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%