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
ALPHABET INC-CL A COM 02079K305 7,532 2,600 SH   DFND   2,600 0 0
AMAZON.COM INC COM 023135106 7,336 2,200 SH   DFND   2,200 0 0
AMERICAN EXPRESS CO COM 025816109 3,272 20,000 SH   DFND   20,000 0 0
AMERICAN WATER WORKS CO INC COM 030420103 1,133 6,000 SH   DFND   6,000 0 0
APPLE INC COM 037833100 4,617 26,000 SH   DFND   26,000 0 0
APPLIED MATERIALS INC COM 038222105 2,203 14,000 SH   DFND   14,000 0 0
ATMOS ENERGY CORP COM 049560105 733 7,000 SH   DFND   7,000 0 0
BOYD GAMING CORP COM 103304101 1,311 20,000 SH   DFND   20,000 0 0
CACI INTERNATIONAL INC -CL A CL A 127190304 1,481 5,500 SH   DFND   5,500 0 0
DOLLAR GENERAL CORP COM 256677105 2,594 11,000 SH   DFND   11,000 0 0
EASTGROUP PROPERTIES INC COM 277276101 2,734 12,000 SH   DFND   12,000 0 0
EXLSERVICE HOLDINGS INC COM 302081104 2,172 15,000 SH   DFND   15,000 0 0
EXXON MOBIL CORP COM 30231G102 4,039 66,000 SH   DFND   66,000 0 0
GLOBUS MEDICAL INC - A CL A 379577208 1,718 23,800 SH   DFND   23,800 0 0
HORACE MANN EDUCATORS COM 440327104 1,567 40,500 SH   DFND   40,500 0 0
INTEGRA LIFESCIENCES HOLDING COM 457985208 1,568 23,400 SH   DFND   23,400 0 0
INTUIT INC COM 461202103 5,467 8,500 SH   DFND   8,500 0 0
INTUITIVE SURGICAL INC COM 46120E602 5,390 15,000 SH   DFND   15,000 0 0
ISHARES MSCI KOKUSAI ETF MSCI KOKUSAI ETF 464288265 19,498 191,700 SH   DFND   191,700 0 0
ISHARES CORE US REIT ETF CRE U S REIT ETF 464288521 4,197 62,100 SH   DFND   62,100 0 0
J & J SNACK FOODS CORP COM 466032109 1,580 10,000 SH   DFND   10,000 0 0
LANCASTER COLONY CORP COM 513847103 1,126 6,800 SH   DFND   6,800 0 0
NEXTERA ENERGY INC COM 65339F101 1,867 20,000 SH   DFND   20,000 0 0
PS BUSINESS PARKS INC/MD COM 69360J107 2,689 14,600 SH   DFND   14,600 0 0
REPUBLIC SERVICES INC COM 760759100 4,323 31,000 SH   DFND   31,000 0 0
SAFETY INSURANCE GROUP INC COM 78648T100 1,360 16,000 SH   DFND   16,000 0 0
SALESFORCE.COM INC COM 79466L302 6,353 25,000 SH   DFND   25,000 0 0
TECHNOLOGY SELECT SECT SPDR TECHNOLOGY 81369Y803 10,606 61,000 SH   DFND   61,000 0 0
SERVICE CORP INTERNATIONAL COM 817565104 1,207 17,000 SH   DFND   17,000 0 0
XYLEM INC COM 98419M100 3,957 33,000 SH   DFND   33,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 4,137 6,200 SH   DFND   6,200 0 0
ETSY INC COM 29786A106 5,474 25,000 SH   DFND   25,000 0 0
META PLATFORMS INC-CLASS A CL A 30303M102 3,532 10,500 SH   DFND   10,500 0 0
UNITEDHEALTH GROUP INC COM 91324P102 1,506 3,000 SH   DFND   3,000 0 0
HELEN OF TROY LTD COM G4388N106 489 2,000 SH   DFND   2,000 0 0
ESSENTIAL UTILITIES INC COM 29670G102 537 10,000 SH   DFND   10,000 0 0
MICROSOFT CORP COM 594918104 10,090 30,000 SH   DFND   30,000 0 0
NEOGENOMICS INC COM NEW 64049M209 955 28,000 SH   DFND   28,000 0 0
ISHARES RUSSELL 2000 ETF RUSSELL 2000 ETF 464287655 3,782 17,000 SH   DFND   17,000 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 4,925 10,500 SH   DFND   10,500 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,217 4,000 SH   DFND   4,000 0 0
ITRON INC COM 465741106 1,439 21,000 SH   DFND   21,000 0 0
T-MOBILE US INC COM 872590104 3,131 27,000 SH   DFND   27,000 0 0
BALL CORP COM 058498106 963 10,000 SH   DFND   10,000 0 0
MASIMO CORP COM 574795100 527 1,800 SH   DFND   1,800 0 0
OTIS WORLDWIDE CORP COM 68902V107 2,569 29,500 SH   DFND   29,500 0 0
JPMORGAN CHASE & CO COM 46625H100 1,267 8,000 SH   DFND   8,000 0 0
BARNES GROUP INC COM 067806109 2,376 51,000 SH   DFND   51,000 0 0
AON PLC-CLASS A SHS CL A G0403H108 3,306 11,000 SH   DFND   11,000 0 0
BOOT BARN HOLDINGS INC COM 099406100 2,092 17,000 SH   DFND   17,000 0 0
OFG BANCORP COM 67103X102 1,248 46,993 SH   DFND   46,993 0 0
MGM RESORTS INTERNATIONAL COM 552953101 3,142 70,000 SH   DFND   70,000 0 0
FOX FACTORY HOLDING CORP COM 35138V102 1,531 9,000 SH   DFND   9,000 0 0
LOWE'S COS INC COM 548661107 2,585 10,000 SH   DFND   10,000 0 0
CAVCO INDUSTRIES INC COM 149568107 1,715 5,400 SH   DFND   5,400 0 0
FACTSET RESEARCH SYSTEMS INC COM 303075105 826 1,700 SH   DFND   1,700 0 0
PDC ENERGY INC COM 69327R101 3,122 64,000 SH   DFND   64,000 0 0
KONTOOR BRANDS INC COM 50050N103 1,179 23,000 SH   DFND   23,000 0 0
MAXLINEAR INC COM 57776J100 3,016 40,000 SH   DFND   40,000 0 0
EVERTEC INC COM 30040P103 1,999 40,000 SH   DFND   40,000 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 3,270 38,000 SH   DFND   38,000 0 0
COSTCO WHOLESALE CORP COM 22160K105 1,703 3,000 SH   DFND   3,000 0 0
ISHARES CORE S&P SMALL-CAP E CORE S&P SCP ETF 464287804 3,435 30,000 SH   DFND   30,000 0 0
SPDR S&P 600 SMALL CAP ETF S&P 600 SML CAP 78464A813 1,392 14,000 SH   DFND   14,000 0 0
SCHLUMBERGER LTD COM 806857108 1,198 40,000 SH   DFND   40,000 0 0
INTERFACE INC COM 458665304 1,276 80,000 SH   DFND   80,000 0 0
BANK OF AMERICA CORP COM 060505104 1,335 30,000 SH   DFND   30,000 0 0
TE CONNECTIVITY LTD REG SHS H84989104 1,936 12,000 SH   DFND   12,000 0 0
ZOETIS INC CL A 98978V103 4,881 20,000 SH   DFND   20,000 0 0
MARTIN MARIETTA MATERIALS COM 573284106 2,643 6,000 SH   DFND   6,000 0 0
INOGEN INC COM 45780L104 680 20,000 SH   DFND   20,000 0 0
ANSYS INC COM 03662Q105 1,645 4,100 SH   DFND   4,100 0 0
ANI PHARMACEUTICALS INC COM 00182C103 737 16,000 SH   DFND   16,000 0 0
LANTHEUS HOLDINGS INC COM 516544103 578 20,000 SH   DFND   20,000 0 0
SCHWAB (CHARLES) CORP COM 808513105 1,262 15,000 SH   DFND   15,000 0 0
CAMECO CORP COM 13321L108 1,091 50,000 SH   DFND   50,000 0 0
MARSH & MCLENNAN COS COM 571748102 3,824 22,000 SH   DFND   22,000 0 0
LITHIA MOTORS INC COM 536797103 297 1,000 SH   DFND   1,000 0 0
SUPERNUS PHARMACEUTICALS INC COM 868459108 1,254 43,000 SH   DFND   43,000 0 0
NASDAQ INC COM 631103108 1,260 6,000 SH   DFND   6,000 0 0
ELF BEAUTY INC COM 26856L103 830 25,000 SH   DFND   25,000 0 0
VANGUARD REAL ESTATE ETF REAL ESTATE ETF 922908553 4,524 39,000 SH   DFND   39,000 0 0
PAYPAL HOLDINGS INC COM 70450Y103 2,169 11,500 SH   DFND   11,500 0 0
VANGUARD RUSSELL 2000 ETF VNG RUS2000IDX 92206C664 988 11,000 SH   DFND   11,000 0 0