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
ACTIVISION BLIZZARD COM 00507V109 931 20,000 SH   DFND 1,2,3 0 20,000 0
ACTUANT CORP CL A NEW 00508X203 1,174 55,925 SH   DFND 1,2,3 0 55,925 0
ADIENT PLC ORD SHS G0084W101 3,193 212,000 SH   DFND 1,2,3 0 212,000 0
AECOM COM 00766T100 1,417 53,459 SH   DFND 1,2,3 0 53,459 0
AERCAP HOLDINGS NV SHS N00985106 1,584 40,000 SH   DFND 1,2,3 0 40,000 0
ALPHABET INC CAP STK CL C 02079K107 5,489 5,300 SH   DFND 1,2,3 0 5,300 0
ALPHABET INC CAP STK CL A 02079K305 7,142 6,835 SH   DFND 1,2,3 0 6,835 0
AMERICAN AIRLS GROUP COM 02376R102 1,040 32,400 SH   DFND 1,2,3 0 32,400 0
AMERICAN EQTY INVT L COM 025676206 799 28,585 SH   DFND 1,2,3 0 28,585 0
AMERICAN INTL GROUP COM NEW 026874784 2,702 68,561 SH   DFND 1,2,3 0 68,561 0
AMGEN INC COM 031162100 1,953 10,030 SH   DFND 1,2,3 0 10,030 0
ANADARKO PETE CORP COM 032511107 572 13,040 SH   DFND 1,2,3 0 13,040 0
ANALOG DEVICES INC COM 032654105 3,433 40,000 SH   DFND 1,2,3 0 40,000 0
ANIXTER INTL INC COM 035290105 1,232 22,692 SH   DFND 1,2,3 0 22,692 0
APPLE INC COM 037833100 1,814 11,500 SH   DFND 1,2,3 0 11,500 0
ARC DOCUMENT SOLUTIO COM 00191G103 98 47,823 SH   DFND 1,2,3 0 47,823 0
ARGO GROUP INTL HLDG COM G0464B107 821 12,212 SH   DFND 1,2,3 0 12,212 0
ARRIS INTL INC SHS G0551A103 792 25,916 SH   DFND 1,2,3 0 25,916 0
ASPEN INSURANCE HOLD SHS G05384105 942 22,423 SH   DFND 1,2,3 0 22,423 0
ASSOCIATED BANC CORP COM 045487105 1,090 55,074 SH   DFND 1,2,3 0 55,074 0
AT&T INC COM 00206R102 1,313 46,014 SH   DFND 1,2,3 0 46,014 0
ATHENE HLDG LTD CL A G0684D107 1,992 50,000 SH   DFND 1,2,3 0 50,000 0
ATLANTIC CAP BANCSHA COM 048269203 293 17,873 SH   DFND 1,2,3 0 17,873 0
AVIS BUDGET GROUP COM 053774105 819 36,420 SH   DFND 1,2,3 0 36,420 0
AVNET INC COM 053807103 2,634 72,961 SH   DFND 1,2,3 0 72,961 0
AXA EQUITABLE HLDGS COM 054561105 1,406 84,525 SH   DFND 1,2,3 0 84,525 0
AXALTA COATING SYS L COM G0750C108 4,286 183,000 SH   DFND 1,2,3 0 183,000 0
AXIS CAPITAL HOLDING SHS G0692U109 2,899 56,140 SH   DFND 1,2,3 0 56,140 0
BANK AMER CORP COM 060505104 2,284 92,682 SH   DFND 1,2,3 0 92,682 0
BARRICK GOLD CORP COM 067901108 2,039 150,595 SH   DFND 1,2,3 0 150,595 0
BLACK HILLS CORP COM 092113109 402 6,400 SH   DFND 1,2,3 0 6,400 0
BRIGHTSPHERE INVESTM SHS G1644T109 282 26,433 SH   DFND 1,2,3 0 26,433 0
BROOKDALE SR LIVING COM 112463104 761 113,513 SH   DFND 1,2,3 0 113,513 0
C&J ENERGY SVCS INC COM 12674R100 296 21,961 SH   DFND 1,2,3 0 21,961 0
CAPITAL ONE FINL COR COM 14040H105 2,406 31,827 SH   DFND 1,2,3 0 31,827 0
CARPENTER TECHNOLOGY COM 144285103 290 8,136 SH   DFND 1,2,3 0 8,136 0
CATCHMARK TIMBER TR CL A 14912Y202 99 13,960 SH   DFND 1,2,3 0 13,960 0
CATERPILLAR INC DEL COM 149123101 1,170 9,205 SH   DFND 1,2,3 0 9,205 0
CELESTICA INC SUB VTG SHS 15101Q108 602 68,598 SH   DFND 1,2,3 0 68,598 0
CENOVUS ENERGY INC COM 15135U109 1,450 205,929 SH   DFND 1,2,3 0 205,929 0
CHESAPEAKE ENERGY CO COM 165167107 283 134,600 SH   DFND 1,2,3 0 134,600 0
CIGNA ORD COM 125523100 12,250 64,500 SH   DFND 1,2,3 0 64,500 0
CISCO SYS INC COM 17275R102 10,165 234,600 SH   DFND 1,2,3 0 234,600 0
CITIGROUP INC COM NEW 172967424 10,546 202,580 SH   DFND 1,2,3 0 202,580 0
CNO FINL GROUP INC COM 12621E103 696 46,789 SH   DFND 1,2,3 0 46,789 0
COCA COLA CO COM 191216100 1,349 28,500 SH   DFND 1,2,3 0 28,500 0
COGNIZANT TECHNOLOGY CL A 192446102 2,118 33,367 SH   DFND 1,2,3 0 33,367 0
COMCAST CORP NEW CL A 20030N101 8,921 262,000 SH   DFND 1,2,3 0 262,000 0
COMTECH TELECOMMUNIC COM NEW 205826209 1,880 77,219 SH   DFND 1,2,3 0 77,219 0
CONMED CORP COM 207410101 353 5,503 SH   DFND 1,2,3 0 5,503 0
COOPER STD HLDGS INC COM 21676P103 2,847 45,836 SH   DFND 1,2,3 0 45,836 0
CORNING INC COM 219350105 3,261 107,935 SH   DFND 1,2,3 0 107,935 0
COVANTA HLDG CORP COM 22282E102 5,633 419,739 SH   DFND 1,2,3 0 419,739 0
CSX CORP COM 126408103 3,417 55,000 SH   DFND 1,2,3 0 55,000 0
CVR PARTNERS LP COM 126633106 1,709 502,664 SH   DFND 1,2,3 0 502,664 0
CVS HEALTH CORP COM 126650100 2,828 43,165 SH   DFND 1,2,3 0 43,165 0
D R HORTON INC COM 23331A109 3,265 94,200 SH   DFND 1,2,3 0 94,200 0
DELTA AIR LINES INC COM NEW 247361702 4,912 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITAL COM 252784301 305 33,571 SH   DFND 1,2,3 0 33,571 0
DISH NETWORK CORP CL A 25470M109 3,246 130,000 SH   DFND 1,2,3 0 130,000 0
DOVER CORP COM 260003108 679 9,574 SH   DFND 1,2,3 0 9,574 0
DOWDUPONT INC COM 26078J100 11,364 212,497 SH   DFND 1,2,3 0 212,497 0
EATON CORP PLC SHS G29183103 1,517 22,100 SH   DFND 1,2,3 0 22,100 0
EDISON INTL COM 281020107 2,053 36,162 SH   DFND 1,2,3 0 36,162 0
ENOVA INTL INC COM 29357K103 855 43,957 SH   DFND 1,2,3 0 43,957 0
ENSCO PLC SHS CLASS A G3157S106 76 21,300 SH   DFND 1,2,3 0 21,300 0
EOG RES INC COM 26875P101 3,314 38,000 SH   DFND 1,2,3 0 38,000 0
ESSENDANT INC COM 296689102 1,095 87,059 SH   DFND 1,2,3 0 87,059 0
EXXON MOBIL CORP COM 30231G102 1,108 16,243 SH   DFND 1,2,3 0 16,243 0
EZCORP INC CL A NON VTG 302301106 505 65,300 SH   DFND 1,2,3 0 65,300 0
FEDEX CORP COM 31428X106 4,049 25,100 SH   DFND 1,2,3 0 25,100 0
FIRST BANCORP N C COM 318910106 223 6,839 SH   DFND 1,2,3 0 6,839 0
FIRST CTZNS BANCSHAR CL A 31946M103 1,186 3,145 SH   DFND 1,2,3 0 3,145 0
FIRST HORIZON NATL C COM 320517105 1,141 86,700 SH   DFND 1,2,3 0 86,700 0
FIRST MIDWEST BANCOR COM 320867104 661 33,345 SH   DFND 1,2,3 0 33,345 0
FLEX LTD ORD Y2573F102 3,775 496,000 SH   DFND 1,2,3 0 496,000 0
FORD MTR CO DEL COM PAR $0.01 345370860 2,419 316,162 SH   DFND 1,2,3 0 316,162 0
FRANKLIN RES INC COM 354613101 1,765 59,515 SH   DFND 1,2,3 0 59,515 0
FUELCELL ENERGY INC COM NEW 35952H502 314 570,025 SH   DFND 1,2,3 0 570,025 0
GENERAL MTRS CO COM 37045V100 10,278 307,255 SH   DFND 1,2,3 0 307,255 0
GIBRALTAR INDS INC COM 374689107 1,075 30,216 SH   DFND 1,2,3 0 30,216 0
GILDAN ACTIVEWEAR IN COM 375916103 454 14,939 SH   DFND 1,2,3 0 14,939 0
GOLAR LNG LTD BERMUD SHS G9456A100 623 28,653 SH   DFND 1,2,3 0 28,653 0
GOLDMAN SACHS GROUP COM 38141G104 1,328 7,949 SH   DFND 1,2,3 0 7,949 0
GOVERNMENT PPTYS INC COM SHS BEN INT 38376A103 311 45,214 SH   DFND 1,2,3 0 45,214 0
GRANITE REAL ESTATE UNIT 99/99/9999 387437114 910 23,400 SH   DFND 1,2,3 0 23,400 0
HALLIBURTON CO COM 406216101 1,339 50,369 SH   DFND 1,2,3 0 50,369 0
HANGER INC COM NEW 41043F208 492 20,700 SH   DFND 1,2,3 0 20,700 0
HANOVER INS GROUP IN COM 410867105 818 7,009 SH   DFND 1,2,3 0 7,009 0
HCA HEALTHCARE INC COM 40412C101 5,476 44,000 SH   DFND 1,2,3 0 44,000 0
HESS CORP COM 42809H107 3,926 96,942 SH   DFND 1,2,3 0 96,942 0
HEWLETT PACKARD ENTE COM 42824C109 3,733 282,554 SH   DFND 1,2,3 0 282,554 0
HIGHPOINT RES CORP COM 43114K108 313 125,600 SH   DFND 1,2,3 0 125,600 0
HOEGH LNG PARTNERS L COM UNIT LTD Y3262R100 448 29,167 SH   DFND 1,2,3 0 29,167 0
HOPE BANCORP INC COM 43940T109 898 75,746 SH   DFND 1,2,3 0 75,746 0
INNOSPEC INC COM 45768S105 1,002 16,217 SH   DFND 1,2,3 0 16,217 0
INSIGHT ENTERPRISES COM 45765U103 879 21,576 SH   DFND 1,2,3 0 21,576 0
INTL PAPER CO COM 460146103 2,252 55,795 SH   DFND 1,2,3 0 55,795 0
ISHARES US ETF TR SHT MAT BD ETF 46431W507 4,985 100,000 SH   DFND 1,2,3 0 100,000 0
JABIL INC COM 466313103 766 30,898 SH   DFND 1,2,3 0 30,898 0
JELD-WEN HLDG INC COM 47580P103 2,041 143,647 SH   DFND 1,2,3 0 143,647 0
JPMORGAN CHASE & CO COM 46625H100 13,009 133,264 SH   DFND 1,2,3 0 133,264 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 527 5,900 SH   DFND 1,2,3 0 5,900 0
KBR INC COM 48242W106 1,889 124,419 SH   DFND 1,2,3 0 124,419 0
KINDER MORGAN INC DE COM 49456B101 7,321 476,000 SH   DFND 1,2,3 0 476,000 0
KKR & CO INC CL A 48251W104 938 47,793 SH   DFND 1,2,3 0 47,793 0
LEAR CORP COM NEW 521865204 2,243 18,258 SH   DFND 1,2,3 0 18,258 0
LENNAR CORP CL A 526057104 2,036 52,000 SH   DFND 1,2,3 0 52,000 0
LINCOLN NATL CORP IN COM 534187109 5,778 112,600 SH   DFND 1,2,3 0 112,600 0
LKQ CORP COM 501889208 3,749 158,000 SH   DFND 1,2,3 0 158,000 0
LYON WILLIAM HOMES CL A NEW 552074700 288 26,898 SH   DFND 1,2,3 0 26,898 0
LYONDELLBASELL INDUS SHS - A - N53745100 8,582 103,200 SH   DFND 1,2,3 0 103,200 0
MACQUARIE INFRASTRUC COM 55608B105 218 5,955 SH   DFND 1,2,3 0 5,955 0
MARATHON PETE CORP COM 56585A102 7,140 121,000 SH   DFND 1,2,3 0 121,000 0
MASONITE INTL CORP N COM 575385109 1,052 23,464 SH   DFND 1,2,3 0 23,464 0
MCKESSON CORP COM 58155Q103 1,893 17,133 SH   DFND 1,2,3 0 17,133 0
MEDNAX INC COM 58502B106 2,006 60,773 SH   DFND 1,2,3 0 60,773 0
METLIFE INC COM 59156R108 2,361 57,490 SH   DFND 1,2,3 0 57,490 0
MICROSOFT CORP COM 594918104 18,272 179,900 SH   DFND 1,2,3 0 179,900 0
MILLER INDS INC TENN COM NEW 600551204 238 8,827 SH   DFND 1,2,3 0 8,827 0
MOELIS & CO CL A 60786M105 7,506 218,337 SH   DFND 1,2,3 0 218,337 0
MORGAN STANLEY COM NEW 617446448 1,972 49,734 SH   DFND 1,2,3 0 49,734 0
MOTOROLA SOLUTIONS I COM NEW 620076307 2,634 22,900 SH   DFND 1,2,3 0 22,900 0
MURPHY OIL CORP COM 626717102 544 23,279 SH   DFND 1,2,3 0 23,279 0
MYLAN N V SHS EURO N59465109 1,868 68,171 SH   DFND 1,2,3 0 68,171 0
NATIONAL OILWELL VAR COM 637071101 1,418 55,161 SH   DFND 1,2,3 0 55,161 0
NAVIGANT CONSULTING COM 63935N107 690 28,675 SH   DFND 1,2,3 0 28,675 0
NELNET INC CL A 64031N108 251 4,800 SH   DFND 1,2,3 0 4,800 0
NEWELL BRANDS INC COM 651229106 1,704 91,644 SH   DFND 1,2,3 0 91,644 0
NEWS CORP NEW CL A 65249B109 831 73,225 SH   DFND 1,2,3 0 73,225 0
NOVAGOLD RES INC COM NEW 66987E206 2,011 509,124 SH   DFND 1,2,3 0 509,124 0
NRG ENERGY INC COM NEW 629377508 1,677 42,341 SH   DFND 1,2,3 0 42,341 0
NXP SEMICONDUCTORS N COM N6596X109 2,434 33,216 SH   DFND 1,2,3 0 33,216 0
OCCIDENTAL PETE CORP COM 674599105 666 10,855 SH   DFND 1,2,3 0 10,855 0
OMNICOM GROUP INC COM 681919106 2,524 34,457 SH   DFND 1,2,3 0 34,457 0
ORACLE CORP COM 68389X105 7,923 175,475 SH   DFND 1,2,3 0 175,475 0
PFIZER INC COM 717081103 6,105 139,870 SH   DFND 1,2,3 0 139,870 0
PIONEER NAT RES CO COM 723787107 3,525 26,800 SH   DFND 1,2,3 0 26,800 0
PITNEY BOWES INC COM 724479100 1,294 218,965 SH   DFND 1,2,3 0 218,965 0
PORTLAND GEN ELEC CO COM NEW 736508847 468 10,200 SH   DFND 1,2,3 0 10,200 0
REALOGY HLDGS CORP COM 75605Y106 493 33,560 SH   DFND 1,2,3 0 33,560 0
REV GROUP INC COM 749527107 573 76,333 SH   DFND 1,2,3 0 76,333 0
ROYAL DUTCH SHELL PL SPONS ADR A 780259206 1,924 33,014 SH   DFND 1,2,3 0 33,014 0
RYDER SYS INC COM 783549108 2,400 49,846 SH   DFND 1,2,3 0 49,846 0
SCANSOURCE INC COM 806037107 995 28,945 SH   DFND 1,2,3 0 28,945 0
SCIENCE APPLICATNS I COM 808625107 580 9,100 SH   DFND 1,2,3 0 9,100 0
SOUTH ST CORP COM 840441109 440 7,341 SH   DFND 1,2,3 0 7,341 0
SPDR GOLD TRUST GOLD SHS 78463V107 25,948 214,000 SH   DFND 1,2,3 0 214,000 0
STANLEY BLACK & DECK COM 854502101 1,541 12,866 SH   DFND 1,2,3 0 12,866 0
STEELCASE INC CL A 858155203 625 42,149 SH   DFND 1,2,3 0 42,149 0
SUPERIOR ENERGY SVCS COM 868157108 174 51,985 SH   DFND 1,2,3 0 51,985 0
SYNOVUS FINL CORP COM NEW 87161C501 762 23,809 SH   DFND 1,2,3 0 23,809 0
T MOBILE US INC COM 872590104 2,669 42,000 SH   DFND 1,2,3 0 42,000 0
TCF FINL CORP COM 872275102 694 35,599 SH   DFND 1,2,3 0 35,599 0
TEEKAY TANKERS LTD CL A Y8565N102 414 445,950 SH   DFND 1,2,3 0 445,950 0
TENET HEALTHCARE COR COM NEW 88033G407 234 13,625 SH   DFND 1,2,3 0 13,625 0
TEREX CORP NEW COM 880779103 1,768 64,142 SH   DFND 1,2,3 0 64,142 0
TETRA TECHNOLOGIES I COM 88162F105 93 55,300 SH   DFND 1,2,3 0 55,300 0
TEXTRON INC COM 883203101 2,001 43,500 SH   DFND 1,2,3 0 43,500 0
TRAVELERS COMPANIES COM 89417E109 2,706 22,600 SH   DFND 1,2,3 0 22,600 0
TRIMAS CORP COM NEW 896215209 1,159 42,458 SH   DFND 1,2,3 0 42,458 0
TRIPLE-S MGMT CORP CL B 896749108 571 32,828 SH   DFND 1,2,3 0 32,828 0
TUPPERWARE BRANDS CO COM 899896104 587 18,600 SH   DFND 1,2,3 0 18,600 0
TWENTY FIRST CENTY F CL B 90130A200 4,733 99,062 SH   DFND 1,2,3 0 99,062 0
UBS GROUP AG SHS H42097107 1,249 100,375 SH   DFND 1,2,3 0 100,375 0
UNION BANKSHARES COR COM 90539J109 8,854 313,649 SH   DFND 1,2,3 0 313,649 0
UNITED RENTALS INC COM 911363109 3,025 29,500 SH   DFND 1,2,3 0 29,500 0
UNITED TECHNOLOGIES COM 913017109 905 8,500 SH   DFND 1,2,3 0 8,500 0
UNIVERSAL CORP VA COM 913456109 768 14,188 SH   DFND 1,2,3 0 14,188 0
US FOODS HLDG CORP COM 912008109 6,708 212,000 SH   DFND 1,2,3 0 212,000 0
VAREX IMAGING CORP COM 92214X106 865 36,509 SH   DFND 1,2,3 0 36,509 0
VERIZON COMMUNICATIO COM 92343V104 3,301 58,715 SH   DFND 1,2,3 0 58,715 0
VIRTUS INVT PARTNERS COM 92828Q109 936 11,785 SH   DFND 1,2,3 0 11,785 0
VORNADO RLTY TR SH BEN INT 929042109 3,133 50,515 SH   DFND 1,2,3 0 50,515 0
VOYA FINL INC COM 929089100 1,792 44,636 SH   DFND 1,2,3 0 44,636 0
WEBSTER FINL CORP CO COM 947890109 756 15,337 SH   DFND 1,2,3 0 15,337 0
WELLS FARGO CO NEW COM 949746101 1,942 42,147 SH   DFND 1,2,3 0 42,147 0
WESCO AIRCRAFT HLDGS COM 950814103 494 62,470 SH   DFND 1,2,3 0 62,470 0
WESTERN DIGITAL CORP COM 958102105 7,209 195,000 SH   DFND 1,2,3 0 195,000 0
WILLIAMS COS INC DEL COM 969457100 376 17,070 SH   DFND 1,2,3 0 17,070 0
WILLIS TOWERS WATSON SHS G96629103 6,378 42,000 SH   DFND 1,2,3 0 42,000 0
WPX ENERGY INC COM 98212B103 2,117 186,500 SH   DFND 1,2,3 0 186,500 0
WSFS FINL CORP COM 929328102 655 17,269 SH   DFND 1,2,3 0 17,269 0
XEROX CORP COM NEW 984121608 1,995 100,952 SH   DFND 1,2,3 0 100,952 0