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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Spdr Bloomberg Barclays Convertible ETF 78464A359 10,385 125,181 SH   SOLE   0 0 125,181
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF ETF 78468R622 2,299 21,177 SH   SOLE   0 0 21,177
SPDR BLOOMBERG BARCLAYS ST HIGH YLD BOND ETF 78468R408 7,772 286,276 SH   SOLE   0 0 286,276
Vanguard Emerging Markets Government Bond Fund ETF ETF 921946885 11,759 151,417 SH   SOLE   0 0 151,417
Vaneck Vectors Emerging Market High Yield Bond ETF ETF 92189F353 6,461 288,313 SH   SOLE   0 0 288,313
Invesco Emerging Markets Soverign Debt Portfolio ETF 46138E784 3,029 114,947 SH   SOLE   0 0 114,947
iShares iBoxx $ High Yield Corporate Bond ETF ETF 464288513 3,726 42,820 SH   SOLE   0 0 42,820
iShares JPMorgan USD Emerging Markets Bond ETF ETF 464288281 5,064 46,435 SH   SOLE   0 0 46,435
Vanguard Mortgage-Backed Securities ETF ETF 92206C771 9,362 177,168 SH   SOLE   0 0 177,168
ISHARES NATIONAL MUNI BOND ETF ETF 464288414 13,290 114,295 SH   SOLE   0 0 114,295
VANGUARD REAL ESTATE ETF ETF 922908553 4,687 40,400 SH   SOLE   0 0 40,400
Invesco Senior Loan ETF ETF 46138G508 18,037 816,147 SH   SOLE   0 0 816,147
Vanguard Short-Term Inflation-Protected ETF 922020805 9,620 187,160 SH   SOLE   0 0 187,160
iShares TIPS Bond ETF ETF 464287176 22,166 171,561 SH   SOLE   0 0 171,561