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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
iShares MSCI EAFE ETF ETF 464287465 499 7,400 SH   SOLE   0 0 7,400
Swan Defined Risk Fund Class A Mutual Fund 66538E408 164 13,649 SH   SOLE   0 0 13,649
Swan Defined Risk Fund Class I Mutual Fund 66538E606 44,728 3,705,727 SH   SOLE   0 0 3,705,727
SPDR S&P 500 ETF TR TR UNIT 78462F103 381,692 1,817,421 SH   SOLE   0 0 1,817,421
SPDR S&P 500 ETF TR PUT 78462F953 512 615 SH Put SOLE   0 0 615
SPDR Gold Trust ETF 78463V107 932 8,000 SH   SOLE   0 0 8,000
SELECT SECTOR SPDR TR SBI MATERIALS 81369Y100 156,354 3,082,255 SH   SOLE   0 0 3,082,255
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 180,564 2,470,395 SH   SOLE   0 0 2,470,395
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 155,609 3,186,139 SH   SOLE   0 0 3,186,139
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 167,659 2,216,606 SH   SOLE   0 0 2,216,606
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 139,987 1,741,581 SH   SOLE   0 0 1,741,581
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 161,797 6,579,767 SH   SOLE   0 0 6,579,767
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 159,890 2,825,459 SH   SOLE   0 0 2,825,459
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 163,825 3,831,551 SH   SOLE   0 0 3,831,551
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 149,209 3,449,333 SH   SOLE   0 0 3,449,333
Vanguard Intl Equity ETF - Emerging Markets 922042858 10,438 239,900 SH   SOLE   0 0 239,900
Twitter, Inc Twitter, Inc 90184L102 9,430 250,000 SH   SOLE   0 0 250,000
Twitter, Inc Call 90184L902 1,565 2,151 SH Call SOLE   0 0 2,151
IShares ETF-20yr 20 Yr Treas Bond 464287432 439 3,700 SH   SOLE   0 0 3,700
IShares MSCI ETF-Dev EAFE ETF 464287465 499 7,400 SH   SOLE   0 0 7,400
IShares ETF-Rus2000 Russel 2000 464287655 489 4,000 SH   SOLE   0 0 4,000
IShares ETF-RE U.S. REAL ES ETF 464287739 449 6,000 SH   SOLE   0 0 6,000
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 280 2,600 SH   SOLE   0 0 2,600