(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

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 NAV
MINC NYSE Arca 3/19/2013 00768Y727 MINC.NV
<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.

Fund

Price History

Fund Data

10/4/2022
NAV $44.83
Change $0.07
Shares Outstanding 1,005,000
Assets Under Management $45,056,606.55

Market Data

10/3/2022
Closing Price $44.73
Close Change $-0.02
Volume 2,590

Regulatory Data

10/4/2022
Premium Discount $-0.060
30-Day Median bid-ask Spread 0
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 8/31/2022

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month -0.47 -0.36 -2.83 -1.18
3 Months -0.74 -0.73 -2.01 -1.10
YTD -4.53 -4.51 -10.75 -4.91
1 Year -5.02 -5.06 -11.52 -1.18
3 Years -0.10 -0.06 -2.00 -1.10
5 Years 0.97 0.98 0.52 0.89
Since Inception (3/19/2013, Annualized) 1.52 1.52 1.41 1.11

As of 6/30/2022

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month -1.23 -1.19 -1.57 -0.74
3 Months -2.43 -2.33 -4.69 -1.12
YTD -5 -4.94 -10.35 -4.57
1 Year -5.24 -5.19 -10.29 -5.19
3 Years 0 0.05 -0.93 0.14
5 Years 1.02 1.02 0.88 1.11
Since Inception (3/19/2013, Annualized) 1.5 1.5 1.49 1.17

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
10/04/2022 MINC 91282CCU3 US TREASURY N/B 0.125 8/31/2023 1,105,000.00 96.34 1,064,602.34 2.36% TN
91282CBU4 US TREASURY N/B 0.125 3/31/2023 740,000.00 98.22 726,836.10 1.61% TN
126407AA3 CSMC 2021-NQM1 A1 FRN 5/25/2065 448,567.63 93.28 418,441.42 0.93% MR
89173FAB6 TPMT 2017-1 A2 FRN 10/25/2056 385,000.00 96.6 371,901.11 0.83% MR
48254CAL9 KIND 2021-KDIP C FRN 12/15/2037 382,500.00 94.92 363,080.93 0.81% MR
92512BAB9 VEROS 2021-1 B 1.49 10/15/2026 370,000.00 95.29 352,579.03 0.78% MR
56848MAA7 MFIT 2020-AA A 2.19 8/21/2034 355,000.00 95.85 340,260.83 0.76% MR
92837DAA5 VISIO 2019-2 A1 FRN 11/25/2054 367,998.54 91.96 338,424.12 0.75% MR
91679LAB8 UPST 2021-3 B 1.66 7/20/2031 345,000.00 92.36 318,648.56 0.71% MR
60510MAA6 MLANE 2021-A A 1.59 9/15/2026 325,000.00 96.53 313,713.99 0.70% MR
00971AAA0 AJAXM 2021-A A1 FRN 9/25/2065 348,255.20 88.69 308,859.04 0.69% MR
37186XAE5 GSFMT 2020-AA A 1.65 9/22/2025 315,000.00 97.9 308,373.31 0.68% MR
91282CBX8 US TREASURY N/B 0.125 4/30/2023 315,000.00 97.81 308,093.38 0.68% TN
038413AB6 AQFIT 2020-AA B 2.79 7/17/2046 335,000.00 91.41 306,208.49 0.68% MR
90355EAB7 USAUT 2021-1A B 1.49 3/17/2025 315,000.00 97.13 305,970.65 0.68% MR
85573GAA0 STAR 2021-1 A1 FRN 5/25/2065 322,927.21 93.35 301,462.49 0.67% MR
91824CAB2 VFI 2022-1A B 3.04 7/24/2028 320,000.00 94.17 301,352.42 0.67% MR
36167RAA1 GCT 2021-GCT A FRN 2/15/2038 315,000.00 94.44 297,485.12 0.66% MR
65246PAC5 NEWZ 2021-1 C FRN 5/25/2055 300,000.00 98.12 294,353.55 0.65% MR
257463AA7 DFS 2021-RTL1 A1 STEP-CPN 7/25/2027 315,000.00 91.1 286,951.99 0.64% MR
92512VAB5 VEROS 2022-1 B 4.39 8/16/2027 285,000.00 96.31 274,473.92 0.61% MR
61762MBW0 MSBAM 2013-C10 A4 FRN 7/15/2046 275,000.00 99.17 272,717.80 0.61% MR
62919TAC0 NMEF 2021-A B 1.85 12/15/2027 290,000.00 94.03 272,682.62 0.61% MR
369604BQ5 GENERAL ELECTRIC CO FRN 6/15/2171 285,000.00 95.25 271,462.50 0.60% B
72703PAB9 PLNT 2018-1A A2II 4.666 9/5/2048 283,200.00 94.93 268,845.41 0.60% MR
42806MAL3 HERTZ 2022-1A C 2.63 6/25/2026 295,000.00 89.86 265,081.60 0.59% MR
92538BAA1 VERUS 2021-R1 A1 FRN 10/25/2063 284,941.05 91.74 261,417.03 0.58% MR
03066HAG2 AMCAR 2018-1 D 3.82 3/18/2024 261,045.60 99.97 260,969.77 0.58% MR
62878YAA2 BUNDT 2021-1 A2 2.989 7/30/2051 307,675.00 84.49 259,950.73 0.58% MR
68377BAA5 OPTN 2021-A A 1.21 3/8/2028 280,000.00 92.35 258,586.33 0.57% MR
74615JAA8 PPWR 2021-A A 1.57 10/15/2025 265,000.00 95.61 253,371.38 0.56% MR
00108XAB4 AUTOC 2021-A B 1.79 4/15/2027 265,000.00 95.53 253,163.88 0.56% MR
12510KAG8 CCG 2021-1 C 0.84 6/14/2027 270,000.00 93.14 251,468.20 0.56% MR
23344GAG6 DTAOT 2021-1A D 1.16 11/16/2026 270,000.00 92.6 250,015.55 0.55% MR
22535KAC7 CAALT 2019-3A B 2.86 1/16/2029 246,385.54 99.53 245,219.25 0.54% MR
85573MAA7 STAR 2020-3 A1 FRN 4/25/2065 253,978.76 96.48 245,049.20 0.54% MR
38138JAC7 GLM 2021-9A A FRN 1/20/2033 250,000.00 97.5 243,751.70 0.54% MR
744320AM4 PRUDENTIAL FINANCIAL INC 5.625 6/15/2043 244,000.00 98.38 240,050.86 0.53% B
12655KAE8 CPS 2019-D E 3.86 10/15/2025 245,000.00 97.76 239,508.06 0.53% MR
92939KAG3 WFRBS 2014-C24 AS 3.931 11/15/2047 250,000.00 95.75 239,387.33 0.53% MR
05351KAA7 AVCCT 2021-1A A 1.37 4/15/2027 260,000.00 90.96 236,506.32 0.52% MR
52605AAB3 LDPT 2022-A B 2.41 6/15/2029 245,000.00 95.78 234,668.33 0.52% MR
32057JAE3 FIAOT 2021-2A C 1.47 11/15/2027 260,000.00 90.23 234,596.26 0.52% MR
48128BAG6 JPMORGAN CHASE & CO 4.6 PERPETL 8/1/2171 262,000.00 89.25 233,835.00 0.52% B
52607KAA1 LBZZ 2022-1A A 4.22 5/17/2027 239,160.34 97.54 233,283.38 0.52% MR
19688HAA9 COLT 2022-1 A1 FRN 12/27/2066 265,016.48 87.96 233,115.49 0.52% MR
14686GAD8 CRVNA 2022-N1 C 3.32 12/11/2028 240,000.00 96.65 231,952.20 0.51% MR
89616BAC8 TAST 2022-1A C 4.71 8/15/2025 235,000.00 97.72 229,645.20 0.51% MR
62917JAA8 NLT 2021-INV2 A1 FRN 8/25/2056 270,458.16 84.85 229,490.00 0.51% MR
91680FAB8 UPST 2021-2 B 1.75 6/20/2031 240,000.00 95.22 228,539.30 0.51% MR
26150TAE9 DRAWBRIDGE SPEC OPPOR FU 3.875 2/15/2026 250,000.00 91.25 228,135.26 0.51% B
08861YAA4 BHG 2021-A A 1.42 11/17/2033 243,396.88 93.24 226,940.65 0.50% MR
045054AF0 ASHTEAD CAPITAL INC 4.375 8/15/2027 245,000.00 91.98 225,351.00 0.50% FB
22534LAA0 CAALT 2022-1A A 4.6 6/15/2032 230,000.00 97.88 225,125.54 0.50% MR
14686XAG4 CRVNA 2019-3A E 4.6 7/15/2026 235,000.00 95.68 224,851.78 0.50% MR
00834WAA9 AFFRM 2022-A A 4.3 5/17/2027 235,000.00 95.24 223,823.71 0.50% MR
92837UAA7 VISIO 2021-1R A1 1.28 5/25/2056 239,702.49 91.93 220,352.67 0.49% MR
58940BAA4 MFCC 2021-1A A 1.54 3/20/2026 230,000.00 95.14 218,825.08 0.49% MR
68504UAB7 ONGLT 2019-A B 3.36 4/9/2038 227,903.55 94.31 214,930.48 0.48% MR
86359BHJ3 SASC 2004-4XS A3A STEP-CPN 2/25/2034 228,529.93 93.44 213,544.86 0.47% MR
126401AA6 CSMC 2020-NQM1 A1 STEP-CPN 5/25/2065 230,207.65 92.1 212,024.58 0.47% MR
43283BAB9 HGVT 2022-1D B 4.1 6/20/2034 221,825.53 95.17 211,115.51 0.47% MR
03237PAB9 AXIS 2020-1A B 2.5 3/20/2026 212,227.19 98.41 208,850.76 0.46% MR
12510FAC8 CCG 2019-2 B 2.55 3/15/2027 210,000.00 98.73 207,332.79 0.46% MR
63942EAA6 NAVSL 2021-EA A 0.97 12/16/2069 243,304.51 84.49 205,556.18 0.46% MR
33767WAG8 FKH 2021-SFR1 D 2.189 8/17/2038 240,000.00 85.41 204,980.54 0.45% MR
70410DAD0 PWNE 2022-1 B 5.4 7/17/2028 210,000.00 96.93 203,557.52 0.45% MR
92538FAA2 VERUS 2021-2 A1 FRN 2/25/2066 242,503.48 83.88 203,406.44 0.45% MR
64829HAA5 NRZT 2016-3A A1 FRN 9/25/2056 212,768.05 93.59 199,127.23 0.44% MR
836205AR5 REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025 200,000.00 99.25 198,501.60 0.44% FB
14686UAF2 CRVNA 2019-2A D 3.28 1/15/2025 199,189.58 99.45 198,088.82 0.44% MR
01166VAA7 ALASKA AIRLINES 2020 TR 4.8 8/15/2027 206,589.74 95.17 196,620.34 0.44% B
501895AA4 LHOME 2021-RTL2 A1 STEP-CPN 6/25/2026 205,000.00 95.09 194,937.19 0.43% MR
14687GAE5 CRVNA 2021-N3 D 1.58 6/12/2028 210,000.00 92.46 194,166.00 0.43% MR
74727PBC4 STATE OF QATAR 3.4 4/16/2025 200,000.00 97.06 194,125.00 0.43% FB
19688BAA2 COLT 2021-1R A1 FRN 5/25/2065 215,646.89 88.66 191,182.10 0.42% MR
66977WAP4 NOVA CHEMICALS CORP 5 5/1/2025 205,000.00 93.12 190,891.90 0.42% FB
00091QAB8 ACMAT 2022-1A B 4.47 4/20/2029 190,000.00 99.15 188,389.18 0.42% MR
36265NAE3 GCAR 2022-2A D 6.15 4/17/2028 190,000.00 98.8 187,725.47 0.42% MR
08862BAB1 BHG 2021-B B 1.67 10/17/2034 210,000.00 87.6 183,949.67 0.41% MR
12529KAA0 CFMT 2021-GRN1 A 1.1 3/20/2041 196,884.03 93.11 183,321.73 0.41% MR
446413AZ9 HUNTINGTON INGALLS INDUS 2.043 8/16/2028 221,000.00 82.6 182,535.67 0.41% B
68377XAA7 OPTN 2022-1 A 3.25 6/15/2029 185,617.83 97.93 181,781.35 0.40% MR
62920KAC6 NMEF 2022-A B 3.35 10/16/2028 195,000.00 92.93 181,215.76 0.40% MR
35105JAD0 FCRT 2022-1 B 2.15 5/17/2027 195,000.00 92.3 179,988.72 0.40% MR
29252VAC9 ENCA 2022-1A B 5.15 1/16/2029 185,000.00 97.05 179,535.99 0.40% MR
552757AA4 MFRA 2020-NQM3 A1 FRN 1/26/2065 195,153.27 91.98 179,501.06 0.40% MR
94946DAB7 WLKRG 2019-AA B 2.99 6/15/2038 184,977.05 96.56 178,616.89 0.40% MR
05565QDV7 BP CAPITAL MARKETS PLC 4.875 PERPETL 12/22/2170 205,000.00 86.7 177,738.21 0.39% FB
11042CAA8 BRITISH AIR 21-1 A PPT 2.9 3/15/2035 213,434.12 82.57 176,239.98 0.39% FB
78392BAB3 SK HYNIX INC 1.5 1/19/2026 200,000.00 87.29 174,578.99 0.39% FB
55037AAA6 AKER BP ASA 2 7/15/2026 200,000.00 87.22 174,440.54 0.39% FB
35041LAA8 FFIN 2021-1A A 1.27 5/15/2041 193,483.93 89.99 174,111.01 0.39% MR
05526DBR5 BAT CAPITAL CORP 2.259 3/25/2028 215,000.00 80.98 174,110.16 0.39% FB
25714PEP9 DOMINICAN REPUBLIC 5.5 2/22/2029 195,000.00 88.66 172,888.63 0.38% FB
14686KAD9 CRVNA 2021-N2 C 1.07 3/10/2028 179,842.73 95.44 171,648.72 0.38% MR
31572LAA4 EFMT 2021-2 A1 FRN 6/25/2066 198,587.66 84.26 167,322.87 0.37% MR
172967MB4 CITIGROUP INC FRN 7/1/2026 165,000.00 99.67 164,452.76 0.36% B
23343RAE8 DTAOT 2020-2A C 3.28 3/16/2026 165,000.00 98.92 163,210.67 0.36% MR
91824WAA0 VCAT 2021-NPL6 A1 STEP-CPN 9/25/2051 173,806.86 93.56 162,606.49 0.36% MR
92556VAC0 VIATRIS INC 2.3 6/22/2027 195,000.00 83.23 162,302.47 0.36% B
85208NAD2 SPRINT SPECTRUM / SPEC I 4.738 3/20/2025 162,500.40 99.44 161,594.75 0.36% B
24703TAE6 DELL INT LLC / EMC CORP 4.9 10/1/2026 165,000.00 97.8 161,377.17 0.36% B
17288XAB0 CITADEL LP 4.875 1/15/2027 170,000.00 94.7 160,989.68 0.36% B
00439KAA4 AALLC 2021-1H A 1.35 10/20/2040 175,447.75 91.44 160,429.65 0.36% MR
29250NBN4 ENBRIDGE INC 7.375 1/15/2083 165,000.00 97.01 160,072.55 0.36% FB
64831EAA8 NRZT 2021-NQ2R A1 FRN 10/25/2058 169,001.63 94.03 158,919.16 0.35% MR
71654QCG5 PETROLEOS MEXICANOS 6.5 3/13/2027 180,000.00 86.2 155,153.70 0.34% FB
23345MAA5 DT MIDSTREAM INC 4.125 6/15/2029 180,000.00 85.94 154,683.90 0.34% B
36166VAE5 GCI 2021-1 A 2.38 6/18/2046 177,333.40 86.34 153,101.94 0.34% MR
459506AP6 INTL FLAVOR & FRAGRANCES 1.832 10/15/2027 183,000.00 82.97 151,829.27 0.34% B
69701YAA0 PSTAT 2021-1A A1 FRN 4/20/2029 152,460.16 99.08 151,064.30 0.34% MR
165167DF1 CHESAPEAKE ENERGY CORP 5.5 2/1/2026 155,000.00 97.45 151,051.38 0.34% B
12434KAA4 BXGNT 2022-A A 4.12 9/28/2037 159,161.76 94.86 150,985.81 0.34% MR
96034JAB2 WESTR 2022-1A B 2.288 8/20/2036 159,194.68 94.27 150,070.56 0.33% MR
30251GBD8 FMG RESOURCES AUG 2006 5.875 4/15/2030 165,000.00 90.82 149,860.43 0.33% FB
913903AX8 UNIVERSAL HEALTH SVCS 1.65 9/1/2026 175,000.00 85.47 149,574.95 0.33% B
92837DAB3 VISIO 2019-2 A2 FRN 11/25/2054 162,577.35 91.98 149,544.34 0.33% MR
36258YBL1 GSMS 2020-GC45 AS FRN 2/13/2053 175,000.00 84.99 148,737.80 0.33% MR
53079EBM5 LIBERTY MUTUAL GROUP INC 4.125 12/15/2051 190,000.00 77.18 146,637.14 0.33% B
11271LAC6 BROOKFIELD FINANCE INC 3.9 1/25/2028 160,000.00 91.32 146,104.07 0.32% FB
361841AJ8 GLP CAPITAL LP / FIN II 5.25 6/1/2025 150,000.00 97.26 145,892.88 0.32% B
59156RBT4 METLIFE INC 5.875 PERPETL 9/15/2171 155,000.00 93.18 144,431.19 0.32% B
BL2552414 00001 INEOS US FINANCE 04/01/24 Term Loan 147,018.56 97.74 143,695.21 0.32% TL
92537QAA9 VERUS 2021-1 A1 FRN 1/25/2066 164,621.33 86.91 143,064.33 0.32% MR
82650TAC1 SRFC 2022-2A C 6.36 6/20/2040 146,442.40 97.61 142,936.80 0.32% MR
64829LAA6 NRZT 2016-4A A1 FRN 11/25/2056 152,255.31 93.71 142,681.44 0.32% MR
96042QAJ9 WLAKE 2020-3A C 1.24 11/17/2025 145,000.00 97.37 141,179.60 0.31% MR
505742AM8 LADDER CAP FIN LLLP/CORP 4.25 2/1/2027 170,000.00 82.22 139,765.99 0.31% B
46641YAN3 JPMMT 2014-2 AM FRN 6/25/2029 148,413.20 94 139,514.82 0.31% MR
33844TAE7 FCAT 2020-3 C 1.73 9/15/2026 145,000.00 95.33 138,223.82 0.31% MR
534187BP3 LINCOLN NATIONAL CORP FRN 4/20/2067 180,000.00 76.52 137,741.14 0.31% B
58940BAE6 MFCC 2022-1A A 2.5 9/21/2026 145,000.00 94.93 137,650.92 0.31% MR
BL3172261 00001 Go Daddy 11/17 Cov-Lite 02/15/24 Term Loan 138,200.63 99.5 137,509.63 0.31% TL
40439HAC3 HINTT 2020-A C 3.42 10/9/2039 149,288.52 91.96 137,289.20 0.30% MR
04285CAL5 ARRW 2020-1 A1B 2.1 3/25/2055 143,593.65 95.24 136,761.32 0.30% MR
20049AAE8 COMM 2020-CBM B 3.099 2/10/2037 150,000.00 90.68 136,023.65 0.30% MR
35633KAC0 FREED 2022-1FP C 2.51 3/19/2029 145,000.00 93.15 135,071.79 0.30% MR
46647PCY0 JPMORGAN CHASE & CO FRN 2/24/2028 140,000.00 96.34 134,882.43 0.30% B
63938CAB4 NAVIENT CORP 5.875 10/25/2024 140,000.00 96.32 134,852.38 0.30% B
31573WAA9 EFMT 2020-2 A1 FRN 10/25/2065 145,120.40 92.61 134,395.47 0.30% MR
842587DJ3 SOUTHERN CO 3.75 9/15/2051 164,000.00 81.67 133,944.90 0.30% B
36258HAE5 GCAR 2019-4A C 3.06 8/15/2025 135,000.00 98.63 133,156.70 0.30% MR
04047AAA2 ARIVO 2021-1A A 1.19 1/15/2027 137,781.44 96.47 132,921.72 0.29% MR
527298BR3 LEVEL 3 FINANCING INC 4.25 7/1/2028 165,000.00 80.5 132,827.48 0.29% B
19688DAA8 COLT 2021-3R A1 FRN 12/25/2064 149,217.85 88.65 132,275.34 0.29% MR
073096AA7 BAYPORT POLYMERS LLC 4.743 4/14/2027 140,000.00 93.76 131,269.36 0.29% B
81618TAC4 OFFICE PPTY INCOME TRST 4.5 2/1/2025 145,000.00 89.42 129,661.86 0.29% B
896945AA0 TRIPADVISOR INC 7 7/15/2025 130,000.00 98.82 128,471.48 0.29% B
745310AM4 PUGET ENERGY INC 2.379 6/15/2028 151,000.00 84.9 128,195.73 0.28% B
78081BAJ2 ROYALTY PHARMA PLC 1.75 9/2/2027 153,000.00 83.72 128,084.94 0.28% B
00774MAW5 AERCAP IRELAND CAP/GLOBA 3 10/29/2028 155,000.00 82.58 128,005.03 0.28% FB
38141GVX9 GOLDMAN SACHS GROUP INC FRN 10/28/2027 125,000.00 100.07 125,090.39 0.28% B
12657LAA2 CSMC 2021-AFC1 A1 FRN 3/25/2056 149,165.57 82.63 123,252.83 0.27% MR
90353QAB2 USAUT 2020-1A B 3.22 5/15/2024 122,375.53 99.54 121,809.08 0.27% MR
05584AAA8 HGVGI 2017-1A A 2.94 5/25/2029 123,039.04 96.7 118,974.01 0.26% MR
91682CAA5 UPSPT 2021-ST2 A 2.5 4/20/2027 124,619.93 95.18 118,613.04 0.26% MR
36259WAC5 GSMBS 2020-NQM1 A3 FRN 9/27/2060 128,082.12 92.57 118,565.80 0.26% MR
88224QAA5 TEXAS CAPITAL BANCSHARES 4 5/6/2031 135,000.00 86.88 117,281.26 0.26% B
29365BAA1 ENTEGRIS ESCROW CORP 4.75 4/15/2029 130,000.00 89.86 116,819.85 0.26% B
59980CAF0 MCMLT 2017-3 M2 FRN 1/25/2061 123,202.77 93.97 115,779.68 0.26% MR
BL3835321 00001 ZODIAC POOL (FLUIDRA) 01/21/29 TERM LOAN 118,763.44 97.36 115,624.52 0.26% TL
25216AAA2 DEXT 2020-1 A 1.46 2/16/2027 116,949.59 98.43 115,109.54 0.26% MR
53934QAA0 REACH 2021-1A A 1.07 5/15/2029 117,514.91 95.99 112,803.93 0.25% MR
BL3288513 00001 CENTURYLINK INC 03/15/27 Term Loan 121,813.48 92.33 112,474.65 0.25% TL
62912XAF1 NGPL PIPECO LLC 4.875 8/15/2027 118,000.00 94.69 111,735.30 0.25% B
89178YAB0 TPMT 2020-MH1 A2 FRN 2/25/2060 130,000.00 85.56 111,227.83 0.25% MR
17322GAA7 CMLTI 2014-A A FRN 1/25/2035 115,951.24 94.97 110,117.90 0.24% MR
76132FAA5 RETAIL OPPORTUNITY IN 5 12/15/2023 111,000.00 99.18 110,092.99 0.24% B
BL3585918 00001 ARAMARK SERVICES INC 04/06/28 TERM LOAN 109,607.20 98.65 108,127.50 0.24% TL
44106MAS1 SERVICE PROPERTIES TRUST 4.65 3/15/2024 115,000.00 93.56 107,599.46 0.24% B
36258HAG0 GCAR 2019-4A D 4.09 8/17/2026 110,000.00 95.97 105,572.29 0.23% MR
038370AA0 AQFIT 2019-A A 3.14 7/16/2040 110,845.35 94.88 105,169.45 0.23% MR
067316AF6 BACARDI LTD 4.7 5/15/2028 110,000.00 94.87 104,354.48 0.23% FB
BL2526673 00001 CAESARS RESORT COLLECTION 12/23/2024 TERM LOAN 104,312.92 98.38 102,624.62 0.23% TL
33767BAD1 FIRSTENERGY TRANSMISSION 2.866 9/15/2028 119,000.00 85.94 102,263.26 0.23% B
12662EAA1 CSMC 2021-NQM2 A1 FRN 2/25/2066 115,205.93 87.54 100,852.04 0.22% MR
21871XAN9 COREBRIDGE FINANCIAL INC 6.875 12/15/2052 107,000.00 92.42 98,892.23 0.22% B
30321L2A9 F&G GLOBAL FUNDING 1.75 6/30/2026 113,000.00 87.49 98,858.32 0.22% B
38141GWB6 GOLDMAN SACHS GROUP INC 3.85 1/26/2027 105,000.00 94.11 98,818.87 0.22% B
83085DAC9 SKOP 2019-1A C 3.63 9/16/2024 98,525.16 99.75 98,279.99 0.22% MR
29273RBK4 ENERGY TRANSFER LP 4.2 4/15/2027 105,000.00 93.59 98,266.33 0.22% B
64829DAG1 NRZT 2014-3A AFX3 FRN 11/25/2054 103,936.88 94.04 97,742.53 0.22% MR
89172RAC9 TPMT 2015-6 M1 FRN 4/25/2055 100,000.00 97.51 97,513.24 0.22% MR
BL3545938 00001 CITADEL SECURITIES 02/02/2028 TERM LOAN 96,992.85 98.63 95,659.20 0.21% TL
56847MAA8 MFIT 2019-AA A 2.96 7/20/2032 96,041.91 98.78 94,866.06 0.21% MR
05606XAA2 BXGNT 2015-A A 2.88 5/2/2030 95,237.05 97.45 92,810.90 0.21% MR
84861TAC2 SPIRIT REALTY LP 4.45 9/15/2026 96,429.00 96.16 92,721.52 0.21% B
05591QAA4 BPR 2021-KEN A FRN 2/15/2029 95,000.00 97.17 92,312.06 0.20% MR
629377CK6 NRG ENERGY INC 3.75 6/15/2024 95,000.00 96.39 91,569.78 0.20% B
46644XAC6 JPMMT 2015-5 A2 FRN 5/25/2045 93,623.35 97.55 91,326.34 0.20% MR
827048AX7 SILGAN HOLDINGS INC 1.4 4/1/2026 106,000.00 86.05 91,209.82 0.20% B
22551EAA4 CRUSA 2021-1A A 1.35 2/16/2027 92,128.89 97.42 89,750.48 0.20% MR
12567NAA7 CIM 2022-R2 A1 FRN 12/25/2061 93,548.46 95.22 89,073.10 0.20% MR
BL2828715 00001 Select Medical Corp 03/06/25 Term Loan 90,000.00 97.69 87,918.75 0.20% TL
BL2682203 00001 Tenneco 10/18 Cov 10/01/25 Term Loan 88,392.86 98.88 87,398.44 0.19% TL
50155QAJ9 KYNDRYL HOLDINGS INC 2.05 10/15/2026 108,000.00 80.91 87,378.28 0.19% B
BL3904531 00001 CPG INTERNATIONAL (AZEK) 04/20/29 TERM LOAN 90,000.00 97 87,300.00 0.19% TL
06051GJS9 BANK OF AMERICA CORP 1.734 7/22/2027 100,000.00 86.98 86,981.88 0.19% B
BL3638386 00001 QUIKRETE HOLDINGS INC 06/11/28 TERM LOAN 89,550.00 96.65 86,551.87 0.19% TL
12513GBG3 CDW LLC/CDW FINANCE 2.67 12/1/2026 98,000.00 87.87 86,111.52 0.19% B
252722AB9 DROT 2019-1A B 3.53 2/20/2032 88,388.44 97.22 85,934.80 0.19% MR
808513BJ3 CHARLES SCHWAB CORP 4 PERPETL 3/1/2171 115,000.00 74.13 85,243.75 0.19% B
BL3111475 00001 NCR CORP 08/28/26 Term Loan 86,955.95 96.5 83,912.49 0.19% TL
BL3535632 00001 PIKE CORP 01/21/28 TERM LOAN 85,479.45 97.97 83,748.49 0.19% TL
15089QAL8 CELANESE US HOLDINGS LLC 6.05 3/15/2025 85,000.00 98.42 83,652.80 0.19% B
BL3014968 00001 HILTON 06/22/26 TERM LOAN 85,000.00 98.23 83,491.25 0.19% TL
BL3674597 00001 DIRECTV FINANCING 07/22/27 Term Loan 88,439.90 94.23 83,332.50 0.18% TL
89180DAC0 TPHT 2021-HE1 M1 FRN 2/25/2063 87,260.80 94.68 82,619.97 0.18% MR
BL3392828 00001 MILEAGE PLUS 06/21/27 TERM LOAN 80,750.00 101.46 81,927.74 0.18% TL
BL3604461 00001 SIGNATURE AVIATION (BROWN GROUP 06/07/28 TERM LOAN 84,413.46 96.73 81,652.72 0.18% TL
12513GBH1 CDW LLC/CDW FINANCE 3.276 12/1/2028 98,000.00 83.31 81,644.21 0.18% B
BL3748821 00001 SBA FINANCE 04/11/25 TERM LOAN 82,666.67 97.97 80,987.71 0.18% TL
67623CAD1 OFFICE PPTY INCOME TRST 2.65 6/15/2026 105,000.00 76.19 79,997.71 0.18% B
26884UAE9 EPR PROPERTIES 4.95 4/15/2028 90,000.00 86.83 78,146.73 0.17% B
50155QAK6 KYNDRYL HOLDINGS INC 2.7 10/15/2028 105,000.00 74.42 78,140.67 0.17% B
BL3562446 00001 Berry Plastics 3/21 (USD) Cov-L 07/01/26 Term Loan 79,376.53 97.92 77,722.72 0.17% TL
BL3644913 00001 ATLANTIC AVIATION (KKR APPLE) 07/14/28 Term Loan 79,400.00 96.5 76,621.00 0.17% TL
69357QAA4 PRPM 2021-RPL2 A1 FRN 10/25/2051 82,423.29 89.64 73,882.23 0.16% MR
BL3208776 00002 Vistra (TXU/TCEH) 6/18 Cov-Lite 12/31/25 Term Loan 75,574.76 97.64 73,787.79 0.16% TL
BL3712215 00001 ORYX MIDSTREAM S 09/30/28 09/30/28 TERM LOAN 74,036.96 98.22 72,718.36 0.16% TL
09261HAD9 BLACKSTONE PRIVATE CRE 2.625 12/15/2026 86,000.00 83.86 72,119.27 0.16% B
03464LAA4 AOMT 2020-4 A1 FRN 6/25/2065 77,413.32 92.81 71,850.06 0.16% MR
15239XAA6 CNTL AMR BOTTLING CORP 5.25 4/27/2029 80,000.00 89.48 71,584.40 0.16% FB
31574XAB4 EFMT 2021-1 A2 FRN 2/25/2066 84,317.70 84.71 71,429.66 0.16% MR
92564RAG0 VICI PROPERTIES / NOTE 4.625 6/15/2025 75,000.00 94.66 70,996.11 0.16% B
62955VAA4 NYMT 2022-CP1 A1 2.0424 7/25/2061 77,683.01 90.3 70,148.56 0.16% MR
46641YAJ2 JPMMT 2014-2 2A2 FRN 6/25/2029 73,798.24 94.94 70,061.56 0.16% MR
92259LAB4 VCC 2020-1 AFX FRN 2/25/2050 74,574.75 93.42 69,670.92 0.15% MR
19685WAB7 COLT 2021-2 A2 FRN 8/25/2066 83,586.43 83.12 69,474.55 0.15% MR
258258AA0 DORIC NIMROD AIR 2012-1A 5.125 11/30/2022 69,518.08 99.79 69,373.48 0.15% FB
85573JAB2 STAR 2021-3 A2 FRN 6/25/2056 83,527.70 83 69,329.59 0.15% MR
83405DAC2 SOFI 2017-C A2B 2.63 7/25/2040 69,967.39 98.38 68,836.35 0.15% MR
BL2870022 00001 NEXSTAR BROADCAS 09/18/2026 68,652.19 99.33 68,188.79 0.15% TL
06051GHB8 BANK OF AMERICA CORP FRN 2/5/2026 68,000.00 98.4 66,914.94 0.15% B
30166EAG1 EART 2018-4A D 4.35 9/16/2024 66,670.18 99.86 66,578.56 0.15% MR
BL3292630 00001 TRANSDIGM INC 05/30/25 Term Loan 68,511.39 97.01 66,463.24 0.15% TL
BL3196914 00001 Charter Comm Operating 10/19 02/01/27 Term Loan 67,232.59 97.9 65,818.02 0.15% TL
69120VAL5 OWL ROCK CORE INCOME COR 5.5 3/21/2025 68,000.00 94.71 64,403.20 0.14% B
86964WAL6 SUZANO AUSTRIA GMBH 2.5 9/15/2028 80,000.00 80.43 64,346.80 0.14% FB
BL3705896 00001 CCC INTELLIGENT SOLUTIONS 09/15/28 Term Loan 64,475.13 97.75 63,024.44 0.14% TL
67422AAA4 OASIS 2021-1A A 2.5792 2/15/2033 63,418.33 98.68 62,578.66 0.14% MR
85205TAM2 SPIRIT AEROSYSTEMS INC 5.5 1/15/2025 65,000.00 96.08 62,448.75 0.14% B
20268BAA8 CBSLT 2020-1 A 1.69 10/25/2051 71,769.01 86.73 62,247.38 0.14% MR
BL3447317 00001 SKYMILES IP LTD 09/16/27 TERM LOAN 60,000.00 101.03 60,615.90 0.13% TL
17326QAA1 CMLTI 2018-RP1 A1 FRN 9/25/2064 62,020.12 97.39 60,404.40 0.13% MR
06051GKJ7 BANK OF AMERICA CORP 2.551 2/4/2028 68,000.00 88.4 60,112.14 0.13% B
BL3684588 00001 Avolon TLB Borrower 1 (US) LLC 12/01/27 Term Loan 60,779.25 98.25 59,715.61 0.13% TL
BL2823567 00001 AGILITI HEALT 01/04/26 TERM LOAN 59,384.62 97.75 58,048.46 0.13% TL
BL3683986 00001 STANDARD INDUSTRIES INC 08/06/28 Term Loan 58,678.66 97.76 57,363.67 0.13% TL
78432BAA7 SGR 2019-3 A1 FRN 9/25/2059 58,379.50 97.17 56,728.38 0.13% MR
BL3561323 00001 HORIZON THERAPEU 03/15/28 TERM LOAN 57,792.71 97.5 56,347.89 0.13% TL
03465BAA5 AOMT 2020-SBC1 A1 FRN 5/25/2050 58,112.64 95.73 55,630.66 0.12% MR
949803AA8 WFMBS 2004-U A1 FRN 10/25/2034 57,343.63 96.54 55,360.24 0.12% MR
76119CAA9 RMLT 2020-1 A1 FRN 1/26/2060 57,334.69 94.6 54,235.77 0.12% MR
042858AA8 ARRW 2019-2 A1 FRN 4/25/2049 56,235.28 94.1 52,918.38 0.12% MR
BL3128180 00001 ELANCO 08/01/27 TERM LOAN 53,858.87 96.87 52,175.78 0.12% TL
BL3898659 00001 SCIENTIFIC GAMES 04/07/29 TERM LOAN 49,875.00 97.68 48,715.41 0.11% TL
94981VAB3 WFMBS 2004-K 1A2 FRN 7/25/2034 46,949.68 101.72 47,758.83 0.11% MR
23343JAE6 DTAOT 2019-4A C 2.73 7/15/2025 47,438.10 99.88 47,382.78 0.11% MR
06616PAA5 BHG 2020-A A 2.56 9/17/2031 47,289.46 97.74 46,222.75 0.10% MR
BL3550276 00001 RESIDEO FUNDING INC 02/11/28 TERM LOAN 45,838.27 97.67 44,768.86 0.10% TL
36228FPE0 GSR 2003-3F 1A6 6 4/25/2033 45,031.02 96.31 43,371.58 0.10% MR
12327FAA5 BJETS 2020-1A A 2.981 11/15/2035 47,351.95 91.34 43,250.29 0.10% MR
BL3776806 00001 ULTIMATE SOFTWARE (UKG) 05/04/26 TERM LOAN 44,550.69 96.5 42,991.42 0.10% TL
32059TAE9 FIAOT 2019-1A C 3.26 3/17/2025 42,907.47 99.97 42,892.83 0.10% MR
BL3770668 00001 NORTH AMERICAN BANCARD 11/17/28 TERM LOAN 44,275.25 96.41 42,684.22 0.09% TL
BL3544857 00001 UFC HOLDINGS LLC 04/29/26 TERM LOAN 43,831.27 97.35 42,669.74 0.09% TL
BL3172261 00002 Go Daddy 11/17 Cov-Lite 02/15/24 Term Loan 42,325.75 99.5 42,114.12 0.09% TL
BL3557867 00001 GATES GLOBAL 03/31/27 TERM LOAN 42,865.35 97.05 41,600.82 0.09% TL
466247K51 JPMMT 2006-A2 4A1 FRN 8/25/2034 40,817.56 100.41 40,986.47 0.09% MR
BL2387530 00002 BWAY CORP 04/03/24 Term Loan 43,367.88 94.5 40,982.64 0.09% TL
09261HAR8 BLACKSTONE PRIVATE CRE 4 1/15/2029 50,000.00 81.5 40,752.37 0.09% B
36416UAG0 GFMT 2017-1 A21 FRN 7/25/2056 43,147.39 93.89 40,511.60 0.09% MR
03465AAA7 AOMT 2020-6 A1 FRN 5/25/2065 44,763.31 87.63 39,225.25 0.09% MR
BL3544741 00001 DUN & BRADSTREET 02/06/26 TERM LOAN 40,139.67 97.7 39,217.66 0.09% TL
BL3556851 00001 ASPLUNDH TREE EXPERT LLC 09/07/27 Term Loan 38,107.20 98.4 37,497.48 0.08% TL
BL3769538 00001 FLNG LIQUEFACTION 2 LLC 11/17/28 TERM LOAN 39,509.01 93.19 36,817.66 0.08% TL
92536PAA2 VERUS 2020-1 A1 STEP-CPN 1/25/2060 37,708.86 96.83 36,515.36 0.08% MR
749389AA0 RCKT 2020-1 A1 FRN 2/25/2050 40,430.36 85.12 34,412.32 0.08% MR
67592LAA4 OCTL 2020-1A A 1.71 2/20/2025 34,229.94 98.84 33,833.42 0.08% MR
91681NAA2 UPST 2021-1 A 0.87 3/20/2031 33,046.90 99.3 32,816.47 0.07% MR
22411XAD6 CPS 2018-D D 4.34 9/16/2024 32,699.61 100.04 32,711.37 0.07% MR
26209WAF0 DRIVE 2019-3 C 2.9 8/15/2025 32,604.39 99.93 32,582.05 0.07% MR
744320BK7 PRUDENTIAL FINANCIAL INC 6 9/1/2052 34,000.00 94.78 32,226.72 0.07% B
BL3165380 00003 HOSTESS BRANDS LLC 08/03/25 TERM LOAN 31,683.01 97.83 30,993.91 0.07% TL
92537HAA9 VERUS 2019-INV2 A1 FRN 7/25/2059 31,255.65 98.52 30,794.34 0.07% MR
67098AAC3 OBX 2019-INV1 A3 FRN 11/25/2048 31,139.81 96.59 30,078.01 0.07% MR
74387LAC5 PFMT 2019-1 A2 FRN 12/25/2049 32,595.80 86.13 28,074.68 0.06% MR
17324VAH7 CMLTI 2015-PS1 A1 FRN 9/25/2042 28,976.56 94.75 27,454.06 0.06% MR
BL3679562 00001 AIR CANADA 08/11/28 TERM LOAN 28,164.70 96.04 27,049.80 0.06% TL
52607FAA2 LDPT 2021-A A 1 12/15/2028 25,690.37 99.63 25,595.72 0.06% MR
BL3165380 00004 HOSTESS BRANDS L 08/03/25 25,791.47 97.82 25,230.50 0.06% TL
70410LAA8 PWNE 2020-1 A 1.37 11/17/2025 23,847.94 98.56 23,505.23 0.05% MR
65489MAB0 NMEF 2019-A B 3.06 8/17/2026 22,417.19 99.89 22,393.12 0.05% MR
31573TAC2 EFMT 2019-2 A3 FRN 11/25/2059 22,048.75 95.15 20,979.41 0.05% MR
BL3673144 00002 Flutter Entertainment plc 07/21/26 Term Loan 19,233.47 97.85 18,819.95 0.04% TL
BL3208776 00001 Vistra (TXU/TCEH) 6/18 Cov-Lite 12/31/25 Term Loan 18,725.79 97.64 18,283.02 0.04% TL
94981VAY3 WFMBS 2004-K 2A12 FRN 7/25/2034 18,137.22 99.97 18,131.53 0.04% MR
BL3673144 00001 Flutter Entertainment plc 07/21/26 Term Loan 18,443.43 97.85 18,046.89 0.04% TL
BL3165380 00001 HOSTESS BRANDS LLC 08/03/25 TERM LOAN 15,210.04 97.82 14,879.22 0.03% TL
38061LAA7 GLDKR 2014-A A 3.22 3/17/2031 13,783.01 98.07 13,517.03 0.03% MR
BL3550276 00002 RESIDEO FUNDING INC 02/11/28 TERM LOAN 8,818.31 97.67 8,612.58 0.02% TL
BL3550276 00003 RESIDEO FUNDING INC 02/11/28 TERM LOAN 8,818.31 97.67 8,612.58 0.02% TL
86933YAA4 SCML 2017-SBC6 A FRN 5/25/2037 8,026.89 99.66 7,999.32 0.02% MR
03464NAA0 AOMT 2018-3 A1 FRN 9/25/2048 1,472.63 99.52 1,465.54 MR
30260YAA5 FHF 2020-1A A 2.59 12/15/2023 759.92 99.94 759.46 MR
03463WAA1 AOMT 2019-2 A1 FRN 3/25/2049 327.15 99.75 326.33 MR
91533BAC4 VIATRIS INC 2.3 6/22/2027 157 83.23 130.67 B
CASH 1,352,098.83 100 1,352,098.83 3.00% CA
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 986,620.43 1 986,620.43 2.19% MM

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 7/31/2022

MINC Sector Allocation

FUND

Fixed Income Attributes

As of

Date Description MINC
07/31/2022 Duration 2.18 years
Yield to Maturity 5.18
30-Day SEC Subsidized Yield 2.90%
30-Day SEC Unsubsidized Yield 2.90%

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

Fees & Expenses

Management Fee 0.50%
Other Expenses 0.28%
Acquired Fund Fees* 0.01%
Net Expense Ratio 0.76%

*Total Annual Operating Expenses in this fee table may not correlate to the expense ratio in the Fund’s financial highlights (and the Fund’s
financial statements) because the financial highlights include only the Fund’s direct operating expenses and do not include Acquired Fund Fees
and Expenses, which represent the Fund’s pro rata share of the fees and expenses of the money market funds in which it invested.

Last Ten

Fund Distributions