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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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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
ALPS ETF TR ALERIAN MLP 00162Q452   970,000 24,763 SH   DFND   0 0 24,763
GOLDMAN SACHS ETF TR ACCES TREASURY 381430529   16,119,000 161,082 SH   DFND   0 0 161,082
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357   11,902,000 79,543 SH   DFND   0 0 79,543
INVESCO QQQ TR UNIT SER 1 46090E103   289,000 785 SH   DFND   0 0 785
ISHARES INC MSCI EMRG CHN 46434G764   9,587,000 184,455 SH   DFND   0 0 184,455
ISHARES TR ISHS 1-5YR INVS 464288646   610,000 12,159 SH   DFND   0 0 12,159
ISHARES TR FLTG RATE NT ETF 46429B655   6,301,000 123,988 SH   DFND   0 0 123,988
ISHARES TR SHORT TREAS BD 464288679   12,238,000 110,810 SH   DFND   0 0 110,810
ISHARES TR 20 YR TR BD ETF 464287432   1,792,000 17,412 SH   DFND   0 0 17,412
ISHARES U S ETF TR BLACKROCK ST MAT 46431W507   1,429,000 28,754 SH   DFND   0 0 28,754
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   28,385,000 569,414 SH   DFND   0 0 569,414
KRANESHARES TR KFA MOUNT LUCAS 500767652   1,318,000 43,261 SH   DFND   0 0 43,261
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407   3,406,000 20,063 SH   DFND   0 0 20,063
SELECT SECTOR SPDR TR ENERGY 81369Y506   1,398,000 17,230 SH   DFND   0 0 17,230
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209   4,472,000 33,699 SH   DFND   0 0 33,699
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704   2,681,000 24,989 SH   DFND   0 0 24,989
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308   2,378,000 32,068 SH   DFND   0 0 32,068
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100   846,000 10,216 SH   DFND   0 0 10,216
SPDR SER TR BLOOMBERG INVT 78468R200   32,379,000 1,055,061 SH   DFND   0 0 1,055,061
SPDR SER TR BLOOMBERG 1-3 MO 78468R663   39,950,000 435,091 SH   DFND   0 0 435,091
SPDR SER TR SSGA US LRG ETF 78468R804   21,786,000 154,943 SH   DFND   0 0 154,943
SPDR SER TR PORTFOLIO SHORT 78464A474   31,366,000 1,065,430 SH   DFND   0 0 1,065,430
SPDR SER TR PORTFOLI S&P1500 78464A805   24,677,000 453,296 SH   DFND   0 0 453,296
SPDR SER TR PORTFOLIO S&P500 78464A854   27,716,000 531,884 SH   DFND   0 0 531,884
VICTORY PORTFOLIOS II SHORT TRM BD ETF 92647N535   10,940,000 223,832 SH   DFND   0 0 223,832