Income Fund

Top 10 Holdings as of 12/31/2018 (%)

% of Net Assets
International Business Machines Corp., 05/17/2019, 1.800% 5.18
Ecolab, Inc., 01/14/2019, 2.000% 4.39
Dollar Tree, Inc., 04/17/2020, 3.149% 4.21
Gilead Sciences, Inc., 09/20/2019, 1.850% 3.87
Omnicom Group, Inc. / Omnicom Capital, Inc., 07/15/2019, 6.250% 3.80
% of Net Assets
The Sherwin-Williams Co., 06/15/2019, 7.250% 3.74
Discovery Communications LLC, 08/15/2019, 5.625% 3.72
Actuant Corp., 06/15/2022, 5.625% 3.59
FirstCash, Inc., 06/01/2024, 5.375% 3.48
Central Garden & Pet Co., 11/15/2023, 6.125% 3.26

Asset Allocation as of 12/31/18 (%)

% of Net Assets
Corporate Bonds 82.6
Cash & Cash Equivalents 8.7
Convertible Bonds 7.0
Preferred Stocks 1.7

Credit Quality as of 12/31/18 (%)

Standard and Poor's Credit Quality % of Net Assets
A 9.2
A- 7.3
BBB+ 9.7
BBB 9.8
BBB- 11.8
BB 16.9
BB- 7.5
B+ 2.9
B 4.0
B- 4.4
Not Rated 7.8
Cash and Cash Equivalents 8.7

Portfolio Characteristics as of 12/31/18

Weighted Avg Maturity

2.84 yrs

Weighted Avg Yield to Maturity

4.89%

Modified Duration

1.46 yrs

30-day Subsidized SEC Yield

3.78%

30-day Unsubsidized SEC Yield

3.62%
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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