Innealta Capital Sector Rotation Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 11.33 0.0 11.33
Stocks 0.0 0.0 0.0
Bonds 54.08 0.0 54.08
Other 0.66 0.0 0.66
Foreign Bonds 28.12 1.36 26.77
Foreign Stocks 7.02 0.0 7.02
Convertible 0.0 0.0 0.0
Preferred 0.14 0.0 0.14

Updated 11.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 11.30.2013

% Net Assets
iShares Floating Rate Bond 17.93
iShares MBS 15.39
Vanguard Short-Term Bond ETF 13.34
PIMCO 0-5 Year High Yld Corp Bd Idx ETF 10.27
Vanguard Short-Term Corp Bd Idx ETF 10.26
Vanguard Interm-Tm Corp Bd Idx ETF 10.25
Proshares 7.02
iShares Emerging Markets High Yield Bond 5.33
Market Vectors Emer Mkts Hi Yld Bond ETF 5.22
Market Vectors EM Local Curr Bond ETF 5.0

Bond Ratings (%)

Updated 11.30.2013

Sector ICSNX
AAA 16.12
AA 25.15
A 25.55
BBB 15.66
BB 7.74
B 3.27
Below B 0.41
Other 6.09