Innealta Capital Sector Rotation Portfolio

Fund Holdings

Asset Allocation

% Long % Net
Cash 4.24 4.24
Stocks 0.0 0.0
Bonds 60.83 60.83
Other 1.23 1.23
Foreign Bonds 33.59 33.59
Foreign Stocks 0.0 0.0
Convertible 0.04 0.04
Preferred 0.07 0.07

Updated 02.28.2013

Top 10 Holdings

Performance as of 05.31.2013

Portfolio as of 02.28.2013

% Net Assets
SPDR Barclays High Yield Bond 25.02
Vanguard Interm-Tm Corp Bd Idx ETF 23.29
Market Vectors EM Local Curr Bond ETF 10.12
Vanguard Long-Term Corp Bond Idx ETF 10.09
iShares Barclays MBS Bond 9.98
iShares JPMorgan USD Emerg Markets Bond 5.09
Vanguard Short-Term Corp Bd Idx ETF 5.01
Market Vectors Intl High Yield Bond ETF 4.97
iShares Emerging Markets High Yield Bond 4.66

Bond Ratings (%)

Updated 02.28.2013

Sector
AAA 13.86
AA 4.28
A 30.17
BBB 32.37
BB 9.34
B 3.88
Below B 0.35
Other 5.76
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