Innealta Capital Country Rotation Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 12.36 0.0 12.36
Stocks 0.67 0.0 0.67
Bonds 49.14 0.0 49.14
Other 0.58 0.0 0.58
Foreign Bonds 25.14 1.2 23.94
Foreign Stocks 13.15 0.0 13.15
Convertible 0.0 0.0 0.0
Preferred 0.17 0.0 0.17

Updated 11.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 11.30.2013

% Net Assets
iShares Floating Rate Bond 16.05
iShares MBS 13.64
Vanguard Short-Term Bond ETF 13.12
Vanguard Interm-Tm Corp Bd Idx ETF 9.11
PIMCO 0-5 Year High Yld Corp Bd Idx ETF 9.11
Vanguard Short-Term Corp Bd Idx ETF 9.08
Proshares 6.56
Market Vectors Emer Mkts Hi Yld Bond ETF 4.69
iShares MSCI All Peru Capped 4.68
iShares Emerging Markets High Yield Bond 4.59

Bond Ratings (%)

Updated 11.30.2013

Sector COUAX
AAA 17.24
AA 24.76
A 25.35
BBB 15.53
BB 7.53
B 3.17
Below B 0.4
Other 6.01