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
VANGUARDSCOTTSDALE FDS INT-TERM CORP 92206C870   62,968,609 784,949 SH   DFND   784,949 0 0
VANGUARDSCOTTSDALE FDS INT-TERM CORP 92206C870   338,573,564 4,220,563 SH   SOLE   4,220,563 0 0
ISHARES TR ISHS 5-10YR INVT 464288638   4,698,222 91,619 SH   DFND   91,619 0 0
ISHARES TR ISHS 5-10YR INVT 464288638   25,942,449 505,898 SH   SOLE   505,898 0 0
CLIPPER RLTY INC COM 18885T306   1,176,700 205,000 SH   SOLE   205,000 0 0