BTS Asset Management, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DIA	SPDR DOW JONES INDL AVERAGE ETF	2,338	$1,123	1.5%	$480.48	—	ETF	78467X109
ED	CONSOLIDATED EDISON	7,425	$742	1.0%	$98.79	0.0%	Equity	209115104
SRLN	STATE STREET BLACKSTONE SENIOR LOAN ETF	14,613	$603	0.8%	$41.30	—	ETF	78467V608
AEE	AMEREN CORP	4,916	$496	0.7%	$101.98	0.0%	Equity	023608102
AGZ	ISHARES AGENCY BOND ETF	4,103	$453	0.6%	$110.29	—	ETF	464288166
ABT	ABBOTT LABS	2,543	$317	0.4%	$127.30	0.0%	Equity	002824100
XLY	SELECT SECTOR SPDR TR CONSUMER	2,623	$311	0.4%	$118.46	—	ETF	81369Y407
PCEF	INVESCO CEF INCOME COMPOSITE ETF	15,153	$301	0.4%	$19.87	—	ETF	46138E404
EXC	EXELON CORP	5,626	$247	0.3%	$45.46	0.0%	Equity	30161N101
ERIE	ERIE INDEMNITY COMPANY CLASS A	837	$236	0.3%	$298.42	0.0%	Equity	29530P102
VBR	VANGUARD SMALL-CAP VALUE ETF	1,082	$229	0.3%	$211.70	—	ETF	922908611

Increased Positions (2)

CALM CAL-MAINE FOODS, INC. 0.5%

Value ($000) $369 (-2.9%) Shares 4,639 (+14.8%) Est. Cost $91.24 Unrealized -5.1%

XLE ENERGY SELECT SECTOR SPDR FUND 0.4%

Value ($000) $312 (+0.7%) Shares 6,843 (+97.3%) Est. Cost $67.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CALM	CAL-MAINE FOODS, INC.	4,639 (+14.8%)	$369 (-2.9%)	0.5%	$91.24	-5.1%	Equity	128030202
XLE	ENERGY SELECT SECTOR SPDR FUND	6,843 (+97.3%)	$312 (+0.7%)	0.4%	$67.76	—	ETF	81369Y506

Exited Positions (9)

HSY Hershey Company (The) 0.7%

Value ($000) $504 Shares 2,695 Est. Cost $162.78 Unrealized +11.9%

SHY iShares 1-3 Year Treasury Bond ETF 0.6%

Value ($000) $457 Shares 5,513 Est. Cost $82.96 Unrealized —

VIG Vanguard Dividend Appreciation ETF USD Class 0.5%

Value ($000) $405 Shares 1,878 Est. Cost $195.52 Unrealized —

XOM Exxon Mobil Corporation 0.5%

Value ($000) $405 Shares 3,588 Est. Cost $107.52 Unrealized +7.4%

CWB SPDR Bloomberg Convertible Securities ETF 0.4%

Value ($000) $306 Shares 3,379 Est. Cost $90.50 Unrealized —

BKLN Invesco Senior Loan ETF USD Class 0.4%

Value ($000) $305 Shares 14,574 Est. Cost $20.70 Unrealized —

OMC Omnicom Group, Inc. 0.3%

Value ($000) $249 Shares 3,049 Est. Cost $74.34 Unrealized +1.9%

CVX Chevron Corporation 0.3%

Value ($000) $246 Shares 1,585 Est. Cost $152.28 Unrealized -0.6%

CF CF Industries Holdings, Inc. 0.3%

Value ($000) $208 Shares 2,314 Est. Cost $88.36 Unrealized -7.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HSY	Hershey Company (The)	2,695	$504	0.7%	$162.78	+11.9%	—	427866108
SHY	iShares 1-3 Year Treasury Bond ETF	5,513	$457	0.6%	$82.96	—	—	464287457
VIG	Vanguard Dividend Appreciation ETF USD Class	1,878	$405	0.5%	$195.52	—	—	921908844
XOM	Exxon Mobil Corporation	3,588	$405	0.5%	$107.52	+7.4%	—	30231G102
CWB	SPDR Bloomberg Convertible Securities ETF	3,379	$306	0.4%	$90.50	—	—	78464A359
BKLN	Invesco Senior Loan ETF USD Class	14,574	$305	0.4%	$20.70	—	—	46138G508
OMC	Omnicom Group, Inc.	3,049	$249	0.3%	$74.34	+1.9%	—	681919106
CVX	Chevron Corporation	1,585	$246	0.3%	$152.28	-0.6%	—	166764100
CF	CF Industries Holdings, Inc.	2,314	$208	0.3%	$88.36	-7.3%	—	125269100

Decreased Positions (16)

USHY ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF 35.0%

Value ($000) $25,857 (-7.6%) Shares 691,112 (-6.7%) Est. Cost $37.52 Unrealized —

HYLB XTRACKERS USD HIGH YIELD CORPORATE BOND ETF 35.1%

Value ($000) $25,923 (-7.4%) Shares 703,554 (-6.7%) Est. Cost $34.72 Unrealized —

SPHD INVESCO S&P 500 HIGH DIVIDEND LOW VOLATILITY ETF 11.8%

Value ($000) $8,702 (-9.0%) Shares 180,649 (-6.5%) Est. Cost $47.56 Unrealized —

KR KROGER CO 0.9%

Value ($000) $649 (-35.6%) Shares 10,361 (-30.6%) Est. Cost $69.08 Unrealized -5.6%

JBBB JANUS HENDERSON BBBB CLO ETF 0.4%

Value ($000) $301 (-50.7%) Shares 6,311 (-50.2%) Est. Cost $48.19 Unrealized —

META META PLATFORMS INC 0.5%

Value ($000) $370 (-27.7%) Shares 568 (-18.5%) Est. Cost $607.36 Unrealized +9.9%

CMCSA COMCAST CORP CL A 0.6%

Value ($000) $474 (-17.5%) Shares 15,951 (-12.7%) Est. Cost $35.84 Unrealized -20.4%

IEF ISHARES TR BARCLAYS 7-10 YR TREAS BD ETF 0.7%

Value ($000) $553 (-5.4%) Shares 5,752 (-5.0%) Est. Cost $96.46 Unrealized —

GLD SPDR GOLD TR GOLD SHS 0.5%

Value ($000) $357 (+6.7%) Shares 900 (-4.4%) Est. Cost $242.97 Unrealized —

JEPI J P MORGAN EXCHANGE-TRADED FD 1.6%

Value ($000) $1,179 (-1.8%) Shares 20,569 (-2.1%) Est. Cost $56.04 Unrealized —

JEPQ JPMORGAN NASDAQ EQUITY PREMIUM INCOME ETF 0.8%

Value ($000) $575 (-2.4%) Shares 9,904 (-3.4%) Est. Cost $55.71 Unrealized —

NVDA NVIDIA CORP 0.7%

Value ($000) $508 (-1.9%) Shares 2,719 (-2.1%) Est. Cost $153.22 Unrealized +21.5%

NOBL PROSHARES TR S&P 500 ARISTOCRATS ETF 0.4%

Value ($000) $301 (-1.6%) Shares 2,881 (-2.9%) Est. Cost $103.06 Unrealized —

F FORD MOTOR COMPANY 0.2%

Value ($000) $159 (-1.6%) Shares 12,024 (-11.0%) Est. Cost $9.87 Unrealized +30.0%

GOOGL ALPHABET INC CAP STK CL A 0.5%

Value ($000) $395 (+0.6%) Shares 1,255 (-22.3%) Est. Cost $163.29 Unrealized +74.9%

SNA SNAP ON TOOLS CORP 0.3%

Value ($000) $244 (-0.9%) Shares 695 (-2.1%) Est. Cost $323.82 Unrealized +5.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USHY	ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	691,112 (-6.7%)	$25,857 (-7.6%)	35.0%	$37.52	—	ETF	46435U853
HYLB	XTRACKERS USD HIGH YIELD CORPORATE BOND ETF	703,554 (-6.7%)	$25,923 (-7.4%)	35.1%	$34.72	—	ETF	233051432
SPHD	INVESCO S&P 500 HIGH DIVIDEND LOW VOLATILITY ETF	180,649 (-6.5%)	$8,702 (-9.0%)	11.8%	$47.56	—	ETF	46138E362
KR	KROGER CO	10,361 (-30.6%)	$649 (-35.6%)	0.9%	$69.08	-5.6%	Equity	501044101
JBBB	JANUS HENDERSON BBBB CLO ETF	6,311 (-50.2%)	$301 (-50.7%)	0.4%	$48.19	—	ETF	47103U753
META	META PLATFORMS INC	568 (-18.5%)	$370 (-27.7%)	0.5%	$607.36	+9.9%	Equity	30303M102
CMCSA	COMCAST CORP CL A	15,951 (-12.7%)	$474 (-17.5%)	0.6%	$35.84	-20.4%	Equity	20030N101
IEF	ISHARES TR BARCLAYS 7-10 YR TREAS BD ETF	5,752 (-5.0%)	$553 (-5.4%)	0.7%	$96.46	—	ETF	464287440
GLD	SPDR GOLD TR GOLD SHS	900 (-4.4%)	$357 (+6.7%)	0.5%	$242.97	—	ETF	78463V107
JEPI	J P MORGAN EXCHANGE-TRADED FD	20,569 (-2.1%)	$1,179 (-1.8%)	1.6%	$56.04	—	ETF	46641Q332
JEPQ	JPMORGAN NASDAQ EQUITY PREMIUM INCOME ETF	9,904 (-3.4%)	$575 (-2.4%)	0.8%	$55.71	—	ETF	46654Q203
NVDA	NVIDIA CORP	2,719 (-2.1%)	$508 (-1.9%)	0.7%	$153.22	+21.5%	Equity	67066G104
NOBL	PROSHARES TR S&P 500 ARISTOCRATS ETF	2,881 (-2.9%)	$301 (-1.6%)	0.4%	$103.06	—	ETF	74348A467
F	FORD MOTOR COMPANY	12,024 (-11.0%)	$159 (-1.6%)	0.2%	$9.87	+30.0%	Equity	345370860
GOOGL	ALPHABET INC CAP STK CL A	1,255 (-22.3%)	$395 (+0.6%)	0.5%	$163.29	+74.9%	Equity	02079K305
SNA	SNAP ON TOOLS CORP	695 (-2.1%)	$244 (-0.9%)	0.3%	$323.82	+5.1%	Equity	833034101

Unchanged Positions (3)

TFLO ISHARES TREASURY FLOATING RATE BD ETF 1.2%

Value ($000) $905 Shares 17,928 Est. Cost $51.27 Unrealized —

JAAA JANUS DETROIT HENDERSON AAA CLO ETF 0.6%

Value ($000) $452 Shares 8,939 Est. Cost $50.71 Unrealized —

SJNK STATE STREET SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF 0.4%

Value ($000) $301 Shares 11,907 Est. Cost $25.48 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TFLO	ISHARES TREASURY FLOATING RATE BD ETF	17,928	$905	1.2%	$51.27	—	ETF	46434V860
JAAA	JANUS DETROIT HENDERSON AAA CLO ETF	8,939	$452	0.6%	$50.71	—	ETF	47103U845
SJNK	STATE STREET SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF	11,907	$301	0.4%	$25.48	—	ETF	78468R408