# EDGAR Filing Document

**Accession Number:** 0001740140
**File Stem:** 0001740140-23-000001
**Filing Date:** 2023-2
**Character Count:** 19550
**Document Hash:** 173dc175e210a737353609cac5c6f918
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001740140-23-000001.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001740140-23-000001

**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:** VISTA INVESTMENT MANAGEMENT
- **CENTRAL INDEX KEY:** 0001740140
- **IRS NUMBER:** 134210084

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18763
- **FILM NUMBER:** 23615387

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PENN CENTER BLVD, STE 555
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15235
- **BUSINESS PHONE:** 800-301-3204

**MAIL ADDRESS:**
- **STREET 1:** 400 PENN CENTER BLVD, STE 555
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15235

### 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:** VISTA INVESTMENT MANAGEMENT<br>**Address:** 400 PENN CENTER BLVD STE 555<br>PITTSBURGH, PA 15235

**Form 13F File Number:** 028-18763

**CRD Number (if applicable):** 000116068

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:** Matthew J. Viverette<br>**Title:** Manager<br>**Phone:** 412-253-2427

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

Matt Viverette  Pittsburgh, PA  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:** 0

**Form 13F Information Table Entry Total:** 160

**Form 13F Information Table Value Total:** $175092772

      (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.]

**NONE**

### 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 |
| ABBVIE INC | COM | 00287Y109 |  | 283626 | 1755 | SH |  | SOLE |  | 1755 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 846920 | 7714 | SH |  | SOLE |  | 7714 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 1441743 | 18834 | SH |  | SOLE |  | 18834 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 376385 | 1221 | SH |  | SOLE |  | 1221 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 630403 | 7145 | SH |  | SOLE |  | 7145 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 559798 | 6309 | SH |  | SOLE |  | 6309 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 779734 | 2969 | SH |  | SOLE |  | 2969 | 0 | 0 |
| ANSYS INC | COM | 03662Q105 |  | 531015 | 2198 | SH |  | SOLE |  | 2198 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1169644 | 9002 | SH |  | SOLE |  | 9002 | 0 | 0 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 680792 | 51614 | SH |  | SOLE |  | 51614 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 241366 | 13068 | SH |  | SOLE |  | 13068 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 264284 | 3898 | SH |  | SOLE |  | 3898 | 0 | 0 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 220714 | 6281 | SH |  | SOLE |  | 6281 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 749391 | 2426 | SH |  | SOLE |  | 2426 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 14432 | 32800 | SH |  | SOLE |  | 32800 | 0 | 0 |
| BREAD FINANCIAL HOLDINGS INC | COM | 018581108 |  | 815052 | 21642 | SH |  | SOLE |  | 21642 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 917442 | 29614 | SH |  | SOLE |  | 29614 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 1171386 | 12570 | SH |  | SOLE |  | 12570 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1316035 | 14157 | SH |  | SOLE |  | 14157 | 0 | 0 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 772809 | 2279 | SH |  | SOLE |  | 2279 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 856025 | 4769 | SH |  | SOLE |  | 4769 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1247647 | 26189 | SH |  | SOLE |  | 26189 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 1297366 | 36962 | SH |  | SOLE |  | 36962 | 0 | 0 |
| COLUMBIA BKG SYS INC | COM | 197236102 |  | 210910 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 616239 | 5222 | SH |  | SOLE |  | 5222 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 2500097 | 10788 | SH |  | SOLE |  | 10788 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 338628 | 10602 | SH |  | SOLE |  | 10602 | 0 | 0 |
| CVENT HOLDING CORP | COMMON STOCK | 126677103 |  | 420120 | 77800 | SH |  | SOLE |  | 77800 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 746273 | 7628 | SH |  | SOLE |  | 7628 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 557017 | 2262 | SH |  | SOLE |  | 2262 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 1205773 | 9310 | SH |  | SOLE |  | 9310 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 2024180 | 3946 | SH |  | SOLE |  | 3946 | 0 | 0 |
| F N B CORP | COM | 302520101 |  | 344479 | 26397 | SH |  | SOLE |  | 26397 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 |  | 488945 | 3079 | SH |  | SOLE |  | 3079 | 0 | 0 |
| FIDELITY COVINGTON TRUST | MSCI COMMNTN SVC | 316092873 |  | 460123 | 14814 | SH |  | SOLE |  | 14814 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 1199724 | 17682 | SH |  | SOLE |  | 17682 | 0 | 0 |
| FIRST BUSINESS FINL SVCS INC | COM | 319390100 |  | 1731520 | 47374 | SH |  | SOLE |  | 47374 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 494031 | 4888 | SH |  | SOLE |  | 4888 | 0 | 0 |
| GAMING  LEISURE PPTYS INC | COM | 36467J108 |  | 494500 | 9493 | SH |  | SOLE |  | 9493 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 575161 | 1675 | SH |  | SOLE |  | 1675 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 247130 | 3259 | SH |  | SOLE |  | 3259 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 201013 | 938 | SH |  | SOLE |  | 938 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 795815 | 8126 | SH |  | SOLE |  | 8126 | 0 | 0 |
| INTEGRA LIFESCIENCES HLDGS C | COM NEW | 457985208 |  | 309058 | 5512 | SH |  | SOLE |  | 5512 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL DIS | 46137V381 |  | 976244 | 8288 | SH |  | SOLE |  | 8288 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL ENR | 46137V365 |  | 440938 | 6066 | SH |  | SOLE |  | 6066 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 1996574 | 8217 | SH |  | SOLE |  | 8217 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL STP | 46137V373 |  | 300481 | 1762 | SH |  | SOLE |  | 1762 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1569173 | 11702 | SH |  | SOLE |  | 11702 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 693064 | 3923 | SH |  | SOLE |  | 3923 | 0 | 0 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 633814 | 3977 | SH |  | SOLE |  | 3977 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 278956 | 15429 | SH |  | SOLE |  | 15429 | 0 | 0 |
| KRANESHARES TR | CSI CHI INTERNET | 500767306 |  | 428931 | 14203 | SH |  | SOLE |  | 14203 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 238627 | 1146 | SH |  | SOLE |  | 1146 | 0 | 0 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 688602 | 2924 | SH |  | SOLE |  | 2924 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 584150 | 12152 | SH |  | SOLE |  | 12152 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 2340472 | 11747 | SH |  | SOLE |  | 11747 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 225318 | 855 | SH |  | SOLE |  | 855 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1226882 | 11058 | SH |  | SOLE |  | 11058 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 1614907 | 22988 | SH |  | SOLE |  | 22988 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 1228741 | 5124 | SH |  | SOLE |  | 5124 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 391811 | 4793 | SH |  | SOLE |  | 4793 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 214009 | 1702 | SH |  | SOLE |  | 1702 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1885006 | 10434 | SH |  | SOLE |  | 10434 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 517274 | 3413 | SH |  | SOLE |  | 3413 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 1074142 | 10643 | SH |  | SOLE |  | 10643 | 0 | 0 |
| RESMED INC | COM | 761152107 |  | 972591 | 4673 | SH |  | SOLE |  | 4673 | 0 | 0 |
| RUSH ENTERPRISES INC | CL B | 781846308 |  | 2228517 | 39604 | SH |  | SOLE |  | 39604 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 504179 | 3904 | SH |  | SOLE |  | 3904 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 282228 | 8252 | SH |  | SOLE |  | 8252 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 210354 | 1240 | SH |  | SOLE |  | 1240 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 814835 | 10490 | SH |  | SOLE |  | 10490 | 0 | 0 |
| SPDR SER TR | S PHARMAC | 78464A722 |  | 233497 | 5702 | SH |  | SOLE |  | 5702 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 1243506 | 14982 | SH |  | SOLE |  | 14982 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 895142 | 7193 | SH |  | SOLE |  | 7193 | 0 | 0 |
| TE CONNECTIVITY LTD | SHS | H84989104 |  | 1275307 | 11109 | SH |  | SOLE |  | 11109 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 377384 | 4741 | SH |  | SOLE |  | 4741 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 731925 | 4430 | SH |  | SOLE |  | 4430 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 211598 | 4720 | SH |  | SOLE |  | 4720 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2481409 | 4506 | SH |  | SOLE |  | 4506 | 0 | 0 |
| TOWNEBANK PORTSMOUTH VA | COM | 89214P109 |  | 451097 | 14627 | SH |  | SOLE |  | 14627 | 0 | 0 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 218118 | 1597 | SH |  | SOLE |  | 1597 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 657430 | 3782 | SH |  | SOLE |  | 3782 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1793843 | 3383 | SH |  | SOLE |  | 3383 | 0 | 0 |
| VANGUARD WORLD FDS | COMM SRVC ETF | 92204A884 |  | 1725062 | 20973 | SH |  | SOLE |  | 20973 | 0 | 0 |
| VANGUARD WORLD FDS | CONSUM DIS ETF | 92204A108 |  | 618221 | 2823 | SH |  | SOLE |  | 2823 | 0 | 0 |
| VANGUARD WORLD FDS | ENERGY ETF | 92204A306 |  | 489761 | 4038 | SH |  | SOLE |  | 4038 | 0 | 0 |
| VANGUARD WORLD FDS | FINANCIALS ETF | 92204A405 |  | 328604 | 3972 | SH |  | SOLE |  | 3972 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 3966274 | 12417 | SH |  | SOLE |  | 12417 | 0 | 0 |
| VANGUARD WORLD FDS | MATERIALS ETF | 92204A801 |  | 1034476 | 6078 | SH |  | SOLE |  | 6078 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 316349 | 7022 | SH |  | SOLE |  | 7022 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 533665 | 1848 | SH |  | SOLE |  | 1848 | 0 | 0 |
| WP CAREY INC | COM | 92936U109 |  | 986644 | 12625 | SH |  | SOLE |  | 12625 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 1523559 | 12169 | SH |  | SOLE |  | 12169 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 934134 | 10752 | SH |  | SOLE |  | 10752 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 137299 | 14483 | SH |  | SOLE |  | 14483 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1254364 | 30379 | SH |  | SOLE |  | 30379 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 770001 | 2004 | SH |  | SOLE |  | 2004 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 356741 | 2046 | SH |  | SOLE |  | 2046 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 |  | 238116 | 1396 | SH |  | SOLE |  | 1396 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 2065474 | 8539 | SH |  | SOLE |  | 8539 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 3654823 | 38618 | SH |  | SOLE |  | 38618 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 385344 | 2641 | SH |  | SOLE |  | 2641 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 3710833 | 32563 | SH |  | SOLE |  | 32563 | 0 | 0 |
| SPDR SER TR | PORTFOLI S | 78464A805 |  | 264676 | 5597 | SH |  | SOLE |  | 5597 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 686324 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A847 |  | 2738879 | 64444 | SH |  | SOLE |  | 64444 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A854 |  | 1317741 | 29296 | SH |  | SOLE |  | 29296 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 705201 | 1844 | SH |  | SOLE |  | 1844 | 0 | 0 |
| SPDR SER TR | PRTFLO S VL | 78464A508 |  | 213627 | 5493 | SH |  | SOLE |  | 5493 | 0 | 0 |
| SPDR SER TR | MSCI USA STRTGIC | 78468R812 |  | 3905579 | 35405 | SH |  | SOLE |  | 35405 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 501218 | 3301 | SH |  | SOLE |  | 3301 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1137296 | 10510 | SH |  | SOLE |  | 10510 | 0 | 0 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 330980 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 1304681 | 6401 | SH |  | SOLE |  | 6401 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 971552 | 5293 | SH |  | SOLE |  | 5293 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 885052 | 4629 | SH |  | SOLE |  | 4629 | 0 | 0 |
| WISDOMTREE TR | US LARGECAP FUND | 97717W588 |  | 3155839 | 75898 | SH |  | SOLE |  | 75898 | 0 | 0 |
| ABRDN EMRG MKTS EQTY INCM FD | COM | 00301W105 |  | 150509 | 29225 | SH |  | SOLE |  | 29225 | 0 | 0 |
| CHINA FD INC | COM | 169373107 |  | 454500 | 35178 | SH |  | SOLE |  | 35178 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 222398 | 3608 | SH |  | SOLE |  | 3608 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 675333 | 14461 | SH |  | SOLE |  | 14461 | 0 | 0 |
| ISHARES TR | EAFE SML CP ETF | 464288273 |  | 663753 | 11752 | SH |  | SOLE |  | 11752 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | INTL BUYBACK | 46138E644 |  | 1008551 | 30142 | SH |  | SOLE |  | 30142 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 1681608 | 56639 | SH |  | SOLE |  | 56639 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 2721455 | 82568 | SH |  | SOLE |  | 82568 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 803017 | 19133 | SH |  | SOLE |  | 19133 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1611584 | 41344 | SH |  | SOLE |  | 41344 | 0 | 0 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 1943015 | 44169 | SH |  | SOLE |  | 44169 | 0 | 0 |
| BLACKROCK MUNIHLDNGS CALI QL | COM | 09254L107 |  | 212233 | 19761 | SH |  | SOLE |  | 19761 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | INSTL PFD SECS | 33739P855 |  | 1637959 | 91968 | SH |  | SOLE |  | 91968 | 0 | 0 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 220237 | 13055 | SH |  | SOLE |  | 13055 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 2335540 | 139020 | SH |  | SOLE |  | 139020 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 |  | 480680 | 10780 | SH |  | SOLE |  | 10780 | 0 | 0 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 3222843 | 64405 | SH |  | SOLE |  | 64405 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 1478348 | 30889 | SH |  | SOLE |  | 30889 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 1127855 | 27583 | SH |  | SOLE |  | 27583 | 0 | 0 |
| ISHARES U S ETF TR | IT RT HDG HGYL | 46431W606 |  | 610892 | 7449 | SH |  | SOLE |  | 7449 | 0 | 0 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 851260 | 8164 | SH |  | SOLE |  | 8164 | 0 | 0 |
| INNOVATOR ETFS TR | DEFINED WLT SHLD | 45783Y855 |  | 1342986 | 50511 | SH |  | SOLE |  | 50511 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | BULSHS 2027 CB | 46138J783 |  | 366831 | 19312 | SH |  | SOLE |  | 19312 | 0 | 0 |
| INVESCO EXCH TRD SLF IDX FD | INVSCO BLSH 28 | 46138J643 |  | 240696 | 12271 | SH |  | SOLE |  | 12271 | 0 | 0 |
| INVESCO ACTIVELY MANAGED ETF | VAR RATE INVT | 46090A879 |  | 5206247 | 210694 | SH |  | SOLE |  | 210694 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT INC | 46641Q837 |  | 1062054 | 21186 | SH |  | SOLE |  | 21186 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHT MUNCPL | 46641Q654 |  | 930248 | 18408 | SH |  | SOLE |  | 18408 | 0 | 0 |
| NUVEEN CA QUALTY MUN INCOME | COM | 67066Y105 |  | 135962 | 12282 | SH |  | SOLE |  | 12282 | 0 | 0 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 132880 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| PROSHARES TR | SHRT 20+YR TRE | 74347X849 |  | 455936 | 20103 | SH |  | SOLE |  | 20103 | 0 | 0 |
| PROSHARES TR | SHT 7-10 YR TR | 74348A608 |  | 343800 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 3207953 | 35071 | SH |  | SOLE |  | 35071 | 0 | 0 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 2619432 | 64045 | SH |  | SOLE |  | 64045 | 0 | 0 |
| SPDR SER TR | BBG CONV SEC ETF | 78464A359 |  | 240632 | 3740 | SH |  | SOLE |  | 3740 | 0 | 0 |
| SPDR SER TR | PORTFOLIO INTRMD | 78464A375 |  | 1014645 | 31877 | SH |  | SOLE |  | 31877 | 0 | 0 |
| SPDR SER TR | BLOOMBERG INVT | 78468R200 |  | 2378434 | 78264 | SH |  | SOLE |  | 78264 | 0 | 0 |
| SPDR SER TR | NUVEEN BLMBRG SH | 78468R739 |  | 1040137 | 22140 | SH |  | SOLE |  | 22140 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 6083770 | 207072 | SH |  | SOLE |  | 207072 | 0 | 0 |
| VANECK ETF TRUST | IG FLOATING RATE | 92189F486 |  | 6222512 | 250101 | SH |  | SOLE |  | 250101 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 3950437 | 52539 | SH |  | SOLE |  | 52539 | 0 | 0 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 541207 | 10766 | SH |  | SOLE |  | 10766 | 0 | 0 |
| WISDOMTREE TR | HEDGED HI YLD BD | 97717W430 |  | 2038193 | 98606 | SH |  | SOLE |  | 98606 | 0 | 0 |

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