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
ALBANY INTL CORP-CL A COM 012348108 1,070 23,246 SH   SOLE   23,246 0 0
ALPHABET INC-CL A COM 02079K305 848 1,000 SH   SOLE   1,000 0 0
ALTISOURCE RESIDENTI-CL B-WI COM 02153W100 470 30,812 SH   SOLE   30,812 0 0
AREC CAPITAL CORP COM 04010L103 520 29,944 SH   SOLE   29,944 0 0
ASSURANT INC COM 04621X108 702 7,335 SH   SOLE   7,335 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 607 8,626 SH   SOLE   8,626 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 473 6,955 SH   SOLE   6,955 0 0
CABOT OIL & GAS CORP COM 127097103 14,346 600,000 SH   SOLE   600,000 0 0
CAPITAL BANK FINANCIAL-CL A COM 139794101 798 18,379 SH   SOLE   18,379 0 0
CARLYLE GROUP/THE COM 14309L102 222 13,899 SH   SOLE   13,899 0 0
CASEYS GENERAL STORES INC COM 147528103 288 2,567 SH   SOLE   2,567 0 0
CLEARWATER PAPER CORP COM 18538R103 351 6,260 SH   SOLE   6,260 0 0
COLONY NORTHSTAR INC-CLASS A COM 19625W104 624 48,348 SH   SOLE   48,348 0 0
CONSTELLATION BRANDS INC-A COM 21036P108 1,621 10,000 SH   SOLE   10,000 0 0
CONTINENTAL BUILDING PRODUCT COM 211171103 484 19,755 SH   SOLE   19,755 0 0
CORE-MARK HOLDING CO INC COM 218681104 431 13,814 SH   SOLE   13,814 0 0
CTS CORP COM 126501105 438 20,565 SH   SOLE   20,565 0 0
DELTIC TIMBER CORP COM 247850100 615 7,877 SH   SOLE   7,877 0 0
DENNY'S CORPORATION COM 24869P104 482 38,971 SH   SOLE   38,971 0 0
DIGITALGLOBE INC COM 25389M877 351 10,721 SH   SOLE   10,721 0 0
DST SYSTEMS INC COM 233326107 296 2,420 SH   SOLE   2,420 0 0
ECHOSTAR CORP-A COM 278768106 1,117 19,610 SH   SOLE   19,610 0 0
ENCANA CORP COM 292505104 18,151 1,550,000 SH   SOLE   1,550,000 0 0
ENPRO INDUSTRIES INC COM 29355X107 610 8,570 SH   SOLE   8,570 0 0
ENTERPRISE PRODUCTS PRTNS LP COM 293792107 6,903 250,000 SH   SOLE   250,000 0 0
FEDERAL SIGNAL CORP COM 313855108 184 13,330 SH   SOLE   13,330 0 0
FOREST CITY REALTY TRUST- A COM 345605109 814 37,359 SH   SOLE   37,359 0 0
FREEPORT-MCMORAN INC COM 35671D857 10,020 750,000 SH   SOLE   750,000 0 0
HALLIBURTON CO COM 406216101 7,382 150,000 SH   SOLE   150,000 0 0
ISHARES CONVERTIBLE BOND ETF COM 46435G102 101,981 1,981,802 SH   SOLE   1,981,802 0 0
ISHARES MSCI SPAIN INDEX FUND COM 464286764 1,045 34,358 SH   SOLE   34,358 0 0
KADANT INC COM 48282T104 445 7,493 SH   SOLE   7,493 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 299 7,585 SH   SOLE   7,585 0 0
MARATHON PETROLEUM CORP COM 56585A102 27,797 550,000 SH   SOLE   550,000 0 0
MAXIMUS INC COM 577933104 406 6,527 SH   SOLE   6,527 0 0
MCGRATH RENTCORP COM 580589109 615 18,325 SH   SOLE   18,325 0 0
MFA FINANCIAL INC COM 55272X102 564 69,822 SH   SOLE   69,822 0 0
MURPHY USA INC COM 626755102 663 9,028 SH   SOLE   9,028 0 0
NATIONAL BANK HOLD-CL A COM 633707104 304 9,365 SH   SOLE   9,365 0 0
NATIONAL GENERAL HLDGS COM 636220303 365 15,350 SH   SOLE   15,350 0 0
NEENAH PAPER INC COM 640079109 501 6,710 SH   SOLE   6,710 0 0
NEXSTAR MEDIA GROUP INC COM 65336K103 529 7,535 SH   SOLE   7,535 0 0
NUCOR CORP COM 670346105 10,451 175,000 SH   SOLE   175,000 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 350 12,430 SH   SOLE   12,430 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 265 6,871 SH   SOLE   6,871 0 0
PACKAGING CORP OF AMERICA COM 695156109 6,645 72,533 SH   SOLE   72,533 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 498 30,183 SH   SOLE   30,183 0 0
PRAXAIR INC COM 74005P104 4,151 35,000 SH   SOLE   35,000 0 0
PRIMERICA INC COM 74164M108 743 9,035 SH   SOLE   9,035 0 0
PROVIDENCE SERVICE CORP COM 743815102 342 7,705 SH   SOLE   7,705 0 0
REGIS CORP COM 758932107 530 45,180 SH   SOLE   45,180 0 0
RENASANT CORP COM 75970E107 285 7,193 SH   SOLE   7,193 0 0
SEALED AIR CORP - NEW COM 81211K100 21,790 500,000 SH   SOLE   500,000 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 255 5,909 SH   SOLE   5,909 0 0
SMUCKER (J.M.) CO-NEW CO COM 832696405 1,311 10,000 SH   SOLE   10,000 0 0
SPDR S&P BANK ETF COM 78464A797 344 8,003 SH   SOLE   8,003 0 0
STAR GAS PARTNERS L.P. COM 85512C105 108 11,755 SH   SOLE   11,755 0 0
STEEL DYNAMICS INC COM 858119100 24,839 714,573 SH   SOLE   714,573 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,007 24,551 SH   SOLE   24,551 0 0
TECK RESOURCES LTD-CLS B COM 878742204 7,665 350,000 SH   SOLE   350,000 0 0
TEGNA INC COM 87901J105 247 9,657 SH   SOLE   9,657 0 0
TFS FINANCIAL CORP COM 87240R107 407 24,510 SH   SOLE   24,510 0 0
TURQUOISE HILL RESOURCES LTD COM 900435108 1,226 399,500 SH   SOLE   399,500 0 0
VANGUARD EMERGING MARKET COM 922042858 806 20,290 SH   SOLE   20,290 0 0
VANGUARD FTSE DEVELOPED ETF COM 921943858 10,925 277,986 SH   SOLE   277,986 0 0
VANGUARD REIT ETF COM 922908553 4,014 48,600 SH   SOLE   48,600 0 0
VANGUARD S&P 500 ETF COM 922908363 16,632 76,877 SH   SOLE   76,877 0 0
VANGUARD SMALL-CAP ETF COM 922908751 2,941 22,069 SH   SOLE   22,069 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 663 6,263 SH   SOLE   6,263 0 0
WESTROCK CO-WHEN ISSUED COM 96145D105 5,203 100,000 SH   SOLE   100,000 0 0
WILLIAMS COMPANIES INC COM 969457100 24,560 830,000 SH   SOLE   830,000 0 0
XENIA HOTELS & RESORTS INC COM 984017103 347 20,325 SH   SOLE   20,325 0 0