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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
ISHARES TR IBOXX HI YD ETF 464288513 10,615 119,591 SH   SOLE   119,591 0 0
PIMCO ETF TR 0-5 HIGH YIELD 72201R783 1,347 13,267 SH   SOLE   13,267 0 0
SELECT SECTOR SPDR TR RL EST SEL SEC 81369Y860 236 7,329 SH   SOLE   7,329 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 995 11,045 SH   SOLE   11,045 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 715 13,242 SH   SOLE   13,242 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 1,207 14,763 SH   SOLE   14,763 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,230 47,579 SH   SOLE   47,579 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 865 20,812 SH   SOLE   20,812 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 259 4,875 SH   SOLE   4,875 0 0
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 245 4,308 SH   SOLE   4,308 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 2,116 35,810 SH   SOLE   35,810 0 0
SPDR S AND P MIDCAP 400 ETF TR UTSER1 S AND PDCRP 78467Y107 1,486 4,552 SH   SOLE   4,552 0 0
SPDR SER TR SHT TRM HGH YLD 78468R408 1,350 48,276 SH   SOLE   48,276 0 0
SPDR SERIES TRUST BRC CNV SECS ETF 78464A359 2,780 54,432 SH   SOLE   54,432 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 10,618 284,512 SH   SOLE   284,512 0 0
SPDR SERIES TRUST SandP 600 SML CAP 78464A813 1,411 10,847 SH   SOLE   10,847 0 0
VANECK VECTORS ETF TR AMT FREE INT ETF 92189F544 2,700 112,271 SH   SOLE   112,271 0 0
VANECK VECTORS ETF TR FALLEN ANGEL HG 92189F437 1,725 56,911 SH   SOLE   56,911 0 0
VANECK VECTORS ETF TR HIGH YLD MUN ETF 92189F361 2,705 86,390 SH   SOLE   86,390 0 0