SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2024-08-14

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

$4.3bn reported value -0.1% vs Q1 2024

533positions

19.1%in top 10

34 new 147 added 209 reduced 24 sold out vs Q1 2024

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 2024

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	MICROSOFT CORP COM MSFT	MSFT	316,508	$141.5m3.26%	3.26%	Reduced -11.0k	-10,981 -3.4%
2	APPLE INC COM AAPL	AAPL	552,611	$116.4m2.68%	2.68%	Reduced -16.9k	-16,909 -3.0%
3	NVIDIA CORPORATION COM NVDA	NVDA	913,633	$112.9m2.60%	2.60%	Reduced -39.5k	-39,517 -4.2%
4	BROADCOM INC COM AVGO	AVGO	60,340	$96.9m2.23%	2.23%	Reduced -5.9k	-5,919 -8.9%
5	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	21,361,682	$68.9m1.59%	1.59%	Reduced -545.3k	-545,305 -2.5%
6	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	19,030,270	$68.1m1.57%	1.57%	Reduced -1.4m	-1,407,535 -6.9%
7	MFS INTER INCOME TR SH BEN INT SH BEN INT		21,834,948	$58.1m1.34%	1.34%	Reduced -142.2k	-142,236 -0.7%
8	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	3,502,717	$57.3m1.32%	1.32%	Added +133.7k	+133,660 4.0%
9	DWS MUN INCOME TR COM KTF	KTF	5,997,374	$56.8m1.31%	1.31%	Added +280.7k	+280,701 4.9%
10	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	5,147,518	$55.1m1.27%	1.27%	Reduced -192.5k	-192,481 -3.6%
11	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	4,802,135	$55.0m1.27%	1.27%	Added +567.9k	+567,930 13.4%
12	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	3,534,187	$54.8m1.26%	1.26%	Added +511.7k	+511,706 16.9%
13	ALPHABET INC CAP STK CL A GOOGL	GOOGL	274,327	$50.0m1.15%	1.15%	Reduced -12.9k	-12,870 -4.5%
14	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	4,984,532	$48.5m1.12%	1.12%	Reduced -100.6k	-100,644 -2.0%
15	NUVEEN PFD & INCOME OPPORTUN COM JPC	JPC	6,200,735	$46.3m1.07%	1.07%	Reduced -377.9k	-377,932 -5.7%
16	APPLIED MATLS INC COM AMAT	AMAT	183,938	$43.4m1.00%	1.00%	Reduced -11.5k	-11,495 -5.9%
17	AMAZON COM INC COM AMZN	AMZN	216,371	$41.8m0.96%	0.96%	Added +13.0k	+13,025 6.4%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	79,834	$40.7m0.94%	0.94%	Reduced -3.7k	-3,723 -4.5%
19	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	3,462,925	$40.7m0.94%	0.94%	Added +299.3k	+299,278 9.5%
20	INSIGHT SELECT INCOME FD COM XXINSIXX	XXINSIXX	2,454,358	$40.1m0.92%	0.92%	Reduced -71.3k	-71,289 -2.8%
21	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	2,599,157	$39.9m0.92%	0.92%	Reduced -166.4k	-166,443 -6.0%
22	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	5,244,473	$37.9m0.87%	0.87%	Added +110.6k	+110,559 2.1%
23	BLACKROCK MUNICIPAL INCOME COM XMUIX	XMUIX	2,854,684	$35.2m0.81%	0.81%	Added +279.8k	+279,752 10.9%
24	EATON VANCE MUN BD FD COM EIM	EIM	3,117,314	$33.0m0.76%	0.76%	Added +426.9k	+426,948 15.9%
25	TCW STRATEGIC INCOME FD INC COM TSI	TSI	6,937,293	$32.9m0.76%	0.76%	Reduced -530.0k	-530,019 -7.1%
26	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	1,860,116	$32.6m0.75%	0.75%	Reduced -377.6k	-377,585 -16.9%
27	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	2,608,606	$32.3m0.74%	0.74%	Added +290.5k	+290,547 12.5%
28	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	5,341,324	$31.9m0.73%	0.73%	Reduced -29.2k	-29,197 -0.5%
29	INVESCO TR INVT GRADE MUNS COM VGM	VGM	3,079,219	$31.6m0.73%	0.73%	Added +654.9k	+654,875 27.0%
30	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	3,110,313	$31.4m0.72%	0.72%	Added +334.7k	+334,670 12.1%
31	CHUBB LIMITED COM CB	CB	119,742	$30.5m0.70%	0.70%	Reduced -1.3k	-1,300 -1.1%
32	JPMORGAN CHASE & CO COM JPM	JPM	150,285	$30.4m0.70%	0.70%	Reduced -6.9k	-6,915 -4.4%
33	NUVEEN NEW JERSEY QULT MUN F COM XNXJX	XNXJX	2,454,495	$30.0m0.69%	0.69%	Added +305.6k	+305,610 14.2%
34	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	2,656,584	$29.5m0.68%	0.68%	Added +27.9k	+27,856 1.1%
35	MILLER HOWARD HIGH INC EQTY COM SHS BEN IN XHIEX	XHIEX	2,606,471	$29.2m0.67%	0.67%	Added +280.7k	+280,665 12.1%
36	EATON VANCE CALIF MUN BD FD COM XEVMX	XEVMX	3,058,410	$29.1m0.67%	0.67%	Added +169.5k	+169,468 5.9%
37	NUVEEN PENNSYLVANIA QLT MUN COM XNQPX	XNQPX	2,337,713	$28.5m0.66%	0.66%	Added +323.1k	+323,127 16.0%
38	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,576,905	$28.4m0.65%	0.65%	Reduced -65.2k	-65,202 -4.0%
39	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	2,550,600	$27.8m0.64%	0.64%	Reduced -64.6k	-64,645 -2.5%
40	BLACKROCK INCOME TR INC COM NEW BKT	BKT	2,263,551	$27.0m0.62%	0.62%	Reduced -292.8k	-292,820 -11.4%
41	CORNERSTONE STRATEGIC INVEST COM CLM	CLM	3,493,571	$26.9m0.62%	0.62%	Reduced -2.0m	-2,023,634 -36.7%
42	FIRST TR MTG INCOME FD COM SHS FMY	FMY	2,251,120	$26.9m0.62%	0.62%	Reduced -23.6k	-23,607 -1.0%
43	PIONEER MUN HIGH INCOME OPPO COMMON STOCK XMIOX	XMIOX	2,292,354	$26.7m0.61%	0.61%	Added +168.3k	+168,347 7.9%
44	INVESCO PA VALUE MUN INC TR COM VPV	VPV	2,441,313	$26.5m0.61%	0.61%	Added +81.3k	+81,273 3.4%
45	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	1,187,490	$26.5m0.61%	0.61%	Added +203.8k	+203,816 20.7%
46	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	86,502	$26.2m0.60%	0.60%	Reduced -610	-610 -0.7%
47	NUVEEN AMT FREE MUN CR INC F COM NVG	NVG	2,086,669	$26.0m0.60%	0.60%	Reduced -308.9k	-308,929 -12.9%
48	BLACKROCK HEALTH SCIENCES TE COM SHS BMEZ	BMEZ	1,692,574	$26.0m0.60%	0.60%	Added +29.8k	+29,764 1.8%
49	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	2,536,051	$25.3m0.58%	0.58%	Added +671.6k	+671,643 36.0%
50	META PLATFORMS INC CL A META	META	49,269	$24.8m0.57%	0.57%	Added +18.9k	+18,945 62.5%
51	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	1,310,011	$24.1m0.55%	0.55%	Added +103.5k	+103,527 8.6%
52	CONOCOPHILLIPS COM COP	COP	207,239	$23.7m0.55%	0.55%	Reduced -530	-530 -0.3%
53	HOME DEPOT INC COM HD	HD	67,976	$23.4m0.54%	0.54%	Added +4.3k	+4,293 6.7%
54	VISA INC COM CL A V	V	88,769	$23.3m0.54%	0.54%	Added +220	+220 0.2%
55	ARISTA NETWORKS INC COM COM		65,522	$23.0m0.53%	0.53%	Reduced -522	-522 -0.8%
56	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		7,327,129	$22.5m0.52%	0.52%	Reduced -149.1k	-149,068 -2.0%
57	TJX COS INC NEW COM TJX	TJX	201,445	$22.2m0.51%	0.51%	Reduced -3.5k	-3,530 -1.7%
58	INVESCO TR INVT GRADE NEW YO COM VTN	VTN	1,954,256	$22.0m0.51%	0.51%	Added +340.9k	+340,895 21.1%
59	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	3,442,694	$21.9m0.50%	0.50%	Reduced -289.6k	-289,568 -7.8%
60	UNION PAC CORP COM UNP	UNP	96,370	$21.8m0.50%	0.50%	Added +6.5k	+6,460 7.2%
61	ADOBE INC COM ADBE	ADBE	38,829	$21.6m0.50%	0.50%	Reduced -866	-866 -2.2%
62	EATON VANCE NEW YORK MUN BD COM XENWX	XENWX	2,184,827	$21.5m0.50%	0.50%	Added +60.6k	+60,606 2.9%
63	PEPSICO INC COM PEP	PEP	129,084	$21.3m0.49%	0.49%	Reduced -2.3k	-2,260 -1.7%
64	ABBOTT LABS COM ABT	ABT	196,454	$20.4m0.47%	0.47%	Added +11.7k	+11,710 6.3%
65	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		254,170	$19.8m0.46%	0.46%	Reduced -8.2k	-8,155 -3.1%
66	FEDEX CORP COM FDX	FDX	64,451	$19.3m0.44%	0.44%	Reduced -7.4k	-7,427 -10.3%
67	GOLDMAN SACHS GROUP INC COM GS	GS	42,680	$19.3m0.44%	0.44%	Reduced -1.8k	-1,780 -4.0%
68	ALPHABET INC CAP STK CL C GOOG	GOOG	101,625	$18.6m0.43%	0.43%	Reduced -445	-445 -0.4%
69	PIONEER MUNICIPAL HIGH INCOM COM SHS XMHIX	XMHIX	1,989,523	$18.2m0.42%	0.42%	Added +175.2k	+175,159 9.7%
70	HONEYWELL INTL INC COM COM		82,080	$17.5m0.40%	0.40%	Reduced -3.0k	-2,970 -3.5%
71	INTUIT COM INTU	INTU	26,648	$17.5m0.40%	0.40%	Reduced -6.1k	-6,072 -18.6%
72	NUVEEN NEW YORK AMT QLT MUNI COM NRK	NRK	1,575,363	$17.5m0.40%	0.40%	Added +284.2k	+284,171 22.0%
73	BLACKROCK ENHANCED GOVT FD I COM XEGFX	XEGFX	1,838,123	$17.2m0.40%	0.40%	Added +42.6k	+42,615 2.4%
74	EXXON MOBIL CORP COM XOM	XOM	148,640	$17.1m0.39%	0.39%	Reduced -125	-125 -0.1%
75	NUVEEN CORE PLUS IMPACT FUND COM BEN INT NPCT	NPCT	1,557,930	$16.9m0.39%	0.39%	Added +70.6k	+70,580 4.8%
76	WESTERN ASSET HIGH YIELD DEF COM HYI	HYI	1,456,805	$16.9m0.39%	0.39%	Reduced -43.8k	-43,849 -2.9%
77	MCDONALDS CORP COM MCD	MCD	65,359	$16.7m0.38%	0.38%	Added +7.8k	+7,840 13.6%
78	ORACLE CORP COM ORCL	ORCL	113,546	$16.0m0.37%	0.37%	Reduced -17.8k	-17,780 -13.5%
79	SALESFORCE INC COM CRM	CRM	61,273	$15.8m0.36%	0.36%	Added +813	+813 1.3%
80	ABBVIE INC COM ABBV	ABBV	89,377	$15.3m0.35%	0.35%	Added +33.8k	+33,847 61.0%
81	WESTERN ASSET GLOBAL CORP DE COM GDO	GDO	1,231,302	$15.0m0.35%	0.35%	Added +83.1k	+83,111 7.2%
82	PIONEER MUNICIPAL HIGH INCOM COM XPMAX	XPMAX	1,814,668	$14.9m0.34%	0.34%	Added +748.4k	+748,386 70.2%
83	BOOZ ALLEN HAMILTON HLDG COR CL A BAH	BAH	96,565	$14.9m0.34%	0.34%	Reduced -4.1k	-4,065 -4.0%
84	GENERAL DYNAMICS CORP COM GD	GD	51,062	$14.8m0.34%	0.34%	Added +4.2k	+4,220 9.0%
85	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	26,780	$14.8m0.34%	0.34%	Reduced -715	-715 -2.6%
86	NOVO-NORDISK A S ADR NVO	NVO	102,312	$14.6m0.34%	0.34%	Added +8.1k	+8,135 8.6%
87	DEXCOM INC COM DXCM	DXCM	128,757	$14.6m0.34%	0.34%	Added +887	+887 0.7%
88	Siemens AG COM SIEGY	SIEGY	149,372	$13.9m0.32%	0.32%	Reduced -25.7k	-25,665 -14.7%
89	NYLI MACKAY DEFINEDTERM MUNI COM MMD	MMD	832,255	$13.8m0.32%	0.32%	Added +118.4k	+118,386 16.6%
90	TE CONNECTIVITY LTD SHS TEL1USD	TEL1USD	91,450	$13.8m0.32%	0.32%	Added +2.0k	+1,972 2.2%
91	BLACKROCK CALIF MUN INCOME T SH BEN INT XBFZX	XBFZX	1,138,749	$13.6m0.31%	0.31%	Added +64.8k	+64,815 6.0%
92	WESTERN ASSET INVT GRADE DEF COM IGI	IGI	795,520	$13.6m0.31%	0.31%	Reduced -109.2k	-109,215 -12.1%
93	NUVEEN MULTI ASSET INCOME FU COM NMAI	NMAI	1,071,545	$13.2m0.30%	0.30%	Reduced -384.9k	-384,885 -26.4%
94	EATON VANCE SHORT DURATION D COM XEVGX	XEVGX	1,221,670	$13.2m0.30%	0.30%	Reduced -33.9k	-33,861 -2.7%
95	REINSURANCE GRP OF AMERICA I COM NEW RGA	RGA	63,660	$13.1m0.30%	0.30%	Reduced -2.0k	-2,000 -3.0%
96	CHENIERE ENERGY INC COM NEW LNG	LNG	73,991	$12.9m0.30%	0.30%	Added +100	+100 0.1%
97	JOHNSON & JOHNSON COM JNJ	JNJ	87,940	$12.9m0.30%	0.30%	Reduced -55.1k	-55,138 -38.5%
98	PROCTER AND GAMBLE CO COM PG	PG	76,665	$12.6m0.29%	0.29%	Added +1.8k	+1,835 2.5%
99	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	90,540	$12.4m0.29%	0.29%	Added +825	+825 0.9%
100	MONOLITHIC PWR SYS INC COM MPWR	MPWR	14,994	$12.3m0.28%	0.28%	Reduced -62	-62 -0.4%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
CLEARBRIDGE MLP AND MIDSTRM		226,198	$10.4m226.2k shares
HCA HEALTHCARE INC HCA	HCA	19,397	$6.5m19.4k shares
SYSCO CORP SYY	SYY	41,743	$3.4m41.7k shares
VOYA INFRASTRUCTURE INDLS & IDE	IDE	318,357	$3.3m318.4k shares
ARES DYNAMIC CR ALLOCATION F ARDC	ARDC	204,499	$2.9m204.5k shares
INVESCO HIGH INCOME 2024 TAR XHTAX	XHTAX	378,009	$2.8m378.0k shares
SKYWORKS SOLUTIONS INC SWKS	SWKS	18,172	$2.0m18.2k shares
INMODE LTD INMD	INMD	83,925	$1.8m83.9k shares
HANCOCK JOHN INVT TR		294,649	$1.5m294.6k shares
STRATASYS LTD SSYS	SSYS	93,121	$1.1m93.1k shares
DIVIDEND & INCOME FUND BXSY	BXSY	80,477	$1.0m80.5k shares
FST TR NEW OPPORT MLP & ENE		100,308	$768.0k100.3k shares
ABRDN INCOME CREDIT STRATEGI ACP	ACP	92,216	$625.0k92.2k shares
PRINCIPAL REAL ESTATE INCOME PGZ	PGZ	57,921	$598.0k57.9k shares
PIMCO MUN INCOME FD III XPMQX	XPMQX	67,350	$503.0k67.3k shares
NOVARTIS AG NVS	NVS	4,450	$430.0k4.5k shares
WOODSIDE ENERGY GROUP LTD WDS	WDS	14,473	$289.0k14.5k shares
SERES THERAPEUTICS INC		342,200	$265.0k342.2k shares
FIRST TR MLP & ENERGY INCOM		18,143	$175.0k18.1k shares
NUVEEN CR STRATEGIES INCOME XJQCX	XJQCX	25,000	$139.0k25.0k shares
WESTERN ASST INFLTN LKD INM XWIAX	XWIAX	8,776	$71.0k8.8k shares
FIRST TR ENERGY INCOME & GRO		3,200	$52.0k3.2k shares
NEXTRACKER INC NXT	NXT	696	$39.0k696 shares
AMCOR PLC AMCR	AMCR	4,000	$38.0k4.0k 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