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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ISHARES TR IBOXX HI YD ETF 464288513 91,296 1,045,775 SH   SOLE   1,045,775 0 0
ISHARES TR IBOXX HI YD ETF 464288513 2,619 30,000 SH   SOLE   30,000 0 0
ISHARES TR BROAD USD HIGH 46435U853 2,063 50,000 SH   SOLE   50,000 0 0
CODIAK BIOSCIENCES INC COM 192010106 10,767 333,333 SH   SOLE   333,333 0 0
AMDOCS LTD SHS G02602103 2,731 38,500 SH   SOLE   38,500 0 0
ASSURED GUARANTY LTD COM G0585R106 3,769 119,700 SH   SOLE   119,700 0 0
ATHENE HOLDING LTD CL A G0684D107 2,757 63,900 SH   SOLE   63,900 0 0
BUNGE LIMITED COM G16962105 3,272 49,900 SH   SOLE   49,900 0 0
EVEREST RE GROUP LTD COM G3223R108 2,622 11,200 SH   SOLE   11,200 0 0
INVESCO LTD SHS G491BT108 3,646 209,200 SH   SOLE   209,200 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 2,624 15,900 SH   SOLE   15,900 0 0
LAZARD LTD SHS A G54050102 2,864 67,700 SH   SOLE   67,700 0 0
NIELSEN HLDGS PLC SHS EUR G6518L108 3,045 145,900 SH   SOLE   145,900 0 0
NVENT ELECTRIC PLC SHS G6700G107 2,897 124,400 SH   SOLE   124,400 0 0
PERRIGO CO PLC SHS G97822103 2,093 46,800 SH   SOLE   46,800 0 0
ARDAGH GROUP S A CL A L0223L101 2,693 156,500 SH   SOLE   156,500 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 2,695 29,400 SH   SOLE   29,400 0 0
ADT INC DEL COM 00090Q103 1,981 252,300 SH   SOLE   252,300 0 0
AFLAC INC COM 001055102 2,739 61,600 SH   SOLE   61,600 0 0
AGNC INVT CORP COM 00123Q104 2,440 156,400 SH   SOLE   156,400 0 0
AES CORP COM 00130H105 2,956 125,800 SH   SOLE   125,800 0 0
AT&T INC COM 00206R102 2,246 78,100 SH   SOLE   78,100 0 0
ABBVIE INC COM 00287Y109 2,689 25,100 SH   SOLE   25,100 0 0
AFFILIATED MANAGERS GROUP IN COM 008252108 3,478 34,200 SH   SOLE   34,200 0 0
AIR LEASE CORP CL A 00912X302 3,109 70,000 SH   SOLE   70,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 3,109 19,900 SH   SOLE   19,900 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 3,594 48,500 SH   SOLE   48,500 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 2,890 67,000 SH   SOLE   67,000 0 0
ALLSTATE CORP COM 020002101 2,638 24,000 SH   SOLE   24,000 0 0
ALLY FINL INC COM 02005N100 3,142 88,100 SH   SOLE   88,100 0 0
ALTRIA GROUP INC COM 02209S103 2,226 54,300 SH   SOLE   54,300 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 2,988 34,100 SH   SOLE   34,100 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,968 78,400 SH   SOLE   78,400 0 0
AMERISOURCEBERGEN CORP COM 03073E105 2,327 23,800 SH   SOLE   23,800 0 0
AMERIPRISE FINL INC COM 03076C106 2,857 14,700 SH   SOLE   14,700 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 2,547 301,400 SH   SOLE   301,400 0 0
ANTHEM INC COM 036752103 2,761 8,600 SH   SOLE   8,600 0 0
ANTERO MIDSTREAM CORP COM 03676B102 3,242 420,500 SH   SOLE   420,500 0 0
APPLIED MATLS INC COM 038222105 3,512 40,700 SH   SOLE   40,700 0 0
ARROW ELECTRS INC COM 042735100 2,812 28,900 SH   SOLE   28,900 0 0
ASSURANT INC COM 04621X108 2,656 19,500 SH   SOLE   19,500 0 0
AUTONATION INC COM 05329W102 2,945 42,200 SH   SOLE   42,200 0 0
BOK FINL CORP COM NEW 05561Q201 2,904 42,400 SH   SOLE   42,400 0 0
BANK NEW YORK MELLON CORP COM 064058100 2,733 64,400 SH   SOLE   64,400 0 0
BANK OZK COM 06417N103 3,218 102,900 SH   SOLE   102,900 0 0
BERRY GLOBAL GROUP INC COM 08579W103 2,506 44,600 SH   SOLE   44,600 0 0
BIOGEN INC COM 09062X103 2,008 8,200 SH   SOLE   8,200 0 0
BLOCK H & R INC COM 093671105 2,454 154,700 SH   SOLE   154,700 0 0
BRIGHTHOUSE FINL INC COM 10922N103 2,864 79,100 SH   SOLE   79,100 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 2,394 38,600 SH   SOLE   38,600 0 0
CIGNA CORP NEW COM 125523100 2,790 13,400 SH   SOLE   13,400 0 0
CNA FINL CORP COM 126117100 2,817 72,300 SH   SOLE   72,300 0 0
CVS HEALTH CORP COM 126650100 2,691 39,400 SH   SOLE   39,400 0 0
CARDINAL HEALTH INC COM 14149Y108 2,587 48,300 SH   SOLE   48,300 0 0
CENTENE CORP DEL COM 15135B101 2,275 37,900 SH   SOLE   37,900 0 0
LUMEN TECHNOLOGIES INC COM 156700106 2,005 205,600 SH   SOLE   205,600 0 0
CHANGE HEALTHCARE INC COM 15912K100 2,887 154,800 SH   SOLE   154,800 0 0
CHEMOURS CO COM 163851108 2,633 106,200 SH   SOLE   106,200 0 0
CIMAREX ENERGY CO COM 171798101 3,320 88,500 SH   SOLE   88,500 0 0
CITIGROUP INC COM NEW 172967424 3,077 49,900 SH   SOLE   49,900 0 0
CITIZENS FINL GROUP INC COM 174610105 2,950 82,500 SH   SOLE   82,500 0 0
COMMSCOPE HLDG CO INC COM 20337X109 3,213 239,800 SH   SOLE   239,800 0 0
CONCENTRIX CORP COM 20602D101 1,717 17,400 SH   SOLE   17,400 0 0
CONCHO RES INC COM 20605P101 2,754 47,200 SH   SOLE   47,200 0 0
CRANE CO COM 224399105 3,355 43,200 SH   SOLE   43,200 0 0
D R HORTON INC COM 23331A109 2,150 31,200 SH   SOLE   31,200 0 0
DXC TECHNOLOGY CO COM 23355L106 3,077 119,500 SH   SOLE   119,500 0 0
DELL TECHNOLOGIES INC CL C 24703L202 2,499 34,100 SH   SOLE   34,100 0 0
DIAMONDBACK ENERGY INC COM 25278X109 3,320 68,600 SH   SOLE   68,600 0 0
DISCOVERY INC COM SER A 25470F104 2,801 93,100 SH   SOLE   93,100 0 0
EAST WEST BANCORP INC COM 27579R104 3,377 66,600 SH   SOLE   66,600 0 0
EATON VANCE CORP COM NON VTG 278265103 3,987 58,700 SH   SOLE   58,700 0 0
EDISON INTL COM 281020107 2,733 43,500 SH   SOLE   43,500 0 0
EQUITABLE HLDGS INC COM 29452E101 3,084 120,500 SH   SOLE   120,500 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 1,975 245,700 SH   SOLE   245,700 0 0
EVERCORE INC CLASS A 29977A105 3,859 35,200 SH   SOLE   35,200 0 0
EXELON CORP COM 30161N101 2,677 63,400 SH   SOLE   63,400 0 0
F N B CORP COM 302520101 3,049 320,900 SH   SOLE   320,900 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 2,685 68,700 SH   SOLE   68,700 0 0
FIRST HORIZON CORPORATION COM 320517105 2,987 234,100 SH   SOLE   234,100 0 0
FIRSTENERGY CORP COM 337932107 2,348 76,700 SH   SOLE   76,700 0 0
FOOT LOCKER INC COM 344849104 2,532 62,600 SH   SOLE   62,600 0 0
FRANKLIN RESOURCES INC COM 354613101 2,736 109,500 SH   SOLE   109,500 0 0
GENERAL MTRS CO COM 37045V100 3,015 72,400 SH   SOLE   72,400 0 0
GILEAD SCIENCES INC COM 375558103 2,027 34,800 SH   SOLE   34,800 0 0
GLOBE LIFE INC COM 37959E102 2,592 27,300 SH   SOLE   27,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,033 11,500 SH   SOLE   11,500 0 0
GRACE W R & CO DEL NEW COM 38388F108 2,812 51,300 SH   SOLE   51,300 0 0
GRAFTECH INTL LTD COM 384313508 3,142 294,700 SH   SOLE   294,700 0 0
HCA HEALTHCARE INC COM 40412C101 2,730 16,600 SH   SOLE   16,600 0 0
HP INC COM 40434L105 2,916 118,600 SH   SOLE   118,600 0 0
HANESBRANDS INC COM 410345102 2,075 142,300 SH   SOLE   142,300 0 0
HANOVER INS GROUP INC COM 410867105 2,818 24,100 SH   SOLE   24,100 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 2,973 60,700 SH   SOLE   60,700 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,814 237,500 SH   SOLE   237,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 2,918 231,000 SH   SOLE   231,000 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 2,625 15,400 SH   SOLE   15,400 0 0
INTEL CORP COM 458140100 2,262 45,400 SH   SOLE   45,400 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2,291 18,200 SH   SOLE   18,200 0 0
INTERPUBLIC GROUP COS INC COM 460690100 2,898 123,200 SH   SOLE   123,200 0 0
JABIL INC COM 466313103 2,981 70,100 SH   SOLE   70,100 0 0
JONES LANG LASALLE INC COM 48020Q107 3,220 21,700 SH   SOLE   21,700 0 0
KEMPER CORP COM 488401100 2,535 33,000 SH   SOLE   33,000 0 0
KEYCORP COM 493267108 2,951 179,800 SH   SOLE   179,800 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 2,524 12,400 SH   SOLE   12,400 0 0
LENNAR CORP CL A 526057104 2,226 29,200 SH   SOLE   29,200 0 0
LINCOLN NATL CORP IND COM 534187109 3,406 67,700 SH   SOLE   67,700 0 0
LIONS GATE ENTMNT CORP CL A VTG 535919401 2,564 225,500 SH   SOLE   225,500 0 0
LUMENTUM HLDGS INC COM 55024U109 3,062 32,300 SH   SOLE   32,300 0 0
M & T BK CORP COM 55261F104 2,826 22,200 SH   SOLE   22,200 0 0
MGIC INVT CORP WIS COM 552848103 3,016 240,300 SH   SOLE   240,300 0 0
MCKESSON CORP COM 58155Q103 2,609 15,000 SH   SOLE   15,000 0 0
MERCURY GENL CORP NEW COM 589400100 2,788 53,400 SH   SOLE   53,400 0 0
METLIFE INC COM 59156R108 2,826 60,200 SH   SOLE   60,200 0 0
MICRON TECHNOLOGY INC COM 595112103 3,421 45,500 SH   SOLE   45,500 0 0
MOLSON COORS BEVERAGE CO CL B 60871R209 2,964 65,600 SH   SOLE   65,600 0 0
MORGAN STANLEY COM NEW 617446448 3,077 44,900 SH   SOLE   44,900 0 0
NCR CORP NEW COM 62886E108 4,212 112,100 SH   SOLE   112,100 0 0
NRG ENERGY INC COM NEW 629377508 2,831 75,400 SH   SOLE   75,400 0 0
NATIONAL FUEL GAS CO N J COM 636180101 2,209 53,700 SH   SOLE   53,700 0 0
NETAPP INC COM 64110D104 3,431 51,800 SH   SOLE   51,800 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,792 280,900 SH   SOLE   280,900 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 2,712 257,100 SH   SOLE   257,100 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 2,479 22,700 SH   SOLE   22,700 0 0
OLD REP INTL CORP COM 680223104 3,010 152,700 SH   SOLE   152,700 0 0
OMNICOM GROUP INC COM 681919106 2,632 42,200 SH   SOLE   42,200 0 0
ONEMAIN HLDGS INC COM 68268W103 3,405 70,700 SH   SOLE   70,700 0 0
ONEOK INC NEW COM 682680103 3,120 81,300 SH   SOLE   81,300 0 0
PG&E CORP COM 69331C108 2,921 234,400 SH   SOLE   234,400 0 0
PPL CORP COM 69351T106 2,304 81,700 SH   SOLE   81,700 0 0
PACWEST BANCORP DEL COM 695263103 3,254 128,100 SH   SOLE   128,100 0 0
PARSLEY ENERGY INC CL A 701877102 3,194 224,900 SH   SOLE   224,900 0 0
PENSKE AUTOMOTIVE GRP INC COM 70959W103 2,803 47,200 SH   SOLE   47,200 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 2,802 216,700 SH   SOLE   216,700 0 0
PILGRIMS PRIDE CORP COM 72147K108 2,677 136,500 SH   SOLE   136,500 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 3,780 58,700 SH   SOLE   58,700 0 0
POPULAR INC COM NEW 733174700 3,452 61,300 SH   SOLE   61,300 0 0
PRIMERICA INC COM 74164M108 2,571 19,200 SH   SOLE   19,200 0 0
PRINCIPAL FINANCIAL GROUP IN COM 74251V102 2,753 55,500 SH   SOLE   55,500 0 0
PROSPERITY BANCSHARES INC COM 743606105 3,080 44,400 SH   SOLE   44,400 0 0
PRUDENTIAL FINL INC COM 744320102 2,584 33,100 SH   SOLE   33,100 0 0
PULTE GROUP INC COM 745867101 2,152 49,900 SH   SOLE   49,900 0 0
QUIDEL CORP COM 74838J101 2,497 13,900 SH   SOLE   13,900 0 0
QURATE RETAIL INC COM SER A 74915M100 3,633 331,200 SH   SOLE   331,200 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 3,045 188,900 SH   SOLE   188,900 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 2,631 22,700 SH   SOLE   22,700 0 0
SLM CORP COM 78442P106 3,447 278,200 SH   SOLE   278,200 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107 2,754 29,100 SH   SOLE   29,100 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 3,436 25,400 SH   SOLE   25,400 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,635 30,900 SH   SOLE   30,900 0 0
SPROUTS FMRS MKT INC COM 85208M102 2,175 108,200 SH   SOLE   108,200 0 0
STARWOOD PPTY TR INC COM 85571B105 2,716 140,700 SH   SOLE   140,700 0 0
STATE STR CORP COM 857477103 2,642 36,300 SH   SOLE   36,300 0 0
STERLING BANCORP DEL COM 85917A100 3,618 201,200 SH   SOLE   201,200 0 0
SYNNEX CORP COM 87162W100 1,417 17,400 SH   SOLE   17,400 0 0
SYNCHRONY FINANCIAL COM 87165B103 2,888 83,200 SH   SOLE   83,200 0 0
TCF FINL CORP COM 872307103 3,321 89,700 SH   SOLE   89,700 0 0
TAPESTRY INC COM 876030107 3,953 127,200 SH   SOLE   127,200 0 0
TOLL BROTHERS INC COM 889478103 2,256 51,900 SH   SOLE   51,900 0 0
TRAVELERS COMPANIES INC COM 89417E109 2,864 20,400 SH   SOLE   20,400 0 0
TRUIST FINL CORP COM 89832Q109 2,732 57,000 SH   SOLE   57,000 0 0
TYSON FOODS INC CL A 902494103 2,275 35,300 SH   SOLE   35,300 0 0
UGI CORP NEW COM 902681105 2,440 69,800 SH   SOLE   69,800 0 0
UMPQUA HLDGS CORP COM 904214103 3,070 202,800 SH   SOLE   202,800 0 0
UNITED RENTALS INC COM 911363109 2,968 12,800 SH   SOLE   12,800 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 3,263 21,500 SH   SOLE   21,500 0 0
UNIVERSAL HLTH SVCS INC CL B 913903100 2,599 18,900 SH   SOLE   18,900 0 0
UNUM GROUP COM 91529Y106 2,824 123,100 SH   SOLE   123,100 0 0
VIACOMCBS INC CL B 92556H206 2,798 75,100 SH   SOLE   75,100 0 0
VIATRIS INC COM 92556V106 2,665 142,200 SH   SOLE   142,200 0 0
VIRTU FINL INC CL A 928254101 2,129 84,600 SH   SOLE   84,600 0 0
VISTRA CORP COM 92840M102 2,432 123,700 SH   SOLE   123,700 0 0
VOYA FINANCIAL INC COM 929089100 2,817 47,900 SH   SOLE   47,900 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 2,477 62,100 SH   SOLE   62,100 0 0
WEBSTER FINL CORP CONN COM 947890109 3,532 83,800 SH   SOLE   83,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,017 67,000 SH   SOLE   67,000 0 0
WESTERN DIGITAL CORP. COM 958102105 3,290 59,400 SH   SOLE   59,400 0 0
WESTERN UN CO COM 959802109 2,225 101,400 SH   SOLE   101,400 0 0
WHIRLPOOL CORP COM 963320106 2,292 12,700 SH   SOLE   12,700 0 0
WINTRUST FINL CORP COM 97650W108 3,360 55,000 SH   SOLE   55,000 0 0
XEROX HOLDINGS CORP COM NEW 98421M106 2,748 118,500 SH   SOLE   118,500 0 0
ZIONS BANCORPORATION N A COM 989701107 3,119 71,800 SH   SOLE   71,800 0 0
FRANKLIN TEMPLETON ETF TR FTSE JAPAN ETF 35473P744 11,912 400,000 SH   SOLE   400,000 0 0
ISHARES TR CORE S&P TTL S 464287150 11,640 135,000 SH   SOLE   135,000 0 0
ISHARES TR MSCI EURO FL E 464289180 6,402 365,000 SH   SOLE   365,000 0 0
ISHARES TR CORE MSCI EAFE 46432F842 15,200 220,000 SH   SOLE   220,000 0 0
ISHARES INC CORE MSCI EMKT 46434G103 9,740 157,000 SH   SOLE   157,000 0 0
ISHARES INC MSCI GBL ETF N 46434G848 10,723 291,000 SH   SOLE   291,000 0 0
SPDR SER TR S&P BK ETF 78464A797 18,965 453,500 SH   SOLE   453,500 0 0
VANECK VECTORS ETF TR GOLD MINERS ET 92189F106 4,196 116,500 SH   SOLE   116,500 0 0
VANGUARD WORLD FDS ENERGY ETF 92204A306 14,002 270,000 SH   SOLE   270,000 0 0
VANGUARD WORLD FDS INDUSTRIAL ETF 92204A603 8,641 50,830 SH   SOLE   50,830 0 0
ISHARES TR IBOXX HI YD ET 464288513 177,178 2,029,532 SH   SOLE   2,029,532 0 0
ISHARES TR BROAD USD HIGH 46435U853 136,588 3,310,410 SH   SOLE   3,310,410 0 0
ISHARES GOLD TRUST ISHARES 464285105 201,896 11,136,000 SH   SOLE   11,136,000 0 0
SPDR SER TR RUSSELL LOW VO 78468R754 396,995 4,421,863 SH   SOLE   4,421,863 0 0
SPDR SER TR RUSSELL MOMENT 78468R762 230,590 2,713,457 SH   SOLE   2,713,457 0 0
SPDR SER TR RUSSELL YIELD 78468R770 422,236 5,617,235 SH   SOLE   5,617,235 0 0
DBX ETF TR XTRACK HRVST C 233051879 8,190 204,455 SH   SOLE   204,455 0 0
ISHARES INC MSCI BRAZIL ET 464286400 63,701 1,718,394 SH   SOLE   1,718,394 0 0
ISHARES TR RUS 2000 VAL E 464287630 488,098 3,704,726 SH   SOLE   3,704,726 0 0
ISHARES TR MSCI EURO FL E 464289180 126,135 7,191,249 SH   SOLE   7,191,249 0 0
ISHARES TR MSCI CHINA ETF 46429B671 5,827 71,971 SH   SOLE   71,971 0 0
ISHARES TR CORE MSCI EAFE 46432F842 448,417 6,490,338 SH   SOLE   6,490,338 0 0
ISHARES INC MSCI JPN ETF N 46434G822 49,611 734,328 SH   SOLE   734,328 0 0
KRANESHARES TR CSI CHI INTERN 500767306 7,906 102,952 SH   SOLE   102,952 0 0
SPDR SER TR S&P OILGAS EXP 78468R556 150,811 2,577,973 SH   SOLE   2,577,973 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 119,228 1,647,018 SH   SOLE   1,647,018 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 402,934 13,668,050 SH   SOLE   13,668,050 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 207,946 2,348,351 SH   SOLE   2,348,351 0 0
VANECK VECTORS ETF TR GOLD MINERS ET 92189F106 182,023 5,053,393 SH   SOLE   5,053,393 0 0
VANECK VECTORS ETF TR JR GOLD MINERS 92189F791 312,609 5,763,447 SH   SOLE   5,763,447 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT E 922042858 324,575 6,477,257 SH   SOLE   6,477,257 0 0
VANGUARD INDEX FDS S&P 500 ETF SH 922908363 213,955 622,523 SH   SOLE   622,523 0 0
VIR BIOTECHNOLOGY INC COM 92764N102 128,544 4,800,000 SH   SOLE   4,800,000 0 0