SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2023-05-11

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

Kindhedge funds, real estate, mutual funds, institutions, futures
Others nearbyMinneapolis, MN
FamilySIT INVESTMENT ASSOCIATES INC · 2 related pages

As an employer

Offices in1 country
Private fundsother private 6, real estate 1

$3.7bn reported value +3.2% vs Q4 2022

534positions

19.6%in top 10

22 new 140 added 188 reduced 30 sold out vs Q4 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, Q1 2023

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	17,380,124	$135.4m3.68%	3.68%	Reduced -1.5m	-1,458,168 -7.7%
2	APPLE INC COM AAPL	AAPL	651,664	$107.5m2.92%	2.92%	Reduced -10.2k	-10,188 -1.5%
3	MICROSOFT CORP COM MSFT	MSFT	341,320	$98.4m2.67%	2.67%	Reduced -10.3k	-10,307 -2.9%
4	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	5,943,883	$61.2m1.66%	1.66%	Added +736.0k	+735,966 14.1%
5	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	17,098,059	$60.9m1.65%	1.65%	Reduced -77.1k	-77,123 -0.5%
6	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	17,930,517	$57.0m1.55%	1.55%	Added +677.1k	+677,134 3.9%
7	MFS INTER INCOME TR SH BEN INT SH BEN INT		19,625,955	$54.4m1.48%	1.48%	Added +964.8k	+964,804 5.2%
8	BROADCOM INC COM AVGO	AVGO	81,552	$52.3m1.42%	1.42%	Reduced -7.8k	-7,795 -8.7%
9	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	4,392,661	$48.8m1.33%	1.33%	Added +265.0k	+264,982 6.4%
10	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	5,377,802	$46.9m1.27%	1.27%	Reduced -1.6m	-1,603,891 -23.0%
11	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	4,615,417	$45.5m1.23%	1.23%	Reduced -735.6k	-735,619 -13.8%
12	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	3,859,958	$44.5m1.21%	1.21%	Added +470.1k	+470,058 13.9%
13	NUVEEN PFD & INCOME SECS FD COM COM		6,200,782	$40.1m1.09%	1.09%	Reduced -473.7k	-473,678 -7.1%
14	UNITEDHEALTH GROUP INC COM UNH	UNH	78,963	$37.3m1.01%	1.01%	Added +6.6k	+6,626 9.2%
15	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	2,623,465	$37.2m1.01%	1.01%	Added +107.7k	+107,699 4.3%
16	DWS MUN INCOME TR COM KTF	KTF	4,081,317	$36.3m0.99%	0.99%	Added +480.6k	+480,645 13.3%
17	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	4,715,872	$34.9m0.95%	0.95%	Reduced -1.4m	-1,398,406 -22.9%
18	VIRTUS TOTAL RETURN FD INC COM ZTR	ZTR	5,213,143	$33.8m0.92%	0.92%	Reduced -282.4k	-282,355 -5.1%
19	BLACKROCK INCOME TR INC COM NEW BKT	BKT	2,678,178	$33.7m0.92%	0.92%	Added +223.0k	+223,005 9.1%
20	ALPHABET INC CAP STK CL A GOOGL	GOOGL	315,509	$32.7m0.89%	0.89%	Reduced -21.9k	-21,905 -6.5%
21	INSIGHT SELECT INCOME FD COM XXINSIXX	XXINSIXX	1,991,172	$31.6m0.86%	0.86%	Added +84.4k	+84,415 4.4%
22	INVESCO TR INVT GRADE MUNS COM VGM	VGM	2,901,272	$28.8m0.78%	0.78%	Added +1.0m	+1,003,668 52.9%
23	APPLIED MATLS INC COM AMAT	AMAT	233,890	$28.7m0.78%	0.78%	Reduced -10.8k	-10,850 -4.4%
24	JOHNSON & JOHNSON COM JNJ	JNJ	181,596	$28.1m0.76%	0.76%	Reduced -10.0k	-9,998 -5.2%
25	NUVEEN AMT FREE MUN CR INC F COM NVG	NVG	2,358,810	$27.8m0.75%	0.75%	Added +1.2m	+1,202,610 104.0%
26	CHUBB LIMITED COM CB	CB	138,189	$26.8m0.73%	0.73%	Reduced -2.6k	-2,630 -1.9%
27	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	89,399	$25.6m0.69%	0.69%	Reduced -1.0k	-1,025 -1.1%
28	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	4,369,526	$25.4m0.69%	0.69%	Added +162.6k	+162,606 3.9%
29	PEPSICO INC COM PEP	PEP	135,275	$24.7m0.67%	0.67%	Added +5.4k	+5,396 4.2%
30	NVIDIA CORPORATION COM NVDA	NVDA	88,293	$24.5m0.67%	0.67%	Reduced -4.0k	-4,036 -4.4%
31	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	42,261	$24.4m0.66%	0.66%	Added +2.8k	+2,839 7.2%
32	CONOCOPHILLIPS COM COP	COP	242,515	$24.1m0.65%	0.65%	Added +5.2k	+5,165 2.2%
33	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,504,328	$24.0m0.65%	0.65%	Added +3.9k	+3,888 0.3%
34	WESTERN AST INFL LKD OPP & I COM WIW	WIW	2,537,209	$23.2m0.63%	0.63%	Reduced -1.8m	-1,808,637 -41.6%
35	TCW STRATEGIC INCOME FD INC COM TSI	TSI	4,883,769	$22.9m0.62%	0.62%	Reduced -432.4k	-432,429 -8.1%
36	VISA INC COM CL A V	V	99,976	$22.5m0.61%	0.61%	Reduced -2.1k	-2,131 -2.1%
37	FIRST TR MTG INCOME FD COM SHS FMY	FMY	1,980,965	$22.5m0.61%	0.61%	Added +46.6k	+46,587 2.4%
38	INVESCO DYNAMIC CREDIT O EQUITY FUNDS XAXCX	XAXCX	1,995,492	$22.1m0.60%	0.60%	Reduced -232.9k	-232,928 -10.4%
39	WESTERN ASSET DIVERSIFIED IN COM SHS BEN INT WDI	WDI	1,642,972	$21.9m0.59%	0.59%	Reduced -11.6k	-11,588 -0.7%
40	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	1,997,887	$21.8m0.59%	0.59%	Added +287.2k	+287,208 16.8%
41	ABBOTT LABS COM ABT	ABT	214,235	$21.7m0.59%	0.59%	Added +18.4k	+18,434 9.4%
42	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	2,019,761	$20.0m0.54%	0.54%	Added +113.9k	+113,898 6.0%
43	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	2,985,270	$19.9m0.54%	0.54%	New
44	UNION PAC CORP COM UNP	UNP	97,297	$19.6m0.53%	0.53%	Reduced -3.7k	-3,737 -3.7%
45	FIRST TR DYNAMIC EUROPE EQUI COM SHS XFDEX	XFDEX	1,535,848	$19.6m0.53%	0.53%	Added +134.0k	+133,962 9.6%
46	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		269,825	$18.7m0.51%	0.51%	Added +8.7k	+8,704 3.3%
47	HOME DEPOT INC COM HD	HD	61,239	$18.1m0.49%	0.49%	Reduced -1.9k	-1,945 -3.1%
48	TJX COS INC NEW COM TJX	TJX	230,415	$18.1m0.49%	0.49%	Reduced -6.7k	-6,650 -2.8%
49	Siemens AG COM SIEGY	SIEGY	221,810	$18.0m0.49%	0.49%	Added +4.9k	+4,933 2.3%
50	INTUIT COM INTU	INTU	39,603	$17.7m0.48%	0.48%	Reduced -1.3k	-1,310 -3.2%
51	ORACLE CORP COM ORCL	ORCL	188,371	$17.5m0.48%	0.48%	Reduced -10.3k	-10,275 -5.2%
52	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	1,589,302	$17.2m0.47%	0.47%	Added +332.8k	+332,756 26.5%
53	AMAZON COM INC COM AMZN	AMZN	164,623	$17.0m0.46%	0.46%	Reduced -4.9k	-4,909 -2.9%
54	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	1,084,090	$16.9m0.46%	0.46%	Reduced -12.4k	-12,400 -1.1%
55	BLACKROCK ENHANCED GOVT FD I COM XEGFX	XEGFX	1,722,837	$16.8m0.46%	0.46%	Added +92.9k	+92,894 5.7%
56	MONDELEZ INTL INC CL A MDLZ	MDLZ	239,422	$16.7m0.45%	0.45%	Added +7.0k	+6,951 3.0%
57	NUVEEN OHIO QLTY MUN INCOME COM COM		1,312,764	$16.7m0.45%	0.45%	Added +569.7k	+569,654 76.7%
58	INVESCO BD FD COM VBF	VBF	1,080,518	$16.7m0.45%	0.45%	Reduced -14.9k	-14,874 -1.4%
59	FEDEX CORP COM FDX	FDX	70,885	$16.2m0.44%	0.44%	Added +12.0k	+12,043 20.5%
60	AMERIPRISE FINL INC COM AMP	AMP	52,544	$16.1m0.44%	0.44%	Reduced -2.3k	-2,260 -4.1%
61	MCDONALDS CORP COM MCD	MCD	57,024	$15.9m0.43%	0.43%	Reduced -4.0k	-4,042 -6.6%
62	CLEARBRIDGE ENERGY MIDSTRM O COM EMO	EMO	563,282	$15.9m0.43%	0.43%	Added +313.3k	+313,267 125.3%
63	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		4,800,110	$15.8m0.43%	0.43%	Added +879.9k	+879,919 22.4%
64	WESTERN ASSET PREMIER BD FD SHS BEN INT WEA	WEA	1,545,161	$15.8m0.43%	0.43%	Added +152.7k	+152,651 11.0%
65	DEXCOM INC COM DXCM	DXCM	134,997	$15.7m0.43%	0.43%	Reduced -2.1k	-2,129 -1.6%
66	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	1,423,859	$15.2m0.41%	0.41%	Added +45.3k	+45,310 3.3%
67	NEXTERA ENERGY INC COM NEE	NEE	191,474	$14.8m0.40%	0.40%	Reduced -37.4k	-37,372 -16.3%
68	HONEYWELL INTL INC COM COM		76,912	$14.7m0.40%	0.40%	Added +32.7k	+32,685 73.9%
69	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	906,420	$14.4m0.39%	0.39%	Added +167.9k	+167,919 22.7%
70	NUVEEN NEW JERSEY QULT MUN F COM XNXJX	XNXJX	1,224,270	$14.3m0.39%	0.39%	Added +9.0k	+9,000 0.7%
71	GOLDMAN SACHS GROUP INC COM GS	GS	43,747	$14.3m0.39%	0.39%	Added +8.0k	+8,040 22.5%
72	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	1,424,427	$14.0m0.38%	0.38%	Added +106.6k	+106,564 8.1%
73	ANALOG DEVICES INC COM ADI	ADI	70,651	$13.9m0.38%	0.38%	Reduced -10.7k	-10,685 -13.1%
74	EATON VANCE MUN BD FD COM EIM	EIM	1,290,127	$13.4m0.36%	0.36%	Added +168.5k	+168,473 15.0%
75	ALPHABET INC CAP STK CL C GOOG	GOOG	128,120	$13.3m0.36%	0.36%	Reduced -4.1k	-4,100 -3.1%
76	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	897,534	$13.3m0.36%	0.36%	Reduced -32.7k	-32,657 -3.5%
77	CONSTELLATION BRANDS INC CL A STZ	STZ	57,775	$13.1m0.35%	0.35%	Reduced -14.6k	-14,591 -20.2%
78	INVESCO ADVANTAGE MUN INCOME SH BEN INT VKI	VKI	1,463,290	$13.0m0.35%	0.35%	Added +131.2k	+131,200 9.8%
79	INVESCO PA VALUE MUN INC TR COM VPV	VPV	1,280,088	$12.9m0.35%	0.35%	Added +75.0k	+74,986 6.2%
80	SKYWORKS SOLUTIONS INC COM SWKS	SWKS	108,888	$12.8m0.35%	0.35%	Reduced -5.0k	-5,041 -4.4%
81	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	792,314	$12.8m0.35%	0.35%	Added +364.2k	+364,188 85.1%
82	SALESFORCE INC COM CRM	CRM	63,906	$12.8m0.35%	0.35%	Reduced -2.1k	-2,085 -3.2%
83	WASTE MGMT INC DEL COM WM	WM	77,437	$12.6m0.34%	0.34%	Added +6.5k	+6,542 9.2%
84	CHENIERE ENERGY INC COM NEW LNG	LNG	80,112	$12.6m0.34%	0.34%	Added +5.3k	+5,333 7.1%
85	FRANKLIN LTD DURATION INCOME COM FTF	FTF	2,040,018	$12.6m0.34%	0.34%	Reduced -1.0m	-1,021,757 -33.4%
86	AMERICAN TOWER CORP NEW COM AMT	AMT	61,126	$12.5m0.34%	0.34%	Added +14.0k	+14,038 29.8%
87	COHEN & STEERS TAX ADVAN PFD COM PTA	PTA	688,525	$12.3m0.33%	0.33%	Reduced -55.0k	-54,967 -7.4%
88	PROCTER AND GAMBLE CO COM PG	PG	81,260	$12.1m0.33%	0.33%	Reduced -1.9k	-1,930 -2.3%
89	GENERAL DYNAMICS CORP COM GD	GD	52,716	$12.0m0.33%	0.33%	Added +11.4k	+11,431 27.7%
90	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	129,325	$12.0m0.33%	0.33%	Added +3.3k	+3,285 2.6%
91	EXXON MOBIL CORP COM XOM	XOM	108,985	$12.0m0.32%	0.32%	Added +2.0k	+2,010 1.9%
92	REALTY INCOME CORP COM O	O	187,791	$11.9m0.32%	0.32%	Added +13.4k	+13,390 7.7%
93	XCEL ENERGY INC COM XEL	XEL	172,985	$11.7m0.32%	0.32%	Added +18.2k	+18,200 11.8%
94	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	753,324	$11.6m0.32%	0.32%	Reduced -220	-220 -0.0%
95	MILLER HOWARD HIGH INC EQTY COM SHS BEN IN XHIEX	XHIEX	1,147,251	$11.5m0.31%	0.31%	Added +112.0k	+112,003 10.8%
96	RIVERNORTH CAP AND INCM FD I COM XRSFX	XRSFX	733,562	$11.3m0.31%	0.31%	Added +687.6k	+687,613 1496.5%
97	KKR INCOME OPPORTUNITIES FD COM KIO	KIO	1,030,257	$11.3m0.31%	0.31%	Added +365.7k	+365,708 55.0%
98	NUVEEN PENNSYLVANIA QLT MUN COM XNQPX	XNQPX	977,379	$11.2m0.30%	0.30%	Added +12.0k	+12,000 1.2%
99	AIR PRODS & CHEMS INC COM APD	APD	38,701	$11.1m0.30%	0.30%	Reduced -695	-695 -1.8%
100	JPMORGAN CHASE & CO COM JPM	JPM	85,064	$11.1m0.30%	0.30%	Reduced -1.5k	-1,452 -1.7%

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
DELAWARE IVY HIGH INCOME OPP		1,630,270	$17.9m1.6m shares
LINDE PLC 99952EUR	99952EUR	23,678	$7.7m23.7k shares
MACQUARIE GLOBAL INFRASTRUCT		328,078	$7.5m328.1k shares
PNC FINL SVCS GROUP INC PNC	PNC	43,745	$6.9m43.7k shares
FIRST REP BK SAN FRANCISCO C FRCB	FRCB	36,835	$4.5m36.8k shares
ADAMS DIVERSIFIED EQUITY FD ADX	ADX	290,495	$4.2m290.5k shares
DELAWARE ENHANCED GLOBAL DIV		509,285	$4.0m509.3k shares
EAST WEST BANCORP INC EWBC	EWBC	59,740	$3.9m59.7k shares
METLIFE INC MET	MET	53,890	$3.9m53.9k shares
DOUBLELINE INCOME SOLUTIONS DSL	DSL	294,350	$3.3m294.4k shares
GABELLI GLOBL UTIL & INCOME GLU	GLU	217,714	$3.1m217.7k shares
CRANE NXT CO CXT	CXT	29,625	$3.0m29.6k shares
MARVELL TECHNOLOGY INC MRVL	MRVL	51,255	$1.9m51.3k shares
TELEFONAKTIEBOLAGET LM ERICS ERIC	ERIC	277,750	$1.6m277.8k shares
TORTOISE PIPELINE & ENERGY F XTTPX	XTTPX	56,823	$1.5m56.8k shares
SVB FINANCIAL GROUP SIVB	SIVB	4,925	$1.1m4.9k shares
SPIRE INC SR	SR	11,550	$795.0k11.6k shares
PAYPAL HLDGS INC PYPL	PYPL	7,385	$526.0k7.4k shares
NUVEEN INT DUR QUAL MUN TRM		32,574	$407.0k32.6k shares
CLOUGH GLOBAL DIVID & INCOME GLV	GLV	60,404	$387.0k60.4k shares
STORE CAP CORP STOR	STOR	12,000	$385.0k12.0k shares
ALLSPRING MULTI SECTOR INCOM ERC	ERC	20,000	$196.0k20.0k shares
BAXTER INTL INC BAX	BAX	3,265	$166.0k3.3k shares
FIRST HORIZON CORPORATION FHN	FHN	5,475	$134.0k5.5k shares
VANGUARD TAX-MANAGED FDS VEA	VEA	3,092	$130.0k3.1k 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