Innealta Capital Country Rotation Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 13.35 0.0 13.35
Stocks 0.68 0.0 0.68
Bonds 48.17 0.0 48.17
Other 0.58 0.0 0.58
Foreign Bonds 24.87 1.19 23.68
Foreign Stocks 13.39 0.0 13.39
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 15.7
iShares MBS 13.47
Vanguard Short-Term Bond ETF 12.76
Vanguard Short-Term Corp Bd Idx ETF 9.01
PIMCO 0-5 Year High Yld Corp Bd Idx ETF 9.01
Vanguard Interm-Tm Corp Bd Idx ETF 8.78
Proshares 6.7
iShares MSCI All Peru Capped 4.75
iShares Emerging Markets High Yield Bond 4.66
Market Vectors EM Local Curr Bond ETF 4.57

Bond Ratings (%)

Updated 11.30.2013

Sector
AAA 17.1
AA 24.81
A 25.32
BBB 15.45
BB 7.61
B 3.2
Below B 0.4
Other 6.1