Income Fund

Top 10 Holdings as of 9/30/23 (%)

% of Net Assets
Cimpress PLC., 06/15/2026 7.000% 4.30
Opnet S.P.A., 08/09/2023 8.452% 3.80
WildBrain Ltd., 09/30/2024 5.875% 3.10
Turning Point Brands 02/15/2026, 5.625% 3.00
QVC, Inc., 04/01/2024, 4.850% 3.50
% of Net Assets
Fiserv, Inc., 10/01/2023, 3.800% 3.00
Abercrombie & Fitch 07/15/2025, 8.750% 3.30
ANGI Group LLC, 08/15/2028, 3.875% 2.70
WASH Multifamily 04/15/2026, 5.750% 2.60
Truelieve Cannibis Corp., 10/06/2026, 8.000% 2.50

Sector Allocation as of 09/30/23 (%)

% of Net Assets
Industrials 21.4
Healthcare 19.9
Financials 14.1
Consumer Discretionary 11.0
Energy 10.9
Communication Services 8.7
Consumer Staples 5.3
Real Estate 4.5
Technology 1.9
Materials 1.2
Cash & Equivalent 1.1

Asset Allocation as of 09/30/23 (%)

% of Net Assets
Corporate Bonds 85.3
Loans 10.2
Convertible Bonds 3.1
Cash & Cash Equivalents 1.0
Preferred Stocks .4

Credit Quality as of 09/30/23 (%)

Standard and Poor's Credit Quality % of Net Assets
A+ 1.4
BBB+ 2.4
BBB 6.8
BBB- 4.3
BB 13.9
BB- 9.2
B+ 10.4
B 7.0
B- 13.8
CCC+ 6.1
CCC .7
Non-Rated 23
Cash or Equivalent 1

Portfolio Characteristics as of 09/30/23

Weighted Avg Maturity

2.75yrs

Weighted Avg Yield to Maturity

13.68%

Modified Duration

1.97 yrs

30-day Subsidized SEC Yield

11.31%

30-day Unsubsidized SEC Yield

11.24%
Fund holdings and asset allocation are subject to change at any time and should not be considered a recommendation to buy or sell any security. Current and future portfolio holdings are subject to risk.
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