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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Xtrackers Low Beta High Yield Bond ETF ETF 233051267   138,208,980 2,978,000 SH   DFND 1 2 3 4 2,978,000 0 0
Xtrackers USD High Yield Corporate Bond ETF ETF 233051432   10,295,809 284,808 SH   DFND 1 2 3 4 284,808 0 0
iShares Russell Mid-Cap Growth ETF ETF 464287481   68,296,232 581,294 SH   DFND 1 2 3 4 581,294 0 0
iShares 5-10 Year Investment Grade Corporate Bond ETF ETF 464288638   22,321,000 425,000 SH   DFND 1 2 3 4 425,000 0 0
iShares 1-5 Year Investment Grade Corporate Bond ETF ETF 464288646   9,688,450 185,000 SH   DFND 1 2 3 4 185,000 0 0
Vanguard S&P 500 ETF ETF 922908363   61,845,985 120,344 SH   DFND 1 2 3 4 120,344 0 0
Xtrackers USD High Yield BB-B ex Financials ETF ETF 23306X878   812,759,471 15,178,800 SH   DFND 1 2 3 4 15,178,800 0 0
TIDEWATER INC COM 88642R109   5,064,665 119,817 SH   DFND 1 2 3 4 119,817 0 0
Vanguard Short-Term Corporate Bond ETF ETF 92206C409   66,719,062 845,187 SH   DFND 1 2 3 4 845,187 0 0
Vanguard Intermediate-Term Corporate Bond ETF ETF 92206C870   55,075,089 673,619 SH   DFND 1 2 3 4 673,619 0 0
Bowhead Specialty Holdings Inc COM 10240L102   191,085,935 4,700,761 SH   DFND 1 2 3 4 4,700,761 0 0