Advisory Alpha Portfolio holdings

AUM $2.94B

This Quarter Return

-1.36%

1 Year Return

+4.31%

3 Year Return

+11.26%

5 Year Return

+76.2%

10 Year Return

+60.32%

AUM

$2.94B

AUM Growth

+$133M (+5%)

Cap. Flow

+$186M

Cap. Flow % of AUM

6.32%

Top 10 Holdings %Top 10 Hldgs %

47.46%

Holding

475

New

Increased

281

Reduced

120

Closed

Top Buys

1	SPDR Blackstone Senior Loan ETF SRLN	$64.7M
2	SPDR Portfolio Mortgage Backed Bond ETF SPMB	$43.6M
3	SPDR Portfolio Short Term Corporate Bond ETF SPSB	$43.2M
4	Schwab US Mid-Cap ETF SCHM	$41.4M
5	Global X MLP & Energy Infrastructure ETF MLPX	$24M

Top Sells

1	Invesco Senior Loan ETF BKLN	$62.6M
2	Vanguard Mortgage-Backed Securities ETF VMBS	$46M
3	Invesco Variable Rate Preferred ETF VRP	$45.2M
4	Vanguard Short-Term Treasury ETF VGSH	$39.3M
5	Vanguard Intermediate-Term Corporate Bond ETF VCIT	$10.7M

Sector Composition

1	Technology	2.58%
2	Financials	0.91%
3	Consumer Discretionary	0.91%
4	Industrials	0.78%
5	Communication Services	0.71%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 SPDR Portfolio S&P 500 Growth ETF SPYG $38.3B	$262M	8.9%	3,263,819 +35,676	+1%	+$2.86M
2	2 SPDR Portfolio S&P 500 Value ETF SPYV $26.7B	$256M	8.7%	5,024,070 +437,206	+10%	+$22.3M
3	3 Schwab US Mid-Cap ETF SCHM $11.7B	$191M	6.5%	7,300,752 +1,581,924	+28%	+$41.4M
4	4 SPDR Portfolio Developed World ex-US ETF SPDW $26.9B	$153M	5.21%	4,211,961 -193,166	-4%	-$7.03M
5	5 SPDR Portfolio Short Term Corporate Bond ETF SPSB $8.11B	$115M	3.92%	3,835,763 +1,434,399	+60%	+$43.2M
6	6 Technology Select Sector SPDR Fund XLK $81.4B	$112M	3.82%	544,554 +61,758	+13%	+$12.8M
7	7 Schwab U.S Small- Cap ETF SCHA $17.5B	$89M	3.03%	3,799,951 -433,014	-10%	-$10.1M
8	8 SPDR Portfolio High Yield Bond ETF SPHY $8.72B	$77.4M	2.63%	3,306,157 +61,506	+2%	+$1.44M
9	9 Vanguard Short-Term Treasury ETF VGSH $22.7B	$74.8M	2.54%	1,275,761 -669,773	-34%	-$39.3M
10	10 SPDR Blackstone Senior Loan ETF SRLN $7B	$65M	2.21%	1,580,815 +1,572,607	+19,159%	+$64.7M
11	11 Health Care Select Sector SPDR Fund XLV $33.9B	$61.9M	2.11%	424,221 +35,407	+9%	+$5.17M
12	12 Financial Select Sector SPDR Fund XLF $50.4B	$48M	1.63%	963,979 -52,572	-5%	-$2.62M
13	13 The Communication Services Select Sector SPDR Fund XLC $23.8B	$47.7M	1.62%	495,056 +47,270	+11%	+$4.56M
14	14 SPDR Portfolio Emerging Markets ETF SPEM $12.5B	$45.9M	1.56%	1,166,226 +53,304	+5%	+$2.1M
15	15 Industrial Select Sector SPDR Fund XLI $22.2B	$45.5M	1.55%	346,951 +87	+0%	+$11.4K
16	16 SPDR Portfolio Mortgage Backed Bond ETF SPMB $6.15B	$43.6M	1.48%	+1,978,820	New	+$43.6M
17	17 Real Estate Select Sector SPDR Fund XLRE $7.45B	$40.5M	1.38%	971,421 +183,147	+23%	+$7.64M
18	18 Consumer Discretionary Select Sector SPDR Fund XLY $22.4B	$39.6M	1.35%	200,598 +23,035	+13%	+$4.55M
19	19 Vanguard Long-Term Corporate Bond ETF VCLT $9.67B	$38.7M	1.32%	510,658 +16,799	+3%	+$1.27M
20	20 Vanguard FTSE All-World ex-US Small-Cap Index Fund VSS $9.35B	$37.8M	1.28%	327,150 -45,531	-12%	-$5.26M
21	21 Vanguard Intermediate-Term Corporate Bond ETF VCIT $54B	$37.3M	1.27%	456,320 -130,692	-22%	-$10.7M
22	22 iShares Convertible Bond ETF ICVT $2.74B	$37.1M	1.26%	444,378 +1,040	+0.2%	+$86.9K
23	23 First Trust Preferred Securities and Income ETF FPE $5.96B	$35.2M	1.2%	2,000,185 +1,342,527	+204%	+$23.6M
24	24 Consumers Staples Select Sector SPDR Fund XLP $15.8B	$33.4M	1.14%	409,485 +36,150	+10%	+$2.95M
25	25 Schwab Intermediately-Term US Treasury ETF SCHR $10.8B	$30.7M	1.04%	1,235,104 +707,320	+134%	+$17.6M