SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2025-08-14

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

$4.7bn reported value +9.8% vs Q1 2025

523positions

23.4%in top 10

24 new 131 added 177 reduced 23 sold out vs Q1 2025

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 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	289,342	$143.9m3.07%	3.07%	Reduced -7.4k	-7,443 -2.5%
2	NVIDIA CORPORATION COM NVDA	NVDA	862,208	$136.2m2.91%	2.91%	Reduced -17.1k	-17,150 -1.9%
3	BROADCOM INC COM AVGO	AVGO	489,333	$134.9m2.88%	2.88%	Reduced -42.7k	-42,655 -8.0%
4	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	9,628,897	$125.0m2.67%	2.67%	Added +4.3m	+4,326,980 81.6%
5	APPLE INC COM AAPL	AAPL	488,540	$100.2m2.14%	2.14%	Reduced -4.5k	-4,470 -0.9%
6	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	10,052,357	$97.7m2.09%	2.09%	New
7	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	5,977,374	$96.3m2.06%	2.06%	Added +815.8k	+815,786 15.8%
8	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	25,719,698	$94.4m2.02%	2.02%	Added +2.7m	+2,738,214 11.9%
9	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	11,075,628	$85.8m1.83%	1.83%	Added +11.0m	+11,040,628 31544.7%
10	DWS MUN INCOME TR COM KTF	KTF	9,446,885	$83.5m1.78%	1.78%	Added +167.8k	+167,787 1.8%
11	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	23,638,204	$79.2m1.69%	1.69%	Added +562.9k	+562,919 2.4%
12	MFS INTER INCOME TR SH BEN INT SH BEN INT		26,308,365	$71.3m1.52%	1.52%	Added +1.9m	+1,888,903 7.7%
13	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	5,770,839	$63.0m1.35%	1.35%	Added +189.7k	+189,672 3.4%
14	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	5,962,489	$61.2m1.31%	1.31%	Added +797.0k	+797,006 15.4%
15	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	3,747,413	$59.3m1.27%	1.27%	Reduced -113.3k	-113,268 -2.9%
16	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	2,812,910	$54.2m1.16%	1.16%	Added +168.8k	+168,849 6.4%
17	AMAZON COM INC COM AMZN	AMZN	245,820	$53.9m1.15%	1.15%	Reduced -3.1k	-3,055 -1.2%
18	ALPHABET INC CAP STK CL A GOOGL	GOOGL	299,723	$52.8m1.13%	1.13%	Added +13.5k	+13,542 4.7%
19	META PLATFORMS INC CL A META	META	69,115	$51.0m1.09%	1.09%	Added +2.0k	+1,981 3.0%
20	NUVEEN FLOATING RATE INCOME COM JFR	JFR	5,988,753	$50.7m1.08%	1.08%	Reduced -560.6k	-560,568 -8.6%
21	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	3,270,893	$50.3m1.07%	1.07%	Added +102.1k	+102,111 3.2%
22	CORNERSTONE STRATEGIC INVEST COM CLM	CLM	5,730,776	$46.5m0.99%	0.99%	Added +5.7m	+5,695,776 16273.6%
23	ADVENT CONV & INCOME FD COM AVK	AVK	3,678,591	$44.5m0.95%	0.95%	Reduced -391.4k	-391,386 -9.6%
24	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	5,515,699	$40.5m0.86%	0.86%	Added +490.6k	+490,569 9.8%
25	TCW STRATEGIC INCOME FD INC COM TSI	TSI	8,096,676	$39.5m0.84%	0.84%	Added +609.9k	+609,940 8.2%
26	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	5,640,636	$35.4m0.76%	0.76%	Added +44.4k	+44,439 0.8%
27	BLACKROCK INCOME TR INC COM NEW BKT	BKT	3,011,113	$35.4m0.76%	0.76%	Reduced -427.0k	-426,952 -12.4%
28	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	3,126,507	$35.3m0.75%	0.75%	Added +168.0k	+168,013 5.7%
29	JPMORGAN CHASE & CO COM JPM	JPM	119,731	$34.7m0.74%	0.74%	Added +3.7k	+3,715 3.2%
30	EATON VANCE CALIF MUN BD FD COM XEVMX	XEVMX	3,880,632	$34.6m0.74%	0.74%	Added +344.8k	+344,831 9.8%
31	CHUBB LIMITED COM CB	CB	112,434	$32.6m0.70%	0.70%	Reduced -640	-640 -0.6%
32	NEUBERGER BERMAN REAL ESTATE COM XNROX	XNROX	9,432,852	$30.4m0.65%	0.65%	Reduced -31.9k	-31,950 -0.3%
33	PIONEER MUN HIGH INCOME OPPO COMMON STOCK XMIOX	XMIOX	2,563,916	$30.3m0.65%	0.65%	Added +18.9k	+18,874 0.7%
34	UNITEDHEALTH GROUP INC COM UNH	UNH	93,059	$29.0m0.62%	0.62%	Added +29.8k	+29,752 47.0%
35	ELI LILLY & CO COM LLY	LLY	36,218	$28.2m0.60%	0.60%	Added +5.9k	+5,856 19.3%
36	ARISTA NETWORKS INC COM SHS ANET	ANET	272,954	$27.9m0.60%	0.60%	Added +1.6k	+1,560 0.6%
37	FIRST TR MTG INCOME FD COM SHS FMY	FMY	2,268,865	$27.7m0.59%	0.59%	Added +15.6k	+15,619 0.7%
38	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	3,796,440	$27.6m0.59%	0.59%	Reduced -1.1k	-1,097 -0.0%
39	GOLDMAN SACHS GROUP INC COM GS	GS	38,645	$27.4m0.58%	0.58%	Reduced -1.1k	-1,150 -2.9%
40	WESTERN ASSET GBL HIGH INC F COM EHI	EHI	4,134,952	$27.0m0.58%	0.58%	Reduced -311.3k	-311,281 -7.0%
41	VISA INC COM CL A V	V	75,401	$26.8m0.57%	0.57%	Reduced -360	-360 -0.5%
42	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		8,402,516	$26.2m0.56%	0.56%	Added +1.0k	+1,018 0.0%
43	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	1,361,500	$25.5m0.54%	0.54%	Reduced -54.5k	-54,522 -3.9%
44	EATON VANCE NEW YORK MUN BD COM XENWX	XENWX	2,669,936	$24.8m0.53%	0.53%	Added +54.7k	+54,731 2.1%
45	INTUIT COM INTU	INTU	31,200	$24.6m0.52%	0.52%	Reduced -2.1k	-2,141 -6.4%
46	HOME DEPOT INC COM HD	HD	65,736	$24.1m0.51%	0.51%	Added +2.6k	+2,588 4.1%
47	ALLSPRING MULTI SECTOR INCOM COM ERC	ERC	2,455,899	$23.2m0.50%	0.50%	Added +223.2k	+223,219 10.0%
48	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	77,600	$23.2m0.50%	0.50%	Reduced -3.7k	-3,661 -4.5%
49	SALESFORCE INC COM CRM	CRM	82,517	$22.5m0.48%	0.48%	Reduced -3.8k	-3,799 -4.4%
50	ORACLE CORP COM ORCL	ORCL	102,201	$22.3m0.48%	0.48%	Reduced -7.0k	-6,990 -6.4%
51	KKR INCOME OPPORTUNITIES FD COM KIO	KIO	1,763,303	$22.1m0.47%	0.47%	Reduced -497.5k	-497,522 -22.0%
52	APPLIED MATLS INC COM AMAT	AMAT	118,786	$21.7m0.46%	0.46%	Reduced -1.5k	-1,493 -1.2%
53	PIONEER MUNICIPAL HIGH INCOM COM SHS XMHIX	XMHIX	2,363,095	$21.6m0.46%	0.46%	Added +39.2k	+39,188 1.7%
54	TJX COS INC NEW COM TJX	TJX	168,685	$20.8m0.44%	0.44%	Added +1.2k	+1,200 0.7%
55	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	1,401,635	$20.8m0.44%	0.44%	Added +94.2k	+94,208 7.2%
56	ABBOTT LABS COM ABT	ABT	152,871	$20.8m0.44%	0.44%	Added +1.2k	+1,250 0.8%
57	NEUBERGER BERMAN NEXT GENERA COMMON STOCK NBXG	NBXG	1,423,981	$20.8m0.44%	0.44%	Reduced -48.0k	-47,976 -3.3%
58	WILLIAMS COS INC COM WMB	WMB	300,446	$18.9m0.40%	0.40%	Reduced -950	-950 -0.3%
59	PIONEER MUNICIPAL HIGH INCOM COM XPMAX	XPMAX	2,254,847	$18.7m0.40%	0.40%	Added +126.5k	+126,463 5.9%
60	HONEYWELL INTL INC COM COM		78,459	$18.3m0.39%	0.39%	Reduced -9.2k	-9,222 -10.5%
61	WESTERN ASSET HIGH YIELD DEF COM HYI	HYI	1,502,176	$18.0m0.38%	0.38%	Added +31.7k	+31,715 2.2%
62	MFS CHARTER INCOME TR SH BEN INT XMCRX	XMCRX	2,816,381	$17.9m0.38%	0.38%	Added +365.3k	+365,254 14.9%
63	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		255,944	$17.9m0.38%	0.38%	Added +17.5k	+17,531 7.3%
64	LINDE PLC SHS LIN	LIN	38,092	$17.9m0.38%	0.38%	Added +3.8k	+3,840 11.2%
65	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	1,080,868	$17.5m0.37%	0.37%	Unchanged
66	NETFLIX INC COM NFLX	NFLX	12,780	$17.1m0.37%	0.37%	Reduced -285	-285 -2.2%
67	ALPHABET INC CAP STK CL C GOOG	GOOG	94,725	$16.8m0.36%	0.36%	Unchanged
68	GABELLI DIVID & INCOME TR COM XGDVX	XGDVX	622,556	$16.2m0.35%	0.35%	Reduced -278.3k	-278,282 -30.9%
69	CONOCOPHILLIPS COM COP	COP	177,474	$15.9m0.34%	0.34%	Reduced -52.0k	-51,964 -22.6%
70	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	2,668,158	$15.7m0.34%	0.34%	Added +181.9k	+181,932 7.3%
71	PALO ALTO NETWORKS INC COM PANW	PANW	76,280	$15.6m0.33%	0.33%	Reduced -155	-155 -0.2%
72	BLACKROCK ESG CAP ALLC TERM SHS BEN INT ECAT	ECAT	970,728	$15.6m0.33%	0.33%	Reduced -297.5k	-297,462 -23.5%
73	TE CONNECTIVITY PLC ORD SHS TEL	TEL	91,574	$15.4m0.33%	0.33%	Reduced -6.6k	-6,575 -6.7%
74	SERVICENOW INC COM NOW	NOW	15,002	$15.4m0.33%	0.33%	Reduced -368	-368 -2.4%
75	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	1,481,893	$15.3m0.33%	0.33%	Reduced -412.3k	-412,332 -21.8%
76	VIRTUS GLOBAL MULTI-SECTOR I COM VGI	VGI	1,947,946	$15.3m0.33%	0.33%	Added +60.9k	+60,892 3.2%
77	MCDONALDS CORP COM MCD	MCD	52,267	$15.3m0.33%	0.33%	Reduced -1.4k	-1,355 -2.5%
78	ADOBE INC COM ADBE	ADBE	38,476	$14.9m0.32%	0.32%	Added +2.8k	+2,829 7.9%
79	ABBVIE INC COM ABBV	ABBV	79,768	$14.8m0.32%	0.32%	Added +773	+773 1.0%
80	CHENIERE ENERGY INC COM NEW LNG	LNG	60,347	$14.7m0.31%	0.31%	Reduced -2.1k	-2,082 -3.3%
81	Siemens AG COM SIEGY	SIEGY	112,561	$14.5m0.31%	0.31%	Added +17.3k	+17,265 18.1%
82	BANK AMERICA CORP COM BAC	BAC	300,428	$14.2m0.30%	0.30%	Added +19.6k	+19,618 7.0%
83	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	2,575,503	$14.0m0.30%	0.30%	Unchanged
84	GENERAL AMERN INVS CO INC COM GAM	GAM	248,197	$13.9m0.30%	0.30%	Unchanged
85	BLACKROCK ENHANCED GLOBAL DI COM XBOEX	XBOEX	1,220,842	$13.9m0.30%	0.30%	Reduced -489.7k	-489,734 -28.6%
86	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	25,241	$13.7m0.29%	0.29%	Added +5.2k	+5,152 25.6%
87	EATON CORP PLC SHS ETN	ETN	38,051	$13.6m0.29%	0.29%	Reduced -5.3k	-5,275 -12.2%
88	CLOUGH GLOBAL EQUITY FD COM XGLQX	XGLQX	1,853,749	$13.2m0.28%	0.28%	Unchanged
89	FLOWSERVE CORP COM FLS	FLS	252,130	$13.2m0.28%	0.28%	Added +122.2k	+122,150 94.0%
90	PROCTER AND GAMBLE CO COM PG	PG	81,390	$13.0m0.28%	0.28%	Added +5.5k	+5,470 7.2%
91	ATLASSIAN CORPORATION CL A TEAM	TEAM	62,600	$12.7m0.27%	0.27%	Added +4.0k	+4,050 6.9%
92	SPOTIFY TECHNOLOGY S A SHS SPOT	SPOT	16,288	$12.5m0.27%	0.27%	Reduced -150	-150 -0.9%
93	MONOLITHIC PWR SYS INC COM MPWR	MPWR	16,591	$12.1m0.26%	0.26%	Unchanged
94	CARDINAL HEALTH INC COM CAH	CAH	71,715	$12.0m0.26%	0.26%	Reduced -15.1k	-15,140 -17.4%
95	NUVEEN CR STRATEGIES INCOME COM SHS XJQCX	XJQCX	2,225,536	$12.0m0.26%	0.26%	Added +1.8m	+1,846,776 487.6%
96	S&P GLOBAL INC COM SPGI	SPGI	22,724	$12.0m0.26%	0.26%	Added +3.8k	+3,779 19.9%
97	PPL CORP COM PPL	PPL	352,386	$11.9m0.25%	0.25%	Added +19.8k	+19,771 5.9%
98	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	706,787	$11.9m0.25%	0.25%	Added +7.7k	+7,662 1.1%
99	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	28,961	$11.7m0.25%	0.25%	Added +4.1k	+4,138 16.7%
100	WASTE CONNECTIONS INC COM WCN	WCN	62,488	$11.7m0.25%	0.25%	Reduced -248	-248 -0.4%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
BLACKROCK HEALTH SCIENCES TE BMEZ	BMEZ	1,496,158	$22.3m1.5m shares
BNY MELLON MUN INCOME INC		3,057,452	$22.0m3.1m shares
NXG CUSHING MIDSTREAM ENERGY SRV	SRV	212,970	$9.4m213.0k shares
FIRST TR SPECIALTY FIN & FIN		1,145,200	$4.9m1.1m shares
BLACKROCK SCIENCE & TECHNOLO BSTZ	BSTZ	238,864	$4.2m238.9k shares
LULULEMON ATHLETICA INC LULU	LULU	13,714	$3.9m13.7k shares
GABELLI UTIL TR GUT	GUT	510,827	$2.7m510.8k shares
PIMCO NEW YORK MUN FD II PNI	PNI	178,388	$1.3m178.4k shares
ABRDN GLOBAL DYNAMIC DIVIDEN XAGDX	XAGDX	92,400	$920.0k92.4k shares
VIRTUS TOTAL RETURN FD INC ZTR	ZTR	147,521	$881.0k147.5k shares
CLEARBRIDGE ENERGY MIDSTRM O EMO	EMO	14,259	$708.0k14.3k shares
PIMCO NEW YORK MUN INCOME FD		91,144	$683.0k91.1k shares
NXG NEXTGEN INFRASTR INCM FD NXG	NXG	14,489	$682.0k14.5k shares
INTELLIA THERAPEUTICS INC NTLA	NTLA	85,500	$608.0k85.5k shares
WESTERN ASSET DIVERSIFIED IN WDI	WDI	34,485	$498.0k34.5k shares
National Rural Util Corp 5.5 Pfd NRUC 5.5 05.15.64 US	NRUC 5.5 05.15.64 US	20,000	$476.0k20.0k shares
BLACKROCK CALIF MUN INCOME T XBFZX	XBFZX	38,669	$425.0k38.7k shares
IOVANCE BIOTHERAPEUTICS INC IOVA	IOVA	109,325	$364.0k109.3k shares
ARVINAS INC ARVN	ARVN	51,594	$362.0k51.6k shares
INVESCO HIGH INCOME TR II VLT	VLT	16,465	$174.0k16.5k shares
NUVEEN PFD & INCOME TERM FD XJPIX	XJPIX	8,375	$165.0k8.4k shares
NEUBERGER BERMAN ENERGY INFR NML	NML	17,900	$161.0k17.9k shares
DOLLAR GEN CORP NEW DG	DG	405	$36.0k405 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