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
Expires: July 31, 2015
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BNY MELLON ETF TRUST HIGH YIELD ETF 09661T800 8,320,926 174,700 SH SOLE 0 0 174,700
DBX ETF TR XTRACK USD HIGH 233051432 89,290,500 2,470,000 SH SOLE 0 0 2,470,000
DIMENSIONAL ETF TRUST INTL SMALL CAP V 25434V781 733,824 25,200 SH SOLE 0 0 25,200
FIRST TR EXCHANGE-TRADED FD NO AMER ENERGY 33738D101 18,520,060 494,000 SH SOLE 0 0 494,000
FIRST TR EXCHANGE-TRADED FD SENIOR LN FD 33738D309 13,539,790 296,600 SH SOLE 0 0 296,600
FIRST TR EXCHANGE-TRADED FD FIRST TR TA HIYL 33738D408 2,519,856 61,400 SH SOLE 0 0 61,400
FIRST TR EXCH TRADED FD III PFD SECS INC ETF 33739E108 17,845,319 1,014,515 SH SOLE 0 0 1,014,515
FIRST TR EXCH TRADED FD III MUNI HI INCM ETF 33739P301 9,967,363 208,500 SH SOLE 0 0 208,500
FLEXSHARES TR HIG YLD VL ETF 33939L662 7,829,682 193,900 SH SOLE 0 0 193,900
FRANKLIN TEMPLETON ETF TR SENIOR LOAN ETF 35473P595 5,184,678 215,400 SH SOLE 0 0 215,400
FRANKLIN TEMPLETON ETF TR HIGH YIELD CORP 35473P629 6,822,529 286,300 SH SOLE 0 0 286,300
FRANKLIN TEMPLETON ETF TR FRANKLIN DYN MUN 35473P868 6,459,492 264,300 SH SOLE 0 0 264,300
INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT 46137V357 1,316,548 7,600 SH SOLE 0 0 7,600
INVESCO EXCHANGE TRADED FD T S&P500 EQL ENR 46137V365 2,861,684 34,954 SH SOLE 0 0 34,954
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508 96,630,374 4,668,134 SH SOLE 0 0 4,668,134
ISHARES INC JP MRGN EM HI BD 464286285 296,703 7,761 SH SOLE 0 0 7,761
ISHARES INC MSCI EURZONE ETF 464286608 30,565,181 573,994 SH SOLE 0 0 573,994
ISHARES INC MSCI GERMANY ETF 464286806 21,705,297 585,364 SH SOLE 0 0 585,364
ISHARES INC MSCI HONG KG ETF 464286871 24,643,136 1,407,375 SH SOLE 0 0 1,407,375
ISHARES TR SELECT DIVID ETF 464287168 698,308 5,200 SH SOLE 0 0 5,200
ISHARES TR IBOXX INV CP ETF 464287242 1,233,958 11,353 SH SOLE 0 0 11,353
ISHARES TR 20 YR TR BD ETF 464287432 86,301,356 948,054 SH SOLE 0 0 948,054
ISHARES TR US CONSM STAPLES 464287812 19,285,682 269,466 SH SOLE 0 0 269,466
ISHARES TR MSCI ACWI EX US 464288240 1,284,666 23,168 SH SOLE 0 0 23,168
ISHARES TR EAFE SML CP ETF 464288273 239,508 3,770 SH SOLE 0 0 3,770
ISHARES TR JPMORGAN USD EMG 464288281 1,209,558 13,352 SH SOLE 0 0 13,352
ISHARES TR NATIONAL MUN ETF 464288414 408,580 3,875 SH SOLE 0 0 3,875
ISHARES TR IBOXX HI YD ETF 464288513 184,964,626 2,344,589 SH SOLE 0 0 2,344,589
ISHARES TR MBS ETF 464288588 1,236,864 13,189 SH SOLE 0 0 13,189
ISHARES TR US AER DEF ETF 464288760 7,682,099 50,177 SH SOLE 0 0 50,177
ISHARES TR EAFE VALUE ETF 464288877 36,671,230 622,179 SH SOLE 0 0 622,179
ISHARES TR EAFE GRWTH ETF 464288885 583,100 5,831 SH SOLE 0 0 5,831
ISHARES TR CMBS ETF 46429B366 3,037,728 63,286 SH SOLE 0 0 63,286
ISHARES TR MSCI USA MIN VOL 46429B697 26,774,358 285,868 SH SOLE 0 0 285,868
ISHARES TR 0-5YR HI YL CP 46434V407 69,222,560 1,628,000 SH SOLE 0 0 1,628,000
ISHARES TR HIGH YLD SYSTM B 46435G250 11,339,225 240,799 SH SOLE 0 0 240,799
ISHARES TR FALN ANGLS USD 46435G474 21,418,605 799,500 SH SOLE 0 0 799,500
ISHARES TR BROAD USD HIGH 46435U853 428,125,920 11,630,696 SH SOLE 0 0 11,630,696
J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM 46641Q332 6,062,211 106,094 SH SOLE 0 0 106,094
J P MORGAN EXCHANGE TRADED F BETABUILDERS USD 46641Q878 5,848,350 127,000 SH SOLE 0 0 127,000
J P MORGAN EXCHANGE TRADED F HIGH YIELD MUNI 46654Q799 4,221,382 83,600 SH SOLE 0 0 83,600
JANUS DETROIT STR TR B-BBB CLO ETF 47103U753 23,415,137 481,100 SH SOLE 0 0 481,100
JANUS DETROIT STR TR HENDRSON AAA CL 47103U845 38,894,874 767,006 SH SOLE 0 0 767,006
MANAGED PORTFOLIO SERIES TORTOISE NRAM PI 56167N720 3,917,049 107,700 SH SOLE 0 0 107,700
PGIM ETF TR ACTV HY BD ETF 69344A206 12,806,796 367,800 SH SOLE 0 0 367,800
PGIM ETF TR FLOATING RT INC 69344A883 1,843,081 36,917 SH SOLE 0 0 36,917
PACER FDS TR PAC ASSET FLTG 69374H428 2,323,232 49,336 SH SOLE 0 0 49,336
PACER FDS TR US CASH COWS 100 69374H881 637,954 11,650 SH SOLE 0 0 11,650
PIMCO ETF TR MULTISECTOR BD 72201R585 19,032,737 722,305 SH SOLE 0 0 722,305
PIMCO ETF TR SR LN ACTIVE ETF 72201R627 6,403,934 127,100 SH SOLE 0 0 127,100
PRINCIPAL EXCHANGE TRADED FD ACTIVE HIGH YL 74255Y102 418,681 21,978 SH SOLE 0 0 21,978
SPDR SERIES TRUST NUVEEN ICE HIGH 78464A284 57,529,342 2,281,100 SH SOLE 0 0 2,281,100
SSGA ACTIVE ETF TR BLACKSTONE SENR 78467V608 220,885,539 5,370,424 SH SOLE 0 0 5,370,424
SPDR DOW JONES INDL AVERAGE UT SER 1 78467X109 19,883,709 47,356 SH SOLE 0 0 47,356
SPDR SERIES TRUST BLOOMBERG SHT TE 78468R408 133,637,340 5,311,500 SH SOLE 0 0 5,311,500
SPDR SERIES TRUST PORTFLI HIGH YLD 78468R606 245,759,550 10,493,576 SH SOLE 0 0 10,493,576
SPDR SERIES TRUST BLOOMBERG HIGH Y 78468R622 430,719,310 4,519,615 SH SOLE 0 0 4,519,615
SSGA ACTIVE TR SPDR BLACKSTONE 78470P846 2,525,176 89,800 SH SOLE 0 0 89,800
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 6,290,305 77,021 SH SOLE 0 0 77,021
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 22,933,856 460,427 SH SOLE 0 0 460,427
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 5,999,854 76,092 SH SOLE 0 0 76,092
VANECK ETF TRUST EMERGING MRKT HI 92189F353 5,577,358 283,835 SH SOLE 0 0 283,835
VANECK ETF TRUST SHRT HGH YLD MUN 92189F387 5,680,974 252,600 SH SOLE 0 0 252,600
VANECK ETF TRUST FALLEN ANGEL HG 92189F437 26,360,724 913,400 SH SOLE 0 0 913,400
VANECK ETF TRUST IG FLOATING RATE 92189F486 14,990,185 586,700 SH SOLE 0 0 586,700
VANECK ETF TRUST JP MRGAN EM LOC 92189H300 37,370,749 1,566,251 SH SOLE 0 0 1,566,251
VANECK ETF TRUST HIGH YLD MUNIETF 92189H409 41,593,986 812,700 SH SOLE 0 0 812,700
VANGUARD WHITEHALL FDS INTL DVD ETF 921946810 233,144 2,811 SH SOLE 0 0 2,811
VANGUARD CHARLOTTE FDS TOTAL INT BD ETF 92203J407 821,006 16,817 SH SOLE 0 0 16,817
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 913,661 15,062 SH SOLE 0 0 15,062
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 583,492 12,892 SH SOLE 0 0 12,892
VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF 922042874 2,268,134 32,305 SH SOLE 0 0 32,305
VANGUARD SCOTTSDALE FDS LG-TERM COR BD 92206C813 100,785,707 1,327,700 SH SOLE 0 0 1,327,700
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363 34,874,447 67,861 SH SOLE 0 0 67,861
VANGUARD INDEX FDS MCAP VL IDXVIP 922908512 674,268 4,200 SH SOLE 0 0 4,200
VANGUARD INDEX FDS VALUE ETF 922908744 6,875,052 39,800 SH SOLE 0 0 39,800
WISDOMTREE TR JAPN HEDGE EQT 97717W851 237,218 2,153 SH SOLE 0 0 2,153