Sit Quality Income Fund

Class Other (SQIFX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 90.43 0.0 90.43
Stocks 0.0 0.0 0.0
Bonds 74.18 0.0 74.18
Other 0.0 0.0 0.0
Foreign Bonds 3.03 67.65 -64.62
Foreign Stocks 0.0 0.0 0.0
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

% Net Assets
Us 2yr Note (Cbt) Mar14 67.65
US Treasury Note 0.25% 6.05
US Treasury Note 0.25% 5.98
US Treasury Note 0.25% 4.3
Republic N Y Cap I 7.75% 1.67
Sec Benefit Life Ins 144A 8.75% 1.6
Zions Bancorp Mtn 3.05% 1.32
Continental Airls Pass Thru Tr 9% 1.31
Northwest Air 1999-2 7.575% 1.22
Skyway Concession Co 144A FRN 1.19

Bond Ratings (%)

Updated 12.31.2013

Sector SQIFX
AAA 57.5
AA 6.4
A 16.1
BBB 20.0
BB 0.0
B 0.0
Below B 0.0
Other 0.0