SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2023-08-10

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

$3.8bn reported value +4.0% vs Q1 2023

546positions

20.2%in top 10

29 new 136 added 174 reduced 17 sold out vs Q1 2023

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 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	16,480,216	$138.1m3.61%	3.61%	Reduced -899.9k	-899,908 -5.2%
2	APPLE INC COM AAPL	AAPL	625,794	$121.4m3.17%	3.17%	Reduced -25.9k	-25,870 -4.0%
3	MICROSOFT CORP COM MSFT	MSFT	337,130	$114.8m3.00%	3.00%	Reduced -4.2k	-4,190 -1.2%
4	BROADCOM INC COM AVGO	AVGO	76,998	$66.8m1.75%	1.75%	Reduced -4.6k	-4,554 -5.6%
5	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	17,448,620	$61.4m1.60%	1.60%	Added +350.6k	+350,561 2.0%
6	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	6,020,107	$61.1m1.60%	1.60%	Added +76.2k	+76,224 1.3%
7	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	18,546,530	$58.6m1.53%	1.53%	Added +616.0k	+616,013 3.4%
8	MFS INTER INCOME TR SH BEN INT SH BEN INT		19,690,850	$54.0m1.41%	1.41%	Added +64.9k	+64,895 0.3%
9	CBRE GBL REAL ESTATE INC FD COM COM		9,746,330	$51.0m1.33%	1.33%	Added +9.4m	+9,403,453 2742.5%
10	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	4,314,232	$47.2m1.23%	1.23%	Reduced -78.4k	-78,429 -1.8%
11	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	4,793,017	$44.9m1.17%	1.17%	Added +177.6k	+177,600 3.9%
12	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	3,782,646	$42.6m1.11%	1.11%	Reduced -77.3k	-77,312 -2.0%
13	UNITEDHEALTH GROUP INC COM UNH	UNH	84,410	$40.6m1.06%	1.06%	Added +5.4k	+5,447 6.9%
14	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	2,705,943	$39.3m1.03%	1.03%	Added +82.5k	+82,478 3.1%
15	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	4,241,081	$37.8m0.99%	0.99%	Reduced -1.1m	-1,136,721 -21.1%
16	ALPHABET INC CAP STK CL A GOOGL	GOOGL	308,976	$37.0m0.97%	0.97%	Reduced -6.5k	-6,533 -2.1%
17	NVIDIA CORPORATION COM NVDA	NVDA	86,505	$36.6m0.96%	0.96%	Reduced -1.8k	-1,788 -2.0%
18	DWS MUN INCOME TR COM KTF	KTF	4,110,276	$35.4m0.92%	0.92%	Added +29.0k	+28,959 0.7%
19	BLACKROCK INCOME TR INC COM NEW BKT	BKT	2,887,615	$35.1m0.92%	0.92%	Added +209.4k	+209,437 7.8%
20	NUVEEN AMT FREE MUN CR INC F COM NVG	NVG	2,995,180	$35.0m0.92%	0.92%	Added +636.4k	+636,370 27.0%
21	APPLIED MATLS INC COM AMAT	AMAT	231,805	$33.5m0.88%	0.88%	Reduced -2.1k	-2,085 -0.9%
22	INSIGHT SELECT INCOME FD COM XXINSIXX	XXINSIXX	2,057,516	$32.2m0.84%	0.84%	Added +66.3k	+66,344 3.3%
23	NUVEEN PFD & INCOME SECS FD COM COM		4,807,315	$30.7m0.80%	0.80%	Reduced -1.4m	-1,393,467 -22.5%
24	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	3,735,347	$29.9m0.78%	0.78%	Reduced -980.5k	-980,525 -20.8%
25	INVESCO TR INVT GRADE MUNS COM VGM	VGM	3,052,160	$29.6m0.77%	0.77%	Added +150.9k	+150,888 5.2%
26	JOHNSON & JOHNSON COM JNJ	JNJ	175,281	$29.0m0.76%	0.76%	Reduced -6.3k	-6,315 -3.5%
27	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	1,781,941	$27.9m0.73%	0.73%	Added +697.9k	+697,851 64.4%
28	VIRTUS TOTAL RETURN FD INC COM ZTR	ZTR	4,423,711	$26.9m0.70%	0.70%	Reduced -789.4k	-789,432 -15.1%
29	CHUBB LIMITED COM CB	CB	139,394	$26.8m0.70%	0.70%	Added +1.2k	+1,205 0.9%
30	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	85,195	$26.3m0.69%	0.69%	Reduced -4.2k	-4,204 -4.7%
31	NUVEEN MUNICIPAL CREDIT INC COM SH BEN INT NZF	NZF	2,235,816	$26.1m0.68%	0.68%	Added +2.2m	+2,162,197 2937.0%
32	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	4,440,219	$25.8m0.67%	0.67%	Added +70.7k	+70,693 1.6%
33	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	48,383	$25.2m0.66%	0.66%	Added +6.1k	+6,122 14.5%
34	CONOCOPHILLIPS COM COP	COP	243,053	$25.2m0.66%	0.66%	Added +538	+538 0.2%
35	PEPSICO INC COM PEP	PEP	132,380	$24.5m0.64%	0.64%	Reduced -2.9k	-2,895 -2.1%
36	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,509,452	$24.3m0.64%	0.64%	Added +5.1k	+5,124 0.3%
37	ABBOTT LABS COM ABT	ABT	216,190	$23.6m0.62%	0.62%	Added +2.0k	+1,955 0.9%
38	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	2,171,129	$23.4m0.61%	0.61%	Added +173.2k	+173,242 8.7%
39	TCW STRATEGIC INCOME FD INC COM TSI	TSI	5,039,620	$23.3m0.61%	0.61%	Added +155.9k	+155,851 3.2%
40	VISA INC COM CL A V	V	97,130	$23.1m0.60%	0.60%	Reduced -2.8k	-2,846 -2.9%
41	FIRST TR MTG INCOME FD COM SHS FMY	FMY	1,991,746	$22.2m0.58%	0.58%	Added +10.8k	+10,781 0.5%
42	JPMORGAN CHASE & CO COM JPM	JPM	150,009	$21.8m0.57%	0.57%	Added +64.9k	+64,945 76.3%
43	AMAZON COM INC COM AMZN	AMZN	165,818	$21.6m0.56%	0.56%	Added +1.2k	+1,195 0.7%
44	WESTERN ASSET DIVERSIFIED IN COM SHS BEN INT WDI	WDI	1,522,843	$20.5m0.54%	0.54%	Reduced -120.1k	-120,129 -7.3%
45	ORACLE CORP COM ORCL	ORCL	170,436	$20.3m0.53%	0.53%	Reduced -17.9k	-17,935 -9.5%
46	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	2,140,920	$20.2m0.53%	0.53%	Added +121.2k	+121,159 6.0%
47	INVESCO DYNAMIC CREDIT O EQUITY FUNDS XAXCX	XAXCX	1,784,433	$19.7m0.51%	0.51%	Reduced -211.1k	-211,059 -10.6%
48	UNION PAC CORP COM UNP	UNP	95,422	$19.5m0.51%	0.51%	Reduced -1.9k	-1,875 -1.9%
49	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		269,641	$19.3m0.50%	0.50%	Reduced -184	-184 -0.1%
50	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	1,215,375	$19.1m0.50%	0.50%	Added +423.1k	+423,061 53.4%
51	TJX COS INC NEW COM TJX	TJX	224,290	$19.0m0.50%	0.50%	Reduced -6.1k	-6,125 -2.7%
52	FEDEX CORP COM FDX	FDX	76,191	$18.9m0.49%	0.49%	Added +5.3k	+5,306 7.5%
53	HOME DEPOT INC COM HD	HD	59,389	$18.4m0.48%	0.48%	Reduced -1.9k	-1,850 -3.0%
54	INTUIT COM INTU	INTU	39,759	$18.2m0.48%	0.48%	Added +156	+156 0.4%
55	ADOBE INC COM ADBE	ADBE	36,442	$17.8m0.47%	0.47%	Added +15.1k	+15,137 71.0%
56	DEXCOM INC COM DXCM	DXCM	135,483	$17.4m0.45%	0.45%	Added +486	+486 0.4%
57	CLEARBRIDGE ENERGY MIDSTRM O COM EMO	EMO	577,250	$17.2m0.45%	0.45%	Added +14.0k	+13,968 2.5%
58	NEXTERA ENERGY INC COM NEE	NEE	232,279	$17.2m0.45%	0.45%	Added +40.8k	+40,805 21.3%
59	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	1,612,950	$17.2m0.45%	0.45%	Added +23.6k	+23,648 1.5%
60	MONDELEZ INTL INC CL A MDLZ	MDLZ	232,017	$16.9m0.44%	0.44%	Reduced -7.4k	-7,405 -3.1%
61	Siemens AG COM SIEGY	SIEGY	202,780	$16.9m0.44%	0.44%	Reduced -19.0k	-19,030 -8.6%
62	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		5,242,253	$16.8m0.44%	0.44%	Added +442.1k	+442,143 9.2%
63	INVESCO BD FD COM VBF	VBF	1,120,352	$16.7m0.44%	0.44%	Added +39.8k	+39,834 3.7%
64	CONSTELLATION BRANDS INC CL A STZ	STZ	66,872	$16.5m0.43%	0.43%	Added +9.1k	+9,097 15.8%
65	AMERIPRISE FINL INC COM AMP	AMP	49,465	$16.4m0.43%	0.43%	Reduced -3.1k	-3,079 -5.9%
66	HONEYWELL INTL INC COM COM		78,200	$16.2m0.42%	0.42%	Added +1.3k	+1,288 1.7%
67	MCDONALDS CORP COM MCD	MCD	54,149	$16.2m0.42%	0.42%	Reduced -2.9k	-2,875 -5.0%
68	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	2,341,143	$16.0m0.42%	0.42%	Reduced -644.1k	-644,127 -21.6%
69	WESTERN ASSET PREMIER BD FD SHS BEN INT WEA	WEA	1,548,735	$15.8m0.41%	0.41%	Added +3.6k	+3,574 0.2%
70	ALPHABET INC CAP STK CL C GOOG	GOOG	128,120	$15.5m0.40%	0.40%	Unchanged
71	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	1,386,237	$15.2m0.40%	0.40%	Reduced -37.6k	-37,622 -2.6%
72	BLACKROCK ENHANCED GOVT FD I COM XEGFX	XEGFX	1,567,239	$15.0m0.39%	0.39%	Reduced -155.6k	-155,598 -9.0%
73	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	1,527,882	$14.5m0.38%	0.38%	Added +103.5k	+103,455 7.3%
74	NUVEEN NEW JERSEY QULT MUN F COM XNXJX	XNXJX	1,252,784	$14.4m0.38%	0.38%	Added +28.5k	+28,514 2.3%
75	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	126,775	$14.1m0.37%	0.37%	Reduced -2.5k	-2,550 -2.0%
76	INVESCO PA VALUE MUN INC TR COM VPV	VPV	1,414,003	$13.9m0.36%	0.36%	Added +133.9k	+133,915 10.5%
77	EATON VANCE MUN BD FD COM EIM	EIM	1,398,267	$13.9m0.36%	0.36%	Added +108.1k	+108,140 8.4%
78	SALESFORCE INC COM CRM	CRM	64,368	$13.6m0.36%	0.36%	Added +462	+462 0.7%
79	WASTE MGMT INC DEL COM WM	WM	75,077	$13.0m0.34%	0.34%	Reduced -2.4k	-2,360 -3.0%
80	AMERICAN TOWER CORP NEW COM AMT	AMT	67,016	$13.0m0.34%	0.34%	Added +5.9k	+5,890 9.6%
81	MILLER HOWARD HIGH INC EQTY COM SHS BEN IN XHIEX	XHIEX	1,279,411	$13.0m0.34%	0.34%	Added +132.2k	+132,160 11.5%
82	FIRST TR DYNAMIC EUROPE EQUI COM SHS XFDEX	XFDEX	969,671	$12.7m0.33%	0.33%	Reduced -566.2k	-566,177 -36.9%
83	SKYWORKS SOLUTIONS INC COM SWKS	SWKS	114,144	$12.6m0.33%	0.33%	Added +5.3k	+5,256 4.8%
84	FRANKLIN LTD DURATION INCOME COM FTF	FTF	2,022,532	$12.5m0.33%	0.33%	Reduced -17.5k	-17,486 -0.9%
85	ANALOG DEVICES INC COM ADI	ADI	63,901	$12.4m0.33%	0.33%	Reduced -6.8k	-6,750 -9.6%
86	KKR INCOME OPPORTUNITIES FD COM KIO	KIO	1,070,257	$12.4m0.32%	0.32%	Added +40.0k	+40,000 3.9%
87	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	801,308	$12.4m0.32%	0.32%	Reduced -105.1k	-105,112 -11.6%
88	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	744,597	$12.4m0.32%	0.32%	Added +381.3k	+381,323 105.0%
89	INVESCO ADVANTAGE MUN INCOME SH BEN INT VKI	VKI	1,468,377	$12.3m0.32%	0.32%	Added +5.1k	+5,087 0.3%
90	CHENIERE ENERGY INC COM NEW LNG	LNG	80,705	$12.3m0.32%	0.32%	Added +593	+593 0.7%
91	ETF MANAGERS TR ETFMG SIT ULTR ETFMG SIT ULTR		249,300	$12.1m0.32%	0.32%	New
92	WESTERN AST INFL LKD OPP & I COM WIW	WIW	1,357,623	$12.0m0.31%	0.31%	Reduced -1.2m	-1,179,586 -46.5%
93	RIVERNORTH CAP AND INCM FD I COM XRSFX	XRSFX	777,674	$12.0m0.31%	0.31%	Added +44.1k	+44,112 6.0%
94	PROCTER AND GAMBLE CO COM PG	PG	78,960	$12.0m0.31%	0.31%	Reduced -2.3k	-2,300 -2.8%
95	ARISTA NETWORKS INC COM COM		73,829	$12.0m0.31%	0.31%	Added +14.1k	+14,134 23.7%
96	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	768,104	$11.9m0.31%	0.31%	Added +14.8k	+14,780 2.0%
97	EXXON MOBIL CORP COM XOM	XOM	110,335	$11.8m0.31%	0.31%	Added +1.4k	+1,350 1.2%
98	REALTY INCOME CORP COM O	O	196,771	$11.8m0.31%	0.31%	Added +9.0k	+8,980 4.8%
99	NUVEEN PENNSYLVANIA QLT MUN COM XNQPX	XNQPX	1,033,280	$11.6m0.30%	0.30%	Added +55.9k	+55,901 5.7%
100	GOLDMAN SACHS GROUP INC COM GS	GS	35,283	$11.4m0.30%	0.30%	Reduced -8.5k	-8,464 -19.4%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
NUVEEN OHIO QLTY MUN INCOME		1,312,764	$16.7m1.3m shares
NUVEEN GEORGIA QLTY MUN INC		585,341	$6.0m585.3k shares
WELLS FARGO CO NEW WFC	WFC	128,900	$4.8m128.9k shares
GODADDY INC GDDY	GDDY	30,350	$2.4m30.4k shares
NEUBERGER BERMAN NEXT GENERA NBXG	NBXG	200,425	$2.1m200.4k shares
CREDIT SUISSE ASSET MGMT INC CIK	CIK	331,524	$852.0k331.5k shares
THOMSON REUTERS CORP.		6,325	$823.0k6.3k shares
VITAL FARMS INC VITL	VITL	48,925	$749.0k48.9k shares
GUGGENHEIM TAXABLE MUNICP BO GBAB	GBAB	34,152	$582.0k34.2k shares
NUVEEN FLOATING RATE INCOME JFR	JFR	64,532	$529.0k64.5k shares
SCOTTS MIRACLE-GRO CO SMG	SMG	4,985	$348.0k5.0k shares
ATRION CORP ATRI	ATRI	550	$345.0k550 shares
CBRE GBL REAL ESTATE INC FD		6,015,612	$186.0k6.0m shares
COGNIZANT TECHNOLOGY SOLUTIO CTSH	CTSH	3,000	$183.0k3.0k shares
BLACKROCK MUN INCOME TR		17,200	$176.0k17.2k shares
MATIV HOLDINGS INC MATV	MATV	6,585	$141.0k6.6k shares
EDWARDS LIFESCIENCES CORP EW	EW	34	$3.0k34 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