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
ARC DOCUMENT SOLUTIONS INC COM COM 00191G103 122 47,823 SH   DFND 1,2,3 0 47,823 0
ACTUANT CORP CL A NEW CL A 00508X203 1,550 61,266 SH   DFND 1,2,3 0 61,266 0
AECOM COM COM 00766T100 1,196 32,202 SH   DFND 1,2,3 0 32,202 0
AETNA INC NEW COM COM 00817Y108 9,561 53,000 SH   DFND 1,2,3 0 53,000 0
ALPHABET INC CAP STK CL A CL A 02079K305 985 935 SH   DFND 1,2,3 0 935 0
AMERICAN AIRLS GROUP INC COM COM 02376R102 4,095 78,700 SH   DFND 1,2,3 0 78,700 0
AMERICAN INTL GROUP INC COM NEW COM NEW 026874784 2,319 38,924 SH   DFND 1,2,3 0 38,924 0
ANADARKO PETE CORP COM COM 032511107 1,001 18,660 SH   DFND 1,2,3 0 18,660 0
APOLLO GLOBAL MGMT LLC CL A SHS CL A SHS 037612306 994 29,700 SH   DFND 1,2,3 0 29,700 0
ASSOCIATED BANC CORP COM COM 045487105 1,603 63,115 SH   DFND 1,2,3 0 63,115 0
ASSURANT INC COM COM 04621X108 3,529 35,000 SH   DFND 1,2,3 0 35,000 0
AVNET INC COM COM 053807103 3,475 87,706 SH   DFND 1,2,3 0 87,706 0
BP PLC SPONSORED ADR SPONSORED ADR 055622104 2,202 52,382 SH   DFND 1,2,3 0 52,382 0
BANK AMER CORP COM COM 060505104 3,398 115,107 SH   DFND 1,2,3 0 115,107 0
BARRICK GOLD CORP COM COM 067901108 2,179 150,595 SH   DFND 1,2,3 0 150,595 0
BROOKDALE SR LIVING INC COM COM 112463104 3,977 409,980 SH   DFND 1,2,3 0 409,980 0
CNO FINL GROUP INC COM COM 12621E103 1,180 47,789 SH   DFND 1,2,3 0 47,789 0
CVR PARTNERS LP COM COM 126633106 1,649 502,664 SH   DFND 1,2,3 0 502,664 0
CARPENTER TECHNOLOGY CORP COM COM 144285103 456 8,936 SH   DFND 1,2,3 0 8,936 0
CATCHMARK TIMBER TR INC CL A CL A 14912Y202 183 13,960 SH   DFND 1,2,3 0 13,960 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1,444 30,805 SH   DFND 1,2,3 0 30,805 0
CISCO SYS INC COM COM 17275R102 2,474 64,600 SH   DFND 1,2,3 0 64,600 0
CITIGROUP INC COM NEW COM 172967424 14,930 200,641 SH   DFND 1,2,3 0 200,641 0
COCA COLA CO COM COM 191216100 1,308 28,500 SH   DFND 1,2,3 0 28,500 0
COMCAST CORP NEW CL A CL A 20030N101 4,005 100,000 SH   DFND 1,2,3 0 100,000 0
CORNING INC COM COM 219350105 953 29,780 SH   DFND 1,2,3 0 29,780 0
COVANTA HLDG CORP COM COM 22282E102 9,994 591,381 SH   DFND 1,2,3 0 591,381 0
CUBIC CORP COM COM 229669106 1,157 19,631 SH   DFND 1,2,3 0 19,631 0
D R HORTON INC COM COM 23331A109 5,321 104,200 SH   DFND 1,2,3 0 104,200 0
DELTA AIR LINES INC DEL COM NEW COM NEW 247361702 5,513 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 379 33,571 SH   DFND 1,2,3 0 33,571 0
DOVER CORP COM COM 260003108 2,938 29,088 SH   DFND 1,2,3 0 29,088 0
ENOVA INTL INC COM COM 29357K103 524 34,457 SH   DFND 1,2,3 0 34,457 0
ESSENDANT INC COM COM 296689102 1,212 130,739 SH   DFND 1,2,3 0 130,739 0
EZCORP INC CL A NON VTG CL A 302301106 813 66,600 SH   DFND 1,2,3 0 66,600 0
EXXON MOBIL CORP COM COM 30231G102 1,359 16,243 SH   DFND 1,2,3 0 16,243 0
FEDEX CORP COM COM 31428X106 6,263 25,100 SH   DFND 1,2,3 0 25,100 0
FIRST CTZNS BANCSHARES INC N CL A CL A 31946M103 1,106 2,745 SH   DFND 1,2,3 0 2,745 0
FIRST HORIZON NATL CORP COM COM 320517105 1,365 68,300 SH   DFND 1,2,3 0 68,300 0
FIRST MIDWEST BANCORP DEL COM COM 320867104 809 33,701 SH   DFND 1,2,3 0 33,701 0
FORD MTR CO DEL COM PAR $0.01 COM 345370860 2,672 213,907 SH   DFND 1,2,3 0 213,907 0
FRANKLIN RES INC COM COM 354613101 2,579 59,515 SH   DFND 1,2,3 0 59,515 0
GENERAL MTRS CO COM COM 37045V100 3,193 77,897 SH   DFND 1,2,3 0 77,897 0
GENWORTH FINL INC COM CL A CL A 37247D106 195 62,650 SH   DFND 1,2,3 0 62,650 0
GOLDMAN SACHS GROUP INC COM COM 38141G104 3,439 13,500 SH   DFND 1,2,3 0 13,500 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT COM SHS BEN INT 38376A103 796 42,914 SH   DFND 1,2,3 0 42,914 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 UNIT 387437114 961 24,600 SH   DFND 1,2,3 0 24,600 0
GREAT PLAINS ENERGY INC COM COM 391164100 506 15,700 SH   DFND 1,2,3 0 15,700 0
HARSCO CORP COM COM 415864107 565 30,300 SH   DFND 1,2,3 0 30,300 0
HEWLETT PACKARD ENTERPRISE C COM COM 42824C109 2,117 147,450 SH   DFND 1,2,3 0 147,450 0
INSIGHT ENTERPRISES INC COM COM 45765U103 1,001 26,146 SH   DFND 1,2,3 0 26,146 0
INNOSPEC INC COM COM 45768S105 1,491 21,117 SH   DFND 1,2,3 0 21,117 0
JPMORGAN CHASE & CO COM COM 46625H100 11,318 105,838 SH   DFND 1,2,3 0 105,838 0
KBR INC COM COM 48242W106 2,388 120,442 SH   DFND 1,2,3 0 120,442 0
KAISER ALUMINUM CORP COM PAR $0.01 COM 483007704 716 6,700 SH   DFND 1,2,3 0 6,700 0
KAPSTONE PAPER & PACKAGING C COM COM 48562P103 255 11,231 SH   DFND 1,2,3 0 11,231 0
LAMAR ADVERTISING CO NEW CL A CL A 512816109 1,777 23,942 SH   DFND 1,2,3 0 23,942 0
LENNAR CORP CL A CL A 526057104 3,162 50,000 SH   DFND 1,2,3 0 50,000 0
LINCOLN NATL CORP IND COM COM 534187109 10,301 134,000 SH   DFND 1,2,3 0 134,000 0
LYON WILLIAM HOMES CL A NEW CL A NEW 552074700 756 25,998 SH   DFND 1,2,3 0 25,998 0
MASONITE INTL CORP NEW COM COM 575385109 1,740 23,464 SH   DFND 1,2,3 0 23,464 0
METLIFE INC COM COM 59156R108 2,074 41,025 SH   DFND 1,2,3 0 41,025 0
MICROSOFT CORP COM COM 594918104 11,197 130,900 SH   DFND 1,2,3 0 130,900 0
MILLER INDS INC TENN COM NEW COM 600551204 277 10,727 SH   DFND 1,2,3 0 10,727 0
MOELIS & CO CL A CL A 60786M105 10,589 218,337 SH   DFND 1,2,3 0 218,337 0
MORGAN STANLEY COM NEW COM 617446448 2,890 55,086 SH   DFND 1,2,3 0 55,086 0
NRG ENERGY INC COM NEW COM NEW 629377508 1,206 42,341 SH   DFND 1,2,3 0 42,341 0
NELNET INC CL A CL A 64031N108 263 4,800 SH   DFND 1,2,3 0 4,800 0
NEWS CORP NEW CL A CL A 65249B109 1,187 73,225 SH   DFND 1,2,3 0 73,225 0
NOVAGOLD RES INC COM NEW COM NEW 66987E206 703 178,982 SH   DFND 1,2,3 0 178,982 0
OCCIDENTAL PETE CORP DEL COM COM 674599105 1,839 24,966 SH   DFND 1,2,3 0 24,966 0
OMNICOM GROUP INC COM COM 681919106 3,000 41,190 SH   DFND 1,2,3 0 41,190 0
ORACLE CORP COM COM 68389X105 11,171 236,275 SH   DFND 1,2,3 0 236,275 0
OWENS & MINOR INC NEW COM COM 690732102 783 41,472 SH   DFND 1,2,3 0 41,472 0
PFIZER INC COM COM 717081103 8,961 247,401 SH   DFND 1,2,3 0 247,401 0
PIONEER NAT RES CO COM COM 723787107 4,632 26,800 SH   DFND 1,2,3 0 26,800 0
PORTLAND GEN ELEC CO COM NEW COM 736508847 465 10,200 SH   DFND 1,2,3 0 10,200 0
ROYAL DUTCH SHELL PLC SPONS ADR A SPONSORED ADR 780259206 3,297 49,427 SH   DFND 1,2,3 0 49,427 0
SPDR GOLD TRUST GOLD SHS SHS 78463V107 26,461 214,000 SH   DFND 1,2,3 0 214,000 0
SCIENCE APPLICATNS INTL CP N COM COM 808625107 758 9,900 SH   DFND 1,2,3 0 9,900 0
STATE STR CORP COM COM 857477103 1,867 19,128 SH   DFND 1,2,3 0 19,128 0
SUPERIOR ENERGY SVCS INC COM COM 868157108 825 85,660 SH   DFND 1,2,3 0 85,660 0
SYNOVUS FINL CORP COM NEW COM 87161C501 835 17,413 SH   DFND 1,2,3 0 17,413 0
TCF FINL CORP COM COM 872275102 730 35,599 SH   DFND 1,2,3 0 35,599 0
TEREX CORP NEW COM COM 880779103 2,249 46,646 SH   DFND 1,2,3 0 46,646 0
TRAVELERS COMPANIES INC COM COM 89417E109 4,476 33,000 SH   DFND 1,2,3 0 33,000 0
TRIMAS CORP COM NEW COM NEW 896215209 1,647 61,557 SH   DFND 1,2,3 0 61,557 0
TRIPLE-S MGMT CORP CL B CL B 896749108 1,094 44,017 SH   DFND 1,2,3 0 44,017 0
TUPPERWARE BRANDS CORP COM COM 899896104 922 14,700 SH   DFND 1,2,3 0 14,700 0
UNIVERSAL CORP VA COM COM 913456109 1,129 21,512 SH   DFND 1,2,3 0 21,512 0
VIRTUS INVT PARTNERS INC COM COM 92828Q109 1,621 14,087 SH   DFND 1,2,3 0 14,087 0
VOYA FINL INC COM COM 929089100 2,868 57,965 SH   DFND 1,2,3 0 57,965 0
WAL-MART STORES INC COM COM 931142103 1,789 18,119 SH   DFND 1,2,3 0 18,119 0
WEBSTER FINL CORP CONN COM COM 947890109 1,291 22,979 SH   DFND 1,2,3 0 22,979 0
WHIRLPOOL CORP COM COM 963320106 3,533 20,950 SH   DFND 1,2,3 0 20,950 0
ARGO GROUP INTL HLDGS LTD COM COM G0464B107 960 15,576 SH   DFND 1,2,3 0 15,576 0
ASPEN INSURANCE HOLDINGS LTD SHS SHS G05384105 1,241 30,561 SH   DFND 1,2,3 0 30,561 0
AXIS CAPITAL HOLDINGS LTD SHS SHS G0692U109 1,565 31,140 SH   DFND 1,2,3 0 31,140 0
EATON CORP PLC SHS SHS G29183103 2,844 35,994 SH   DFND 1,2,3 0 35,994 0
OM ASSET MGMT PLC SHS SHS G67506108 481 28,733 SH   DFND 1,2,3 0 28,733 0
GOLAR LNG LTD BERMUDA SHS SHS G9456A100 5,458 183,103 SH   DFND 1,2,3 0 183,103 0
LYONDELLBASELL INDUSTRIES N SHS - A - SHS N53745100 4,876 44,200 SH   DFND 1,2,3 0 44,200 0
TEEKAY TANKERS LTD CL A CLA Y8565N102 586 418,650 SH   DFND 1,2,3 0 418,650 0
CONMED CORP COM COM 207410101 280 5,503 SH   DFND 1,2,3 0 5,503 0
ARRIS INTL INC SHS SHS G0551A103 401 15,616 SH   DFND 1,2,3 0 15,616 0
WILLIAMS COS INC DEL COM COM 969457100 520 17,070 SH   DFND 1,2,3 0 17,070 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 2,387 30,535 SH   DFND 1,2,3 0 30,535 0
HESS CORP COM COM 42809H107 5,876 123,776 SH   DFND 1,2,3 0 123,776 0
EOG RES INC COM COM 26875P101 4,101 38,000 SH   DFND 1,2,3 0 38,000 0
MURPHY OIL CORP COM COM 626717102 2,972 95,712 SH   DFND 1,2,3 0 95,712 0
SCANSOURCE INC COM COM 806037107 1,218 34,035 SH   DFND 1,2,3 0 34,035 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 1,386 45,114 SH   DFND 1,2,3 0 45,114 0
ANIXTER INTL INC COM COM 035290105 1,726 22,714 SH   DFND 1,2,3 0 22,714 0
CENOVUS ENERGY INC COM COM 15135U109 1,881 205,929 SH   DFND 1,2,3 0 205,929 0
HALLIBURTON CO COM COM 406216101 992 20,308 SH   DFND 1,2,3 0 20,308 0
COMTECH TELECOMMUNICATIONS C COM NEW COM 205826209 1,786 80,719 SH   DFND 1,2,3 0 80,719 0
MONSANTO CO NEW COM COM 61166W101 832 7,125 SH   DFND 1,2,3 0 7,125 0
TOLL BROTHERS INC COM COM 889478103 1,777 37,000 SH   DFND 1,2,3 0 37,000 0
FIRST BANCORP N C COM COM 318910106 241 6,839 SH   DFND 1,2,3 0 6,839 0
WESCO AIRCRAFT HLDGS INC COM COM 950814103 313 42,270 SH   DFND 1,2,3 0 42,270 0
HOPE BANCORP INC COM COM 43940T109 1,464 80,244 SH   DFND 1,2,3 0 80,244 0
CAPITAL ONE FINL CORP COM COM 14040H105 3,169 31,827 SH   DFND 1,2,3 0 31,827 0
CATERPILLAR INC DEL COM COM 149123101 1,451 9,205 SH   DFND 1,2,3 0 9,205 0
COGNIZANT TECHNOLOGY SOLUTIO CL A CLA 192446102 2,645 37,247 SH   DFND 1,2,3 0 37,247 0
CABOT OIL & GAS CORP COM COM 127097103 2,860 100,000 SH   DFND 1,2,3 0 100,000 0
HOEGH LNG PARTNERS LP COM UNIT LTD COM Y3262R100 578 30,967 SH   DFND 1,2,3 0 30,967 0
PLY GEM HLDGS INC COM COM 72941W100 886 47,885 SH   DFND 1,2,3 0 47,885 0
VERIFONE SYS INC COM COM 92342Y109 1,365 77,047 SH   DFND 1,2,3 0 77,047 0
MYLAN N V SHS EURO SHS N59465109 3,476 82,146 SH   DFND 1,2,3 0 82,146 0
ATHENE HLDG LTD CL A CL A G0684D107 2,586 50,000 SH   DFND 1,2,3 0 50,000 0
MCKESSON CORP COM COM 58155Q103 2,672 17,133 SH   DFND 1,2,3 0 17,133 0
JELD-WEN HLDG INC COM COM 47580P103 3,237 82,208 SH   DFND 1,2,3 0 82,208 0
FUELCELL ENERGY INC COM NEW COM NEW 35952H502 748 439,851 SH   DFND 1,2,3 0 439,851 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,639 68,000 SH   DFND 1,2,3 0 68,000 0
ISHARES U S ETF TR SHT MAT BD ETF BD ETF 46431W507 5,012 100,000 SH   DFND 1,2,3 0 100,000 0
ALPHABET INC CAP STK CL C CL C 02079K107 5,546 5,300 SH   DFND 1,2,3 0 5,300 0
WPX ENERGY INC COM COM 98212B103 2,624 186,500 SH   DFND 1,2,3 0 186,500 0
ATLANTIC CAP BANCSHARES INC COM COM 048269203 339 19,274 SH   DFND 1,2,3 0 19,274 0
GIBRALTAR INDS INC COM COM 374689107 1,542 46,742 SH   DFND 1,2,3 0 46,742 0
NXP SEMICONDUCTORS N V COM COM N6596X109 2,971 25,375 SH   DFND 1,2,3 0 25,375 0
EXPRESS SCRIPTS HLDG CO COM COM 30219G108 1,923 25,767 SH   DFND 1,2,3 0 25,767 0
TECK RESOURCES LTD CL B CL B 878742204 2,082 79,565 SH   DFND 1,2,3 0 79,565 0
ELECTRUM SPL ACQUISITION COR W EXP 99/99/999 W EXP 99/99/999 G3105C112 0 78,949 SH   DFND 1,2,3 0 78,949 0
UNITED RENTALS INC COM COM 911363109 6,876 40,000 SH   DFND 1,2,3 0 40,000 0
ELECTRUM SPL ACQUISITION COR SHS SHS G3105C104 815 78,949 SH   DFND 1,2,3 0 78,949 0
TEXTRON INC COM COM 883203101 2,462 43,500 SH   DFND 1,2,3 0 43,500 0
AVIS BUDGET GROUP COM COM 053774105 1,090 24,839 SH   DFND 1,2,3 0 24,839 0
BRIGHTHOUSE FINL INC COM COM 10922N103 219 3,729 SH   DFND 1,2,3 0 3,729 0
HANOVER INS GROUP INC COM COM 410867105 882 8,158 SH   DFND 1,2,3 0 8,158 0
DIEBOLD NXDF INC COM COM 253651103 1,042 63,730 SH   DFND 1,2,3 0 63,730 0
ANALOG DEVICES INC COM COM 032654105 3,561 40,000 SH   DFND 1,2,3 0 40,000 0
DOWDUPONT INC COM COM 26078J100 3,672 51,555 SH   DFND 1,2,3 0 51,555 0
WELLS FARGO CO NEW COM COM 949746101 2,557 42,147 SH   DFND 1,2,3 0 42,147 0
MICRO FOCUS INTERNATIONAL PL SPON ADR NEW SPONSORED ADR 594837304 680 20,248 SH   DFND 1,2,3 0 20,248 0
FGL HLDGS ORD SHS SHS G3402M102 3,665 364,000 SH   DFND 1,2,3 0 364,000 0
T MOBILE US INC COM COM 872590104 1,587 25,000 SH   DFND 1,2,3 0 25,000 0
VALIDUS HOLDINGS LTD COM SHS COM SHS G9319H102 806 17,179 SH   DFND 1,2,3 0 17,179 0
MEDNAX INC COM COM 58502B106 461 8,634 SH   DFND 1,2,3 0 8,634 0
RYDER SYS INC COM COM 783549108 1,843 21,899 SH   DFND 1,2,3 0 21,899 0
PITNEY BOWES INC COM COM 724479100 2,448 218,965 SH   DFND 1,2,3 0 218,965 0
TIME WARNER INC COM NEW COM NEW 887317303 2,508 27,420 SH   DFND 1,2,3 0 27,420 0
TETRA TECHNOLOGIES INC DEL COM COM 88162F105 177 41,400 SH   DFND 1,2,3 0 41,400 0
SOUTH ST CORP COM COM 840441109 640 7,341 SH   DFND 1,2,3 0 7,341 0