Brandes Credit Focus Yield Fund

Class Inst (BCFIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 6.06 6.06
Stocks 0.12 0.12
Bonds 83.56 83.56
Other 0.0 0.0
Foreign Bonds 8.17 8.17
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 2.09 2.09

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

% Net Assets
US Treasury Note 4.5% 16.82
US Treasury Note 3.375% 13.06
US Treasury Note 2% 5.13
Jpmorgan Chase FRN 4.28
US Treasury Note 2% 2.85
Transocean 4.95% 2.49
Apple 2.4% 2.31
Chesapeake Engy 6.625% 2.03
Regions Finl Corp New 5.75% 2.03
Amer Intl Grp 6.4% 1.92

Bond Ratings (%)

Updated 03.31.2014

Sector BCFIX
AAA 37.6
AA 3.2
A 15.4
BBB 28.0
BB 12.4
B 2.2
Below B 1.2
Other 0.0