(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

5/26/2023
NAV $44.64
Change $-0.02
Shares Outstanding 390,000
Assets Under Management $17,410,864.5

Market Data

5/26/2023
Closing Price $44.67
Close Change $-0.06
Volume 982

Regulatory Data

5/26/2023
Premium Discount $0.030
30-Day Median bid-ask Spread 0.51
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 4/30/2023

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.68 0.74 0.61 0.52
3 Months 0.84 0.80 0.49 1.11
YTD 2.18 2.17 3.59 2.32
1 Year -0.03 0.11 -0.43 0.52
3 Years 0.65 0.68 -3.15 1.11
5 Years 1.17 1.19 1.18 1.49
Since Inception (3/19/2013, Annualized) 1.52 1.51 1.42 1.20

As of 3/31/2023

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.73 0.71 2.54 1.78
3 Months 1.49 1.42 2.96 1.79
YTD 1.49 1.42 2.96 1.79
1 Year -1.68 -1.75 -4.78 -0.36
3 Years 1.09 2.01 -2.77 -0.72
5 Years 1.04 1.03 0.91 1.33
Since Inception (3/19/2013, Annualized) 1.46 1.45 1.37 1.16

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 ID Security Description Shares Share Price Market Value Portfolio Weight Asset Group
05/26/2023 MINC 91282CCU3 US TREASURY N/B 0.125 8/31/2023 970,000.00 98.67 957,053.34 5.50% TN
91282CFN6 US TREASURY N/B 4.25 9/30/2024 640,000.00 98.97 633,387.50 3.64% TN
BKLN 46138G508 INVESCO SENIOR LOAN ETF 27,004.00 20.61 556,552.44 3.20% MF
31418EJ76 FN MA4785 5 10/1/2052 494,573.62 97.56 482,483.06 2.77% FM
91282CBB6 US TREASURY N/B 0.625 12/31/2027 490,000.00 85.82 420,519.53 2.42% TN
91282CGG0 US TREASURY N/B 4.125 1/31/2025 410,000.00 98.87 405,371.49 2.33% TN
91282CEK3 US TREASURY N/B 2.5 4/30/2024 340,000.00 97.52 331,554.61 1.90% TN
91824CAB2 VFI 2022-1A B 3.04 7/24/2028 320,000.00 94.56 302,601.63 1.74% MR
038413AB6 AQFIT 2020-AA B 2.79 7/17/2046 335,000.00 87.03 291,564.20 1.67% MR
42806MAL3 HERTZ 2022-1A C 2.63 6/25/2026 295,000.00 91.5 269,931.93 1.55% MR
12510KAG8 CCG 2021-1 C 0.84 6/14/2027 270,000.00 93.58 252,661.82 1.45% MR
05351KAA7 AVCCT 2021-1A A 1.37 4/15/2027 260,000.00 93.32 242,621.76 1.39% MR
52605AAB3 LDPT 2022-A B 2.41 6/15/2029 245,000.00 98.62 241,623.80 1.39% MR
92939KAG3 WFRBS 2014-C24 AS 3.931 11/15/2047 250,000.00 94.82 237,060.05 1.36% MR
91680FAB8 UPST 2021-2 B 1.75 6/20/2031 240,000.00 97.22 233,321.74 1.34% MR
89616BAC8 TAST 2022-1A C 4.71 8/15/2025 235,000.00 98.13 230,614.97 1.32% MR
14686XAG4 CRVNA 2019-3A E 4.6 7/15/2026 235,000.00 97.77 229,748.71 1.32% MR
12512XAB9 CCG 2023-1 A2 5.82 9/16/2030 200,000.00 100.52 201,032.08 1.15% MR
501895AA4 LHOME 2021-RTL2 A1 STEP-CPN 6/25/2026 205,000.00 96.77 198,377.52 1.14% MR
85573MAA7 STAR 2020-3 A1 FRN 4/25/2065 214,110.70 92.38 197,790.09 1.14% MR
836205AR5 REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025 200,000.00 98.81 197,614.00 1.14% FB
92837UAA7 VISIO 2021-1R A1 1.28 5/25/2056 212,252.43 90.85 192,828.38 1.11% MR
01166VAA7 ALASKA AIRLINES 2020 TR 4.8 8/15/2027 196,987.18 95.8 188,706.81 1.08% B
36265NAE3 GCAR 2022-2A D 6.15 4/17/2028 190,000.00 98.56 187,267.93 1.08% MR
08862BAB1 BHG 2021-B B 1.67 10/17/2034 210,000.00 88.3 185,430.06 1.07% MR
63942EAA6 NAVSL 2021-EA A 0.97 12/16/2069 219,211.39 84.36 184,932.49 1.06% MR
62920KAC6 NMEF 2022-A B 3.35 10/16/2028 195,000.00 93.62 182,558.30 1.05% MR
25714PEP9 DOMINICAN REPUBLIC 5.5 2/22/2029 195,000.00 93.13 181,593.75 1.04% FB
29252VAC9 PREF 2022-1A B 5.15 1/16/2029 185,000.00 96.98 179,407.97 1.03% MR
11042CAA8 BRITISH AIR 21-1 A PPT 2.9 3/15/2035 208,436.02 83.83 174,722.16 1.00% FB
91282CHD6 US TREASURY N/B 4.25 5/31/2025 175,000.00 99.36 173,872.07 1.00% TN
68504UAB7 ONGLT 2019-A B 3.36 4/9/2038 176,558.54 95.2 168,085.32 0.97% MR
52607KAA1 LBZZ 2022-1A A 4.22 5/17/2027 172,895.57 96.28 166,471.93 0.96% MR
552757AA4 MFRA 2020-NQM3 A1 FRN 1/26/2065 166,466.15 89.75 149,401.64 0.86% MR
53079EBM5 LIBERTY MUTUAL GROUP INC 4.125 12/15/2051 190,000.00 77.1 146,497.60 0.84% B
842587DJ3 SOUTHERN CO 3.75 9/15/2051 164,000.00 84.72 138,938.65 0.80% B
58940BAE6 MFCC 2022-1A A 2.5 9/21/2026 145,000.00 94.24 136,643.32 0.78% MR
00774MAW5 AERCAP IRELAND CAP/GLOBA 3 10/29/2028 155,000.00 85.62 132,707.40 0.76% FB
35041LAA8 FFIN 2021-1A A 1.27 5/15/2041 150,300.88 88.27 132,671.93 0.76% MR
12434KAA4 BXGNT 2022-A A 4.12 9/28/2037 136,949.38 95.43 130,693.59 0.75% MR
12529KAA0 CFMT 2021-GRN1 A 1.1 3/20/2041 138,515.91 92.41 128,005.35 0.74% MR
92837DAB3 VISIO 2019-2 A2 FRN 11/25/2054 133,808.20 92.58 123,883.12 0.71% MR
64831EAA8 NRZT 2021-NQ2R A1 FRN 10/25/2058 138,379.57 89.33 123,608.19 0.71% MR
00439KAA4 AALLC 2021-1H A 1.35 10/20/2040 134,831.64 90.32 121,785.91 0.70% MR
96034JAB2 WESTR 2022-1A B 2.288 8/20/2036 124,943.02 93.9 117,320.17 0.67% MR
40439HAC3 HINTT 2020-A C 3.42 10/9/2039 124,813.17 91.89 114,686.94 0.66% MR
61762MBW0 MSBAM 2013-C10 A4 FRN 7/15/2046 109,648.67 99.7 109,316.04 0.63% MR
31573WAA9 EFMT 2020-2 A1 FRN 10/25/2065 120,436.18 89.77 108,120.45 0.62% MR
36258HAG0 GCAR 2019-4A D 4.09 8/17/2026 110,000.00 97.36 107,101.18 0.62% MR
067316AF6 BACARDI LTD 4.7 5/15/2028 110,000.00 97.1 106,804.78 0.61% FB
46641YAN3 JPMMT 2014-2 AM FRN 6/25/2029 110,279.03 95.6 105,430.25 0.61% MR
913903AZ3 UNIVERSAL HEALTH SVCS 1.65 9/1/2026 120,000.00 87.48 104,980.15 0.60% B
36266XAC4 GCAR 2023-1A B 6.19 6/15/2027 100,000.00 100.27 100,272.38 0.58% MR
88224QAA5 TEXAS CAPITAL BANCSHARES 4 5/6/2031 135,000.00 73.88 99,738.18 0.57% B
66977WAP4 NOVA CHEMICALS CORP 5 5/1/2025 100,000.00 97.27 97,274.79 0.56% FB
82650TAC1 SRFC 2022-2A C 6.36 6/20/2040 97,345.45 97.66 95,066.54 0.55% MR
21871XAN9 COREBRIDGE FINANCIAL INC 6.875 12/15/2052 107,000.00 88.54 94,739.72 0.54% B
06051GKJ7 BANK OF AMERICA CORP 2.551 2/4/2028 105,000.00 89.83 94,322.05 0.54% B
05584AAA8 HGVGI 2017-1A A 2.94 5/25/2029 94,543.57 97.09 91,788.38 0.53% MR
90349GAN5 UBSBB 2013-C6 B FRN 4/10/2046 100,000.00 91.61 91,611.49 0.53% MR
17288XAB0 CITADEL LP 4.875 1/15/2027 90,000.00 95.92 86,325.66 0.50% B
12513GBH1 CDW LLC/CDW FINANCE 3.276 12/1/2028 98,000.00 85.72 84,003.62 0.48% B
71654QCG5 PETROLEOS MEXICANOS 6.5 3/13/2027 95,000.00 86.66 82,328.65 0.47% FB
12567NAA7 CIM 2022-R2 A1 FRN 12/25/2061 86,974.72 92.8 80,708.84 0.46% MR
24703TAE6 DELL INT LLC / EMC CORP 4.9 10/1/2026 80,000.00 98.8 79,041.34 0.45% B
61747YFA8 MORGAN STANLEY 5.123 2/1/2029 80,000.00 98.67 78,936.39 0.45% B
26884UAE9 EPR PROPERTIES 4.95 4/15/2028 90,000.00 86.5 77,853.52 0.45% B
073096AA7 BAYPORT POLYMERS LLC 4.743 4/14/2027 80,000.00 93.26 74,604.46 0.43% B
744320AM4 PRUDENTIAL FINANCIAL INC 5.625 6/15/2043 74,000.00 100.1 74,071.04 0.43% B
04047AAA2 ARIVO 2021-1A A 1.19 1/15/2027 76,285.93 97.06 74,041.26 0.43% MR
05565QDV7 BP CAPITAL MARKETS PLC 4.875 PERPETL 12/22/2171 80,000.00 91.56 73,250.00 0.42% FB
172967JT9 CITIGROUP INC 4.4 6/10/2025 75,000.00 97.14 72,855.84 0.42% B
09261HAD9 BLACKSTONE PRIVATE CRE 2.625 12/15/2026 86,000.00 84.26 72,461.62 0.42% B
05526DBR5 BAT CAPITAL CORP 2.259 3/25/2028 85,000.00 85.01 72,262.28 0.42% FB
92564RAG0 VICI PROPERTIES / NOTE 4.625 6/15/2025 75,000.00 96.11 72,081.75 0.41% B
67623CAD1 OFFICE PPTY INCOME TRST 2.65 6/15/2026 105,000.00 66.03 69,335.41 0.40% B
69357QAA4 PRPM 2021-RPL2 A1 FRN 10/25/2051 74,721.88 87.92 65,698.52 0.38% MR
62955VAA4 NYMT 2022-CP1 A1 2.0424 7/25/2061 70,324.28 90.1 63,364.73 0.36% MR
85573JAB2 STAR 2021-3 A2 FRN 6/25/2056 78,170.37 81.05 63,353.72 0.36% MR
3140XK4Y3 FN FS4438 5 11/1/2052 64,895.09 97.56 63,308.64 0.36% FM
89180DAC0 TPHT 2021-HE1 M1 FRN 2/25/2063 66,444.21 93.88 62,375.55 0.36% MR
46644XAC6 JPMMT 2015-5 A2 FRN 5/25/2045 61,732.31 98.3 60,684.16 0.35% MR
31574XAB4 EFMT 2021-1 A2 FRN 2/25/2066 71,166.00 83.15 59,175.72 0.34% MR
46647PDA1 JPMORGAN CHASE & CO 4.323 4/26/2028 60,000.00 96.59 57,956.04 0.33% B
92259LAB4 VCC 2020-1 AFX FRN 2/25/2050 63,859.02 87.89 56,123.10 0.32% MR
446413AZ9 HUNTINGTON INGALLS INDUS 2.043 8/16/2028 66,000.00 83.84 55,331.93 0.32% B
20268BAA8 CBSLT 2020-1 A 1.69 10/25/2051 61,182.31 88.63 54,226.31 0.31% MR
126650CX6 CVS HEALTH CORP 4.3 3/25/2028 55,000.00 96.83 53,255.44 0.31% B
949803AA8 WFMBS 2004-U A1 FRN 10/25/2034 54,586.54 95.24 51,988.42 0.30% MR
95000U2V4 WELLS FARGO & COMPANY 3.526 3/24/2028 55,000.00 93.14 51,226.07 0.29% B
53946XAA1 LOBEL 2023-1 A 6.97 7/15/2026 50,000.00 99.62 49,810.23 0.29% MR
29250NBN4 ENBRIDGE INC 7.375 1/15/2083 50,000.00 98.98 49,491.98 0.28% FB
46641YAJ2 JPMMT 2014-2 2A2 FRN 6/25/2029 51,229.17 96.17 49,268.85 0.28% MR
05592DAA2 BPR 2022-OANA A FRN 4/15/2037 50,000.00 97.09 48,547.40 0.28% MR
24906PAA7 DENTSPLY SIRONA INC 3.25 6/1/2030 55,000.00 86.41 47,523.64 0.27% B
03465BAA5 AOMT 2020-SBC1 A1 FRN 5/25/2050 50,698.72 92.45 46,872.31 0.27% MR
042858AA8 ARRW 2019-2 A1 FRN 4/25/2049 49,231.97 93.17 45,868.00 0.26% MR
83406QAA6 SCLP 2022-1S A 6.21 4/15/2031 45,493.10 100.08 45,531.13 0.26% MR
808513BJ3 CHARLES SCHWAB CORP 4 PERPETL 3/1/2172 60,000.00 75.25 45,151.20 0.26% B
84861TAC2 SPIRIT REALTY LP 4.45 9/15/2026 46,429.00 95.02 44,118.24 0.25% B
92556VAC0 VIATRIS INC 2.3 6/22/2027 50,000.00 86.89 43,445.44 0.25% B
852060AD4 SPRINT CAPITAL CORP 6.875 11/15/2028 40,000.00 106.16 42,464.04 0.24% B
11271LAC6 BROOKFIELD FINANCE INC 3.9 1/25/2028 45,000.00 92.62 41,676.90 0.24% FB
81618TAC4 OFFICE PPTY INCOME TRST 4.5 2/1/2025 50,000.00 82.89 41,442.72 0.24% B
65339KBP4 NEXTERA ENERGY CAPITAL 6.051 3/1/2025 41,000.00 100.77 41,314.18 0.24% B
06406RBL0 BANK OF NY MELLON CORP 5.802 10/25/2028 40,000.00 102.34 40,935.82 0.24% B
857477BY8 STATE STREET CORP 5.82 11/4/2028 40,000.00 102.12 40,849.89 0.23% B
22160NAA7 COSTAR GROUP INC 2.8 7/15/2030 50,000.00 81.22 40,608.02 0.23% B
94981VAB3 WFMBS 2004-K 1A2 FRN 7/25/2034 39,121.06 103.14 40,347.94 0.23% MR
452327AP4 ILLUMINA INC 5.75 12/13/2027 40,000.00 100.78 40,311.21 0.23% B
527298BR3 LEVEL 3 FINANCING INC 4.25 7/1/2028 70,000.00 57.48 40,234.43 0.23% B
30161NBJ9 EXELON CORP 5.15 3/15/2028 40,000.00 99.87 39,949.63 0.23% B
22551EAA4 CRUSA 2021-1A A 1.35 2/16/2027 40,178.54 98.45 39,553.91 0.23% MR
097023CU7 BOEING CO 5.04 5/1/2027 40,000.00 98.68 39,472.75 0.23% B
78081BAJ2 ROYALTY PHARMA PLC 1.75 9/2/2027 45,000.00 85.53 38,488.59 0.22% B
38141GWB6 GOLDMAN SACHS GROUP INC 3.85 1/26/2027 40,000.00 95.32 38,129.58 0.22% B
428291AN8 HEXCEL CORP 4.2 2/15/2027 40,000.00 94.33 37,731.87 0.22% B
78432BAA7 SGR 2019-3 A1 FRN 9/25/2059 38,966.64 96.69 37,675.15 0.22% MR
29365BAA1 ENTEGRIS ESCROW CORP 4.75 4/15/2029 40,000.00 92.99 37,197.03 0.21% B
369604BQ5 GENERAL ELECTRIC CO FRN 6/15/2171 37,000.00 100.2 37,074.16 0.21% B
36416UAG0 GFMT 2017-1 A21 FRN 7/25/2056 39,032.54 91.43 35,688.99 0.20% MR
55903VBA0 WARNERMEDIA HOLDINGS INC 3.755 3/15/2027 35,000.00 93.16 32,606.71 0.19% B
749389AA0 RCKT 2020-1 A1 FRN 2/25/2050 36,830.14 85.04 31,319.28 0.18% MR
361841AJ8 GLP CAPITAL LP / FIN II 5.25 6/1/2025 30,000.00 97.49 29,246.15 0.17% B
38141GZU1 GOLDMAN SACHS GROUP INC 4.482 8/23/2028 30,000.00 96.46 28,937.35 0.17% B
446150AQ7 HUNTINGTON BANCSHARES 2.625 8/6/2024 30,000.00 93.41 28,023.66 0.16% B
316773DE7 FIFTH THIRD BANCORP 4.055 4/25/2028 30,000.00 91.56 27,468.13 0.16% B
06616PAA5 BHG 2020-A A 2.56 9/17/2031 27,705.82 97.85 27,110.60 0.16% MR
74387LAC5 PFMT 2019-1 A2 FRN 12/25/2049 30,951.32 85.28 26,393.75 0.15% MR
56847MAA8 MFIT 2019-AA A 2.96 7/20/2032 26,621.58 99.05 26,367.66 0.15% MR
25216AAA2 DEXT 2020-1 A 1.46 2/16/2027 26,103.70 99.32 25,925.93 0.15% MR
17324VAH7 CMLTI 2015-PS1 A1 FRN 9/25/2042 26,176.73 92.72 24,271.04 0.14% MR
12327FAA5 BJETS 2020-1A A 2.981 11/15/2035 25,188.07 94.65 23,840.03 0.14% MR
67098AAC3 OBX 2019-INV1 A3 FRN 11/25/2048 24,474.22 95.42 23,354.52 0.13% MR
172967NH0 CITIGROUP INC FRN 2/24/2028 20,000.00 101.06 20,212.29 0.12% B
37045XEF9 GENERAL MOTORS FINL CO 5.4 4/6/2026 20,000.00 99.01 19,801.76 0.11% B
758750AE3 REGAL REXNORD CORP 6.3 2/15/2030 20,000.00 98.95 19,790.08 0.11% B
172967KY6 CITIGROUP INC 3.2 10/21/2026 20,000.00 93.07 18,613.98 0.11% B
31573TAC2 EFMT 2019-2 A3 FRN 11/25/2059 19,295.03 91.89 17,731.00 0.10% MR
758750AD5 REGAL REXNORD CORP 6.05 4/15/2028 18,000.00 98.23 17,680.79 0.10% B
404119CP2 HCA INC 5.2 6/1/2028 17,000.00 98.54 16,751.02 0.10% B
30166EAG1 EART 2018-4A D 4.35 9/16/2024 15,534.35 99.86 15,512.21 0.09% MR
94981VAY3 WFMBS 2004-K 2A12 FRN 7/25/2034 14,831.36 101.43 15,042.97 0.09% MR
709599BU7 PENSKE TRUCK LEASING/PTL 5.75 5/24/2026 15,000.00 99.3 14,895.65 0.09% B
758750AC7 REGAL REXNORD CORP 6.05 2/15/2026 13,000.00 99.88 12,983.92 0.07% B
709599BV5 PENSKE TRUCK LEASING/PTL 6.2 6/15/2030 12,000.00 99.36 11,923.60 0.07% B
87165BAL7 SYNCHRONY FINANCIAL 3.7 8/4/2026 13,000.00 86.63 11,261.81 0.06% B
87165BAS2 SYNCHRONY FINANCIAL 4.875 6/13/2025 10,000.00 94.02 9,402.01 0.05% B
67592LAA4 OCTL 2020-1A A 1.71 2/20/2025 8,276.79 99.38 8,225.43 0.05% MR
38061LAA7 GLDKR 2014-A A 3.22 3/17/2031 5,393.83 98.9 5,334.76 0.03% MR
498894AA2 KNIFE RIVER HOLD CO 7.75 5/1/2031 5,000.00 100.41 5,020.50 0.03% B
70410LAA8 PWNE 2020-1 A 1.37 11/17/2025 3,985.99 99.48 3,965.35 0.02% MR
91533BAC4 VIATRIS INC 2.3 6/22/2027 157 86.89 136.42 B
X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 1,333,972.03 1 1,333,972.03 7.66% MM
CASH -255,437.58 100 -255,437.58 -1.47% 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 4/30/2023

MINC Sector Allocation

FUND

Fixed Income Attributes

As of 04/30/2023

Date Description MINC
04/30/2023 Duration 2.26 years
Yield to Maturity 6.08
30-Day SEC Subsidized Yield 5.14%
30-Day SEC Unsubsidized Yield 4.10%

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 0.26%
Fee Waiver/Expense Reimbursement* -0.01%
Net Expense Ratio 0.75%

* The Advisor has contractually agreed to keep net expenses from exceeding 0.75% of the Fund’s average daily net assets for at least one year from the date of the prospectus. For more information, please read the full prospectus.

Last Ten

Fund Distributions