(MINC) NEWFLEET MULTI-SECTOR INCOME ETF
NAV as of 3/31/2020
$46.27
1 Day NAV Change as of 3/31/2020
$0.15
Morningstar Rating
Short-Term Bond
Overall rating as of 2/29/2020 based on risk adjusted returns of 493 funds
MINC
Overview
The AdvisorShares Newfleet Multi-Sector Income ETF (NYSE Arca: MINC) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. MINC is managed by Newfleet Asset Management (“Portfolio Manager”), an investment subsidiary of Virtus Investment Partners. Newfleet believes that active fixed income sector rotation and quality security selection, combined with disciplined risk management, offers the best potential to achieve the Fund’s investment objective of providing a high level of total return, including a competitive level of current income in the fixed income market.
| Symbol | Exchange | Inception Date | CUSIP | Indicative Value |
|---|---|---|---|---|
| MINC | NYSE Arca | 3/19/2013 | 00768Y727 | MINC.IV |
<strong>Why Invest in MINC?</strong>
- For Portfolio Diversification – Spreading your investment risk among bonds in all the material bond sectors, including bonds with different maturities and credit qualities can help diversify an overall portfolio.
- For a Value-Oriented Approach to Fixed Income Investing – The portfolio manager believes that active bond sector rotation and quality security selection, combined with disciplined risk management, is the most effective means of achieving total returns in the fixed income market.
- For Simplified Bond Investing – MINC is designed for any investor seeking one bond fund that includes all the major bond sectors.
<strong>Key Attributes</strong>
- Low Duration – MINC’s low average duration, targeted at between 1 and 3 years, may potentially make it less sensitive to interest rate changes than other bond ETFs with higher average durations.
- High Quality – MINC primarily invests in high quality investment-grade debt, which are securities with credit ratings within the 4 highest rating categories of nationally recognized bond rating organizations.
- Active Bond Sector Rotation – The Portfolio Manager actively seeks to strategically overweight undervalued bond sectors in an effort to add value to the portfolio.
- Risk Controls – The portfolio manager employs disciplined risk management controls with the following parameters: Below investment grade maximum: 20%; Non-U.S. maximum: 30%; Industry maximum: 25%.
- Professional Experience – The portfolio management team has over 70 years of combined investment experience. MINC is being carefully managed by seasoned investment professionals.
<strong>About the Portfolio Managers</strong>
David L. Albrycht, CFA. – President and Chief Investment Officer
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.
Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation.
Benjamin L. Caron, CFA, Senior Managing Director
In his current role, Mr. Caron is co-portfolio manager of, and assists in the management of, several fixed income portfolios at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Working with the CIO and senior portfolio manager, Mr. Caron contributes to multi-sector strategy and is responsible for strategy execution and portfolio monitoring across open-end funds, closed-end funds, ETFs, and offshore vehicles that the team manages. Prior to joining the Sub-Advisor in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers (the former Phoenix Investment Counsel).
Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a CFA® (Chartered Financial Analyst®) charterholder. Mr. Caron began his career in the investment industry in 1997.
Fund
Price History
As of 3/31/2020
| NAV | $46.27 | Closing Price | $45.08 |
| Change | $0.15 | Close Change | $0.09 |
| Shares Outstanding | 1,250,000 | Volume | 6,471 |
| 4PM Bid/Offer Midpoint | $44.96 | Premium Discount | $-1.31 |
| Assets Under Management | $57,834,496.23 |
Premium/Discount Historical Data | NAV Historical Data
Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times.
FUND
Performance
As of 2/29/2020
| NAV | Market Price Return | Bloomberg Capital Aggregate Bond Index | BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index | |
|---|---|---|---|---|
| 1 Month | 0.37 | 0.23 | 1.80 | 0.13 |
| 3 Months | 1.34 | 1.28 | 3.69 | 0.40 |
| YTD | 1.16 | 1.13 | 3.76 | 0.26 |
| 1 Year | 4.95 | 4.90 | 11.68 | 0.13 |
| 3 Years | 2.90 | 2.85 | 5.01 | 0.40 |
| 5 Years | 2.58 | 2.58 | 3.58 | 1.08 |
| Since Inception (3/19/2013, Annualized) | 2.40 | 2.38 | 5.72 | 0.78 |
As of 12/31/2019
| NAV | Market Price Return | Bloomberg Capital Aggregate Bond Index | BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index | |
|---|---|---|---|---|
| 1 Month | 0.18 | 0.14 | -0.07 | 0.14 |
| 3 Months | 0.63 | 0.63 | 0.18 | 0.44 |
| YTD | 5.34 | 5.33 | 8.72 | 2.21 |
| 1 Year | 5.34 | 5.33 | 8.72 | 2.21 |
| 3 Years | 2.71 | 2.68 | 4.03 | 1.61 |
| 5 Years | 2.53 | 2.47 | 3.05 | 1.02 |
| Since Inception (3/19/2013, Annualized) | 2.28 | 2.26 | 2.84 | 0.76 |
Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.
Fund
Holdings
As of 3/31/2020
| Date | Account Symbol | Stock Ticker | Security Number | Security | Shares | Price | Market Value | Weight % | Asset Group | |
|---|---|---|---|---|---|---|---|---|---|---|
| 03/31/2020 | MINC | 78403DAK6 | SBA TOWER TRUST 2.877 7/9/2021 | 780,000.00 | 99.78 | 778,300.54 | 1.35% | B | 1 | |
| 78403DAL4 | SBA TOWER TRUST 3.168 4/11/2022 | 780,000.00 | 99.53 | 776,348.04 | 1.34% | B | 1 | |||
| 32059BAE8 | FIAOT 2017-2A B 2.65 11/15/2022 | 650,000.00 | 99.44 | 646,351.10 | 1.12% | MR | 1 | |||
| 31418DC67 | FN MA3692 3.5 7/1/2049 | 606,589.57 | 105.73 | 641,323.05 | 1.11% | FM | 1 | |||
| 12433UAG0 | BX 2018-GW B FRN 5/15/2035 | 700,000.00 | 88.54 | 619,759.49 | 1.07% | MR | 1 | |||
| 9128286Y1 | US TREASURY N/B 1.75 6/15/2022 | 535,000.00 | 103.40 | 553,171.19 | 0.96% | TN | ||||
| 88642MAC4 | TMCAT 2018-AA B 3.45 11/15/2024 | 525,000.00 | 99.72 | 523,547.85 | 0.91% | MR | ||||
| 64829HAA5 | NRZT 2016-3A A1 FRN 9/25/2056 | 443,556.29 | 103.50 | 459,097.70 | 0.79% | MR | ||||
| 30167BAC5 | EART 2018-2A C 3.69 3/15/2023 | 445,000.00 | 100.08 | 445,351.64 | 0.77% | MR | ||||
| 35105DAE1 | FCRT 2018-1 C 3.68 8/15/2023 | 445,000.00 | 99.37 | 442,192.67 | 0.76% | MR | ||||
| 85572MAA8 | SWH 2017-1 A FRN 1/17/2035 | 468,075.59 | 93.52 | 437,754.17 | 0.76% | MR | ||||
| 61746BDQ6 | MORGAN STANLEY 3.875 4/29/2024 | 410,000.00 | 105.26 | 431,550.83 | 0.75% | B | ||||
| 61746BEC6 | MORGAN STANLEY FRN 10/24/2023 | 445,000.00 | 96.61 | 429,922.11 | 0.74% | B | ||||
| 9128286B1 | US TREASURY N/B 2.625 2/15/2029 | 365,000.00 | 116.91 | 426,707.81 | 0.74% | TN | ||||
| 02530AAE2 | ACAR 2018-3 C 3.75 10/15/2024 | 415,000.00 | 99.58 | 413,261.57 | 0.71% | MR | ||||
| 258258AA0 | DORIC NIMROD AIR 2012-1A 5.125 11/30/2022 | 392,487.16 | 101.54 | 398,536.75 | 0.69% | FB | ||||
| 46625HKK5 | JPMORGAN CHASE & CO 5.3 PERPETL 11/1/2168 | 430,000.00 | 92.26 | 396,724.45 | 0.69% | B | ||||
| 46641YAN3 | JPMMT 2014-2 AM FRN 6/25/2029 | 393,892.41 | 99.59 | 392,264.33 | 0.68% | MR | ||||
| 96042GAJ1 | WLAKE 2018-3A C 3.61 10/16/2023 | 380,000.00 | 99.88 | 379,556.39 | 0.66% | MR | ||||
| 378272AF5 | GLENCORE FUNDING LLC 4.125 5/30/2023 | 410,000.00 | 92.26 | 378,248.88 | 0.65% | FB | ||||
| 36166PAA6 | GCAT 2019-NQM1 A1 STEP-CPN 2/25/2059 | 383,259.89 | 98.61 | 377,927.29 | 0.65% | MR | ||||
| 49456BAB7 | KINDER MORGAN INC 5.625 11/15/2023 | 355,000.00 | 104.94 | 372,522.31 | 0.64% | B | ||||
| 68376VAA2 | OPTN 2018-B A 3.91 7/8/2024 | 390,000.00 | 94.23 | 367,481.32 | 0.64% | MR | ||||
| 02529MAE9 | ACAR 2018-4 C 3.97 1/13/2025 | 380,000.00 | 96.58 | 367,021.29 | 0.63% | MR | ||||
| 12648HAK1 | CSMC 2014-IVR2 A2 FRN 4/25/2044 | 369,390.96 | 99.35 | 367,002.92 | 0.63% | MR | ||||
| 52603JAA8 | LFT 2018-2A A 4.23 4/20/2027 | 390,000.00 | 94.06 | 366,839.85 | 0.63% | MR | ||||
| 86359BHJ3 | SASC 2004-4XS A3A STEP-CPN 2/25/2034 | 344,990.59 | 103.17 | 355,926.76 | 0.62% | MR | ||||
| 32057HAG2 | FIAOT 2016-2A C 2.53 7/15/2022 | 355,000.00 | 99.42 | 352,927.40 | 0.61% | MR | ||||
| 345397XQ1 | FORD MOTOR CREDIT CO LLC 3.2 1/15/2021 | 360,000.00 | 97.13 | 349,650.00 | 0.60% | B | ||||
| 36416UAG0 | GFMT 2017-1 A21 FRN 7/25/2056 | 347,813.79 | 99.89 | 347,417.28 | 0.60% | MR | ||||
| 69362BBC5 | PSEG POWER LLC 3.85 6/1/2023 | 330,000.00 | 101.87 | 336,162.88 | 0.58% | B | ||||
| 06051GGJ2 | BANK OF AMERICA CORP FRN 4/24/2023 | 345,000.00 | 97.12 | 335,049.52 | 0.58% | B | ||||
| 38141GWC4 | GOLDMAN SACHS GROUP INC 3 4/26/2022 | 330,000.00 | 100.78 | 332,559.51 | 0.57% | B | ||||
| 201736AC9 | CMLBC 2001-CMLB A3 FRN 6/20/2031 | 324,827.59 | 101.05 | 328,249.65 | 0.57% | MR | ||||
| 02209SBB8 | ALTRIA GROUP INC 3.8 2/14/2024 | 313,000.00 | 101.55 | 317,864.41 | 0.55% | B | ||||
| 64829LAA6 | NRZT 2016-4A A1 FRN 11/25/2056 | 303,736.69 | 103.56 | 314,548.56 | 0.54% | MR | ||||
| 17320XAA2 | CMLTI 2013-A A FRN 5/25/2042 | 335,951.96 | 93.28 | 313,391.24 | 0.54% | MR | ||||
| 064058AD2 | BANK OF NY MELLON CORP 4.95 PERPETL 12/20/2168 | 360,000.00 | 87.02 | 313,282.80 | 0.54% | B | ||||
| 87165BAN3 | SYNCHRONY FINANCIAL 4.375 3/19/2024 | 315,000.00 | 98.55 | 310,429.65 | 0.54% | B | ||||
| 88161NAB5 | TESLA 2018-B B 4.12 10/20/2021 | 310,000.00 | 98.62 | 305,721.32 | 0.53% | MR | ||||
| 89614SAB5 | TAST 2018-2A B 4.76 2/15/2022 | 304,710.54 | 99.45 | 303,025.49 | 0.52% | MR | ||||
| 501890AA5 | LHOME 2019-RTL1 A1 STEP-CPN 10/25/2023 | 315,000.00 | 95.74 | 301,595.65 | 0.52% | MR | ||||
| 32059TAE9 | FIAOT 2019-1A C 3.26 3/17/2025 | 305,000.00 | 96.70 | 294,929.51 | 0.51% | MR | ||||
| 89690EAF4 | TRMF 2017-1A A1 2.709 8/15/2047 | 296,387.95 | 99.02 | 293,494.28 | 0.51% | MR | ||||
| 03237JAB3 | AXIS 2018-2A A2 3.89 7/20/2022 | 281,200.17 | 102.09 | 287,086.08 | 0.50% | MR | ||||
| 05369AAC5 | AVIATION CAPITAL GROUP 3.875 5/1/2023 | 306,000.00 | 93.57 | 286,315.76 | 0.50% | B | ||||
| 42806DBC2 | HERTZ 2016-4A A 2.65 7/25/2022 | 295,000.00 | 97.05 | 286,308.95 | 0.50% | MR | ||||
| 11135FAD3 | BROADCOM INC 3.625 10/15/2024 | 290,000.00 | 98.59 | 285,907.41 | 0.49% | B | ||||
| 07331YAA8 | BOMFT 2017-SPL4 A FRN 1/28/2055 | 284,018.39 | 99.80 | 283,455.09 | 0.49% | MR | ||||
| 05606XAA2 | BXGNT 2015-A A 2.88 5/2/2030 | 292,835.13 | 96.31 | 282,019.85 | 0.49% | MR | ||||
| 90352VAB2 | USAUT 2019-1A B 3.99 12/15/2022 | 305,000.00 | 92.26 | 281,400.69 | 0.49% | MR | ||||
| 96033WAA6 | WESTR 2018-1A A 3.38 12/20/2031 | 282,414.44 | 99.58 | 281,239.34 | 0.49% | MR | ||||
| 46644XAC6 | JPMMT 2015-5 A2 FRN 5/25/2045 | 280,452.95 | 99.94 | 280,284.43 | 0.48% | MR | ||||
| 03066HAG2 | AMCAR 2018-1 D 3.82 3/18/2024 | 285,000.00 | 97.36 | 277,466.62 | 0.48% | MR | ||||
| 23343CAE1 | DTAOT 2018-3A C 3.79 7/15/2024 | 280,000.00 | 98.45 | 275,650.45 | 0.48% | MR | ||||
| 12592BAJ3 | CNH INDUSTRIAL CAP LLC 4.2 1/15/2024 | 280,000.00 | 97.94 | 274,229.44 | 0.47% | B | ||||
| 24380RAA8 | DRMT 2019-1A A1 FRN 1/25/2059 | 280,974.61 | 97.55 | 274,083.09 | 0.47% | MR | ||||
| 62854AAN4 | MYLAN NV 3.95 6/15/2026 | 275,000.00 | 98.90 | 271,972.25 | 0.47% | B | ||||
| BL3246792 00001 | CALPINE CORPORAT 01/15/24 Term Loan | 279,615.51 | 96.65 | 270,248.39 | 0.47% | TL | ||||
| 05584AAA8 | HGVGI 2017-1A A 2.94 5/25/2029 | 272,800.12 | 98.11 | 267,654.89 | 0.46% | MR | ||||
| 45580KAJ7 | IND & COMM BK CHINA/NY 2.957 11/8/2022 | 250,000.00 | 104.39 | 260,969.85 | 0.45% | FB | ||||
| BL2701110 00001 | VALEANT 06/02/25 TERM LOAN | 272,403.08 | 95.71 | 260,712.90 | 0.45% | TL | ||||
| 709599BC7 | PENSKE TRUCK LEASING/PTL 4.125 8/1/2023 | 250,000.00 | 103.47 | 258,673.73 | 0.45% | B | ||||
| 17322GAA7 | CMLTI 2014-A A FRN 1/25/2035 | 251,274.76 | 101.67 | 255,458.53 | 0.44% | MR | ||||
| 05526DAV7 | BAT CAPITAL CORP 2.764 8/15/2022 | 255,000.00 | 98.40 | 250,926.86 | 0.43% | FB | ||||
| 68268XAC5 | ODART 2018-1A C 3.85 10/14/2025 | 250,000.00 | 99.26 | 248,143.63 | 0.43% | MR | ||||
| 05357HAJ9 | AVMT 2013-AVM C FRN 12/5/2032 | 250,000.00 | 99.03 | 247,577.40 | 0.43% | MR | ||||
| 89171VAB3 | TPMT 2015-5 A2 FRN 5/25/2055 | 250,000.00 | 98.43 | 246,074.80 | 0.43% | MR | ||||
| 92343VEP5 | VERIZON COMMUNICATIONS FRN 5/15/2025 | 267,000.00 | 91.21 | 243,532.60 | 0.42% | B | ||||
| 120568BA7 | BUNGE LTD FINANCE CORP 4.35 3/15/2024 | 245,000.00 | 97.97 | 240,015.12 | 0.41% | B | ||||
| 233293AP4 | DPL INC 4.35 4/15/2029 | 250,000.00 | 95.39 | 238,479.15 | 0.41% | B | ||||
| 36258XAB6 | GCAR 2020-1A B 2.43 11/15/2024 | 245,000.00 | 96.92 | 237,456.60 | 0.41% | MR | ||||
| 228227BE3 | CROWN CASTLE INTL CORP 4.875 4/15/2022 | 230,000.00 | 102.87 | 236,607.16 | 0.41% | B | ||||
| 466247NT6 | JPMMT 2005-A2 4A1 FRN 4/25/2035 | 269,409.50 | 87.21 | 234,964.20 | 0.41% | MR | ||||
| 78471WAB1 | SCLP 2018-2 A2 3.35 4/26/2027 | 236,693.13 | 99.16 | 234,710.16 | 0.41% | MR | ||||
| 80282KAW6 | SANTANDER HOLDINGS USA 3.5 6/7/2024 | 240,000.00 | 97.79 | 234,700.72 | 0.41% | B | ||||
| 26209WAF0 | DRIVE 2019-3 C 2.9 8/15/2025 | 240,000.00 | 97.73 | 234,549.74 | 0.41% | MR | ||||
| 35634BAB1 | FREED 2018-2 B 4.61 10/20/2025 | 250,000.00 | 93.51 | 233,764.53 | 0.40% | MR | ||||
| 92537FAA3 | VERUS 2019-INV1 A1 FRN 12/25/2059 | 237,081.86 | 96.72 | 229,310.53 | 0.40% | MR | ||||
| 43789EAA4 | HOF 2019-1 A1 FRN 1/25/2059 | 235,753.85 | 97.06 | 228,828.91 | 0.40% | MR | ||||
| 43789AAA2 | HOF 2018-1 A1 FRN 6/25/2048 | 234,219.19 | 97.38 | 228,072.97 | 0.39% | MR | ||||
| 35040UAA9 | FFIN 2017-1A A 3.3 7/15/2033 | 227,812.18 | 100.01 | 227,832.48 | 0.39% | MR | ||||
| BL2552414 00001 | INEOS US FINANCE 04/01/24 Term Loan | 243,239.52 | 92.87 | 225,908.70 | 0.39% | TL | ||||
| 17323MAA3 | CMLTI 2015-A A1 FRN 6/25/2058 | 224,116.54 | 100.73 | 225,754.70 | 0.39% | MR | ||||
| 22534BAA2 | CAALT 2018-1A A 3.01 2/16/2027 | 221,850.78 | 100.11 | 222,103.53 | 0.38% | MR | ||||
| 92840VAD4 | VISTRA OPERATIONS CO LLC 3.55 7/15/2024 | 235,000.00 | 94.29 | 221,582.79 | 0.38% | B | ||||
| 455780BQ8 | REPUBLIC OF INDONESIA 5.875 1/15/2024 | 200,000.00 | 109.03 | 218,061.44 | 0.38% | FB | ||||
| 67098AAC3 | OBX 2019-INV1 A3 FRN 11/25/2048 | 214,819.47 | 101.45 | 217,928.47 | 0.38% | MR | ||||
| 36258AAB6 | GCAR 2019-3A B 2.72 6/17/2024 | 220,000.00 | 98.76 | 217,263.49 | 0.38% | MR | ||||
| 96042FAF1 | WLAKE 2018-2A D 4 1/16/2024 | 215,000.00 | 100.55 | 216,185.90 | 0.37% | MR | ||||
| 23343JAE6 | DTAOT 2019-4A C 2.73 7/15/2025 | 220,000.00 | 98.10 | 215,824.00 | 0.37% | MR | ||||
| 05492MAC9 | BCCFC 2019-1A B 2.64 9/20/2024 | 220,000.00 | 96.89 | 213,148.76 | 0.37% | MR | ||||
| 30167GAE0 | EART 2019-4A C 2.44 9/16/2024 | 220,000.00 | 96.87 | 213,120.60 | 0.37% | MR | ||||
| 00969DAA8 | AJAXM 2017-B A FRN 9/25/2056 | 208,012.32 | 102.03 | 212,238.07 | 0.37% | MR | ||||
| 247126AJ4 | APTIV CORP 4.15 3/15/2024 | 215,000.00 | 98.35 | 211,457.84 | 0.37% | B | ||||
| 172967LH2 | CITIGROUP INC FRN 4/25/2022 | 215,000.00 | 97.94 | 210,564.44 | 0.36% | B | ||||
| 16158RAD8 | CHASE 2019-ATR1 A4 FRN 4/25/2049 | 209,196.58 | 100.64 | 210,531.13 | 0.36% | MR | ||||
| 22411XAD6 | CPS 2018-D D 4.34 9/16/2024 | 210,000.00 | 99.94 | 209,869.32 | 0.36% | MR | ||||
| 23343GAE2 | DTAOT 2019-1A C 3.61 11/15/2024 | 210,000.00 | 99.52 | 208,991.73 | 0.36% | MR | ||||
| 20268CAA6 | CBSLT 2019-AGS A1 2.54 1/25/2047 | 204,543.97 | 101.83 | 208,281.56 | 0.36% | MR | ||||
| 205887CA8 | CONAGRA BRANDS INC 4.3 5/1/2024 | 200,000.00 | 103.69 | 207,384.48 | 0.36% | B | ||||
| 12510FAC8 | CCG 2019-2 B 2.55 3/15/2027 | 210,000.00 | 98.59 | 207,049.16 | 0.36% | MR | ||||
| 85208NAD2 | SPRINT SPECTRUM / SPEC I 4.738 3/20/2025 | 200,000.00 | 102.87 | 205,749.00 | 0.36% | B | ||||
| 12625GAC8 | CNOOC FINANCE 2013 LTD 3 5/9/2023 | 200,000.00 | 102.12 | 204,239.61 | 0.35% | FB | ||||
| 80282KAT3 | SANTANDER HOLDINGS USA 3.7 3/28/2022 | 205,000.00 | 99.09 | 203,134.11 | 0.35% | B | ||||
| 68267DAA4 | OMFIT 2019-1A A 3.48 2/14/2031 | 215,000.00 | 94.36 | 202,867.96 | 0.35% | MR | ||||
| 05401AAF8 | AVOLON HOLDINGS FNDG LTD 3.95 7/1/2024 | 249,000.00 | 80.84 | 201,297.92 | 0.35% | FB | ||||
| 46641YAJ2 | JPMMT 2014-2 2A2 FRN 6/25/2029 | 196,987.41 | 100.12 | 197,221.71 | 0.34% | MR | ||||
| 33843FAE8 | FCAT 2020-1 C 2.24 1/15/2026 | 210,000.00 | 93.89 | 197,168.69 | 0.34% | MR | ||||
| 55389PAA7 | MVWOT 2019-1A A 2.89 11/20/2036 | 208,477.26 | 94.00 | 195,959.81 | 0.34% | MR | ||||
| 48283PAE1 | KABB 2019-1 A 3.825 3/15/2024 | 200,000.00 | 97.46 | 194,928.42 | 0.34% | MR | ||||
| BL2702969 00001 | ARAMARK SERVICES 03/28/24 Term Loan | 202,309.87 | 96.00 | 194,217.48 | 0.34% | TL | ||||
| 411707AB8 | HNGRY 2018-1A A2I 4.25 6/20/2048 | 201,925.00 | 96.10 | 194,058.00 | 0.34% | MR | ||||
| 038370AC6 | AQFIT 2019-A C 4.01 7/16/2040 | 195,000.00 | 99.51 | 194,037.71 | 0.34% | MR | ||||
| 303394AA8 | FSIT 2020-AA A 2.9 9/20/2024 | 210,000.00 | 92.17 | 193,555.76 | 0.33% | MR | ||||
| 69358XAA8 | PRPM 2019-2A A1 STEP-CPN 4/25/2024 | 215,693.66 | 89.58 | 193,215.10 | 0.33% | MR | ||||
| 30312JAB4 | FREED 2019-2 B 3.19 11/18/2026 | 220,000.00 | 87.70 | 192,930.65 | 0.33% | MR | ||||
| 836205AR5 | REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025 | 200,000.00 | 96.46 | 192,917.00 | 0.33% | FB | ||||
| 78432BAA7 | SGR 2019-3 A1 FRN 9/25/2059 | 197,396.89 | 97.32 | 192,112.48 | 0.33% | MR | ||||
| 02530DAC0 | ACAR 2019-2 C 3.17 6/12/2025 | 205,000.00 | 93.34 | 191,351.88 | 0.33% | MR | ||||
| 576434QC1 | MALT 2004-4 6A1 5.5 4/25/2034 | 185,506.65 | 102.95 | 190,980.64 | 0.33% | MR | ||||
| 90945QAD3 | UACST 2019-1 D 3.47 8/12/2024 | 205,000.00 | 92.19 | 188,992.43 | 0.33% | MR | ||||
| 07386HJG7 | BALTA 2004-5 3A1 FRN 6/25/2034 | 205,158.57 | 91.05 | 186,797.06 | 0.32% | MR | ||||
| 038370AA0 | AQFIT 2019-A A 3.14 7/16/2040 | 186,376.14 | 99.73 | 185,865.30 | 0.32% | MR | ||||
| 63938CAB4 | NAVIENT CORP 5.875 10/25/2024 | 200,000.00 | 92.75 | 185,494.00 | 0.32% | B | ||||
| 05947KAZ3 | BANCO BRADESCO (CAYMAN) 3.2 1/27/2025 | 200,000.00 | 92.05 | 184,100.00 | 0.32% | FB | ||||
| 036752AJ2 | ANTHEM INC 2.375 1/15/2025 | 185,000.00 | 99.22 | 183,551.13 | 0.32% | B | ||||
| 55400DAA9 | MVWOT 2019-2A A 2.22 10/20/2038 | 198,075.26 | 92.43 | 183,077.71 | 0.32% | MR | ||||
| 854502AM3 | STANLEY BLACK & DECKER I 4 3/15/2060 | 190,000.00 | 96.15 | 182,685.43 | 0.32% | B | ||||
| 91678WAA7 | UPST 2019-3 A 2.684 1/21/2030 | 181,945.84 | 99.49 | 181,016.39 | 0.31% | MR | ||||
| 76119MAA7 | RMLT 2019-1 A1 FRN 10/25/2058 | 182,347.46 | 98.18 | 179,028.90 | 0.31% | MR | ||||
| 17323CAD9 | CGCMT 2015-GC27 A4 2.878 2/10/2048 | 175,000.00 | 101.98 | 178,458.84 | 0.31% | MR | ||||
| 962178AN9 | TRI POINTE GROUP / HOMES 5.875 6/15/2024 | 190,000.00 | 93.77 | 178,167.75 | 0.31% | B | ||||
| BL2385591 00001 | Cablevision Systems 3/17 Cov-Li 07/17/25 Term Loan | 184,989.23 | 96.17 | 177,898.59 | 0.31% | TL | ||||
| 14040HBK0 | CAPITAL ONE FINANCIAL CO 3.75 7/28/2026 | 190,000.00 | 93.59 | 177,827.08 | 0.31% | B | ||||
| 00206RGD8 | AT&T INC FRN 6/12/2024 | 190,000.00 | 92.93 | 176,567.94 | 0.31% | B | ||||
| 30165YAC7 | EART 2017-3A B 2.81 9/15/2022 | 177,438.09 | 99.28 | 176,168.45 | 0.30% | MR | ||||
| 42824CBE8 | HP ENTERPRISE CO 2.25 4/1/2023 | 180,000.00 | 97.85 | 176,122.74 | 0.30% | B | ||||
| 15189TAW7 | CENTERPOINT ENERGY INC 2.5 9/1/2024 | 180,000.00 | 97.43 | 175,368.46 | 0.30% | B | ||||
| 36418HAA0 | GFMT 2020-H1 A1 FRN 1/25/2060 | 179,728.43 | 97.46 | 175,162.52 | 0.30% | MR | ||||
| 04010LAU7 | ARES CAPITAL CORP 3.5 2/10/2023 | 195,000.00 | 89.49 | 174,501.29 | 0.30% | B | ||||
| 233331AW7 | DTE ENERGY CO 2.529 10/1/2024 | 179,000.00 | 97.31 | 174,188.28 | 0.30% | B | ||||
| 68504UAB7 | ONGLT 2019-A B 3.36 4/9/2038 | 176,828.42 | 98.37 | 173,946.58 | 0.30% | MR | ||||
| 12597JAC6 | CPS 2020-A C 2.54 12/15/2025 | 175,000.00 | 98.81 | 172,909.68 | 0.30% | MR | ||||
| 749389AA0 | RCKT 2020-1 A1 FRN 2/25/2050 | 173,467.67 | 99.42 | 172,465.70 | 0.30% | MR | ||||
| 74937LAA4 | RCO 2019-1 A1 STEP-CPN 5/24/2024 | 178,489.42 | 96.56 | 172,357.06 | 0.30% | MR | ||||
| 65489MAB0 | NMEF 2019-A B 3.06 8/17/2026 | 175,000.00 | 98.41 | 172,218.04 | 0.30% | MR | ||||
| 30161NAW1 | EXELON CORP 3.497 6/1/2022 | 175,000.00 | 96.97 | 169,704.10 | 0.29% | B | ||||
| 03236TAG1 | AXIS 2018-1A A2 3.24 12/20/2023 | 169,514.35 | 99.97 | 169,458.47 | 0.29% | MR | ||||
| 66977WAP4 | NOVA CHEMICALS CORP 5 5/1/2025 | 200,000.00 | 84.63 | 169,251.00 | 0.29% | FB | ||||
| 36258YBL1 | GSMS 2020-GC45 AS 3.1731 2/13/2053 | 175,000.00 | 96.64 | 169,113.86 | 0.29% | MR | ||||
| 57110AAA2 | MFT 2019-4A A 2.39 12/17/2029 | 174,758.38 | 96.62 | 168,855.65 | 0.29% | MR | ||||
| 252722AB9 | DROT 2019-1A B 3.53 2/20/2032 | 171,905.43 | 96.77 | 166,349.43 | 0.29% | MR | ||||
| 57109HAA0 | MFT 2019-2A A 3.13 7/16/2029 | 172,848.40 | 96.14 | 166,181.52 | 0.29% | MR | ||||
| 38141EB81 | GOLDMAN SACHS GROUP INC FRN 11/29/2023 | 170,000.00 | 97.06 | 165,003.23 | 0.29% | B | ||||
| 87342RAC8 | BELL 2016-1A A23 4.97 5/25/2046 | 170,187.50 | 96.84 | 164,810.70 | 0.28% | MR | ||||
| 92535TAD9 | VERUS 2018-2 B1 FRN 6/1/2058 | 180,000.00 | 90.56 | 163,000.80 | 0.28% | MR | ||||
| 949803AA8 | WFMBS 2004-U A1 FRN 10/25/2034 | 159,666.56 | 100.10 | 159,831.21 | 0.28% | MR | ||||
| 48128BAG6 | JPMORGAN CHASE & CO 4.6 PERPETL 8/1/2168 | 182,000.00 | 87.65 | 159,513.90 | 0.28% | B | ||||
| 86359BGQ8 | SARM 2004-1 6A FRN 2/25/2034 | 179,873.76 | 88.29 | 158,806.26 | 0.27% | MR | ||||
| 17326QAA1 | CMLTI 2018-RP1 A1 FRN 9/25/2064 | 156,904.66 | 100.23 | 157,265.09 | 0.27% | MR | ||||
| BL3292648 00001 | TransDigm inc 08/22/24 Term Loan | 165,352.58 | 93.90 | 155,266.07 | 0.27% | TL | ||||
| 43800KAA5 | HOF 2019-3 A1 FRN 11/25/2059 | 161,066.46 | 96.18 | 154,918.28 | 0.27% | MR | ||||
| 02528CAC6 | ACAR 2019-1 B 3.32 4/12/2023 | 155,000.00 | 99.80 | 154,696.23 | 0.27% | MR | ||||
| 36228FPE0 | GSR 2003-3F 1A6 6 4/25/2033 | 148,943.03 | 103.38 | 153,976.38 | 0.27% | MR | ||||
| 38141GVX9 | GOLDMAN SACHS GROUP INC FRN 10/28/2027 | 170,000.00 | 90.07 | 153,127.19 | 0.26% | B | ||||
| 92536FAA4 | VERUS 2018-1 A1 FRN 2/25/2048 | 158,627.21 | 96.01 | 152,304.65 | 0.26% | MR | ||||
| 92872KAA5 | VOLT 2019-NPL2 A1 STEP-CPN 2/25/2049 | 165,337.74 | 91.02 | 150,489.20 | 0.26% | MR | ||||
| 12434LAA2 | BXMT 2020-FL2 A FRN 2/16/2037 | 175,000.00 | 85.69 | 149,954.88 | 0.26% | MR | ||||
| 67113AAP5 | OBX 2019-EXP3 1A8 FRN 10/25/2059 | 150,699.84 | 99.40 | 149,796.94 | 0.26% | MR | ||||
| 67576TAA7 | OCTL 2019-1A A 3.16 9/20/2023 | 149,837.67 | 99.59 | 149,219.75 | 0.26% | MR | ||||
| 71654QCD2 | PETROLEOS MEXICANOS 4.625 9/21/2023 | 180,000.00 | 81.64 | 146,960.10 | 0.25% | FB | ||||
| 24703DAY7 | DELL INT LLC / EMC CORP 4 7/15/2024 | 145,000.00 | 101.07 | 146,546.95 | 0.25% | B | ||||
| 12647JBJ0 | CSMC 2013-HYB1 A16 FRN 4/25/2043 | 147,693.34 | 98.56 | 145,573.07 | 0.25% | MR | ||||
| 83085DAC9 | SKOP 2019-1A C 3.63 9/16/2024 | 180,000.00 | 80.73 | 145,317.26 | 0.25% | MR | ||||
| 32058NAJ2 | FIAOT 2017-1A D 3.6 4/17/2023 | 145,000.00 | 99.85 | 144,788.60 | 0.25% | MR | ||||
| 369604BQ5 | GENERAL ELECTRIC CO 5 PERPETL 6/15/2168 | 175,000.00 | 82.69 | 144,703.13 | 0.25% | B | ||||
| 05970FAC5 | BANCO SANTANDER CHILE 2.7 1/10/2025 | 150,000.00 | 96.40 | 144,592.50 | 0.25% | FB | ||||
| 65341KBA3 | NFMOT 2018-1A A2 3.22 2/15/2023 | 145,000.00 | 99.61 | 144,437.41 | 0.25% | MR | ||||
| 83405TAA1 | SCLP 2019-3 A 2.9 5/25/2028 | 148,025.97 | 97.07 | 143,694.09 | 0.25% | MR | ||||
| 44106MAS1 | SERVICE PROPERTIES TRUST 4.65 3/15/2024 | 195,000.00 | 73.37 | 143,075.34 | 0.25% | B | ||||
| 916780AA7 | UPST 2019-2 A 2.897 9/20/2029 | 153,734.30 | 92.84 | 142,722.07 | 0.25% | MR | ||||
| 92537GAA1 | VERUS 2019-2 A1 FRN 5/25/2059 | 144,571.61 | 98.04 | 141,742.24 | 0.25% | MR | ||||
| 92259LAB4 | VCC 2020-1 AFX FRN 2/25/2050 | 139,207.85 | 101.38 | 141,133.61 | 0.24% | MR | ||||
| 07332CAA5 | BOMFT 2017-RT4 A FRN 7/28/2057 | 140,228.25 | 100.23 | 140,556.75 | 0.24% | MR | ||||
| 00085MAA7 | ACC 2019-1 A 3.75 5/20/2022 | 140,439.06 | 99.94 | 140,360.44 | 0.24% | MR | ||||
| BL2645325 00001 | ILFC (Delos Finance) 3/18 Cov-L 10/06/23 Term Loan | 153,300.00 | 91.25 | 139,886.25 | 0.24% | TL | ||||
| 80284TAK1 | SDART 2017-1 C 2.58 5/16/2022 | 139,434.00 | 99.93 | 139,339.71 | 0.24% | MR | ||||
| 06051GHB8 | BANK OF AMERICA CORP FRN 2/5/2026 | 153,000.00 | 90.90 | 139,083.39 | 0.24% | B | ||||
| 00772BAR2 | AERCAP IRELAND CAP/GLOBA 3.95 2/1/2022 | 150,000.00 | 90.64 | 135,953.66 | 0.24% | FB | ||||
| 20049AAE8 | COMM 2020-CBM B 3.099 2/10/2037 | 150,000.00 | 90.16 | 135,241.92 | 0.23% | MR | ||||
| BL3183086 00001 | VIRGIN MEDIA 9/19 (USD) 01/31/28 TERM LOAN | 145,000.00 | 93.25 | 135,212.50 | 0.23% | TL | ||||
| 17324VAH7 | CMLTI 2015-PS1 A1 FRN 9/25/2042 | 134,078.71 | 100.75 | 135,082.16 | 0.23% | MR | ||||
| 12597KAA7 | COLT 2020-1 A1 FRN 2/25/2050 | 135,888.70 | 97.72 | 132,787.27 | 0.23% | MR | ||||
| 949458AA1 | WLKRG 2015-AA A 2.79 6/16/2031 | 133,760.72 | 99.13 | 132,595.62 | 0.23% | MR | ||||
| 683715AC0 | OPEN TEXT CORP 3.875 2/15/2028 | 140,000.00 | 94.47 | 132,256.25 | 0.23% | FB | ||||
| 36228F4R4 | GSR 2004-7 3A1 FRN 6/25/2034 | 143,387.37 | 91.14 | 130,690.29 | 0.23% | MR | ||||
| 152314LE8 | CXHE 2004-D AF5 STEP-CPN 9/25/2034 | 130,284.64 | 100.09 | 130,402.39 | 0.23% | MR | ||||
| 14366LAA0 | CNART 2019-1A A 2.72 11/15/2022 | 131,272.41 | 99.05 | 130,023.43 | 0.22% | MR | ||||
| 86359A5V1 | SASC 2003-34A 6A FRN 11/25/2033 | 148,110.92 | 87.17 | 129,101.14 | 0.22% | MR | ||||
| 06051GBE8 | BAFC 2004-A 5A1 FRN 7/20/2034 | 146,797.10 | 87.94 | 129,099.65 | 0.22% | MR | ||||
| 07324YAC3 | BAYC 2006-2A A2 FRN 7/25/2036 | 140,647.53 | 89.21 | 125,477.62 | 0.22% | MR | ||||
| 576434J39 | MALT 2005-2 2A1 6 1/25/2035 | 125,805.70 | 98.94 | 124,470.01 | 0.22% | MR | ||||
| 92537BAA2 | VERUS 2018-3 A1 FRN 10/25/2058 | 124,371.66 | 98.61 | 122,643.99 | 0.21% | MR | ||||
| 46643UDJ5 | JPMMT 2015-1 AM1 FRN 12/25/2044 | 134,997.48 | 90.18 | 121,746.49 | 0.21% | MR | ||||
| 05946XPV9 | BAFC 2005-1 1A1 5.5 2/25/2035 | 125,226.08 | 96.73 | 121,127.41 | 0.21% | MR | ||||
| 096630AD0 | BOARDWALK PIPELINES LP 4.95 12/15/2024 | 150,000.00 | 79.38 | 119,067.77 | 0.21% | B | ||||
| 21054PAB1 | CLUB 2019-P2 A 2.47 10/15/2026 | 124,808.90 | 94.37 | 117,787.53 | 0.20% | MR | ||||
| 68504TAA2 | ONGLT 2015-AA A 2.88 9/8/2027 | 117,606.56 | 99.14 | 116,590.71 | 0.20% | MR | ||||
| 042858AA8 | ARRW 2019-2 A1 FRN 4/25/2049 | 121,202.35 | 96.08 | 116,445.28 | 0.20% | MR | ||||
| 64828YAR2 | NRZT 2014-2A A3 FRN 5/25/2054 | 112,032.79 | 103.34 | 115,774.10 | 0.20% | MR | ||||
| 74142RAA2 | PRET 2019-NPL3 A1 STEP-CPN 7/27/2059 | 129,250.90 | 88.30 | 114,131.54 | 0.20% | MR | ||||
| 85211XAA1 | SHMLT 2019-SH1 A1 FRN 4/29/2049 | 120,103.20 | 94.97 | 114,065.54 | 0.20% | MR | ||||
| 55388PAB6 | MVWOT 2015-1A B 2.96 12/20/2032 | 113,849.16 | 98.94 | 112,642.14 | 0.19% | MR | ||||
| 94981VAB3 | WFMBS 2004-K 1A2 FRN 7/25/2034 | 111,982.80 | 100.01 | 111,996.46 | 0.19% | MR | ||||
| 86933YAA4 | SCML 2017-SBC6 A FRN 5/25/2037 | 125,669.57 | 87.74 | 110,258.33 | 0.19% | MR | ||||
| 89178AAA4 | TPHT 2019-HE1 A1 FRN 4/25/2048 | 109,292.08 | 98.06 | 107,174.48 | 0.19% | MR | ||||
| 96033CAA0 | WESTR 2016-1A A 3.5 12/20/2028 | 106,497.17 | 99.56 | 106,024.96 | 0.18% | MR | ||||
| 83405AAA2 | SCLP 2017-1 A 3.28 1/26/2026 | 106,426.49 | 98.27 | 104,586.73 | 0.18% | MR | ||||
| 88033GCY4 | TENET HEALTHCARE CORP 4.875 1/1/2026 | 105,000.00 | 95.63 | 100,406.25 | 0.17% | B | ||||
| 42806DAH2 | HERTZ 2015-3A A 2.67 9/25/2021 | 101,000.00 | 98.99 | 99,975.73 | 0.17% | MR | ||||
| 21052NAA0 | CLUB 2018-P2 A 3.47 10/15/2025 | 100,663.48 | 98.72 | 99,373.17 | 0.17% | MR | ||||
| 900123AW0 | REPUBLIC OF TURKEY 7.375 2/5/2025 | 100,000.00 | 98.54 | 98,540.50 | 0.17% | FB | ||||
| 86359BBS9 | SASC 2003-37A 2A FRN 12/25/2033 | 111,332.52 | 87.08 | 96,947.43 | 0.17% | MR | ||||
| BL2870022 00001 | NEXSTAR BROADCAS 09/21/2026 | 100,865.63 | 94.30 | 95,116.29 | 0.16% | TL | ||||
| 74362DAA6 | PMIT 2019-3A A 3.19 7/15/2025 | 98,422.64 | 96.11 | 94,596.33 | 0.16% | MR | ||||
| 19687VAA9 | COLT 2018-2 A1 FRN 7/27/2048 | 95,464.13 | 99.06 | 94,562.04 | 0.16% | MR | ||||
| BL3112358 00001 | CLEAR CHANNEL OUTDOOR HO 5.7656 08/21/26 TERM LOAN | 109,450.00 | 85.00 | 93,032.50 | 0.16% | TL | ||||
| 36418GAU8 | GFMT 2018-2 A41 FRN 10/25/2058 | 88,428.24 | 100.96 | 89,272.77 | 0.15% | MR | ||||
| 31573TAC2 | EFMT 2019-2 A3 FRN 11/25/2059 | 91,590.37 | 96.95 | 88,794.70 | 0.15% | MR | ||||
| 635419AE4 | NATCM 2008-1 2A1 6 3/25/2038 | 90,329.80 | 95.99 | 86,711.21 | 0.15% | MR | ||||
| 134429BE8 | CAMPBELL SOUP CO 3.65 3/15/2023 | 83,000.00 | 101.99 | 84,649.47 | 0.15% | B | ||||
| 505742AM8 | LADDER CAP FIN LLLP/CORP 4.25 2/1/2027 | 105,000.00 | 79.75 | 83,737.50 | 0.14% | B | ||||
| 22541Q2D3 | CSFB 2003-AR30 5A1 FRN 1/25/2034 | 81,508.91 | 102.30 | 83,387.27 | 0.14% | MR | ||||
| 9292274D5 | WAMU 2003-AR6 A1 FRN 6/25/2033 | 88,232.33 | 94.14 | 83,061.11 | 0.14% | MR | ||||
| 38061LAA7 | GLDKR 2014-A A 3.22 3/17/2031 | 82,399.54 | 99.93 | 82,342.43 | 0.14% | MR | ||||
| 05367MAA5 | AVID 2018-1 A 2.84 8/15/2023 | 81,972.54 | 99.50 | 81,564.01 | 0.14% | MR | ||||
| 20826JAB4 | CONN 2018-A B 4.65 1/15/2023 | 84,759.98 | 95.90 | 81,286.27 | 0.14% | MR | ||||
| 466247K51 | JPMMT 2006-A2 4A1 FRN 8/25/2034 | 83,398.00 | 96.80 | 80,733.37 | 0.14% | MR | ||||
| 744320AM4 | PRUDENTIAL FINANCIAL INC 5.625 6/15/2043 | 84,000.00 | 94.14 | 79,077.60 | 0.14% | B | ||||
| 576436CN7 | MASD 2005-3 A2 STEP-CPN 11/25/2035 | 75,057.19 | 100.65 | 75,546.56 | 0.13% | MR | ||||
| 17288XAB0 | CITADEL LP 4.875 1/15/2027 | 75,000.00 | 96.61 | 72,453.90 | 0.13% | B | ||||
| 78471FAA0 | SCLP 2016-3 A 3.05 12/26/2025 | 71,787.50 | 99.08 | 71,125.50 | 0.12% | MR | ||||
| BL3288513 00001 | CENTURYLINK INC 03/15/27 Term Loan | 74,812.50 | 93.94 | 70,277.37 | 0.12% | TL | ||||
| 893647BE6 | TRANSDIGM INC 6.25 3/15/2026 | 70,000.00 | 100.19 | 70,131.04 | 0.12% | B | ||||
| 64829YAA8 | NRZT 2019-NQM1 A1 FRN 1/25/2049 | 67,580.47 | 99.27 | 67,089.09 | 0.12% | MR | ||||
| 24702JAD1 | DEFT 2017-2 A3 2.19 10/24/2022 | 67,015.66 | 99.89 | 66,941.06 | 0.12% | MR | ||||
| 45031UCG4 | ISTAR INC 4.25 8/1/2025 | 70,000.00 | 82.99 | 58,093.00 | 0.10% | B | ||||
| 89114QCA4 | TORONTO-DOMINION BANK 2.65 6/12/2024 | 57,000.00 | 101.78 | 58,013.22 | 0.10% | FB | ||||
| 92257LAB6 | VCC 2017-1 AFX FRN 5/25/2047 | 57,622.53 | 99.06 | 57,082.30 | 0.10% | MR | ||||
| 33843NAE1 | FCAT 2016-2 B 3.84 9/15/2022 | 55,205.22 | 99.99 | 55,197.42 | 0.10% | MR | ||||
| 05606VAA6 | BXGNT 2013-A A 3.01 12/4/2028 | 56,757.17 | 97.16 | 55,144.41 | 0.10% | MR | ||||
| BL3108760 00001 | KESTREL BIDCO INC 12/11/26 | 69,825.00 | 78.67 | 54,928.88 | 0.09% | TL | ||||
| 92536MAC5 | VERUS 2018-INV1 A3 FRN 3/25/2058 | 55,966.94 | 96.56 | 54,043.49 | 0.09% | MR | ||||
| 24381FAC9 | DRMT 2017-3A A3 FRN 10/25/2047 | 51,415.46 | 100.36 | 51,600.84 | 0.09% | MR | ||||
| 126650DH0 | CVS HEALTH CORP 3.625 4/1/2027 | 47,000.00 | 101.88 | 47,883.32 | 0.08% | B | ||||
| 82967NBE7 | SIRIUS XM RADIO INC 4.625 7/15/2024 | 45,000.00 | 102.12 | 45,953.33 | 0.08% | B | ||||
| BL3294107 00001 | STATION CASINOS LLC 02/08/27 TERM LOAN | 49,673.88 | 86.75 | 43,092.09 | 0.07% | TL | ||||
| 92536BAA3 | VERUS 2017-1A A1 FRN 1/25/2047 | 41,969.96 | 98.21 | 41,217.69 | 0.07% | MR | ||||
| 94981VAY3 | WFMBS 2004-K 2A12 FRN 7/25/2034 | 37,972.85 | 100.08 | 38,002.77 | 0.07% | MR | ||||
| 151608AB2 | CPF 2012-2A 1 2.61 8/20/2021 | 36,452.94 | 99.30 | 36,197.95 | 0.06% | MR | ||||
| 534187AU3 | LINCOLN NATIONAL CORP FRN 4/20/2067 | 60,000.00 | 60.17 | 36,104.70 | 0.06% | B | ||||
| 939336J38 | WAMMS 2003-AR4 2A1 FRN 8/25/2033 | 36,994.49 | 93.59 | 34,622.77 | 0.06% | MR | ||||
| 91679KAA2 | UPST 2019-1 A 3.45 4/20/2026 | 29,692.31 | 99.35 | 29,500.18 | 0.05% | MR | ||||
| 63938CAK4 | NAVIENT CORP 5 3/15/2027 | 30,000.00 | 86.72 | 26,016.00 | 0.04% | B | ||||
| BL3089549 00001 | Genesee & Wyoming 12/26 Cov-Lit Term Loan | 25,000.00 | 96.50 | 24,125.13 | 0.04% | TL | ||||
| BL2849315 00001 | COMMSCOPE INC 04/06/26 TERM LOAN | 24,875.00 | 95.00 | 23,631.25 | 0.04% | TL | ||||
| 538034AR0 | LIVE NATION ENTERTAINMEN 4.75 10/15/2027 | 25,000.00 | 89.56 | 22,388.75 | 0.04% | B | ||||
| 22541SXJ2 | CSFB 2004-AR8 6A1 FRN 9/25/2034 | 22,110.93 | 99.87 | 22,081.21 | 0.04% | MR | ||||
| BL3290246 00001 | REYNOLDS CONSUMER PRODUC 02/04/27 TERM LOAN | 20,000.00 | 94.95 | 18,990.00 | 0.03% | TL | ||||
| 12652BAB7 | CPS 2017-D B 2.43 1/18/2022 | 15,195.33 | 99.92 | 15,183.16 | 0.03% | MR | ||||
| BL3128180 | Elanco 02/04/27 Term Loan | 15,000.00 | 95.75 | 14,362.50 | 0.02% | TL | ||||
| BL2828715 00001 | Select Medical Corp 03/06/25 Term Loan | 14,980.51 | 95.50 | 14,306.39 | 0.02% | TL | ||||
| BL3294347 00001 | INGERSOLL-RAND SERVICES 03/01/27 Term Loan | 15,000.00 | 94.63 | 14,193.75 | 0.02% | TL | ||||
| 03065MAF4 | AMCAR 2015-4 C 2.88 7/8/2021 | 14,080.19 | 99.97 | 14,076.48 | 0.02% | MR | ||||
| 36242DSS3 | GSAA 2005-1 AF4 STEP-CPN 11/25/2034 | 6,748.28 | 100.25 | 6,764.97 | 0.01% | MR | ||||
| 07325VAC8 | BAYV 2007-A 1A2 STEP-CPN 5/28/2037 | 6,228.55 | 100.54 | 6,262.38 | 0.01% | MR | ||||
| 35104VAB8 | FCRT 2016-1 A2 2.87 10/15/2021 | 977.76 | 99.95 | 977.23 | 0.00% | MR | ||||
| X9USDJPMR | JP MORGAN USD GOVT MONEY MARKET INSTL | 3,903,049.27 | 1.00 | 3,903,049.27 | 6.75% | MM | ||||
| CASH | 27,023.90 | 100.00 | 27,023.90 | 0.05% | CA |
Holdings and allocations are subject to risks and to change. A holding identified with an “MM” at the end of its name indicates it is a Money Market fund.
FUND
Characteristics
As of 2/29/2020
MINC Sector Allocation
FUND
Fixed Income Attributes
As of 2/29/2020
| _ | MINC |
|---|---|
| Duration | 1.87 years |
| Yield to Maturity | 2.59 |
| 30-Day SEC Subsidized Yield | 2.26% |
| 30-Day SEC Unsubsidized Yield | 2.18% |
Past Performance is not indicative of future results. Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. 30–Day SEC Yield (Standardized Yield) is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30-day period by the current maximum offering price. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical.
FUND
Documents
FUND
Fees & Expenses
| Management Fee | 0.50% |
| Other Expenses | 0.46% |
| Acquired Fund Fees | 0.01% |
| Gross Expense Ratio | 0.97% |
| Fee Waiver and/or Expense Reimbursement | -0.21% |
| Net Expense Ratio | 0.76% |
Effective as of March 16, 2019, the management fee paid by the Fund to AdvisorShares Investments, LLC has been reduced from 0.65% to 0.50% of the Fund’s average daily net assets. The Advisor has contractually agreed to reduce its fees and/or reimburse expenses to keep net expenses (excluding amounts payable pursuant to any plan adopted in accordance with Rule 12b-1, interest expense, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.75% of the Fund’s average daily net assets for at least one year from the date of the Prospectus
Last Ten
Fund Distributions
| Ex-Date | Record Date | Pay Date | Cash Div | ST Cap Gain | LT Cap Gain | Return of Capital | Total Distribution (per share) | MINC | |
|---|---|---|---|---|---|---|---|---|---|
| 06/24/2020 | 06/25/2020 | 06/30/2020 | - | - | - | - | - | ||
| 05/22/2020 | 05/26/2020 | 05/29/2020 | - | - | - | - | - | ||
| 04/24/2020 | 04/27/2020 | 04/30/2020 | - | - | - | - | - | ||
| 03/26/2020 | 03/27/2020 | 03/31/2020 | $0.119980 | $0.000000 | $0.000000 | $0.000000 | $0.119980 | VALUE | |
| 02/24/2020 | 02/25/2020 | 02/28/2020 | $0.099280 | $0.000000 | $0.000000 | $0.000000 | $0.099280 | VALUE | |
| 01/27/2020 | 01/28/2020 | 01/31/2020 | $0.088480 | $0.000000 | $0.000000 | $0.000000 | $0.088480 | VALUE | |
| 12/27/2019 | 12/30/2019 | 12/31/2019 | $0.127970 | $0.000000 | $0.000000 | $0.000000 | $0.127970 | VALUE | |
| 11/26/2019 | 11/27/2019 | 11/29/2019 | $0.102970 | $0.000000 | $0.000000 | $0.000000 | $0.102970 | VALUE | |
| 10/28/2019 | 10/29/2019 | 10/31/2019 | $0.121710 | $0.000000 | $0.000000 | $0.000000 | $0.121710 | VALUE | |
| 09/25/2019 | 09/26/2019 | 09/30/2019 | $0.106880 | $0.000000 | $0.000000 | $0.000000 | $0.106880 | VALUE | |
| 08/27/2019 | 08/28/2019 | 08/30/2019 | $0.119360 | $0.000000 | $0.000000 | $0.000000 | $0.119360 | VALUE | |
| 07/26/2019 | 07/29/2019 | 07/31/2019 | $0.123400 | $0.000000 | $0.000000 | $0.000000 | $0.123400 | VALUE | |
| 06/25/2019 | 06/26/2019 | 06/28/2019 | $0.106400 | $0.000000 | $0.000000 | $0.000000 | $0.106400 | VALUE | |
| 05/28/2019 | 05/29/2019 | 05/31/2019 | $0.137300 | $0.000000 | $0.000000 | $0.000000 | $0.137300 | VALUE | |
| 04/25/2019 | 04/26/2019 | 04/30/2019 | $0.114600 | $0.000000 | $0.000000 | $0.000000 | $0.114600 | VALUE | |
| 03/26/2019 | 03/27/2019 | 03/29/2019 | $0.119300 | $0.000000 | $0.000000 | $0.000000 | $0.119300 | VALUE | |
| 02/27/2019 | 02/26/2019 | 02/28/2019 | $0.112690 | $0.000000 | $0.000000 | $0.000000 | $0.112690 | ||
| 01/28/2019 | 01/29/2019 | 01/31/2019 | $0.111260 | $0.000000 | $0.000000 | $0.000000 | $0.111260 | VALUE | |
| 12/27/2018 | 12/28/2018 | 12/31/2018 | $0.140510 | $0.000000 | $0.000000 | $0.000000 | $0.140510 | VALUE | |
| 11/27/2018 | 11/28/2018 | 11/30/2018 | $0.121160 | $0.000000 | $0.000000 | $0.000000 | $0.121160 | VALUE | |
| 10/26/2018 | 10/29/2018 | 10/31/2018 | $0.115210 | $0.000000 | $0.000000 | $0.000000 | $0.115210 | VALUE | |
| 09/26/2018 | 09/27/2018 | 09/28/2018 | $0.108830 | $0.000000 | $0.000000 | $0.000000 | $0.108830 | VALUE | |
| 08/27/2018 | 08/28/2018 | 08/31/2018 | $0.121190 | $0.000000 | $0.000000 | $0.000000 | $0.121190 | VALUE | |
| 07/26/2018 | 07/27/2018 | 07/31/2018 | $0.115350 | $0.000000 | $0.000000 | $0.000000 | $0.115350 | VALUE | |
| 06/25/2018 | 06/26/2018 | 06/29/2018 | $0.114380 | $0.000000 | $0.000000 | $0.000000 | $0.114380 | VALUE | |
| 05/25/2018 | 05/29/2018 | 05/31/2018 | $0.109790 | $0.000000 | $0.000000 | $0.000000 | $0.109790 | VALUE | |
| 04/25/2018 | 04/26/2018 | 04/30/2018 | $0.104700 | $0.000000 | $0.000000 | $0.000000 | $0.104700 | VALUE | |
| 03/26/2018 | 03/27/2018 | 03/29/2018 | $0.095030 | $0.000000 | $0.000000 | $0.000000 | $0.095030 | VALUE | |
| 02/26/2018 | 02/27/2018 | 02/28/2018 | $0.108500 | $0.000000 | $0.000000 | $0.000000 | $0.108500 | VALUE | |
| 01/26/2018 | 01/29/2018 | 01/31/2018 | $0.092000 | $0.000000 | $0.000000 | $0.000000 | $0.092000 | VALUE | |
| 12/27/2017 | 12/28/2017 | 12/29/2017 | $0.118770 | $0.000000 | $0.000000 | $0.000000 | $0.118770 | VALUE | |
| 11/28/2017 | 11/29/2017 | 11/30/2017 | $0.106580 | $0.000000 | $0.000000 | $0.000000 | $0.106580 | VALUE | |
| 10/27/2017 | 10/30/2017 | 10/31/2017 | $0.103030 | $0.000000 | $0.000000 | $0.000000 | $0.103030 | VALUE | |
| 09/26/2017 | 09/27/2017 | 09/29/2017 | $0.103360 | $0.000000 | $0.000000 | $0.000000 | $0.103360 | VALUE | |
| 08/25/2017 | 08/29/2017 | 08/31/2017 | $0.092930 | $0.000000 | $0.000000 | $0.000000 | $0.092930 | VALUE | |
| 07/26/2017 | 07/28/2017 | 07/31/2017 | $0.099450 | $0.000000 | $0.000000 | $0.000000 | $0.099450 | VALUE | |
| 06/23/2017 | 06/28/2017 | 06/30/2017 | $0.102540 | $0.000000 | $0.000000 | $0.000000 | $0.102540 | VALUE | |
| 05/23/2017 | 05/26/2017 | 05/31/2017 | $0.100580 | $0.000000 | $0.000000 | $0.000000 | $0.100580 | VALUE | |
| 04/21/2017 | 04/26/2017 | 04/28/2017 | $0.101160 | $0.000000 | $0.000000 | $0.000000 | $0.101160 | VALUE | |
| 03/24/2017 | 03/28/2017 | 03/31/2017 | $0.103650 | $0.000000 | $0.000000 | $0.000000 | $0.103650 | VALUE | |
| 02/23/2017 | 02/27/2017 | 02/28/2017 | $0.100240 | $0.000000 | $0.000000 | $0.000000 | $0.100240 | VALUE | |
| 01/25/2017 | 01/27/2017 | 01/31/2017 | $0.089100 | $0.000000 | $0.000000 | $0.000000 | $0.089100 | VALUE | |
| 12/23/2016 | 12/28/2016 | 12/30/2016 | $0.130700 | $0.000000 | $0.000000 | $0.000000 | $0.130700 | VALUE | |
| 11/23/2016 | 11/28/2016 | 11/30/2016 | $0.099600 | $0.000000 | $0.000000 | $0.000000 | $0.099600 | VALUE | |
| 10/25/2016 | 10/27/2016 | 10/31/2016 | $0.102400 | $0.000000 | $0.000000 | $0.000000 | $0.102400 | VALUE | |
| 09/26/2016 | 09/28/2016 | 09/30/2016 | $0.111000 | $0.000000 | $0.000000 | $0.000000 | $0.111000 | VALUE | |
| 08/25/2016 | 08/29/2016 | 08/31/2016 | $0.111100 | $0.000000 | $0.000000 | $0.000000 | $0.111100 | VALUE | |
| 07/25/2016 | 07/27/2016 | 07/29/2016 | $0.114300 | $0.000000 | $0.000000 | $0.000000 | $0.114300 | VALUE | |
| 06/24/2016 | 06/28/2016 | 06/30/2016 | $0.115800 | $0.000000 | $0.000000 | $0.000000 | $0.115800 | VALUE | |
| 05/24/2016 | 05/26/2016 | 05/31/2016 | $0.111800 | $0.000000 | $0.000000 | $0.000000 | $0.111800 | VALUE | |
| 04/25/2016 | 04/27/2016 | 04/29/2016 | $0.123900 | $0.000000 | $0.000000 | $0.000000 | $0.123900 | VALUE | |
| 03/24/2016 | 03/29/2016 | 03/31/2016 | $0.121700 | $0.000000 | $0.000000 | $0.000000 | $0.121700 | VALUE | |
| 02/23/2016 | 02/25/2016 | 02/29/2016 | $0.102900 | $0.000000 | $0.000000 | $0.000000 | $0.102900 | VALUE | |
| 01/25/2016 | 01/27/2016 | 01/29/2016 | $0.088300 | $0.000000 | $0.000000 | $0.000000 | $0.088300 | VALUE | |
| 12/24/2015 | 12/29/2015 | 12/31/2015 | $0.146700 | $0.000000 | $0.000000 | $0.000000 | $0.146700 | VALUE | |
| 11/23/2015 | 11/25/2015 | 11/30/2015 | $0.107300 | $0.000000 | $0.000000 | $0.000000 | $0.107300 | VALUE | |
| 10/26/2015 | 10/28/2015 | 10/30/2015 | $0.119200 | $0.000000 | $0.000000 | $0.000000 | $0.119200 | VALUE | |
| 09/24/2015 | 09/28/2015 | 09/30/2015 | $0.115900 | $0.000000 | $0.000000 | $0.000000 | $0.115900 | VALUE | |
| 08/25/2015 | 08/27/2015 | 08/31/2015 | $0.119600 | $0.000000 | $0.000000 | $0.000000 | $0.119600 | VALUE | |
| 07/24/2015 | 07/28/2015 | 07/30/2015 | $0.094200 | $0.000000 | $0.000000 | $0.000000 | $0.094200 | VALUE | |
| 06/24/2015 | 06/26/2015 | 06/30/2015 | $0.123000 | $0.000000 | $0.000000 | $0.000000 | $0.123000 | VALUE | |
| 05/22/2015 | 05/27/2015 | 05/29/2015 | $0.101100 | $0.000000 | $0.000000 | $0.000000 | $0.101100 | VALUE | |
| 04/24/2015 | 04/28/2015 | 04/30/2015 | $0.112400 | $0.000000 | $0.000000 | $0.000000 | $0.112400 | VALUE | |
| 03/25/2015 | 03/27/2015 | 03/31/2015 | $0.121500 | $0.000000 | $0.000000 | $0.000000 | $0.121500 | VALUE | |
| 02/23/2015 | 02/25/2015 | 02/27/2015 | $0.105100 | $0.000000 | $0.000000 | $0.000000 | $0.105100 | ||
| 01/26/2015 | 01/28/2015 | 01/30/2015 | $0.079400 | $0.000000 | $0.000000 | $0.000000 | $0.079400 | ||
| 12/24/2014 | 12/29/2014 | 12/31/2014 | $0.164000 | $0.000000 | $0.000000 | $0.000000 | $0.164000 | ||
| 11/21/2014 | 11/25/2014 | 11/28/2014 | $0.095000 | $0.000000 | $0.000000 | $0.000000 | $0.095000 | ||
| 10/27/2014 | 10/29/2014 | 10/31/2014 | $0.128000 | $0.000000 | $0.000000 | $0.000000 | $0.128000 | ||
| 09/24/2014 | 09/26/2014 | 09/30/2014 | $0.114000 | $0.000000 | $0.000000 | $0.000000 | $0.114000 | ||
| 08/25/2014 | 08/27/2014 | 08/29/2014 | $0.115000 | $0.000000 | $0.000000 | $0.000000 | $0.115000 | ||
| 07/25/2014 | 07/29/2014 | 07/31/2014 | $0.114000 | $0.000000 | $0.000000 | $0.000000 | $0.114000 | ||
| 06/24/2014 | 06/26/2014 | 06/30/2014 | $0.123000 | $0.000000 | $0.000000 | $0.000000 | $0.123000 | ||
| 05/23/2014 | 05/28/2014 | 05/30/2014 | $0.097000 | $0.000000 | $0.000000 | $0.000000 | $0.097000 | ||
| 04/24/2014 | 04/28/2014 | 04/30/2014 | $0.113000 | $0.000000 | $0.000000 | $0.000000 | $0.113000 | ||
| 03/25/2014 | 03/27/2014 | 03/31/2014 | $0.111000 | $0.000000 | $0.000000 | $0.000000 | $0.111000 | ||
| 02/24/2014 | 02/26/2014 | 02/28/2014 | $0.126000 | $0.000000 | $0.000000 | $0.000000 | $0.126000 | ||
| 01/27/2014 | 01/29/2014 | 01/31/2014 | $0.095000 | $0.000000 | $0.000000 | $0.000000 | $0.095000 | ||
| 12/24/2013 | 12/27/2013 | 12/31/2013 | $0.132000 | $0.000000 | $0.000000 | $0.000000 | $0.132000 | ||
| 11/22/2013 | 11/26/2013 | 11/29/2013 | $0.109000 | $0.000000 | $0.000000 | $0.000000 | $0.109000 | ||
| 10/25/2013 | 10/29/2013 | 10/31/2013 | $0.121000 | $0.000000 | $0.000000 | $0.000000 | $0.121000 | ||
| 09/24/2013 | 09/26/2013 | 09/30/2013 | $0.106000 | $0.000000 | $0.000000 | $0.000000 | $0.106000 | ||
| 08/26/2013 | 08/28/2013 | 08/30/2013 | $0.114000 | $0.000000 | $0.000000 | $0.000000 | $0.114000 | ||
| 07/25/2013 | 07/29/2013 | 07/31/2013 | $0.109000 | $0.000000 | $0.000000 | $0.000000 | $0.109000 | ||
| 06/24/2013 | 06/26/2013 | 06/28/2013 | $0.108000 | $0.000000 | $0.000000 | $0.000000 | $0.108000 | ||
| 05/24/2013 | 05/29/2013 | 05/31/2013 | $0.093000 | $0.000000 | $0.000000 | $0.000000 | $0.093000 | ||
| 04/24/2013 | 04/26/2013 | 04/30/2013 | $0.051000 | $0.000000 | $0.000000 | $0.000000 | $0.051000 |
- Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by visiting the Fund’s website at www.AdvisorShares.com. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC, Distributor.
- An investment in the Fund is subject to risk, including the possible loss of principal amount invested. The Fund’s investment in fixed income securities will change in value in response to interest rate changes and other factors, such as the perception of the issuer’s creditworthiness. Fixed income securities with longer maturities are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities. The Fund’s investments in high-yield securities or “junk bonds” are subject to a greater risk of loss of income and principal than higher grade debt securities. Emerging and foreign market investments can be more volatile than U.S. securities and will expose the Fund to adverse changes in foreign economic, political, regulatory and currency exchange rates. See prospectus for details regarding specific risks.
- Overall MINC Morningstar rating is derived from a weighted average of the fund’s 3-, 5-, and 10- year (if applicable) risk-adjusted returns as of 2/29/2020. The Short-Term Bond Category consists of 493 funds in 3 year and 442 in 5 year. MINC received a 4 star rating for the Overall Period and a 4 star rating in the 5-year period.
The Morningstar Rating™ for funds, or “star rating,” is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three- and five-year Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns.
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- Definitions
- Yield to maturity describes the rate of return an investor will receive if a long-term, interest-bearing security, such as a bond, is held to its maturity date.