Income Fund

Top 10 Holdings as of 03.31.2022 (%)

% of Net Assets
Apollo Co. Real Estate 4.7% Due 08/23/2022 5.8
Great Western Pet 12.0% Due 09/01/2025 4.9
Battle Motors Inc 6.5% Due 11/24/2024 4.4
Turning Point Brands 5.6% 02/15/2026 4.4
Trulieve Can 8% Due 10/06/2026 4.3
% of Net Assets
Exterran Energy Sol. 8.1% Due 05/01/2025 4.3
GAGE GROWTH CORP 10.2% Due 11/30/2022 4.2
EZCORP INC 2.4% Due 05/01/2025 4.1
PBF Log. 6.9% Due 05/15/2023 3.9
Targa Resources perf. 9.5% Due 01/01/2030 3.7

Sector Allocation as of 03/31/22 (%)

% of Net Assets
Financials 13.4
Industrials 9.5
Healthcare 25.6
Information Technology 3.3
Energy 18.3
Consumer Staples 5.6
Consumer Discretionary 8.0
Energy 7.6
Communication Services 8.2
Liquid Assets .5

Asset Allocation as of 03/31/22 (%)

% of Net Assets
Corporate Bonds 57.1
Convertible Bonds 22.2
Loans 16.5
Preferred Stock 3.8
Cash & Cash Equivalents .5

Credit Quality as of 03/31/22 (%)

Standard and Poor's Credit Quality % of Net Assets
BB+ .7
BB 13.4
BB- 3.1
B+ 1.0
B 17.8
B- 2.3
CCC 3.1
CCC- 3.6
Non-Rated 54.5
Cash 0.5

Portfolio Characteristics as of 03/31/22

Weighted Avg Maturity

3.08 yrs

Weighted Avg Yield to Maturity

7.90%

Modified Duration

2.11 yrs

30-day Subsidized SEC Yield

7%

30-day Unsubsidized SEC Yield

7%
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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