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
SPDR GOLD TRUST GOLD SHS 78463V107 26,919 214,000 SH   DFND 1,2,3 0 214,000 0
TEXTRON INC COM 883203101 2,565 43,500 SH   DFND 1,2,3 0 43,500 0
FEDEX CORP COM 31428X106 6,027 25,100 SH   DFND 1,2,3 0 25,100 0
JPMORGAN CHASE & CO COM 46625H100 11,639 105,838 SH   DFND 1,2,3 0 105,838 0
LINCOLN NATL CORP IN COM 534187109 9,790 134,000 SH   DFND 1,2,3 0 134,000 0
AETNA INC NEW COM 00817Y108 14,872 88,000 SH   DFND 1,2,3 0 88,000 0
TOLL BROTHERS INC COM 889478103 1,600 37,000 SH   DFND 1,2,3 0 37,000 0
EOG RES INC COM 26875P101 4,000 38,000 SH   DFND 1,2,3 0 38,000 0
CABOT OIL & GAS CORP COM 127097103 2,398 100,000 SH   DFND 1,2,3 0 100,000 0
LENNAR CORP CL A 526057104 2,947 50,000 SH   DFND 1,2,3 0 50,000 0
COMCAST CORP NEW CL A 20030N101 10,832 317,000 SH   DFND 1,2,3 0 317,000 0
CISCO SYS INC COM 17275R102 7,596 177,100 SH   DFND 1,2,3 0 177,100 0
ORACLE CORP COM 68389X105 10,810 236,275 SH   DFND 1,2,3 0 236,275 0
LYONDELLBASELL INDUS SHS - A - N53745100 4,671 44,200 SH   DFND 1,2,3 0 44,200 0
MICROSOFT CORP COM 594918104 11,947 130,900 SH   DFND 1,2,3 0 130,900 0
WHIRLPOOL CORP COM 963320106 2,549 16,650 SH   DFND 1,2,3 0 16,650 0
TAYLOR MORRISON HOME CL A 87724P106 1,164 50,000 SH   DFND 1,2,3 0 50,000 0
CITIGROUP INC COM NEW 172967424 13,543 200,641 SH   DFND 1,2,3 0 200,641 0
ALPHABET INC CAP STK CL C 02079K107 5,468 5,300 SH   DFND 1,2,3 0 5,300 0
D R HORTON INC COM 23331A109 4,568 104,200 SH   DFND 1,2,3 0 104,200 0
APOLLO GLOBAL MGMT L CL A SHS 037612306 880 29,700 SH   DFND 1,2,3 0 29,700 0
FGL HLDGS ORD SHS G3402M102 3,695 364,000 SH   DFND 1,2,3 0 364,000 0
ASSURANT INC COM 04621X108 2,683 29,350 SH   DFND 1,2,3 0 29,350 0
AMERICAN AIRLS GROUP COM 02376R102 4,089 78,700 SH   DFND 1,2,3 0 78,700 0
WPX ENERGY INC COM 98212B103 2,756 186,500 SH   DFND 1,2,3 0 186,500 0
PIONEER NAT RES CO COM 723787107 4,604 26,800 SH   DFND 1,2,3 0 26,800 0
TRAVELERS COMPANIES COM 89417E109 4,582 33,000 SH   DFND 1,2,3 0 33,000 0
UNITED RENTALS INC COM 911363109 6,909 40,000 SH   DFND 1,2,3 0 40,000 0
ATHENE HLDG LTD CL A G0684D107 2,391 50,000 SH   DFND 1,2,3 0 50,000 0
T MOBILE US INC COM 872590104 1,528 25,000 SH   DFND 1,2,3 0 25,000 0
DELTA AIR LINES INC COM NEW 247361702 5,395 98,440 SH   DFND 1,2,3 0 98,440 0
ANALOG DEVICES INC COM 032654105 3,645 40,000 SH   DFND 1,2,3 0 40,000 0
SYNOVUS FINL CORP COM NEW 87161C501 870 17,413 SH   DFND 1,2,3 0 17,413 0
UNIVERSAL CORP VA COM 913456109 1,043 21,512 SH   DFND 1,2,3 0 21,512 0
FIRST MIDWEST BANCOR COM 320867104 829 33,701 SH   DFND 1,2,3 0 33,701 0
ESSENDANT INC COM 296689102 1,020 130,739 SH   DFND 1,2,3 0 130,739 0
DIAMONDROCK HOSPITAL COM 252784301 350 33,571 SH   DFND 1,2,3 0 33,571 0
KBR INC COM 48242W106 1,905 117,642 SH   DFND 1,2,3 0 117,642 0
HOPE BANCORP INC COM 43940T109 1,460 80,244 SH   DFND 1,2,3 0 80,244 0
WEBSTER FINL CORP CO COM 947890109 1,273 22,979 SH   DFND 1,2,3 0 22,979 0
TCF FINL CORP COM 872275102 812 35,599 SH   DFND 1,2,3 0 35,599 0
AMERICAN EQTY INVT L COM 025676206 1,325 45,114 SH   DFND 1,2,3 0 45,114 0
CHART INDS INC COM PAR $0.01 16115Q308 809 13,698 SH   DFND 1,2,3 0 13,698 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 663 9,831 SH   DFND 1,2,3 0 9,831 0
EVERTEC INC COM 30040P103 595 36,408 SH   DFND 1,2,3 0 36,408 0
CUBIC CORP COM 229669106 1,249 19,631 SH   DFND 1,2,3 0 19,631 0
INSIGHT ENTERPRISES COM 45765U103 913 26,146 SH   DFND 1,2,3 0 26,146 0
GENWORTH FINL INC COM CL A 37247D106 177 62,650 SH   DFND 1,2,3 0 62,650 0
VERIFONE SYS INC COM 92342Y109 1,185 77,047 SH   DFND 1,2,3 0 77,047 0
ARGO GROUP INTL HLDG COM G0464B107 1,028 17,912 SH   DFND 1,2,3 0 17,912 0
OWENS & MINOR INC NE COM 690732102 645 41,472 SH   DFND 1,2,3 0 41,472 0
DIEBOLD NXDF INC COM 253651103 1,209 78,516 SH   DFND 1,2,3 0 78,516 0
PLY GEM HLDGS INC COM 72941W100 577 26,734 SH   DFND 1,2,3 0 26,734 0
JELD-WEN HLDG INC COM 47580P103 3,444 112,479 SH   DFND 1,2,3 0 112,479 0
SCANSOURCE INC COM 806037107 1,210 34,035 SH   DFND 1,2,3 0 34,035 0
TRIPLE-S MGMT CORP CL B 896749108 1,151 44,017 SH   DFND 1,2,3 0 44,017 0
STEELCASE INC CL A 858155203 1,123 82,586 SH   DFND 1,2,3 0 82,586 0
MASONITE INTL CORP N COM 575385109 1,440 23,464 SH   DFND 1,2,3 0 23,464 0
GIBRALTAR INDS INC COM 374689107 1,430 42,249 SH   DFND 1,2,3 0 42,249 0
ASPEN INSURANCE HOLD SHS G05384105 1,371 30,561 SH   DFND 1,2,3 0 30,561 0
MURPHY OIL CORP COM 626717102 2,580 99,853 SH   DFND 1,2,3 0 99,853 0
TEREX CORP NEW COM 880779103 1,745 46,646 SH   DFND 1,2,3 0 46,646 0
ARC DOCUMENT SOLUTIO COM 00191G103 105 47,823 SH   DFND 1,2,3 0 47,823 0
ANIXTER INTL INC COM 035290105 1,721 22,714 SH   DFND 1,2,3 0 22,714 0
AVIS BUDGET GROUP COM 053774105 1,163 24,839 SH   DFND 1,2,3 0 24,839 0
HANOVER INS GROUP IN COM 410867105 962 8,158 SH   DFND 1,2,3 0 8,158 0
WESCO AIRCRAFT HLDGS COM 950814103 469 45,770 SH   DFND 1,2,3 0 45,770 0
ASSOCIATED BANC CORP COM 045487105 1,568 63,115 SH   DFND 1,2,3 0 63,115 0
TRIMAS CORP COM NEW 896215209 1,616 61,557 SH   DFND 1,2,3 0 61,557 0
ACTUANT CORP CL A NEW 00508X203 1,568 67,446 SH   DFND 1,2,3 0 67,446 0
SUPERIOR ENERGY SVCS COM 868157108 430 50,985 SH   DFND 1,2,3 0 50,985 0
AXIS CAPITAL HOLDING SHS G0692U109 2,700 46,900 SH   DFND 1,2,3 0 46,900 0
WALMART INC COM 931142103 389 4,373 SH   DFND 1,2,3 0 4,373 0
MCKESSON CORP COM 58155Q103 2,414 17,133 SH   DFND 1,2,3 0 17,133 0
CENOVUS ENERGY INC COM 15135U109 1,751 205,929 SH   DFND 1,2,3 0 205,929 0
HEWLETT PACKARD ENTE COM 42824C109 2,641 150,554 SH   DFND 1,2,3 0 150,554 0
OMNICOM GROUP INC COM 681919106 3,180 43,760 SH   DFND 1,2,3 0 43,760 0
FRANKLIN RES INC COM 354613101 2,064 59,515 SH   DFND 1,2,3 0 59,515 0
MICRO FOCUS INTERNAT SPON ADR NEW 594837304 284 20,248 SH   DFND 1,2,3 0 20,248 0
STATE STR CORP COM 857477103 1,908 19,128 SH   DFND 1,2,3 0 19,128 0
EXXON MOBIL CORP COM 30231G102 1,212 16,243 SH   DFND 1,2,3 0 16,243 0
AMERICAN INTL GROUP COM NEW 026874784 2,476 45,499 SH   DFND 1,2,3 0 45,499 0
AECOM COM 00766T100 1,147 32,202 SH   DFND 1,2,3 0 32,202 0
DOVER CORP COM 260003108 2,257 22,982 SH   DFND 1,2,3 0 22,982 0
BANK AMER CORP COM 060505104 3,076 102,567 SH   DFND 1,2,3 0 102,567 0
ROYAL DUTCH SHELL PL SPONS ADR A 780259206 3,154 49,427 SH   DFND 1,2,3 0 49,427 0
HALLIBURTON CO COM 406216101 953 20,308 SH   DFND 1,2,3 0 20,308 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,687 332,775 SH   DFND 1,2,3 0 332,775 0
MEDNAX INC COM 58502B106 1,953 35,106 SH   DFND 1,2,3 0 35,106 0
COGNIZANT TECHNOLOGY CL A 192446102 2,686 33,367 SH   DFND 1,2,3 0 33,367 0
GOLDMAN SACHS GROUP COM 38141G104 3,400 13,500 SH   DFND 1,2,3 0 13,500 0
CAPITAL ONE FINL COR COM 14040H105 3,050 31,827 SH   DFND 1,2,3 0 31,827 0
NEWS CORP NEW CL A 65249B109 1,157 73,225 SH   DFND 1,2,3 0 73,225 0
VOYA FINL INC COM 929089100 2,651 52,487 SH   DFND 1,2,3 0 52,487 0
MYLAN N V SHS EURO N59465109 3,176 77,142 SH   DFND 1,2,3 0 77,142 0
AVNET INC COM 053807103 3,663 87,706 SH   DFND 1,2,3 0 87,706 0
MORGAN STANLEY COM NEW 617446448 2,684 49,734 SH   DFND 1,2,3 0 49,734 0
UBS GROUP AG SHS H42097107 1,767 100,375 SH   DFND 1,2,3 0 100,375 0
METLIFE INC COM 59156R108 1,883 41,025 SH   DFND 1,2,3 0 41,025 0
WELLS FARGO CO NEW COM 949746101 2,209 42,147 SH   DFND 1,2,3 0 42,147 0
RYDER SYS INC COM 783549108 2,211 30,372 SH   DFND 1,2,3 0 30,372 0
BP PLC SPONSORED ADR 055622104 1,894 46,728 SH   DFND 1,2,3 0 46,728 0
EDISON INTL COM 281020107 946 14,863 SH   DFND 1,2,3 0 14,863 0
AMGEN INC COM 031162100 1,710 10,030 SH   DFND 1,2,3 0 10,030 0
MONSANTO CO NEW COM 61166W101 415 3,560 SH   DFND 1,2,3 0 3,560 0
GOLAR LNG LTD BERMUD SHS G9456A100 3,456 126,313 SH   DFND 1,2,3 0 126,313 0
COVANTA HLDG CORP COM 22282E102 8,575 591,381 SH   DFND 1,2,3 0 591,381 0
TIME WARNER INC COM NEW 887317303 3,113 32,910 SH   DFND 1,2,3 0 32,910 0
OCCIDENTAL PETE CORP COM 674599105 1,622 24,966 SH   DFND 1,2,3 0 24,966 0
CATERPILLAR INC DEL COM 149123101 1,357 9,205 SH   DFND 1,2,3 0 9,205 0
VORNADO RLTY TR SH BEN INT 929042109 3,400 50,515 SH   DFND 1,2,3 0 50,515 0
NRG ENERGY INC COM NEW 629377508 1,293 42,341 SH   DFND 1,2,3 0 42,341 0
FUELCELL ENERGY INC COM NEW 35952H502 761 439,851 SH   DFND 1,2,3 0 439,851 0
DOWDUPONT INC COM 26078J100 5,833 91,555 SH   DFND 1,2,3 0 91,555 0
COCA COLA CO COM 191216100 1,238 28,500 SH   DFND 1,2,3 0 28,500 0
ANADARKO PETE CORP COM 032511107 1,127 18,660 SH   DFND 1,2,3 0 18,660 0
EATON CORP PLC SHS G29183103 3,765 47,114 SH   DFND 1,2,3 0 47,114 0
ALPHABET INC CAP STK CL A 02079K305 970 935 SH   DFND 1,2,3 0 935 0
GENERAL MTRS CO COM 37045V100 8,282 227,897 SH   DFND 1,2,3 0 227,897 0
BARRICK GOLD CORP COM 067901108 1,875 150,595 SH   DFND 1,2,3 0 150,595 0
FOREST CITY RLTY TR COM CL A 345605109 1,378 68,000 SH   DFND 1,2,3 0 68,000 0
BROOKDALE SR LIVING COM 112463104 1,375 204,990 SH   DFND 1,2,3 0 204,990 0
ELECTRUM SPL ACQUISI W EXP 06/16/202 G3105C112 27 78,949 SH   DFND 1,2,3 0 78,949 0
PITNEY BOWES INC COM 724479100 2,385 218,965 SH   DFND 1,2,3 0 218,965 0
DISH NETWORK CORP CL A 25470M109 1,977 52,170 SH   DFND 1,2,3 0 52,170 0
NOVAGOLD RES INC COM NEW 66987E206 775 178,982 SH   DFND 1,2,3 0 178,982 0
CORNING INC COM 219350105 2,562 91,890 SH   DFND 1,2,3 0 91,890 0
TECK RESOURCES LTD CL B 878742204 1,025 39,780 SH   DFND 1,2,3 0 39,780 0
PFIZER INC COM 717081103 6,619 186,491 SH   DFND 1,2,3 0 186,491 0
ELECTRUM SPL ACQUISI SHS G3105C104 819 78,949 SH   DFND 1,2,3 0 78,949 0
WILLIAMS COS INC DEL COM 969457100 424 17,070 SH   DFND 1,2,3 0 17,070 0
HESS CORP COM 42809H107 6,266 123,776 SH   DFND 1,2,3 0 123,776 0
DOLLAR TREE INC COM 256746108 1,829 19,270 SH   DFND 1,2,3 0 19,270 0
INTL PAPER CO COM 460146103 1,966 36,805 SH   DFND 1,2,3 0 36,805 0
MACQUARIE INFRASTRUC COM 55608B105 440 11,910 SH   DFND 1,2,3 0 11,910 0
FIRST HORIZON NATL C COM 320517105 1,324 70,300 SH   DFND 1,2,3 0 70,300 0
FIRST CTZNS BANCSHAR CL A 31946M103 1,134 2,745 SH   DFND 1,2,3 0 2,745 0
CONMED CORP COM 207410101 349 5,503 SH   DFND 1,2,3 0 5,503 0
TUPPERWARE BRANDS CO COM 899896104 876 18,100 SH   DFND 1,2,3 0 18,100 0
SCIENCE APPLICATNS I COM 808625107 780 9,900 SH   DFND 1,2,3 0 9,900 0
KAPSTONE PAPER & PAC COM 48562P103 385 11,231 SH   DFND 1,2,3 0 11,231 0
COMTECH TELECOMMUNIC COM NEW 205826209 2,368 79,219 SH   DFND 1,2,3 0 79,219 0
PORTLAND GEN ELEC CO COM NEW 736508847 413 10,200 SH   DFND 1,2,3 0 10,200 0
GRANITE REAL ESTATE UNIT 99/99/9999 387437114 928 23,500 SH   DFND 1,2,3 0 23,500 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 615 6,100 SH   DFND 1,2,3 0 6,100 0
GOVERNMENT PPTYS INC COM SHS BEN INT 38376A103 618 45,214 SH   DFND 1,2,3 0 45,214 0
FIRST BANCORP N C COM 318910106 244 6,839 SH   DFND 1,2,3 0 6,839 0
TENET HEALTHCARE COR COM NEW 88033G407 236 9,725 SH   DFND 1,2,3 0 9,725 0
INNOSPEC INC COM 45768S105 1,449 21,117 SH   DFND 1,2,3 0 21,117 0
LYON WILLIAM HOMES CL A NEW 552074700 715 25,998 SH   DFND 1,2,3 0 25,998 0
ARRIS INTL INC SHS G0551A103 415 15,616 SH   DFND 1,2,3 0 15,616 0
CARPENTER TECHNOLOGY COM 144285103 394 8,936 SH   DFND 1,2,3 0 8,936 0
EZCORP INC CL A NON VTG 302301106 627 47,500 SH   DFND 1,2,3 0 47,500 0
TETRA TECHNOLOGIES I COM 88162F105 269 71,600 SH   DFND 1,2,3 0 71,600 0
GREAT PLAINS ENERGY COM 391164100 499 15,700 SH   DFND 1,2,3 0 15,700 0
CNO FINL GROUP INC COM 12621E103 1,014 46,789 SH   DFND 1,2,3 0 46,789 0
SOUTH ST CORP COM 840441109 626 7,341 SH   DFND 1,2,3 0 7,341 0
MILLER INDS INC TENN COM NEW 600551204 268 10,727 SH   DFND 1,2,3 0 10,727 0
ATLANTIC CAP BANCSHA COM 048269203 351 19,374 SH   DFND 1,2,3 0 19,374 0
HARSCO CORP COM 415864107 384 18,600 SH   DFND 1,2,3 0 18,600 0
ENSCO PLC SHS CLASS A G3157S106 210 47,800 SH   DFND 1,2,3 0 47,800 0
HOEGH LNG PARTNERS L COM UNIT LTD Y3262R100 502 30,967 SH   DFND 1,2,3 0 30,967 0
NELNET INC CL A 64031N108 252 4,800 SH   DFND 1,2,3 0 4,800 0
VIRTUS INVT PARTNERS COM 92828Q109 1,496 12,085 SH   DFND 1,2,3 0 12,085 0
ENOVA INTL INC COM 29357K103 760 34,457 SH   DFND 1,2,3 0 34,457 0
CATCHMARK TIMBER TR CL A 14912Y202 174 13,960 SH   DFND 1,2,3 0 13,960 0
TEEKAY TANKERS LTD CL A Y8565N102 498 418,650 SH   DFND 1,2,3 0 418,650 0
BRIGHTSPHERE INVESTM SHS G1644T109 453 28,733 SH   DFND 1,2,3 0 28,733 0
AVAYA HLDGS CORP COM 05351X101 3,942 175,000 SH   DFND 1,2,3 0 175,000 0
ISHARES US ETF TR SHT MAT BD ETF 46431W507 5,016 100,000 SH   DFND 1,2,3 0 100,000 0
MOELIS & CO CL A 60786M105 11,102 218,337 SH   DFND 1,2,3 0 218,337 0
CVR PARTNERS LP COM 126633106 1,634 502,664 SH   DFND 1,2,3 0 502,664 0
WESTERN DIGITAL CORP COM 958102105 5,259 57,000 SH   DFND 1,2,3 0 57,000 0
KINDER MORGAN INC DE COM 49456B101 4,669 310,000 SH   DFND 1,2,3 0 310,000 0
AERCAP HOLDINGS NV SHS N00985106 5,173 102,000 SH   DFND 1,2,3 0 102,000 0
MARATHON PETE CORP COM 56585A102 5,629 77,000 SH   DFND 1,2,3 0 77,000 0
ADIENT PLC ORD SHS G0084W101 5,080 85,000 SH   DFND 1,2,3 0 85,000 0
CIGNA CORPORATION COM 125509109 3,355 20,000 SH   DFND 1,2,3 0 20,000 0
HCA HEALTHCARE INC COM 40412C101 2,910 30,000 SH   DFND 1,2,3 0 30,000 0
LKQ CORP COM 501889208 1,139 30,000 SH   DFND 1,2,3 0 30,000 0