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
SCHLUMBERGER LTD COM 806857108 3,417,000 85,000 SH   DFND   85,000 0 0
NORWEGIAN CRUISE LINE HOLDIN SHS G66721104 3,130,776 53,600 SH   DFND   53,600 0 0
BARRICK GOLD CORP COM 067901108 1,487,200 80,000 SH   DFND   80,000 0 0
NUTRIEN LTD COM 67077M108 479,100 10,000 SH   DFND   10,000 0 0
CHUBB LTD COM H1467J104 2,490,560 16,000 SH   DFND   16,000 0 0
AON PLC SHS CL A G0408V102 4,165,800 20,000 SH   DFND   20,000 0 0
LIVANOVA PLC SHS G5509L101 829,730 11,000 SH   DFND   11,000 0 0
ALPHABET INC-CL A COM 02079K305 4,594,107 3,430 SH   DFND   3,430 0 0
AMAZON.COM INC COM 023135106 4,046,769 2,190 SH   DFND   2,190 0 0
AMEDISYS INC COM 023436108 1,368,744 8,200 SH   DFND   8,200 0 0
AMERICAN EXPRESS CO COM 025816109 3,610,210 29,000 SH   DFND   29,000 0 0
AMERICAN WATER WORKS CO INC COM 030420103 3,071,250 25,000 SH   DFND   25,000 0 0
APPLE INC COM 037833100 499,205 1,700 SH   DFND   1,700 0 0
APPLIED MATERIALS INC COM 038222105 1,953,280 32,000 SH   DFND   32,000 0 0
AQUA AMERICA INC COM 03836W103 281,640 6,000 SH   DFND   6,000 0 0
ATMOS ENERGY CORP COM 049560105 1,006,740 9,000 SH   DFND   9,000 0 0
BOYD GAMING CORP COM 103304101 1,347,300 45,000 SH   DFND   45,000 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 3,335,580 27,000 SH   DFND   27,000 0 0
CVS HEALTH CORP COM 126650100 1,857,250 25,000 SH   DFND   25,000 0 0
CACI INTERNATIONAL INC -CL A CL A 127190304 1,624,935 6,500 SH   DFND   6,500 0 0
COSTCO WHOLESALE CORP COM 22160K105 3,468,256 11,800 SH   DFND   11,800 0 0
WALT DISNEY CO/THE COM DISNEY 254687106 3,254,175 22,500 SH   DFND   22,500 0 0
DOLLAR GENERAL CORP COM 256677105 1,559,800 10,000 SH   DFND   10,000 0 0
EL POLLO LOCO HOLDINGS INC COM 268603107 529,900 35,000 SH   DFND   35,000 0 0
EASTGROUP PROPERTIES INC COM 277276101 1,180,763 8,900 SH   DFND   8,900 0 0
EPLUS INC COM 294268107 716,465 8,500 SH   DFND   8,500 0 0
EXLSERVICE HOLDINGS INC COM 302081104 1,528,120 22,000 SH   DFND   22,000 0 0
EXXON MOBIL CORP COM 30231G102 2,714,442 38,900 SH   DFND   38,900 0 0
FACTSET RESEARCH SYSTEMS INC COM 303075105 1,529,310 5,700 SH   DFND   5,700 0 0
FEDERAL SIGNAL CORP COM 313855108 1,451,250 45,000 SH   DFND   45,000 0 0
FORTIVE CORP COM 34959J108 1,069,460 14,000 SH   DFND   14,000 0 0
GILEAD SCIENCES INC COM 375558103 1,949,400 30,000 SH   DFND   30,000 0 0
GLOBUS MEDICAL INC - A CL A 379577208 1,106,944 18,800 SH   DFND   18,800 0 0
HEALTHPEAK PROPERTIES INC COM 42250P103 1,585,620 46,000 SH   DFND   46,000 0 0
HORACE MANN EDUCATORS COM 440327104 589,410 13,500 SH   DFND   13,500 0 0
INGEVITY CORP COM 45688C107 1,363,128 15,600 SH   DFND   15,600 0 0
INTEGRA LIFESCIENCES HOLDING COM 457985208 1,538,592 26,400 SH   DFND   26,400 0 0
INTL FLAVORS & FRAGRANCES COM 459506101 1,909,496 14,800 SH   DFND   14,800 0 0
INTUIT INC COM 461202103 2,881,230 11,000 SH   DFND   11,000 0 0
INTUITIVE SURGICAL INC COM 46120E602 3,073,980 5,200 SH   DFND   5,200 0 0
INVESCO S&P SMALLCAP INFORMA S&P SMLCP INFO 46138E115 57,576 600 SH   DFND   600 0 0
INVESCO S&P SMALLCAP INDUSTR S&P SMLCP INDL 46138E123 3,086,110 43,000 SH   DFND   43,000 0 0
ISHARES EDGE MSCI MIN VOL EM ISHARES 464286533 1,841,924 31,400 SH   DFND   31,400 0 0
ISHARES MSCI EMERGING MARKET ISHARES 464287234 816,634 18,200 SH   DFND   18,200 0 0
ISHARES MSCI KOKUSAI ETF ISHARES 464288265 24,502,679 331,700 SH   DFND   331,700 0 0
ISHARES JP MORGAN USD EMERGI ISHARES 464288281 3,310,784 28,900 SH   DFND   28,900 0 0
ISHARES CORE US REIT ETF ISHARES 464288521 2,363,747 43,300 SH   DFND   43,300 0 0
ISHARES US TREASURY BOND ETF ISHARES 46429B267 61,169,114 2,358,100 SH   DFND   2,358,100 0 0
J & J SNACK FOODS CORP COM 466032109 497,529 2,700 SH   DFND   2,700 0 0
JETBLUE AIRWAYS CORP COM 477143101 378,144 20,200 SH   DFND   20,200 0 0
LAMB WESTON HOLDINGS INC COM 513272104 2,580,900 30,000 SH   DFND   30,000 0 0
LANCASTER COLONY CORP COM 513847103 1,472,920 9,200 SH   DFND   9,200 0 0
MARTIN MARIETTA MATERIALS COM 573284106 2,376,940 8,500 SH   DFND   8,500 0 0
MID-AMERICA APARTMENT COMM COM 59522J103 791,160 6,000 SH   DFND   6,000 0 0
MONOLITHIC POWER SYSTEMS INC COM 609839105 890,100 5,000 SH   DFND   5,000 0 0
NEXTERA ENERGY INC COM 65339F101 1,113,936 4,600 SH   DFND   4,600 0 0
OLLIE'S BARGAIN OUTLET HOLDI COM 681116109 1,306,200 20,000 SH   DFND   20,000 0 0
PGT INNOVATIONS INC COM 69336V101 1,401,540 94,000 SH   DFND   94,000 0 0
PS BUSINESS PARKS INC/CA COM 69360J107 1,088,142 6,600 SH   DFND   6,600 0 0
POOL CORP COM 73278L105 700,854 3,300 SH   DFND   3,300 0 0
REPUBLIC SERVICES INC COM 760759100 3,405,940 38,000 SH   DFND   38,000 0 0
S&P GLOBAL INC COM 78409V104 2,320,925 8,500 SH   DFND   8,500 0 0
SAFETY INSURANCE GROUP INC COM 78648T100 1,573,010 17,000 SH   DFND   17,000 0 0
SALESFORCE.COM INC COM 79466L302 3,252,800 20,000 SH   DFND   20,000 0 0
HEALTH CARE SELECT SECTOR SBI HEALTHCARE 81369Y209 8,128,428 79,800 SH   DFND   79,800 0 0
CONSUMER STAPLES SPDR SBI CONS STPLS 81369Y308 1,417,050 22,500 SH   DFND   22,500 0 0
CONSUMER DISCRETIONARY SELT SBI CONS DISCR 81369Y407 3,386,340 27,000 SH   DFND   27,000 0 0
FINANCIAL SELECT SECTOR SPDR SBI INT-FINL 81369Y605 3,078,000 100,000 SH   DFND   100,000 0 0
INDUSTRIAL SELECT SECT SPDR SBI INT-INDS 81369Y704 8,391,410 103,000 SH   DFND   103,000 0 0
TECHNOLOGY SELECT SECT SPDR TECHNOLOGY 81369Y803 7,333,600 80,000 SH   DFND   80,000 0 0
COMM SERV SELECT SECTOR SPDR COMMUNICATION 81369Y852 6,022,649 112,300 SH   DFND   112,300 0 0
SERVICE CORP INTERNATIONAL COM 817565104 1,371,694 29,800 SH   DFND   29,800 0 0
SERVICEMASTER GLOBAL HOLDING COM 81761R109 2,319,600 60,000 SH   DFND   60,000 0 0
SPROUTS FARMERS MARKET INC COM 85208M102 445,050 23,000 SH   DFND   23,000 0 0
SQUARE INC - A CL A 852234103 1,000,960 16,000 SH   DFND   16,000 0 0
STEWART INFORMATION SERVICES COM 860372101 1,256,128 30,795 SH   DFND   30,795 0 0
WEBSTER FINANCIAL CORP COM 947890109 1,494,080 28,000 SH   DFND   28,000 0 0
WESTERN DIGITAL CORP COM 958102105 1,396,340 22,000 SH   DFND   22,000 0 0