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
Invesco Senior Loan ETF INVESCO EXCH TRADED FD TR II 46138G508 14,040 692,658 SH   SOLE   692,658 0 0
iShares TIPS Bond ETF ISHARES TR 464287176 19,854 174,300 SH   SOLE   174,300 0 0
iShares JPMorgan USD Emerging Markets Bond ETF ISHARES TR 464288281 4,368 51,200 SH   SOLE   51,200 0 0
ISHARES NATIONAL MUNI BOND ETF ISHARES TR 464288414 10,231 96,200 SH   SOLE   96,200 0 0
iShares iBoxx $ High Yield Corporate Bond ETF ISHARES TR 464288513 2,907 39,500 SH   SOLE   39,500 0 0
Spdr Bloomberg Barclays Convertible SPDR SER TR 78464A359 4,506 69,800 SH   SOLE   69,800 0 0
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND SPDR SER TR 78468R408 6,874 285,000 SH   SOLE   285,000 0 0
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF SPDR SER TR 78468R622 2,760 30,434 SH   SOLE   30,434 0 0
Vaneck Vectors Emerging Market High Yield Bond ETF VANECK ETF TRUST 92189F353 4,813 270,721 SH   SOLE   270,721 0 0
Vanguard Emerging Markets Government Bond Fund ETF VANGUARD WHITEHALL FDS 921946885 7,445 121,456 SH   SOLE   121,456 0 0
Vanguard Short-Term Inflation-Protected VANGUARD MALVERN FDS 922020805 12,379 247,000 SH   SOLE   247,000 0 0
Vanguard Mortgage-Backed Securities ETF VANGUARD SCOTTSDALE FDS 92206C771 7,936 166,000 SH   SOLE   166,000 0 0
VANGUARD REAL ESTATE ETF VANGUARD INDEX FDS 922908553 3,188 35,000 SH   SOLE   35,000 0 0