SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2025-05-13

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

$4.3bn reported value -3.2% vs Q4 2024

522positions

20.5%in top 10

21 new 183 added 142 reduced 29 sold out vs Q4 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, Q1 2025

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	296,785	$111.4m2.61%	2.61%	Reduced -6.7k	-6,703 -2.2%
2	APPLE INC COM AAPL	AAPL	493,010	$109.5m2.57%	2.57%	Reduced -10.5k	-10,549 -2.1%
3	NVIDIA CORPORATION COM NVDA	NVDA	879,358	$95.3m2.23%	2.23%	Reduced -14.8k	-14,828 -1.7%
4	BROADCOM INC COM AVGO	AVGO	531,988	$89.1m2.09%	2.09%	Added +22.2k	+22,152 4.3%
5	DWS MUN INCOME TR COM KTF	KTF	9,279,098	$87.0m2.04%	2.04%	Added +301.8k	+301,804 3.4%
6	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	5,161,588	$86.1m2.02%	2.02%	Added +788.0k	+787,953 18.0%
7	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	22,981,484	$83.0m1.95%	1.95%	Added +1.1m	+1,104,572 5.0%
8	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	23,075,285	$76.6m1.80%	1.80%	Added +91.0k	+90,977 0.4%
9	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	5,301,917	$71.5m1.68%	1.68%	Added +144.4k	+144,353 2.8%
10	MFS INTER INCOME TR SH BEN INT SH BEN INT		24,419,462	$65.7m1.54%	1.54%	Added +186.6k	+186,567 0.8%
11	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	3,860,681	$61.8m1.45%	1.45%	Added +164.9k	+164,900 4.5%
12	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	5,581,167	$59.8m1.40%	1.40%	Added +419.8k	+419,791 8.1%
13	NUVEEN FLOATING RATE INCOME COM JFR	JFR	6,549,321	$55.5m1.30%	1.30%	New
14	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	5,165,483	$51.6m1.21%	1.21%	Added +18.1k	+18,141 0.3%
15	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	2,644,061	$49.6m1.16%	1.16%	Added +721.3k	+721,300 37.5%
16	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	3,168,782	$49.5m1.16%	1.16%	Added +227.7k	+227,699 7.7%
17	AMAZON COM INC COM AMZN	AMZN	248,875	$47.4m1.11%	1.11%	Added +5.9k	+5,872 2.4%
18	ADVENT CONV & INCOME FD COM AVK	AVK	4,069,977	$46.9m1.10%	1.10%	Reduced -285.1k	-285,097 -6.5%
19	ALPHABET INC CAP STK CL A GOOGL	GOOGL	286,181	$44.3m1.04%	1.04%	Added +10.2k	+10,218 3.7%
20	BLACKROCK INCOME TR INC COM NEW BKT	BKT	3,438,065	$40.7m0.96%	0.96%	Added +1.5m	+1,489,662 76.5%
21	META PLATFORMS INC CL A META	META	67,134	$38.7m0.91%	0.91%	Added +2.2k	+2,178 3.4%
22	TCW STRATEGIC INCOME FD INC COM TSI	TSI	7,486,736	$36.4m0.85%	0.85%	Added +570.1k	+570,125 8.2%
23	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	5,596,197	$34.8m0.82%	0.82%	Added +20.9k	+20,914 0.4%
24	CHUBB LIMITED COM CB	CB	113,074	$34.1m0.80%	0.80%	Added +575	+575 0.5%
25	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	2,958,494	$33.5m0.79%	0.79%	Added +125.5k	+125,466 4.4%
26	UNITEDHEALTH GROUP INC COM UNH	UNH	63,307	$33.2m0.78%	0.78%	Added +411	+411 0.7%
27	EATON VANCE CALIF MUN BD FD COM XEVMX	XEVMX	3,535,801	$32.8m0.77%	0.77%	Added +243.8k	+243,803 7.4%
28	NUVEEN PFD & INCOME OPPORTUN COM JPC	JPC	4,105,995	$32.7m0.77%	0.77%	Reduced -642.0k	-641,964 -13.5%
29	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	5,025,130	$31.5m0.74%	0.74%	Added +648.3k	+648,343 14.8%
30	NEUBERGER BERMAN REAL ESTATE COM XNROX	XNROX	9,464,802	$31.2m0.73%	0.73%	New
31	PIONEER MUN HIGH INCOME OPPO COMMON STOCK XMIOX	XMIOX	2,545,042	$30.0m0.70%	0.70%	Added +14.6k	+14,565 0.6%
32	WESTERN ASSET GBL HIGH INC F COM EHI	EHI	4,446,233	$29.4m0.69%	0.69%	Reduced -449.2k	-449,246 -9.2%
33	JPMORGAN CHASE & CO COM JPM	JPM	116,016	$28.5m0.67%	0.67%	Added +10.2k	+10,214 9.7%
34	KKR INCOME OPPORTUNITIES FD COM KIO	KIO	2,260,825	$27.8m0.65%	0.65%	New
35	FIRST TR MTG INCOME FD COM SHS FMY	FMY	2,253,246	$27.5m0.65%	0.65%	Added +105	+105 0.0%
36	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	3,797,537	$26.8m0.63%	0.63%	Reduced -1.2m	-1,237,605 -24.6%
37	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		8,401,498	$26.6m0.62%	0.62%	Added +124.0k	+124,002 1.5%
38	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,416,022	$26.6m0.62%	0.62%	Reduced -133.3k	-133,342 -8.6%
39	VISA INC COM CL A V	V	75,761	$26.6m0.62%	0.62%	Reduced -440	-440 -0.6%
40	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	81,261	$25.4m0.59%	0.59%	Added +2.3k	+2,329 3.0%
41	ELI LILLY & CO COM LLY	LLY	30,362	$25.1m0.59%	0.59%	Added +1.1k	+1,144 3.9%
42	EATON VANCE NEW YORK MUN BD COM XENWX	XENWX	2,615,205	$24.8m0.58%	0.58%	Added +161.8k	+161,792 6.6%
43	CONOCOPHILLIPS COM COP	COP	229,438	$24.1m0.57%	0.57%	Reduced -1.7k	-1,721 -0.7%
44	SALESFORCE INC COM CRM	CRM	86,316	$23.2m0.54%	0.54%	Added +11.8k	+11,750 15.8%
45	HOME DEPOT INC COM HD	HD	63,148	$23.1m0.54%	0.54%	Added +5.6k	+5,647 9.8%
46	BLACKROCK HEALTH SCIENCES TE COM SHS BMEZ	BMEZ	1,496,158	$22.3m0.52%	0.52%	Reduced -228.5k	-228,548 -13.2%
47	BNY MELLON MUN INCOME INC COM COM		3,057,452	$22.0m0.51%	0.51%	Added +56.8k	+56,770 1.9%
48	GOLDMAN SACHS GROUP INC COM GS	GS	39,795	$21.7m0.51%	0.51%	Added +45	+45 0.1%
49	GABELLI DIVID & INCOME TR COM XGDVX	XGDVX	900,838	$21.7m0.51%	0.51%	Added +53.6k	+53,558 6.3%
50	NUVEEN QUALITY MUNCP INCOME COM NAD	NAD	1,877,551	$21.6m0.51%	0.51%	Reduced -780.9k	-780,949 -29.4%
51	PIONEER MUNICIPAL HIGH INCOM COM SHS XMHIX	XMHIX	2,323,907	$21.4m0.50%	0.50%	Added +25.0k	+25,015 1.1%
52	ARISTA NETWORKS INC COM SHS ANET	ANET	271,394	$21.0m0.49%	0.49%	Added +7.4k	+7,361 2.8%
53	ALLSPRING MULTI SECTOR INCOM COM ERC	ERC	2,232,680	$20.6m0.48%	0.48%	Added +1.0m	+1,020,228 84.2%
54	INTUIT COM INTU	INTU	33,341	$20.5m0.48%	0.48%	Added +8.8k	+8,849 36.1%
55	TJX COS INC NEW COM TJX	TJX	167,485	$20.4m0.48%	0.48%	Reduced -1.4k	-1,385 -0.8%
56	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	1,894,225	$20.3m0.48%	0.48%	Reduced -20.0k	-19,999 -1.0%
57	ABBOTT LABS COM ABT	ABT	151,621	$20.1m0.47%	0.47%	Reduced -24.3k	-24,313 -13.8%
58	NUVEEN AMT FREE QLTY MUN INC COM XNEAX	XNEAX	1,786,278	$20.0m0.47%	0.47%	Reduced -714.4k	-714,432 -28.6%
59	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	1,268,190	$20.0m0.47%	0.47%	Reduced -224.3k	-224,344 -15.0%
60	INVESCO TR INVT GRADE MUNS COM VGM	VGM	2,001,609	$19.9m0.47%	0.47%	Reduced -285.2k	-285,157 -12.5%
61	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	1,307,427	$18.9m0.44%	0.44%	Added +489.5k	+489,469 59.8%
62	HONEYWELL INTL INC COM COM		87,681	$18.6m0.44%	0.44%	Added +28.7k	+28,716 48.7%
63	BLACKROCK ENHANCED GLOBAL DI COM XBOEX	XBOEX	1,710,576	$18.6m0.44%	0.44%	Added +395.1k	+395,055 30.0%
64	NEUBERGER BERMAN NEXT GENERA COMMON STOCK NBXG	NBXG	1,471,957	$18.0m0.42%	0.42%	Added +119.4k	+119,445 8.8%
65	WILLIAMS COS INC COM WMB	WMB	301,396	$18.0m0.42%	0.42%	Added +25.3k	+25,286 9.2%
66	PIONEER MUNICIPAL HIGH INCOM COM XPMAX	XPMAX	2,128,384	$17.8m0.42%	0.42%	Added +15.9k	+15,869 0.8%
67	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		238,413	$17.5m0.41%	0.41%	Added +71.6k	+71,563 42.9%
68	APPLIED MATLS INC COM AMAT	AMAT	120,279	$17.5m0.41%	0.41%	Reduced -13.9k	-13,867 -10.3%
69	WESTERN ASSET HIGH YIELD DEF COM HYI	HYI	1,470,461	$17.4m0.41%	0.41%	Reduced -18.5k	-18,468 -1.2%
70	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	1,080,868	$16.8m0.39%	0.39%	Added +73.3k	+73,346 7.3%
71	MCDONALDS CORP COM MCD	MCD	53,622	$16.8m0.39%	0.39%	Reduced -1.6k	-1,608 -2.9%
72	ABBVIE INC COM ABBV	ABBV	78,995	$16.6m0.39%	0.39%	Reduced -11.2k	-11,233 -12.4%
73	PEPSICO INC COM PEP	PEP	107,313	$16.1m0.38%	0.38%	Reduced -10.9k	-10,936 -9.2%
74	LINDE PLC SHS LIN	LIN	34,252	$15.9m0.37%	0.37%	Added +1.9k	+1,937 6.0%
75	INVESCO MUNICIPAL TRUST COM VKQ	VKQ	1,604,818	$15.5m0.36%	0.36%	Reduced -149.3k	-149,320 -8.5%
76	MFS CHARTER INCOME TR SH BEN INT XMCRX	XMCRX	2,451,127	$15.4m0.36%	0.36%	Added +370.0k	+370,040 17.8%
77	ORACLE CORP COM ORCL	ORCL	109,191	$15.3m0.36%	0.36%	Reduced -5.8k	-5,835 -5.1%
78	ALPHABET INC CAP STK CL C GOOG	GOOG	94,725	$14.8m0.35%	0.35%	Unchanged
79	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	2,486,226	$14.6m0.34%	0.34%	Added +624.4k	+624,429 33.5%
80	VIRTUS GLOBAL MULTI-SECTOR I COM VGI	VGI	1,887,054	$14.6m0.34%	0.34%	Added +193.0k	+193,032 11.4%
81	NUVEEN NEW JERSEY QULT MUN F COM XNXJX	XNXJX	1,238,864	$14.6m0.34%	0.34%	Reduced -257.7k	-257,724 -17.2%
82	CHENIERE ENERGY INC COM NEW LNG	LNG	62,429	$14.4m0.34%	0.34%	Added +385	+385 0.6%
83	TE CONNECTIVITY PLC ORD SHS TEL	TEL	98,149	$13.9m0.33%	0.33%	Added +3.0k	+2,977 3.1%
84	ADOBE INC COM ADBE	ADBE	35,647	$13.7m0.32%	0.32%	Reduced -6.0k	-6,012 -14.4%
85	PALO ALTO NETWORKS INC COM PANW	PANW	76,435	$13.0m0.31%	0.31%	Added +8.1k	+8,055 11.8%
86	PROCTER AND GAMBLE CO COM PG	PG	75,920	$12.9m0.30%	0.30%	Reduced -4.3k	-4,325 -5.4%
87	BLACKROCK ENHANCED INTL DIV COM BENE INTER XBGYX	XBGYX	2,271,475	$12.7m0.30%	0.30%	Added +473.4k	+473,417 26.3%
88	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	2,575,503	$12.6m0.30%	0.30%	Added +32.2k	+32,224 1.3%
89	GENERAL AMERN INVS CO INC COM GAM	GAM	248,197	$12.5m0.29%	0.29%	Added +9.1k	+9,147 3.8%
90	ATLASSIAN CORPORATION CL A TEAM	TEAM	58,550	$12.4m0.29%	0.29%	Added +1.8k	+1,848 3.3%
91	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	24,823	$12.4m0.29%	0.29%	Added +276	+276 1.1%
92	WASTE CONNECTIONS INC COM WCN	WCN	62,736	$12.2m0.29%	0.29%	Added +185	+185 0.3%
93	SERVICENOW INC COM NOW	NOW	15,370	$12.2m0.29%	0.29%	Added +1.9k	+1,892 14.0%
94	FEDEX CORP COM FDX	FDX	50,036	$12.2m0.29%	0.29%	Added +5.4k	+5,425 12.2%
95	NETFLIX INC COM NFLX	NFLX	13,065	$12.2m0.29%	0.29%	Added +200	+200 1.6%
96	BLACKROCK RES & COMMODITIES SHS BCX	BCX	1,300,123	$12.1m0.28%	0.28%	Added +127.6k	+127,602 10.9%
97	PPL CORP COM PPL	PPL	332,615	$12.0m0.28%	0.28%	Reduced -29.8k	-29,835 -8.2%
98	CARDINAL HEALTH INC COM CAH	CAH	86,855	$12.0m0.28%	0.28%	Reduced -5.9k	-5,880 -6.3%
99	INVESCO MUN OPPORTUNITY TR COM VMO	VMO	1,241,991	$11.8m0.28%	0.28%	Reduced -131.6k	-131,574 -9.6%
100	EATON CORP PLC SHS ETN	ETN	43,326	$11.8m0.28%	0.28%	Added +4.4k	+4,387 11.3%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
INSIGHT SELECT INCOME FD XXINSIXX	XXINSIXX	2,482,085	$43.0m2.5m shares
NEW AMER HIGH INCOME FD INC XXHYBXX	XXHYBXX	2,758,596	$22.5m2.8m shares
PIMCO DYNAMIC INCOME STRATEG PDX	PDX	754,166	$19.7m754.2k shares
BLACKROCK ENHANCED GOVT FD I XEGFX	XEGFX	1,839,198	$17.9m1.8m shares
ALTAIR ENGR INC ALTR	ALTR	63,543	$6.9m63.5k shares
DELL TECHNOLOGIES INC DELL	DELL	59,045	$6.8m59.0k shares
PGIM GLOBAL HIGH YIELD FD FO GHY	GHY	541,216	$6.7m541.2k shares
BLACKROCK ENHANCD CAP & INM CII	CII	274,316	$5.5m274.3k shares
ABRDN LIFE SCIENCES INVESTOR HQL	HQL	417,064	$5.5m417.1k shares
NUVEEN MULTI ASSET INCOME FU NMAI	NMAI	405,546	$4.9m405.5k shares
ASPEN TECHNOLOGY INC AZPN	AZPN	14,547	$3.6m14.5k shares
H & E EQUIPMENT SERVICES INC HEES	HEES	50,365	$2.5m50.4k shares
AGCO CORP AGCO	AGCO	17,885	$1.7m17.9k shares
INSPIRE MED SYS INC INSP	INSP	6,830	$1.3m6.8k shares
EATON VANCE CALIF MUN INCOM CEV	CEV	79,028	$793.0k79.0k shares
MERCURY GENL CORP NEW MCY	MCY	9,510	$632.0k9.5k shares
BLACKROCK MUNIYILD QULT FD I MQY	MQY	47,387	$546.0k47.4k shares
EATON VANCE TAX ADVT DIV INC XEVTX	XEVTX	20,109	$484.0k20.1k shares
EDWARDS LIFESCIENCES CORP EW	EW	5,850	$433.0k5.8k shares
TC ENERGY CORP TRP	TRP	7,119	$331.0k7.1k shares
MODERNA INC MRNA	MRNA	7,409	$308.0k7.4k shares
DISNEY WALT CO DIS	DIS	1,775	$198.0k1.8k shares
BLACKROCK N Y MUN INCOME TRU XBNYX	XBNYX	13,779	$140.0k13.8k shares
PATTERSON COS INC PDCO	PDCO	4,000	$123.0k4.0k shares
NUVEEN MISSOURI QLT MUN INC XNOMX	XNOMX	10,071	$121.0k10.1k 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