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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 INTL SMCP VLU 025072802   24,662,022 277,008 SH   SOLE   0 0 277,008
AMERICAN CENTY ETF TR US SML CP VALU 025072877   15,629,694 157,035 SH   SOLE   0 0 157,035
BNY MELLON ETF TRUST HIGH YIELD ETF 09661T800   6,409,052 131,600 SH   SOLE   0 0 131,600
DBX ETF TR XTRACK USD HIGH 233051432   42,880,605 1,155,500 SH   SOLE   0 0 1,155,500
DIMENSIONAL ETF TRUST INTL SMALL CAP V 25434V781   12,722,557 356,474 SH   SOLE   0 0 356,474
DIMENSIONAL ETF TRUST INTERNATNAL VAL 25434V807   22,870,908 495,900 SH   SOLE   0 0 495,900
ETFIS SER TR I VIRTUS INFRCAP 26923G822   7,075,289 325,900 SH   SOLE   0 0 325,900
FIRST TR EXCHANGE-TRADED FD SENIOR LN FD 33738D309   10,625,712 231,800 SH   SOLE   0 0 231,800
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408   10,159,280 241,600 SH   SOLE   0 0 241,600
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   7,531,296 412,900 SH   SOLE   0 0 412,900
FIRST TR EXCH TRADED FD III MUNI HI INCM ETF 33739P301   5,525,413 116,300 SH   SOLE   0 0 116,300
FIRST TR EXCH TRADED FD III INSTL PFD SECS 33739P855   6,875,370 355,500 SH   SOLE   0 0 355,500
FLEXSHARES TR HIG YLD VL ETF 33939L662   10,250,560 248,800 SH   SOLE   0 0 248,800
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   9,809,768 408,400 SH   SOLE   0 0 408,400
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629   2,364,692 96,400 SH   SOLE   0 0 96,400
FRANKLIN TEMPLETON ETF TR FRANKLIN DYN MUN 35473P868   2,137,651 86,300 SH   SOLE   0 0 86,300
GLOBAL X FDS US PFD ETF 37954Y657   10,882,743 560,100 SH   SOLE   0 0 560,100
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   1,415,352 7,461 SH   SOLE   0 0 7,461
INVESCO EXCH TRADED FD TR II S&P 500 MOMNTM 46138E339   798,512 6,596 SH   SOLE   0 0 6,596
INVESCO EXCH TRADED FD TR II CHINA TECHNLGY 46138E800   413,778 7,012 SH   SOLE   0 0 7,012
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   127,419,454 6,087,886 SH   SOLE   0 0 6,087,886
INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF 46138G649   3,129,528 12,664 SH   SOLE   0 0 12,664
ISHARES INC JP MRG EM CRP BD 464286251   1,816,446 39,300 SH   SOLE   0 0 39,300
ISHARES INC JP MRGN EM HI BD 464286285   4,084,101 102,900 SH   SOLE   0 0 102,900
ISHARES INC MSCI CDA ETF 464286509   12,469,371 246,674 SH   SOLE   0 0 246,674
ISHARES INC JP MORGAN EM ETF 464286517   4,941,079 119,900 SH   SOLE   0 0 119,900
ISHARES INC MSCI EURZONE ETF 464286608   5,710,868 92,200 SH   SOLE   0 0 92,200
ISHARES TR SELECT DIVID ETF 464287168   720,305 5,069 SH   SOLE   0 0 5,069
ISHARES TR CORE S&P500 ETF 464287200   3,782,214 5,651 SH   SOLE   0 0 5,651
ISHARES TR IBOXX INV CP ETF 464287242   1,443,982 12,954 SH   SOLE   0 0 12,954
ISHARES TR 20 YR TR BD ETF 464287432   1,436,176 16,070 SH   SOLE   0 0 16,070
ISHARES TR CORE S&P MCP ETF 464287507   1,389,385 21,290 SH   SOLE   0 0 21,290
ISHARES TR CORE S&P SCP ETF 464287804   735,082 6,186 SH   SOLE   0 0 6,186
ISHARES TR JPMORGAN USD EMG 464288281   23,635,677 248,300 SH   SOLE   0 0 248,300
ISHARES TR INTL SEL DIV ETF 464288448   262,429 7,180 SH   SOLE   0 0 7,180
ISHARES TR IBOXX HI YD ETF 464288513   274,543,254 3,381,491 SH   SOLE   0 0 3,381,491
ISHARES TR MBS ETF 464288588   39,626,454 416,463 SH   SOLE   0 0 416,463
ISHARES TR PFD AND INCM SEC 464288687   25,030,171 791,593 SH   SOLE   0 0 791,593
ISHARES TR US AER DEF ETF 464288760   19,010,015 90,844 SH   SOLE   0 0 90,844
ISHARES TR CMBS ETF 46429B366   3,105,444 63,286 SH   SOLE   0 0 63,286
ISHARES TR FLTG RATE NT ETF 46429B655   19,105,790 374,000 SH   SOLE   0 0 374,000
ISHARES INC MSCI ITALY ETF 46434G830   7,026,601 135,257 SH   SOLE   0 0 135,257
ISHARES TR 0-5YR HI YL CP 46434V407   53,618,390 1,238,300 SH   SOLE   0 0 1,238,300
ISHARES TR MSCI INTL MOMENT 46434V449   28,012,050 585,047 SH   SOLE   0 0 585,047
ISHARES TR CONV BD ETF 46435G102   22,000,995 219,900 SH   SOLE   0 0 219,900
ISHARES TR HIGH YLD SYSTM B 46435G250   20,468,091 427,800 SH   SOLE   0 0 427,800
ISHARES TR FALN ANGLS USD 46435G474   31,477,518 1,133,100 SH   SOLE   0 0 1,133,100
ISHARES TR BROAD USD HIGH 46435U853   291,485,659 7,715,343 SH   SOLE   0 0 7,715,343
J P MORGAN EXCHANGE TRADED F ULTRA SHT MUNCPL 46641Q654   740,080 14,500 SH   SOLE   0 0 14,500
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   12,487,900 265,700 SH   SOLE   0 0 265,700
J P MORGAN EXCHANGE TRADED F MORTGAGE BACKED 46654Q575   45,949,878 900,978 SH   SOLE   0 0 900,978
J P MORGAN EXCHANGE TRADED F ACTIVE BOND ETF 46654Q716   19,048,072 351,700 SH   SOLE   0 0 351,700
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   1,110,780 22,000 SH   SOLE   0 0 22,000
PGIM ETF TR ACTV HY BD ETF 69344A206   4,586,725 128,300 SH   SOLE   0 0 128,300
PGIM ETF TR FLOATING RT INC 69344A883   1,168,029 23,300 SH   SOLE   0 0 23,300
PACER FDS TR US CASH COWS 100 69374H881   698,261 12,150 SH   SOLE   0 0 12,150
PIMCO ETF TR MULTISECTOR BD 72201R585   52,037,392 1,938,800 SH   SOLE   0 0 1,938,800
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   10,668,523 208,900 SH   SOLE   0 0 208,900
PIMCO ETF TR ACTIVE BD ETF 72201R775   19,052,735 204,100 SH   SOLE   0 0 204,100
PIMCO ETF TR SHTRM MUN BD ACT 72201R874   2,088,541 41,300 SH   SOLE   0 0 41,300
PRINCIPAL EXCHANGE TRADED FD SPECTRUM PFD 74255Y888   4,710,354 246,100 SH   SOLE   0 0 246,100
SPDR INDEX SHS FDS PORTFOLIO EMG MK 78463X509   714,227 15,258 SH   SOLE   0 0 15,258
SPDR SERIES TRUST NUVEEN ICE HIGH 78464A284   5,364,936 215,200 SH   SOLE   0 0 215,200
SPDR SERIES TRUST BBG CONV SEC ETF 78464A359   51,927,724 573,787 SH   SOLE   0 0 573,787
SPDR SERIES TRUST BLOOMBERG EMERGI 78464A391   7,666,104 358,900 SH   SOLE   0 0 358,900
SPDR SERIES TRUST PORTFOLIO S&P500 78464A854   161,275,111 2,058,656 SH   SOLE   0 0 2,058,656
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   4,395,713 105,717 SH   SOLE   0 0 105,717
SPDR SERIES TRUST BLOOMBERG INVT 78468R200   25,771,186 835,100 SH   SOLE   0 0 835,100
SPDR SERIES TRUST BLOOMBERG SHT TE 78468R408   48,995,840 1,913,900 SH   SOLE   0 0 1,913,900
SPDR SERIES TRUST PORTFLI HIGH YLD 78468R606   89,729,514 3,748,100 SH   SOLE   0 0 3,748,100
SPDR SERIES TRUST BLOOMBERG HIGH Y 78468R622   204,850,447 2,090,524 SH   SOLE   0 0 2,090,524
SSGA ACTIVE TR SPDR BLACKSTONE 78470P846   2,343,570 81,800 SH   SOLE   0 0 81,800
SERIES PORTFOLIOS TR ELDRIDGE BBB B 81752T528   10,817,230 403,327 SH   SOLE   0 0 403,327
VANECK ETF TRUST EMERGING MRKT HI 92189F353   4,719,770 235,400 SH   SOLE   0 0 235,400
VANECK ETF TRUST SHRT HGH YLD MUN 92189F387   1,511,400 66,000 SH   SOLE   0 0 66,000
VANECK ETF TRUST PREFERRED SECURT 92189F429   2,475,361 139,300 SH   SOLE   0 0 139,300
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   31,192,716 1,049,200 SH   SOLE   0 0 1,049,200
VANECK ETF TRUST IG FLOATING RATE 92189F486   10,534,840 412,000 SH   SOLE   0 0 412,000
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   57,309,414 2,246,547 SH   SOLE   0 0 2,246,547
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   1,395,983 27,426 SH   SOLE   0 0 27,426
VANECK ETF TRUST CLO ETF 92189H748   14,076,810 265,100 SH   SOLE   0 0 265,100
VANGUARD STAR FDS VG TL INTL STK F 921909768   1,113,360 15,156 SH   SOLE   0 0 15,156
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835   140,455,182 1,888,600 SH   SOLE   0 0 1,888,600
VANGUARD WHITEHALL FDS EM MK GOV BD ETF 921946885   1,080,703 16,154 SH   SOLE   0 0 16,154
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   1,491,516 30,156 SH   SOLE   0 0 30,156
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   17,363,498 320,478 SH   SOLE   0 0 320,478
VANGUARD SCOTTSDALE FDS LG-TERM COR BD 92206C813   26,602,890 342,600 SH   SOLE   0 0 342,600
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870   6,123,208 72,800 SH   SOLE   0 0 72,800
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   710,443 14,189 SH   SOLE   0 0 14,189
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512   711,239 4,074 SH   SOLE   0 0 4,074
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   28,693,588 97,667 SH   SOLE   0 0 97,667
VANGUARD INDEX FDS SML CP GRW ETF 922908595   15,879,515 53,355 SH   SOLE   0 0 53,355
VANGUARD INDEX FDS SM CP VAL ETF 922908611   358,146 1,716 SH   SOLE   0 0 1,716
VANGUARD INDEX FDS GROWTH ETF 922908736   35,466,200 73,948 SH   SOLE   0 0 73,948