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
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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
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND ETF ETF 464287242 16,949,478 155,400 SH DFND 1 2 3 4 155,400 0 0
iShares Russell Mid-Cap Growth ETF ETF 464287481 105,974,047 723,817 SH DFND 1 2 3 4 723,817 0 0
ISHARES RUSSELL 3000 INDEX FUND ETF 464287689 693,934,446 1,627,426 SH DFND 1 2 3 4 1,627,426 0 0
ISHARES S&P GLOBAL INFRASTRUCTURE INDEX FUND ETF 464288372 169,041,589 2,538,162 SH DFND 1 2 3 4 2,538,162 0 0
VANGUARD INDEX FDS ETF 922908363 149,594,086 217,810 SH DFND 1 2 3 4 217,810 0 0
Xtrackers USD High Yield BB-B ex Financials ETF ETF 23306X878 2,609,945,203 48,109,589 SH DFND 1 2 3 4 48,109,589 0 0
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BD ETF ETF 78464A375 489,527,094 14,630,218 SH DFND 1 2 3 4 14,630,218 0 0
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF ETF 78468R622 547,634,379 5,682,623 SH DFND 1 2 3 4 5,682,623 0 0
REAL ESTATE SELECT SECTOR SPDR FUND ETF 81369Y860 112,265,977 2,549,761 SH DFND 1 2 3 4 2,549,761 0 0
TIDEWATER INC NEW COM 88642R109 7,983,407 119,817 SH DFND 1 2 3 4 119,817 0 0
VANECK VECTORS HIGH YIELD MUNICIPAL INDEX ETF ETF 92189H409 83,770,919 1,626,304 SH DFND 1 2 3 4 1,626,304 0 0
VANGUARD INTERMEDIATE-TERM CORPORATE BOND ETF ETF 92206C870 413,947,401 5,008,438 SH DFND 1 2 3 4 5,008,438 0 0
Bowhead Specialty Holdings Inc COM 10240L102 140,693,777 4,700,761 SH DFND 1 2 3 4 4,700,761 0 0