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
Allete Inc CS 018522300 603 8,340 SH   SOLE   8,340 0 0
Allete Inc CS 018522300 1,579 21,850 SH   DFND 1 21,850 0 0
American States Water Co CS 029899101 714 13,450 SH   SOLE   13,450 0 0
American States Water Co CS 029899101 1,848 34,830 SH   DFND 1 34,830 0 0
Americold Realty Trust CS 03064D108 810 42,430 SH   SOLE   42,430 0 0
Americold Realty Trust CS 03064D108 2,095 109,780 SH   DFND 1 109,780 0 0
Amerisafe Inc CS 03071H100 539 9,750 SH   SOLE   9,750 0 0
Amerisafe Inc CS 03071H100 1,395 25,252 SH   DFND 1 25,252 0 0
Apollo Commercial Real Estate CS 03762U105 1,237 68,780 SH   SOLE   68,780 0 0
Apollo Commercial Real Estate CS 03762U105 3,209 178,465 SH   DFND 1 178,465 0 0
Argo Group International CS G0464B107 1,282 22,339 SH   SOLE   22,339 0 0
Argo Group International CS G0464B107 3,317 57,787 SH   DFND 1 57,787 0 0
Astec Industries Inc CS 046224101 542 9,815 SH   SOLE   9,815 0 0
Astec Industries Inc CS 046224101 1,402 25,400 SH   DFND 1 25,400 0 0
Bank of Hawaii Corp CS 062540109 860 10,345 SH   SOLE   10,345 0 0
Bank of Hawaii Corp CS 062540109 2,227 26,800 SH   DFND 1 26,800 0 0
Banner Corp CS 06652V208 530 9,560 SH   SOLE   9,560 0 0
Banner Corp CS 06652V208 1,373 24,740 SH   DFND 1 24,740 0 0
Big Lots Inc CS 089302103 541 12,420 SH   SOLE   12,420 0 0
Big Lots Inc CS 089302103 1,428 32,800 SH   DFND 1 32,800 0 0
Blackstone Mortgage Trust CS 09257w100 1,160 36,915 SH   SOLE   36,915 0 0
Blackstone Mortgage Trust CS 09257w100 3,040 96,750 SH   DFND 1 96,750 0 0
Bloomin' Brands Inc CS 094235108 715 29,455 SH   SOLE   29,455 0 0
Bloomin' Brands Inc CS 094235108 1,866 76,865 SH   DFND 1 76,865 0 0
Brady Corp CS 104674106 1,166 31,385 SH   SOLE   31,385 0 0
Brady Corp CS 104674106 3,016 81,180 SH   DFND 1 81,180 0 0
Bryn Mawr Bank Corp CS 117665109 583 13,260 SH   SOLE   13,260 0 0
Bryn Mawr Bank Corp CS 117665109 1,490 33,891 SH   DFND 1 33,891 0 0
Cabot Corp CS 127055101 563 10,105 SH   SOLE   10,105 0 0
Cabot Corp CS 127055101 1,456 26,125 SH   DFND 1 26,125 0 0
Cal Maine Foods Inc CS 128030202 738 16,885 SH   SOLE   16,885 0 0
Cal Maine Foods Inc CS 128030202 1,924 44,020 SH   DFND 1 44,020 0 0
Centerstate Bank Corp CS 15201P109 1,059 39,905 SH   SOLE   39,905 0 0
Centerstate Bank Corp CS 15201P109 2,713 102,280 SH   DFND 1 102,280 0 0
Cheesecake Factory Inc/The CS 163072101 734 15,215 SH   SOLE   15,215 0 0
Cheesecake Factory Inc/The CS 163072101 1,872 38,815 SH   DFND 1 38,815 0 0
Chemical Financial Corp CS 163731102 606 11,085 SH   SOLE   11,085 0 0
Chemical Financial Corp CS 163731102 1,570 28,710 SH   DFND 1 28,710 0 0
Columbia Property Trust Inc CS 198287203 1,145 55,950 SH   SOLE   55,950 0 0
Columbia Property Trust Inc CS 198287203 2,983 145,810 SH   DFND 1 145,810 0 0
Convergys Corp CS 212485106 998 44,106 SH   SOLE   44,106 0 0
Convergys Corp CS 212485106 2,584 114,221 SH   DFND 1 114,221 0 0
Cooper-Standard Holdings Inc CS 21676P103 1,115 9,080 SH   SOLE   9,080 0 0
Cooper-Standard Holdings Inc CS 21676P103 2,885 23,490 SH   DFND 1 23,490 0 0
CSG Sys Intl Inc CS 126349109 1,006 22,203 SH   SOLE   22,203 0 0
CSG Sys Intl Inc CS 126349109 2,604 57,504 SH   DFND 1 57,504 0 0
Deluxe Corp CS 248019101 1,050 14,190 SH   SOLE   14,190 0 0
Deluxe Corp CS 248019101 2,717 36,715 SH   DFND 1 36,715 0 0
DST Systems Inc CS 233326107 1,123 13,425 SH   SOLE   13,425 0 0
DST Systems Inc CS 233326107 2,907 34,755 SH   DFND 1 34,755 0 0
Encore Wire Corp CS 292562105 808 14,255 SH   SOLE   14,255 0 0
Encore Wire Corp CS 292562105 2,072 36,545 SH   DFND 1 36,545 0 0
First Financial Bancorp CS 320209109 975 33,230 SH   SOLE   33,230 0 0
First Financial Bancorp CS 320209109 2,513 85,630 SH   DFND 1 85,630 0 0
First Merchants Corp CS 320817109 1,018 24,417 SH   SOLE   24,417 0 0
First Merchants Corp CS 320817109 2,635 63,199 SH   DFND 1 63,199 0 0
Forward Air Corp CS 349853101 572 10,815 SH   SOLE   10,815 0 0
Forward Air Corp CS 349853101 1,461 27,645 SH   DFND 1 27,645 0 0
Fresh Del Monte Produce Inc CS G36738105 709 15,675 SH   SOLE   15,675 0 0
Fresh Del Monte Produce Inc CS G36738105 1,836 40,575 SH   DFND 1 40,575 0 0
Glacier Bancorp Inc CS 37637Q105 911 23,740 SH   SOLE   23,740 0 0
Glacier Bancorp Inc CS 37637Q105 2,377 61,935 SH   DFND 1 61,935 0 0
Granite Point Mortgage Trust CS 38741L107 694 41,975 SH   SOLE   41,975 0 0
Granite Point Mortgage Trust CS 38741L107 1,807 109,255 SH   DFND 1 109,255 0 0
Greenbrier Companies Inc CS 393657101 878 17,470 SH   SOLE   17,470 0 0
Greenbrier Companies Inc CS 393657101 2,271 45,185 SH   DFND 1 45,185 0 0
Horace Mann Educators Corp CS 440327104 632 14,775 SH   SOLE   14,775 0 0
Horace Mann Educators Corp CS 440327104 1,617 37,830 SH   DFND 1 37,830 0 0
Infinity Property & Casualty CS 45665Q103 706 5,961 SH   SOLE   5,961 0 0
Infinity Property & Casualty CS 45665Q103 1,808 15,271 SH   DFND 1 15,271 0 0
Innospec Inc CS 45768S105 1,024 14,920 SH   SOLE   14,920 0 0
Innospec Inc CS 45768S105 2,647 38,590 SH   DFND 1 38,590 0 0
John B. Sanfilippo & Son Inc CS 800422107 538 9,300 SH   SOLE   9,300 0 0
John B. Sanfilippo & Son Inc CS 800422107 1,395 24,105 SH   DFND 1 24,105 0 0
Knoll Inc CS 498904200 514 25,460 SH   SOLE   25,460 0 0
Knoll Inc CS 498904200 1,331 65,920 SH   DFND 1 65,920 0 0
La Z Boy Inc CS 505336107 887 29,610 SH   SOLE   29,610 0 0
La Z Boy Inc CS 505336107 2,250 75,110 SH   DFND 1 75,110 0 0
Lancaster Colony Corp CS 513847103 935 7,590 SH   SOLE   7,590 0 0
Lancaster Colony Corp CS 513847103 2,406 19,535 SH   DFND 1 19,535 0 0
Lifepoint Hospitals Inc CS 53219L109 653 13,890 SH   SOLE   13,890 0 0
Lifepoint Hospitals Inc CS 53219L109 1,689 35,935 SH   DFND 1 35,935 0 0
Magellan Health Inc CS 559079207 986 9,210 SH   SOLE   9,210 0 0
Magellan Health Inc CS 559079207 2,576 24,055 SH   DFND 1 24,055 0 0
McDermott International Inc CS 580037109 825 135,520 SH   SOLE   135,520 0 0
McDermott International Inc CS 580037109 2,153 353,515 SH   DFND 1 353,515 0 0
Methode Electronics Inc CS 591520200 1,000 25,575 SH   SOLE   25,575 0 0
Methode Electronics Inc CS 591520200 2,587 66,155 SH   DFND 1 66,155 0 0
Northwest Bancshares CS 667340103 880 53,165 SH   SOLE   53,165 0 0
Northwest Bancshares CS 667340103 2,281 137,750 SH   DFND 1 137,750 0 0
Northwestern Corp CS 668074305 1,270 23,610 SH   SOLE   23,610 0 0
Northwestern Corp CS 668074305 3,305 61,440 SH   DFND 1 61,440 0 0
One Gas Inc CS 68235p108 762 11,545 SH   SOLE   11,545 0 0
One Gas Inc CS 68235p108 1,998 30,260 SH   DFND 1 30,260 0 0
Plexus Corp CS 729132100 1,225 20,515 SH   SOLE   20,515 0 0
Plexus Corp CS 729132100 3,174 53,135 SH   DFND 1 53,135 0 0
PNM Resources Inc CS 69349H107 1,286 33,615 SH   SOLE   33,615 0 0
PNM Resources Inc CS 69349H107 3,331 87,090 SH   DFND 1 87,090 0 0
Portland General Electric Co CS 736508847 1,082 26,710 SH   SOLE   26,710 0 0
Portland General Electric Co CS 736508847 2,827 69,785 SH   DFND 1 69,785 0 0
PS Business Parks Inc/Ca CS 69360J107 883 7,815 SH   SOLE   7,815 0 0
PS Business Parks Inc/Ca CS 69360J107 2,288 20,240 SH   DFND 1 20,240 0 0
Regal Beloit Corp CS 758750103 1,071 14,600 SH   SOLE   14,600 0 0
Regal Beloit Corp CS 758750103 2,746 37,440 SH   DFND 1 37,440 0 0
Renasant Corp CS 75970e107 588 13,825 SH   SOLE   13,825 0 0
Renasant Corp CS 75970e107 1,487 34,930 SH   DFND 1 34,930 0 0
Sabra Health Care Reit Inc CS 78573L106 895 50,690 SH   SOLE   50,690 0 0
Sabra Health Care Reit Inc CS 78573L106 2,315 131,165 SH   DFND 1 131,165 0 0
Simpson Manufacturing Co Inc CS 829073105 729 12,665 SH   SOLE   12,665 0 0
Simpson Manufacturing Co Inc CS 829073105 1,888 32,790 SH   DFND 1 32,790 0 0
SRC Energy Inc CS 78470V108 989 104,900 SH   SOLE   104,900 0 0
SRC Energy Inc CS 78470V108 2,560 271,455 SH   DFND 1 271,455 0 0
Stepan Co CS 858586100 1,037 12,470 SH   SOLE   12,470 0 0
Stepan Co CS 858586100 2,683 32,250 SH   DFND 1 32,250 0 0
Taylor Morrison Home Corp CS 87724P106 698 29,975 SH   SOLE   29,975 0 0
Taylor Morrison Home Corp CS 87724P106 1,803 77,460 SH   DFND 1 77,460 0 0
Tenneco Inc CS 880349105 913 16,640 SH   SOLE   16,640 0 0
Tenneco Inc CS 880349105 2,324 42,350 SH   DFND 1 42,350 0 0
Third Point Reinsurance Ltd CS g8827u100 1,161 83,220 SH   SOLE   83,220 0 0
Third Point Reinsurance Ltd CS g8827u100 2,972 213,075 SH   DFND 1 213,075 0 0
Valmont Industries Inc CS 920253101 734 5,020 SH   SOLE   5,020 0 0
Valmont Industries Inc CS 920253101 1,909 13,050 SH   DFND 1 13,050 0 0
Washington Federal CS 938824109 1,289 37,255 SH   SOLE   37,255 0 0
Washington Federal CS 938824109 3,331 96,280 SH   DFND 1 96,280 0 0
Watts Water Technologies Inc CS 942749102 596 7,665 SH   SOLE   7,665 0 0
Watts Water Technologies Inc CS 942749102 1,522 19,590 SH   DFND 1 19,590 0 0
Welbilt Inc CS 949090104 265 13,630 SH   SOLE   13,630 0 0
Welbilt Inc CS 949090104 686 35,255 SH   DFND 1 35,255 0 0
Wesco International Inc CS 95082P105 575 9,265 SH   SOLE   9,265 0 0
Wesco International Inc CS 95082P105 1,488 23,980 SH   DFND 1 23,980 0 0
iShares Russell 2000 Value EF 464287630 2,674 21,940 SH   DFND 1 21,940 0 0