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
DBX ETF TR XTRACK USD HIGH 233051432 82,397 1,644,970 SH   DFND 1, 2 1,644,970 0 0
ISHARES TR IBOXX INV CP ETF 464287242 2,467,093 17,860,663 SH   DFND 1, 2 17,860,663 0 0
ISHARES TR ISHS 1-5YR INVS 464288646 686,782 12,448,466 SH   DFND 1, 2 12,448,466 0 0
ISHARES TR ISHS 5-10YR INVT 464288638 497,207 8,046,720 SH   DFND 1, 2 8,046,720 0 0
ISHARES TR IBOXX HI YD ETF 464288513 338,356 3,875,790 SH   DFND 1, 2 3,875,790 0 0
ISHARES TR USD INV GRDE ETF 464288620 185,732 2,997,120 SH   DFND 1, 2 2,997,120 0 0
ISHARES TR BROAD USD HIGH 46435U853 64,195 1,555,865 SH   DFND 1, 2 1,555,865 0 0
ISHARES TR 0-5YR INVT GR CP 46434V100 43,968 841,975 SH   DFND 1, 2 841,975 0 0
ISHARES TR 0-5YR HI YL CP 46434V407 31,165 685,850 SH   DFND 1, 2 685,850 0 0
SPDR SER TR PORTFOLIO INTRMD 78464A375 490,086 13,181,447 SH   DFND 1, 2 13,181,447 0 0
SPDR SER TR BLOOMBERG BRCLYS 78468R622 575,753 5,285,048 SH   DFND 1, 2 5,285,048 0 0
SPDR SER TR PORTFOLIO SHORT 78464A474 281,170 8,954,460 SH   DFND 1, 2 8,954,460 0 0
SPDR SER TR BLOOMBERG SRT TR 78468R408 32,893 1,220,506 SH   DFND 1, 2 1,220,506 0 0
VANECK VECTORS ETF TR FALLEN ANGEL HG 92189F437 36,266 1,129,770 SH   DFND 1, 2 1,129,770 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 1,518,231 18,237,015 SH   DFND 1, 2 18,237,015 0 0
VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 1,444,964 14,875,069 SH   DFND 1, 2 14,875,069 0 0