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    <nameOfIssuer>DIAMOND OFFSHORE DRILLING IN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25271C201</cusip>
    <value>4997</value>
    <shrsOrPrnAmt>
      <sshPrnamt>700863</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>700863</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>iShares Core U.S. Aggregate Bo</nameOfIssuer>
    <titleOfClass>CORE US AGGBD ET</titleOfClass>
    <cusip>464287226</cusip>
    <value>18795</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175490</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>175490</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>iShares iBoxx $ Investment Gra</nameOfIssuer>
    <titleOfClass>IBOXX INV CP ETF</titleOfClass>
    <cusip>464287242</cusip>
    <value>14005</value>
    <shrsOrPrnAmt>
      <sshPrnamt>115805</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>115805</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>iShares 7-10 Year Treasury Bon</nameOfIssuer>
    <titleOfClass>BARCLAYS 7 10 YR</titleOfClass>
    <cusip>464287440</cusip>
    <value>2582</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24025</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>24025</Sole>
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      <None>0</None>
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    <nameOfIssuer>iShares iBoxx High Yield Corpo</nameOfIssuer>
    <titleOfClass>IBOXX HI YD ETF</titleOfClass>
    <cusip>464288513</cusip>
    <value>12087</value>
    <shrsOrPrnAmt>
      <sshPrnamt>146879</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>146879</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>iShares MBS ETF</nameOfIssuer>
    <titleOfClass>MBS ETF</titleOfClass>
    <cusip>464288588</cusip>
    <value>12573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>123421</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>123421</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>iShares Floating Rate Bond ETF</nameOfIssuer>
    <titleOfClass>FLTG RATE NT ETF</titleOfClass>
    <cusip>46429B655</cusip>
    <value>2475</value>
    <shrsOrPrnAmt>
      <sshPrnamt>49000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>49000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Nuveen Preferred &amp; Income Oppo</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>67073B106</cusip>
    <value>3775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>440000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>440000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR ICE Preferred Securities</nameOfIssuer>
    <titleOfClass>WELLS FG PFD ETF</titleOfClass>
    <cusip>78464A292</cusip>
    <value>28536</value>
    <shrsOrPrnAmt>
      <sshPrnamt>731500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>731500</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR Bloomberg Investment Grad</nameOfIssuer>
    <titleOfClass>BLOMBERG BRC INV</titleOfClass>
    <cusip>78468R200</cusip>
    <value>497</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16300</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SPDR Bloomberg Short Term High</nameOfIssuer>
    <titleOfClass>BLOOMBERG SRT TR</titleOfClass>
    <cusip>78468R408</cusip>
    <value>485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>18500</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SPDR Bloomberg High Yield Bond</nameOfIssuer>
    <titleOfClass>BLOOMBERG BRCLYS</titleOfClass>
    <cusip>78468R622</cusip>
    <value>1240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>12100</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>SUMMIT MIDSTREAM PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT LTD</titleOfClass>
    <cusip>866142409</cusip>
    <value>184</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12350</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>VanEck Fallen Angel High Yield</nameOfIssuer>
    <titleOfClass>FALLEN ANGEL HG</titleOfClass>
    <cusip>92189F437</cusip>
    <value>486</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>Vanguard Intermediate-Term Cor</nameOfIssuer>
    <titleOfClass>INT-TERM CORP</titleOfClass>
    <cusip>92206C870</cusip>
    <value>8210</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95415</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>95415</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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