BTS Asset Management, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JNK	SPDR Bloomberg High Yield Bond ETF	701,725	$63,409	27.8%	$90.36	—	ETF	78468R622
HYLB	Xtrackers USD High Yield Corporate Bond ETF	1,588,741	$53,606	23.5%	$33.83	—	ETF	233051432
HYG	iShares iBoxx High Yield Corporate Bond ETF	611,175	$42,431	18.6%	$69.43	—	ETF	464288513
SPLV	Invesco S&P 500 Low Volatility ETF	317,765	$20,876	9.2%	$65.70	—	ETF	46138E354
SJNK	SPDR Bloomberg Short Term High Yield Bond ETF	821,930	$19,999	8.8%	$24.40	—	ETF	78468R408
DIA	SPDR Dow Jones Indl Average ETF	10,899	$3,619	1.6%	$332.07	—	ETF	78467X109
BND	Vanguard Total Bond Market ETF	43,042	$3,273	1.4%	$57.38	—	ETF	921937835
VIG	Vanguard Dividend Appreciation Index Fund ETF	20,950	$3,196	1.4%	$152.57	—	ETF	921908844
EEM	iShares MSCI Emerging Markets ETF	34,561	$1,328	0.6%	$38.43	—	ETF	464287234
VBR	Vanguard Small Cap Value Index Fund ETF	6,582	$1,050	0.5%	$159.56	—	ETF	922908611
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	10,318	$962	0.4%	$93.26	—	ETF	92206C870
USHY	iShares Broad USD High Yield Corporate Bond ETF	27,305	$956	0.4%	$35.01	—	ETF	46435U853
MUB	iShares National Muni Bond ETF	7,609	$839	0.4%	$114.36	—	ETF	464288414
VFH	Vanguard Financials Index Fund ETF	8,690	$721	0.3%	$83.02	—	ETF	92204A405
SPHY	SPDR Portfolio High Yield Bond ETF	29,976	$679	0.3%	$22.66	—	ETF	78468R606
JAAA	Janus Henderson AAA CLO ETF	13,651	$670	0.3%	$49.03	—	ETF	47103U845
MBB	iShares MBS ETF	5,772	$617	0.3%	$108.69	—	ETF	464288588
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	13,041	$559	0.2%	$42.89	—	ETF	46654Q203
SRLN	SPDR Blackstone Senior Loan ET	13,028	$558	0.2%	$44.71	—	ETF	78467V608
JEPI	JPMorgan Equity Premium Income ETF	9,697	$545	0.2%	$57.00	—	ETF	46641Q332
TFLO	iShares Treasury Floating Rate Bond ETF	10,661	$537	0.2%	$50.44	—	ETF	46434V860
IDV	iShares International Select Dividend ETF	19,578	$532	0.2%	$27.15	—	ETF	464288448
REZ	iShares Residential and Multisector Real Estate ETF	6,912	$524	0.2%	$84.96	—	ETF	464288562
AMLP	Alerian MLP ETF	14,250	$508	0.2%	$34.11	—	ETF	00162Q452
IYJ	iShares US Industrial ETF	5,116	$495	0.2%	$96.82	—	ETF	464287754
VHT	Vanguard Health Care Index Fund ETF	1,952	$486	0.2%	$248.88	—	ETF	92204A504
PCEF	Invesco CEF Income Composite ETF	22,180	$478	0.2%	$23.58	—	ETF	46138E404
VRP	Invesco Variable Rate Preferred ETF	18,035	$458	0.2%	$26.22	—	ETF	46138G870
IHY	VanEck International High Yield Bond ETF	20,832	$444	0.2%	$23.70	—	ETF	92189F445
HYMB	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	8,594	$430	0.2%	$50.09	—	ETF	78464A284
CWB	SPDR Bloomberg Convertible Securities ETF	6,229	$410	0.2%	$69.24	—	ETF	78464A359
FLOT	iShares Floating Rate Bond ETF	7,990	$400	0.2%	$49.95	—	ETF	46429B655
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	8,866	$394	0.2%	$44.50	—	ETF	46138E362
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	3,149	$297	0.1%	$58.39	—	ETF	464288281
DIV	Global SuperDividend US ETF	14,218	$286	0.1%	$20.65	—	ETF	37950E291
AGZ	iShares Agency Bond ETF	2,501	$286	0.1%	$119.50	—	ETF	464288166
REM	iShares Mortgage Real Estate ETF	11,414	$279	0.1%	$24.47	—	ETF	46435G342
SDOG	ALPS Sector Dividend Dogs ETF	5,147	$272	0.1%	$53.09	—	ETF	00162Q858
GOVT	iShares US Treasury Bond ETF	11,678	$272	0.1%	$23.25	—	ETF	46429B267
VPU	Vanguard Utilities Index Fund ETF	1,502	$233	0.1%	$155.04	—	ETF	92204A876
VGT	Vanguard Information Technology Index Fund ETF	707	$226	0.1%	$319.73	—	ETF	92204A702