BTS Tactical Fixed Income Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 18.62 2.56 16.06
Stocks 1.33 0.0 1.33
Bonds 54.43 0.0 54.43
Other 1.87 0.0 1.87
Foreign Bonds 25.24 0.87 24.37
Foreign Stocks 0.35 0.0 0.35
Convertible 0.89 0.0 0.89
Preferred 0.7 0.0 0.7

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

% Net Assets
Ivy High Income I 34.4
BlackRock High Yield Bond Instl 23.43
Metropolitan West High Yield Bond I 23.36
Goldman Sachs High Yield Instl 7.55

Bond Ratings (%)

Updated 12.31.2013

Sector BTFAX
AAA 0.98
AA 1.56
A 1.17
BBB 3.43
BB 24.42
B 43.59
Below B 21.32
Other 3.53