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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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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   44,700,087 931,640 SH   SOLE   931,640 0 0
AMERICAN CENTY ETF TR INTL SMCP VLU 025072802   2,304,491 35,481 SH   SOLE   35,481 0 0
BLACKROCK ETF TRUST II HIGH YLD MUNI IN 092528108   2,157,592 95,300 SH   SOLE   95,300 0 0
BLACKROCK ETF TRUST II AAA CLO ETF 092528504   1,308,888 25,200 SH   SOLE   25,200 0 0
BNY MELLON ETF TRUST HIGH YIELD BETA 09661T800   1,037,740 22,000 SH   SOLE   22,000 0 0
DBX ETF TR XTRACK USD HIGH 233051432   77,969,448 2,198,800 SH   SOLE   2,198,800 0 0
ETFIS SER TR I VIRTUS INFRCAP 26923G822   4,443,618 211,299 SH   SOLE   211,299 0 0
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   25,955,422 1,495,128 SH   SOLE   1,495,128 0 0
FLEXSHARES TR HIG YLD VL ETF 33939L662   5,579,240 138,100 SH   SOLE   138,100 0 0
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   2,487,379 101,900 SH   SOLE   101,900 0 0
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629   545,330 23,000 SH   SOLE   23,000 0 0
GLOBAL X FDS US PFD ETF 37954Y657   9,962,016 506,200 SH   SOLE   506,200 0 0
GLOBAL X FDS US INFR DEV ETF 37954Y673   1,240,614 33,512 SH   SOLE   33,512 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   27,351,911 57,089 SH   SOLE   57,089 0 0
INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537   30,147,008 1,273,100 SH   SOLE   1,273,100 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   24,192,087 1,149,814 SH   SOLE   1,149,814 0 0
INVESCO EXCH TRADED FD TR II VAR RATE PFD 46138G870   9,485,764 395,900 SH   SOLE   395,900 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2025 HY 46138J817   15,844,556 691,600 SH   SOLE   691,600 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2024 HY 46138J833   4,766,656 209,800 SH   SOLE   209,800 0 0
ISHARES TR 20 YR TR BD ETF 464287432   95,153,466 1,036,756 SH   SOLE   1,036,756 0 0
ISHARES TR S&P MC 400GR ETF 464287606   406,363 4,612 SH   SOLE   4,612 0 0
ISHARES TR CORE S&P SCP ETF 464287804   1,010,390 9,473 SH   SOLE   9,473 0 0
ISHARES TR NATIONAL MUN ETF 464288414   12,636,830 118,600 SH   SOLE   118,600 0 0
ISHARES TR IBOXX HI YD ETF 464288513   187,643,050 2,432,500 SH   SOLE   2,432,500 0 0
ISHARES TR PFD AND INCM SEC 464288687   25,695,456 814,436 SH   SOLE   814,436 0 0
ISHARES TR US AER DEF ETF 464288760   9,076,589 68,736 SH   SOLE   68,736 0 0
ISHARES TR MSCI USA MIN VOL 46429B697   9,069,695 108,024 SH   SOLE   108,024 0 0
ISHARES TR MSCI USA QLT FCT 46432F339   21,461,288 125,681 SH   SOLE   125,681 0 0
ISHARES TR 0-5YR HI YL CP 46434V407   68,701,600 1,628,000 SH   SOLE   1,628,000 0 0
ISHARES TR CONV BD ETF 46435G102   21,120,018 268,600 SH   SOLE   268,600 0 0
ISHARES TR FALN ANGLS USD 46435G474   20,938,905 799,500 SH   SOLE   799,500 0 0
ISHARES TR IBONDS 24 TRM HG 46435U184   3,948,476 169,900 SH   SOLE   169,900 0 0
ISHARES TR BROAD USD HIGH 46435U853   187,164,892 5,158,900 SH   SOLE   5,158,900 0 0
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332   16,613,985 293,119 SH   SOLE   293,119 0 0
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   2,076,596 45,400 SH   SOLE   45,400 0 0
J P MORGAN EXCHANGE TRADED F NASDAQ EQT PREM 46654Q203   20,885,039 376,307 SH   SOLE   376,307 0 0
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   587,522 11,800 SH   SOLE   11,800 0 0
JANUS DETROIT STR TR B-BBB CLO ETF 47103U753   3,930,121 79,913 SH   SOLE   79,913 0 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   29,347,584 576,800 SH   SOLE   576,800 0 0
MORGAN STANLEY ETF TRUST EATON VANCE FLTG 61774R833   4,953,073 98,500 SH   SOLE   98,500 0 0
PGIM ETF TR ACTV HY BD ETF 69344A206   7,749,903 224,700 SH   SOLE   224,700 0 0
PGIM ETF TR FLOATING RT INC 69344A883   295,309 5,842 SH   SOLE   5,842 0 0
PACER FDS TR PAC ASSET FLTG 69374H428   1,062,077 22,336 SH   SOLE   22,336 0 0
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   1,519,304 29,700 SH   SOLE   29,700 0 0
PIMCO ETF TR ACTIVE BD ETF 72201R775   8,716,356 95,700 SH   SOLE   95,700 0 0
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102   418,690 21,978 SH   SOLE   21,978 0 0
SPDR SER TR NUVEEN BLOOMBERG 78464A284   21,120,288 830,200 SH   SOLE   830,200 0 0
SPDR SER TR BBG CONV SEC ETF 78464A359   41,350,622 573,836 SH   SOLE   573,836 0 0
SPDR SER TR BLOOMBERG INTL T 78464A516   4,879,611 227,700 SH   SOLE   227,700 0 0
SPDR SER TR S&P REGL BKG 78464A698   333,193 6,786 SH   SOLE   6,786 0 0
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   27,546,200 659,000 SH   SOLE   659,000 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109   16,541,670 42,292 SH   SOLE   42,292 0 0
SPDR SER TR BLOOMBERG INVT 78468R200   2,131,735 69,100 SH   SOLE   69,100 0 0
SPDR SER TR BLOOMBERG SHT TE 78468R408   131,484,529 5,265,700 SH   SOLE   5,265,700 0 0
SPDR SER TR BLOOMBERG EMG MK 78468R515   262,071 11,000 SH   SOLE   11,000 0 0
SPDR SER TR PORTFLI HIGH YLD 78468R606   83,033,405 3,574,404 SH   SOLE   3,574,404 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   451,628,339 4,790,796 SH   SOLE   4,790,796 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   777,236 8,527 SH   SOLE   8,527 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   8,685,351 211,271 SH   SOLE   211,271 0 0
SERIES PORTFOLIOS TR PANAGRAM BBB B 81752T528   1,192,149 44,252 SH   SOLE   44,252 0 0
VANECK ETF TRUST PREFERRED SECURT 92189F429   4,940,880 285,600 SH   SOLE   285,600 0 0
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   25,849,220 913,400 SH   SOLE   913,400 0 0
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   16,114,800 312,000 SH   SOLE   312,000 0 0
VANECK ETF TRUST CLO ETF 92189H748   1,334,088 25,200 SH   SOLE   25,200 0 0
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   75,838,795 1,534,577 SH   SOLE   1,534,577 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   332,051 7,588 SH   SOLE   7,588 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874   5,326,443 79,773 SH   SOLE   79,773 0 0
VANGUARD SCOTTSDALE FDS LG-TERM COR BD 92206C813   15,483,026 204,100 SH   SOLE   204,100 0 0
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   8,323,271 166,100 SH   SOLE   166,100 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   17,436,032 34,863 SH   SOLE   34,863 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   548,419 2,389 SH   SOLE   2,389 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   259,599 1,538 SH   SOLE   1,538 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736   37,312,734 99,764 SH   SOLE   99,764 0 0
VANGUARD INDEX FDS VALUE ETF 922908744   6,384,318 39,800 SH   SOLE   39,800 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422   32,867,431 680,767 SH   SOLE   680,767 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851   15,488,155 137,282 SH   SOLE   137,282 0 0