UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 1999.
If amended report check here: [___]; Amendment Number: [___].
This Amendment (Check only one.) [___] is a restatement,
[___] adds new holdings entities.
Institutional Investment Manager Filing this Report:
Name: Sit Investment Associates, Inc.
Address: 4600 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402-4130
13F file Number: 28-180
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the report
is authorized to submit it, that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists, and table, are considered integral
parts of this form.
Person Signing this Report on Behalf of Reporting manager:
Name: Paul E. Rasmussen
Title Vice President
Phone 612-332-3223
___________________________, Minneapolis, Minnesota, February 15, 2000
Signature
Report Type (Check only one.):
[_X_] 13F Holdings Report.
[___] 13F Notice.
[___] 13F Combination Report.
List of other manager Reporting for this Manager: None
I am signing this report as required by the Securities Exchange Act of 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Sit Investment Associates, Inc.
Report for the Quarter Ended December 31, 1999.
Report Summary:
Number of Other Included managers: 1
Form 13F Information Table Entry Total: 275
Form 13 F Information Table Value Total: $5,323,525
List of Other Included Manager:
13F
No. File No. Name
- ---- ------- -------------
1. 028-04373 Sit Investment Fixed Income Advisors, Inc.
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NAME OF ISSUER TI CL CUSIP VALUE(K)SH/P AMTS/P P/C INV DSC MANAGER SOLE SHARED NONE
A D C TELECOMMUNICATIONSCOMMON 000886101 26826 369700 SH SOLE 369700 0 0
AFLAC INC COMMON 001055102 3336 70700 SH SOLE 70700 0 0
AMFM INC COMMON 001693100 27942 357090 SH SOLE 357090 0 0
LIBERTY MEDIA GROUP COM A 001957208 30236 532200 SH SOLE 532200 0 0
AXA FINL INC COMMON 002451102 26857 789900 SH SOLE 789900 0 0
ADELPHIA BUSINESS SOLUTICL A 006847107 1565 32600 SH SOLE 32600 0 0
ADELPHIA COMMUNICATIONS CL A 006848105 21230 323500 SH SOLE 323500 0 0
AEGON N V ORD 007924103 12078 126474 SH SOLE 126474 0 0
AFFYMETRIX INC COMMON 00826T108 2121 12500 SH SOLE 12500 0 0
AGENCY COM LTD COMMON 008447104 1020 20000 SH SOLE 20000 0 0
AKAMAI TECHNOLOGIES INC COMMON 00971T101 655 2000 SH SOLE 2000 0 0
ALEXION PHARMACEUTICALS COMMON 015351109 518 17200 SH SOLE 17200 0 0
ALLEGIANCE TELECOM INC COMMON 01747T102 16236 176000 SH SOLE 176000 0 0
ALLIANCE CAP MGMT HLDG LUNIT LTD01855A101 1796 60000 SH SOLE 60000 0 0
ALLSCRIPTS INC COMMON 019886100 1808 41100 SH SOLE 41100 0 0
AMERICA ONLINE INC DEL COMMON 02364J104 65966 869400 SH SOLE 869400 0 0
AMERICAN HOME PRODS CORPCOMMON 026609107 236 6000 SH SOLE 6000 0 0
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AMGEN INC COMMON 031162100 90851 1512600 SH SOLE 1512600 0 0
ANALOG DEVICES INC COMMON 032654105 27807 299000 SH SOLE 299000 0 0
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ARIBA INC COMMON 04033V104 355 2000 SH SOLE 2000 0 0
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ACCTON GDR COMMON 051908093 968 133000 SH SOLE 133000 0 0
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