The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 | 6,802,000 | 152,000 | SH | DFND | 1 | 0 | 152,000 | 0 | |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 | 4,475,000 | 100,000 | SH | DFND | 1 | 0 | 100,000 | 0 | |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | 19,147,800 | 940,000 | SH | DFND | 1 | 0 | 940,000 | 0 | |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | 1,914,780 | 94,000 | SH | DFND | 1 | 0 | 94,000 | 0 | |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | 13,484,940 | 662,000 | SH | DFND | 1 | 0 | 662,000 | 0 | |
| INVESCO EXCH TRADED FD TR II | SR LN ETF | 46138G508 | 972,668 | 47,750 | SH | DFND | 1 | 0 | 47,750 | 0 | |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | 4,958,140 | 62,000 | SH | DFND | 1 | 0 | 62,000 | 0 | |
| ISHARES TR | BROAD USD HIGH | 46435U853 | 11,846,400 | 320,000 | SH | DFND | 1 | 0 | 320,000 | 0 | |
| SPDR SERIES TRUST | ST STR PFD ETF | 78464A292 | 21,371,000 | 700,000 | SH | DFND | 1 | 0 | 700,000 | 0 | |
| SSGA ACTIVE ETF TR | ST STR BL LN ETF | 78467V608 | 14,383,530 | 357,000 | SH | DFND | 1 | 0 | 357,000 | 0 | |
| SSGA ACTIVE ETF TR | ST STR BL LN ETF | 78467V608 | 20,346,450 | 505,000 | SH | DFND | 1 | 0 | 505,000 | 0 | |
| SPDR SERIES TRUST | ST PORT HIGH ETF | 78468R606 | 9,844,800 | 420,000 | SH | DFND | 1 | 0 | 420,000 | 0 | |
| SPDR SERIES TRUST | ST PORT HIGH ETF | 78468R606 | 15,189,120 | 648,000 | SH | DFND | 1 | 0 | 648,000 | 0 | |
| SPDR SERIES TRUST | ST PORT HIGH ETF | 78468R606 | 4,945,840 | 211,000 | SH | DFND | 1 | 0 | 211,000 | 0 | |
| SPDR SERIES TRUST | ST BLOO HIGH ETF | 78468R622 | 10,167,035 | 105,500 | SH | DFND | 1 | 0 | 105,500 | 0 | |
| SPDR SERIES TRUST | ST BLOO HIGH ETF | 78468R622 | 4,982,329 | 51,700 | SH | DFND | 1 | 0 | 51,700 | 0 | |
| SPDR SERIES TRUST | ST BLOO HIGH ETF | 78468R622 | 4,914,870 | 51,000 | SH | DFND | 1 | 0 | 51,000 | 0 | |
| SPDR SERIES TRUST | ST BLOO HIGH ETF | 78468R622 | 4,914,870 | 51,000 | SH | DFND | 1 | 0 | 51,000 | 0 | |