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
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
BNY MELLON ETF TRUST HIGH YIELD ETF 09661T800   8,320,926 174,700 SH   SOLE   0 0 174,700
DBX ETF TR XTRACK USD HIGH 233051432   89,290,500 2,470,000 SH   SOLE   0 0 2,470,000
DIMENSIONAL ETF TRUST INTL SMALL CAP V 25434V781   733,824 25,200 SH   SOLE   0 0 25,200
FIRST TR EXCHANGE-TRADED FD NO AMER ENERGY 33738D101   18,520,060 494,000 SH   SOLE   0 0 494,000
FIRST TR EXCHANGE-TRADED FD SENIOR LN FD 33738D309   13,539,790 296,600 SH   SOLE   0 0 296,600
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408   2,519,856 61,400 SH   SOLE   0 0 61,400
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   17,845,319 1,014,515 SH   SOLE   0 0 1,014,515
FIRST TR EXCH TRADED FD III MUNI HI INCM ETF 33739P301   9,967,363 208,500 SH   SOLE   0 0 208,500
FLEXSHARES TR HIG YLD VL ETF 33939L662   7,829,682 193,900 SH   SOLE   0 0 193,900
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   5,184,678 215,400 SH   SOLE   0 0 215,400
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629   6,822,529 286,300 SH   SOLE   0 0 286,300
FRANKLIN TEMPLETON ETF TR FRANKLIN DYN MUN 35473P868   6,459,492 264,300 SH   SOLE   0 0 264,300
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   1,316,548 7,600 SH   SOLE   0 0 7,600
INVESCO EXCHANGE TRADED FD T S&P500 EQL ENR 46137V365   2,861,684 34,954 SH   SOLE   0 0 34,954
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   96,630,374 4,668,134 SH   SOLE   0 0 4,668,134
ISHARES INC JP MRGN EM HI BD 464286285   296,703 7,761 SH   SOLE   0 0 7,761
ISHARES INC MSCI EURZONE ETF 464286608   30,565,181 573,994 SH   SOLE   0 0 573,994
ISHARES INC MSCI GERMANY ETF 464286806   21,705,297 585,364 SH   SOLE   0 0 585,364
ISHARES INC MSCI HONG KG ETF 464286871   24,643,136 1,407,375 SH   SOLE   0 0 1,407,375
ISHARES TR SELECT DIVID ETF 464287168   698,308 5,200 SH   SOLE   0 0 5,200
ISHARES TR IBOXX INV CP ETF 464287242   1,233,958 11,353 SH   SOLE   0 0 11,353
ISHARES TR 20 YR TR BD ETF 464287432   86,301,356 948,054 SH   SOLE   0 0 948,054
ISHARES TR US CONSM STAPLES 464287812   19,285,682 269,466 SH   SOLE   0 0 269,466
ISHARES TR MSCI ACWI EX US 464288240   1,284,666 23,168 SH   SOLE   0 0 23,168
ISHARES TR EAFE SML CP ETF 464288273   239,508 3,770 SH   SOLE   0 0 3,770
ISHARES TR JPMORGAN USD EMG 464288281   1,209,558 13,352 SH   SOLE   0 0 13,352
ISHARES TR NATIONAL MUN ETF 464288414   408,580 3,875 SH   SOLE   0 0 3,875
ISHARES TR IBOXX HI YD ETF 464288513   184,964,626 2,344,589 SH   SOLE   0 0 2,344,589
ISHARES TR MBS ETF 464288588   1,236,864 13,189 SH   SOLE   0 0 13,189
ISHARES TR US AER DEF ETF 464288760   7,682,099 50,177 SH   SOLE   0 0 50,177
ISHARES TR EAFE VALUE ETF 464288877   36,671,230 622,179 SH   SOLE   0 0 622,179
ISHARES TR EAFE GRWTH ETF 464288885   583,100 5,831 SH   SOLE   0 0 5,831
ISHARES TR CMBS ETF 46429B366   3,037,728 63,286 SH   SOLE   0 0 63,286
ISHARES TR MSCI USA MIN VOL 46429B697   26,774,358 285,868 SH   SOLE   0 0 285,868
ISHARES TR 0-5YR HI YL CP 46434V407   69,222,560 1,628,000 SH   SOLE   0 0 1,628,000
ISHARES TR HIGH YLD SYSTM B 46435G250   11,339,225 240,799 SH   SOLE   0 0 240,799
ISHARES TR FALN ANGLS USD 46435G474   21,418,605 799,500 SH   SOLE   0 0 799,500
ISHARES TR BROAD USD HIGH 46435U853   428,125,920 11,630,696 SH   SOLE   0 0 11,630,696
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332   6,062,211 106,094 SH   SOLE   0 0 106,094
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   5,848,350 127,000 SH   SOLE   0 0 127,000
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   4,221,382 83,600 SH   SOLE   0 0 83,600
JANUS DETROIT STR TR B-BBB CLO ETF 47103U753   23,415,137 481,100 SH   SOLE   0 0 481,100
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   38,894,874 767,006 SH   SOLE   0 0 767,006
MANAGED PORTFOLIO SERIES TORTOISE NRAM PI 56167N720   3,917,049 107,700 SH   SOLE   0 0 107,700
PGIM ETF TR ACTV HY BD ETF 69344A206   12,806,796 367,800 SH   SOLE   0 0 367,800
PGIM ETF TR FLOATING RT INC 69344A883   1,843,081 36,917 SH   SOLE   0 0 36,917
PACER FDS TR PAC ASSET FLTG 69374H428   2,323,232 49,336 SH   SOLE   0 0 49,336
PACER FDS TR US CASH COWS 100 69374H881   637,954 11,650 SH   SOLE   0 0 11,650
PIMCO ETF TR MULTISECTOR BD 72201R585   19,032,737 722,305 SH   SOLE   0 0 722,305
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   6,403,934 127,100 SH   SOLE   0 0 127,100
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102   418,681 21,978 SH   SOLE   0 0 21,978
SPDR SER TR NUVEEN BLOOMBERG 78464A284   57,529,342 2,281,100 SH   SOLE   0 0 2,281,100
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   220,885,539 5,370,424 SH   SOLE   0 0 5,370,424
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109   19,883,709 47,356 SH   SOLE   0 0 47,356
SPDR SER TR BLOOMBERG SHT TE 78468R408   133,637,340 5,311,500 SH   SOLE   0 0 5,311,500
SPDR SER TR PORTFLI HIGH YLD 78468R606   245,759,550 10,493,576 SH   SOLE   0 0 10,493,576
SPDR SER TR BLOOMBERG HIGH Y 78468R622   430,719,310 4,519,615 SH   SOLE   0 0 4,519,615
SSGA ACTIVE TR SPDR BLACKSTONE 78470P846   2,525,176 89,800 SH   SOLE   0 0 89,800
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   6,290,305 77,021 SH   SOLE   0 0 77,021
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   22,933,856 460,427 SH   SOLE   0 0 460,427
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886   5,999,854 76,092 SH   SOLE   0 0 76,092
VANECK ETF TRUST EMERGING MRKT HI 92189F353   5,577,358 283,835 SH   SOLE   0 0 283,835
VANECK ETF TRUST SHRT HGH YLD MUN 92189F387   5,680,974 252,600 SH   SOLE   0 0 252,600
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   26,360,724 913,400 SH   SOLE   0 0 913,400
VANECK ETF TRUST IG FLOATING RATE 92189F486   14,990,185 586,700 SH   SOLE   0 0 586,700
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   37,370,749 1,566,251 SH   SOLE   0 0 1,566,251
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   41,593,986 812,700 SH   SOLE   0 0 812,700
VANGUARD WHITEHALL FDS INTL DVD ETF 921946810   233,144 2,811 SH   SOLE   0 0 2,811
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   821,006 16,817 SH   SOLE   0 0 16,817
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775   913,661 15,062 SH   SOLE   0 0 15,062
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   583,492 12,892 SH   SOLE   0 0 12,892
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874   2,268,134 32,305 SH   SOLE   0 0 32,305
VANGUARD SCOTTSDALE FDS LG-TERM COR BD 92206C813   100,785,707 1,327,700 SH   SOLE   0 0 1,327,700
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   34,874,447 67,861 SH   SOLE   0 0 67,861
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512   674,268 4,200 SH   SOLE   0 0 4,200
VANGUARD INDEX FDS VALUE ETF 922908744   6,875,052 39,800 SH   SOLE   0 0 39,800
WISDOMTREE TR JAPN HEDGE EQT 97717W851   237,218 2,153 SH   SOLE   0 0 2,153