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
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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
Invesco Senior Loan ETF SR LN ETF 46138G508 13,682 677,660 SH   SOLE   677,660 0 0
iShares TIPS Bond ETF TIPS BD ETF 464287176 17,120 163,200 SH   SOLE   163,200 0 0
iShares JPMorgan USD Emerging Markets Bond ETF JPMORGAN USD EMG 464288281 3,589 45,200 SH   SOLE   45,200 0 0
ISHARES NATIONAL MUNI BOND ETF NATIONAL MUN ETF 464288414 10,473 102,100 SH   SOLE   102,100 0 0
IShares Broad USD High Yield Corporate Bond ETF BROAD USD HIGH 46435U853 2,630 78,213 SH   SOLE   78,213 0 0
Spdr Bloomberg Barclays Convertible BBG CONV SEC ETF 78464A359 2,322 36,679 SH   SOLE   36,679 0 0
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND BLOOMBERG SHT TE 78468R408 6,944 292,000 SH   SOLE   292,000 0 0
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF BLOOMBERG HIGH Y 78468R622 2,428 27,634 SH   SOLE   27,634 0 0
Vaneck Vectors Emerging Market High Yield Bond ETF EMERGING MRKT HI 92189F353 4,055 240,515 SH   SOLE   240,515 0 0
Vanguard Emerging Markets Government Bond Fund ETF EM MK GOV BD ETF 921946885 5,225 90,892 SH   SOLE   90,892 0 0
Vanguard Short-Term Inflation-Protected STRM INFPROIDX 922020805 12,788 265,800 SH   SOLE   265,800 0 0
Vanguard Mortgage-Backed Securities ETF MTG-BKD SECS ETF 92206C771 7,426 164,700 SH   SOLE   164,700 0 0
VANGUARD REAL ESTATE ETF REAL ESTATE ETF 922908553 1,531 19,100 SH   SOLE   19,100 0 0