Instuitional Investor - One William Street Capital Management, L.p.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares Tr - IBOXX HI YD ETFPUTPUT		3,350,000	$271,986,500	94.58%
2.	Vanguard Scottsdale Funds		71,700	$6,030,687	2.1%
3.	Tpg Re Finance Trust Inc.	TRTX	420,670	$3,600,935	1.25%
4.	Anywhere Real Estate Inc.	HOUS	268,996	$2,848,668	0.99%
5.	Flagstar Financial Inc.	NYSE:FLG	205,000	$2,367,750	0.82%