See The Basics for a detailed Fund description

  Portfolio Overview: (As of 7/31/2018)  
Top Twenty Five Issuer
  Issuer
% of Portfolio
1.
JPMorgan Chase
4.7%
2.
MetLife
4.2%
3.
Wells Fargo & Company
4.2%
4.
PNC Financial Services Group
3.9%
5.
Morgan Stanley
3.9%
6.
Enbridge Energy Partners
3.1%
7.
BNP Paribas
3.0%
8.
Fifth Third Bancorp
2.9%
9.
Liberty Mutual Group
2.8%
10.
HSBC PLC
2.7%
11.
Citigroup
2.7%
12.
XL Group Limited
2.2%
13.
New York Community Bancorp
2.0%
14.
Standard Chartered PLC
2.0%
15.
Societe Generale
2.0%
16.
Land O Lakes
2.0%
17.
CoBank ACB
1.8%
18.
QBE Insurance Group Limited
1.8%
19.
Energy Transfer Partners, L.P.
1.8%
20.
Huntington Bancshares
1.6%
21.
Texas Capital Bancshares, Inc.
1.6%
22.
Goldman Sachs Group
1.6%
23.
Dominion Energy Inc
1.6%
24.
Sovereign Bancorp
1.4%
25.
Unum Group
1.4%

 
Total Portfolio
 
Top Twenty Five:
62.9%
 
Other:
37.1%

Exposure to credit default swaps: None


Credit Quality
Moody's Ratings
% of Securities
Aaa
0.0%
Aa
0.0%

A

1.3%
Baa
55.7%
Ba
32.4%
Not Rated
9.3%
   
Below by Both**
33.5%
 
**Below Investment Grade by both Moody's and S&P

Industry Concentration
Industry
% of Securities
Financial Services  
     Banks
57.9%
     Finance
1.0%
     Insurance
20.1%
 
79.0%
   
Utilities
7.9%
Other
13.2%
 
  Most recent publicly disclosed fiscal quarter end portfolio holdings are available upon request