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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
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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
Swan Defined Risk Fund Class A Mutual Fund 66538E408 14,801 1,236,524 SH   SOLE   0 0 1,236,524
Swan Defined Risk Fund Class I Mutual Fund 66538E606 20,462 1,706,660 SH   SOLE   0 0 1,706,660
SPDR S&P 500 ETF TR TR UNIT 78462F103 373,061 1,787,379 SH   SOLE   0 0 1,787,379
SPDR S&P 500 ETF TR PUT 78462F953 24,609 1,822 SH Put SOLE   0 0 1,822
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 127,394 2,587,965 SH   SOLE   0 0 2,587,965
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 148,772 2,149,883 SH   SOLE   0 0 2,149,883
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 134,436 2,720,610 SH   SOLE   0 0 2,720,610
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 137,574 1,900,864 SH   SOLE   0 0 1,900,864
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 107,254 1,337,486 SH   SOLE   0 0 1,337,486
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 139,798 5,597,737 SH   SOLE   0 0 5,597,737
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 137,936 2,402,161 SH   SOLE   0 0 2,402,161
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 138,072 3,267,407 SH   SOLE   0 0 3,267,407
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 138,232 2,839,520 SH   SOLE   0 0 2,839,520