BTS Tactical Fixed Income Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 8.25 2.5 5.75
Stocks 1.61 0.0 1.61
Bonds 55.68 0.0 55.68
Other 8.32 0.01 8.31
Foreign Bonds 28.44 1.44 26.99
Foreign Stocks 0.67 0.0 0.67
Convertible 0.67 0.0 0.67
Preferred 0.32 0.0 0.32

Updated 04.30.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 04.30.2014

% Net Assets
Ivy High Income I 37.7
BlackRock High Yield Bond Instl 25.69
Metropolitan West High Yield Bond I 25.45
Rydex High Yield Strategy H 8.33
Goldman Sachs High Yield Instl 2.83

Bond Ratings (%)

Updated 04.30.2014

Sector BTFAX
AAA 0.82
AA 1.79
A 1.1
BBB 3.7
BB 24.85
B 43.03
Below B 20.94
Other 3.77