# EDGAR Filing Document

**Accession Number:** 0001397424
**File Stem:** 0001172661-23-000773
**Filing Date:** 2023-2
**Character Count:** 22419
**Document Hash:** 3b5e2876bdce8e7bf41900320cb3b994
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000773.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001172661-23-000773

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WBI INVESTMENTS, INC.
- **CENTRAL INDEX KEY:** 0001397424
- **IRS NUMBER:** 222566011
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12525
- **FILM NUMBER:** 23618885

**BUSINESS ADDRESS:**
- **STREET 1:** 331 NEWMAN SPRINGS ROAD
- **STREET 2:** SUITE 105
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701
- **BUSINESS PHONE:** 732-842-4920

**MAIL ADDRESS:**
- **STREET 1:** 331 NEWMAN SPRINGS ROAD
- **STREET 2:** SUITE 143
- **CITY:** RED BANK
- **STATE:** NJ
- **ZIP:** 07701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WBI INVESTMENTS
- **DATE OF NAME CHANGE:** 20100211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wealth Builders
- **DATE OF NAME CHANGE:** 20070424

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** WBI INVESTMENTS INC.<br>**Address:** 331 Newman Springs Road<br>Suite 143<br>Red Bank, NJ 07701

**Form 13F File Number:** 028-12525

**CRD Number (if applicable):** 000106336

**SEC File Number (if applicable):** 801-22873

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kevin Murphy<br>**Title:** Chief Compliance Officer  General Counsel<br>**Phone:** 732-945-1430

**Signature, Place, and Date of Signing:**

/s/ Kevin Murphy  Red Bank, NJ  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 188

**Form 13F Information Table Value Total:** $466485154

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                       | Form 13F File Number   |
|:---|:---|:---|
|  | MILLINGTON SECURITIES INC. | 028-16338              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 3474682 | 28975 | SH |  | DFND | 1 | 0 | 28975 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 1560588 | 14215 | SH |  | SOLE |  | 14215 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 5105905 | 31594 | SH |  | DFND | 1 | 0 | 31594 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 2007396 | 12422 | SH |  | SOLE |  | 12422 | 0 | 0 |
| ABSOLUTE SHS TR | WBI BBR YLD 3000 | 00400R700 |  | 41553939 | 1719945 | SH |  | SOLE |  | 1719945 | 0 | 0 |
| ABSOLUTE SHS TR | WBI BBR QTY 3000 | 00400R809 |  | 27005603 | 974435 | SH |  | SOLE |  | 974435 | 0 | 0 |
| ABSOLUTE SHS TR | WBI BBR VAL 3000 | 00400R601 |  | 25883338 | 928720 | SH |  | SOLE |  | 928720 | 0 | 0 |
| ABSOLUTE SHS TR | WBI PWR FCTR ETF | 00400R858 |  | 41281550 | 1550530 | SH |  | SOLE |  | 1550530 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 856685 | 11909 | SH |  | SOLE |  | 11909 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 3175702 | 69475 | SH |  | DFND | 1 | 0 | 69475 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 527993 | 11553 | SH |  | SOLE |  | 11553 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 1785426 | 6798 | SH |  | DFND | 1 | 0 | 6798 | 0 |
| AMGEN INC | COM | 031162100 |  | 86931 | 331 | SH |  | SOLE |  | 331 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 2017841 | 6723 | SH |  | DFND | 1 | 0 | 6723 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 1491918 | 4971 | SH |  | SOLE |  | 4971 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 2857889 | 61223 | SH |  | DFND | 1 | 0 | 61223 | 0 |
| AT INC | COM | 00206R102 |  | 279501 | 15183 | SH |  | SOLE |  | 15183 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 4220249 | 52615 | SH |  | DFND | 1 | 0 | 52615 | 0 |
| BNY MELLON ETF TRUST | CORE BOND ETF | 09661T602 |  | 408091 | 9810 | SH |  | SOLE |  | 9810 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 473656 | 4532 | SH |  | SOLE |  | 4532 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3917822 | 7007 | SH |  | DFND | 1 | 0 | 7007 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3756024 | 6718 | SH |  | SOLE |  | 6718 | 0 | 0 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 1102013 | 20239 | SH |  | DFND | 1 | 0 | 20239 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 929050 | 12086 | SH |  | DFND | 1 | 0 | 12086 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 1098887 | 36826 | SH |  | DFND | 1 | 0 | 36826 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1126838 | 6278 | SH |  | DFND | 1 | 0 | 6278 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 383152 | 1737 | SH |  | SOLE |  | 1737 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 1811767 | 5468 | SH |  | DFND | 1 | 0 | 5468 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 1212633 | 3660 | SH |  | SOLE |  | 3660 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 664333 | 1471 | SH |  | DFND | 1 | 0 | 1471 | 0 |
| CINTAS CORP | COM | 172908105 |  | 253763 | 562 | SH |  | SOLE |  | 562 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 234187 | 5178 | SH |  | SOLE |  | 5178 | 0 | 0 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 |  | 217398 | 3753 | SH |  | SOLE |  | 3753 | 0 | 0 |
| CLEARWAY ENERGY INC | CL C | 18539C204 |  | 586216 | 18394 | SH |  | DFND | 1 | 0 | 18394 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1364634 | 39023 | SH |  | DFND | 1 | 0 | 39023 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 125580 | 2600 | SH |  | DFND | 1 | 0 | 2600 | 0 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 850773 | 17615 | SH |  | SOLE |  | 17615 | 0 | 0 |
| CONAGRA BRANDS INC | COM | 205887102 |  | 2442169 | 63109 | SH |  | SOLE |  | 63109 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 211949 | 8627 | SH |  | SOLE |  | 8627 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 2757260 | 11380 | SH |  | DFND | 1 | 0 | 11380 | 0 |
| CUMMINS INC | COM | 231021106 |  | 71950 | 297 | SH |  | SOLE |  | 297 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 234770 | 3817 | SH |  | SOLE |  | 3817 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 3193813 | 23350 | SH |  | DFND | 1 | 0 | 23350 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 92595 | 677 | SH |  | SOLE |  | 677 | 0 | 0 |
| DIREXION SHS ETF TR | AUSPCE CMD STG | 25460E307 |  | 10374131 | 352627 | SH |  | SOLE |  | 352627 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 3918024 | 77754 | SH |  | DFND | 1 | 0 | 77754 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 1361935 | 2655 | SH |  | DFND | 1 | 0 | 2655 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 1025 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 4803118 | 37084 | SH |  | DFND | 1 | 0 | 37084 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2286629 | 20731 | SH |  | DFND | 1 | 0 | 20731 | 0 |
| FIDELITY COVINGTON TRUST | MSCI HLTH CARE I | 316092600 |  | 874279 | 13665 | SH |  | SOLE |  | 13665 | 0 | 0 |
| FIDELITY COVINGTON TRUST | CONSMR STAPLES | 316092303 |  | 607971 | 13568 | SH |  | SOLE |  | 13568 | 0 | 0 |
| FIDELITY NATIONAL FINANCIAL | FNF GROUP COM | 31620R303 |  | 885048 | 23526 | SH |  | DFND | 1 | 0 | 23526 | 0 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 625934 | 11959 | SH |  | DFND | 1 | 0 | 11959 | 0 |
| FOOT LOCKER INC | COM | 344849104 |  | 1523579 | 40317 | SH |  | DFND | 1 | 0 | 40317 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 2301286 | 197875 | SH |  | DFND | 1 | 0 | 197875 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 210489 | 18100 | SH |  | SOLE |  | 18100 | 0 | 0 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 1472980 | 55837 | SH |  | DFND | 1 | 0 | 55837 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 895140 | 3608 | SH |  | SOLE |  | 3608 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1768815 | 21095 | SH |  | DFND | 1 | 0 | 21095 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 524449 | 6255 | SH |  | SOLE |  | 6255 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 2517976 | 14512 | SH |  | DFND | 1 | 0 | 14512 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1447001 | 16855 | SH |  | DFND | 1 | 0 | 16855 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 194441 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 3140587 | 5646 | SH |  | DFND | 1 | 0 | 5646 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 1423480 | 18772 | SH |  | DFND | 1 | 0 | 18772 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 902185 | 11898 | SH |  | SOLE |  | 11898 | 0 | 0 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 307757 | 10286 | SH |  | DFND | 1 | 0 | 10286 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 930134 | 2945 | SH |  | SOLE |  | 2945 | 0 | 0 |
| HOPE BANCORP INC | COM | 43940T109 |  | 173601 | 13552 | SH |  | DFND | 1 | 0 | 13552 | 0 |
| HUMANA INC | COM | 444859102 |  | 336984 | 658 | SH |  | SOLE |  | 658 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 153708 | 10902 | SH |  | SOLE |  | 10902 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 3360733 | 127156 | SH |  | DFND | 1 | 0 | 127156 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 259223 | 1840 | SH |  | SOLE |  | 1840 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 6507708 | 46190 | SH |  | DFND | 1 | 0 | 46190 | 0 |
| INTERNATIONAL GAME TECHNOLOG | SHS USD | G4863A108 |  | 783979 | 34567 | SH |  | DFND | 1 | 0 | 34567 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 232075 | 6702 | SH |  | SOLE |  | 6702 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S SMALLCAP 600 | 46138G664 |  | 250588 | 2309 | SH |  | SOLE |  | 2309 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S SMLCP HELT | 46138E149 |  | 3142897 | 23812 | SH |  | SOLE |  | 23812 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S MIDCP LOW | 46138E198 |  | 837689 | 15661 | SH |  | SOLE |  | 15661 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | S SMLCP LOW | 46138G102 |  | 2037909 | 45638 | SH |  | SOLE |  | 45638 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL STP | 46137V373 |  | 2449850 | 14368 | SH |  | SOLE |  | 14368 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S 500 GARP ETF | 46137V431 |  | 667137 | 8077 | SH |  | SOLE |  | 8077 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL HLT | 46137V332 |  | 6593646 | 22858 | SH |  | SOLE |  | 22858 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 1647632 | 91586 | SH |  | DFND | 1 | 0 | 91586 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 223134 | 838 | SH |  | SOLE |  | 838 | 0 | 0 |
| ISHARES INC | MSCI GBL MIN VOL | 464286525 |  | 661143 | 6958 | SH |  | SOLE |  | 6958 | 0 | 0 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 4038819 | 18302 | SH |  | SOLE |  | 18302 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 1184077 | 16082 | SH |  | SOLE |  | 16082 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 1168454 | 12598 | SH |  | SOLE |  | 12598 | 0 | 0 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 1537934 | 33117 | SH |  | SOLE |  | 33117 | 0 | 0 |
| ISHARES TR | US HLTHCR PR ETF | 464288828 |  | 532698 | 1990 | SH |  | SOLE |  | 1990 | 0 | 0 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 218873 | 629 | SH |  | SOLE |  | 629 | 0 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 2261864 | 26648 | SH |  | SOLE |  | 26648 | 0 | 0 |
| ISHARES TR | GNMA BOND ETF | 46429B333 |  | 3026842 | 69575 | SH |  | SOLE |  | 69575 | 0 | 0 |
| ISHARES TR | AGENCY BOND ETF | 464288166 |  | 2466587 | 23176 | SH |  | SOLE |  | 23176 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 7974637 | 45737 | SH |  | SOLE |  | 45737 | 0 | 0 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 228988 | 4356 | SH |  | SOLE |  | 4356 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 8056771 | 73298 | SH |  | SOLE |  | 73298 | 0 | 0 |
| ISHARES TR | US SML CP VALUE | 46436E536 |  | 532924 | 18941 | SH |  | SOLE |  | 18941 | 0 | 0 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 1528351 | 30543 | SH |  | SOLE |  | 30543 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | DIVERSFED RTRN | 46641Q886 |  | 268678 | 3192 | SH |  | SOLE |  | 3192 | 0 | 0 |
| KEYCORP | COM | 493267108 |  | 961810 | 55213 | SH |  | DFND | 1 | 0 | 55213 | 0 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 270673 | 1035 | SH |  | DFND | 1 | 0 | 1035 | 0 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 881286 | 3370 | SH |  | SOLE |  | 3370 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 2594361 | 102747 | SH |  | DFND | 1 | 0 | 102747 | 0 |
| KONTOOR BRANDS INC | COM | 50050N103 |  | 434611 | 10868 | SH |  | DFND | 1 | 0 | 10868 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 1300765 | 31952 | SH |  | DFND | 1 | 0 | 31952 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 2061988 | 12658 | SH |  | DFND | 1 | 0 | 12658 | 0 |
| LANDSTAR SYS INC | COM | 515098101 |  | 2370411 | 14552 | SH |  | SOLE |  | 14552 | 0 | 0 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 837851 | 25996 | SH |  | DFND | 1 | 0 | 25996 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 2160959 | 23878 | SH |  | DFND | 1 | 0 | 23878 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 1049507 | 11597 | SH |  | SOLE |  | 11597 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 2127420 | 4373 | SH |  | DFND | 1 | 0 | 4373 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 2308239 | 4745 | SH |  | SOLE |  | 4745 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 1991211 | 34137 | SH |  | DFND | 1 | 0 | 34137 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 3669842 | 44199 | SH |  | DFND | 1 | 0 | 44199 | 0 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 1577 | 19 | SH |  | SOLE |  | 19 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1761534 | 10645 | SH |  | DFND | 1 | 0 | 10645 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 735654 | 4446 | SH |  | SOLE |  | 4446 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1826277 | 5252 | SH |  | DFND | 1 | 0 | 5252 | 0 |
| MURPHY OIL CORP | COM | 626717102 |  | 2825283 | 65689 | SH |  | DFND | 1 | 0 | 65689 | 0 |
| MURPHY USA INC | COM | 626755102 |  | 1676004 | 5996 | SH |  | SOLE |  | 5996 | 0 | 0 |
| NAVIENT CORPORATION | COM | 63938C108 |  | 464087 | 28212 | SH |  | DFND | 1 | 0 | 28212 | 0 |
| NEW YORK CMNTY BANCORP INC | COM | 649445103 |  | 1003043 | 116633 | SH |  | DFND | 1 | 0 | 116633 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 710493 | 29420 | SH |  | DFND | 1 | 0 | 29420 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 1049669 | 12869 | SH |  | SOLE |  | 12869 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 3361254 | 41207 | SH |  | DFND | 1 | 0 | 41207 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 4083583 | 62155 | SH |  | DFND | 1 | 0 | 62155 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 884191 | 17437 | SH |  | SOLE |  | 17437 | 0 | 0 |
| PACER FDS TR | LUNT LRGCP MULTI | 69374H816 |  | 1942170 | 55239 | SH |  | SOLE |  | 55239 | 0 | 0 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 648274 | 14017 | SH |  | SOLE |  | 14017 | 0 | 0 |
| PACER FDS TR | TRENDP US MID CP | 69374H204 |  | 9404964 | 301349 | SH |  | SOLE |  | 301349 | 0 | 0 |
| PACER FDS TR | TRENDP US LAR CP | 69374H105 |  | 3403231 | 90779 | SH |  | SOLE |  | 90779 | 0 | 0 |
| PACER FDS TR | LUNT LRG CP ALTR | 69374H717 |  | 6467386 | 159848 | SH |  | SOLE |  | 159848 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1335108 | 4588 | SH |  | DFND | 1 | 0 | 4588 | 0 |
| PBF ENERGY INC | CL A | 69318G106 |  | 1464939 | 35926 | SH |  | SOLE |  | 35926 | 0 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 727729 | 77418 | SH |  | DFND | 1 | 0 | 77418 | 0 |
| PFIZER INC | COM | 717081103 |  | 1665177 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 2488032 | 23905 | SH |  | DFND | 1 | 0 | 23905 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 97832 | 940 | SH |  | SOLE |  | 940 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 233399 | 1022 | SH |  | SOLE |  | 1022 | 0 | 0 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 1027257 | 82577 | SH |  | DFND | 1 | 0 | 82577 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 987974 | 9059 | SH |  | DFND | 1 | 0 | 9059 | 0 |
| PROSHARES TR | S 500 DV ARIST | 74348A467 |  | 639905 | 7111 | SH |  | SOLE |  | 7111 | 0 | 0 |
| PROSHARES TR | RUSS 2000 DIVD | 74347B698 |  | 1040562 | 16956 | SH |  | SOLE |  | 16956 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 980775 | 9861 | SH |  | DFND | 1 | 0 | 9861 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 1191343 | 11979 | SH |  | SOLE |  | 11979 | 0 | 0 |
| RENT A CTR INC NEW | COM | 76009N100 |  | 405246 | 17971 | SH |  | DFND | 1 | 0 | 17971 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1204272 | 14464 | SH |  | DFND | 1 | 0 | 14464 | 0 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 1495710 | 31006 | SH |  | SOLE |  | 31006 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 3395765 | 64546 | SH |  | DFND | 1 | 0 | 64546 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 5068896 | 67994 | SH |  | SOLE |  | 67994 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 237596 | 1749 | SH |  | SOLE |  | 1749 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 1732639 | 7583 | SH |  | DFND | 1 | 0 | 7583 | 0 |
| SNAP ON INC | COM | 833034101 |  | 920949 | 4031 | SH |  | SOLE |  | 4031 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1 10 Y | 78468R861 |  | 186768 | 10123 | SH |  | SOLE |  | 10123 | 0 | 0 |
| SPDR SER TR | BLOOMBERG INVT | 78468R200 |  | 1532363 | 50424 | SH |  | SOLE |  | 50424 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 14901322 | 162911 | SH |  | SOLE |  | 162911 | 0 | 0 |
| SPDR SER TR | AEROSPACE DEF | 78464A631 |  | 666668 | 6058 | SH |  | SOLE |  | 6058 | 0 | 0 |
| SPDR SER TR | PORT MTG BK ETF | 78464A383 |  | 818817 | 37734 | SH |  | SOLE |  | 37734 | 0 | 0 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 1181700 | 13130 | SH |  | SOLE |  | 13130 | 0 | 0 |
| TELEPHONE  DATA SYS INC | COM NEW | 879433829 |  | 239748 | 22855 | SH |  | DFND | 1 | 0 | 22855 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 134819 | 816 | SH |  | DFND | 1 | 0 | 816 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 924487 | 5596 | SH |  | SOLE |  | 5596 | 0 | 0 |
| TRINSEO PLC | SHS | G9059U107 |  | 424154 | 18677 | SH |  | DFND | 1 | 0 | 18677 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 954147 | 22174 | SH |  | DFND | 1 | 0 | 22174 | 0 |
| UMPQUA HLDGS CORP | COM | 904214103 |  | 352091 | 19725 | SH |  | DFND | 1 | 0 | 19725 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1913456 | 11007 | SH |  | DFND | 1 | 0 | 11007 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 77696 | 447 | SH |  | SOLE |  | 447 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 6598619 | 12446 | SH |  | DFND | 1 | 0 | 12446 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1004074 | 1894 | SH |  | SOLE |  | 1894 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 907698 | 20814 | SH |  | DFND | 1 | 0 | 20814 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 878850 | 6928 | SH |  | SOLE |  | 6928 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 4038625 | 21124 | SH |  | SOLE |  | 21124 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 8155353 | 44434 | SH |  | SOLE |  | 44434 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 1561750 | 27011 | SH |  | SOLE |  | 27011 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3720069 | 94418 | SH |  | DFND | 1 | 0 | 94418 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 279281 | 25094 | SH |  | SOLE |  | 25094 | 0 | 0 |
| VIRTU FINL INC | CL A | 928254101 |  | 396505 | 19427 | SH |  | DFND | 1 | 0 | 19427 | 0 |
| VIRTUS INVT PARTNERS INC | COM | 92828Q109 |  | 463859 | 2423 | SH |  | DFND | 1 | 0 | 2423 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1575651 | 7584 | SH |  | DFND | 1 | 0 | 7584 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2400142 | 11553 | SH |  | SOLE |  | 11553 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 3912339 | 104720 | SH |  | DFND | 1 | 0 | 104720 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 1084621 | 78767 | SH |  | DFND | 1 | 0 | 78767 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 220965 | 16048 | SH |  | SOLE |  | 16048 | 0 | 0 |
| WESTROCK CO | COM | 96145D105 |  | 2668116 | 75885 | SH |  | DFND | 1 | 0 | 75885 | 0 |
| WHIRLPOOL CORP | COM | 963320106 |  | 1360703 | 9619 | SH |  | DFND | 1 | 0 | 9619 | 0 |

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