Altegris Fixed Income Long Short Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 0.0 0.0 0.0
Stocks 0.0 9.64 -9.64
Bonds 40.99 0.0 40.99
Other 0.35 0.0 0.35
Foreign Bonds 20.0 0.0 20.0
Foreign Stocks 3.81 2.57 1.24
Convertible 43.93 0.0 43.93
Preferred 3.13 0.0 3.13

Updated 09.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 09.30.2013

Ticker YTD Return % % Net Assets
Nuveen Invts 144A 9.5% --- --- 5.25
Salix Pharmaceuticals Cv 1.5% --- --- 4.94
Lloyds Tsb Bk 144A FRN --- --- 4.82
Vector Grp Cv FRN --- --- 4.8
Tricon Cap Grp Cv 5.6% --- --- 4.52
Jefferies Fin Llc/Jfin Cp 144A 7.375% --- --- 4.48
Interface Sec Sys Hldgs 144A 9.25% --- --- 4.16
Gt Advcd Tech Cv 3% --- --- 3.93
Avaya 144A 9% --- --- 3.9
ArcelorMittal SA AMSYF -8.54 3.81