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
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 408 154,590 SH   OTR   0 154,590 0
IHEARTMEDIA INC COM CL A 45174J509 993 36,885 SH   OTR   0 36,885 0
INVESCO EXCH TRADED FD TR II SR LN ETF 46138G508 5,261 237,515 SH   OTR   0 237,515 0
ISHARES TR JPMORGAN USD EMG 464288281 2,870 25,519 SH   OTR   0 25,519 0
ISHARES TR IBOXX HI YD ETF 464288513 152 1,727 SH   OTR   0 1,727 0
SPDR SER TR BLOOMBERG SRT TR 78468R408 930 33,710 SH   OTR   0 33,710 0
SPDR SER TR BLOOMBERG BRCLYS 78468R622 1,561 14,200 SH   OTR   0 14,200 0
VANECK VECTORS ETF TR HIGH YLD MUN ETF 92189H409 50,407 792,436 SH   OTR   0 792,436 0
EATON VANCE CALIF MUN INCOM SH BEN INT 27826F101 34 2,410 SH   SOLE   2,410 0 0
EATON VANCE CALIF MUN BD FD COM 27828A100 419 35,000 SH   SOLE   35,000 0 0
NUVEEN CA QUALTY MUN INCOME COM 67066Y105 757 47,733 SH   SOLE   47,733 0 0