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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
OMB Number: 3235-0006
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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
AMERICAN CENTY ETF TR US SML CP VALU 025072877   5,185,688 53,721 SH   SOLE   0 0 53,721
BNY MELLON ETF TRUST HIGH YIELD ETF 09661T800   1,049,180 22,000 SH   SOLE   0 0 22,000
DBX ETF TR XTRACK USD HIGH 233051432   86,036,368 2,384,600 SH   SOLE   0 0 2,384,600
FIRST TR EXCHANGE-TRADED FD NO AMER ENERGY 33738D101   17,611,100 494,000 SH   SOLE   0 0 494,000
FIRST TR EXCHANGE-TRADED FD SENIOR LN FD 33738D309   13,714,784 296,600 SH   SOLE   0 0 296,600
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408   2,537,662 61,400 SH   SOLE   0 0 61,400
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   26,676,449 1,507,144 SH   SOLE   0 0 1,507,144
FLEXSHARES TR HIG YLD VL ETF 33939L662   7,887,852 193,900 SH   SOLE   0 0 193,900
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   5,226,681 215,400 SH   SOLE   0 0 215,400
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629   6,833,981 286,300 SH   SOLE   0 0 286,300
FRANKLIN TEMPLETON ETF TR FRANKLIN DYN MUN 35473P868   2,890,661 118,300 SH   SOLE   0 0 118,300
GLOBAL X FDS GB MSCI AR ETF 37950E259   465,845 5,635 SH   SOLE   0 0 5,635
GLOBAL X FDS US INFR DEV ETF 37954Y673   7,232,541 178,979 SH   SOLE   0 0 178,979
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   932,224 5,320 SH   SOLE   0 0 5,320
INVESCO EXCH TRADED FD TR II S&P 500 MOMNTM 46138E339   472,010 4,968 SH   SOLE   0 0 4,968
INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537   28,022,709 1,186,900 SH   SOLE   0 0 1,186,900
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   382,644,032 18,160,609 SH   SOLE   0 0 18,160,609
INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF 46138G649   751,938 3,573 SH   SOLE   0 0 3,573
INVESCO EXCH TRADED FD TR II VAR RATE PFD 46138G870   14,760,738 610,200 SH   SOLE   0 0 610,200
ISHARES INC JP MRGN EM HI BD 464286285   294,763 7,761 SH   SOLE   0 0 7,761
ISHARES TR SELECT DIVID ETF 464287168   477,896 3,640 SH   SOLE   0 0 3,640
ISHARES TR CORE S&P MCP ETF 464287507   1,400,355 22,474 SH   SOLE   0 0 22,474
ISHARES TR US CONSUM DISCRE 464287580   5,788,686 60,211 SH   SOLE   0 0 60,211
ISHARES TR S&P MC 400GR ETF 464287606   419,369 4,612 SH   SOLE   0 0 4,612
ISHARES TR CORE S&P SCP ETF 464287804   1,812,065 15,727 SH   SOLE   0 0 15,727
ISHARES TR MSCI ACWI EX US 464288240   1,208,443 23,168 SH   SOLE   0 0 23,168
ISHARES TR JPMORGAN USD EMG 464288281   722,203 8,111 SH   SOLE   0 0 8,111
ISHARES TR NATIONAL MUN ETF 464288414   495,990 4,655 SH   SOLE   0 0 4,655
ISHARES TR IBOXX HI YD ETF 464288513   191,346,720 2,432,889 SH   SOLE   0 0 2,432,889
ISHARES TR US AER DEF ETF 464288760   6,403,249 44,054 SH   SOLE   0 0 44,054
ISHARES TR CMBS ETF 46429B366   2,198,859 46,586 SH   SOLE   0 0 46,586
ISHARES TR MSCI USA MIN VOL 46429B697   21,599,602 243,266 SH   SOLE   0 0 243,266
ISHARES TR MSCI USA QLT FCT 46432F339   22,381,272 125,681 SH   SOLE   0 0 125,681
ISHARES TR 0-5YR HI YL CP 46434V407   69,369,080 1,628,000 SH   SOLE   0 0 1,628,000
ISHARES TR CONV BD ETF 46435G102   30,308,799 356,700 SH   SOLE   0 0 356,700
ISHARES TR HIGH YLD SYSTM B 46435G250   8,236,105 175,199 SH   SOLE   0 0 175,199
ISHARES TR FALN ANGLS USD 46435G474   21,354,645 799,500 SH   SOLE   0 0 799,500
ISHARES TR BROAD USD HIGH 46435U853   358,144,690 9,734,838 SH   SOLE   0 0 9,734,838
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332   15,486,731 269,194 SH   SOLE   0 0 269,194
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   2,092,032 45,400 SH   SOLE   0 0 45,400
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   592,596 11,800 SH   SOLE   0 0 11,800
JANUS DETROIT STR TR B-BBB CLO ETF 47103U753   15,121,616 307,600 SH   SOLE   0 0 307,600
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   8,144,330 160,606 SH   SOLE   0 0 160,606
LISTED FD TR ROUNDHILL MAGNIF 53656G498   8,443,753 155,159 SH   SOLE   0 0 155,159
PGIM ETF TR ACTV HY BD ETF 69344A206   7,806,078 224,700 SH   SOLE   0 0 224,700
PACER FDS TR PAC ASSET FLTG 69374H428   633,993 13,336 SH   SOLE   0 0 13,336
PACER FDS TR US CASH COWS 100 69374H881   460,594 8,155 SH   SOLE   0 0 8,155
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   1,517,670 29,700 SH   SOLE   0 0 29,700
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102   421,538 21,978 SH   SOLE   0 0 21,978
SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756   725,885 12,385 SH   SOLE   0 0 12,385
SPDR SER TR NUVEEN BLOOMBERG 78464A284   40,858,934 1,597,300 SH   SOLE   0 0 1,597,300
SPDR SER TR BBG CONV SEC ETF 78464A359   67,807,217 870,551 SH   SOLE   0 0 870,551
SPDR SER TR S&P REGL BKG 78464A698   16,701,516 276,744 SH   SOLE   0 0 276,744
SPDR SER TR S&P BK ETF 78464A797   482,589 8,700 SH   SOLE   0 0 8,700
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   326,563,707 7,825,634 SH   SOLE   0 0 7,825,634
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109   18,064,562 42,455 SH   SOLE   0 0 42,455
SPDR SER TR BLOOMBERG SHT TE 78468R408   121,924,675 4,828,700 SH   SOLE   0 0 4,828,700
SPDR SER TR PORTFLI HIGH YLD 78468R606   174,015,405 7,414,376 SH   SOLE   0 0 7,414,376
SPDR SER TR BLOOMBERG HIGH Y 78468R622   446,218,665 4,673,915 SH   SOLE   0 0 4,673,915
SSGA ACTIVE TR SPDR BLACKSTONE 78470P846   2,547,177 89,800 SH   SOLE   0 0 89,800
SCHWAB STRATEGIC TR US LCAP GR ETF 808524300   1,919,769 68,883 SH   SOLE   0 0 68,883
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   5,095,579 64,821 SH   SOLE   0 0 64,821
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   20,456,649 423,270 SH   SOLE   0 0 423,270
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886   4,798,140 63,392 SH   SOLE   0 0 63,392
SERIES PORTFOLIOS TR PANAGRAM BBB B 81752T528   8,039,185 298,300 SH   SOLE   0 0 298,300
VANECK ETF TRUST SHRT HGH YLD MUN 92189F387   1,431,976 63,700 SH   SOLE   0 0 63,700
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   26,187,178 913,400 SH   SOLE   0 0 913,400
VANECK ETF TRUST IG FLOATING RATE 92189F486   14,931,515 586,700 SH   SOLE   0 0 586,700
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   33,689,590 649,000 SH   SOLE   0 0 649,000
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   983,698 20,055 SH   SOLE   0 0 20,055
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775   830,378 14,464 SH   SOLE   0 0 14,464
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   307,840 6,990 SH   SOLE   0 0 6,990
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   6,346,458 126,600 SH   SOLE   0 0 126,600
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   49,367,389 91,623 SH   SOLE   0 0 91,623
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512   475,604 2,940 SH   SOLE   0 0 2,940
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   28,267,189 111,398 SH   SOLE   0 0 111,398
VANGUARD INDEX FDS SML CP GRW ETF 922908595   30,722,862 109,701 SH   SOLE   0 0 109,701
VANGUARD INDEX FDS SM CP VAL ETF 922908611   10,238,573 51,663 SH   SOLE   0 0 51,663
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   17,765,980 93,515 SH   SOLE   0 0 93,515
VANGUARD INDEX FDS GROWTH ETF 922908736   38,513,637 93,835 SH   SOLE   0 0 93,835
VANGUARD INDEX FDS VALUE ETF 922908744   6,738,140 39,800 SH   SOLE   0 0 39,800
WISDOMTREE TR JAPN HEDGE EQT 97717W851   237,454 2,153 SH   SOLE   0 0 2,153