(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

NAV as of 5/26/2023

$44.64

1 Day NAV Change as of 5/26/2023

$-0.02

Manager Commentary

Fact Sheet

Social Conversation

MINC

Overview

The AdvisorShares Newfleet Multi-Sector Income ETF (NYSE Arca: MINC) seeks to provide current income consistent with preservation of capital, while limiting fluctuations in net asset value (“NAV”) due to changes in interest rates. MINC is managed by Newfleet Asset Management (“Portfolio Manager”), an investment subsidiary of Virtus Investment Partners. Newfleet believes that active fixed income sector rotation and quality security selection, combined with disciplined risk management, offers the best potential to achieve the Fund’s investment objective of providing a high level of total return, including a competitive level of current income in the fixed income market.

Symbol	Exchange	Inception Date	CUSIP	Indicative NAV
MINC	NYSE Arca	3/19/2013	00768Y727	MINC.NV

Why Invest in MINC?

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.

Key Attributes

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.
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.
Active Bond Sector Rotation – The Portfolio Manager actively seeks to strategically overweight undervalued bond sectors in an effort to add value to the portfolio.
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%.
Professional Experience – The portfolio management team has over 70 years of combined investment experience. MINC is being carefully managed by seasoned investment professionals.

About the Portfolio Managers

David L. Albrycht, CFA. – President and Chief Investment Officer
David Albrycht is president and chief investment officer of Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Prior to joining Newfleet in 2011, Mr. Albrycht was executive managing director and senior portfolio manager with Goodwin Capital Advisers, a former Virtus investment management subsidiary. He joined the Goodwin multi-sector fixed income team in 1985 as a credit analyst and has managed fixed income portfolios since 1991.

Mr. Albrycht earned a B.A., cum laude, from Central Connecticut State University and an M.B.A., with honors, from the University of Connecticut. He holds the Chartered Financial Analyst designation.

Benjamin L. Caron, CFA, Senior Managing Director
In his current role, Mr. Caron is co-portfolio manager of, and assists in the management of, several fixed income portfolios at Newfleet Asset Management, an investment management affiliate of Virtus Investment Partners. Working with the CIO and senior portfolio manager, Mr. Caron contributes to multi-sector strategy and is responsible for strategy execution and portfolio monitoring across open-end funds, closed-end funds, ETFs, and offshore vehicles that the team manages. Prior to joining the Sub-Advisor in 2011, Mr. Caron was on the fixed income team at Goodwin Capital Advisers (the former Phoenix Investment Counsel).

Mr. Caron earned a B.A. from Syracuse University and an M.B.A. from Suffolk University. He is a CFA® (Chartered Financial Analyst®) charterholder. Mr. Caron began his career in the investment industry in 1997.

Manager Commentary

Fund

Price History

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

Quarter End Date	Days	< -0.2%	≥ -0.2% and < 0.0%	> 0.0% and ≤ 0.2%	> 0.2%	> 2.0%
03/31/2023	63	0	54	6	2	0
12/31/2022	63	0	44	19	0	0
09/30/2022	64	0	41	7	16	0
06/30/2022	62	2	38	21	1	0
03/31/2022	62	0	42	19	1	0
12/31/2021	64	1	39	20	4	0
09/30/2021	64	0	23	11	29	1
06/30/2021	63	1	35	28	0	0
03/31/2021	61	3	22	31	5	0

Date	NAV
05/17/2023	44.98
05/16/2023	45.02
05/15/2023	45.08
05/12/2023	45.11
05/11/2023	45.17
05/10/2023	45.17
05/09/2023	45.06
05/08/2023	45.08
05/05/2023	45.15
05/04/2023	45.27
05/03/2023	45.18
05/02/2023	45.14
05/01/2023	45.03
04/28/2023	45.08
04/27/2023	45.02
04/26/2023	45.11
04/25/2023	45.14
04/24/2023	45.00
04/21/2023	45.07
04/20/2023	45.05
04/19/2023	44.93
04/17/2023	44.98
04/16/2023	45.02
04/13/2023	45.08
04/12/2023	45.08
04/11/2023	45.01
04/10/2023	45.01
04/06/2023	45.14
04/05/2023	45.15
04/04/2023	45.12
04/03/2023	45.00
03/31/2023	44.90
03/30/2023	44.84
03/29/2023	44.80
03/28/2023	44.81
03/27/2023	44.88
03/24/2023	45.02
03/23/2023	45.04
03/22/2023	44.89
03/21/2023	44.73
03/20/2023	44.99
03/17/2023	45.10
03/16/2023	44.89
03/15/2023	45.02
03/14/2023	44.95
03/13/2023	45.01
03/10/2023	44.88
03/09/2023	44.67
03/08/2023	44.57
03/07/2023	44.61
03/06/2023	44.69
03/03/2023	44.69
03/02/2023	44.61
03/01/2023	44.64
02/28/2023	44.72
02/27/2023	44.71
02/24/2023	44.68
02/23/2023	44.75
02/22/2023	44.71
02/21/2023	44.70
02/17/2023	44.93
02/16/2023	44.91
02/15/2023	44.91
02/14/2023	44.92
02/13/2023	44.98
02/10/2023	44.97
02/09/2023	45.00
02/08/2023	45.04
02/07/2023	45.03
02/06/2023	45.03
02/03/2023	45.14
02/02/2023	45.28
02/01/2023	45.21
01/31/2023	45.10
01/30/2023	45.07
01/27/2023	45.08
01/26/2023	45.09
01/25/2023	45.09
01/24/2023	45.07
01/23/2023	45.03
01/20/2023	45.07
01/19/2023	45.10
01/18/2023	45.15
01/17/2023	45.00
01/13/2023	44.95
01/12/2023	44.98
01/11/2023	44.86
01/10/2023	44.76
01/09/2023	44.79
01/06/2023	44.72
01/05/2023	44.57
01/04/2023	44.63
01/03/2023	44.58
12/30/2022	44.55
12/29/2022	44.55
12/28/2022	44.53
12/27/2022	44.56
12/23/2022	44.62
12/22/2022	44.92
12/21/2022	45.02
12/20/2022	44.97
12/19/2022	45.01
12/16/2022	45.06
12/15/2022	45.04
12/14/2022	45.04
12/13/2022	45.04
12/12/2022	44.85
12/09/2022	44.87
12/08/2022	44.87
12/07/2022	44.89
12/06/2022	44.81
12/05/2022	44.77
12/02/2022	44.83
12/01/2022	44.82
11/30/2022	44.68
11/29/2022	44.60
11/28/2022	44.61
11/25/2022	44.61
11/23/2022	44.60
11/22/2022	44.56
11/21/2022	44.63
11/18/2022	44.61
11/17/2022	44.61
11/16/2022	44.70
11/15/2022	44.68
11/14/2022	44.60
11/11/2022	44.61
11/10/2022	44.59
11/09/2022	44.36
11/08/2022	44.34
11/07/2022	44.29
11/04/2022	44.31
11/03/2022	44.27
11/02/2022	44.39
11/01/2022	44.40
10/31/2022	44.39
10/28/2022	44.42
10/27/2022	44.48
10/26/2022	44.45
10/25/2022	44.43
10/24/2022	44.37
10/21/2022	44.46
10/20/2022	44.40
10/19/2022	44.45
10/18/2022	44.55
10/17/2022	44.53
10/14/2022	44.49
10/13/2022	44.52
10/12/2022	44.64
10/11/2022	44.64
10/10/2022	44.67
10/07/2022	44.68
10/06/2022	44.71
10/05/2022	44.76
10/04/2022	44.83
10/03/2022	44.76
09/30/2022	44.65
09/29/2022	44.72
09/28/2022	44.92
09/27/2022	44.86
09/26/2022	44.91
09/23/2022	45.13
09/22/2022	45.23
09/21/2022	45.35
09/20/2022	45.35
09/19/2022	45.38
09/16/2022	45.43
09/15/2022	45.44
09/14/2022	45.50
09/13/2022	45.51
09/12/2022	45.65
09/09/2022	45.63
09/08/2022	45.64
09/07/2022	45.63
09/06/2022	45.59
09/02/2022	45.67
09/01/2022	45.57
08/31/2022	45.65
08/30/2022	45.66
08/29/2022	45.69
08/26/2022	45.74
08/25/2022	45.74
08/24/2022	45.70
08/23/2022	45.73
08/22/2022	45.79
08/19/2022	45.88
08/18/2022	45.92
08/17/2022	45.90
08/16/2022	45.96
08/12/2022	45.93
08/11/2022	45.90
08/10/2022	45.89
08/09/2022	45.81
08/08/2022	45.85
08/05/2022	45.80
08/04/2022	45.91
08/03/2022	45.83
08/02/2022	45.83
08/01/2022	45.96
07/29/2022	45.95
07/28/2022	45.93
07/27/2022	45.85
07/26/2022	45.78
07/25/2022	45.78
07/22/2022	45.89
07/21/2022	45.78
07/20/2022	45.62
07/19/2022	45.60
07/18/2022	45.61
07/15/2022	45.58
07/14/2022	45.54
07/13/2022	45.57
07/12/2022	45.62
07/11/2022	45.60
07/08/2022	45.55
07/07/2022	45.58
07/06/2022	45.61
07/05/2022	45.71
07/01/2022	45.69
06/30/2022	45.60
06/29/2022	45.54
06/28/2022	45.50
06/27/2022	45.52
06/24/2022	45.56
06/23/2022	45.57
06/22/2022	45.53
06/21/2022	45.51
06/20/2022	45.55
06/17/2022	45.55
06/16/2022	45.55
06/15/2022	45.56
06/14/2022	45.46
06/13/2022	45.58
06/10/2022	45.88
06/09/2022	46.06
06/08/2022	46.10
06/07/2022	46.13
06/06/2022	46.12
06/03/2022	46.17
06/02/2022	46.20
06/01/2022	46.16
05/31/2022	46.23
05/27/2022	46.26
05/26/2022	46.20
05/25/2022	46.13
05/24/2022	46.09
05/23/2022	46.04
05/20/2022	46.14
05/19/2022	46.11
05/18/2022	46.15
05/17/2022	46.15
05/16/2022	46.23
05/13/2022	46.21
05/12/2022	46.25
05/11/2022	46.28
05/10/2022	46.28
05/09/2022	46.28
05/06/2022	46.31
05/05/2022	46.33
05/04/2022	46.41
05/03/2022	46.33
05/02/2022	46.34
04/29/2022	46.40
04/28/2022	46.45
04/27/2022	46.51
04/26/2022	46.53
04/25/2022	46.48
04/22/2022	46.50
04/21/2022	46.51
04/20/2022	46.60
04/19/2022	46.61
04/18/2022	46.68
04/14/2022	46.70
04/13/2022	46.76
04/12/2022	46.75
04/11/2022	46.67
04/08/2022	46.72
04/07/2022	46.79
04/06/2022	46.78
04/05/2022	46.81
04/04/2022	46.88
04/01/2022	46.85
03/31/2022	46.93
03/30/2022	46.90
03/29/2022	46.86
03/28/2022	46.77
03/24/2022	46.90
03/23/2022	46.93
03/22/2022	46.91
03/21/2022	46.98
03/18/2022	47.08
03/17/2022	47.05
03/16/2022	47.00
03/15/2022	47.00
03/14/2022	47.03
03/11/2022	47.17
03/10/2022	47.21
03/09/2022	47.28
03/08/2022	47.32
03/07/2022	47.45
03/04/2022	47.54
03/03/2022	47.54
03/02/2022	47.56
03/01/2022	47.71
02/28/2022	47.61
02/25/2022	47.49
02/24/2022	47.46
02/23/2022	47.51
02/22/2022	47.54
02/17/2022	47.64
02/16/2022	47.62
02/15/2022	47.61
02/14/2022	47.59
02/11/2022	47.66
02/10/2022	47.67
02/09/2022	47.82
02/08/2022	47.81
02/07/2022	47.84
02/04/2022	47.84
02/03/2022	47.96
02/02/2022	48.01
02/01/2022	47.99
01/31/2022	47.97
01/28/2022	47.97
01/27/2022	47.98
01/26/2022	48.06
01/25/2022	48.10
01/24/2022	48.14
01/21/2022	48.17
01/20/2022	48.14
01/19/2022	48.15
01/18/2022	48.12
01/14/2022	48.20
01/13/2022	48.24
01/12/2022	48.23
01/11/2022	48.21
01/10/2022	48.17
01/07/2022	48.20
01/06/2022	48.21
01/05/2022	48.26
01/04/2022	48.31
01/03/2022	48.30
12/31/2021	48.36
12/30/2021	48.35
12/29/2021	48.33
12/28/2021	48.34
12/27/2021	48.33
12/23/2021	48.32
12/22/2021	48.40
12/21/2021	48.38
12/20/2021	48.40
12/17/2021	48.41
12/16/2021	48.42
12/15/2021	48.35
12/14/2021	48.38
12/13/2021	48.40
12/10/2021	48.38
12/09/2021	48.36
12/08/2021	48.37
12/07/2021	48.36
12/06/2021	48.35
12/03/2021	48.39
12/02/2021	48.33
12/01/2021	48.37
11/30/2021	48.37
11/29/2021	48.37
11/26/2021	48.37
11/24/2021	48.32
11/23/2021	48.35
11/22/2021	48.43
11/19/2021	48.51
11/18/2021	48.50
11/17/2021	48.50
11/16/2021	48.48
11/15/2021	48.50
11/12/2021	48.52
11/11/2021	48.53
11/10/2021	48.55
11/09/2021	48.65
11/08/2021	48.62
11/05/2021	48.65
11/04/2021	48.60
11/03/2021	48.54
11/02/2021	48.57
11/01/2021	48.53
10/29/2021	48.54
10/28/2021	48.55
10/27/2021	48.57
10/26/2021	48.56
10/25/2021	48.56
10/22/2021	48.60
10/21/2021	48.61
10/20/2021	48.66
10/19/2021	48.65
10/18/2021	48.64
10/15/2021	48.67
10/14/2021	48.70
10/13/2021	48.67
10/12/2021	48.68
10/11/2021	48.70
10/08/2021	48.71
10/07/2021	48.73
10/06/2021	48.74
10/05/2021	48.77
10/04/2021	48.78
10/01/2021	48.79
09/30/2021	48.75
09/29/2021	48.75
09/28/2021	48.73
09/27/2021	48.75
09/24/2021	48.77
09/23/2021	48.83
09/22/2021	48.86
09/21/2021	48.88
09/20/2021	48.88
09/17/2021	48.87
09/16/2021	48.88
09/15/2021	48.90
09/14/2021	48.91
09/13/2021	48.89
09/10/2021	48.87
09/09/2021	48.88
09/08/2021	48.87
09/07/2021	48.86
09/03/2021	48.88
09/02/2021	48.87
09/01/2021	48.86
08/31/2021	48.86
08/30/2021	48.85
08/27/2021	48.83
08/26/2021	48.80
08/25/2021	48.80
08/24/2021	48.86
08/23/2021	48.86
08/20/2021	48.85
08/19/2021	48.84
08/18/2021	48.85
08/17/2021	48.86
08/16/2021	48.88
08/13/2021	48.85
08/12/2021	48.82
08/11/2021	48.83
08/10/2021	48.81
08/09/2021	48.83
08/06/2021	48.85
08/05/2021	48.87
08/04/2021	48.90
08/03/2021	48.91
08/02/2021	48.92
07/30/2021	48.90
07/29/2021	48.88
07/28/2021	48.87
07/27/2021	48.89
07/26/2021	48.88
07/23/2021	48.96
07/22/2021	48.95
07/21/2021	48.94
07/20/2021	48.96
07/19/2021	48.95
07/16/2021	48.93
07/15/2021	48.93
07/14/2021	48.91
07/13/2021	48.88
07/12/2021	48.91
07/09/2021	48.91
07/08/2021	48.93
07/07/2021	48.92
07/06/2021	48.91
07/02/2021	48.87
07/01/2021	48.84
06/30/2021	48.85
06/29/2021	48.83
06/28/2021	48.82
06/25/2021	48.80
06/24/2021	48.80
06/23/2021	48.87
06/22/2021	48.88
06/21/2021	48.86
06/18/2021	48.86
06/17/2021	48.88
06/16/2021	48.89
06/14/2021	48.94
06/11/2021	48.95
06/10/2021	48.95
06/09/2021	48.94
06/08/2021	48.92
06/07/2021	48.90
06/04/2021	48.90
06/03/2021	48.86
06/02/2021	48.88
06/01/2021	48.86
05/28/2021	48.87
05/27/2021	48.85
05/26/2021	48.86
05/25/2021	48.85
05/24/2021	48.84
05/21/2021	48.81
05/20/2021	48.86
05/19/2021	48.84
05/18/2021	48.86

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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

Documents

MINC Investor Presentation

MINC Investment Process

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

Ex-Date	Record Date	Pay Date	Cash Div	ST Cap Gain	LT Cap Gain	Return of Capital	Total Distribution (per share)
06/22/2023	06/23/2023	06/30/2023	-	-	-	-	-
05/22/2023	05/23/2023	05/31/2023	$0.11	$0.00	$0.00	$0.00	$0.11
04/24/2023	04/25/2023	04/28/2023	$0.12	$0.00	$0.00	$0.00	$0.12
03/21/2023	03/22/2023	03/30/2023	$0.15	$0.00	$0.00	$0.00	$0.15
02/21/2023	02/22/2023	02/27/2023	$0.12	$0.00	$0.00	$0.00	$0.12
01/23/2023	01/24/2023	01/31/2023	$0.05	$0.00	$0.00	$0.00	$0.05
12/23/2022	12/27/2022	12/30/2022	$0.25	$0.00	$0.00	$0.00	$0.25
11/23/2021	11/23/2022	11/30/2022	$0.05	$0.00	$0.00	$0.00	$0.05
10/24/2022	10/25/2022	10/31/2022	$0.10	$0.00	$0.00	$0.00	$0.10
09/26/2022	09/27/2022	09/30/2022	$0.09	$0.00	$0.00	$0.00	$0.09
08/23/2022	08/24/2022	08/31/2022	$0.08	$0.00	$0.00	$0.00	$0.08
07/25/2022	07/26/2022	07/29/2022	$0.10	$0.00	$0.00	$0.00	$0.10
06/22/2022	06/23/2022	06/30/2022	$0.06	$0.00	$0.00	$0.00	$0.06
05/23/2022	05/24/2022	05/31/2022	$0.06	$0.00	$0.00	$0.00	$0.06
04/25/2022	04/26/2022	04/29/2022	$0.07	$0.00	$0.00	$0.00	$0.07
03/22/2022	03/23/2022	03/31/2022	$0.06	$0.00	$0.00	$0.00	$0.06
02/22/2022	02/23/2022	02/28/2022	$0.05	$0.00	$0.00	$0.00	$0.05
01/24/2022	01/25/2022	01/31/2022	$0.04	$0.00	$0.00	$0.00	$0.04
12/23/2021	12/27/2021	12/31/2021	$0.08	$0.00	$0.00	$0.00	$0.08
11/23/2021	11/24/2021	11/30/2021	$0.05	$0.00	$0.00	$0.00	$0.05
10/25/2021	10/26/2021	10/29/2021	$0.06	$0.00	$0.00	$0.00	$0.06
09/24/2021	09/27/2021	09/30/2021	$0.05	$0.00	$0.00	$0.00	$0.05
08/25/2021	08/26/2021	08/31/2021	$0.06	$0.00	$0.00	$0.00	$0.06
07/26/2021	07/27/2021	07/30/2021	$0.07	$0.00	$0.00	$0.00	$0.07
06/24/2021	06/25/2021	06/30/2021	$0.06	$0.00	$0.00	$0.00	$0.06
05/21/2021	05/24/2021	05/28/2021	$0.06	$0.00	$0.00	$0.00	$0.06
04/23/2021	04/26/2021	04/30/2021	$0.06	$0.00	$0.00	$0.00	$0.06
03/26/2021	03/29/2021	03/31/2021	$0.07	$0.00	$0.00	$0.00	$0.07
02/22/2021	02/23/2021	02/26/2021	$0.06	$0.00	$0.00	$0.00	$0.06
01/25/2021	01/26/2021	01/29/2021	$0.04	$0.00	$0.00	$0.00	$0.04
12/24/2020	12/28/2020	12/31/2020	$0.11	$0.00	$0.00	$0.00	$0.11
11/24/2020	11/25/2020	11/30/2020	$0.08	$0.00	$0.00	$0.00	$0.08
10/26/2020	10/27/2020	10/30/2020	$0.09	$0.00	$0.00	$0.00	$0.09
09/24/2020	09/25/2020	09/30/2020	$0.09	$0.00	$0.00	$0.00	$0.09
08/25/2020	08/26/2020	08/31/2020	$0.08	$0.00	$0.00	$0.00	$0.08
07/27/2020	07/28/2020	07/31/2020	$0.10	$0.00	$0.00	$0.00	$0.10
06/24/2020	06/25/2020	06/30/2020	$0.10	$0.00	$0.00	$0.00	$0.10
05/22/2020	05/26/2020	05/29/2020	$0.09	$0.00	$0.00	$0.00	$0.09
04/24/2020	04/27/2020	04/30/2020	$0.02	$0.00	$0.00	$0.00	$0.02
03/26/2020	03/27/2020	03/31/2020	$0.12	$0.00	$0.00	$0.00	$0.12
02/24/2020	02/25/2020	02/28/2020	$0.10	$0.00	$0.00	$0.00	$0.10
01/27/2020	01/28/2020	01/31/2020	$0.09	$0.00	$0.00	$0.00	$0.09
12/27/2019	12/30/2019	12/31/2019	$0.13	$0.00	$0.00	$0.00	$0.13
11/26/2019	11/27/2019	11/29/2019	$0.10	$0.00	$0.00	$0.00	$0.10
10/28/2019	10/29/2019	10/31/2019	$0.12	$0.00	$0.00	$0.00	$0.12
09/25/2019	09/26/2019	09/30/2019	$0.11	$0.00	$0.00	$0.00	$0.11
08/27/2019	08/28/2019	08/30/2019	$0.12	$0.00	$0.00	$0.00	$0.12
07/26/2019	07/29/2019	07/31/2019	$0.12	$0.00	$0.00	$0.00	$0.12
06/25/2019	06/26/2019	06/28/2019	$0.11	$0.00	$0.00	$0.00	$0.11
05/28/2019	05/29/2019	05/31/2019	$0.14	$0.00	$0.00	$0.00	$0.14
04/25/2019	04/26/2019	04/30/2019	$0.11	$0.00	$0.00	$0.00	$0.11
03/26/2019	03/27/2019	03/29/2019	$0.12	$0.00	$0.00	$0.00	$0.12
02/27/2019	02/26/2019	02/28/2019	$0.11	$0.00	$0.00	$0.00	$0.11
01/28/2019	01/29/2019	01/31/2019	$0.11	$0.00	$0.00	$0.00	$0.11
12/27/2018	12/28/2018	12/31/2018	$0.14	$0.00	$0.00	$0.00	$0.14
11/27/2018	11/28/2018	11/30/2018	$0.12	$0.00	$0.00	$0.00	$0.12
10/26/2018	10/29/2018	10/31/2018	$0.12	$0.00	$0.00	$0.00	$0.12
09/26/2018	09/27/2018	09/28/2018	$0.11	$0.00	$0.00	$0.00	$0.11
08/27/2018	08/28/2018	08/31/2018	$0.12	$0.00	$0.00	$0.00	$0.12
07/26/2018	07/27/2018	07/31/2018	$0.12	$0.00	$0.00	$0.00	$0.12
06/25/2018	06/26/2018	06/29/2018	$0.11	$0.00	$0.00	$0.00	$0.11
05/25/2018	05/29/2018	05/31/2018	$0.11	$0.00	$0.00	$0.00	$0.11
04/25/2018	04/26/2018	04/30/2018	$0.10	$0.00	$0.00	$0.00	$0.10
03/26/2018	03/27/2018	03/29/2018	$0.10	$0.00	$0.00	$0.00	$0.10
02/26/2018	02/27/2018	02/28/2018	$0.11	$0.00	$0.00	$0.00	$0.11
01/26/2018	01/29/2018	01/31/2018	$0.09	$0.00	$0.00	$0.00	$0.09
12/27/2017	12/28/2017	12/29/2017	$0.12	$0.00	$0.00	$0.00	$0.12
11/28/2017	11/29/2017	11/30/2017	$0.11	$0.00	$0.00	$0.00	$0.11
10/27/2017	10/30/2017	10/31/2017	$0.10	$0.00	$0.00	$0.00	$0.10
09/26/2017	09/27/2017	09/29/2017	$0.10	$0.00	$0.00	$0.00	$0.10
08/25/2017	08/29/2017	08/31/2017	$0.09	$0.00	$0.00	$0.00	$0.09
07/26/2017	07/28/2017	07/31/2017	$0.10	$0.00	$0.00	$0.00	$0.10
06/23/2017	06/28/2017	06/30/2017	$0.10	$0.00	$0.00	$0.00	$0.10
05/23/2017	05/26/2017	05/31/2017	$0.10	$0.00	$0.00	$0.00	$0.10
04/21/2017	04/26/2017	04/28/2017	$0.10	$0.00	$0.00	$0.00	$0.10
03/24/2017	03/28/2017	03/31/2017	$0.10	$0.00	$0.00	$0.00	$0.10
02/23/2017	02/27/2017	02/28/2017	$0.10	$0.00	$0.00	$0.00	$0.10
01/25/2017	01/27/2017	01/31/2017	$0.09	$0.00	$0.00	$0.00	$0.09
12/23/2016	12/28/2016	12/30/2016	$0.13	$0.00	$0.00	$0.00	$0.13
11/23/2016	11/28/2016	11/30/2016	$0.10	$0.00	$0.00	$0.00	$0.10
10/25/2016	10/27/2016	10/31/2016	$0.10	$0.00	$0.00	$0.00	$0.10
09/26/2016	09/28/2016	09/30/2016	$0.11	$0.00	$0.00	$0.00	$0.11
08/25/2016	08/29/2016	08/31/2016	$0.11	$0.00	$0.00	$0.00	$0.11
07/25/2016	07/27/2016	07/29/2016	$0.11	$0.00	$0.00	$0.00	$0.11
06/24/2016	06/28/2016	06/30/2016	$0.12	$0.00	$0.00	$0.00	$0.12
05/24/2016	05/26/2016	05/31/2016	$0.11	$0.00	$0.00	$0.00	$0.11
04/25/2016	04/27/2016	04/29/2016	$0.12	$0.00	$0.00	$0.00	$0.12
03/24/2016	03/29/2016	03/31/2016	$0.12	$0.00	$0.00	$0.00	$0.12
02/23/2016	02/25/2016	02/29/2016	$0.10	$0.00	$0.00	$0.00	$0.10
01/25/2016	01/27/2016	01/29/2016	$0.09	$0.00	$0.00	$0.00	$0.09
12/24/2015	12/29/2015	12/31/2015	$0.15	$0.00	$0.00	$0.00	$0.15
11/23/2015	11/25/2015	11/30/2015	$0.11	$0.00	$0.00	$0.00	$0.11
10/26/2015	10/28/2015	10/30/2015	$0.12	$0.00	$0.00	$0.00	$0.12
09/24/2015	09/28/2015	09/30/2015	$0.12	$0.00	$0.00	$0.00	$0.12
08/25/2015	08/27/2015	08/31/2015	$0.12	$0.00	$0.00	$0.00	$0.12
07/24/2015	07/28/2015	07/30/2015	$0.09	$0.00	$0.00	$0.00	$0.09
06/24/2015	06/26/2015	06/30/2015	$0.12	$0.00	$0.00	$0.00	$0.12
05/22/2015	05/27/2015	05/29/2015	$0.10	$0.00	$0.00	$0.00	$0.10
04/24/2015	04/28/2015	04/30/2015	$0.11	$0.00	$0.00	$0.00	$0.11
03/25/2015	03/27/2015	03/31/2015	$0.12	$0.00	$0.00	$0.00	$0.12
02/23/2015	02/25/2015	02/27/2015	$0.11	$0.00	$0.00	$0.00	$0.11
01/26/2015	01/28/2015	01/30/2015	$0.08	$0.00	$0.00	$0.00	$0.08
12/24/2014	12/29/2014	12/31/2014	$0.16	$0.00	$0.00	$0.00	$0.16
11/21/2014	11/25/2014	11/28/2014	$0.10	$0.00	$0.00	$0.00	$0.10
10/27/2014	10/29/2014	10/31/2014	$0.13	$0.00	$0.00	$0.00	$0.13
09/24/2014	09/26/2014	09/30/2014	$0.11	$0.00	$0.00	$0.00	$0.11
08/25/2014	08/27/2014	08/29/2014	$0.12	$0.00	$0.00	$0.00	$0.12
07/25/2014	07/29/2014	07/31/2014	$0.11	$0.00	$0.00	$0.00	$0.11
06/24/2014	06/26/2014	06/30/2014	$0.12	$0.00	$0.00	$0.00	$0.12
05/23/2014	05/28/2014	05/30/2014	$0.10	$0.00	$0.00	$0.00	$0.10
04/24/2014	04/28/2014	04/30/2014	$0.11	$0.00	$0.00	$0.00	$0.11
03/25/2014	03/27/2014	03/31/2014	$0.11	$0.00	$0.00	$0.00	$0.11
02/24/2014	02/26/2014	02/28/2014	$0.13	$0.00	$0.00	$0.00	$0.13
01/27/2014	01/29/2014	01/31/2014	$0.10	$0.00	$0.00	$0.00	$0.10
12/24/2013	12/27/2013	12/31/2013	$0.13	$0.00	$0.00	$0.00	$0.13
11/22/2013	11/26/2013	11/29/2013	$0.11	$0.00	$0.00	$0.00	$0.11
10/25/2013	10/29/2013	10/31/2013	$0.12	$0.00	$0.00	$0.00	$0.12
09/24/2013	09/26/2013	09/30/2013	$0.11	$0.00	$0.00	$0.00	$0.11
08/26/2013	08/28/2013	08/30/2013	$0.11	$0.00	$0.00	$0.00	$0.11
07/25/2013	07/29/2013	07/31/2013	$0.11	$0.00	$0.00	$0.00	$0.11
06/24/2013	06/26/2013	06/28/2013	$0.11	$0.00	$0.00	$0.00	$0.11
05/24/2013	05/29/2013	05/31/2013	$0.09	$0.00	$0.00	$0.00	$0.09
04/24/2013	04/26/2013	04/30/2013	$0.05	$0.00	$0.00	$0.00	$0.05

(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

MINC

<strong>Why Invest in MINC?</strong>

<strong>Key Attributes</strong>

<strong>About the Portfolio Managers</strong>

Fund

Fund Data

Market Data

Regulatory Data

FUND

Fund

FUND

MINC Sector Allocation

FUND

FUND

FUND

Last Ten

Date	NAV
05/17/2023	44.98
05/16/2023	45.02
05/15/2023	45.08
05/12/2023	45.11
05/11/2023	45.17
05/10/2023	45.17
05/09/2023	45.06
05/08/2023	45.08
05/05/2023	45.15
05/04/2023	45.27
05/03/2023	45.18
05/02/2023	45.14
05/01/2023	45.03
04/28/2023	45.08
04/27/2023	45.02
04/26/2023	45.11
04/25/2023	45.14
04/24/2023	45.00
04/21/2023	45.07
04/20/2023	45.05
04/19/2023	44.93
04/17/2023	44.98
04/16/2023	45.02
04/13/2023	45.08
04/12/2023	45.08
04/11/2023	45.01
04/10/2023	45.01
04/06/2023	45.14
04/05/2023	45.15
04/04/2023	45.12
04/03/2023	45.00
03/31/2023	44.90
03/30/2023	44.84
03/29/2023	44.80
03/28/2023	44.81
03/27/2023	44.88
03/24/2023	45.02
03/23/2023	45.04
03/22/2023	44.89
03/21/2023	44.73

(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

MINC

<strong>Why Invest in MINC?</strong>

<strong>Key Attributes</strong>

<strong>About the Portfolio Managers</strong>

Fund

Fund Data

Market Data

Regulatory Data

MINC Historical Premium and Discounts

FUND

Fund

FUND

MINC Sector Allocation

FUND

FUND

FUND

Last Ten