BTS Asset Management, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYLB	Xtrackers USD High Yield Corporate Bond ETF	1,912,661	$65,987	33.3%	$34.50	—	ETF	233051432
JNK	SPDR Bloomberg High Yield Bond ETF	704,871	$64,869	32.8%	$92.03	—	ETF	78468R622
BND	Vanguard Total Bond Market ETF	135,402	$9,842	5.0%	$68.62	—	ETF	921937835
CWB	SPDR Bloomberg Convertible Securities ETF	125,948	$8,810	4.5%	$69.91	—	ETF	78464A359
USMV	iShares MSCI USA Min Vol Factor ETF	112,941	$8,395	4.2%	$74.33	—	ETF	46429B697
HYD	VanEck High Yield Muni ETF	163,411	$8,390	4.2%	$51.34	—	ETF	92189H409
SPLV	Invesco S&P 500 Low Volatility ETF	90,936	$5,712	2.9%	$62.81	—	ETF	46138E354
VIG	Vanguard Dividend Appreciation Index Fund ETF	22,564	$3,665	1.9%	$153.59	—	ETF	921908844
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	50,001	$3,141	1.6%	$59.56	—	ETF	46138E362
HYG	iShares iBoxx High Yield Corporate Bond ETF	34,519	$2,591	1.3%	$75.07	—	ETF	464288513
EEM	iShares MSCI Emerging Markets ETF	32,041	$1,268	0.6%	$38.44	—	ETF	464287234
VBR	Vanguard Small Cap Value Index Fund ETF	6,528	$1,080	0.5%	$159.49	—	ETF	922908611
MUB	iShares National Muni Bond ETF	8,728	$931	0.5%	$113.44	—	ETF	464288414
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	11,365	$898	0.5%	$91.94	—	ETF	92206C870
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	15,372	$744	0.4%	$43.72	—	ETF	46654Q203
VFH	Vanguard Financials Index Fund ETF	8,657	$703	0.4%	$82.95	—	ETF	92204A405
JEPI	JPMorgan Equity Premium Income ETF	12,569	$695	0.4%	$56.58	—	ETF	46641Q332
USHY	iShares Broad USD High Yield Corporate Bond ETF	19,643	$693	0.4%	$35.01	—	ETF	46435U853
JAAA	Janus Henderson AAA CLO ETF	13,710	$683	0.3%	$49.03	—	ETF	47103U845
GOVT	iShares US Treasury Bond ETF	28,662	$656	0.3%	$23.04	—	ETF	46429B267
SRLN	SPDR Blackstone Senior Loan ETF	13,104	$549	0.3%	$44.71	—	ETF	78467V608
AMLP	Alerian MLP ETF	13,918	$546	0.3%	$34.11	—	ETF	00162Q452
VRP	Invesco Variable Rate Preferred ETF	24,463	$544	0.3%	$25.18	—	ETF	46138G870
TFLO	iShares Treasury Floating Rate Bond ETF	10,415	$528	0.3%	$50.44	—	ETF	46434V860
IYJ	iShares US Industrial ETF	4,495	$477	0.2%	$96.82	—	ETF	464287754
VHT	Vanguard Health Care Index Fund ETF	1,883	$461	0.2%	$248.88	—	ETF	92204A504
FLOT	iShares Floating Rate Bond ETF	8,354	$425	0.2%	$49.99	—	ETF	46429B655
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	4,464	$421	0.2%	$94.27	—	ETF	74348A467
PCEF	Invesco CEF Income Composite ETF	23,253	$420	0.2%	$23.33	—	ETF	46138E404
SPHY	SPDR Portfolio High Yield Bond ETF	17,829	$407	0.2%	$22.66	—	ETF	78468R606
HYMB	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	16,077	$402	0.2%	$38.14	—	ETF	78464A284
VGSH	Vanguard Short-Term Treasury ETF	6,880	$397	0.2%	$57.73	—	ETF	92206C102
MBB	iShares MBS ETF	4,210	$393	0.2%	$108.69	—	ETF	464288588
AGZ	iShares Agency Bond ETF	3,618	$387	0.2%	$115.63	—	ETF	464288166
REM	iShares Mortgage Real Estate ETF	12,401	$293	0.1%	$24.40	—	ETF	46435G342
SDOG	ALPS Sector Dividend Dogs ETF	5,538	$277	0.1%	$52.87	—	ETF	00162Q858
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	3,121	$270	0.1%	$58.39	—	ETF	464288281
IHY	VanEck International High Yield Bond ETF	13,380	$268	0.1%	$23.70	—	ETF	92189F445
VGT	Vanguard Information Technology Index Fund ETF	585	$259	0.1%	$321.54	—	ETF	92204A702
VDC	Vanguard Consumer Staples Index Fund ETF	1,161	$226	0.1%	$193.45	—	ETF	92204A207
VPU	Vanguard Utilities Index Fund ETF	1,536	$218	0.1%	$154.82	—	ETF	92204A876