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
VANECK VECTORS ETF TR FALLEN ANGEL HG 92189F437 7,771 270,000 SH   SOLE   270,000 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 18,468 790,614 SH   SOLE   790,614 0 0
PIMCO ETF TR 0-5 HIGH YIELD 72201R783 55,493 555,708 SH   SOLE   555,708 0 0
POWERSHARES ETF TR II FDM HG YLD FAFI 73936T557 7,891 420,000 SH   SOLE   420,000 0 0
SPDR SER TR BLOOMBERG SRT TR 78468R408 36,973 1,335,746 SH   SOLE   1,335,746 0 0