	0.37%	Added +270.1k	+270,137 25.8%
75	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	1,256,546	$13.0m0.37%	0.37%	Added +314.4k	+314,363 33.4%
76	PGIM GLOBAL HIGH YIELD FD FO COM GHY	GHY	1,199,997	$13.0m0.36%	0.36%	Reduced -1.0m	-1,001,070 -45.5%
77	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		3,920,191	$13.0m0.36%	0.36%	Added +358.6k	+358,561 10.1%
78	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	738,501	$13.0m0.36%	0.36%	Added +670.7k	+670,706 989.3%
79	RIVERNORTH OPPORTUNITIES FD COM RIV	RIV	1,053,591	$12.9m0.36%	0.36%	New
80	NORTHROP GRUMMAN CORP COM NOC	NOC	23,111	$12.6m0.35%	0.35%	Reduced -4.4k	-4,426 -16.1%
81	PROCTER AND GAMBLE CO COM PG	PG	83,190	$12.6m0.35%	0.35%	Reduced -740	-740 -0.9%
82	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	108,776	$12.5m0.35%	0.35%	Added +16.8k	+16,782 18.2%
83	GOLDMAN SACHS GROUP INC COM GS	GS	35,707	$12.3m0.34%	0.34%	Reduced -1.3k	-1,341 -3.6%
84	AIR PRODS & CHEMS INC COM APD	APD	39,396	$12.1m0.34%	0.34%	Reduced -4.5k	-4,525 -10.3%
85	ENTERGY CORP NEW COM ETR	ETR	107,055	$12.0m0.34%	0.34%	Added +9.9k	+9,900 10.2%
86	PIMCO STRATEGIC INCOME FD COM RCS	RCS	2,395,914	$11.8m0.33%	0.33%	Reduced -90.8k	-90,840 -3.6%
87	INVESCO PA VALUE MUN INC TR COM VPV	VPV	1,205,102	$11.8m0.33%	0.33%	Added +106.7k	+106,713 9.7%
88	EXXON MOBIL CORP COM XOM	XOM	106,975	$11.8m0.33%	0.33%	New
89	ALPHABET INC CAP STK CL C GOOG	GOOG	132,220	$11.7m0.33%	0.33%	Reduced -200	-200 -0.1%
90	EATON VANCE MUN BD FD COM EIM	EIM	1,121,654	$11.7m0.33%	0.33%	Added +405.1k	+405,145 56.5%
91	JPMORGAN CHASE & CO COM JPM	JPM	86,516	$11.6m0.33%	0.33%	Added +1.2k	+1,168 1.4%
92	CARLISLE COS INC COM CSL	CSL	48,594	$11.5m0.32%	0.32%	Reduced -611	-611 -1.2%
93	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	753,544	$11.4m0.32%	0.32%	Reduced -38.7k	-38,670 -4.9%
94	INVESCO ADVANTAGE MUN INCOME SH BEN INT VKI	VKI	1,332,090	$11.4m0.32%	0.32%	Added +223.6k	+223,601 20.2%
95	WILLIAMS COS INC COM WMB	WMB	345,430	$11.4m0.32%	0.32%	Reduced -35.0k	-35,025 -9.2%
96	CHENIERE ENERGY INC COM NEW LNG	LNG	74,779	$11.2m0.31%	0.31%	Added +15.2k	+15,189 25.5%
97	WASTE MGMT INC DEL COM WM	WM	70,895	$11.1m0.31%	0.31%	Added +10.6k	+10,615 17.6%
98	REALTY INCOME CORP COM O	O	174,401	$11.1m0.31%	0.31%	Reduced -22.9k	-22,875 -11.6%
99	PFIZER INC COM PFE	PFE	212,858	$10.9m0.31%	0.31%	Added +165.8k	+165,765 352.0%
100	XCEL ENERGY INC COM XEL	XEL	154,785	$10.9m0.30%	0.30%	Added +4.9k	+4,910 3.3%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
BLACKROCK INCOME TR INC		6,304,006	$26.1m6.3m shares
TEMPLETON GLOBAL INCOME FD		2,967,386	$12.1m3.0m shares
ALLIANT ENERGY CORP LNT	LNT	103,310	$5.5m103.3k shares
REGIONS FINANCIAL CORP NEW RF	RF	260,540	$5.2m260.5k shares
ABRDN NATL MUN INCOME FD		455,387	$5.0m455.4k shares
GABELLI UTIL TR GUT	GUT	520,533	$3.6m520.5k shares
SALEIAN MLP & ENERGY INFRA FD		396,410	$2.7m396.4k shares
VIRTUS CONVERTIBLE & INC FD		860,684	$2.4m860.7k shares
DUPONT DE NEMOURS INC DWDP	DWDP	45,410	$2.3m45.4k shares
META PLATFORMS INC META	META	14,913	$2.0m14.9k shares
BRP INC DOO	DOO	12,025	$740.0k12.0k shares
HELEN OF TROY LTD HELE	HELE	7,530	$726.0k7.5k shares
TORTOISE ENERGY INDEPENDENC XNDPX	XNDPX	24,905	$705.0k24.9k shares
M & T BK CORP MTB	MTB	3,601	$635.0k3.6k shares
908 DEVICES INC MASS	MASS	38,450	$633.0k38.5k shares
WOLVERINE WORLD WIDE INC WWW	WWW	27,050	$416.0k27.1k shares
LINCOLN NATL CORP IND LNC	LNC	7,100	$312.0k7.1k shares
NANOSTRING TECHNOLOGIES INC NSTG	NSTG	22,475	$287.0k22.5k shares
KONINKLIJKE PHILIPS N V PHG	PHG	17,500	$269.0k17.5k shares
PUBLIC SVC ENTERPRISE GRP IN PEG	PEG	3,425	$193.0k3.4k shares
ALLIANCEBERNSTEIN NATL MUN I AFB	AFB	17,398	$180.0k17.4k shares
C H ROBINSON WORLDWIDE INC CHRW	CHRW	1,760	$170.0k1.8k shares
FREEPORT-MCMORAN INC FCX	FCX	5,100	$139.0k5.1k shares
ADIDAS AG ADR ADDYY	ADDYY	650	$37.0k650 shares
ABIOMED INC ABMD	ABMD	45	$11.0k45 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