We Have Added Newtek Business Services Notes to Models

We have added shares of baby bond Newtek Business Services 7.5% notes (ticker:NEWTZ) to the 2014/2015 Short/Medium Duration Income Portfolio and to the 2015 Blended Income Portfolio.

Note that we paid above par for the shares paying $25.45/share. As always it is our preference to pay just par or less, but this is a small issue with decent demand, so we ‘paid up’ for it. Given that it only cuts our Yield to Worst by a 1/10th or 2 is sure beats holding on to too much cash which is earning us exactly zilch.

These purchases put the Short/Medium Duration Income Portfolio at 95% invested while the Blended Income Portfolio is 83% invested.