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
ADOBE SYSTEMS INC COM 00724F101 410 2,900 SH   SOLE   2,900 0 0
ALLISON TRANSMISSION, INC. COM 01973r101 390 10,400 SH   SOLE   10,400 0 0
ALPHABET INC-CL A COM 02079k305 544 585 SH   SOLE   585 0 0
AMAZON COM INC. COM 023135106 1,240 1,281 SH   SOLE   1,281 0 0
AMERICAN WATER WORKS CO., INC. COM 030420103 2,188 28,075 SH   SOLE   28,075 0 0
APPLE, INC. COM 037833100 691 4,800 SH   SOLE   4,800 0 0
AQUA AMERICA, INC. COM 03836w103 813 24,400 SH   SOLE   24,400 0 0
BANK OF AMERICA COM 060505104 1,807 74,500 SH   SOLE   74,500 0 0
BWX TECHNOLOGIES, INC. COM 05605h100 639 13,100 SH   SOLE   13,100 0 0
CATERPILLAR, INC COM 149123101 806 7,500 SH   SOLE   7,500 0 0
CINTAS CORP. COM 172908105 1,684 13,360 SH   SOLE   13,360 0 0
COACH, INC. COM 189754104 431 9,100 SH   SOLE   9,100 0 0
COCA COLA CO COM COM 191216100 3,475 77,475 SH   SOLE   77,475 0 0
COSTCO WHOLESALE CORP COM 22160k105 960 6,000 SH   SOLE   6,000 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 2,186 8,500 SH   SOLE   8,500 0 0
D R HORTON INC. COM 23331a109 615 17,800 SH   SOLE   17,800 0 0
DCT INDUSTRIAL TRUST, INC. COM 233153204 1,204 22,525 SH   SOLE   22,525 0 0
DIGITAL REALITY TRUST, INC. COM 253868103 1,341 11,869 SH   SOLE   11,869 0 0
ETSY, INC. COM 29786a106 853 56,900 SH   SOLE   56,900 0 0
FORTUNE BRANDS HOME & SCTY COM 34964c106 737 11,300 SH   SOLE   11,300 0 0
GAP, INC. COM 364760108 1,117 50,800 SH   SOLE   50,800 0 0
GENERAL DYNAMICS COM 369550108 1,723 8,700 SH   SOLE   8,700 0 0
HARLEY-DAVIDSON, INC. COM 412822108 2,107 39,000 SH Put SOLE   39,000 0 0
HDFC BANK LTD-ADR COM 40415f101 1,467 16,865 SH   SOLE   16,865 0 0
HOME DEPOT INC. COM 437076102 2,553 16,645 SH   SOLE   16,645 0 0
ILLINOIS TOOL WORKS COM 452308109 329 2,300 SH   SOLE   2,300 0 0
ISHARES TIPS BOND ETF COM 464287176 4,943 43,580 SH   SOLE   43,580 0 0
J.P. MORGAN CHASE & CO. INC. COM 46625h100 1,938 21,200 SH   SOLE   21,200 0 0
KEYCORP COM 493267108 1,606 85,700 SH   SOLE   85,700 0 0
MASCO CORP. COM 574599106 757 19,800 SH   SOLE   19,800 0 0
MCDONALD'S CORPORATION COM 580135101 1,363 8,900 SH   SOLE   8,900 0 0
MELCO RESORTS & ENTERT-ADR COM 585464100 691 30,800 SH   SOLE   30,800 0 0
MICROSOFT CORP COM 594918104 1,988 28,844 SH   SOLE   28,844 0 0
MOHAWK INDUSTRIES COM 608190104 918 3,800 SH   SOLE   3,800 0 0
MORGAN STANLEY D. W. COM 617446448 490 11,000 SH   SOLE   11,000 0 0
NATIONAL FUEL GAS CO. COM 636180101 251 4,500 SH   SOLE   4,500 0 0
NORTHROP GRUMMAN CORP COM 666807102 3,611 14,068 SH   SOLE   14,068 0 0
OAKTREE CAPITAL GROUP, LLC COM 674001201 2,144 46,000 SH   SOLE   46,000 0 0
PEPSICO INC. COM 713448108 2,942 25,475 SH   SOLE   25,475 0 0
PVH CORP. COM 693656100 584 5,100 SH   SOLE   5,100 0 0
RAYTHEON CO. COM 755111507 3,440 21,303 SH   SOLE   21,303 0 0
RED ROBIN GOURMET BURGERS COM 75689m101 998 15,300 SH   SOLE   15,300 0 0
REPUBLIC SERVICES COM 760759100 2,988 46,890 SH   SOLE   46,890 0 0
SONY CORP ADR COM 835699307 317 8,300 SH   SOLE   8,300 0 0
T-MOBILE US, INC. COM 872590104 436 7,200 SH   SOLE   7,200 0 0
TJX COMPANIES COM 872540109 6,134 85,000 SH Call SOLE   85,000 0 0
TWITTER, INC. COM 90184l102 338 18,900 SH   SOLE   18,900 0 0
ULTA SALON COSMETICS & FRAG COM 90384s303 690 2,400 SH   SOLE   2,400 0 0
VANGUARD S/T TIPS ETF COM 922020805 1,669 33,900 SH   SOLE   33,900 0 0
WEIGHT WATCHERS INTL INC COM 948626106 371 11,100 SH   SOLE   11,100 0 0
WESTERN DIGITAL COM 958102105 718 8,100 SH   SOLE   8,100 0 0
WISCONSIN ENERGY CORP. COM 92939u106 226 3,685 SH   SOLE   3,685 0 0
WISDOMTREE INDIA EARNINGS COM 97717w422 1,037 42,300 SH   SOLE   42,300 0 0
XYLEM INC COM 98419m100 1,092 19,700 SH   SOLE   19,700 0 0
ZILLOW GROUP, INC.- CL A COM 98954m101 3,565 73,000 SH Put SOLE   73,000 0 0