Innealta Capital Country Rotation Fund

Class Inst (ICCIX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 9.0 0.0 9.0
Stocks 0.0 0.0 0.0
Bonds 54.09 0.0 54.09
Other 0.73 0.01 0.72
Foreign Bonds 32.43 0.0 32.43
Foreign Stocks 3.51 0.0 3.51
Convertible 0.04 0.0 0.04
Preferred 0.2 0.0 0.2

Updated 11.30.2012

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 11.30.2012

% Net Assets
SPDR Barclays High Yield Bond 22.9
Vanguard Interm-Tm Corp Bd Idx ETF 22.73
iShares Barclays MBS Bond 9.17
Market Vectors EM Local Curr Bond ETF 9.13
Vanguard Long-Term Corp Bond Idx ETF 9.09
Market Vectors Intl High Yield Bond ETF 4.6
Vanguard Short-Term Corp Bd Idx ETF 4.6
iShares Emerging Markets High Yield Bond 4.57
iShares JPMorgan USD Emerg Markets Bond 4.56
Market Vectors Russia ETF 3.55

Bond Ratings (%)

Updated 11.30.2012

Sector ICCIX
AAA 1.06
AA 11.18
A 23.23
BBB 23.49
BB 16.34
B 15.95
Below B 3.84
Other 4.91
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