(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 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.

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Fund

Price History

As of 9/17/2019

NAV $48.51 Closing Price $48.47
Change $0.03 Close Change $0.07
Shares Outstanding 1,500,000.00 Volume 6,373
4PM Bid/Offer Midpoint $48.46 Premium Discount $-0.05
Assets Under Management $72,765,537.23

Premium/Discount Historical Data | NAV Historical Data

Shares are bought and sold at market price (closing price) not NAV and are not individually redeemed from the Fund. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined), and do not represent the return you would receive if you traded at other times. 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

Performance

As of 8/31/2019

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.68 0.64 2.59 0.18
3 Months 1.37 1.31 4.11 0.57
YTD 4.62 4.57 9.10 1.58
1 Year 4.44 4.42 10.17 0.18
3 Years 2.53 2.50 3.09 0.57
5 Years 2.31 2.26 3.35 0.90
Since Inception (3/19/2013, Annualized) 2.29 2.27 3.04 0.71

As of 6/30/2019

NAV Market Price Return Bloomberg Capital Aggregate Bond Index BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month 0.54 0.51 1.26 0.21
3 Months 1.55 1.44 3.08 0.62
YTD 3.77 3.75 6.11 1.22
1 Year 4.27 4.29 7.87 2.27
3 Years 2.47 2.45 2.31 1.33
5 Years 2.16 2.13 2.95 0.83
Since Inception (3/19/2013, Annualized) 2.22 2.20 2.67 0.67

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.

Top Ten

Holdings

As of 9/17/2019

Date Account Symbol Stock Ticker Security Number Security Shares Price Market Value Weight % Asset Group
09/17/2019 MINC 9128286Y1 US TREASURY N/B 1.75 6/15/2022 1,135,000.00 100.16 1,136,817.77 1.56% TN 1
MINC 61746BEC6 MORGAN STANLEY FRN 10/24/2023 870,000.00 101.89 886,430.57 1.22% B 1
MINC 78403DAL4 SBA TOWER TRUST 3.168 4/11/2022 780,000.00 100.87 786,780.85 1.08% B 1
MINC 78403DAK6 SBA TOWER TRUST 2.877 7/9/2021 780,000.00 100.33 782,587.10 1.08% B 1
MINC 36253UAC5 GCAR 2017-1A B 2.98 12/15/2021 770,000.00 100.19 771,437.74 1.06% MR 1
MINC 12433UAG0 BX 2018-GW B FRN 5/15/2035 700,000.00 100.06 700,444.36 0.96% MR 1
MINC 32059BAE8 FIAOT 2017-2A B 2.65 11/15/2022 650,000.00 100.18 651,165.06 0.89% MR 1
MINC 17121FAG9 CCART 2015-BA D 4.17 1/16/2023 635,000.00 100.29 636,867.41 0.88% MR 1
MINC 88642MAC4 TMCAT 2018-AA B 3.45 11/15/2024 525,000.00 100.99 530,202.12 0.73% MR 1
MINC 64829HAA5 NRZT 2016-3A A1 FRN 9/25/2056 509,359.07 103.13 525,302.16 0.72% MR 1
MINC 07384M4H2 BSARM 2004-10 21A1 FRN 1/25/2035 485,809.64 102.46 497,772.22 0.68% MR 1
MINC 17320XAA2 CMLTI 2013-A A FRN 5/25/2042 499,904.72 98.71 493,431.56 0.68% MR 1
MINC 36416UAG0 GFMT 2017-1 A21 FRN 7/25/2056 484,190.08 101.68 492,300.94 0.68% MR 1
MINC 24702JAD1 DEFT 2017-2 A3 2.19 10/24/2022 488,992.65 99.98 488,901.60 0.67% MR 1
MINC 85572MAA8 SWH 2017-1 A FRN 1/17/2035 486,834.70 100.02 486,908.70 0.67% MR 1
MINC 30166MAC2 EART 2017-2A B 2.82 5/16/2022 482,504.89 100.17 483,307.49 0.66% MR 1
MINC 80284TAK1 SDART 2017-1 C 2.58 5/16/2022 471,869.17 100.09 472,309.05 0.65% MR 1
MINC 201736AC9 CMLBC 2001-CMLB A3 FRN 6/20/2031 460,000.00 102.44 471,226.30 0.65% MR 1
MINC 301656AE4 EART 2018-1A C 3.03 1/17/2023 465,000.00 100.50 467,305.01 0.64% MR 1
MINC 12770QAJ4 CZR 2017-VICI C 4.1384 10/15/2034 445,000.00 104.45 464,822.48 0.64% MR 1
MINC 46641YAN3 JPMMT 2014-2 AM FRN 6/25/2029 456,432.04 101.26 462,178.34 0.64% MR 1
MINC 258258AA0 DORIC NIMROD AIR 2012-1A 5.125 11/30/2022 452,432.38 101.14 457,580.36 0.63% FB 1
MINC 35105DAE1 FCRT 2018-1 C 3.68 8/15/2023 445,000.00 102.10 454,346.60 0.62% MR 1
MINC 30167BAC5 EART 2018-2A C 3.69 3/15/2023 445,000.00 101.15 450,099.43 0.62% MR 1
MINC 46625HKK5 JPMORGAN CHASE & CO 5.3 PERPETUAL 12/1/2065 430,000.00 101.23 435,282.55 0.60% B 1
MINC 11135FAD3 BROADCOM INC 3.625 10/15/2024 425,000.00 101.06 429,508.47 0.59% B 1
MINC 378272AF5 GLENCORE FUNDING LLC 4.125 5/30/2023 410,000.00 104.58 428,761.80 0.59% FB 1
MINC 03065MAF4 AMCAR 2015-4 C 2.88 7/8/2021 422,192.19 100.11 422,672.86 0.58% MR 1
MINC 02530AAE2 ACAR 2018-3 C 3.75 10/15/2024 415,000.00 100.90 418,718.40 0.58% MR 1
MINC 12648HAK1 CSMC 2014-IVR2 A2 FRN 4/25/2044 414,229.89 100.59 416,689.09 0.57% MR 1
MINC 16158RAD8 CHASE 2019-ATR1 A4 FRN 4/25/2049 407,592.09 100.78 410,767.07 0.56% MR 1
MINC 86359BHJ3 SASC 2004-4XS A3A 5.202859 2/25/2034 391,394.49 104.70 409,794.02 0.56% MR 1
MINC 52603JAA8 LFT 2018-2A A 4.23 4/20/2027 390,000.00 103.58 403,960.52 0.56% MR 1
MINC 68376VAA2 OPTN 2018-B A 3.91 7/8/2024 390,000.00 101.57 396,113.56 0.54% MR 1
MINC 49456BAB7 KINDER MORGAN INC 5.625 11/15/2023 355,000.00 110.85 393,513.20 0.54% B 1
MINC 9128286B1 US TREASURY N/B 2.625 2/15/2029 365,000.00 107.00 390,535.74 0.54% TN 1
MINC 89690EAF4 TRMF 2017-1A A1 2.709 8/15/2047 386,759.05 100.10 387,142.95 0.53% MR 1
MINC 02529MAE9 ACAR 2018-4 C 3.97 1/13/2025 380,000.00 101.58 385,991.88 0.53% MR 1
MINC 96042GAJ1 WLAKE 2018-3A C 3.61 10/16/2023 380,000.00 101.54 385,843.79 0.53% MR 1
MINC 03237JAB3 AXIS 2018-2A A2 3.89 7/20/2022 370,000.00 101.33 374,914.34 0.52% MR 1
MINC 19687XAA5 COLT 2019-1 A1 FRN 3/25/2049 369,002.68 101.51 374,576.61 0.51% MR 1
MINC 59020ULQ6 MLMI 2004-A4 A1 FRN 8/25/2034 360,128.99 101.53 365,633.38 0.50% MR 1
MINC 064058AD2 BNYM CORP 4.950000 12/49 PERPETUAL 360,000.00 101.27 364,561.20 0.50% B 1
MINC 46644XAC6 JPMMT 2015-5 A2 FRN 5/25/2045 363,509.02 100.16 364,106.12 0.50% MR 1
MINC 59980TAA4 MCMLT 2016-1 A1 FRN 4/25/2057 360,361.23 100.05 360,551.14 0.50% MR 1
MINC 345397XQ1 FORD MOTOR CREDIT CO LLC 3.2 1/15/2021 360,000.00 100.07 360,248.19 0.50% B 1
MINC 96033WAA6 WESTR 2018-1A A 3.38 12/20/2031 355,285.20 101.06 359,060.99 0.49% MR 1
MINC 912796TD1 TREASURY BILL DISCOUNT 8/13/2020 365,000.00 98.34 358,943.20 0.49% TI 1
MINC 64829LAA6 NRZT 2016-4A A1 FRN 11/25/2056 343,629.64 103.52 355,736.61 0.49% MR 1
MINC 32057HAG2 FIAOT 2016-2A C 2.53 7/15/2022 355,000.00 99.89 354,608.68 0.49% MR 1
MINC 30167DAC1 EART 2019-1A C 3.82 12/16/2024 345,000.00 102.36 353,143.14 0.49% MR 1
MINC 125523AB6 CIGNA CORP FRN 9/17/2021 350,000.00 100.00 350,009.24 0.48% B 1
MINC 06051GGJ2 BANK OF AMERICA CORP FRN 4/24/2023 345,000.00 100.86 347,959.57 0.48% B 1
MINC 05606XAA2 BXGNT 2015-A A 2.88 5/2/2030 347,256.92 99.81 346,595.74 0.48% MR 1
MINC 69362BBC5 PSEG POWER LLC 3.85 6/1/2023 330,000.00 104.99 346,477.83 0.48% B 1
MINC 89172UAA6 TPMT 2016-4 A1 FRN 7/25/2056 344,828.79 99.64 343,581.65 0.47% MR 1
MINC BL2553685 00001 MEDALLION MIDLAND ACQ 10/30/24 TERM LOAN 345,195.48 97.96 338,148.31 0.46% TL 1
MINC 07331YAA8 BOMFT 2017-SPL4 A FRN 1/28/2055 331,455.00 101.87 337,664.74 0.46% MR 1
MINC 17327DAA9 CMLTI 2018-RP3 A1 FRN 3/25/2061 331,823.78 101.57 337,019.74 0.46% MR 1
MINC 44106MAS1 HOSPITALITY PROP TRUST 4.65 3/15/2024 330,000.00 102.00 336,595.67 0.46% B 1
MINC 87165BAN3 SYNCHRONY FINANCIAL 4.375 3/19/2024 315,000.00 105.82 333,320.28 0.46% B 1
MINC 38141GWC4 GOLDMAN SACHS GROUP INC 3 4/26/2022 330,000.00 100.92 333,039.37 0.46% B 1
MINC 05584AAA8 HGVGI 2017-1A A 2.94 5/25/2029 330,009.81 100.60 331,980.53 0.46% MR 1
MINC 02209SBB8 ALTRIA GROUP INC 3.8 2/14/2024 313,000.00 104.77 327,924.15 0.45% B 1
MINC 501890AA5 LHOME 2019-RTL1 A1 4.58 10/25/2023 315,000.00 102.28 322,175.07 0.44% MR 1
MINC BL2561118 00001 VIRGIN MEDIA BRISTOL LLC 01/15/26 TERM LOAN 320,000.00 100.42 321,337.60 0.44% TL 1
MINC 89614SAB5 TAST 2018-2A B 4.76 2/15/2022 308,464.87 103.75 320,044.35 0.44% MR 1
MINC 43789AAA2 HOF 2018-1 A1 FRN 6/25/2048 314,360.25 101.57 319,305.01 0.44% MR 1
MINC 17323MAA3 CMLTI 2015-A A1 FRN 6/25/2058 314,682.30 101.11 318,164.07 0.44% MR 1
MINC 17322GAA7 CMLTI 2014-A A FRN 1/25/2035 306,281.80 103.86 318,113.28 0.44% MR 1
MINC 88161NAB5 TESLA 2018-B B 4.12 10/20/2021 310,000.00 102.57 317,964.33 0.44% MR 1
MINC 05369AAC5 AVIATION CAPITAL GROUP 3.875 5/1/2023 306,000.00 102.96 315,046.97 0.43% B 1
MINC 43789EAA4 HOF 2019-1 A1 FRN 1/25/2059 308,749.33 100.96 311,715.24 0.43% MR 1
MINC 32059TAE9 FIAOT 2019-1A C 3.26 3/17/2025 305,000.00 102.11 311,420.71 0.43% MR 1
MINC 86359BNU1 SARM 2004-4 3A2 FRN 4/25/2034 298,932.74 103.91 310,616.77 0.43% MR 1
MINC 07274NAC7 BAYER US FINANCE II LLC FRN 6/25/2021 310,000.00 99.91 309,726.10 0.43% FB 1
MINC 90352VAB2 USAUT 2019-1A B 3.99 12/15/2022 305,000.00 101.25 308,812.50 0.42% MR 1
MINC 78471WAB1 SCLP 2018-2 A2 3.35 4/26/2027 305,000.00 100.84 307,561.36 0.42% MR 1
MINC 91679KAA2 UPST 2019-1 A 3.45 4/20/2026 300,215.42 100.31 301,137.62 0.41% MR 1
MINC 35040UAA9 FFIN 2017-1A A 3.3 7/15/2033 299,538.94 100.37 300,653.77 0.41% MR 1
MINC 134429BE8 CAMPBELL SOUP CO 3.65 3/15/2023 290,000.00 103.59 300,421.52 0.41% B 1
MINC 466247NT6 JPMMT 2005-A2 4A1 FRN 4/25/2035 292,794.42 102.28 299,480.64 0.41% MR 1
MINC 89172YAA8 TPMT 2016-3 A1 FRN 4/25/2056 299,162.16 99.84 298,692.33 0.41% MR 1
MINC 21872BAA4 CAFL 2018-1 A 3.804 6/15/2051 288,506.73 103.25 297,894.13 0.41% MR 1
MINC 42806DBC2 HERTZ 2016-4A A 2.65 7/25/2022 295,000.00 100.21 295,632.45 0.41% MR 1
MINC 03066HAG2 AMCAR 2018-1 D 3.82 3/18/2024 285,000.00 103.70 295,544.32 0.41% MR 1
MINC BL2435180 00001 FRONTIER COMMUNICATIONS 06/15/24 TERM LOAN 295,477.38 99.56 294,184.67 0.40% TL 1
MINC 12592BAJ3 CNH INDUSTRIAL CAP LLC 4.2 1/15/2024 280,000.00 104.59 292,855.11 0.40% B 1
MINC BL2701110 00001 VALEANT 06/02/25 TERM LOAN 288,912.37 100.56 290,521.61 0.40% TL 1
MINC 23343CAE1 DTAOT 2018-3A C 3.79 7/15/2024 280,000.00 102.09 285,842.96 0.39% MR 1
MINC 86934NAA7 SCML 2018-SBC7 A FRN 5/25/2039 282,791.52 100.97 285,529.17 0.39% MR 1
MINC BL2574558 00001 CALPINE CORPORATION 01/15/24 TERM LOAN 281,817.20 100.42 282,986.74 0.39% TL 1
MINC 12647JBJ0 CSMC 2013-HYB1 A16 FRN 4/25/2043 281,841.05 100.01 281,878.84 0.39% MR 1
MINC 62854AAN4 MYLAN NV 3.95 6/15/2026 275,000.00 102.44 281,717.86 0.39% B 1
MINC 92537FAA3 VERUS 2019-INV1 A1 FRN 12/25/2059 277,345.64 101.07 280,321.56 0.39% MR 1
MINC 40066NAA4 GUANAY FINANCE LTD 6 12/15/2020 275,175.06 101.50 279,302.69 0.38% FB 1
MINC 172967MB4 CITIGROUP INC FRN 7/1/2026 275,000.00 101.37 278,770.19 0.38% B 1
MINC 91833JAA8 VOLT 2019-NPL1 A1A FRN 1/25/2049 275,200.11 100.91 277,691.50 0.38% MR 1
MINC BL2679050 00001 SEMINOLE TRIBE 07/08/24 Term Loan 274,209.07 100.67 276,038.04 0.38% TL 1
MINC BL2702969 00001 ARAMARK SERVICES 03/28/24 Term Loan 275,167.01 100.27 275,912.71 0.38% TL 1
MINC 67098AAC3 OBX 2019-INV1 A3 FRN 11/25/2048 266,231.70 103.44 275,397.42 0.38% MR 1
MINC 38141GXD1 GOLDMAN SACHS GROUP INC FRN 5/15/2026 270,000.00 100.48 271,284.32 0.37% B 1
MINC 30165YAC7 EART 2017-3A B 2.81 9/15/2022 270,000.00 100.32 270,875.83 0.37% MR 1
MINC 92343VEP5 VERIZON COMMUNICATIONS FRN 5/15/2025 267,000.00 101.33 270,554.34 0.37% B 1
MINC 94989EAE7 WFCM 2015-LC20 A5 3.184 4/15/2050 255,000.00 104.34 266,071.56 0.37% MR 1
MINC BL2355958 00001 STATION CASINOS LLC 06/08/23 TERM LOAN 262,341.92 100.58 263,872.69 0.36% TL 1
MINC 709599BC7 PENSKE TRUCK LEASING/PTL 4.125 8/1/2023 250,000.00 105.16 262,897.64 0.36% B 1
MINC 24703DAY7 DELL INT LLC / EMC CORP 4 7/15/2024 250,000.00 104.07 260,182.85 0.36% B 1
MINC 24380RAA8 DRMT 2019-1A A1 FRN 1/25/2059 257,517.81 100.92 259,886.15 0.36% MR 1
MINC 120568BA7 BUNGE LTD FINANCE CORP 4.35 3/15/2024 245,000.00 105.26 257,879.75 0.35% B 1
MINC 00772BAF8 AERCAP IRELAND CAP/GLOBA 4.5 5/15/2021 250,000.00 103.15 257,863.41 0.35% FB 1
MINC 68268XAC5 ODART 2018-1A C 3.85 10/14/2025 250,000.00 102.77 256,935.80 0.35% MR 1
MINC 46647PAD8 JPMORGAN CHASE & CO FRN 4/25/2023 255,000.00 100.67 256,716.17 0.35% B 1
MINC 05526DAV7 BAT CAPITAL CORP 2.764 8/15/2022 255,000.00 100.63 256,614.93 0.35% FB 1
MINC 89171VAB3 TPMT 2015-5 A2 FRN 5/25/2055 250,000.00 102.04 255,104.35 0.35% MR 1
MINC 46641YAJ2 JPMMT 2014-2 2A2 FRN 6/25/2029 249,133.55 102.39 255,095.61 0.35% MR 1
MINC BL2371161 00001 CENTURYLINK INC 01/31/ 01/31/25 TERM LOAN 255,480.28 99.81 254,983.37 0.35% TL 1
MINC 05357HAJ9 AVMT 2013-AVM C FRN 12/5/2032 250,000.00 101.14 252,859.30 0.35% MR 1
MINC 57109HAA0 MFT 2019-2A A 3.13 7/16/2029 249,443.44 100.64 251,049.13 0.34% MR 1
MINC 26208FAJ0 DRIVE 2017-2 C 2.75 9/15/2023 247,157.63 100.07 247,342.11 0.34% MR 1
MINC 69358XAA8 PRPM 2019-2A A1 FRN 4/25/2024 243,072.12 101.08 245,694.07 0.34% MR 1
MINC 80282KAW6 SANTANDER HOLDINGS USA 3.5 6/7/2024 240,000.00 102.28 245,467.32 0.34% B 1
MINC 76119MAA7 RMLT 2019-1 A1 FRN 10/25/2058 241,409.51 101.41 244,806.02 0.34% MR 1
MINC 228227BE3 CROWN CASTLE INTL CORP 4.875 4/15/2022 230,000.00 105.90 243,580.06 0.33% B 1
MINC BL2552414 00001 INEOS US FINANCE 04/01/24 Term Loan 245,105.80 99.00 242,654.74 0.33% TL 1
MINC 26209WAF0 DRIVE 2019-3 C 2.9 8/15/2025 240,000.00 100.83 241,994.64 0.33% MR 1
MINC 45031UBZ3 iStar Inc 6 4/1/2022 235,000.00 102.75 241,462.50 0.33% B 1
MINC 233293AP4 DPL INC 4.35 4/15/2029 250,000.00 95.98 239,955.46 0.33% B 1
MINC 55389PAA7 MVWOT 2019-1A A 2.89 11/20/2036 233,354.69 101.61 237,102.02 0.33% MR 1
MINC 02529LAE1 ACAR 2017-2 C 2.86 6/12/2023 236,737.98 100.14 237,074.57 0.33% MR 1
MINC 92840VAD4 VISTRA OPERATIONS CO LLC 3.55 7/15/2024 235,000.00 100.40 235,942.57 0.32% B 1
MINC 00969DAA8 AJAXM 2017-B A FRN 9/25/2056 234,572.62 100.38 235,461.96 0.32% MR 1
MINC 00085MAA7 ACC 2019-1 A 3.75 5/20/2022 231,204.95 100.83 233,125.71 0.32% MR 1
MINC 07386HJG7 BALTA 2004-5 3A1 FRN 6/25/2034 222,398.49 103.31 229,762.68 0.32% MR 1
MINC 92536FAA4 VERUS 2018-1 A1 FRN 2/25/2048 228,338.65 100.28 228,967.91 0.31% MR 1
MINC 247126AJ4 APTIV CORP 4.15 3/15/2024 215,000.00 105.65 227,148.86 0.31% B 1
MINC 83405AAA2 SCLP 2017-1 A 3.28 1/26/2026 224,682.64 100.63 226,101.31 0.31% MR 1
MINC 68504UAB7 ONGLT 2019-A B 3.36 4/9/2038 220,140.11 101.55 223,547.44 0.31% MR 1
MINC 05401AAF8 AVOLON HOLDINGS FNDG LTD 3.95 7/1/2024 217,000.00 102.22 221,806.55 0.30% FB 1
MINC 91678RAB6 UPST 2017-2 B 3.748 3/20/2025 220,824.25 100.20 221,275.22 0.30% MR 1
MINC 36258AAB6 GCAR 2019-3A B 2.72 6/17/2024 220,000.00 100.18 220,386.67 0.30% MR 1
MINC 916780AA7 UPST 2019-2 A 2.897 9/20/2029 220,000.00 100.14 220,310.16 0.30% MR 1
MINC 83405XAA2 SCLP 2018-3 A1 3.2 8/25/2027 219,217.84 100.22 219,698.69 0.30% MR 1
MINC 252722AB9 DROT 2019-1A B 3.53 2/20/2032 220,000.00 99.86 219,686.24 0.30% MR 1
MINC 96042FAF1 WLAKE 2018-2A D 4 1/16/2024 215,000.00 102.17 219,668.17 0.30% MR 1
MINC 83405TAA1 SCLP 2019-3 A 2.9 5/25/2028 217,182.95 100.61 218,497.58 0.30% MR 1
MINC 172967LH2 CITIGROUP INC FRN 4/25/2022 215,000.00 101.11 217,381.88 0.30% B 1
MINC 92872KAA5 VOLT 2019-NPL2 A1 FRN 2/25/2049 214,124.11 100.76 215,744.94 0.30% MR 1
MINC 23343GAE2 DTAOT 2019-1A C 3.61 11/15/2024 210,000.00 101.98 214,159.76 0.29% MR 1
MINC 205887CA8 CONAGRA BRANDS INC 4.3 5/1/2024 200,000.00 106.58 213,165.96 0.29% B 1
MINC 78471FAA0 SCLP 2016-3 A 3.05 12/26/2025 211,839.98 100.33 212,547.19 0.29% MR 1
MINC 86359BGQ8 SARM 2004-1 6A FRN 2/25/2034 208,339.47 101.90 212,302.63 0.29% MR 1
MINC 12652BAB7 CPS 2017-D B 2.43 1/18/2022 212,124.43 99.99 212,112.98 0.29% MR 1
MINC 31572XAA8 EFMT 2017-1 A1 FRN 10/25/2047 212,406.33 99.80 211,991.95 0.29% MR 1
MINC 85208NAD2 SPRINT SPECTRUM / SPEC I 4.738 3/20/2025 200,000.00 105.75 211,500.00 0.29% B 1
MINC 629377CK6 NRG ENERGY INC 3.75 6/15/2024 204,000.00 102.76 209,636.88 0.29% B 1
MINC 80282KAT3 SANTANDER HOLDINGS USA 3.7 3/28/2022 205,000.00 102.22 209,545.25 0.29% B 1
MINC 36228FPE0 GSR 2003-3F 1A6 6 4/25/2033 195,207.45 106.29 207,479.67 0.29% MR 1
MINC 63938CAB4 NAVIENT CORP 5.875 10/25/2024 200,000.00 103.50 207,000.00 0.28% B 1
MINC 02530DAC0 ACAR 2019-2 C 3.17 6/12/2025 205,000.00 100.96 206,975.26 0.28% MR 1
MINC 66977WAP4 NOVA CHEMICALS CORP 5 5/1/2025 200,000.00 103.47 206,940.00 0.28% FB 1
MINC 90945QAD3 UACST 2019-1 D 3.47 8/12/2024 205,000.00 100.74 206,517.45 0.28% MR 1
MINC 576434QC1 MALT 2004-4 6A1 5.5 4/25/2034 192,141.71 105.66 203,009.80 0.28% MR 1
MINC 12625GAC8 CNOOC FINANCE 2013 LTD 3 5/9/2023 200,000.00 101.30 202,600.62 0.28% FB 1
MINC 302635AB3 FS KKR CAPITAL CORP 4.25 1/15/2020 202,000.00 100.28 202,575.68 0.28% B 1
MINC 962178AN9 TRI POINTE GROUP / HOMES 5.875 6/15/2024 190,000.00 106.50 202,350.00 0.28% B 1
MINC 89173FAA8 TPMT 2017-1 A1 FRN 10/25/2056 199,264.34 101.11 201,478.86 0.28% MR 1
MINC 74937LAA4 RCO 2019-1 A1 FRN 5/24/2024 199,722.30 100.62 200,954.07 0.28% MR 1
MINC 949803AA8 WFMBS 2004-U A1 FRN 10/25/2034 196,736.20 102.10 200,869.63 0.28% MR 1
MINC 761735AR0 REYNOLDS GRP ISS/REYNOLD FRN 7/15/2021 200,000.00 100.00 200,000.00 0.27% B 1
MINC 14040HBK0 CAPITAL ONE FINANCIAL CO 3.75 7/28/2026 190,000.00 103.08 195,850.55 0.27% B 1
MINC 14366LAA0 CNART 2019-1A A 2.72 11/15/2022 195,671.29 99.94 195,554.47 0.27% MR 1
MINC 04010LAU7 ARES CAPITAL CORP 3.5 2/10/2023 195,000.00 100.00 195,003.98 0.27% B 1
MINC 00206RGD8 AT&T INC FRN 6/12/2024 190,000.00 101.90 193,606.42 0.27% B 1
MINC 21052NAA0 CLUB 2018-P2 A 3.47 10/15/2025 190,798.36 100.53 191,807.07 0.26% MR 1
MINC 92537GAA1 VERUS 2019-2 A1 FRN 4/25/2059 190,024.63 100.85 191,636.95 0.26% MR 1
MINC 46643UDJ5 JPMMT 2015-1 AM1 FRN 12/25/2044 188,631.94 100.04 188,711.13 0.26% MR 1
MINC 57165AAA6 MVCOT 2012-1A A 2.51 5/20/2030 187,020.93 100.28 187,540.92 0.26% MR 1
MINC BL2385591 00001 Cablevision Systems 3/17 Cov-Li 07/17/25 Term Loan 185,940.34 100.26 186,428.43 0.26% TL 1
MINC 00436KAA7 APF 2017-A A 3.06 4/15/2029 185,916.55 99.95 185,822.57 0.26% MR 1
MINC 33843NAE1 FCAT 2016-2 B 3.84 9/15/2022 185,000.00 100.35 185,647.76 0.26% MR 1
MINC BL2645325 00001 ILFC (Delos Finance) 3/18 Cov-L 10/06/23 Term Loan 182,500.00 100.47 183,355.93 0.25% TL 1
MINC 036752AJ2 ANTHEM INC 2.375 1/15/2025 185,000.00 99.03 183,200.08 0.25% B 1
MINC 92535TAD9 VERUS 2018-2 B1 FRN 6/1/2058 180,000.00 101.49 182,686.36 0.25% MR 1
MINC 74142RAA2 PRET 2019-NPL3 A1 FRN 7/27/2059 180,000.00 100.80 181,444.86 0.25% MR 1
MINC 83085DAC9 SKOP 2019-1A C 3.63 9/16/2024 180,000.00 99.93 179,877.78 0.25% MR 1
MINC 21054PAB1 CLUB 2019-P2 A 2.47 10/15/2026 180,000.00 99.84 179,710.72 0.25% MR 1
MINC 15189TAW7 CENTERPOINT ENERGY INC 2.5 9/1/2024 180,000.00 99.47 179,040.34 0.25% B 1
MINC 075887BT5 BECTON DICKINSON AND CO 2.894 6/6/2022 177,000.00 101.11 178,961.20 0.25% B 1
MINC 233331AW7 DTE ENERGY CO 2.529 10/1/2024 179,000.00 99.77 178,582.53 0.25% B 1
MINC 42824CBE8 HP ENTERPRISE CO 2.25 4/1/2023 180,000.00 99.20 178,561.67 0.25% B 1
MINC 86933YAA4 SCML 2017-SBC6 A FRN 5/25/2037 176,502.01 100.36 177,133.89 0.24% MR 1
MINC 38141GVX9 GOLDMAN SACHS GROUP INC FRN 10/28/2027 170,000.00 103.32 175,642.01 0.24% B 1
MINC 17324VAH7 CMLTI 2015-PS1 A1 FRN 9/25/2042 171,152.00 102.34 175,159.01 0.24% MR 1
MINC 38141EB81 GOLDMAN SACHS GROUP INC FRN 11/29/2023 170,000.00 102.92 174,957.89 0.24% B 1
MINC 17326QAA1 CMLTI 2018-RP1 A1 FRN 9/25/2064 172,423.97 100.91 173,991.34 0.24% MR 1
MINC 64828EAA3 NRZT 2019-NQM4 A1 FRN 9/25/2059 170,000.00 100.72 171,223.32 0.24% MR 1
MINC 92537BAA2 VERUS 2018-3 A1 FRN 10/25/2058 168,523.12 101.31 170,734.89 0.23% MR 1
MINC BL2937516 00001 PANTHER BF AGGREGATOR 2 04/30/26 TERM LOAN 170,000.00 99.90 169,823.20 0.23% TL 1
MINC 151608AB2 CPF 2012-2A 1 2.61 8/20/2021 170,522.10 99.58 169,804.87 0.23% MR 1
MINC 36228F4R4 GSR 2004-7 3A1 FRN 6/25/2034 170,056.80 99.72 169,576.50 0.23% MR 1
MINC 03938LAZ7 ARCELORMITTAL 6.125 6/1/2025 150,000.00 112.13 168,199.42 0.23% FB 1
MINC 949458AA1 WLKRG 2015-AA A 2.79 6/16/2031 168,133.23 100.00 168,127.43 0.23% MR 1
MINC 07332CAA5 BOMFT 2017-RT4 A FRN 7/28/2057 163,593.69 102.14 167,101.50 0.23% MR 1
MINC BL2636589 00001 TransDigm 2/18 C 08/22/24 166,612.74 99.83 166,335.33 0.23% TL 1
MINC 05367MAA5 AVID 2018-1 A 2.84 8/15/2023 165,693.91 100.05 165,784.94 0.23% MR 1
MINC 369604BQ5 GENERAL ELECTRIC CO 5 PERPETUAL 6/15/2166 175,000.00 94.28 164,984.75 0.23% B 1
MINC 20826JAB4 CONN 2018-A B 4.65 1/15/2023 161,915.69 100.66 162,982.29 0.22% MR 1
MINC 74362DAA6 PMIT 2019-3A A 3.19 7/15/2025 161,617.91 100.48 162,392.24 0.22% MR 1
MINC 152314LE8 CXHE 2004-D AF5 5.85 9/25/2034 158,750.70 101.48 161,096.46 0.22% MR 1
MINC 03523TBX5 ANHEUSER-BUSCH INBEV WOR 4.15 1/23/2025 148,000.00 108.51 160,592.78 0.22% FB 1
MINC 096630AD0 BOARDWALK PIPELINES LP 4.95 12/15/2024 150,000.00 106.43 159,638.89 0.22% B 1
MINC 94981VAB3 WFMBS 2004-K 1A2 FRN 7/25/2034 153,746.61 103.00 158,363.01 0.22% MR 1
MINC 02528CAC6 ACAR 2019-1 B 3.32 4/12/2023 155,000.00 101.10 156,709.67 0.22% MR 1
MINC 94980FAA1 WFMBS 2004-A A1 FRN 2/25/2034 150,065.56 104.40 156,674.90 0.22% MR 1
MINC 96033CAA0 WESTR 2016-1A A 3.5 12/20/2028 155,273.62 100.36 155,832.54 0.21% MR 1
MINC 86359A5V1 SASC 2003-34A 6A FRN 11/25/2033 152,717.56 102.00 155,772.64 0.21% MR 1
MINC 19687VAA9 COLT 2018-2 A1 FRN 7/27/2048 154,744.93 100.65 155,747.92 0.21% MR 1
MINC 576434J39 MALT 2005-2 2A1 6 1/25/2035 145,385.38 106.45 154,757.75 0.21% MR 1
MINC 00772BAR2 AERCAP IRELAND CAP/GLOBA 3.95 2/1/2022 150,000.00 103.17 154,748.83 0.21% FB 1
MINC 06051GBE8 BAFC 2004-A 5A1 FRN 7/20/2034 151,358.70 102.06 154,483.47 0.21% MR 1
MINC BL3117563 00001 ALBERTSON'S 10/18 B7 COV-LITE TERM LOAN 151,386.12 100.75 152,521.52 0.21% TL 1
MINC 06051GHB8 BANK OF AMERICA CORP FRN 2/5/2026 153,000.00 99.31 151,942.47 0.21% B 1
MINC 30166JAC9 EART 2017-1A B 3 12/15/2021 149,962.25 100.26 150,352.06 0.21% MR 1
MINC 07324YAC3 BAYC 2006-2A A2 FRN 7/25/2036 155,033.83 96.74 149,973.00 0.21% MR 1
MINC 89178AAA4 TPHT 2019-HE1 A1 FRN 4/25/2048 148,526.54 100.15 148,746.86 0.20% MR 1
MINC 32058NAJ2 FIAOT 2017-1A D 3.6 4/17/2023 145,000.00 101.69 147,444.15 0.20% MR 1
MINC 65341KBA3 NFMOT 2018-1A A2 3.22 2/15/2023 145,000.00 101.26 146,821.43 0.20% MR 1
MINC 03463TAA8 AOMT 2018-1 A1 FRN 4/27/2048 146,101.36 100.49 146,810.93 0.20% MR 1
MINC 68504TAA2 ONGLT 2015-AA A 2.88 9/8/2027 146,209.82 100.30 146,649.36 0.20% MR 1
MINC 042858AA8 ARRW 2019-2 A1 FRN 4/25/2049 142,196.27 101.69 144,603.52 0.20% MR 1
MINC 12061AAA6 BHLD 2019-1 A1 3.613 10/26/2048 142,099.84 101.28 143,919.73 0.20% MR 1
MINC 55388PAB6 MVWOT 2015-1A B 2.96 12/20/2032 143,375.61 100.05 143,451.91 0.20% MR 1
MINC 86359BBS9 SASC 2003-37A 2A FRN 12/25/2033 132,927.45 102.67 136,474.49 0.19% MR 1
MINC 36418GAU8 GFMT 2018-2 A41 FRN 10/25/2058 130,956.66 102.72 134,518.67 0.18% MR 1
MINC 05946XPV9 BAFC 2005-1 1A1 5.5 2/25/2035 128,961.71 102.45 132,121.40 0.18% MR 1
MINC 74140RAA4 PRET 2018-NPL3 A1 FRN 8/25/2033 131,252.07 100.52 131,930.11 0.18% MR 1
MINC 64828YAR2 NRZT 2014-2A A3 FRN 5/25/2054 126,633.91 101.74 128,841.11 0.18% MR 1
MINC 466247K51 JPMMT 2006-A2 4A1 FRN 8/25/2034 114,145.65 104.66 119,460.81 0.16% MR 1
MINC 576436CN7 MASD 2005-3 A2 5.704 11/25/2035 112,143.50 101.08 113,356.42 0.16% MR 1
MINC 635419AE4 NATCM 2008-1 2A1 6 3/25/2038 107,279.45 104.10 111,676.04 0.15% MR 1
MINC BL3112358 00001 CLEAR CHANNEL OUTDOOR HO 5.7656 08/21/26 TERM LOAN 110,000.00 100.44 110,481.25 0.15% TL 1
MINC 22541Q2D3 CSFB 2003-AR30 5A1 FRN 1/25/2034 106,821.88 102.68 109,686.00 0.15% MR 1
MINC 900123AW0 REPUBLIC OF TURKEY 7.375 2/5/2025 105,000.00 104.42 109,644.15 0.15% FB 1
MINC 92257LAB6 VCC 2017-1 AFX FRN 5/25/2047 108,712.29 99.68 108,367.63 0.15% MR 1
MINC 88033GCY4 TENET HEALTHCARE CORP 4.875 1/1/2026 105,000.00 102.13 107,231.25 0.15% B 1
MINC 9292274D5 WAMU 2003-AR6 A1 FRN 6/25/2033 103,297.31 103.29 106,698.27 0.15% MR 1
MINC 03463VAA3 AOMT 2018-2 A1 FRN 7/27/2048 104,493.32 101.22 105,766.40 0.15% MR 1
MINC BL2870022 NEXSTAR BROADCAS 6/19/2026 Term Loan 105,000.00 100.67 105,702.98 0.15% TL 1
MINC 38061LAA7 GLDKR 2014-A A 3.22 3/17/2031 105,651.96 100.01 105,659.80 0.15% MR 1
MINC 38145GAG5 GOLDMAN SACHS GROUP INC 2.35 11/15/2021 105,000.00 99.89 104,883.18 0.14% B 1
MINC 949808BC2 WFMBS 2003-J 5A1 FRN 10/25/2033 98,189.10 103.66 101,786.19 0.14% MR 1
MINC 91832XAA8 VOLT 2018-NPL7 A1A FRN 9/25/2048 97,791.27 100.74 98,514.77 0.14% MR 1
MINC 64829YAA8 NRZT 2019-NQM1 A1 FRN 1/25/2049 96,617.70 101.64 98,206.35 0.13% MR 1
MINC 12667FRY3 CWALT 2004-22CB 1A1 6 10/25/2034 85,727.62 102.60 87,952.80 0.12% MR 1
MINC 909287AA2 UAL 2007 PASS TRUST 6.636 7/2/2022 82,078.90 105.82 86,855.89 0.12% B 1
MINC 24381FAC9 DRMT 2017-3A A3 FRN 10/25/2047 86,245.37 99.98 86,223.84 0.12% MR 1
MINC 949808AP4 WFMBS 2003-J 2A1 FRN 10/25/2033 83,349.94 102.74 85,631.13 0.12% MR 1
MINC BL2831503 00001 Meredith 10/18 Cov-Lite Term Loan 85,472.85 100.13 85,585.25 0.12% TL 1
MINC 26208BAL4 DRIVE 2016-CA C 3.02 11/15/2021 80,819.63 100.09 80,891.04 0.11% MR 1
MINC BL2249789 00003 ELDORADO RESORTS INC 04/17/24 TERM LOAN 80,584.53 99.98 80,568.01 0.11% TL 1
MINC 126650DD9 CVS HEALTH CORP FRN 3/9/2021 80,000.00 100.53 80,423.72 0.11% B 1
MINC 83405DAB4 SOFI 2017-C A2A 1.75 7/25/2040 79,447.49 99.87 79,344.22 0.11% MR 1
MINC 00435QAA5 ACC 2018-1 A 3.7 12/21/2020 79,077.80 100.10 79,153.10 0.11% MR 1
MINC 35104VAB8 FCRT 2016-1 A2 2.87 10/15/2021 77,168.69 100.08 77,228.62 0.11% MR 1
MINC 24381CAA0 DRMT 2017-2A A1 FRN 6/25/2047 76,325.34 99.93 76,271.44 0.10% MR 1
MINC BL2249789 00002 ELDORADO RESORTS INC 04/17/24 Term Loan 75,890.77 99.98 75,875.21 0.10% TL 1
MINC 17288XAB0 CITADEL LP 4.875 1/15/2027 75,000.00 99.96 74,971.98 0.10% B 1
MINC 893647AX5 TRANSDIGM INC 6.5 7/15/2024 70,000.00 103.75 72,625.00 0.10% B 1
MINC 92536MAC5 VERUS 2018-INV1 A3 FRN 3/25/2058 70,570.17 100.70 71,066.37 0.10% MR 1
MINC BL3108760 KESTREL BIDCO INC 08/07/2026 TERM LOAN 70,000.00 100.81 70,564.55 0.10% TL 1
MINC 44935AAB1 HALST 2018-A A2A 2.55 8/17/2020 69,198.83 100.02 69,211.67 0.10% MR 1
MINC 05606VAA6 BXGNT 2013-A A 3.01 12/4/2028 69,010.70 99.64 68,760.35 0.09% MR 1
MINC 92536BAA3 VERUS 2017-1A A1 FRN 1/25/2047 67,881.18 100.07 67,931.33 0.09% MR 1
MINC BL2849315 00001 COMMSCOPE INC 04/06/26 TERM LOAN 65,000.00 99.96 64,973.03 0.09% TL 1
MINC 70014LAC4 PARK AEROSPACE HOLDINGS 4.5 3/15/2023 62,464.00 103.02 64,351.04 0.09% FB 1
MINC 07325VAC8 BAYV 2007-A 1A2 6.205 5/28/2037 61,697.54 100.17 61,804.94 0.08% MR 1
MINC 88161DAA9 TESLA 2018-A A 2.32 12/20/2019 59,527.56 100.00 59,527.55 0.08% MR 1
MINC 86359BNT4 SARM 2004-4 3A1 FRN 4/25/2034 56,131.83 103.72 58,220.46 0.08% MR 1
MINC 89114QCA4 TORONTO-DOMINION BANK 2.65 6/12/2024 57,000.00 101.42 57,811.87 0.08% FB 1
MINC 939336J38 WAMMS 2003-AR4 2A1 FRN 8/25/2033 54,516.11 99.56 54,278.33 0.07% MR 1
MINC 949832AP4 WFMBS 2005-14 2A1 5.5 12/25/2035 49,980.61 105.08 52,520.36 0.07% MR 1
MINC 83085LAA5 SKOP 2018-1A A 3.19 9/15/2021 51,231.66 100.07 51,266.96 0.07% MR 1
MINC 534187AU3 LINCOLN NATIONAL CORP FRN 4/20/2067 60,000.00 79.65 47,791.20 0.07% B 1
MINC 04542BMU3 ABFC 2005-AQ1 A6 4.725703 1/25/2035 46,225.11 103.23 47,716.45 0.07% MR 1
MINC 94981VAY3 WFMBS 2004-K 2A12 FRN 7/25/2034 47,139.11 100.81 47,521.69 0.07% MR 1
MINC 82967NBE7 SIRIUS XM RADIO INC 4.625 7/15/2024 45,000.00 103.88 46,743.75 0.06% B 1
MINC 94980RAC1 WFMBS 2004-Z 2A1 FRN 12/25/2034 42,267.35 102.82 43,457.51 0.06% MR 1
MINC 22541SXJ2 CSFB 2004-AR8 6A1 FRN 9/25/2034 36,529.95 101.99 37,257.39 0.05% MR 1
MINC 23341KAC9 DRB 2015-D A3 2.5 1/25/2036 33,715.08 99.98 33,710.01 0.05% MR 1
MINC 02209SBC6 ALTRIA GROUP INC 4.4 2/14/2026 30,000.00 107.57 32,271.27 0.04% B 1
MINC 26223UAD1 DRUGB 2014-1 A2 3.484 7/15/2023 29,475.12 99.97 29,466.87 0.04% MR 1
MINC 22541SX29 CSFB 2004-8 6A1 4.5 12/25/2019 22,797.73 99.94 22,784.82 0.03% MR 1
MINC 36242DSS3 GSAA 2005-1 AF4 5.619 11/25/2034 22,774.96 100.04 22,783.55 0.03% MR 1
MINC BL2249789 00001 ELDORADO RESORTS INC 04/17/24 Term Loan 19,763.22 99.98 19,759.17 0.03% TL 1
MINC 02209SBA0 ALTRIA GROUP INC 3.49 2/14/2022 18,000.00 102.62 18,471.23 0.03% B 1
MINC 620076BB4 MOTOROLA SOLUTIONS INC 3.75 5/15/2022 15,173.00 102.91 15,614.23 0.02% B 1
MINC 210805DS3 CONTL AIRLINES 1999-2 6.236 3/15/2020 15,074.86 101.59 15,314.31 0.02% B 1
MINC 744320AM4 PRUDENTIAL FINANCIAL INC FRN 6/15/2043 14,000.00 106.85 14,958.51 0.02% B 1
MINC 94979WAA7 WFMBS 2003-G A1 FRN 6/25/2033 14,222.37 103.24 14,683.13 0.02% MR 1
MINC 78447VAB4 SLMA 2013-B A2A 1.85 6/17/2030 9,181.89 99.96 9,177.85 0.01% MR 1
MINC 74361HAA8 PMIT 2018-1A A 3.11 6/17/2024 7,435.95 100.00 7,435.95 0.01% MR 1
MINC 83403YAA2 SOFI 2017-B A1FX 1.83 5/25/2040 6,811.87 100.11 6,819.32 0.01% MR 1
MINC X9USDJPMR JP MORGAN USD GOVT MONEY MARKET INSTL 1,360,849.56 1.00 1,360,849.56 1.87% MM 0
MINC CASH (101,688.05) 100.00 (101,688.05) -0.14% CA 0

FUND

Characteristics

As of 07/31/2019

MINC Sector Allocation

FUND

Fixed Income Attributes

As of 08/31/2019

Duration 1.68 years
Duration 1.72 years
Yield to Maturity 3.14%
30-Day SEC Subsidized Yield 2.71%
30-Day SEC Unsubsidized Yield 2.60%

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 0.19%
Gross Expense Ratio 0.69%
Net Expense Ratio 0.69%

*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.

Last Ten

Fund Distributions

Ex-Date Record Date Pay Date Cash Div ST Cap Gain LT Cap Gain Return of Capital Total Distribution (per share) MINC
12/27/2019 12/30/2019 - - - - -
11/26/2019 11/27/2019 - - - - -
10/28/2019 10/29/2019 - - - - -
09/25/2019 09/26/2019 - - - - -
08/27/2019 08/28/2019 08/30/2019 $0.11936 $0.00 $0.00 $0.00 $0.11936
07/26/2019 07/29/2019 07/31/2019 $0.12340 $0.00 $0.00 $0.00 $0.12340
06/25/2019 06/26/2019 06/28/2019 $0.10640 $0.00 $0.00 $0.00 $0.10640
05/28/2019 05/29/2019 05/31/2019 $0.13730 $0.00 $0.00 $0.00 $0.13730
04/25/2019 04/26/2019 04/30/2019 $0.11460 $0.00 $0.00 $0.00 $0.11460
03/26/2019 03/27/2019 03/29/2019 $0.11930 $0.00 $0.00 $0.00 $0.11930
01/28/2019 01/29/2019 01/31/2019 $0.11126 $0.00 $0.00 $0.00 $0.11126
12/27/2018 12/28/2018 12/31/2018 $0.14051 $0.00 $0.00 $0.00 $0.14051
11/27/2018 11/28/2018 11/30/2018 $0.12116 $0.00 $0.00 $0.00 $0.12116
10/26/2018 10/29/2018 10/31/2018 $0.11521 $0.00 $0.00 $0.00 $0.11521
09/26/2018 09/27/2018 09/28/2018 $0.10883 $0.00 $0.00 $0.00 $0.10883
08/27/2018 08/28/2018 08/31/2018 $0.12119 $0.00 $0.00 $0.00 $0.12119
07/26/2018 07/27/2018 07/31/2018 $0.11535 $0.00 $0.00 $0.00 $0.11535
06/25/2018 06/26/2018 06/29/2018 $0.11438 $0.00 $0.00 $0.00 $0.11438
05/25/2018 05/29/2018 05/31/2018 $0.10979 $0.00 $0.00 $0.00 $0.10979
04/25/2018 04/26/2018 04/30/2018 $0.10470 $0.00 $0.00 $0.00 $0.10470
03/26/2018 03/27/2018 03/29/2018 $0.09503 $0.00 $0.00 $0.00 $0.09503
02/26/2018 02/27/2018 02/28/2018 $0.10850 $0.00 $0.00 $0.00 $0.10850
01/26/2018 01/29/2018 01/31/2018 $0.09200 $0.00 $0.00 $0.00 $0.09200
12/27/2017 12/28/2017 12/29/2017 $0.11877 $0.00 $0.00 $0.00 $0.11877
11/28/2017 11/29/2017 11/30/2017 $0.10658 $0.00 $0.00 $0.00 $0.10658
10/27/2017 10/30/2017 10/31/2017 $0.10303 $0.00 $0.00 $0.00 $0.10303
09/26/2017 09/27/2017 09/29/2017 $0.10336 $0.00 $0.00 $0.00 $0.10336
08/25/2017 08/29/2017 08/31/2017 $0.09293 $0.00 $0.00 $0.00 $0.09293
07/26/2017 07/28/2017 07/31/2017 $0.09945 $0.00 $0.00 $0.00 $0.09945
06/23/2017 06/28/2017 06/30/2017 $0.10254 $0.00 $0.00 $0.00 $0.10254
05/23/2017 05/26/2017 05/31/2017 $0.10058 $0.00 $0.00 $0.00 $0.10058
04/21/2017 04/26/2017 04/28/2017 $0.10116 $0.00 $0.00 $0.00 $0.10116
03/24/2017 03/28/2017 03/31/2017 $0.10365 $0.00 $0.00 $0.00 $0.10365
02/23/2017 02/27/2017 02/28/2017 $0.10024 $0.00 $0.00 $0.00 $0.10024
01/25/2017 01/27/2017 01/31/2017 $0.08910 $0.00 $0.00 $0.00 $0.08910
12/23/2016 12/28/2016 12/30/2016 $0.13070 $0.00 $0.00 $0.00 $0.13070
11/23/2016 11/28/2016 11/30/2016 $0.09960 $0.00 $0.00 $0.00 $0.09960
10/25/2016 10/27/2016 10/31/2016 $0.10240 $0.00 $0.00 $0.00 $0.10240
09/26/2016 09/28/2016 09/30/2016 $0.11100 $0.00 $0.00 $0.00 $0.11100
08/25/2016 08/29/2016 08/31/2016 $0.11110 $0.00 $0.00 $0.00 $0.11110
07/25/2016 07/27/2016 07/29/2016 $0.11430 $0.00 $0.00 $0.00 $0.11430
06/24/2016 06/28/2016 06/30/2016 $0.11580 $0.00 $0.00 $0.00 $0.11580
05/24/2016 05/26/2016 05/31/2016 $0.11180 $0.00 $0.00 $0.00 $0.11180
04/25/2016 04/27/2016 04/29/2016 $0.12390 $0.00 $0.00 $0.00 $0.12390
03/24/2016 03/29/2016 03/31/2016 $0.12170 $0.00 $0.00 $0.00 $0.12170
02/23/2016 02/25/2016 02/29/2016 $0.10290 $0.00 $0.00 $0.00 $0.10290
01/25/2016 01/27/2016 01/29/2016 $0.08830 $0.00 $0.00 $0.00 $0.08830
12/24/2015 12/29/2015 12/31/2015 $0.14670 $0.00 $0.00 $0.00 $0.14670
11/23/2015 11/25/2015 11/30/2015 $0.10730 $0.00 $0.00 $0.00 $0.10730
10/26/2015 10/28/2015 10/30/2015 $0.11920 $0.00 $0.00 $0.00 $0.11920
09/24/2015 09/28/2015 09/30/2015 $0.11590 $0.00 $0.00 $0.00 $0.11590
08/25/2015 08/27/2015 08/31/2015 $0.11960 $0.00 $0.00 $0.00 $0.11960
07/24/2015 07/28/2015 07/30/2015 $0.09420 $0.00 $0.00 $0.00 $0.09420
06/24/2015 06/26/2015 06/30/2015 $0.12300 $0.00 $0.00 $0.00 $0.12300
05/22/2015 05/27/2015 05/29/2015 $0.10110 $0.00 $0.00 $0.00 $0.10110
04/24/2015 04/28/2015 04/30/2015 $0.11240 $0.00 $0.00 $0.00 $0.11240
03/25/2015 03/27/2015 03/31/2015 $0.12150 $0.00 $0.00 $0.00 $0.12150
02/23/2015 02/25/2015 02/27/2015 $0.10510 $0.00 $0.00 $0.00 $0.10510
01/26/2015 01/28/2015 01/30/2015 $0.07940 $0.00 $0.00 $0.00 $0.07940
12/24/2014 12/29/2014 12/31/2014 $0.16400 $0.00 $0.00 $0.00 $0.16400
11/21/2014 11/25/2014 11/28/2014 $0.09500 $0.00 $0.00 $0.00 $0.09500
10/27/2014 10/29/2014 10/31/2014 $0.12800 $0.00 $0.00 $0.00 $0.12800
09/24/2014 09/26/2014 09/30/2014 $0.11400 $0.00 $0.00 $0.00 $0.11400
08/25/2014 08/27/2014 08/29/2014 $0.11500 $0.00 $0.00 $0.00 $0.11500
07/25/2014 07/29/2014 07/31/2014 $0.11400 $0.00 $0.00 $0.00 $0.11400
06/24/2014 06/26/2014 06/30/2014 $0.12300 $0.00 $0.00 $0.00 $0.12300
05/23/2014 05/28/2014 05/30/2014 $0.09700 $0.00 $0.00 $0.00 $0.09700
04/24/2014 04/28/2014 04/30/2014 $0.11300 $0.00 $0.00 $0.00 $0.11300
03/25/2014 03/27/2014 03/31/2014 $0.11100 $0.00 $0.00 $0.00 $0.11100
02/24/2014 02/26/2014 02/28/2014 $0.12600 $0.00 $0.00 $0.00 $0.12600
01/27/2014 01/29/2014 01/31/2014 $0.09500 $0.00 $0.00 $0.00 $0.09500
12/24/2013 12/27/2013 12/31/2013 $0.13200 $0.00 $0.00 $0.00 $0.13200
11/22/2013 11/26/2013 11/29/2013 $0.10900 $0.00 $0.00 $0.00 $0.10900
10/25/2013 10/29/2013 10/31/2013 $0.12100 $0.00 $0.00 $0.00 $0.12100
09/24/2013 09/26/2013 09/30/2013 $0.10600 $0.00 $0.00 $0.00 $0.10600
08/26/2013 08/28/2013 08/30/2013 $0.11400 $0.00 $0.00 $0.00 $0.11400
07/25/2013 07/29/2013 07/31/2013 $0.10900 $0.00 $0.00 $0.00 $0.10900
06/24/2013 06/26/2013 06/28/2013 $0.10800 $0.00 $0.00 $0.00 $0.10800
05/24/2013 05/29/2013 05/31/2013 $0.09300 $0.00 $0.00 $0.00 $0.09300
04/24/2013 04/26/2013 04/30/2013 $0.05100 $0.00 $0.00 $0.00 $0.05100
  • 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.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.

    © 2019 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.

    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 8/31/2019. Category consists of 490 funds in 3 year and 437 in 5 year. MINC received a 4 star rating in the 3 year and a 4 star in the 5 year.

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  • Definitions
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  • 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.