SIT INVESTMENT ASSOCIATES INC

Minneapolis, MN · CIK 769317 · 13F filing filed 2026-05-13

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

$4.9bn reported value -3.0% vs Q4 2025

501positions

23.1%in top 10

31 new 162 added 122 reduced 42 sold out vs Q4 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, Q1 2026

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	NVIDIA CORPORATION COM NVDA	NVDA	824,057	$143.7m2.92%	2.92%	Reduced -6.3k	-6,305 -0.8%
2	ANGEL OAK FINL STRATEGIES IN COM BEN INT FINS	FINS	10,873,638	$138.6m2.81%	2.81%	Added +587.9k	+587,904 5.7%
3	BROADCOM INC COM AVGO	AVGO	442,884	$137.1m2.78%	2.78%	Added +139	+139 0.0%
4	BLACKROCK TAX MUNICPAL BD TR SHS BBN	BBN	7,463,822	$120.7m2.45%	2.45%	Added +769.3k	+769,256 11.5%
5	APPLE INC COM AAPL	AAPL	466,955	$118.5m2.41%	2.41%	Added +7.7k	+7,703 1.7%
6	MICROSOFT CORP COM MSFT	MSFT	278,951	$103.3m2.10%	2.10%	Added +4.1k	+4,066 1.5%
7	PUTNAM PREMIER INCOME TR SH BEN INT PPT	PPT	28,179,805	$100.0m2.03%	2.03%	Reduced -113.1k	-113,068 -0.4%
8	BLACKROCK CORE BD TR SHS BEN INT BHK	BHK	10,859,206	$99.5m2.02%	2.02%	Added +221.6k	+221,633 2.1%
9	DWS MUN INCOME TR COM KTF	KTF	9,893,384	$90.0m1.83%	1.83%	Added +10.2k	+10,207 0.1%
10	TCW STRATEGIC INCOME FD INC COM TSI	TSI	18,951,319	$85.1m1.73%	1.73%	Added +8.7m	+8,742,467 85.6%
11	ALPHABET INC CAP STK CL A GOOGL	GOOGL	285,292	$82.0m1.67%	1.67%	Reduced -2.9k	-2,885 -1.0%
12	MFS INTER INCOME TR SH BEN INT SH BEN INT		30,450,876	$76.4m1.55%	1.55%	Added +1.3m	+1,282,901 4.4%
13	EATON VANCE LTD DURATION INC COM XEVVX	XEVVX	7,869,208	$74.4m1.51%	1.51%	Added +1.4m	+1,408,266 21.8%
14	PUTNAM MASTER INTER INCOME T SH BEN INT PIM	PIM	22,711,260	$74.3m1.51%	1.51%	Reduced -18.0k	-18,028 -0.1%
15	BLACKROCK CR ALLOCATION INCO COM BTZ	BTZ	6,941,861	$70.1m1.42%	1.42%	Added +511.6k	+511,552 8.0%
16	NUVEEN TAXABLE MUNICPAL INM COM NBB	NBB	3,793,715	$59.4m1.21%	1.21%	Reduced -37.7k	-37,701 -1.0%
17	BLACKROCK MULTI SECTOR INC T COM BIT	BIT	4,681,047	$58.6m1.19%	1.19%	Reduced -280.9k	-280,896 -5.7%
18	NUVEEN REAL ASSET INCOME & G COM JRI	JRI	4,366,526	$53.7m1.09%	1.09%	New
19	BLACKROCK INCOME TR INC COM NEW BKT	BKT	4,920,132	$52.0m1.06%	1.06%	Reduced -130.1k	-130,079 -2.6%
20	AMAZON COM INC COM AMZN	AMZN	244,779	$51.0m1.03%	1.03%	Added +4.6k	+4,590 1.9%
21	DOUBLELINE OPPORTUNISTIC CR COM DBL	DBL	3,104,408	$45.3m0.92%	0.92%	Reduced -365.3k	-365,320 -10.5%
22	BLACKROCK CORPOR HI YLD FD I COM HYT	HYT	5,227,321	$44.5m0.90%	0.90%	Added +4.9m	+4,877,185 1392.9%
23	NUVEEN VRIABL RAT PFD & INM COM NPFD	NPFD	2,425,184	$44.0m0.89%	0.89%	Reduced -264.5k	-264,484 -9.8%
24	APPLIED MATLS INC COM AMAT	AMAT	124,857	$42.7m0.87%	0.87%	Added +16.6k	+16,583 15.3%
25	META PLATFORMS INC CL A META	META	73,090	$41.8m0.85%	0.85%	Added +892	+892 1.2%
26	LMP CAP & INCOME FD INC COM XSCDX	XSCDX	2,779,833	$41.5m0.84%	0.84%	Reduced -57.9k	-57,876 -2.0%
27	CORNERSTONE TOTAL RETURN FD COM CRF	CRF	5,751,900	$40.0m0.81%	0.81%	Reduced -4.3m	-4,338,807 -43.0%
28	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	2,782,412	$37.6m0.76%	0.76%	Added +362.4k	+362,441 15.0%
29	BROOKFIELD REAL ASSETS INCOM SHS BEN INT RA	RA	2,855,236	$36.7m0.75%	0.75%	Added +640.0k	+640,008 28.9%
30	CHUBB LIMITED COM CB	CB	111,885	$36.5m0.74%	0.74%	Unchanged
31	NUVEEN PENNSYLVANIA QLT MUN COM XNQPX	XNQPX	3,017,202	$36.0m0.73%	0.73%	Added +1.5m	+1,455,646 93.2%
32	NUVEEN GLOBAL HIGH INCOME FD SHS JGH	JGH	2,908,822	$35.5m0.72%	0.72%	Added +5.1k	+5,125 0.2%
33	HANCOCK JOHN INCOME SECS TR COM JHS	JHS	3,193,796	$34.9m0.71%	0.71%	Reduced -15.2k	-15,197 -0.5%
34	NUVEEN FLOATING RATE INCOME COM JFR	JFR	4,639,416	$34.9m0.71%	0.71%	Added +61.8k	+61,751 1.4%
35	NUVEEN MULTI-MKT INCOME FD COM JMM	JMM	5,694,517	$33.5m0.68%	0.68%	Reduced -37.1k	-37,136 -0.7%
36	JPMORGAN CHASE & CO COM JPM	JPM	111,901	$32.9m0.67%	0.67%	Reduced -254	-254 -0.2%
37	COHEN & STEERS INFRASTRUCTUR COM UTF	UTF	1,231,248	$31.9m0.65%	0.65%	Reduced -1.4m	-1,413,126 -53.4%
38	ELI LILLY & CO COM LLY	LLY	34,293	$31.5m0.64%	0.64%	Added +2.1k	+2,150 6.7%
39	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	2,753,133	$30.7m0.62%	0.62%	Added +727.8k	+727,793 35.9%
40	ARISTA NETWORKS INC COM SHS ANET	ANET	249,673	$30.7m0.62%	0.62%	Reduced -15.4k	-15,450 -5.8%
41	FS SPECIALTY LENDING FD COM SH BEN INT FSSL	FSSL	2,409,441	$30.1m0.61%	0.61%	Added +764.9k	+764,877 46.5%
42	BLACKROCK MUNIYIELD QUALITY COM MYI	MYI	2,700,296	$28.4m0.58%	0.58%	Added +2.5m	+2,495,608 1219.2%
43	WILLIAMS COS INC COM WMB	WMB	389,469	$28.3m0.58%	0.58%	Reduced -28.0k	-28,010 -6.7%
44	CLEARBRIDGE ENERGY MIDSTRM O COM EMO	EMO	534,295	$28.2m0.57%	0.57%	Reduced -243.4k	-243,393 -31.3%
45	UNITEDHEALTH GROUP INC COM UNH	UNH	103,156	$27.9m0.57%	0.57%	Added +7.3k	+7,281 7.6%
46	GOLDMAN SACHS GROUP INC COM GS	GS	32,987	$27.9m0.57%	0.57%	Reduced -2.3k	-2,298 -6.5%
47	RIVERNORTH OPPORTUNITIES FD COM RIV	RIV	2,498,022	$27.7m0.56%	0.56%	Reduced -273.0k	-273,018 -9.8%
48	FIRST TR MTG INCOME FD COM SHS FMY	FMY	2,283,135	$26.9m0.55%	0.55%	Reduced -14.0k	-13,971 -0.6%
49	MFS GOVT MKTS INCOME TR SH BEN INT SH BEN INT		9,130,038	$26.8m0.54%	0.54%	Added +341.4k	+341,418 3.9%
50	ALLSPRING MULTI SECTOR INCOM COM ERC	ERC	2,870,006	$25.9m0.52%	0.52%	Reduced -191.0k	-190,963 -6.2%
51	MFS CHARTER INCOME TR SH BEN INT XMCRX	XMCRX	4,097,943	$24.8m0.50%	0.50%	Added +104.9k	+104,861 2.6%
52	ALPHABET INC CAP STK CL C GOOG	GOOG	83,825	$24.0m0.49%	0.49%	Reduced -300	-300 -0.4%
53	TJX COS INC NEW COM TJX	TJX	149,724	$23.9m0.49%	0.49%	Reduced -3.0k	-3,026 -2.0%
54	ADVENT CONV & INCOME FD COM AVK	AVK	2,133,776	$23.8m0.48%	0.48%	Reduced -303.9k	-303,896 -12.5%
55	VISA INC COM CL A V	V	78,346	$23.7m0.48%	0.48%	Added +695	+695 0.9%
56	FIRST TR INTER DURATN PFD & COM FPF	FPF	1,213,727	$21.4m0.43%	0.43%	Reduced -1.9k	-1,937 -0.2%
57	HOME DEPOT INC COM HD	HD	62,776	$20.6m0.42%	0.42%	Reduced -329	-329 -0.5%
58	LINDE PLC SHS LIN	LIN	40,412	$20.0m0.41%	0.41%	Reduced -5.1k	-5,136 -11.3%
59	FS CREDIT OPPORTUNITIES CORP COMMON STOCK FSCO	FSCO	3,883,721	$19.8m0.40%	0.40%	Added +636.6k	+636,631 19.6%
60	ASTRAZENECA PLC ORD AZN	AZN	99,814	$19.7m0.40%	0.40%	New
61	FLAHERTY & CRUMRINE TOTAL RE COM FLC	FLC	1,179,220	$19.6m0.40%	0.40%	Added +140.1k	+140,090 13.5%
62	HONEYWELL INTL INC COM COM		81,194	$18.4m0.37%	0.37%	Reduced -126	-126 -0.1%
63	ABBOTT LABS COM ABT	ABT	173,866	$17.9m0.36%	0.36%	Added +22.8k	+22,803 15.1%
64	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	13,488	$17.8m0.36%	0.36%	Reduced -2	-2 -0.0%
65	WESTERN ASSET GBL HIGH INC F COM EHI	EHI	2,991,187	$17.6m0.36%	0.36%	Reduced -439.8k	-439,778 -12.8%
66	INTUIT COM INTU	INTU	40,567	$17.5m0.36%	0.36%	Added +5.6k	+5,590 16.0%
67	NUVEEN MORTGAGE AND INCOME F COM JLS	JLS	960,255	$17.4m0.35%	0.35%	Reduced -130.5k	-130,542 -12.0%
68	CLOUGH GLOBAL OPPORTUNITIES SH BEN INT GLO	GLO	3,112,158	$17.3m0.35%	0.35%	Added +716.4k	+716,407 29.9%
69	GABELLI DIVID & INCOME TR COM XGDVX	XGDVX	638,803	$17.2m0.35%	0.35%	Added +167.7k	+167,651 35.6%
70	MCDONALDS CORP COM MCD	MCD	54,754	$17.0m0.35%	0.35%	Added +625	+625 1.1%
71	MONOLITHIC PWR SYS INC COM MPWR	MPWR	15,491	$16.9m0.34%	0.34%	Reduced -425	-425 -2.7%
72	CIENA CORP COM NEW CIEN	CIEN	42,775	$16.6m0.34%	0.34%	Reduced -4.0k	-4,000 -8.6%
73	ABRDN INCOME CREDIT STRATEGI COM ACP	ACP	3,154,332	$16.1m0.33%	0.33%	Reduced -445.2k	-445,162 -12.4%
74	INVESCO BD FD COM VBF	VBF	1,069,082	$16.0m0.33%	0.33%	Added +149.8k	+149,784 16.3%
75	CLOUGH GLOBAL EQUITY FD COM XGLQX	XGLQX	2,104,530	$15.8m0.32%	0.32%	Added +409.9k	+409,866 24.2%
76	FLAHERTY & CRUMRINE PFD INCO COM PFD	PFD	1,320,217	$14.8m0.30%	0.30%	Added +143.9k	+143,861 12.2%
77	PALO ALTO NETWORKS INC COM PANW	PANW	91,842	$14.7m0.30%	0.30%	Added +12.4k	+12,425 15.7%
78	GENERAL AMERN INVS CO INC COM GAM	GAM	248,659	$14.5m0.30%	0.30%	Added +16.0k	+16,008 6.9%
79	BANK AMERICA CORP COM BAC	BAC	295,873	$14.4m0.29%	0.29%	Added +17.6k	+17,615 6.3%
80	DOUBLELINE YIELD OPPORTUNITI COM DLY	DLY	1,024,038	$14.3m0.29%	0.29%	Reduced -59.1k	-59,127 -5.5%
81	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	30,745	$14.2m0.29%	0.29%	Added +1.3k	+1,273 4.3%
82	NEUBERGER BERMAN REAL ESTATE COM XNROX	XNROX	4,975,986	$14.1m0.29%	0.29%	Reduced -3.0m	-2,986,330 -37.5%
83	VIRTUS GLOBAL MULTI-SECTOR I COM VGI	VGI	1,911,304	$14.1m0.29%	0.29%	Reduced -146.5k	-146,456 -7.1%
84	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	879,353	$14.1m0.29%	0.29%	Added +69.1k	+69,084 8.5%
85	CHENIERE ENERGY INC COM NEW LNG	LNG	49,581	$14.1m0.29%	0.29%	Reduced -11.3k	-11,289 -18.6%
86	WESTERN ASSET INVESTMENT GRA COM PAI	PAI	1,154,680	$14.0m0.28%	0.28%	Added +6.0k	+6,038 0.5%
87	WESTERN ASSET INVT GRADE DEF COM IGI	IGI	855,799	$13.8m0.28%	0.28%	Added +87.8k	+87,813 11.4%
88	TE CONNECTIVITY PLC ORD SHS TEL	TEL	65,774	$13.7m0.28%	0.28%	Reduced -11.2k	-11,211 -14.6%
89	FLAHERTY & CRUMRINE PFD INCO COM PFO	PFO	1,520,306	$13.7m0.28%	0.28%	Added +191.8k	+191,760 14.4%
90	Siemens AG COM SIEGY	SIEGY	112,313	$13.7m0.28%	0.28%	Reduced -440	-440 -0.4%
91	FLOWSERVE CORP COM FLS	FLS	184,275	$13.5m0.27%	0.27%	Reduced -14.8k	-14,775 -7.4%
92	ARGAN INC COM AGX	AGX	24,840	$13.5m0.27%	0.27%	Reduced -7.6k	-7,575 -23.4%
93	VERTIV HOLDINGS CO COM CL A VRT	VRT	53,385	$13.4m0.27%	0.27%	Added +387	+387 0.7%
94	AMERIPRISE FINL INC COM AMP	AMP	30,005	$13.3m0.27%	0.27%	Added +8.8k	+8,820 41.6%
95	CALAMOS LNG SHR EQT DYNAMIC COM CPZ	CPZ	978,911	$13.3m0.27%	0.27%	Unchanged
96	NETFLIX INC COM NFLX	NFLX	137,305	$13.2m0.27%	0.27%	Added +15.8k	+15,815 13.0%
97	STRYKER CORPORATION COM SYK	SYK	39,157	$12.9m0.26%	0.26%	Reduced -995	-995 -2.5%
98	BNY MELLON STRATEGIC MUN BD COM DSM	DSM	2,109,800	$12.7m0.26%	0.26%	Added +247.4k	+247,419 13.3%
99	EXXON MOBIL CORP COM XOM	XOM	74,405	$12.6m0.26%	0.26%	Added +23.7k	+23,725 46.8%
100	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	62,580	$12.4m0.25%	0.25%	Added +1.3k	+1,308 2.1%

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
XAI OCTAGN FLT RAT & ALT INM		5,467,565	$26.2m5.5m shares
ASTRAZENECA PLC		112,338	$20.7m112.3k shares
BLACKROCK MUNIVEST FD II INC XMVTX	XMVTX	1,537,199	$16.6m1.5m shares
NXG CUSHING MIDSTREAM ENERGY SRV	SRV	323,176	$12.6m323.2k shares
BLACKROCK MUNIYIELD QUALITY XMQTX	XMQTX	1,241,695	$12.5m1.2m shares
NYLI CBRE GBL INFR MEGTRNDS MEGI	MEGI	726,603	$10.0m726.6k shares
ADOBE INC ADBE	ADBE	27,374	$9.6m27.4k shares
BLACKROCK MUNIVEST FD INC XMVFX	XMVFX	1,287,539	$8.9m1.3m shares
BLACKROCK LONG-TERM MUN ADVA XBTAX	XBTAX	743,577	$6.9m743.6k shares
HARTFORD INSURANCE GROUP INC HIG	HIG	43,490	$6.0m43.5k shares
TORTOISE ENERGY INFRA CORP TYG	TYG	135,345	$5.5m135.3k shares
EXACT SCIENCES CORP EXAS	EXAS	53,915	$5.5m53.9k shares
BLACKROCK MUNIYIELD FD INC XMYDX	XMYDX	463,616	$4.9m463.6k shares
BLACKROCK MUNIHOLDINGS QUALI		447,911	$4.5m447.9k shares
VOYA EMERGING MKTS HIGH DIVI XIHDX	XIHDX	625,522	$3.9m625.5k shares
BLACKROCK MUNI INCOME TR II BLE	BLE	334,324	$3.5m334.3k shares
SYNOVUS FINL CORP		58,731	$2.9m58.7k shares
NUVEEN CALIF SELECT TAX FREE		193,276	$2.6m193.3k shares
DELL TECHNOLOGIES INC DELL	DELL	17,155	$2.2m17.2k shares
NUVEEN N Y SELECT TAX FREE I XNXNX	XNXNX	171,034	$2.1m171.0k shares
BLACKROCK INVT QUALITY MUN T XBKNX	XBKNX	175,447	$2.0m175.4k shares
BLACKROCK MUN INCOME QUALITY		168,352	$1.8m168.4k shares
BLACKROCK N Y MUN INCOME TRU XBNYX	XBNYX	174,950	$1.8m174.9k shares
CONFLUENT INC CFLT	CFLT	53,140	$1.6m53.1k shares
COPART INC CPRT	CPRT	40,628	$1.6m40.6k 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