The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPS ETF TR ALERIAN MLP 00162Q452   39,613,333 931,640 SH   SOLE   931,640 0 0
BLACKROCK ETF TRUST II AAA CLO ETF 092528504   353,694 6,900 SH   SOLE   6,900 0 0
BNY MELLON ETF TRUST HIGH YIELD BETA 09661T800   1,041,920 22,000 SH   SOLE   22,000 0 0
DBX ETF TR XTRACK USD HIGH 233051432   78,167,340 2,198,800 SH   SOLE   2,198,800 0 0
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408   5,246,134 126,200 SH   SOLE   126,200 0 0
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   14,845,702 880,528 SH   SOLE   880,528 0 0
FLEXSHARES TR HIG YLD VL ETF 33939L662   5,644,147 138,100 SH   SOLE   138,100 0 0
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   2,475,151 101,900 SH   SOLE   101,900 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   23,379,087 57,089 SH   SOLE   57,089 0 0
INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537   30,783,558 1,273,100 SH   SOLE   1,273,100 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   37,073,366 1,750,395 SH   SOLE   1,750,395 0 0
INVESCO EXCH TRADED FD TR II VAR RATE PFD 46138G870   5,188,384 224,800 SH   SOLE   224,800 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2025 HY 46138J817   12,517,411 550,700 SH   SOLE   550,700 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2024 HY 46138J833   4,765,607 209,800 SH   SOLE   209,800 0 0
ISHARES TR IBOXX INV CP ETF 464287242   63,532,783 574,126 SH   SOLE   574,126 0 0
ISHARES TR 20 YR TR BD ETF 464287432   46,602,144 471,300 SH   SOLE   471,300 0 0
ISHARES TR U.S. REAL ES ETF 464287739   4,160,161 45,511 SH   SOLE   45,511 0 0
ISHARES TR CORE S&P SCP ETF 464287804   435,273 4,021 SH   SOLE   4,021 0 0
ISHARES TR INTL TREA BD ETF 464288117   9,245,521 223,700 SH   SOLE   223,700 0 0
ISHARES TR JPMORGAN USD EMG 464288281   102,285,410 1,148,500 SH   SOLE   1,148,500 0 0
ISHARES TR NATIONAL MUN ETF 464288414   18,744,089 172,900 SH   SOLE   172,900 0 0
ISHARES TR IBOXX HI YD ETF 464288513   186,239,035 2,406,500 SH   SOLE   2,406,500 0 0
ISHARES TR PFD AND INCM SEC 464288687   58,650,643 1,880,431 SH   SOLE   1,880,431 0 0
ISHARES TR US AER DEF ETF 464288760   8,701,978 68,736 SH   SOLE   68,736 0 0
ISHARES TR MSCI USA MIN VOL 46429B697   14,782,940 189,452 SH   SOLE   189,452 0 0
ISHARES TR MSCI USA QLT FCT 46432F339   18,492,702 125,681 SH   SOLE   125,681 0 0
ISHARES TR 0-5YR HI YL CP 46434V407   61,620,090 1,459,500 SH   SOLE   1,459,500 0 0
ISHARES TR FALN ANGLS USD 46435G474   21,106,800 799,500 SH   SOLE   799,500 0 0
ISHARES TR IBONDS 24 TRM HG 46435U184   3,943,379 169,900 SH   SOLE   169,900 0 0
ISHARES TR BROAD USD HIGH 46435U853   182,117,135 5,010,100 SH   SOLE   5,010,100 0 0
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332   19,601,415 356,519 SH   SOLE   356,519 0 0
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   2,084,541 45,400 SH   SOLE   45,400 0 0
J P MORGAN EXCHANGE TRADED F NASDAQ EQT PREM 46654Q203   18,789,009 376,307 SH   SOLE   376,307 0 0
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   585,280 11,800 SH   SOLE   11,800 0 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   25,109,760 499,200 SH   SOLE   499,200 0 0
PGIM ETF TR ACTV HY BD ETF 69344A206   7,817,313 224,700 SH   SOLE   224,700 0 0
PGIM ETF TR FLOATING RT INC 69344A883   293,619 5,842 SH   SOLE   5,842 0 0
PACER FDS TR PAC ASSET FLTG 69374H428   1,052,696 22,336 SH   SOLE   22,336 0 0
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   3,775,904 74,800 SH   SOLE   74,800 0 0
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102   414,505 21,978 SH   SOLE   21,978 0 0
SPDR SER TR NUVEEN BLOOMBERG 78464A284   15,217,950 601,500 SH   SOLE   601,500 0 0
SPDR SER TR BBG CONV SEC ETF 78464A359   29,399,538 407,478 SH   SOLE   407,478 0 0
SPDR SER TR S&P REGL BKG 78464A698   8,564,703 163,355 SH   SOLE   163,355 0 0
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   43,745,569 1,043,300 SH   SOLE   1,043,300 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109   23,573,972 62,552 SH   SOLE   62,552 0 0
SPDR SER TR BLOOMBERG INVT 78468R200   2,113,769 69,100 SH   SOLE   69,100 0 0
SPDR SER TR BLOOMBERG SHT TE 78468R408   128,807,304 5,123,600 SH   SOLE   5,123,600 0 0
SPDR SER TR PORTFLI HIGH YLD 78468R606   47,089,097 2,014,076 SH   SOLE   2,014,076 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   354,536,498 3,742,600 SH   SOLE   3,742,600 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   7,943,790 211,271 SH   SOLE   211,271 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   7,498,221 103,196 SH   SOLE   103,196 0 0
SERIES PORTFOLIOS TR PANAGRAM BBB B 81752T528   236,333 8,952 SH   SOLE   8,952 0 0
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   26,287,652 913,400 SH   SOLE   913,400 0 0
VANECK ETF TRUST IG FLOATING RATE 92189F486   5,206,050 207,000 SH   SOLE   207,000 0 0
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   26,315,835 1,038,100 SH   SOLE   1,038,100 0 0
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   15,137,916 293,200 SH   SOLE   293,200 0 0
VANECK ETF TRUST CLO ETF 92189H748   1,313,550 25,200 SH   SOLE   25,200 0 0
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   75,570,728 1,577,677 SH   SOLE   1,577,677 0 0
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   8,446,352 171,100 SH   SOLE   171,100 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   266,123 6,475 SH   SOLE   6,475 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874   5,139,894 79,713 SH   SOLE   79,713 0 0
VANGUARD SCOTTSDALE FDS LG-TERM COR BD 92206C813   862,574 10,762 SH   SOLE   10,762 0 0
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   7,422,670 145,400 SH   SOLE   145,400 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   17,844,154 40,852 SH   SOLE   40,852 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   380,734 1,734 SH   SOLE   1,734 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   252,878 1,538 SH   SOLE   1,538 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736   23,957,656 77,064 SH   SOLE   77,064 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422   16,555,841 403,801 SH   SOLE   403,801 0 0