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 3,660 25,878 SH   SOLE 0 25,878 0 0
AK STEEL HLDG CORP COM 001547108 9,855 1,500,000 SH   SOLE 0 1,500,000 0 0
ALBANY INTL CORP-CL A COM 012348108 1,241 23,246 SH   SOLE 0 23,246 0 0
ALCOA CORP COM 013872106 11,846 362,825 SH   SOLE 0 362,825 0 0
ALLERGAN PLC COM G0177J108 1,215 5,000 SH   SOLE 0 5,000 0 0
ALPHABET INC-CL A COM 02079K305 4,369 4,700 SH   SOLE 0 4,700 0 0
ALTISOURCE RESIDENTI-CL B-WI COM 02153W100 453 34,985 SH   SOLE 0 34,985 0 0
APPLE INC COM 037833100 4,280 29,719 SH   SOLE 0 29,719 0 0
ARAMARK COM 03852U106 1,229 30,000 SH   SOLE 0 30,000 0 0
AREC CAPITAL CORP COM 04010L103 490 29,944 SH   SOLE 0 29,944 0 0
ASSURANT INC COM 04621X108 727 7,010 SH   SOLE 0 7,010 0 0
ATLANTIC TELE-NETWORK INC COM 00215F107 590 8,626 SH   SOLE 0 8,626 0 0
BROADRIDGE FINANCIAL SOLUTIO COM 11133T103 472 6,244 SH   SOLE 0 6,244 0 0
CANADIAN NATURAL RESOURCES COM 136385101 10,815 375,000 SH   SOLE 0 375,000 0 0
CAPITAL BANK FINANCIAL-CL A COM 139794101 312 8,183 SH   SOLE 0 8,183 0 0
CARLYLE GROUP/THE COM 14309L102 1,770 89,640 SH   SOLE 0 89,640 0 0
CASEYS GENERAL STORES INC COM 147528103 275 2,567 SH   SOLE 0 2,567 0 0
CLEARWATER PAPER CORP COM 18538R103 293 6,260 SH   SOLE 0 6,260 0 0
COLONY NORTHSTAR INC-CLASS A COM 19625W104 681 48,348 SH   SOLE 0 48,348 0 0
COMMERCIAL METALS CO COM 201723103 2,463 126,787 SH   SOLE 0 126,787 0 0
CONSTELLATION BRANDS INC-A COM 21036P108 2,712 14,000 SH   SOLE 0 14,000 0 0
CONTINENTAL BUILDING PRODUCT COM 211171103 460 19,755 SH   SOLE 0 19,755 0 0
CORE-MARK HOLDING CO INC COM 218681104 457 13,814 SH   SOLE 0 13,814 0 0
CTS CORP COM 126501105 444 20,565 SH   SOLE 0 20,565 0 0
DELTIC TIMBER CORP COM 247850100 633 8,485 SH   SOLE 0 8,485 0 0
DENNY'S CORPORATION COM 24869P104 491 41,721 SH   SOLE 0 41,721 0 0
DIGITALGLOBE INC COM 25389M877 290 8,701 SH   SOLE 0 8,701 0 0
DST SYSTEMS INC COM 233326107 299 4,840 SH   SOLE 0 4,840 0 0
ECHOSTAR CORP-A COM 278768106 1,190 19,610 SH   SOLE 0 19,610 0 0
ENPRO INDUSTRIES INC COM 29355X107 612 8,570 SH   SOLE 0 8,570 0 0
EOG RESOURCES INC COM 26875P101 7,694 85,000 SH   SOLE 0 85,000 0 0
FACEBOOK INC-A COM 30303M102 2,869 19,000 SH   SOLE 0 19,000 0 0
FEDERAL SIGNAL CORP COM 313855108 273 15,715 SH   SOLE 0 15,715 0 0
FOREST CITY REALTY TRUST- A COM 345605109 903 37,359 SH   SOLE 0 37,359 0 0
FREEPORT-MCMORAN INC COM 35671D857 12,010 1,000,000 SH   SOLE 0 1,000,000 0 0
GARDNER DENVER HOLDINGS INC COM 36555P107 2,800 129,560 SH   SOLE 0 129,560 0 0
HD SUPPLY HOLDINGS INC COM 40416M105 919 30,000 SH   SOLE 0 30,000 0 0
HEALTH CARE SELECT SECTOR COM 81369Y209 1,585 20,000 SH   SOLE 0 20,000 0 0
HOLDINGS INC-WHEN ISSUE COM 48244B100 1,933 96,931 SH   SOLE 0 96,931 0 0
ISHARES CONVERTIBLE BOND ETF COM 46435G102 154,181 2,928,973 SH   SOLE 0 2,928,973 0 0
ISHARES EDGE MSCI MIN VOL EMER COM 464286533 3,518 63,507 SH   SOLE 0 63,507 0 0
ISHARES NASDAQ BIOTECH INDX COM 464287556 1,550 5,000 SH   SOLE 0 5,000 0 0
KADANT INC COM 48282T104 541 7,193 SH   SOLE 0 7,193 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 344 8,288 SH   SOLE 0 8,288 0 0
LOUISIANA PACIFIC CORP COM 546347105 8,439 350,000 SH   SOLE 0 350,000 0 0
MARATHON PETROLEUM CORP COM 56585A102 5,390 103,000 SH   SOLE 0 103,000 0 0
MAXIMUS INC COM 577933104 409 6,527 SH   SOLE 0 6,527 0 0
MCGRATH RENTCORP COM 580589109 675 19,487 SH   SOLE 0 19,487 0 0
MFA FINANCIAL INC COM 55272X102 586 69,822 SH   SOLE 0 69,822 0 0
MONDELEZ INTERNATIONAL INC COM 609207105 4,319 100,000 SH   SOLE 0 100,000 0 0
MONEYGRAM INTERNATIONAL INC COM 60935Y208 863 50,000 SH   SOLE 0 50,000 0 0
MURPHY USA INC COM 626755102 744 10,035 SH   SOLE 0 10,035 0 0
NATIONAL BANK HOLD-CL A COM 633707104 420 12,672 SH   SOLE 0 12,672 0 0
NATIONAL GENERAL HLDGS COM 636220303 438 20,762 SH   SOLE 0 20,762 0 0
NEENAH PAPER INC COM 640079109 518 6,460 SH   SOLE 0 6,460 0 0
NEXSTAR MEDIA GROUP INC COM 65336K103 490 8,195 SH   SOLE 0 8,195 0 0
NUCOR CORP COM 670346105 15,587 269,350 SH   SOLE 0 269,350 0 0
NVIDIA CORP COM 67066G104 3,903 27,000 SH   SOLE 0 27,000 0 0
NXP SEMICONDUCTORS NV COM N6596X109 1,642 15,000 SH   SOLE 0 15,000 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 337 12,430 SH   SOLE 0 12,430 0 0
PACIFIC PREMIER BANCORP INC COM 69478X105 226 6,138 SH   SOLE 0 6,138 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 545 30,183 SH   SOLE 0 30,183 0 0
PARSLEY ENERGY INC-CLASS A COM 701877102 6,244 225,000 SH   SOLE 0 225,000 0 0
PFIZER INC COM 717081103 2,015 60,000 SH   SOLE 0 60,000 0 0
PIONEER NATURAL RESOURCES CO COM 723787107 9,767 61,206 SH   SOLE 0 61,206 0 0
PRIMERICA INC COM 74164M108 657 8,670 SH   SOLE 0 8,670 0 0
PROVIDENCE SERVICE CORP COM 743815102 390 7,705 SH   SOLE 0 7,705 0 0
REGIS CORP COM 758932107 326 31,697 SH   SOLE 0 31,697 0 0
RENASANT CORP COM 75970E107 315 7,193 SH   SOLE 0 7,193 0 0
RSP PERMIAN INC COM 74978Q105 6,454 200,000 SH   SOLE 0 200,000 0 0
SEALED AIR CORP - NEW COM 81211K100 1,573 35,146 SH   SOLE 0 35,146 0 0
SIMPSON MANUFACTURING CO INC COM 829073105 431 9,856 SH   SOLE 0 9,856 0 0
SMUCKER (J.M.) CO-NEW CO COM 832696405 2,382 20,130 SH   SOLE 0 20,130 0 0
STAR GAS PARTNERS L.P. COM 85512C105 127 11,755 SH   SOLE 0 11,755 0 0
STEEL DYNAMICS INC COM 858119100 26,870 750,350 SH   SOLE 0 750,350 0 0
SYNCHRONY FINANCIAL COM 87165B103 256 8,600 SH   SOLE 0 8,600 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,037 23,431 SH   SOLE 0 23,431 0 0
TECK RESOURCES LTD-CLS B COM 878742204 5,199 300,000 SH   SOLE 0 300,000 0 0
TEGNA INC COM 87901J105 264 18,344 SH   SOLE 0 18,344 0 0
TFS FINANCIAL CORP COM 87240R107 379 24,510 SH   SOLE 0 24,510 0 0
TOYOTA MOTOR CORP - ADR ADR 892331307 581 5,535 SH   SOLE 0 5,535 0 0
TRANSPORTADOR GAS SUR-SP B ADR 893870204 555 33,427 SH   SOLE 0 33,427 0 0
UBS AG 4 75 22MAY23 SDB H72108EU5 613 600,000 PRN   SOLE 0 600,000 0 0
US FOODS HOLDING CORP COM 912008109 1,146 42,118 SH   SOLE 0 42,118 0 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 695 6,263 SH   SOLE 0 6,263 0 0
XENIA HOTELS & RESORTS INC COM 984017103 423 21,863 SH   SOLE 0 21,863 0 0
ZAYO GROUP HOLDINGS INC COM 98919V105 2,026 65,560 SH   SOLE 0 65,560 0 0