Brandes Credit Focus Yield Fund

Class Inst (BCFIX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 3.82 3.82
Stocks 0.11 0.11
Bonds 86.16 86.16
Other 0.0 0.0
Foreign Bonds 8.21 8.21
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 1.7 1.7

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

% Net Assets
US Treasury Note 4.5% 18.54
US Treasury Note 3.375% 14.98
US Treasury Note 2% 5.29
Jpmorgan Chase FRN 3.94
Transocean 4.95% 2.39
Chesapeake Engy 6.625% 2.12
Citigroup 6.125% 2.01
Amer Intl Grp 6.4% 2.0
Anadarko Pete 5.95% 1.98
Israel Elec Corp Ltd Mtn 144a 144A 7.25% 1.96