The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| ESSENT GROUP LTD | COM | G3198U102 | 101,198,893 | 1,666,374 | SH | DFND | 1,2 | 1,666,374 | 0 | 0 | |
| ISHARES TR | HIGH YLD SYSTM B | 46435G250 | 240,115,542 | 5,057,726 | SH | DFND | 3 | 5,057,726 | 0 | 0 | |
| ISHARES TR | MBS ETF | 464288588 | 268,096,417 | 2,855,431 | SH | DFND | 3 | 2,855,431 | 0 | 0 | |
| TRUPANION INC | COM | 898202106 | 14,557,050 | 263,000 | SH | DFND | 1,2 | 263,000 | 0 | 0 | |
| UNIVERSAL INS HLDGS INC | COM | 91359V107 | 16,187,970 | 583,771 | SH | DFND | 1,2 | 583,771 | 0 | 0 | |