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| # | Issuer | Value | Shares | % Portfolio |
|---|---|---|---|---|
| 1 | ISHARES TR | $46.3M | 467661 | 28.27% |
| 2 | VANGUARD BD INDEX FDS | $43.3M | 589666 | 26.44% |
| 3 | STATE STR SPDR S&P 500 ETF T | $15.9M | 24440 | 9.71% |
| 4 | VANGUARD INDEX FDS | $8.8M | 27480 | 5.39% |
| 5 | PIMCO MUN INCOME FD II | $4.8M | 637270 | 2.95% |
| 6 | ISHARES TR | $4.0M | 42501 | 2.43% |
| 7 | NUVEEN MUN HIGH INCOME OPPOR | $3.3M | 319835 | 2.03% |
| 8 | ISHARES TR | $2.3M | 9335 | 1.41% |
| 9 | DOUBLELINE OPPORTUNISTIC CR | $2.3M | 154710 | 1.38% |
| 10 | BNY MELLON STRATEGIC MUNS IN | $2.1M | 340762 | 1.31% |
| 11 | FLAHERTY & CRUMRIN PFD & INM | $2.1M | 135742 | 1.28% |
| 12 | NUVEEN AMT FREE MUN CR INC F | $2.0M | 166284 | 1.25% |
| 13 | NUVEEN MUN CR INCOME FD | $2.0M | 163501 | 1.22% |
| 14 | STATE STR SPDR S&P MIDCAP 40 | $1.9M | 3123 | 1.18% |
| 15 | VANGUARD TAX-MANAGED FDS | $1.7M | 26975 | 1.06% |
| 16 | VANGUARD INTL EQUITY INDEX F | $1.7M | 30866 | 1.02% |
| 17 | MICROSOFT CORP | $1.6M | 4265 | 0.96% |
| 18 | NUVEEN AMT FREE QLTY MUN INC | $1.6M | 139848 | 0.96% |
| 19 | BLACKROCK MUN TARGET TERM TR | $1.5M | 67359 | 0.93% |
| 20 | VANGUARD STAR FDS | $1.5M | 19427 | 0.92% |
| 21 | INVESCO TR INVT GRADE MUNS | $1.3M | 129726 | 0.78% |
| 22 | NUVEEN MUN CR OPPORTUNITIES | $1.0M | 97096 | 0.63% |
| 23 | VANGUARD SCOTTSDALE FDS | $866K | 10961 | 0.53% |
| 24 | VANGUARD BD INDEX FDS | $781K | 9993 | 0.48% |
| 25 | INVESCO MUN OPPORTUNIT TR | $748K | 78605 | 0.46% |
| 26 | EATON VANCE SR FLTNG RTE TR | $732K | 69450 | 0.45% |
| 27 | KKR & CO INC | $714K | 7716 | 0.44% |
| 28 | COHEN & STEERS SELECT PFD & | $661K | 34086 | 0.40% |
| 29 | INVESCO SR INCOME TR | $613K | 190285 | 0.37% |
| 30 | BLACKSTONE INC | $512K | 4454 | 0.31% |
| 31 | BLACKROCK TAX MUNICPAL BD TR | $449K | 27766 | 0.27% |
| 32 | DOUBLELINE YIELD OPPORTUNITI | $395K | 28396 | 0.24% |
| 33 | ABRDN ASIA PACIFIC INCOME FU | $380K | 26318 | 0.23% |
| 34 | SABA CAPITAL INCOME & OPRNT | $370K | 54852 | 0.23% |
| 35 | EATON VANCE MUN INCOME TR | $345K | 33135 | 0.21% |
| 36 | PIMCO DYNAMIC INCOME OPRNTS | $342K | 26433 | 0.21% |
| 37 | FIRST TR INTER DURATN PFD & | $338K | 19345 | 0.21% |
| 38 | BROOKFIELD REAL ASSETS INCOM | $335K | 26024 | 0.20% |
| 39 | NUVEEN PFD & INCOME OPPORTUN | $327K | 43356 | 0.20% |
| 40 | SABA CAPITAL INCOME & OPPORT | $322K | 38655 | 0.20% |
| 41 | INVESCO VALUE MUN INCOME TR | $307K | 25233 | 0.19% |
| 42 | PPG INDS INC | $290K | 2709 | 0.18% |
| 43 | DOUBLELINE INCOME SOLUTIONS | $263K | 24248 | 0.16% |
| 44 | NUVEEN TAXABLE MUNICPAL INM | $241K | 15370 | 0.15% |
| 45 | TEMPLETON EMERGING MKTS INCO | $153K | 25516 | 0.09% |
| 46 | VIRTUS TOTAL RETURN FD INC | $81K | 12282 | 0.05% |
| 47 | PIMCO INCOME STRATEGY FD II | $74K | 10778 | 0.05% |
Values in USD (reported in $thousands on 13F). Source: SEC EDGAR.