(MINC) NEWFLEET MULTI-SECTOR INCOME ETF

NAV as of 1/26/2023

$45.09

1 Day NAV Change as of 1/26/2023

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

1/26/2023

NAV	$45.09
Change	$0
Shares Outstanding	450,000
Assets Under Management	$20,290,207.33

Market Data

1/26/2023

Closing Price	$44.98
Close Change	$-0.07
Volume	12,390

Regulatory Data

1/26/2023

Premium Discount	$-0.050
30-Day Median bid-ask Spread	0.45

Quarter End Date	Days	< -0.2%	≥ -0.2% and < 0.0%	> 0.0% and ≤ 0.2%	> 0.2%	> 2.0%
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
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
05/17/2021	48.86
05/14/2021	48.85
05/13/2021	48.83
05/12/2021	48.82
05/11/2021	48.85
05/10/2021	48.87
05/07/2021	48.87
05/06/2021	48.84
05/05/2021	48.82
05/04/2021	48.82
05/03/2021	48.82
04/30/2021	48.80
04/29/2021	48.79
04/28/2021	48.79
04/27/2021	48.78
04/26/2021	48.79
04/23/2021	48.80
04/22/2021	48.86
04/21/2021	48.85
04/20/2021	48.86
04/19/2021	48.86
04/16/2021	48.86
04/15/2021	48.87
04/14/2021	48.83
04/13/2021	48.82
04/12/2021	48.80
04/09/2021	48.81
04/08/2021	48.81
04/07/2021	48.79
04/06/2021	48.77
04/05/2021	48.73
04/01/2021	48.74
03/31/2021	48.70
03/30/2021	48.70
03/29/2021	48.71
03/26/2021	48.73
03/25/2021	48.81
03/24/2021	48.81
03/23/2021	48.80
03/22/2021	48.78
03/19/2021	48.77
03/18/2021	48.77
03/17/2021	48.81
03/16/2021	48.81
03/15/2021	48.80
03/12/2021	48.80
03/11/2021	48.83
03/10/2021	48.81
03/09/2021	48.79
03/08/2021	48.79
03/05/2021	48.83
03/04/2021	48.85
03/03/2021	48.89
03/02/2021	48.93
03/01/2021	48.91
02/26/2021	48.87
02/25/2021	48.87
02/24/2021	48.97
02/23/2021	48.99
02/22/2021	48.99
02/19/2021	49.07
02/18/2021	49.07
02/17/2021	49.07
02/16/2021	49.07
02/12/2021	49.11
02/11/2021	49.11
02/10/2021	49.11
02/09/2021	49.08
02/08/2021	49.08
02/05/2021	49.07
02/04/2021	49.05
02/03/2021	49.04
02/02/2021	49.04
02/01/2021	49.03
01/29/2021	49.02
01/28/2021	49.03
01/27/2021	49.04
01/26/2021	49.04
01/25/2021	49.04
01/22/2021	49.08
01/21/2021	49.07
01/20/2021	49.06
01/19/2021	49.05

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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 12/31/2022

	NAV	Market Price Return	Bloomberg Capital Aggregate Bond Index	BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month	0.27	0.31	-0.45	0.12
3 Months	0.80	0.59	1.87	1.22
YTD	-5.68	-5.72	-13.01	-5.53
1 Year	-5.68	-5.72	-13.01	0.12
3 Years	-0.74	-0.73	-2.71	1.22
5 Years	0.71	0.72	0.02	0.87
Since Inception (3/19/2013, Annualized)	1.35	1.34	1.10	1.00

As of 12/31/2022

	NAV	Market Price Return	Bloomberg Capital Aggregate Bond Index	BofA Merrill Lynch 1-5 Year US Corp & Govt Bond Index
1 Month	0.27	0.31	-0.45	0.12
3 Months	0.80	0.59	1.87	1.22
YTD	-5.68	-5.72	-13.01	-5.53
1 Year	-5.68	-5.72	-13.01	-5.53
3 Years	-0.74	-0.73	-2.71	-0.67
5 Years	0.71	0.72	0.02	0.87
Since Inception (3/19/2013, Annualized)	1.35	1.34	1.10	1.00

Performance data quoted represents past performance and is no guarantee of future results. All Fund data and performance data quoted is believed to be accurate, and unless otherwise stated, is sourced from the Fund administrator, the Advisor’s or Sub-Advisor’s proprietary data, and Morningstar. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized.

Fund

Holdings

As of

Excel CSV

Date	Account Symbol	Stock Ticker	Security Number	Security Description	Shares/Par (Full)	Price (Base)	Traded Market Value (Base)	Portfolio Weight %	Asset Group
01/26/2023	MINC		91282CFN6	US TREASURY N/B 4.25 9/30/2024	1,740,000.00	99.79	1,736,261.71	8.56%	TN
			91282CBB6	US TREASURY N/B 0.625 12/31/2027	1,095,000.00	86.65	948,779.00	4.68%	TN
			91282CCU3	US TREASURY N/B 0.125 8/31/2023	970,000.00	97.33	944,109.94	4.65%	TN
		BKLN	46138G508	INVESCO SENIOR LOAN ETF	31,535.00	21.08	664,757.80	3.28%	MF
			91824CAB2	VFI 2022-1A B 3.04 7/24/2028	320,000.00	95.2	304,644.00	1.50%	MR
			038413AB6	AQFIT 2020-AA B 2.79 7/17/2046	335,000.00	87.12	291,850.49	1.44%	MR
			257463AA7	DFS 2021-RTL1 A1 STEP-CPN 7/25/2027	315,000.00	91.1	286,973.69	1.41%	MR
			61762MBW0	MSBAM 2013-C10 A4 FRN 7/15/2046	275,000.00	99.34	273,189.84	1.35%	MR
			42806MAL3	HERTZ 2022-1A C 2.63 6/25/2026	295,000.00	91.46	269,805.94	1.33%	MR
			12510KAG8	CCG 2021-1 C 0.84 6/14/2027	270,000.00	93.37	252,094.57	1.24%	MR
			05351KAA7	AVCCT 2021-1A A 1.37 4/15/2027	260,000.00	92.22	239,764.56	1.18%	MR
			92939KAG3	WFRBS 2014-C24 AS 3.931 11/15/2047	250,000.00	95.52	238,788.88	1.18%	MR
			52605AAB3	LDPT 2022-A B 2.41 6/15/2029	245,000.00	97.02	237,707.11	1.17%	MR
			89616BAC8	TAST 2022-1A C 4.71 8/15/2025	235,000.00	98.2	230,780.97	1.14%	MR
			91680FAB8	UPST 2021-2 B 1.75 6/20/2031	240,000.00	95.78	229,883.30	1.13%	MR
			14686XAG4	CRVNA 2019-3A E 4.6 7/15/2026	235,000.00	96.41	226,564.84	1.12%	MR
			91282CGC9	US TREASURY N/B 3.875 12/31/2027	220,000.00	101.2	222,646.88	1.10%	TN
			58940BAA4	MFCC 2021-1A A 1.54 3/20/2026	230,000.00	96.48	221,900.69	1.09%	MR
			85573MAA7	STAR 2020-3 A1 FRN 4/25/2065	233,008.90	94.43	220,026.95	1.08%	MR
			92837UAA7	VISIO 2021-1R A1 1.28 5/25/2056	225,938.03	92.68	209,400.79	1.03%	MR
			836205AR5	REPUBLIC OF SOUTH AFRICA 5.875 9/16/2025	200,000.00	101.11	202,218.80	1.00%	FB
			01166VAA7	ALASKA AIRLINES 2020 TR 4.8 8/15/2027	206,589.74	97.46	201,352.53	0.99%	B
			63942EAA6	NAVSL 2021-EA A 0.97 12/16/2069	231,220.63	86.75	200,577.35	0.99%	MR
			52607KAA1	LBZZ 2022-1A A 4.22 5/17/2027	203,940.45	96.09	195,963.87	0.97%	MR
			74727PBC4	STATE OF QATAR 3.4 4/16/2025	200,000.00	97.76	195,519.80	0.96%	FB
			501895AA4	LHOME 2021-RTL2 A1 STEP-CPN 6/25/2026	205,000.00	94.86	194,461.38	0.96%	MR
			68504UAB7	ONGLT 2019-A B 3.36 4/9/2038	198,967.82	95.12	189,261.65	0.93%	MR
			36265NAE3	GCAR 2022-2A D 6.15 4/17/2028	190,000.00	97.65	185,538.27	0.91%	MR
			25714PEP9	DOMINICAN REPUBLIC 5.5 2/22/2029	195,000.00	94.92	185,085.23	0.91%	FB
			62920KAC6	NMEF 2022-A B 3.35 10/16/2028	195,000.00	94.15	183,600.44	0.90%	MR
			29252VAC9	ENCA 2022-1A B 5.15 1/16/2029	185,000.00	98.45	182,131.46	0.90%	MR
			08862BAB1	BHG 2021-B B 1.67 10/17/2034	210,000.00	86.02	180,635.09	0.89%	MR
			11042CAA8	BRITISH AIR 21-1 A PPT 2.9 3/15/2035	211,564.58	84.39	178,541.93	0.88%	FB
			71654QCG5	PETROLEOS MEXICANOS 6.5 3/13/2027	180,000.00	94.33	169,794.09	0.84%	FB
			17288XAB0	CITADEL LP 4.875 1/15/2027	170,000.00	97.84	166,328.03	0.82%	B
			552757AA4	MFRA 2020-NQM3 A1 FRN 1/26/2065	178,032.02	92.81	165,224.29	0.81%	MR
			53079EBM5	LIBERTY MUTUAL GROUP INC 4.125 12/15/2051	190,000.00	85.95	163,302.15	0.80%	B
			12529KAA0	CFMT 2021-GRN1 A 1.1 3/20/2041	166,163.86	92.78	154,159.40	0.76%	MR
			35041LAA8	FFIN 2021-1A A 1.27 5/15/2041	170,700.37	90.25	154,054.78	0.76%	MR
			913903AZ3	UNIVERSAL HEALTH SVCS 1.65 9/1/2026	175,000.00	87.26	152,699.30	0.75%	B
			12434KAA4	BXGNT 2022-A A 4.12 9/28/2037	148,757.55	96.83	144,041.85	0.71%	MR
			842587DJ3	SOUTHERN CO 3.75 9/15/2051	164,000.00	87.24	143,071.74	0.70%	B
			00439KAA4	AALLC 2021-1H A 1.35 10/20/2040	154,486.52	91.3	141,041.14	0.69%	MR
			92837DAB3	VISIO 2019-2 A2 FRN 11/25/2054	146,492.50	95.11	139,336.27	0.69%	MR
			64831EAA8	NRZT 2021-NQ2R A1 FRN 10/25/2058	152,842.12	90.67	138,583.97	0.68%	MR
			00774MAW5	AERCAP IRELAND CAP/GLOBA 3 10/29/2028	155,000.00	88.13	136,602.95	0.67%	FB
			96034JAB2	WESTR 2022-1A B 2.288 8/20/2036	142,011.22	94.6	134,343.89	0.66%	MR
			58940BAE6	MFCC 2022-1A A 2.5 9/21/2026	145,000.00	92.62	134,292.01	0.66%	MR
			073096AA7	BAYPORT POLYMERS LLC 4.743 4/14/2027	140,000.00	93.85	131,384.45	0.65%	B
			40439HAC3	HINTT 2020-A C 3.42 10/9/2039	134,918.19	92.62	124,957.47	0.62%	MR
			88224QAA5	TEXAS CAPITAL BANCSHARES 4 5/6/2031	135,000.00	91.05	122,919.49	0.61%	B
			46641YAN3	JPMMT 2014-2 AM FRN 6/25/2029	129,978.78	93.48	121,504.14	0.60%	MR
			31573WAA9	EFMT 2020-2 A1 FRN 10/25/2065	130,085.58	90.81	118,126.57	0.58%	MR
			82650TAC1	SRFC 2022-2A C 6.36 6/20/2040	118,769.72	98.94	117,507.77	0.58%	MR
			59980CAF0	MCMLT 2017-3 M2 FRN 1/25/2061	123,055.76	92.45	113,763.40	0.56%	MR
			89178YAB0	TPMT 2020-MH1 A2 FRN 2/25/2060	130,000.00	86.99	113,090.17	0.56%	MR
			067316AF6	BACARDI LTD 4.7 5/15/2028	110,000.00	97.83	107,609.38	0.53%	FB
			36258HAG0	GCAR 2019-4A D 4.09 8/17/2026	110,000.00	97.22	106,940.14	0.53%	MR
			05584AAA8	HGVGI 2017-1A A 2.94 5/25/2029	109,085.43	96.88	105,681.17	0.52%	MR
			21871XAN9	COREBRIDGE FINANCIAL INC 6.875 12/15/2052	107,000.00	98.06	104,926.23	0.52%	B
			04047AAA2	ARIVO 2021-1A A 1.19 1/15/2027	104,601.94	96.83	101,287.61	0.50%	MR
			808513BJ3	CHARLES SCHWAB CORP 4 PERPETL 3/1/2171	115,000.00	85.67	98,524.11	0.49%	B
			89172RAC9	TPMT 2015-6 M1 FRN 4/25/2055	100,000.00	97.42	97,424.61	0.48%	MR
			66977WAP4	NOVA CHEMICALS CORP 5 5/1/2025	100,000.00	96.33	96,333.27	0.47%	FB
			84861TAC2	SPIRIT REALTY LP 4.45 9/15/2026	96,429.00	96.96	93,495.68	0.46%	B
			50155QAJ9	KYNDRYL HOLDINGS INC 2.05 10/15/2026	108,000.00	85.56	92,406.07	0.46%	B
			12662EAA1	CSMC 2021-NQM2 A1 FRN 2/25/2066	107,284.94	85.42	91,647.47	0.45%	MR
			12513GBH1	CDW LLC/CDW FINANCE 3.276 12/1/2028	98,000.00	88	86,237.55	0.42%	B
			12567NAA7	CIM 2022-R2 A1 FRN 12/25/2061	89,409.55	95.78	85,635.82	0.42%	MR
			15089QAL8	CELANESE US HOLDINGS LLC 6.05 3/15/2025	85,000.00	100.68	85,580.45	0.42%	B
			67623CAD1	OFFICE PPTY INCOME TRST 2.65 6/15/2026	105,000.00	80.75	84,787.90	0.42%	B
			26884UAE9	EPR PROPERTIES 4.95 4/15/2028	90,000.00	90.77	81,689.86	0.40%	B
			24703TAE6	DELL INT LLC / EMC CORP 4.9 10/1/2026	80,000.00	99.67	79,732.38	0.39%	B
			369604BQ5	GENERAL ELECTRIC CO FRN 6/15/2171	80,000.00	99.53	79,620.00	0.39%	B
			29250NBN4	ENBRIDGE INC 7.375 1/15/2083	75,000.00	100.08	75,061.09	0.37%	FB
			05565QDV7	BP CAPITAL MARKETS PLC 4.875 PERPETL 12/22/2171	80,000.00	93.24	74,590.00	0.37%	FB
			744320AM4	PRUDENTIAL FINANCIAL INC 5.625 6/15/2043	74,000.00	99.63	73,723.61	0.36%	B
			09261HAD9	BLACKSTONE PRIVATE CRE 2.625 12/15/2026	86,000.00	85.56	73,578.29	0.36%	B
			05526DBR5	BAT CAPITAL CORP 2.259 3/25/2028	85,000.00	85.92	73,034.56	0.36%	FB
			89180DAC0	TPHT 2021-HE1 M1 FRN 2/25/2063	76,770.03	94.45	72,510.86	0.36%	MR
			92564RAG0	VICI PROPERTIES / NOTE 4.625 6/15/2025	75,000.00	96.67	72,503.66	0.36%	B
			46644XAC6	JPMMT 2015-5 A2 FRN 5/25/2045	72,177.15	98.72	71,251.20	0.35%	MR
			69357QAA4	PRPM 2021-RPL2 A1 FRN 10/25/2051	77,922.01	90.43	70,468.29	0.35%	MR
			83406QAA6	SCLP 2022-1S A 6.21 4/15/2031	69,683.18	100.06	69,726.37	0.34%	MR
			62955VAA4	NYMT 2022-CP1 A1 2.0424 7/25/2061	74,109.65	90.94	67,396.77	0.33%	MR
			25216AAA2	DEXT 2020-1 A 1.46 2/16/2027	67,959.21	98.72	67,090.37	0.33%	MR
			85573JAB2	STAR 2021-3 A2 FRN 6/25/2056	81,087.02	82.17	66,625.52	0.33%	MR
			31574XAB4	EFMT 2021-1 A2 FRN 2/25/2066	79,302.87	83.79	66,447.15	0.33%	MR
			61747YFA8	MORGAN STANLEY 5.123 2/1/2029	65,000.00	101.04	65,675.76	0.32%	B
			46641YAJ2	JPMMT 2014-2 2A2 FRN 6/25/2029	67,975.66	94.26	64,077.25	0.32%	MR
			22551EAA4	CRUSA 2021-1A A 1.35 2/16/2027	63,201.02	97.89	61,866.07	0.30%	MR
			92259LAB4	VCC 2020-1 AFX FRN 2/25/2050	68,401.40	88.76	60,712.78	0.30%	MR
			20268BAA8	CBSLT 2020-1 A 1.69 10/25/2051	66,533.82	89.86	59,786.77	0.29%	MR
			527298BR3	LEVEL 3 FINANCING INC 4.25 7/1/2028	70,000.00	80.19	56,130.13	0.28%	B
			446413AZ9	HUNTINGTON INGALLS INDUS 2.043 8/16/2028	66,000.00	84.64	55,863.42	0.28%	B
			56847MAA8	MFIT 2019-AA A 2.96 7/20/2032	55,338.30	98.78	54,661.83	0.27%	MR
			126650CX6	CVS HEALTH CORP 4.3 3/25/2028	55,000.00	98.38	54,106.35	0.27%	B
			03465BAA5	AOMT 2020-SBC1 A1 FRN 5/25/2050	56,332.58	95.76	53,945.52	0.27%	MR
			949803AA8	WFMBS 2004-U A1 FRN 10/25/2034	55,961.11	94.79	53,044.86	0.26%	MR
			042858AA8	ARRW 2019-2 A1 FRN 4/25/2049	52,763.16	95.33	50,300.72	0.25%	MR
			24906PAA7	DENTSPLY SIRONA INC 3.25 6/1/2030	55,000.00	87.59	48,174.97	0.24%	B
			81618TAC4	OFFICE PPTY INCOME TRST 4.5 2/1/2025	50,000.00	93.95	46,974.81	0.23%	B
			92556VAC0	VIATRIS INC 2.3 6/22/2027	50,000.00	88.29	44,144.78	0.22%	B
			11271LAC6	BROOKFIELD FINANCE INC 3.9 1/25/2028	45,000.00	95.47	42,963.59	0.21%	FB
			78432BAA7	SGR 2019-3 A1 FRN 9/25/2059	43,913.91	96.57	42,406.88	0.21%	MR
			94981VAB3	WFMBS 2004-K 1A2 FRN 7/25/2034	41,243.10	102.44	42,248.24	0.21%	MR
			22160NAA7	COSTAR GROUP INC 2.8 7/15/2030	50,000.00	84.36	42,179.33	0.21%	B
			30166EAG1	EART 2018-4A D 4.35 9/16/2024	39,977.41	99.68	39,848.85	0.20%	MR
			29365BAA1	ENTEGRIS ESCROW CORP 4.75 4/15/2029	40,000.00	94.24	37,696.95	0.19%	B
			36416UAG0	GFMT 2017-1 A21 FRN 7/25/2056	39,639.59	94.33	37,392.00	0.18%	MR
			06616PAA5	BHG 2020-A A 2.56 9/17/2031	37,395.29	97.81	36,578.10	0.18%	MR
			67422AAA4	OASIS 2021-1A A 2.5792 2/15/2033	36,294.51	98.7	35,821.42	0.18%	MR
			749389AA0	RCKT 2020-1 A1 FRN 2/25/2050	38,209.58	87.57	33,460.34	0.16%	MR
			55903VAG8	WARNERMEDIA HOLDINGS INC 3.755 3/15/2027	35,000.00	93.58	32,754.68	0.16%	B
			90353QAB2	USAUT 2020-1A B 3.22 5/15/2024	30,914.76	99.76	30,842.05	0.15%	MR
			361841AJ8	GLP CAPITAL LP / FIN II 5.25 6/1/2025	30,000.00	99.13	29,739.59	0.15%	B
			12327FAA5	BJETS 2020-1A A 2.981 11/15/2035	30,570.30	91.86	28,082.65	0.14%	MR
			74387LAC5	PFMT 2019-1 A2 FRN 12/25/2049	31,836.01	87.55	27,873.08	0.14%	MR
			17324VAH7	CMLTI 2015-PS1 A1 FRN 9/25/2042	27,460.47	94.6	25,977.67	0.13%	MR
			67098AAC3	OBX 2019-INV1 A3 FRN 11/25/2048	26,553.74	97.71	25,944.48	0.13%	MR
			67592LAA4	OCTL 2020-1A A 1.71 2/20/2025	21,034.92	98.94	20,811.67	0.10%	MR
			758750AE3	REGAL REXNORD CORP 6.3 2/15/2030	20,000.00	101.89	20,377.33	0.10%	B
			31573TAC2	EFMT 2019-2 A3 FRN 11/25/2059	20,188.80	94.58	19,094.22	0.09%	MR
			758750AD5	REGAL REXNORD CORP 6.05 4/15/2028	18,000.00	101.45	18,260.59	0.09%	B
			94981VAY3	WFMBS 2004-K 2A12 FRN 7/25/2034	16,918.43	100.72	17,039.97	0.08%	MR
			758750AC7	REGAL REXNORD CORP 6.05 2/15/2026	13,000.00	101.6	13,207.91	0.07%	B
			70410LAA8	PWNE 2020-1 A 1.37 11/17/2025	13,074.79	98.83	12,922.21	0.06%	MR
			22535KAC7	CAALT 2019-3A B 2.86 1/16/2029	12,292.55	99.86	12,275.38	0.06%	MR
			38061LAA7	GLDKR 2014-A A 3.22 3/17/2031	9,300.75	98.4	9,152.37	0.05%	MR
			91681NAA2	UPST 2021-1 A 0.87 3/20/2031	668.58	99.72	666.70		MR
			03464NAA0	AOMT 2018-3 A1 FRN 9/25/2048	349.6	99.51	347.87		MR
			91533BAC4	VIATRIS INC 2.3 6/22/2027	157	88.29	138.61		B
			85573GAA0	STAR 2021-1 A1 FRN 5/25/2065	0.07	90.63	0.06		MR
			X9USDJPMR	JP MORGAN USD GOVT MONEY MARKET INSTL	1,207,824.21	1	1,207,824.21	5.95%	MM
				CASH	922,518.82	100	922,518.82	4.55%	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 11/30/2022

MINC Sector Allocation

FUND

Fixed Income Attributes

As of 11/30/2022

Date	Description	MINC
11/30/2022	Duration	2.06 years
	Yield to Maturity	6.4
	30-Day SEC Subsidized Yield	3.89%
	30-Day SEC Unsubsidized Yield	3.48%

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)
12/23/2022	12/27/2022	12/30/2022	-	-	-	-	-
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



Contact Info

info@advisorshares.com
1.877.843.3831



Location

AdvisorShares Investments, LLC
4800 Montgomery Lane,
Suite 150
Bethesda, Maryland 20814



ETF Symbols

AADR, BEDZ, CRYP, CWS, DWAW, DWEQ, DWMC, DWSH, DWUS, EATZ, GK, HDGE, HOLD, LETB, MINC, MSOS, MSOX, PSDN, PSIL, QPX, UAV, SENT , SURE , VEGA , VICE , YOLO

- - 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.

- Definitions
- 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.

(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

Contact Info

Location

ETF Symbols

Date	NAV
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

(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

Contact Info

Location

ETF Symbols