# United Income, Inc.

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 1679524. Source: https://holderbook.com/funds/1679524-united-income-inc/

- Reported value: $429.8M
- Positions: 198
- Weight of the ten largest: 44.0%
- Filed: 2019-11-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $40.0M | 134,613 | 9.3% | 4 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $38.5M | 629,821 | 8.9% | 4 |
| VANGUARD BD INDEX FDS | [BND](https://holderbook.com/stocks/BND/) | $20.3M | 240,684 | 4.7% | 4 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $19.9M | 338,534 | 4.6% | 4 |
| GOLDMAN SACHS ETF TR | [GSIE](https://holderbook.com/stocks/GSIE/) | $19.5M | 690,503 | 4.5% | 4 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $12.1M | 247,668 | 2.8% | 4 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $10.8M | 220,078 | 2.5% | 4 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $10.1M | 89,388 | 2.4% | 4 |
| SCHWAB STRATEGIC TR | [FNDC](https://holderbook.com/stocks/FNDC/) | $9.7M | 317,784 | 2.3% | 4 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $8.2M | 102,472 | 1.9% | 4 |
| VANGUARD SCOTTSDALE FDS | [VCIT](https://holderbook.com/stocks/VCIT/) | $8.1M | 88,600 | 1.9% | 4 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $7.8M | 65,326 | 1.8% | 4 |
| VANGUARD SCOTTSDALE FDS | [VGSH](https://holderbook.com/stocks/VGSH/) | $6.6M | 108,444 | 1.5% | 4 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $6.3M | 76,536 | 1.5% | 4 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $6.1M | 66,200 | 1.4% | 4 |
| GOLDMAN SACHS ETF TR | [GEM](https://holderbook.com/stocks/GEM/) | $6.1M | 193,269 | 1.4% | 4 |
| SCHWAB STRATEGIC TR | [FNDA](https://holderbook.com/stocks/FNDA/) | $5.8M | 154,505 | 1.4% | 4 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $5.5M | 86,644 | 1.3% | 4 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $5.5M | 60,962 | 1.3% | 4 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $5.0M | 71,246 | 1.2% | 4 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $5.0M | 33,095 | 1.2% | 4 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $4.9M | 176,980 | 1.2% | 4 |
| VANGUARD SCOTTSDALE FDS | [VGIT](https://holderbook.com/stocks/VGIT/) | $4.8M | 72,304 | 1.1% | 4 |
| SPDR SERIES TRUST | [FLRN](https://holderbook.com/stocks/FLRN/) | $4.5M | 147,591 | 1.1% | 4 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $4.4M | 118,357 | 1.0% | 4 |
| INVESCO EXCH TRADED FD TR II | [XSLV](https://holderbook.com/stocks/XSLV/) | $4.2M | 85,901 | 1.0% | 4 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $4.1M | 36,156 | 1.0% | 4 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $3.9M | 32,408 | 0.9% | 4 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $3.6M | 72,862 | 0.8% | 4 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $3.2M | 41,785 | 0.8% | 4 |
| WISDOMTREE TR | [DGS](https://holderbook.com/stocks/DGS/) | $3.1M | 69,615 | 0.7% | 4 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.0M | 60,425 | 0.7% | 4 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $3.0M | 132,304 | 0.7% | 4 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $2.9M | 19,747 | 0.7% | 4 |
| SELECT SECTOR SPDR TR | [XLP](https://holderbook.com/stocks/XLP/) | $2.8M | 46,117 | 0.7% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.7M | 1,566 | 0.6% | 4 |
| ISHARES TR | [IBDQ](https://holderbook.com/stocks/IBDQ/) | $2.7M | 104,409 | 0.6% | 4 |
| SPDR SERIES TRUST | [SHM](https://holderbook.com/stocks/SHM/) | $2.7M | 54,615 | 0.6% | 3 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $2.7M | 30,474 | 0.6% | 4 |
| ISHARES TR | [IGM](https://holderbook.com/stocks/IGM/) | $2.6M | 12,048 | 0.6% | 4 |
| ALLIANCE RESOURCE PARTNERS L | [ARLP](https://holderbook.com/stocks/ARLP/) | $2.6M | 162,599 | 0.6% | 1 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $2.3M | 7,946 | 0.5% | 4 |
| INVESCO ACTIVELY MANAGED EXC | [GSY](https://holderbook.com/stocks/GSY/) | $2.3M | 45,817 | 0.5% | 4 |
| SPDR SERIES TRUST | [CWB](https://holderbook.com/stocks/CWB/) | $2.1M | 40,983 | 0.5% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $2.1M | 7,035 | 0.5% | 4 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $2.0M | 71,396 | 0.5% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.0M | 28,584 | 0.5% | 4 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $1.9M | 14,167 | 0.5% | 4 |
| PIMCO ETF TR | [BOND](https://holderbook.com/stocks/BOND/) | $1.8M | 16,579 | 0.4% | 1 |
| INVESCO EXCHANGE TRADED FD T | [PNQI](https://holderbook.com/stocks/PNQI/) | $1.8M | 13,585 | 0.4% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.5M | 11,597 | 0.3% | 4 |
| ISHARES TR | [IBDD](https://holderbook.com/stocks/IBDD/) | $1.4M | 53,407 | 0.3% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.4M | 6,300 | 0.3% | 4 |
| ISHARES TR | [IBDC](https://holderbook.com/stocks/IBDC/) | $1.4M | 51,872 | 0.3% | 4 |
| PIMCO ETF TR | [MINT](https://holderbook.com/stocks/MINT/) | $1.3M | 13,262 | 0.3% | 4 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $1.3M | 19,777 | 0.3% | 4 |
| ISHARES TR | [IBDL](https://holderbook.com/stocks/IBDL/) | $1.3M | 49,943 | 0.3% | 4 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $1.2M | 23,161 | 0.3% | 1 |
| ISHARES TR | [IBDP](https://holderbook.com/stocks/IBDP/) | $1.2M | 48,077 | 0.3% | 4 |
| MAGELLAN MIDSTREAM PRTNRS LP | [MMP](https://holderbook.com/stocks/MMP/) | $1.2M | 18,390 | 0.3% | 4 |
| ETF MANAGERS TR | [IPAYXXXX](https://holderbook.com/stocks/IPAYXXXX/) | $1.2M | 25,633 | 0.3% | 4 |
| SELECT SECTOR SPDR TR | [XLRE](https://holderbook.com/stocks/XLRE/) | $1.2M | 30,104 | 0.3% | 4 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $1.1M | 21,044 | 0.3% | 3 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $1.1M | 17,822 | 0.3% | 4 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $1.1M | 14,158 | 0.3% | 4 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $1.1M | 6,369 | 0.3% | 4 |
| ISHARES TR | [ITA](https://holderbook.com/stocks/ITA/) | $1.1M | 4,765 | 0.2% | 4 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $1.1M | 19,781 | 0.2% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.0M | 849 | 0.2% | 4 |
| ETF MANAGERS TR | [HACKXXXX](https://holderbook.com/stocks/HACKXXXX/) | $1.0M | 27,657 | 0.2% | 4 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.0M | 19,800 | 0.2% | 4 |
| ISHARES TR | [INTF](https://holderbook.com/stocks/INTF/) | $1.0M | 39,486 | 0.2% | 1 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $1.0M | 8,480 | 0.2% | 4 |
| SPDR INDEX SHS FDS | [CWI](https://holderbook.com/stocks/CWI/) | $996.0K | 41,374 | 0.2% | 4 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $985.0K | 75,158 | 0.2% | 4 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $985.0K | 16,329 | 0.2% | 4 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $953.0K | 16,091 | 0.2% | 4 |
| ISHARES TR | [EFAV](https://holderbook.com/stocks/EFAV/) | $940.0K | 12,832 | 0.2% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $925.0K | 4,464 | 0.2% | 4 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $917.0K | 11,330 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $912.0K | 8,157 | 0.2% | 4 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $904.0K | 15,568 | 0.2% | 4 |
| VANGUARD SPECIALIZED FUNDS | [VIG](https://holderbook.com/stocks/VIG/) | $894.0K | 7,475 | 0.2% | 4 |
| FIRST TR EXCHANGE-TRADED FD | [LMBS](https://holderbook.com/stocks/LMBS/) | $853.0K | 16,453 | 0.2% | 4 |
| WISDOMTREE TR | [DLS](https://holderbook.com/stocks/DLS/) | $851.0K | 13,411 | 0.2% | 1 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $834.0K | 9,184 | 0.2% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $819.0K | 16,201 | 0.2% | 3 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $810.0K | 3,650 | 0.2% | 4 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $809.0K | 2,804 | 0.2% | 4 |
| ISHARES TR | [FLOT](https://holderbook.com/stocks/FLOT/) | $791.0K | 15,599 | 0.2% | 2 |
| VANGUARD INDEX FDS | [VBR](https://holderbook.com/stocks/VBR/) | $767.0K | 5,979 | 0.2% | 4 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $766.0K | 2,013 | 0.2% | 2 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $754.0K | 6,412 | 0.2% | 3 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $734.0K | 9,700 | 0.2% | 3 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $726.0K | 5,569 | 0.2% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $713.0K | 5,731 | 0.2% | 4 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $710.0K | 8,389 | 0.2% | 1 |
| INVESCO EXCHANGE TRADED FD T | [PBE](https://holderbook.com/stocks/PBE/) | $707.0K | 14,909 | 0.2% | 4 |
| ISHARES TR | [IBB](https://holderbook.com/stocks/IBB/) | $699.0K | 7,017 | 0.2% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $698.0K | 5,890 | 0.2% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2019 | +0.1% | +1.3% | -1.2% | 98% |
| Q2 2019 | +2.4% | +3.7% | -1.3% | 98% |
| Q1 2019 | +8.6% | +13.0% | -4.4% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $429.8M | 198 |
| Q2 2019 | $407.1M | 170 |
| Q1 2019 | $374.8M | 185 |
| Q4 2018 | $282.7M | 138 |