(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

NAV as of 6/11/2021

$48.95

1 Day NAV Change as of 6/11/2021

$0

Morningstar Rating

Short-Term Bond
Overall rating as of 5/31/2021 based on risk adjusted returns of 516 funds

Manager Commentary
Fact Sheet
Social Conversation

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>
  1. 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.
  2. 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.
  3. Active Bond Sector Rotation – The Portfolio Manager actively seeks to strategically overweight undervalued bond sectors in an effort to add value to the portfolio.
  4. 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%.
  5. 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.

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.

Manager Commentary

Fund

Price History

As of 6/11/2021

NAV $48.95 Closing Price $48.95
Change $0 Close Change $0
Shares Outstanding 1,985,000 Volume 3123
4PM Bid/Offer Midpoint $48.95 Premium Discount $0
Assets Under Management $97,163,756.92 30-Day Median bid-ask Spread 0.1228753
Premium/Discount Historical Data | NAV Historical Data | Daily Premium/Discount 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 5/31/2021

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.25 0.11 0.33 0.00
3 Months 0.39 0.45 -0.14 0.01
YTD 0.30 0.08 -2.29 0.02
1 Year 4.77 4.73 -0.40 0.00
3 Years 3.21 3.22 5.06 0.01
5 Years 2.68 2.67 3.25 1.11
Since Inception (3/19/2013, Annualized) 2.36 2.35 2.96 0.70

As of 3/31/2021

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month -0.19 -0.10 -1.25 0.00
3 Months -0.28 -0.47 -3.37 0.02
YTD -0.28 -0.47 -3.37 0.02
1 Year 7.47 10.60 0.71 0.09
3 Years 3.08 3.12 4.65 1.42
5 Years 2.72 2.76 3.10 1.12
Since Inception (3/19/2013, Annualized) 2.33 2.33 2.88 0.71

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

Excel    CSV

Date Account Symbol Stock Ticker Security Number Security Description Shares/Par (Full) Price (Base) Traded Market Value (Base) Portfolio Weight % Asset Group
06/11/2021 MINC 91282CBC4 US TREASURY N/B 0.375 12/31/2025 2,285,000.00 98.70 2,255,366.41 2.32% TN
05377REH3 AESOP 2021-1A A 1.38 8/20/2027 1,060,000.00 100.82 1,068,662.32 1.10% MR
126407AA3 CSMC 2021-NQM1 A1 FRN 5/25/2065 957,407.30 100.04 957,791.12 0.99% MR
17327RAA8 CMLTI 2019-RP1 A1 FRN 1/25/2066 884,435.84 105.35 931,781.37 0.96% MR
22767CAB6 XROAD 2021-A A2 0.82 3/20/2024 900,000.00 100.17 901,515.60 0.93% MR
30166RAE7 EART 2021-1A C 0.74 1/15/2026 900,000.00 100.14 901,245.24 0.93% MR
64829KBV1 NRZT 2017-2A A3 FRN 3/25/2057 729,065.51 107.57 784,224.71 0.81% MR
85573MAA7 STAR 2020-3 A1 FRN 4/25/2065 767,360.07 101.20 776,550.82 0.80% MR
06051GJS9 BANK OF AMERICA CORP 1.734 7/22/2027 760,000.00 101.30 769,897.54 0.79% B
61746BEC6 MORGAN STANLEY FRN 10/24/2023 700,000.00 101.69 711,801.94 0.73% B
12433UAG0 BX 2018-GW B FRN 5/15/2035 700,000.00 100.21 701,443.82 0.72% MR
30167LAJ8 EART 2019-2A E 4.68 5/15/2026 660,000.00 106.09 700,169.98 0.72% MR
22537CAA7 CAALT 2021-2A A 0.96 2/15/2030 680,000.00 100.59 684,009.82 0.70% MR
92538BAA1 VERUS 2021-R1 A1 FRN 10/25/2063 675,527.97 99.74 673,779.50 0.69% MR
59166EAB1 MST 2019-1A A1A FRN 4/25/2058 586,114.34 103.36 605,818.92 0.62% MR
19688CAA0 COLT 2019-3 A1 FRN 8/25/2049 601,522.91 100.20 602,734.80 0.62% MR
064058AD2 BANK OF NY MELLON CORP FRN 12/20/2169 590,000.00 100.61 593,613.75 0.61% B
48128BAG6 JPMORGAN CHASE & CO 4.6 PERPETL 8/1/2169 562,000.00 103.63 582,372.50 0.60% B
19688BAA2 COLT 2021-1R A1 FRN 5/25/2065 563,755.12 99.99 563,691.08 0.58% MR
55389TAB7 MVWOT 2021-1WA B 1.44 1/22/2041 530,000.00 100.52 532,753.14 0.55% MR
552757AA4 MFRA 2020-NQM3 A1 FRN 1/26/2065 525,120.70 100.33 526,864.42 0.54% MR
85573GAA0 STAR 2021-1 A1 FRN 5/25/2065 515,873.76 100.40 517,930.91 0.53% MR
91822XAA0 VCAT 2020-NPL1 A1 STEP-CPN 8/25/2050 511,315.41 100.72 514,999.34 0.53% MR
48254CAL9 KIND 2021-KDIP C FRN 12/15/2037 510,000.00 100.10 510,484.96 0.53% MR
74114BAG8 PART 2020-1A C 1.31 11/16/2026 500,000.00 101.12 505,589.40 0.52% MR
89175TAA6 TPMT 2018-4 A1 FRN 6/25/2058 474,866.17 104.67 497,057.90 0.51% MR
038370AC6 AQFIT 2019-A C 4.01 7/16/2040 470,000.00 105.55 496,081.62 0.51% MR
78432BAA7 SGR 2019-3 A1 FRN 9/25/2059 483,660.28 100.68 486,966.20 0.50% MR
045054AF0 ASHTEAD CAPITAL INC 4.375 8/15/2027 445,000.00 104.87 466,680.40 0.48% FB
92538FAA2 VERUS 2021-2 A1 FRN 2/25/2066 464,376.53 100.12 464,929.93 0.48% MR
94974BFY1 WELLS FARGO & COMPANY 4.1 6/3/2026 410,000.00 112.88 462,798.49 0.48% B
75907VAA5 RMIT 2021-1 A 1.68 3/17/2031 455,000.00 100.48 457,186.46 0.47% MR
00833MAA2 AFFRM 2021-A A 0.88 8/15/2025 455,000.00 100.30 456,383.84 0.47% MR
02528BAE4 ACAR 2021-1 C 0.83 3/15/2027 455,000.00 100.30 456,382.24 0.47% MR
12656NAC5 CPS 2021-A B 0.61 2/18/2025 455,000.00 100.24 456,070.52 0.47% MR
80282YAF3 SCART 2021-AA C 1.03 11/16/2026 455,000.00 100.04 455,173.63 0.47% MR
83085DAC9 SKOP 2019-1A C 3.63 9/16/2024 445,000.00 102.27 455,104.44 0.47% MR
33843WAE1 FCAT 2021-1 C 0.91 3/15/2027 455,000.00 99.94 454,712.08 0.47% MR
85573DAA7 STAR 2020-2 A1 FRN 4/25/2060 445,246.47 101.53 452,044.58 0.47% MR
91282CBD2 US TREASURY N/B 0.125 12/31/2022 450,000.00 100.00 450,000.00 0.46% TN
21054AAB4 CLUB 2019-P1 B 3.28 7/15/2026 445,000.00 100.89 448,977.23 0.46% MR
33843FAE8 FCAT 2020-1 C 2.24 1/15/2026 430,000.00 103.12 443,429.50 0.46% MR
46625HKK5 JPMORGAN CHASE & CO FRN 11/1/2169 430,000.00 100.15 430,629.95 0.44% B
64831EAA8 NRZT 2021-NQ2R A1 FRN 9/25/2058 425,000.00 100.21 425,895.90 0.44% MR
92837UAA7 VISIO 2021-1R A1 1.28 5/25/2056 422,536.45 100.25 423,603.82 0.44% MR
00971AAA0 AJAXM 2021-A A1 FRN 9/25/2065 423,020.43 99.76 421,988.94 0.43% MR
59166DAA5 MST 2018-1A A FRN 3/25/2057 402,020.01 104.64 420,663.89 0.43% MR
19688DAA8 COLT 2021-3R A1 FRN 12/25/2064 412,056.84 100.26 413,122.42 0.43% MR
92538EAA5 VERUS 2021-R3 A1 FRN 4/25/2064 400,000.00 100.22 400,878.96 0.41% MR
303394AA8 FSIT 2020-AA A 2.9 9/20/2024 395,000.00 100.96 398,775.25 0.41% MR
62854AAN4 UTAH ACQUISITION SUB 3.95 6/15/2026 355,000.00 110.64 392,784.99 0.40% B
04047AAA2 ARIVO 2021-1A A 1.19 1/15/2027 390,473.43 100.31 391,681.09 0.40% MR
12529KAA0 CFMT 2021-GRN1 A 1.1 3/20/2041 382,476.20 100.15 383,036.72 0.39% MR
12563LAN7 CLIF 2020-1A A 2.08 9/18/2045 378,566.70 101.14 382,874.79 0.39% MR
92512BAB9 VEROS 2021-1 B 1.49 10/15/2026 370,000.00 100.11 370,391.46 0.38% MR
56848MAA7 MFIT 2020-AA A 2.19 8/21/2034 355,000.00 102.04 362,238.17 0.37% MR
32059FAC3 FIAOT 2021-1A B 0.89 3/15/2027 350,000.00 100.53 351,858.50 0.36% MR
14040HBK0 CAPITAL ONE FINANCIAL CO 3.75 7/28/2026 315,000.00 110.64 348,520.39 0.36% B
64829HAA5 NRZT 2016-3A A1 FRN 9/25/2056 322,411.91 107.38 346,217.55 0.36% MR
04285CAL5 ARRW 2020-1 A1B 2.1 3/25/2055 332,839.75 101.84 338,973.98 0.35% MR
25746UDJ5 DOMINION ENERGY INC 1.45 4/15/2026 335,000.00 100.87 337,899.94 0.35% B
854502AM3 STANLEY BLACK & DECKER I 4 3/15/2060 315,000.00 107.09 337,317.75 0.35% B
43800KAA5 HOF 2019-3 A1 FRN 11/25/2059 329,862.81 101.26 334,010.90 0.34% MR
BL3487123 00001 AVOLON TLB BORROWER 1 US 12/01/27 TERM LOAN 329,175.00 100.33 330,246.46 0.34% TL
05526DBR5 BAT CAPITAL CORP 2.259 3/25/2028 330,000.00 99.14 327,160.80 0.34% FB
87267CAA6 TRP 2021-1 A 2.07 6/19/2051 325,000.00 100.52 326,679.28 0.34% MR
038370AA0 AQFIT 2019-A A 3.14 7/16/2040 317,845.71 102.64 326,251.27 0.34% MR
78081BAC7 ROYALTY PHARMA PLC 1.75 9/2/2027 323,000.00 99.26 320,599.96 0.33% FB
37186XAE5 GSFMT 2020-AA A 1.65 9/22/2025 315,000.00 100.86 317,708.87 0.33% MR
36259WAC5 GSMBS 2020-NQM1 A3 FRN 9/27/2060 310,131.12 101.82 315,779.72 0.32% MR
36167RAA1 GCT 2021-GCT A FRN 2/15/2038 315,000.00 100.18 315,568.04 0.32% MR
32059TAE9 FIAOT 2019-1A C 3.26 3/17/2025 305,000.00 102.59 312,908.77 0.32% MR
88161NAB5 TESLA 2018-B B 4.12 10/20/2021 310,000.00 100.37 311,136.96 0.32% MR
72703PAB9 PLNT 2018-1A A2II 4.666 9/5/2048 286,887.50 105.25 301,939.37 0.31% MR
65246PAC5 NEWZ 2021-1 C FRN 5/25/2055 300,000.00 100.19 300,565.08 0.31% MR
31572LAA4 EFMT 2021-2 A1 FRN 6/25/2066 300,000.00 100.00 299,996.28 0.31% MR
03066HAG2 AMCAR 2018-1 D 3.82 3/18/2024 285,000.00 104.21 296,997.08 0.31% MR
38141GVX9 GOLDMAN SACHS GROUP INC FRN 10/28/2027 280,000.00 105.91 296,552.52 0.31% B
126401AA6 CSMC 2020-NQM1 A1 STEP-CPN 5/25/2065 290,156.04 100.80 292,479.17 0.30% MR
BL3208776 00002 Vistra (TXU/TCEH) 6/18 Cov-Lite 12/31/25 Term Loan 292,914.16 99.53 291,534.53 0.30% TL
61762MBW0 MSBAM 2013-C10 A4 FRN 7/15/2046 275,000.00 105.90 291,235.95 0.30% MR
345370CW8 FORD MOTOR COMPANY 9 4/22/2025 235,000.00 123.09 289,253.28 0.30% B
36166PAA6 GCAT 2019-NQM1 A1 STEP-CPN 2/25/2059 284,959.25 100.66 286,837.70 0.30% MR
90353QAB2 USAUT 2020-1A B 3.22 5/15/2024 280,000.00 102.07 285,801.71 0.29% MR
86359BHJ3 SASC 2004-4XS A3A STEP-CPN 2/25/2034 280,860.64 100.91 283,411.42 0.29% MR
68377BAA5 OPTN 2021-A A 1.21 3/8/2028 280,000.00 100.48 281,348.59 0.29% MR
38141EB81 GOLDMAN SACHS GROUP INC FRN 11/29/2023 270,000.00 103.23 278,724.75 0.29% B
57110NAB2 MFT 2021-1A B 1 6/16/2031 275,000.00 100.38 276,046.82 0.28% MR
08861YAA4 BHG 2021-A A 1.42 11/17/2033 275,000.00 100.23 275,631.07 0.28% MR
67571AAA3 OCTL 2021-1A A 0.93 3/22/2027 275,000.00 100.21 275,566.34 0.28% MR
096630AD0 BOARDWALK PIPELINES LP 4.95 12/15/2024 245,000.00 112.37 275,310.00 0.28% B
BL3556927 00001 DELL REFINANCING TERM LOAN B-2 09/19/25 TERM LOAN 274,312.50 100.19 274,833.69 0.28% TL
369604BQ5 GENERAL ELECTRIC CO FRN 6/15/2169 285,000.00 96.25 274,312.50 0.28% B
23344GAG6 DTAOT 2021-1A D 1.16 11/16/2026 270,000.00 100.29 270,791.51 0.28% MR
12510KAG8 CCG 2021-1 C 0.84 6/14/2027 270,000.00 100.15 270,394.96 0.28% MR
476681AA9 JMIKE 2019-1A A2 4.433 2/15/2050 250,000.00 107.88 269,695.95 0.28% MR
827048AX7 SILGAN HOLDINGS INC 1.4 4/1/2026 271,000.00 99.51 269,662.62 0.28% B
46641YAN3 JPMMT 2014-2 AM FRN 6/25/2029 264,213.20 101.79 268,941.40 0.28% MR
92939KAG3 WFRBS 2014-C24 AS 3.931 11/15/2047 250,000.00 106.31 265,773.50 0.27% MR
74615JAA8 PPWR 2021-A A 1.57 10/15/2025 265,000.00 100.25 265,656.11 0.27% MR
025291AC9 ACAR 2021-2 C 0.97 7/13/2027 265,000.00 100.24 265,642.17 0.27% MR
744320AM4 PRUDENTIAL FINANCIAL INC 5.625 6/15/2043 244,000.00 107.78 262,975.06 0.27% B
36255XAB9 GCAR 2018-3A B 3.78 8/15/2023 258,331.86 100.80 260,397.95 0.27% MR
63938CAB4 NAVIENT CORP 5.875 10/25/2024 240,000.00 108.21 259,708.80 0.27% B
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.875 2/15/2026 250,000.00 103.75 259,363.34 0.27% B
11135FBB6 BROADCOM INC 3.15 11/15/2025 240,000.00 107.79 258,684.26 0.27% B
91682CAA5 UPSPT 2021-ST2 A 2.5 4/20/2027 255,320.73 101.30 258,632.85 0.27% MR
45580KAJ7 IND & COMM BK CHINA/NY 2.957 11/8/2022 250,000.00 103.14 257,862.39 0.27% FB
01166VAA7 ALASKA AIRLINES 2020 TR 4.8 8/15/2027 232,515.02 110.60 257,164.87 0.26% B
06051GHB8 BANK OF AMERICA CORP FRN 2/5/2026 253,000.00 101.16 255,938.00 0.26% B
595017AZ7 MICROCHIP TECHNOLOGY INC 2.67 9/1/2023 245,000.00 104.19 255,269.52 0.26% B
40439HAC3 HINTT 2020-A C 3.42 10/9/2039 241,644.51 104.58 252,705.44 0.26% MR
05369AAC5 AVIATION CAPITAL GROUP 3.875 5/1/2023 241,000.00 104.77 252,497.08 0.26% B
89171VAB3 TPMT 2015-5 A2 FRN 5/25/2055 250,000.00 100.97 252,424.30 0.26% MR
22551EAA4 CRUSA 2021-1A A 1.35 2/16/2027 252,115.79 100.10 252,365.89 0.26% MR
04010LBB8 ARES CAPITAL CORP 2.875 6/15/2028 250,000.00 100.87 252,170.00 0.26% B
80282KAZ9 SANTANDER HOLDINGS USA 3.244 10/5/2026 235,000.00 107.15 251,812.92 0.26% B
38138JAC7 GLM 2021-9A A FRN 1/20/2033 250,000.00 100.26 250,656.12 0.26% MR
36258XAB6 GCAR 2020-1A B 2.43 11/15/2024 245,000.00 102.26 250,534.55 0.26% MR
69701YAA0 PSTAT 2021-1A A1 FRN 4/20/2029 250,000.00 100.13 250,314.27 0.26% MR
14686KAD9 CRVNA 2021-N2 C 1.07 3/10/2028 250,000.00 100.09 250,225.88 0.26% MR
76132FAA5 RETAIL OPPORTUNITY IN 5 12/15/2023 231,000.00 108.05 249,590.15 0.26% B
67422AAA4 OASIS 2021-1A A 2.5792 2/15/2033 248,274.53 100.28 248,974.59 0.26% MR
378272AX6 GLENCORE FUNDING LLC 1.625 9/1/2025 245,000.00 101.57 248,857.01 0.26% FB
24380NAA7 DRMT 2020-2 A1 1.692 5/25/2065 247,318.14 100.61 248,820.50 0.26% MR
04685A2P5 ATHENE GLOBAL FUNDING 2.45 8/20/2027 240,000.00 103.51 248,431.85 0.26% B
83405DAC2 SOFI 2017-C A2B 2.63 7/25/2040 241,891.73 101.59 245,746.37 0.25% MR
26209WAF0 DRIVE 2019-3 C 2.9 8/15/2025 240,000.00 102.06 244,942.08 0.25% MR
81618TAC4 OFFICE PPTY INCOME TRST 4.5 2/1/2025 225,000.00 108.30 243,684.54 0.25% B
451102BT3 ICAHN ENTERPRISES/FIN 6.25 5/15/2026 230,000.00 105.92 243,616.00 0.25% B
64829LAA6 NRZT 2016-4A A1 FRN 11/25/2056 227,387.61 106.95 243,194.32 0.25% MR
36255XAC7 GCAR 2018-3A C 4.18 7/15/2024 235,000.00 103.11 242,315.79 0.25% MR
24703DAZ4 DELL INT LLC / EMC CORP 4.9 10/1/2026 210,000.00 115.03 241,559.29 0.25% B
91680FAB8 UPST 2021-2 B 1.75 6/20/2031 240,000.00 100.50 241,210.10 0.25% MR
404119BR9 HCA INC 5.375 2/1/2025 215,000.00 112.00 240,800.00 0.25% B
BL2552414 00001 INEOS US FINANCE 04/01/24 Term Loan 240,751.13 99.21 238,838.36 0.25% TL
BL2701110 00001 VALEANT 06/02/25 TERM LOAN 238,534.76 99.83 238,120.90 0.25% TL
30165YAG8 EART 2017-3A D 5.28 10/15/2024 230,000.00 103.40 237,812.78 0.24% MR
37045VAV2 GENERAL MOTORS CO 6.125 10/1/2025 200,000.00 118.86 237,724.53 0.24% B
534187AU3 LINCOLN NATIONAL CORP FRN 4/20/2067 285,000.00 83.31 237,440.63 0.24% B
91681NAA2 UPST 2021-1 A 0.87 3/20/2031 234,490.69 100.19 234,927.55 0.24% MR
HYD 92189H409 VANECK VECTORS HY MUNI ETF 3,682.00 63.49 233,770.18 0.24% MF
11271LAC6 BROOKFIELD FINANCE INC 3.9 1/25/2028 210,000.00 111.28 233,693.76 0.24% FB
459506AP6 INTL FLAVOR & FRAGRANCES 1.832 10/15/2027 233,000.00 99.87 232,691.69 0.24% B
683715AC0 OPEN TEXT CORP 3.875 2/15/2028 230,000.00 101.13 232,587.50 0.24% FB
58940BAA4 MFCC 2021-1A A 1.54 3/20/2026 230,000.00 100.49 231,122.26 0.24% MR
836205AR5 REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025 200,000.00 114.13 228,254.00 0.23% FB
12657LAA2 CSMC 2021-AFC1 A1 FRN 3/25/2056 227,189.66 100.12 227,461.04 0.23% MR
038413AB6 AQFIT 2020-AA B 2.79 7/17/2046 220,000.00 103.30 227,257.71 0.23% MR
455780BQ8 REPUBLIC OF INDONESIA 5.875 1/15/2024 200,000.00 113.46 226,919.38 0.23% FB
23343JAE6 DTAOT 2019-4A C 2.73 7/15/2025 220,000.00 102.06 224,539.35 0.23% MR
36258AAB6 GCAR 2019-3A B 2.72 6/17/2024 220,000.00 101.92 224,221.01 0.23% MR
05565QDV7 BP CAPITAL MARKETS PLC 4.875 PERPETL 12/22/2169 205,000.00 109.25 223,962.50 0.23% FB
30167GAE0 EART 2019-4A C 2.44 9/16/2024 220,000.00 101.45 223,194.40 0.23% MR
30312JAB4 FREED 2019-2 B 3.19 11/18/2026 220,000.00 101.35 222,961.90 0.23% MR
05492MAC9 BCCFC 2019-1A B 2.64 9/20/2024 220,000.00 101.21 222,659.01 0.23% MR
808513BJ3 CHARLES SCHWAB CORP 4 PERPETL 3/1/2170 220,000.00 101.19 222,613.60 0.23% B
71429MAB1 PERRIGO FINANCE UNLIMITE 4.375 3/15/2026 200,000.00 110.71 221,427.13 0.23% B
361841AJ8 GLP CAPITAL LP / FIN II 5.25 6/1/2025 195,000.00 113.35 221,036.05 0.23% B
12662EAA1 CSMC 2021-NQM2 A1 FRN 2/25/2066 219,782.80 100.33 220,500.98 0.23% MR
74727PBC4 STATE OF QATAR 3.4 4/16/2025 200,000.00 109.55 219,102.00 0.23% FB
30161NAW1 EXELON CORP 3.497 6/1/2022 212,000.00 102.78 217,885.73 0.22% B
03237PAB9 AXIS 2020-1A B 2.5 3/20/2026 212,227.19 102.65 217,859.61 0.22% MR
92343VEP5 VERIZON COMMUNICATIONS FRN 5/15/2025 210,000.00 103.08 216,464.41 0.22% B
22411XAD6 CPS 2018-D D 4.34 9/16/2024 210,000.00 103.05 216,394.67 0.22% MR
12510FAC8 CCG 2019-2 B 2.55 3/15/2027 210,000.00 103.04 216,374.93 0.22% MR
172967MB4 CITIGROUP INC FRN 7/1/2026 210,000.00 102.87 216,025.49 0.22% B
714295AC6 PERRIGO FINANCE UNLIMITD 3.9 12/15/2024 200,000.00 107.97 215,935.59 0.22% B
BL3574615 00001 WEX 03/31/28 TERM LOAN 215,000.00 99.81 214,581.83 0.22% TL
85208NAD2 SPRINT SPECTRUM / SPEC I 4.738 3/20/2025 200,000.00 107.28 214,552.31 0.22% B
98421MAA4 XEROX HOLDINGS CORP 5 8/15/2025 200,000.00 106.31 212,610.00 0.22% B
785592AH9 SABINE PASS LIQUEFACTION 6.25 3/15/2022 205,000.00 102.85 210,843.85 0.22% B
68205LAA1 OMAN GOV INTERNTL BOND 4.875 2/1/2025 200,000.00 105.38 210,753.00 0.22% FB
33938XAC9 FLEX LTD 3.75 2/1/2026 191,000.00 109.39 208,930.69 0.22% B
67054KAA7 ALTICE FRANCE SA 7.375 5/1/2026 200,000.00 104.13 208,258.00 0.21% FB
85205TAM2 SPIRIT AEROSYSTEMS INC 5.5 1/15/2025 195,000.00 106.17 207,021.75 0.21% B
03969AAN0 ARDAGH PKG FIN/HLDGS USA 4.125 8/15/2026 200,000.00 103.38 206,750.00 0.21% B
410345AN2 HANESBRANDS INC 5.375 5/15/2025 195,000.00 105.37 205,464.68 0.21% B
258258AA0 DORIC NIMROD AIR 2012-1A 5.125 11/30/2022 203,508.91 100.69 204,913.00 0.21% FB
52604FAA5 LFT 2019-1A A 3 12/20/2027 200,000.00 102.36 204,713.72 0.21% MR
50077LBC9 KRAFT HEINZ FOODS CO 3.875 5/15/2027 185,000.00 110.10 203,687.70 0.21% B
034863AZ3 ANGLO AMERICAN CAPITAL 2.25 3/17/2028 200,000.00 101.07 202,148.73 0.21% FB
900123AW0 REPUBLIC OF TURKEY 7.375 2/5/2025 185,000.00 109.17 201,965.06 0.21% FB
36166VAE5 GCI 2021-1 A 2.38 6/18/2046 200,000.00 100.66 201,326.00 0.21% MR
44106MAS1 SERVICE PROPERTIES TRUST 4.65 3/15/2024 200,000.00 100.50 201,000.00 0.21% B
37187PAB7 GPLAT 2020-1 B 2.83 7/20/2030 200,000.00 100.36 200,710.48 0.21% MR
466247NT6 JPMMT 2005-A2 4A1 FRN 4/25/2035 199,835.72 100.09 200,006.54 0.21% MR
78392BAB3 SK HYNIX INC 1.5 1/19/2026 200,000.00 99.76 199,520.46 0.21% FB
BL3545938 00001 CITADEL SECURITIES 02/02/2028 TERM LOAN 200,000.00 99.39 198,771.00 0.20% TL
05584AAA8 HGVGI 2017-1A A 2.94 5/25/2029 193,161.90 102.67 198,324.63 0.20% MR
013092AF8 ALBERTSONS COS/SAFEWAY 3.25 3/15/2026 195,000.00 101.50 197,925.00 0.20% B
842587DJ3 SOUTHERN CO 3.75 9/15/2051 194,000.00 101.53 196,958.50 0.20% B
88033GCY4 TENET HEALTHCARE CORP 4.875 1/1/2026 190,000.00 103.38 196,413.45 0.20% B
89180DAC0 TPHT 2021-HE1 M1 FRN 2/25/2063 195,030.63 100.59 196,179.98 0.20% MR
BL3204205 00001 TRANSUNION LLC 11/16/26 TERM LOAN 194,936.14 99.75 194,448.80 0.20% TL
66977WAP4 NOVA CHEMICALS CORP 5 5/1/2025 180,000.00 107.67 193,803.30 0.20% FB
90352VAB2 USAUT 2019-1A B 3.99 12/15/2022 192,349.93 100.74 193,781.36 0.20% MR
252722AB9 DROT 2019-1A B 3.53 2/20/2032 185,177.02 104.10 192,762.69 0.20% MR
BL3570811 00001 AADVANTAGE LOYALTY 04/20/2028 TERM LOAN 185,000.00 104.14 192,659.93 0.20% TL
165167DF1 CHESAPEAKE ENERGY CORP 5.5 2/1/2026 180,000.00 106.60 191,872.80 0.20% B
31574XAB4 EFMT 2021-1 A2 FRN 2/25/2066 191,404.33 100.16 191,713.98 0.20% MR
20824LAB1 CONN 2019-B B 3.62 6/17/2024 189,700.48 100.43 190,515.77 0.20% MR
05606XAA2 BXGNT 2015-A A 2.88 5/2/2030 186,202.24 101.99 189,915.11 0.20% MR
68785AAD7 OSCAR 2021-1A A4 1 4/10/2028 190,000.00 99.73 189,489.78 0.20% MR
71654QCD2 PETROLEOS MEXICANOS 4.625 9/21/2023 180,000.00 105.11 189,197.10 0.19% FB
36258YBL1 GSMS 2020-GC45 AS FRN 2/13/2053 175,000.00 107.39 187,926.27 0.19% MR
629377CK6 NRG ENERGY INC 3.75 6/15/2024 175,000.00 107.20 187,594.90 0.19% B
38014RAC8 GCAR 2020-2A B 3.16 6/16/2025 180,000.00 104.00 187,201.26 0.19% MR
46644XAC6 JPMMT 2015-5 A2 FRN 5/25/2045 180,432.30 103.62 186,957.22 0.19% MR
042859AA6 ARRW 2019-1 A1 FRN 1/25/2049 182,157.18 102.36 186,463.97 0.19% MR
92536PAA2 VERUS 2020-1 A1 STEP-CPN 1/25/2060 183,409.01 101.59 186,324.86 0.19% MR
17322GAA7 CMLTI 2014-A A FRN 1/25/2035 174,904.02 105.98 185,370.89 0.19% MR
12648HAK1 CSMC 2014-IVR2 A2 FRN 4/25/2044 180,046.77 102.78 185,043.61 0.19% MR
BL3234517 00001 JBS USA LUX SA 05/01/26 Term Loan 184,529.26 99.91 184,355.80 0.19% TL
17288XAB0 CITADEL LP 4.875 1/15/2027 170,000.00 108.00 183,596.25 0.19% B
BL3492925 00001 Calpine Corporation 2020 TL 12/16/27 Term Loan 183,016.06 99.57 182,223.60 0.19% TL
90945QAD3 UACST 2019-1 D 3.47 8/12/2024 179,782.78 100.77 181,169.79 0.19% MR
BL2385591 00001 Cablevision Systems 3/17 Cov-Li 07/17/25 Term Loan 182,611.48 99.13 181,029.15 0.19% TL
30166EAG1 EART 2018-4A D 4.35 9/16/2024 175,000.00 103.39 180,927.43 0.19% MR
BL3613009 CABLE ONE INC, 4/21 Cov-Lite 04/28/28 Term Loan 180,000.00 100.00 180,000.00 0.19% TL
BL3561323 00001 HORIZON THERAPEU 03/15/28 TERM LOAN 180,000.00 99.89 179,793.90 0.19% TL
36416UAG0 GFMT 2017-1 A21 FRN 7/25/2056 175,532.66 101.50 178,172.06 0.18% MR
65489MAB0 NMEF 2019-A B 3.06 8/17/2026 175,000.00 101.62 177,830.94 0.18% MR
14686XAF6 CRVNA 2019-3A D 3.04 4/15/2025 170,000.00 103.84 176,528.19 0.18% MR
36263JAA2 GSMS 2020-TWN3 A FRN 11/15/2037 175,000.00 100.72 176,252.76 0.18% MR
33767JAC6 FKH 2020-SFR2 B 1.567 10/19/2037 175,000.00 100.12 175,213.05 0.18% MR
02530DAC0 ACAR 2019-2 C 3.17 6/12/2025 173,018.08 101.12 174,948.65 0.18% MR
BL3014968 00001 HILTON 06/22/26 TERM LOAN 175,000.00 99.37 173,891.38 0.18% TL
BL2697821 00001 CITYCENTER 4/17 COV-LITE 04/18/24 TERM LOAN 174,546.63 99.57 173,796.08 0.18% TL
BL3196914 00001 Charter Comm Operating 10/19 02/01/27 Term Loan 174,556.96 99.55 173,769.71 0.18% TL
BL2380345 00001 BOYD GAMING CORP 09/15/2023 TERM LOAN 173,548.72 100.01 173,557.40 0.18% TL
23343RAE8 DTAOT 2020-2A C 3.28 3/16/2026 165,000.00 104.70 172,756.35 0.18% MR
22535AAA3 CAALT 2019-1A A 3.33 2/15/2028 171,011.98 100.87 172,498.74 0.18% MR
00108GAA3 ACC 2019-2 A 2.82 2/21/2023 169,127.38 100.55 170,064.26 0.18% MR
BL2679050 00001 SEMINOLE TRIBE 07/08/24 Term Loan 169,903.90 100.02 169,943.83 0.17% TL
BL3544741 00001 DUN & BRADSTREET 02/06/26 TERM LOAN 169,662.50 99.84 169,397.83 0.17% TL
96033WAA6 WESTR 2018-1A A 3.38 12/20/2031 165,030.21 101.41 167,356.16 0.17% MR
40434LAB1 HP INC 3 6/17/2027 155,000.00 107.64 166,838.92 0.17% B
BL2700583 00001 SUMMIT MATERIALS LLC 11/21/24 Term Loan 164,395.26 99.88 164,189.77 0.17% TL
76119CAA9 RMLT 2020-1 A1 FRN 2/25/2024 160,400.37 101.78 163,257.93 0.17% MR
BL3292648 00001 TransDigm inc 08/22/24 Term Loan 163,694.91 99.10 162,215.11 0.17% TL
02665XAA7 AH4R 2014-SFR3 A 3.678 12/17/2036 150,057.43 107.36 161,096.99 0.17% MR
674599EB7 OCCIDENTAL PETROLEUM COR 5.875 9/1/2025 145,000.00 110.38 160,043.75 0.16% B
67113AAP5 OBX 2019-EXP3 1A8 FRN 10/25/2059 156,074.24 102.42 159,849.19 0.16% MR
BL3544782 00001 ALIXPARTNERS LLP 02/04/28 TERM LOAN 160,000.00 99.85 159,755.20 0.16% TL
538034AR0 LIVE NATION ENTERTAINMEN 4.75 10/15/2027 155,000.00 102.88 159,456.25 0.16% B
00973RAG8 AKER BP ASA 2.875 1/15/2026 150,000.00 105.14 157,707.45 0.16% FB
BL3111475 00001 NCR CORP 08/28/26 Term Loan 158,117.85 99.50 157,328.05 0.16% TL
05970FAC5 BANCO SANTANDER CHILE 2.7 1/10/2025 150,000.00 104.53 156,789.00 0.16% FB
03464QAA3 AOMT 2019-3 A1 FRN 5/25/2059 155,666.92 100.66 156,692.15 0.16% MR
92537QAA9 VERUS 2021-1 A1 FRN 1/25/2066 157,083.57 99.75 156,687.03 0.16% MR
64829DAG1 NRZT 2014-3A AFX3 FRN 11/25/2054 145,765.69 107.38 156,521.65 0.16% MR
42824CAW9 HP ENTERPRISE CO 4.9 10/15/2025 135,000.00 114.39 154,432.30 0.16% B
68267DAA4 OMFIT 2019-1A A 3.48 2/14/2031 153,599.08 100.17 153,855.19 0.16% MR
36418HAA0 GFMT 2020-H1 A1 FRN 1/25/2060 150,353.68 102.03 153,412.50 0.16% MR
BL2645325 00001 ILFC (Delos Finance) 3/18 Cov-L 10/06/23 Term Loan 153,300.00 100.03 153,347.52 0.16% TL
745310AL6 PUGET ENERGY INC 2.379 6/15/2028 151,000.00 101.28 152,932.42 0.16% B
20049AAE8 COMM 2020-CBM B 3.099 2/10/2037 150,000.00 101.20 151,793.87 0.16% MR
35634BAB1 FREED 2018-2 B 4.61 10/20/2025 150,108.86 100.55 150,928.30 0.16% MR
038779AB0 ARBYS 2020-1A A2 3.237 7/30/2050 143,912.50 104.79 150,810.37 0.16% MR
BL3556851 ASPLUNDH TREE EXPERT LLC 09/07/27 Term Loan 150,000.00 99.93 149,895.75 0.15% TL
BL3200393 00001 ABC Supply Company 01/15/27 Term Loan 150,000.00 99.51 149,260.50 0.15% TL
BL3562446 00001 Berry Plastics 3/21 (USD) Cov-L 07/01/26 Term Loan 150,000.00 99.39 149,079.75 0.15% TL
36168QAK0 GFL ENVIRONMENTAL INC 3.75 8/1/2025 145,000.00 102.75 148,987.50 0.15% FB
33844TAE7 FCAT 2020-3 C 1.73 9/15/2026 145,000.00 102.33 148,382.39 0.15% MR
BL3288513 00001 CENTURYLINK INC 03/15/27 Term Loan 148,948.11 99.31 147,924.09 0.15% TL
02530QAD9 ACAR 2020-4 D 1.77 12/14/2026 145,000.00 101.92 147,780.64 0.15% MR
26885BAF7 EQM MIDSTREAM PARTNERS L 6 7/1/2025 135,000.00 109.04 147,198.60 0.15% B
96042QAJ9 WLAKE 2020-3A C 1.24 11/17/2025 145,000.00 101.13 146,644.97 0.15% MR
33845XAC1 FCAT 2020-4 C 1.28 2/16/2027 145,000.00 100.95 146,382.30 0.15% MR
694308JR9 PACIFIC GAS & ELECTRIC FRN 11/15/2021 146,000.00 100.22 146,320.66 0.15% B
05493CAC0 BCCFC 2020-1 B 1.46 9/22/2025 145,000.00 100.54 145,786.68 0.15% MR
BL3286665 00001 AkzoNobel (Starfruit) 10/01/25 Term Loan 146,127.35 99.56 145,488.04 0.15% TL
27035BAB3 EARN 2017-A A2 2.65 1/25/2041 143,938.39 100.41 144,525.49 0.15% MR
BL3183086 00001 VIRGIN MEDIA 9/19 (USD) 01/31/28 TERM LOAN 145,000.00 99.63 144,465.68 0.15% TL
505742AM8 LADDER CAP FIN LLLP/CORP 4.25 2/1/2027 145,000.00 99.60 144,418.55 0.15% B
BL3638386 QUIKRETE HOLDINGS INC 06/11/28 TERM LOAN 145,000.00 99.36 144,073.61 0.15% TL
BL3128180 00001 ELANCO 08/01/27 TERM LOAN 144,212.74 99.55 143,568.83 0.15% TL
BL3291848 00001 SS&C TECHNOLOGIES INC 04/16/25 Term Loan 144,140.53 99.21 142,999.66 0.15% TL
55400EAA7 MVWOT 2020-1A A 1.74 10/20/2037 138,732.88 102.43 142,101.05 0.15% MR
87264ACA1 T-MOBILE USA INC 2.05 2/15/2028 140,000.00 101.45 142,027.90 0.15% B
527298BR3 LEVEL 3 FINANCING INC 4.25 7/1/2028 140,000.00 100.63 140,875.00 0.14% B
36258HAE5 GCAR 2019-4A C 3.06 8/15/2025 135,000.00 103.89 140,253.88 0.14% MR
BL3604461 SIGNATURE AVIATION (BROWN GROUP 04/22/28 TERM LOAN 140,000.00 100.11 140,157.50 0.14% TL
BL3172261 00001 Go Daddy 11/17 Cov-Lite 02/15/24 Term Loan 140,388.51 99.59 139,810.11 0.14% TL
88224QAA5 TEXAS CAPITAL BANCSHARES 4 5/6/2031 135,000.00 102.92 138,944.70 0.14% B
35105RAG5 FCRT 2019-1 E 4.3 9/15/2025 130,000.00 105.04 136,557.41 0.14% MR
03237KAC8 AXIS 2021-1A B 1.38 2/22/2027 135,000.00 100.52 135,698.22 0.14% MR
BL2870022 00001 NEXSTAR BROADCAS 09/18/2026 135,588.31 99.93 135,494.08 0.14% TL
BL3541341 00001 Styrolution/Ineos Quattro 1/21 01/29/26 Term Loan 135,000.00 100.13 135,168.75 0.14% TL
BL3550318 00001 CPG International/Azek 5/17 Cov 05/05/24 Term Loan 135,000.00 100.07 135,095.18 0.14% TL
42806DAH2 HERTZ 2015-3A A 2.67 9/25/2021 134,412.97 100.48 135,059.05 0.14% MR
BL3538214 00001 Pharmaceutical Product/PPD 1/21 01/13/28 Term Loan 135,000.00 100.03 135,035.78 0.14% TL
097023CT0 BOEING CO 4.875 5/1/2025 120,000.00 112.45 134,945.52 0.14% B
BL3557867 00001 GATES GLOBAL 03/31/27 TERM LOAN 134,662.50 100.00 134,662.50 0.14% TL
BL3284892 00001 Zodiac/Fluidra 1/20 (USD) Cov-L 07/02/25 Term Loan 134,659.09 99.78 134,364.86 0.14% TL
89178YAB0 TPMT 2020-MH1 A2 FRN 2/25/2060 130,000.00 103.31 134,297.38 0.14% MR
BL3089549 00001 Genesee & Wyoming 12/26 Cov-Lit Term Loan 134,659.95 99.69 134,247.89 0.14% TL
96042GAJ1 WLAKE 2018-3A C 3.61 10/16/2023 133,846.77 100.28 134,221.71 0.14% MR
92538LAA9 VERUS 2020-4 A1 STEP-CPN 5/25/2065 132,019.22 101.14 133,528.94 0.14% MR
46641YAJ2 JPMMT 2014-2 2A2 FRN 6/25/2029 129,836.26 102.49 133,071.75 0.14% MR
042858AA8 ARRW 2019-2 A1 FRN 4/25/2049 129,156.03 101.92 131,637.66 0.14% MR
68504UAB7 ONGLT 2019-A B 3.36 4/9/2038 125,601.58 103.75 130,315.83 0.13% MR
097023CU7 BOEING CO 5.04 5/1/2027 112,000.00 116.05 129,975.97 0.13% B
BL3571587 00001 TRINSEO 05/03/28 TERM LOAN 130,000.00 99.60 129,485.20 0.13% TL
BL2715128 00001 IQVIA INC 4.0503 06/11/2025 06/07/25 TERM LOAN 129,666.67 99.76 129,354.17 0.13% TL
BL3212836 00001 SBA FINANCE 11/19 04/11/25 Term Loan 129,666.67 99.47 128,977.49 0.13% TL
20268BAA8 CBSLT 2020-1 A 1.69 10/25/2051 126,754.40 100.81 127,777.95 0.13% MR
69359GAA4 PRPM 2020-1A A1 STEP-CPN 2/25/2025 125,960.92 100.59 126,705.94 0.13% MR
BL3579218 00001 SITEONE LANDSCAPE SUPPLY 03/23/28 TERM LOAN 125,000.00 100.25 125,312.50 0.13% TL
69374JAM3 PSMC 2018-3 A12 FRN 8/25/2048 124,877.12 100.12 125,027.31 0.13% MR
BL3585918 00001 ARAMARK SERVICES INC 04/06/28 TERM LOAN 125,000.00 99.80 124,750.00 0.13% TL
896945AA0 TRIPADVISOR INC 7 7/15/2025 115,000.00 108.36 124,615.15 0.13% B
56847MAA8 MFIT 2019-AA A 2.96 7/20/2032 120,000.00 102.75 123,298.22 0.13% MR
33767BAD1 FIRSTENERGY TRANSMISSION 2.866 9/15/2028 119,000.00 103.21 122,824.74 0.13% B
962178AN9 TRI POINTE GROUP / HOMES 5.875 6/15/2024 110,000.00 111.55 122,702.80 0.13% B
55389PAA7 MVWOT 2019-1A A 2.89 11/20/2036 118,175.67 103.20 121,958.24 0.13% MR
03237JAB3 AXIS 2018-2A A2 3.89 7/20/2022 119,319.12 101.32 120,893.13 0.12% MR
67592LAA4 OCTL 2020-1A A 1.71 2/20/2025 119,558.69 100.93 120,669.32 0.12% MR
17326QAA1 CMLTI 2018-RP1 A1 FRN 9/25/2064 116,197.89 103.35 120,084.76 0.12% MR
BL3485549 00001 Astoria Energy 12/20 12/10/27 Term Loan 119,348.07 100.13 119,497.26 0.12% TL
92343VGH1 VERIZON COMMUNICATIONS 2.1 3/22/2028 116,000.00 102.30 118,667.17 0.12% B
459506AN1 INTL FLAVOR & FRAGRANCES 1.23 10/1/2025 118,000.00 100.00 118,003.88 0.12% B
92240MBL1 VECTOR GROUP LTD 5.75 2/1/2029 115,000.00 102.38 117,731.25 0.12% B
89178AAA4 TPHT 2019-HE1 A1 FRN 4/25/2048 117,285.27 100.19 117,507.69 0.12% MR
20268CAA6 CBSLT 2019-AGS A1 2.54 1/25/2047 113,958.20 102.70 117,034.26 0.12% MR
852234AL7 SQUARE INC 2.75 6/1/2026 115,000.00 101.44 116,659.45 0.12% B
38141GWB6 GOLDMAN SACHS GROUP INC 3.85 1/26/2027 105,000.00 111.00 116,546.57 0.12% B
29273RBK4 ENERGY TRANSFER LP 4.2 4/15/2027 105,000.00 110.79 116,324.92 0.12% B
52532XAC9 LEIDOS INC 3.625 5/15/2025 106,000.00 109.42 115,983.96 0.12% B
85211XAA1 SHMLT 2019-SH1 A1 FRN 4/29/2049 113,428.68 101.38 114,989.14 0.12% MR
36258HAG0 GCAR 2019-4A D 4.09 8/17/2026 110,000.00 104.32 114,747.18 0.12% MR
BL3392828 00001 MILEAGE PLUS 06/21/27 TERM LOAN 105,000.00 106.98 112,328.48 0.12% TL
12530MAA3 SORT 2020-1 A1 1.69 7/15/2060 109,753.58 102.32 112,296.77 0.12% MR
35040UAA9 FFIN 2017-1A A 3.3 7/15/2033 109,420.73 101.51 111,071.29 0.11% MR
92537HAA9 VERUS 2019-INV2 A1 FRN 7/25/2059 108,255.02 101.87 110,276.33 0.11% MR
BL3535632 00001 PIKE CORP 01/21/28 TERM LOAN 110,000.00 100.11 110,122.10 0.11% TL
BL3566090 00001 PLAYTIKA 03/13/28 TERM LOAN 110,000.00 99.89 109,881.20 0.11% TL
25216AAA2 DEXT 2020-1 A 1.46 2/16/2027 109,194.15 100.55 109,800.01 0.11% MR
92259LAB4 VCC 2020-1 AFX FRN 2/25/2050 106,787.05 102.22 109,154.73 0.11% MR
84861TAC2 SPIRIT REALTY LP 4.45 9/15/2026 96,429.00 112.19 108,186.08 0.11% B
71654QCG5 PETROLEOS MEXICANOS 6.5 3/13/2027 100,000.00 107.38 107,376.72 0.11% FB
59833CAB8 MIDWEST CONNECTOR CAPIT 3.625 4/1/2022 105,000.00 101.62 106,700.07 0.11% B
90184LAG7 TWITTER INC 3.875 12/15/2027 100,000.00 106.35 106,349.00 0.11% B
91680EAA3 UPST 2020-3 A 1.702 11/20/2030 105,170.84 100.77 105,976.90 0.11% MR
00086CAA8 ACC 2020-A A 6 3/20/2023 103,156.21 102.70 105,939.90 0.11% MR
BL3112358 00001 CLEAR CHANNEL OUTDOOR HO 5.7656 08/21/26 TERM LOAN 108,075.00 97.44 105,305.58 0.11% TL
013092AC5 ALBERTSONS COS/SAFEWAY 4.625 1/15/2027 100,000.00 105.01 105,009.50 0.11% B
BL2526673 CAESARS RESORT COLLECTION 12/23/2024 TERM LOAN 105,000.00 99.49 104,469.23 0.11% TL
BL3299924 00001 Zayo 3/20 (USD) Cov-Lite 03/09/27 Term Loan 105,000.00 99.47 104,438.25 0.11% TL
07332CAA5 BOMFT 2017-RT4 A FRN 7/28/2057 101,513.73 102.87 104,429.82 0.11% MR
91790CAA4 VCAT 2021-NPL1 A1 STEP-CPN 12/26/2050 103,818.05 100.35 104,183.61 0.11% MR
03465AAA7 AOMT 2020-6 A1 FRN 5/25/2065 103,435.68 100.46 103,913.06 0.11% MR
228701AF5 CROWNROCK LP/CROWNROCK F 5.625 10/15/2025 100,000.00 103.63 103,625.00 0.11% B
527298BN2 LEVEL 3 FINANCING INC 4.625 9/15/2027 100,000.00 103.27 103,273.00 0.11% B
06616PAA5 BHG 2020-A A 2.56 9/17/2031 101,313.69 101.65 102,983.32 0.11% MR
826525AB3 SRFC 2020-2A B 2.32 7/20/2037 99,185.91 102.20 101,363.53 0.10% MR
126405AA7 CSMC 2020-RPL4 A1 FRN 1/25/2060 97,938.92 103.01 100,890.14 0.10% MR
BL3549963 00001 PETSMART 02/11/2028 TERM LOAN 100,000.00 100.59 100,587.50 0.10% TL
BL3571561 PODS LLC 03/31/28 TERM LOAN 100,000.00 100.07 100,069.50 0.10% TL
89613DAA1 TAH 2017-SFR1 A 2.716 9/17/2034 98,111.50 100.47 98,573.80 0.10% MR
501890AA5 LHOME 2019-RTL1 A1 STEP-CPN 10/25/2023 98,252.78 100.22 98,470.85 0.10% MR
30260YAA5 FHF 2020-1A A 2.59 12/15/2023 97,247.02 100.70 97,931.86 0.10% MR
70410LAA8 PWNE 2020-1 A 1.37 11/17/2025 95,871.26 100.56 96,412.80 0.10% MR
163851AF5 CHEMOURS CO 5.75 11/15/2028 90,000.00 107.13 96,412.50 0.10% B
67098AAC3 OBX 2019-INV1 A3 FRN 11/25/2048 91,985.41 103.68 95,372.53 0.10% MR
03465BAA5 AOMT 2020-SBC1 A1 FRN 5/25/2050 94,914.81 100.40 95,294.60 0.10% MR
05591QAA4 BPR 2021-KEN A FRN 2/15/2029 95,000.00 100.10 95,097.41 0.10% MR
949803AA8 WFMBS 2004-U A1 FRN 10/25/2034 95,306.28 99.37 94,707.63 0.10% MR
928881AC5 VONTIER CORP 2.4 4/1/2028 92,000.00 99.76 91,780.12 0.09% B
31574PAA3 EFMT 2020-1 A1 FRN 5/25/2065 90,302.93 101.50 91,661.68 0.09% MR
749389AA0 RCKT 2020-1 A1 FRN 2/25/2050 88,054.28 101.83 89,662.12 0.09% MR
BL3219062 00001 Element Solutions Inc TL 01/31/26 Term Loan 89,772.15 99.87 89,659.93 0.09% TL
BL2828715 00001 Select Medical Corp 03/06/25 Term Loan 90,000.00 99.61 89,648.55 0.09% TL
BL2682203 00001 Tenneco 10/18 Cov 10/01/25 Term Loan 89,770.41 99.50 89,321.56 0.09% TL
87612BBJ0 TARGA RESOURCES PARTNERS 5.875 4/15/2026 85,000.00 104.88 89,143.75 0.09% B
BL2629477 00001 Scientific Games 1/18 B5 Cov-Li 08/14/24 Term Loan 89,768.64 99.21 89,061.71 0.09% TL
BL3292630 00001 TRANSDIGM INC 05/30/25 Term Loan 89,772.73 98.92 88,800.49 0.09% TL
02529MAE9 ACAR 2018-4 C 3.97 1/13/2025 88,149.59 100.28 88,398.56 0.09% MR
BL2387530 00001 BWAY CORP 04/03/24 Term Loan 89,766.84 98.06 88,027.61 0.09% TL
05946XPV9 BAFC 2005-1 1A1 5.5 2/25/2035 83,234.51 103.96 86,530.62 0.09% MR
BL3470723 00001 WEBER-STEPHEN PRODUCTS 10/20/27 TERM LOAN 84,787.50 100.39 85,114.36 0.09% TL
BL3565571 00001 Vertiv 3/21 Cov-Lite 03/02/27 Term Loan 84,787.50 99.73 84,562.39 0.09% TL
BL2710616 00001 ARAMARK 03/11/25 TERM LOAN 85,000.00 99.07 84,212.05 0.09% TL
BL3503036 00001 ASURION LLC 12/23/26 TERM LOAN 84,787.50 99.12 84,037.98 0.09% TL
BL2823468 00001 CSC HOLDINGS LLC FRN 1/15/2026 84,567.43 99.06 83,774.61 0.09% TL
949458AA1 WLKRG 2015-AA A 2.79 6/16/2031 81,628.30 100.01 81,640.10 0.08% MR
64828YAR2 NRZT 2014-2A A3 FRN 5/25/2054 76,148.20 106.83 81,351.73 0.08% MR
BL3165380 00002 HOSTESS BRANDS LLC 08/03/25 TERM LOAN 80,451.78 99.83 80,310.99 0.08% TL
55303XAK1 MGM GROWTH/MGM FINANCE 4.625 6/15/2025 75,000.00 106.50 79,875.00 0.08% B
928881AA9 VONTIER CORP 1.8 4/1/2026 79,000.00 100.39 79,310.47 0.08% B
84861TAH1 SPIRIT REALTY LP 2.1 3/15/2028 79,000.00 99.41 78,533.12 0.08% B
12327FAA5 BJETS 2020-1A A 2.981 11/15/2035 69,716.59 102.37 71,367.77 0.07% MR
17324VAH7 CMLTI 2015-PS1 A1 FRN 9/25/2042 68,908.94 103.30 71,184.64 0.07% MR
BL3208776 00001 Vistra (TXU/TCEH) 6/18 Cov-Lite 12/31/25 Term Loan 71,075.01 99.53 70,740.25 0.07% TL
36228FPE0 GSR 2003-3F 1A6 6 4/25/2033 66,967.51 104.34 69,874.77 0.07% MR
94981VAB3 WFMBS 2004-K 1A2 FRN 7/25/2034 70,322.55 99.02 69,632.78 0.07% MR
86359A5V1 SASC 2003-34A 6A FRN 11/25/2033 70,031.79 99.32 69,558.77 0.07% MR
BL2699439 00001 ARISTOCRAT INTERNATIONAL PT 10/19/24 Term Loan 67,200.81 99.66 66,969.98 0.07% TL
55388PAB6 MVWOT 2015-1A B 2.96 12/20/2032 66,821.83 100.03 66,843.59 0.07% MR
BL3550276 00001 RESIDEO FUNDING INC 02/11/28 TERM LOAN 65,368.42 100.25 65,531.84 0.07% TL
267475AD3 DYCOM INDUSTRIES INC 4.5 4/15/2029 65,000.00 100.38 65,243.75 0.07% B
68504TAA2 ONGLT 2015-AA A 2.88 9/8/2027 64,760.70 100.67 65,194.54 0.07% MR
9292274D5 WAMU 2003-AR6 A1 FRN 6/25/2033 61,810.94 103.87 64,204.17 0.07% MR
12597KAA7 COLT 2020-1 A1 FRN 2/25/2050 62,032.14 100.81 62,533.91 0.06% MR
17323MAA3 CMLTI 2015-A A1 FRN 6/25/2058 61,589.96 101.40 62,451.14 0.06% MR
86933YAA4 SCML 2017-SBC6 A FRN 5/25/2037 61,438.11 100.67 61,850.85 0.06% MR
466247K51 JPMMT 2006-A2 4A1 FRN 8/25/2034 58,607.70 105.27 61,697.50 0.06% MR
11135FBE0 BROADCOM INC 1.95 2/15/2028 61,000.00 100.57 61,347.09 0.06% B
097023BG9 BOEING CO 2.35 10/30/2021 60,000.00 100.76 60,455.70 0.06% B
42806DCD9 HERTZ 2019-1A A 3.71 3/25/2023 60,121.20 100.33 60,321.65 0.06% MR
BL3603737 00001 UPC Financing 4/21 AX 01/31/29 Term Loan 60,000.00 99.68 59,805.00 0.06% TL
BL3294347 00001 INGERSOLL-RAND SERVICES 03/01/27 Term Loan 59,400.00 99.20 58,922.13 0.06% TL
31573TAC2 EFMT 2019-2 A3 FRN 11/25/2059 56,825.83 101.94 57,926.63 0.06% MR
BL3284009 00001 R&R Ice Cream/Froneri 1/20 Cov- 01/29/27 Term Loan 58,270.82 98.95 57,660.43 0.06% TL
BL2355420 00003 REYNOLDS GROUP HOLDINGS 02/05/23 Term Loan 56,446.78 100.00 56,446.78 0.06% TL
74387LAC5 PFMT 2019-1 A2 FRN 12/25/2049 55,376.43 101.44 56,172.51 0.06% MR
BL3625151 DT MIDSTREAM 05/25/28 TERM LOAN 55,000.00 100.52 55,286.55 0.06% TL
BL3619626 00001 SRAM 05/18/28 TERM LOAN 55,000.00 100.42 55,229.08 0.06% TL
37045XDD5 GENERAL MOTORS FINL CO 1.25 1/8/2026 55,000.00 99.65 54,807.87 0.06% B
22541Q2D3 CSFB 2003-AR30 5A1 FRN 1/25/2034 53,973.66 101.54 54,805.98 0.06% MR
57110AAA2 MFT 2019-4A A 2.39 12/17/2029 54,029.55 100.52 54,312.25 0.06% MR
BL2699439 00003 ARISTOCRAT INTERNATIONAL PT 10/19/24 TERM LOAN 52,971.08 99.66 52,789.12 0.05% TL
03463WAA1 AOMT 2019-2 A1 FRN 3/25/2049 51,477.17 101.42 52,207.06 0.05% MR
67576TAA7 OCTL 2019-1A A 3.16 9/20/2023 51,035.77 100.93 51,511.93 0.05% MR
91678WAA7 UPST 2019-3 A 2.684 1/21/2030 49,246.71 100.62 49,552.80 0.05% MR
12647JBJ0 CSMC 2013-HYB1 A16 FRN 4/25/2043 48,453.05 101.86 49,355.21 0.05% MR
BL3294107 00001 STATION CASINOS LLC 02/08/27 TERM LOAN 49,499.22 99.19 49,099.27 0.05% TL
808513BD6 CHARLES SCHWAB CORP 5.375 PERPETL 9/1/2169 44,000.00 110.05 48,422.00 0.05% B
152314LE8 CXHE 2004-D AF5 STEP-CPN 9/25/2034 46,447.24 101.34 47,070.29 0.05% MR
BL3172261 00002 Go Daddy 11/17 Cov-Lite 02/15/24 Term Loan 43,972.40 99.59 43,791.23 0.05% TL
38061LAA7 GLDKR 2014-A A 3.22 3/17/2031 42,186.92 101.36 42,758.89 0.04% MR
48128BAN1 JPMORGAN CHASE & CO 3.65 PERPETL 9/1/2169 39,000.00 100.13 39,048.75 0.04% B
BL3165380 00003 HOSTESS BRANDS LLC 08/03/25 TERM LOAN 36,725.92 99.83 36,661.65 0.04% TL
57109HAA0 MFT 2019-2A A 3.13 7/16/2029 32,575.11 100.34 32,686.99 0.03% MR
30166PAE1 EART 2018-3A C 3.71 6/15/2023 32,466.98 100.33 32,574.41 0.03% MR
65489MAA2 NMEF 2019-A A 2.73 8/17/2026 32,286.37 100.46 32,436.17 0.03% MR
89690EAF4 TRMF 2017-1A A1 2.709 8/15/2047 30,667.35 100.13 30,708.06 0.03% MR
BL3604099 00001 UNITED AIRLINES 04/21/28 TERM LOAN 30,000.00 101.46 30,438.75 0.03% TL
24380TAA4 DRMT 2017-1A A1 FRN 12/26/2046 30,114.58 100.09 30,141.48 0.03% MR
BL3621598 00001 ATKORE 05/26/28 TERM LOAN 30,000.00 100.25 30,075.00 0.03% TL
05606VAA6 BXGNT 2013-A A 3.01 12/4/2028 29,983.30 100.16 30,032.70 0.03% MR
BL3565571 VERTIV GROUP CORPORATION 03/02/27 TERM LOAN 30,000.00 99.73 29,920.35 0.03% TL
BL3362664 00001 ARISTOCRAT 10/19/24 TERM LOAN 29,737.22 100.37 29,848.73 0.03% TL
BL3286665 00002 AkzoNobel Specialty Chemicals 9 10/01/25 Term Loan 28,415.57 99.56 28,291.25 0.03% TL
42806DBC2 HERTZ 2016-4A A 2.65 7/25/2022 26,344.47 100.42 26,454.84 0.03% MR
BL3284009 00002 R&R ICE CREAM/FR 01/29/27 TERM LOAN 26,515.61 98.95 26,237.86 0.03% TL
94981VAY3 WFMBS 2004-K 2A12 FRN 7/25/2034 26,385.92 99.18 26,169.72 0.03% MR
03464NAA0 AOMT 2018-3 A1 FRN 9/25/2048 25,654.92 100.77 25,853.28 0.03% MR
BL3621291 HILTON GRAND VACATIONS 05/19/28 TERM LOAN 25,000.00 100.41 25,101.50 0.03% TL
177376AG5 CITRIX SYSTEMS INC 1.25 3/1/2026 25,000.00 98.98 24,744.26 0.03% B
BL3554492 00001 CATALENT PHARMA SOLUTION 2/22/2028 TERM LOAN 24,359.97 100.50 24,481.77 0.03% TL
78081BAB9 ROYALTY PHARMA PLC 1.2 9/2/2025 23,000.00 99.45 22,873.45 0.02% FB
26885BAH3 EQM MIDSTREAM PARTNERS L 6.5 7/1/2027 20,000.00 110.88 22,175.00 0.02% B
916780AA7 UPST 2019-2 A 2.897 9/20/2029 21,369.84 100.24 21,420.87 0.02% MR
BL2355420 00001 REYNOLDS GROUP HOLDINGS 02/05/23 Term Loan 20,833.95 100.00 20,833.95 0.02% TL
14366LAA0 CNART 2019-1A A 2.72 11/15/2022 20,060.62 100.17 20,095.58 0.02% MR
21054PAB1 CLUB 2019-P2 A 2.47 10/15/2026 17,962.60 100.21 18,000.44 0.02% MR
BL3165380 00001 HOSTESS BRANDS LLC 08/03/25 TERM LOAN 17,138.76 99.83 17,108.77 0.02% TL
36418GAU8 GFMT 2018-2 A41 FRN 10/25/2058 16,895.56 100.60 16,996.15 0.02% MR
BL3604123 WELLS FARGO ASSET MGMT (ZEBRA) 04/21/28 TERM LOAN 15,000.00 100.63 15,093.83 0.02% TL
BL2699439 00002 ARISTOCRAT INTERNATIONAL PT 10/19/24 Term Loan 14,828.11 99.66 14,777.18 0.02% TL
36257NAA1 GCAR 2019-2A A 3.06 4/17/2023 13,765.59 100.06 13,773.71 0.01% MR
BL2355420 00002 REYNOLDS GROUP HOLDINGS 02/05/23 Term Loan 12,719.27 100.00 12,719.27 0.01% TL
BL3550276 00002 RESIDEO FUNDING INC 02/11/28 TERM LOAN 12,315.79 100.25 12,346.58 0.01% TL
BL3550276 00003 RESIDEO FUNDING INC 02/11/28 TERM LOAN 12,315.79 100.25 12,346.58 0.01% TL
88033GDE7 TENET HEALTHCARE CORP 7.5 4/1/2025 10,000.00 107.54 10,754.00 0.01% B
87952VAR7 TELESAT CANADA/TELESAT L 5.625 12/6/2026 10,000.00 100.34 10,034.26 0.01% FB
03236TAG1 AXIS 2018-1A A2 3.24 12/20/2023 9,751.15 100.06 9,756.86 0.01% MR
228701AG3 CROWNROCK LP/CROWNROCK F 5 5/1/2029 5,000.00 104.86 5,242.85 0.01% B
00085MAA7 ACC 2019-1 A 3.75 5/20/2022 5,126.13 100.07 5,129.65 0.01% MR
BL3165380 00004 HOSTESS BRANDS L 08/03/25 341.77 99.82 341.17 0.00% TL
BL3112358 00002 CLEAR CHANNEL OUTDOOR HO 5.7656 08/21/26 TERM LOAN 275.00 97.44 267.95 0.00% TL
BL3362664 00002 ARISTOCRAT 10/19/24 TERM LOAN 75.10 100.37 75.38 0.00% TL
63942BAA2 NAVSL 2021-A A 0.84 5/15/2069 0.02 102.04 0.02 0.00% MR
23343GAE2 DTAOT 2019-1A C 3.61 11/15/2024 0.01 135.14 0.01 0.00% MR
96042FAF1 WLAKE 2018-2A D 4 1/16/2024 0.01 172.41 0.01 0.00% MR
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 3,029,773.48 1.00 3,029,773.48 3.12% MM
CASH (3,062,118.14) 100.00 0.00 -3.15% 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 3/31/2021

MINC Sector Allocation

FUND

Fixed Income Attributes

As of

Date Description MINC
04/30/2020 Duration 1.89 years
Yield to Maturity 1.92
30-Day SEC Subsidized Yield 1.37%
30-Day SEC Unsubsidized Yield 1.37%

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 0.32%
Acquired Fund Fees 0.01%
Gross Expense Ratio 0.83%
Fee Waiver and/or Expense Reimbursement -0.07%
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

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Contact Info

info@advisorshares.com
1.877.843.3831

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Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814

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ETF Symbols

AADR, BEDZ, CWS, DBLV, DWAW, DWEQ, DWMC, DWSH, DWUS, EATZ, FWDB, HDGE, HOLD, MINC, MSOS, QPT, QPX, SENT, VEGA, VICE, YOLO

Privacy
Copyright © AdvisorShares 2021 • Foreside Fund Services, LLC Distributor

      • 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 3/31/2021. The Short-Term Bond Category consists of 516 funds in 3 year and 462 in 5 year. MINC received a 3 star rating in the 3-year period and 4 star rating for the 5-year and overall periods.
      •    
      • 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.© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

 

    •  
    • 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.