Bandon Isolated Alpha Fixed Income Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 40.31 0.0 40.31
Stocks 4.22 0.0 4.22
Bonds 27.95 0.0 27.95
Other 0.38 0.0 0.38
Foreign Bonds 7.47 0.29 7.19
Foreign Stocks 0.0 0.0 0.0
Convertible 0.0 0.0 0.0
Preferred 19.95 0.0 19.95

Updated 09.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 09.30.2013

% Net Assets
Southern Calif Edison 4.61
Pacific Gas & Elec 3.82
Aon 8.205% 3.12
Nii Cap 7.625% 2.55
Us Airways Pt Tr 2013-1 5.375% 2.27
Southern Calif Edison 2.22
Amer Intl Grp FRN 2.16
New Entpr Stone & Lime 11% 2.13
California Cnty Calif Tob Secu Asset Bac 2.0
Xl Grp Pfd 1.99