Wright Fund Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JAAA	JANUS DETROIT STR TR	353,600	$17,885	0.8%	$50.58	—	HENDRSON AAA CL	47103U845
DXJ	WISDOMTREE TR	63,736	$9,188	0.4%	$144.16	—	JAPN HEDGE EQT	97717W851
IBB	ISHARES TR	43,823	$7,396	0.3%	$168.77	—	ISHARES BIOTECH	464287556
SCHX	SCHWAB STRATEGIC TR	127,622	$3,434	0.2%	$26.91	—	US LRG CAP ETF	808524201
ILF	ISHARES TR	93,278	$2,840	0.1%	$30.45	—	LATN AMER 40 ETF	464287390
SCHG	SCHWAB STRATEGIC TR	84,396	$2,753	0.1%	$32.62	—	US LCAP GR ETF	808524300
OIH	VANECK ETF TRUST	9,018	$2,568	0.1%	$284.77	—	OIL SERVICES ETF	92189H607
QTUM	ETF SER SOLUTIONS	22,484	$2,466	0.1%	$109.66	—	DEFIANCE QUANTUM	26922A420
VEU	VANGUARD INTL EQUITY INDEX F	15,338	$1,128	0.1%	$73.56	—	ALLWRLD EX US	922042775
MTUM	ISHARES TR	2,621	$656	0.0%	$250.31	—	MSCI USA MMENTM	46432F396
BBCA	J P MORGAN EXCHANGE TRADED F	4,898	$456	0.0%	$93.00	—	BETABUILDERS CDA	46641Q225
DUKZ	NORTHERN LIGHTS FD TR	8,624	$218	0.0%	$25.28	—	OCEAN PARK DIVER	66538J282

Increased Positions (15)

EMB ISHARES TR 2.8%

Value ($000) $59,867 (+153.3%) Shares 621,800 (+150.4%) Est. Cost $95.78 Unrealized —

SRLN SSGA ACTIVE ETF TR 1.3%

Value ($000) $28,306 (+544.0%) Shares 685,882 (+548.8%) Est. Cost $41.34 Unrealized —

EMLC VANECK ETF TRUST 3.4%

Value ($000) $71,689 (+25.1%) Shares 2,776,482 (+23.6%) Est. Cost $24.64 Unrealized —

AVDV AMERICAN CENTY ETF TR 1.8%

Value ($000) $37,845 (+53.5%) Shares 402,737 (+45.4%) Est. Cost $90.57 Unrealized —

VUG VANGUARD INDEX FDS 2.2%

Value ($000) $46,199 (+30.3%) Shares 94,697 (+28.1%) Est. Cost $481.42 Unrealized —

TLT ISHARES TR 0.5%

Value ($000) $11,453 (+697.5%) Shares 131,400 (+717.7%) Est. Cost $87.63 Unrealized —

PFFA ETFIS SER TR I 0.5%

Value ($000) $10,669 (+50.8%) Shares 495,100 (+51.9%) Est. Cost $21.66 Unrealized —

SPHY SPDR SERIES TRUST 4.3%

Value ($000) $92,602 (+3.2%) Shares 3,912,226 (+4.4%) Est. Cost $23.43 Unrealized —

PFF ISHARES TR 1.3%

Value ($000) $26,881 (+7.4%) Shares 868,252 (+9.7%) Est. Cost $31.56 Unrealized —

MBB ISHARES TR 1.9%

Value ($000) $40,405 (+2.0%) Shares 424,335 (+1.9%) Est. Cost $95.11 Unrealized —

LQD ISHARES TR 0.1%

Value ($000) $2,193 (+51.8%) Shares 19,898 (+53.6%) Est. Cost $109.44 Unrealized —

HYD VANECK ETF TRUST 0.1%

Value ($000) $2,086 (+49.4%) Shares 40,805 (+48.8%) Est. Cost $51.50 Unrealized —

BNDX VANGUARD CHARLOTTE FDS 0.1%

Value ($000) $2,169 (+45.4%) Shares 44,893 (+48.9%) Est. Cost $49.17 Unrealized —

VWOB VANGUARD WHITEHALL FDS 0.1%

Value ($000) $1,591 (+47.2%) Shares 23,591 (+46.0%) Est. Cost $67.07 Unrealized —

VTEB VANGUARD MUN BD FDS 0.1%

Value ($000) $1,115 (+56.9%) Shares 22,168 (+56.2%) Est. Cost $50.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EMB	ISHARES TR	621,800 (+150.4%)	$59,867 (+153.3%)	2.8%	$95.78	—	JPMORGAN USD EMG	464288281
SRLN	SSGA ACTIVE ETF TR	685,882 (+548.8%)	$28,306 (+544.0%)	1.3%	$41.34	—	STATE STREET BLA	78467V608
EMLC	VANECK ETF TRUST	2,776,482 (+23.6%)	$71,689 (+25.1%)	3.4%	$24.64	—	JP MRGAN EM LOC	92189H300
AVDV	AMERICAN CENTY ETF TR	402,737 (+45.4%)	$37,845 (+53.5%)	1.8%	$90.57	—	INTL SMCP VLU	025072802
VUG	VANGUARD INDEX FDS	94,697 (+28.1%)	$46,199 (+30.3%)	2.2%	$481.42	—	GROWTH ETF	922908736
TLT	ISHARES TR	131,400 (+717.7%)	$11,453 (+697.5%)	0.5%	$87.63	—	20 YR TR BD ETF	464287432
PFFA	ETFIS SER TR I	495,100 (+51.9%)	$10,669 (+50.8%)	0.5%	$21.66	—	VIRTUS INFRCAP	26923G822
SPHY	SPDR SERIES TRUST	3,912,226 (+4.4%)	$92,602 (+3.2%)	4.3%	$23.43	—	STATE STREET SPD	78468R606
PFF	ISHARES TR	868,252 (+9.7%)	$26,881 (+7.4%)	1.3%	$31.56	—	PFD AND INCM SEC	464288687
MBB	ISHARES TR	424,335 (+1.9%)	$40,405 (+2.0%)	1.9%	$95.11	—	MBS ETF	464288588
LQD	ISHARES TR	19,898 (+53.6%)	$2,193 (+51.8%)	0.1%	$109.44	—	IBOXX INV CP ETF	464287242
HYD	VANECK ETF TRUST	40,805 (+48.8%)	$2,086 (+49.4%)	0.1%	$51.50	—	HIGH YLD MUNIETF	92189H409
BNDX	VANGUARD CHARLOTTE FDS	44,893 (+48.9%)	$2,169 (+45.4%)	0.1%	$49.17	—	TOTAL INT BD ETF	92203J407
VWOB	VANGUARD WHITEHALL FDS	23,591 (+46.0%)	$1,591 (+47.2%)	0.1%	$67.07	—	EM MK GOV BD ETF	921946885
VTEB	VANGUARD MUN BD FDS	22,168 (+56.2%)	$1,115 (+56.9%)	0.1%	$50.15	—	TAX EXEMPT BD	922907746

Exited Positions (21)

FALN ISHARES TR 1.5%

Value ($000) $31,478 Shares 1,133,100 Est. Cost $25.68 Unrealized —

VCLT VANGUARD SCOTTSDALE FDS 1.2%

Value ($000) $26,603 Shares 342,600 Est. Cost $75.91 Unrealized —

FLRN SPDR SERIES TRUST 1.2%

Value ($000) $25,771 Shares 835,100 Est. Cost $30.86 Unrealized —

ICVT ISHARES TR 1.0%

Value ($000) $22,001 Shares 219,900 Est. Cost $100.05 Unrealized —

HYDB ISHARES TR 1.0%

Value ($000) $20,468 Shares 427,800 Est. Cost $47.82 Unrealized —

CLOI VANECK ETF TRUST 0.7%

Value ($000) $14,077 Shares 265,100 Est. Cost $53.10 Unrealized —

PFFD GLOBAL X FDS 0.5%

Value ($000) $10,883 Shares 560,100 Est. Cost $19.43 Unrealized —

HYGV FLEXSHARES TR 0.5%

Value ($000) $10,251 Shares 248,800 Est. Cost $40.88 Unrealized —

HYLS FIRST TR EXCHANGE-TRADED FD 0.5%

Value ($000) $10,159 Shares 241,600 Est. Cost $41.87 Unrealized —

FLBL FRANKLIN TEMPLETON ETF TR 0.5%

Value ($000) $9,810 Shares 408,400 Est. Cost $24.15 Unrealized —

EWI ISHARES INC 0.3%

Value ($000) $7,027 Shares 135,257 Est. Cost $51.95 Unrealized —

IVV ISHARES TR 0.2%

Value ($000) $3,782 Shares 5,651 Est. Cost $669.30 Unrealized —

QQQM INVESCO EXCH TRADED FD TR II 0.1%

Value ($000) $3,130 Shares 12,664 Est. Cost $247.12 Unrealized —

SMMU PIMCO ETF TR 0.1%

Value ($000) $2,089 Shares 41,300 Est. Cost $50.57 Unrealized —

PFRL PGIM ETF TR 0.1%

Value ($000) $1,168 Shares 23,300 Est. Cost $49.92 Unrealized —

VXUS VANGUARD STAR FDS 0.1%

Value ($000) $1,113 Shares 15,156 Est. Cost $73.46 Unrealized —

JMHI J P MORGAN EXCHANGE TRADED F 0.1%

Value ($000) $1,111 Shares 22,000 Est. Cost $50.37 Unrealized —

SPMO INVESCO EXCH TRADED FD TR II 0.0%

Value ($000) $799 Shares 6,596 Est. Cost $121.06 Unrealized —

JMST J P MORGAN EXCHANGE TRADED F 0.0%

Value ($000) $740 Shares 14,500 Est. Cost $51.04 Unrealized —

SPEM SPDR INDEX SHS FDS 0.0%

Value ($000) $714 Shares 15,258 Est. Cost $46.81 Unrealized —

CQQQ INVESCO EXCH TRADED FD TR II 0.0%

Value ($000) $414 Shares 7,012 Est. Cost $59.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FALN	ISHARES TR	1,133,100	$31,478	1.5%	$25.68	—	—	46435G474
VCLT	VANGUARD SCOTTSDALE FDS	342,600	$26,603	1.2%	$75.91	—	—	92206C813
FLRN	SPDR SERIES TRUST	835,100	$25,771	1.2%	$30.86	—	—	78468R200
ICVT	ISHARES TR	219,900	$22,001	1.0%	$100.05	—	—	46435G102
HYDB	ISHARES TR	427,800	$20,468	1.0%	$47.82	—	—	46435G250
CLOI	VANECK ETF TRUST	265,100	$14,077	0.7%	$53.10	—	—	92189H748
PFFD	GLOBAL X FDS	560,100	$10,883	0.5%	$19.43	—	—	37954Y657
HYGV	FLEXSHARES TR	248,800	$10,251	0.5%	$40.88	—	—	33939L662
HYLS	FIRST TR EXCHANGE-TRADED FD	241,600	$10,159	0.5%	$41.87	—	—	33738D408
FLBL	FRANKLIN TEMPLETON ETF TR	408,400	$9,810	0.5%	$24.15	—	—	35473P595
EWI	ISHARES INC	135,257	$7,027	0.3%	$51.95	—	—	46434G830
IVV	ISHARES TR	5,651	$3,782	0.2%	$669.30	—	—	464287200
QQQM	INVESCO EXCH TRADED FD TR II	12,664	$3,130	0.1%	$247.12	—	—	46138G649
SMMU	PIMCO ETF TR	41,300	$2,089	0.1%	$50.57	—	—	72201R874
PFRL	PGIM ETF TR	23,300	$1,168	0.1%	$49.92	—	—	69344A883
VXUS	VANGUARD STAR FDS	15,156	$1,113	0.1%	$73.46	—	—	921909768
JMHI	J P MORGAN EXCHANGE TRADED F	22,000	$1,111	0.1%	$50.37	—	—	46654Q799
SPMO	INVESCO EXCH TRADED FD TR II	6,596	$799	0.0%	$121.06	—	—	46138E339
JMST	J P MORGAN EXCHANGE TRADED F	14,500	$740	0.0%	$51.04	—	—	46641Q654
SPEM	SPDR INDEX SHS FDS	15,258	$714	0.0%	$46.81	—	—	78463X509
CQQQ	INVESCO EXCH TRADED FD TR II	7,012	$414	0.0%	$59.01	—	—	46138E800

Decreased Positions (29)

CWB SPDR SERIES TRUST 0.1%

Value ($000) $2,161 (-95.8%) Shares 24,225 (-95.8%) Est. Cost $90.50 Unrealized —

BKLN INVESCO EXCH TRADED FD TR II 3.7%

Value ($000) $79,692 (-37.5%) Shares 3,794,877 (-37.7%) Est. Cost $21.04 Unrealized —

BND VANGUARD BD INDEX FDS 5.2%

Value ($000) $111,616 (-20.5%) Shares 1,506,900 (-20.2%) Est. Cost $74.37 Unrealized —

JNK SPDR SERIES TRUST 8.7%

Value ($000) $185,323 (-9.5%) Shares 1,906,424 (-8.8%) Est. Cost $92.56 Unrealized —

VOT VANGUARD INDEX FDS 0.5%

Value ($000) $10,512 (-63.4%) Shares 37,660 (-61.4%) Est. Cost $293.79 Unrealized —

ITA ISHARES TR 0.2%

Value ($000) $3,892 (-79.5%) Shares 18,130 (-80.0%) Est. Cost $165.56 Unrealized —

AVUV AMERICAN CENTY ETF TR 0.1%

Value ($000) $2,491 (-84.1%) Shares 24,422 (-84.4%) Est. Cost $99.53 Unrealized —

FLOT ISHARES TR 0.3%

Value ($000) $6,988 (-63.4%) Shares 137,400 (-63.3%) Est. Cost $51.09 Unrealized —

IMTM ISHARES TR 0.8%

Value ($000) $17,185 (-38.7%) Shares 358,247 (-38.8%) Est. Cost $47.88 Unrealized —

SHYG ISHARES TR 2.0%

Value ($000) $43,243 (-19.4%) Shares 1,008,700 (-18.5%) Est. Cost $41.56 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $7,053 (-59.4%) Shares 131,198 (-59.1%) Est. Cost $53.76 Unrealized —

ANGL VANECK ETF TRUST 1.1%

Value ($000) $23,847 (-23.5%) Shares 812,100 (-22.6%) Est. Cost $27.41 Unrealized —

HYG ISHARES TR 12.6%

Value ($000) $268,804 (-2.1%) Shares 3,333,791 (-1.4%) Est. Cost $76.91 Unrealized —

HYMB SPDR SERIES TRUST 0.1%

Value ($000) $1,162 (-78.3%) Shares 46,600 (-78.3%) Est. Cost $25.50 Unrealized —

HYEM VANECK ETF TRUST 0.1%

Value ($000) $2,244 (-52.5%) Shares 112,800 (-52.1%) Est. Cost $19.65 Unrealized —

EZU ISHARES INC 0.2%

Value ($000) $3,449 (-39.6%) Shares 53,800 (-41.6%) Est. Cost $53.25 Unrealized —

PFXF VANECK ETF TRUST 0.0%

Value ($000) $426 (-82.8%) Shares 24,100 (-82.7%) Est. Cost $17.77 Unrealized —

SHYD VANECK ETF TRUST 0.0%

Value ($000) $211 (-86.1%) Shares 9,200 (-86.1%) Est. Cost $22.49 Unrealized —

CLOZ SERIES PORTFOLIOS TR 0.5%

Value ($000) $9,653 (-10.8%) Shares 364,527 (-9.6%) Est. Cost $26.82 Unrealized —

PREF PRINCIPAL EXCHANGE TRADED FD 0.2%

Value ($000) $3,661 (-22.3%) Shares 192,000 (-22.0%) Est. Cost $19.14 Unrealized —

DFIV DIMENSIONAL ETF TRUST 1.1%

Value ($000) $23,144 (+1.2%) Shares 463,800 (-6.5%) Est. Cost $46.12 Unrealized —

DISV DIMENSIONAL ETF TRUST 0.6%

Value ($000) $12,566 (-1.2%) Shares 330,674 (-7.2%) Est. Cost $35.23 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $1,357 (-4.1%) Shares 7,086 (-5.0%) Est. Cost $174.63 Unrealized —

IJR ISHARES TR 0.0%

Value ($000) $680 (-7.5%) Shares 5,657 (-8.6%) Est. Cost $118.83 Unrealized —

DVY ISHARES TR 0.0%

Value ($000) $669 (-7.1%) Shares 4,740 (-6.5%) Est. Cost $132.19 Unrealized —

IJH ISHARES TR 0.1%

Value ($000) $1,358 (-2.3%) Shares 20,570 (-3.4%) Est. Cost $65.26 Unrealized —

VOE VANGUARD INDEX FDS 0.0%

Value ($000) $683 (-4.0%) Shares 3,851 (-5.5%) Est. Cost $161.40 Unrealized —

VBR VANGUARD INDEX FDS 0.0%

Value ($000) $341 (-4.7%) Shares 1,611 (-6.1%) Est. Cost $208.71 Unrealized —

COWZ PACER FDS TR 0.0%

Value ($000) $703 (+0.7%) Shares 11,681 (-3.9%) Est. Cost $56.03 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CWB	SPDR SERIES TRUST	24,225 (-95.8%)	$2,161 (-95.8%)	0.1%	$90.50	—	STATE STREET SPD	78464A359
BKLN	INVESCO EXCH TRADED FD TR II	3,794,877 (-37.7%)	$79,692 (-37.5%)	3.7%	$21.04	—	SR LN ETF	46138G508
BND	VANGUARD BD INDEX FDS	1,506,900 (-20.2%)	$111,616 (-20.5%)	5.2%	$74.37	—	TOTAL BND MRKT	921937835
JNK	SPDR SERIES TRUST	1,906,424 (-8.8%)	$185,323 (-9.5%)	8.7%	$92.56	—	STATE STREET SPD	78468R622
VOT	VANGUARD INDEX FDS	37,660 (-61.4%)	$10,512 (-63.4%)	0.5%	$293.79	—	MCAP GR IDXVIP	922908538
ITA	ISHARES TR	18,130 (-80.0%)	$3,892 (-79.5%)	0.2%	$165.56	—	US AER DEF ETF	464288760
AVUV	AMERICAN CENTY ETF TR	24,422 (-84.4%)	$2,491 (-84.1%)	0.1%	$99.53	—	US SML CP VALU	025072877
FLOT	ISHARES TR	137,400 (-63.3%)	$6,988 (-63.4%)	0.3%	$51.09	—	FLTG RATE NT ETF	46429B655
IMTM	ISHARES TR	358,247 (-38.8%)	$17,185 (-38.7%)	0.8%	$47.88	—	MSCI INTL MOMENT	46434V449
SHYG	ISHARES TR	1,008,700 (-18.5%)	$43,243 (-19.4%)	2.0%	$41.56	—	0-5YR HI YL CP	46434V407
VWO	VANGUARD INTL EQUITY INDEX F	131,198 (-59.1%)	$7,053 (-59.4%)	0.3%	$53.76	—	FTSE EMR MKT ETF	922042858
ANGL	VANECK ETF TRUST	812,100 (-22.6%)	$23,847 (-23.5%)	1.1%	$27.41	—	FALLEN ANGEL HG	92189F437
HYG	ISHARES TR	3,333,791 (-1.4%)	$268,804 (-2.1%)	12.6%	$76.91	—	IBOXX HI YD ETF	464288513
HYMB	SPDR SERIES TRUST	46,600 (-78.3%)	$1,162 (-78.3%)	0.1%	$25.50	—	STATE STREET SPD	78464A284
HYEM	VANECK ETF TRUST	112,800 (-52.1%)	$2,244 (-52.5%)	0.1%	$19.65	—	EMERGING MRKT HI	92189F353
EZU	ISHARES INC	53,800 (-41.6%)	$3,449 (-39.6%)	0.2%	$53.25	—	MSCI EURZONE ETF	464286608
PFXF	VANECK ETF TRUST	24,100 (-82.7%)	$426 (-82.8%)	0.0%	$17.77	—	PREFERRED SECURT	92189F429
SHYD	VANECK ETF TRUST	9,200 (-86.1%)	$211 (-86.1%)	0.0%	$22.49	—	SHRT HGH YLD MUN	92189F387
CLOZ	SERIES PORTFOLIOS TR	364,527 (-9.6%)	$9,653 (-10.8%)	0.5%	$26.82	—	ELDRIDGE BBB B	81752T528
PREF	PRINCIPAL EXCHANGE TRADED FD	192,000 (-22.0%)	$3,661 (-22.3%)	0.2%	$19.14	—	SPECTRUM PFD	74255Y888
DFIV	DIMENSIONAL ETF TRUST	463,800 (-6.5%)	$23,144 (+1.2%)	1.1%	$46.12	—	INTERNATNAL VAL	25434V807
DISV	DIMENSIONAL ETF TRUST	330,674 (-7.2%)	$12,566 (-1.2%)	0.6%	$35.23	—	INTL SMALL CAP V	25434V781
RSP	INVESCO EXCHANGE TRADED FD T	7,086 (-5.0%)	$1,357 (-4.1%)	0.1%	$174.63	—	S&P500 EQL WGT	46137V357
IJR	ISHARES TR	5,657 (-8.6%)	$680 (-7.5%)	0.0%	$118.83	—	CORE S&P SCP ETF	464287804
DVY	ISHARES TR	4,740 (-6.5%)	$669 (-7.1%)	0.0%	$132.19	—	SELECT DIVID ETF	464287168
IJH	ISHARES TR	20,570 (-3.4%)	$1,358 (-2.3%)	0.1%	$65.26	—	CORE S&P MCP ETF	464287507
VOE	VANGUARD INDEX FDS	3,851 (-5.5%)	$683 (-4.0%)	0.0%	$161.40	—	MCAP VL IDXVIP	922908512
VBR	VANGUARD INDEX FDS	1,611 (-6.1%)	$341 (-4.7%)	0.0%	$208.71	—	SM CP VAL ETF	922908611
COWZ	PACER FDS TR	11,681 (-3.9%)	$703 (+0.7%)	0.0%	$56.03	—	US CASH COWS 100	69374H881

Unchanged Positions (29)

SPYM SPDR SERIES TRUST 7.8%

Value ($000) $166,140 Shares 2,071,057 Est. Cost $78.34 Unrealized —

USHY ISHARES TR 13.5%

Value ($000) $286,753 Shares 7,668,224 Est. Cost $36.34 Unrealized —

EWC ISHARES INC 0.6%

Value ($000) $13,303 Shares 246,674 Est. Cost $50.55 Unrealized —

SJNK SPDR SERIES TRUST 2.3%

Value ($000) $48,460 Shares 1,913,900 Est. Cost $24.74 Unrealized —

HYLB DBX ETF TR 2.0%

Value ($000) $42,557 Shares 1,155,500 Est. Cost $34.70 Unrealized —

VBK VANGUARD INDEX FDS 0.8%

Value ($000) $16,081 Shares 53,228 Est. Cost $297.62 Unrealized —

LONZ PIMCO ETF TR 0.5%

Value ($000) $10,503 Shares 208,900 Est. Cost $50.64 Unrealized —

BBHY J P MORGAN EXCHANGE TRADED F 0.6%

Value ($000) $12,355 Shares 265,700 Est. Cost $46.18 Unrealized —

BKHY BNY MELLON ETF TRUST 0.3%

Value ($000) $6,326 Shares 131,600 Est. Cost $47.45 Unrealized —

EMHY ISHARES INC 0.2%

Value ($000) $4,154 Shares 102,900 Est. Cost $39.64 Unrealized —

BOND PIMCO ETF TR 0.9%

Value ($000) $18,998 Shares 204,100 Est. Cost $93.35 Unrealized —

JMTG J P MORGAN EXCHANGE TRADED F 2.2%

Value ($000) $46,004 Shares 900,978 Est. Cost $51.00 Unrealized —

FMHI FIRST TR EXCH TRADED FD III 0.3%

Value ($000) $5,575 Shares 116,300 Est. Cost $47.81 Unrealized —

LEMB ISHARES INC 0.2%

Value ($000) $4,984 Shares 119,900 Est. Cost $41.21 Unrealized —

PYLD PIMCO ETF TR 2.4%

Value ($000) $51,997 Shares 1,948,900 Est. Cost $26.66 Unrealized —

FLTR VANECK ETF TRUST 0.5%

Value ($000) $10,498 Shares 412,000 Est. Cost $25.45 Unrealized —

PHYL PGIM ETF TR 0.2%

Value ($000) $4,552 Shares 128,300 Est. Cost $34.50 Unrealized —

JBND J P MORGAN EXCHANGE TRADED F 0.9%

Value ($000) $19,016 Shares 351,700 Est. Cost $54.16 Unrealized —

VCIT VANGUARD SCOTTSDALE FDS 0.3%

Value ($000) $6,097 Shares 72,800 Est. Cost $84.11 Unrealized —

IDV ISHARES TR 0.0%

Value ($000) $283 Shares 7,180 Est. Cost $36.55 Unrealized —

FPEI FIRST TR EXCH TRADED FD III 0.3%

Value ($000) $6,893 Shares 355,500 Est. Cost $19.34 Unrealized —

HYBL SSGA ACTIVE TR 0.1%

Value ($000) $2,326 Shares 81,800 Est. Cost $28.36 Unrealized —

CEMB ISHARES INC 0.1%

Value ($000) $1,803 Shares 39,300 Est. Cost $46.22 Unrealized —

FLHY FRANKLIN TEMPLETON ETF TR 0.1%

Value ($000) $2,354 Shares 96,400 Est. Cost $24.39 Unrealized —

FTSL FIRST TR EXCHANGE-TRADED FD 0.5%

Value ($000) $10,635 Shares 231,800 Est. Cost $46.24 Unrealized —

FLMI FRANKLIN TEMPLETON ETF TR 0.1%

Value ($000) $2,146 Shares 86,300 Est. Cost $24.44 Unrealized —

FPE FIRST TR EXCH TRADED FD III 0.4%

Value ($000) $7,523 Shares 412,900 Est. Cost $16.70 Unrealized —

EBND SPDR SERIES TRUST 0.4%

Value ($000) $7,670 Shares 358,900 Est. Cost $21.36 Unrealized —

CMBS ISHARES TR 0.1%

Value ($000) $3,106 Shares 63,286 Est. Cost $47.41 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPYM	SPDR SERIES TRUST	2,071,057	$166,140	7.8%	$78.34	—	STATE STREET SPD	78464A854
USHY	ISHARES TR	7,668,224	$286,753	13.5%	$36.34	—	BROAD USD HIGH	46435U853
EWC	ISHARES INC	246,674	$13,303	0.6%	$50.55	—	MSCI CDA ETF	464286509
SJNK	SPDR SERIES TRUST	1,913,900	$48,460	2.3%	$24.74	—	STATE STREET SPD	78468R408
HYLB	DBX ETF TR	1,155,500	$42,557	2.0%	$34.70	—	XTRACK USD HIGH	233051432
VBK	VANGUARD INDEX FDS	53,228	$16,081	0.8%	$297.62	—	SML CP GRW ETF	922908595
LONZ	PIMCO ETF TR	208,900	$10,503	0.5%	$50.64	—	SR LN ACTIVE ETF	72201R627
BBHY	J P MORGAN EXCHANGE TRADED F	265,700	$12,355	0.6%	$46.18	—	BETABUILDERS USD	46641Q878
BKHY	BNY MELLON ETF TRUST	131,600	$6,326	0.3%	$47.45	—	HIGH YIELD ETF	09661T800
EMHY	ISHARES INC	102,900	$4,154	0.2%	$39.64	—	JP MRGN EM HI BD	464286285
BOND	PIMCO ETF TR	204,100	$18,998	0.9%	$93.35	—	ACTIVE BD ETF	72201R775
JMTG	J P MORGAN EXCHANGE TRADED F	900,978	$46,004	2.2%	$51.00	—	MORTGAGE BACKED	46654Q575
FMHI	FIRST TR EXCH TRADED FD III	116,300	$5,575	0.3%	$47.81	—	MUNI HI INCM ETF	33739P301
LEMB	ISHARES INC	119,900	$4,984	0.2%	$41.21	—	JP MORGAN EM ETF	464286517
PYLD	PIMCO ETF TR	1,948,900	$51,997	2.4%	$26.66	—	MULTISECTOR BD	72201R585
FLTR	VANECK ETF TRUST	412,000	$10,498	0.5%	$25.45	—	IG FLOATING RATE	92189F486
PHYL	PGIM ETF TR	128,300	$4,552	0.2%	$34.50	—	ACTV HY BD ETF	69344A206
JBND	J P MORGAN EXCHANGE TRADED F	351,700	$19,016	0.9%	$54.16	—	ACTIVE BOND ETF	46654Q716
VCIT	VANGUARD SCOTTSDALE FDS	72,800	$6,097	0.3%	$84.11	—	INT-TERM CORP	92206C870
IDV	ISHARES TR	7,180	$283	0.0%	$36.55	—	INTL SEL DIV ETF	464288448
FPEI	FIRST TR EXCH TRADED FD III	355,500	$6,893	0.3%	$19.34	—	INSTL PFD SECS	33739P855
HYBL	SSGA ACTIVE TR	81,800	$2,326	0.1%	$28.36	—	STATE STREET BLA	78470P846
CEMB	ISHARES INC	39,300	$1,803	0.1%	$46.22	—	JP MRG EM CRP BD	464286251
FLHY	FRANKLIN TEMPLETON ETF TR	96,400	$2,354	0.1%	$24.39	—	HIGH YIELD CORP	35473P629
FTSL	FIRST TR EXCHANGE-TRADED FD	231,800	$10,635	0.5%	$46.24	—	SENIOR LN FD	33738D309
FLMI	FRANKLIN TEMPLETON ETF TR	86,300	$2,146	0.1%	$24.44	—	FRANKLIN DYN MUN	35473P868
FPE	FIRST TR EXCH TRADED FD III	412,900	$7,523	0.4%	$16.70	—	PFD SECS INC ETF	33739E108
EBND	SPDR SERIES TRUST	358,900	$7,670	0.4%	$21.36	—	BLOOMBERG EMERGI	78464A391
CMBS	ISHARES TR	63,286	$3,106	0.1%	$47.41	—	CMBS ETF	46429B366