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
Estimated average burden
hours per response: 23.8
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   37,845,196 402,737 SH   SOLE   0 0 402,737
AMERICAN CENTY ETF TR US SML CP VALU 025072877   2,490,556 24,422 SH   SOLE   0 0 24,422
BNY MELLON ETF TRUST HIGH YIELD ETF 09661T800   6,326,012 131,600 SH   SOLE   0 0 131,600
DBX ETF TR XTRACK USD HIGH 233051432   42,557,065 1,155,500 SH   SOLE   0 0 1,155,500
DIMENSIONAL ETF TRUST INTL SMALL CAP V 25434V781   12,565,612 330,674 SH   SOLE   0 0 330,674
DIMENSIONAL ETF TRUST INTERNATNAL VAL 25434V807   23,143,620 463,800 SH   SOLE   0 0 463,800
ETF SER SOLUTIONS DEFIANCE QUANTUM 26922A420   2,465,595 22,484 SH   SOLE   0 0 22,484
ETFIS SER TR I VIRTUS INFRCAP 26923G822   10,669,405 495,100 SH   SOLE   0 0 495,100
FIRST TR EXCHANGE-TRADED FD SENIOR LN FD 33738D309   10,634,984 231,800 SH   SOLE   0 0 231,800
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   7,523,038 412,900 SH   SOLE   0 0 412,900
FIRST TR EXCH TRADED FD III MUNI HI INCM ETF 33739P301   5,574,771 116,300 SH   SOLE   0 0 116,300
FIRST TR EXCH TRADED FD III INSTL PFD SECS 33739P855   6,893,145 355,500 SH   SOLE   0 0 355,500
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629   2,353,606 96,400 SH   SOLE   0 0 96,400
FRANKLIN TEMPLETON ETF TR FRANKLIN DYN MUN 35473P868   2,146,281 86,300 SH   SOLE   0 0 86,300
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   1,357,394 7,086 SH   SOLE   0 0 7,086
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   79,692,417 3,794,877 SH   SOLE   0 0 3,794,877
ISHARES INC JP MRG EM CRP BD 464286251   1,802,691 39,300 SH   SOLE   0 0 39,300
ISHARES INC JP MRGN EM HI BD 464286285   4,154,073 102,900 SH   SOLE   0 0 102,900
ISHARES INC MSCI CDA ETF 464286509   13,303,129 246,674 SH   SOLE   0 0 246,674
ISHARES INC JP MORGAN EM ETF 464286517   4,984,243 119,900 SH   SOLE   0 0 119,900
ISHARES INC MSCI EURZONE ETF 464286608   3,448,580 53,800 SH   SOLE   0 0 53,800
ISHARES TR SELECT DIVID ETF 464287168   669,004 4,740 SH   SOLE   0 0 4,740
ISHARES TR IBOXX INV CP ETF 464287242   2,192,561 19,898 SH   SOLE   0 0 19,898
ISHARES TR LATN AMER 40 ETF 464287390   2,840,315 93,278 SH   SOLE   0 0 93,278
ISHARES TR 20 YR TR BD ETF 464287432   11,452,824 131,400 SH   SOLE   0 0 131,400
ISHARES TR CORE S&P MCP ETF 464287507   1,357,620 20,570 SH   SOLE   0 0 20,570
ISHARES TR ISHARES BIOTECH 464287556   7,396,008 43,823 SH   SOLE   0 0 43,823
ISHARES TR CORE S&P SCP ETF 464287804   679,858 5,657 SH   SOLE   0 0 5,657
ISHARES TR JPMORGAN USD EMG 464288281   59,866,904 621,800 SH   SOLE   0 0 621,800
ISHARES TR INTL SEL DIV ETF 464288448   283,251 7,180 SH   SOLE   0 0 7,180
ISHARES TR IBOXX HI YD ETF 464288513   268,803,568 3,333,791 SH   SOLE   0 0 3,333,791
ISHARES TR MBS ETF 464288588   40,405,179 424,335 SH   SOLE   0 0 424,335
ISHARES TR PFD AND INCM SEC 464288687   26,881,082 868,252 SH   SOLE   0 0 868,252
ISHARES TR US AER DEF ETF 464288760   3,892,330 18,130 SH   SOLE   0 0 18,130
ISHARES TR CMBS ETF 46429B366   3,106,077 63,286 SH   SOLE   0 0 63,286
ISHARES TR FLTG RATE NT ETF 46429B655   6,988,164 137,400 SH   SOLE   0 0 137,400
ISHARES TR MSCI USA MMENTM 46432F396   656,063 2,621 SH   SOLE   0 0 2,621
ISHARES TR 0-5YR HI YL CP 46434V407   43,242,969 1,008,700 SH   SOLE   0 0 1,008,700
ISHARES TR MSCI INTL MOMENT 46434V449   17,185,109 358,247 SH   SOLE   0 0 358,247
ISHARES TR BROAD USD HIGH 46435U853   286,753,236 7,668,224 SH   SOLE   0 0 7,668,224
J P MORGAN EXCHANGE TRADED F BETABUILDERS CDA 46641Q225   455,514 4,898 SH   SOLE   0 0 4,898
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   12,355,050 265,700 SH   SOLE   0 0 265,700
J P MORGAN EXCHANGE TRADED F MORTGAGE BACKED 46654Q575   46,003,937 900,978 SH   SOLE   0 0 900,978
J P MORGAN EXCHANGE TRADED F ACTIVE BOND ETF 46654Q716   19,016,419 351,700 SH   SOLE   0 0 351,700
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   17,885,088 353,600 SH   SOLE   0 0 353,600
NORTHERN LIGHTS FD TR OCEAN PARK DIVER 66538J282   218,020 8,624 SH   SOLE   0 0 8,624
PGIM ETF TR ACTV HY BD ETF 69344A206   4,552,084 128,300 SH   SOLE   0 0 128,300
PACER FDS TR US CASH COWS 100 69374H881   702,846 11,681 SH   SOLE   0 0 11,681
PIMCO ETF TR MULTISECTOR BD 72201R585   51,996,652 1,948,900 SH   SOLE   0 0 1,948,900
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   10,503,492 208,900 SH   SOLE   0 0 208,900
PIMCO ETF TR ACTIVE BD ETF 72201R775   18,997,628 204,100 SH   SOLE   0 0 204,100
PRINCIPAL EXCHANGE TRADED FD SPECTRUM PFD 74255Y888   3,661,440 192,000 SH   SOLE   0 0 192,000
SPDR SERIES TRUST STATE STREET SPD 78464A284   1,162,204 46,600 SH   SOLE   0 0 46,600
SPDR SERIES TRUST STATE STREET SPD 78464A359   2,160,870 24,225 SH   SOLE   0 0 24,225
SPDR SERIES TRUST BLOOMBERG EMERGI 78464A391   7,669,693 358,900 SH   SOLE   0 0 358,900
SPDR SERIES TRUST STATE STREET SPD 78464A854   166,140,193 2,071,057 SH   SOLE   0 0 2,071,057
SSGA ACTIVE ETF TR STATE STREET BLA 78467V608   28,306,350 685,882 SH   SOLE   0 0 685,882
SPDR SERIES TRUST STATE STREET SPD 78468R408   48,459,948 1,913,900 SH   SOLE   0 0 1,913,900
SPDR SERIES TRUST STATE STREET SPD 78468R606   92,602,389 3,912,226 SH   SOLE   0 0 3,912,226
SPDR SERIES TRUST STATE STREET SPD 78468R622   185,323,477 1,906,424 SH   SOLE   0 0 1,906,424
SSGA ACTIVE TR STATE STREET BLA 78470P846   2,326,392 81,800 SH   SOLE   0 0 81,800
SCHWAB STRATEGIC TR US LRG CAP ETF 808524201   3,434,308 127,622 SH   SOLE   0 0 127,622
SCHWAB STRATEGIC TR US LCAP GR ETF 808524300   2,752,998 84,396 SH   SOLE   0 0 84,396
SERIES PORTFOLIOS TR ELDRIDGE BBB B 81752T528   9,652,675 364,527 SH   SOLE   0 0 364,527
VANECK ETF TRUST EMERGING MRKT HI 92189F353   2,243,592 112,800 SH   SOLE   0 0 112,800
VANECK ETF TRUST SHRT HGH YLD MUN 92189F387   210,772 9,200 SH   SOLE   0 0 9,200
VANECK ETF TRUST PREFERRED SECURT 92189F429   425,606 24,100 SH   SOLE   0 0 24,100
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   23,847,317 812,100 SH   SOLE   0 0 812,100
VANECK ETF TRUST IG FLOATING RATE 92189F486   10,497,760 412,000 SH   SOLE   0 0 412,000
VANECK ETF TRUST JP MRGAN EM LOC 92189H300   71,688,765 2,776,482 SH   SOLE   0 0 2,776,482
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   2,085,952 40,805 SH   SOLE   0 0 40,805
VANECK ETF TRUST OIL SERVICES ETF 92189H607   2,568,056 9,018 SH   SOLE   0 0 9,018
VANGUARD BD INDEX FDS TOTAL BND MRKT 921937835   111,616,083 1,506,900 SH   SOLE   0 0 1,506,900
VANGUARD WHITEHALL FDS EM MK GOV BD ETF 921946885   1,590,741 23,591 SH   SOLE   0 0 23,591
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407   2,169,230 44,893 SH   SOLE   0 0 44,893
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775   1,128,263 15,338 SH   SOLE   0 0 15,338
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   7,053,204 131,198 SH   SOLE   0 0 131,198
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870   6,097,000 72,800 SH   SOLE   0 0 72,800
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   1,114,829 22,168 SH   SOLE   0 0 22,168
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512   683,052 3,851 SH   SOLE   0 0 3,851
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   10,512,412 37,660 SH   SOLE   0 0 37,660
VANGUARD INDEX FDS SML CP GRW ETF 922908595   16,080,711 53,228 SH   SOLE   0 0 53,228
VANGUARD INDEX FDS SM CP VAL ETF 922908611   341,194 1,611 SH   SOLE   0 0 1,611
VANGUARD INDEX FDS GROWTH ETF 922908736   46,198,878 94,697 SH   SOLE   0 0 94,697
WISDOMTREE TR JAPN HEDGE EQT 97717W851   9,188,182 63,736 SH   SOLE   0 0 63,736