Innealta Capital Sector Rotation Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 10.52 0.0 10.52
Stocks 9.57 0.0 9.57
Bonds 51.48 0.0 51.48
Other 0.45 0.0 0.45
Foreign Bonds 28.75 1.05 27.7
Foreign Stocks 0.17 0.0 0.17
Convertible 0.0 0.0 0.0
Preferred 0.1 0.0 0.1

Updated 02.28.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 02.28.2014

% Net Assets
iShares Floating Rate Bond 15.4
Vanguard Short-Term Bond ETF 13.34
PIMCO 0-5 Year High Yld Corp Bd Idx ETF 10.3
Vanguard Short-Term Corp Bd Idx ETF 10.27
Vanguard Interm-Tm Corp Bd Idx ETF 10.27
iShares MBS 8.59
iShares Emerging Markets High Yield Bond 5.16
Market Vectors Emer Mkts Hi Yld Bond ETF 5.16
Market Vectors EM Local Curr Bond ETF 5.15
SPDR BarCap ST High Yield Bond ETF 5.13

Bond Ratings (%)

Updated 02.28.2014

Sector ICSIX
AAA 16.14
AA 18.46
A 24.49
BBB 16.9
BB 10.66
B 5.51
Below B 1.94
Other 5.91