BTS Tactical Fixed Income Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 14.46 3.21 11.25
Stocks 1.71 0.0 1.71
Bonds 58.33 0.0 58.33
Other 3.8 0.02 3.78
Foreign Bonds 23.7 0.79 22.9
Foreign Stocks 0.17 0.0 0.17
Convertible 1.03 0.0 1.03
Preferred 0.82 0.0 0.82

Updated 11.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 11.30.2013

% Net Assets
Metropolitan West High Yield Bond I 27.29
BlackRock High Yield Bond Instl 27.29
Ivy High Income I 27.19
Goldman Sachs High Yield Instl 8.78

Bond Ratings (%)

Updated 11.30.2013

Sector BTFAX
AAA 1.05
AA 1.77
A 0.89
BBB 3.68
BB 22.63
B 43.82
Below B 18.59
Other 7.56