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
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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
ALPS ETF TR ALERIAN MLP 00162Q452   44,215,634 931,640 SH   SOLE   931,640 0 0
BLACKROCK ETF TRUST II AAA CLO ETF 092528504   356,937 6,900 SH   SOLE   6,900 0 0
BNY MELLON ETF TRUST HIGH YIELD BETA 09661T800   1,048,520 22,000 SH   SOLE   22,000 0 0
DBX ETF TR XTRACK USD HIGH 233051432   78,519,148 2,198,800 SH   SOLE   2,198,800 0 0
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408   5,203,226 126,200 SH   SOLE   126,200 0 0
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108   25,895,617 1,495,128 SH   SOLE   1,495,128 0 0
FLEXSHARES TR HIG YLD VL ETF 33939L662   5,677,291 138,100 SH   SOLE   138,100 0 0
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595   2,496,041 101,900 SH   SOLE   101,900 0 0
GLOBAL X FDS US INFR DEV ETF 37954Y673   355,026 8,918 SH   SOLE   8,918 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   25,348,087 57,089 SH   SOLE   57,089 0 0
INVESCO EXCH TRADED FD TR II PFD ETF 46138E511   17,575,462 1,479,416 SH   SOLE   1,479,416 0 0
INVESCO EXCH TRADED FD TR II NATL AMT MUNI 46138E537   30,337,973 1,273,100 SH   SOLE   1,273,100 0 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508   67,048,376 3,170,136 SH   SOLE   3,170,136 0 0
INVESCO EXCH TRADED FD TR II VAR RATE PFD 46138G870   5,343,496 224,800 SH   SOLE   224,800 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2025 HY 46138J817   15,872,220 691,600 SH   SOLE   691,600 0 0
INVESCO EXCH TRD SLF IDX FD BULSHS 2024 HY 46138J833   4,768,754 209,800 SH   SOLE   209,800 0 0
ISHARES TR IBOXX INV CP ETF 464287242   62,624,643 574,960 SH   SOLE   574,960 0 0
ISHARES TR S&P MC 400GR ETF 464287606   361,441 3,961 SH   SOLE   3,961 0 0
ISHARES TR CORE S&P SCP ETF 464287804   1,046,956 9,473 SH   SOLE   9,473 0 0
ISHARES TR NATIONAL MUN ETF 464288414   15,957,080 148,300 SH   SOLE   148,300 0 0
ISHARES TR IBOXX HI YD ETF 464288513   182,929,782 2,353,400 SH   SOLE   2,353,400 0 0
ISHARES TR PFD AND INCM SEC 464288687   68,719,613 2,132,163 SH   SOLE   2,132,163 0 0
ISHARES TR US AER DEF ETF 464288760   9,068,340 68,736 SH   SOLE   68,736 0 0
ISHARES TR MSCI USA MIN VOL 46429B697   13,143,122 157,252 SH   SOLE   157,252 0 0
ISHARES TR MSCI USA QLT FCT 46432F339   20,655,672 125,681 SH   SOLE   125,681 0 0
ISHARES TR 0-5YR HI YL CP 46434V407   69,271,400 1,628,000 SH   SOLE   1,628,000 0 0
ISHARES TR CONV BD ETF 46435G102   16,373,133 205,100 SH   SOLE   205,100 0 0
ISHARES TR FALN ANGLS USD 46435G474   21,474,570 799,500 SH   SOLE   799,500 0 0
ISHARES TR IBONDS 24 TRM HG 46435U184   3,961,219 169,900 SH   SOLE   169,900 0 0
ISHARES TR BROAD USD HIGH 46435U853   183,319,559 5,010,100 SH   SOLE   5,010,100 0 0
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332   20,628,189 356,519 SH   SOLE   356,519 0 0
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878   2,097,026 45,400 SH   SOLE   45,400 0 0
J P MORGAN EXCHANGE TRADED F NASDAQ EQT PREM 46654Q203   20,410,892 376,307 SH   SOLE   376,307 0 0
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799   588,230 11,800 SH   SOLE   11,800 0 0
JANUS DETROIT STR TR B-BBB CLO ETF 47103U753   719,954 14,726 SH   SOLE   14,726 0 0
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845   25,329,408 499,200 SH   SOLE   499,200 0 0
NEUBERGER BERMAN ETF TRUST OPT STRATEGY ETF 64135A705   3,925,870 150,792 SH   SOLE   150,792 0 0
PGIM ETF TR ACTV HY BD ETF 69344A206   7,871,241 224,700 SH   SOLE   224,700 0 0
PGIM ETF TR FLOATING RT INC 69344A883   298,000 5,842 SH   SOLE   5,842 0 0
PACER FDS TR PAC ASSET FLTG 69374H428   1,062,300 22,336 SH   SOLE   22,336 0 0
PIMCO ETF TR SR LN ACTIVE ETF 72201R627   3,826,020 74,800 SH   SOLE   74,800 0 0
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102   421,098 21,978 SH   SOLE   21,978 0 0
SPDR SER TR NUVEEN BLOOMBERG 78464A284   17,839,136 694,400 SH   SOLE   694,400 0 0
SPDR SER TR BBG CONV SEC ETF 78464A359   41,755,361 571,678 SH   SOLE   571,678 0 0
SPDR SER TR S&P REGL BKG 78464A698   341,200 6,786 SH   SOLE   6,786 0 0
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608   59,968,851 1,424,100 SH   SOLE   1,424,100 0 0
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109   24,880,684 62,552 SH   SOLE   62,552 0 0
SPDR SER TR BLOOMBERG INVT 78468R200   2,130,353 69,100 SH   SOLE   69,100 0 0
SPDR SER TR BLOOMBERG SHT TE 78468R408   132,800,954 5,265,700 SH   SOLE   5,265,700 0 0
SPDR SER TR PORTFLI HIGH YLD 78468R606   71,278,612 3,038,304 SH   SOLE   3,038,304 0 0
SPDR SER TR BLOOMBERG HIGH Y 78468R622   430,085,040 4,517,700 SH   SOLE   4,517,700 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   205,625 2,178 SH   SOLE   2,178 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605   8,898,735 211,271 SH   SOLE   211,271 0 0
SELECT SECTOR SPDR TR COMMUNICATION 81369Y852   7,781,871 95,296 SH   SOLE   95,296 0 0
SERIES PORTFOLIOS TR PANAGRAM BBB B 81752T528   239,869 8,952 SH   SOLE   8,952 0 0
VANECK ETF TRUST FALLEN ANGEL HG 92189F437   26,506,868 913,400 SH   SOLE   913,400 0 0
VANECK ETF TRUST IG FLOATING RATE 92189F486   5,280,570 207,000 SH   SOLE   207,000 0 0
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409   16,305,120 312,000 SH   SOLE   312,000 0 0
VANECK ETF TRUST CLO ETF 92189H748   1,331,089 25,200 SH   SOLE   25,200 0 0
VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT 921943858   79,152,055 1,577,677 SH   SOLE   1,577,677 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858   270,461 6,475 SH   SOLE   6,475 0 0
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874   5,371,914 79,773 SH   SOLE   79,773 0 0
VANGUARD MUN BD FDS TAX EXEMPT BD 922907746   8,404,660 166,100 SH   SOLE   166,100 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   16,643,757 34,624 SH   SOLE   34,624 0 0
VANGUARD INDEX FDS MCAP GR IDXVIP 922908538   563,302 2,389 SH   SOLE   2,389 0 0
VANGUARD INDEX FDS EXTEND MKT ETF 922908652   269,565 1,538 SH   SOLE   1,538 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736   34,338,769 99,764 SH   SOLE   99,764 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422   29,654,211 680,767 SH   SOLE   680,767 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851   14,895,097 137,282 SH   SOLE   137,282 0 0