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
ACTUANT CORP CL A NEW 00508X203 1,444 58,198 SH   DFND 1,2,3 0 58,198 0
AECOM COM 00766T100 2,023 53,459 SH   DFND 1,2,3 0 53,459 0
AERIE PHARMACEUTICAL COM 00771V108 870 29,431 SH   DFND 1,2,3 0 29,431 0
ALPHABET INC CAP STK CL C 02079K107 5,729 5,300 SH   DFND 1,2,3 0 5,300 0
ALPHABET INC CAP STK CL A 02079K305 4,261 3,935 SH   DFND 1,2,3 0 3,935 0
AMC ENTMT HLDGS INC CL A COM 00165C104 270 28,900 SH   DFND 1,2,3 0 28,900 0
AMERICAN EQTY INVT L COM 025676206 776 28,585 SH   DFND 1,2,3 0 28,585 0
AMERICAN INTL GROUP COM NEW 026874784 3,536 66,361 SH   DFND 1,2,3 0 66,361 0
ANALOG DEVICES INC COM 032654105 4,515 40,000 SH   DFND 1,2,3 0 40,000 0
ANIXTER INTL INC COM 035290105 1,355 22,692 SH   DFND 1,2,3 0 22,692 0
AON PLC SHS CL A G0408V102 2,895 15,000 SH   DFND 1,2,3 0 15,000 0
APPLE INC COM 037833100 2,276 11,500 SH   DFND 1,2,3 0 11,500 0
ARAMARK COM 03852U106 6,311 175,000 SH   DFND 1,2,3 0 175,000 0
ARC DOCUMENT SOLUTIO COM 00191G103 98 47,823 SH   DFND 1,2,3 0 47,823 0
ARGO GROUP INTL HLDG COM G0464B107 536 7,245 SH   DFND 1,2,3 0 7,245 0
ASSOCIATED BANC CORP COM 045487105 1,164 55,074 SH   DFND 1,2,3 0 55,074 0
AT&T INC COM 00206R102 1,542 46,014 SH   DFND 1,2,3 0 46,014 0
ATHENE HLDG LTD CL A G0684D107 1,796 41,700 SH   DFND 1,2,3 0 41,700 0
ATLANTIC CAP BANCSHA COM 048269203 294 17,173 SH   DFND 1,2,3 0 17,173 0
AVIS BUDGET GROUP IN COM 053774105 1,279 36,386 SH   DFND 1,2,3 0 36,386 0
AVNET INC COM 053807103 3,303 72,961 SH   DFND 1,2,3 0 72,961 0
AXA EQUITABLE HLDGS COM 054561105 2,078 99,445 SH   DFND 1,2,3 0 99,445 0
AXIS CAPITAL HOLDING SHS G0692U109 2,645 44,335 SH   DFND 1,2,3 0 44,335 0
BANK AMER CORP COM 060505104 9,430 325,173 SH   DFND 1,2,3 0 325,173 0
BARRICK GOLD CORPORA COM 067901108 2,375 150,595 SH   DFND 1,2,3 0 150,595 0
BLACK HILLS CORP COM 092113109 516 6,600 SH   DFND 1,2,3 0 6,600 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 4,087 92,000 SH   DFND 1,2,3 0 92,000 0
BOEING CO COM 097023105 3,422 9,400 SH   DFND 1,2,3 0 9,400 0
BRIGHTSPHERE INVESTM SHS G1644T109 253 22,133 SH   DFND 1,2,3 0 22,133 0
BRISTOL MYERS SQUIBB COM 110122108 4,989 110,000 SH   DFND 1,2,3 0 110,000 0
BROOKDALE SR LIVING COM 112463104 818 113,513 SH   DFND 1,2,3 0 113,513 0
C&J ENERGY SVCS INC COM 12674R100 953 80,861 SH   DFND 1,2,3 0 80,861 0
CAPITAL ONE FINL COR COM 14040H105 3,261 35,943 SH   DFND 1,2,3 0 35,943 0
CARPENTER TECHNOLOGY COM 144285103 419 8,736 SH   DFND 1,2,3 0 8,736 0
CATCHMARK TIMBER TR CL A 14912Y202 146 13,960 SH   DFND 1,2,3 0 13,960 0
CATERPILLAR INC DEL COM 149123101 1,255 9,205 SH   DFND 1,2,3 0 9,205 0
CELESTICA INC SUB VTG SHS 15101Q108 882 129,082 SH   DFND 1,2,3 0 129,082 0
CENOVUS ENERGY INC COM 15135U109 1,816 205,929 SH   DFND 1,2,3 0 205,929 0
CHENIERE ENERGY INC COM NEW 16411R208 5,134 75,000 SH   DFND 1,2,3 0 75,000 0
CHESAPEAKE ENERGY CO COM 165167107 481 246,646 SH   DFND 1,2,3 0 246,646 0
CIGNA CORP NEW COM 125523100 10,320 65,500 SH   DFND 1,2,3 0 65,500 0
CISCO SYS INC COM 17275R102 7,843 143,300 SH   DFND 1,2,3 0 143,300 0
CITIGROUP INC COM NEW 172967424 14,446 206,289 SH   DFND 1,2,3 0 206,289 0
CNO FINL GROUP INC COM 12621E103 1,857 111,359 SH   DFND 1,2,3 0 111,359 0
COCA COLA CO COM 191216100 1,088 21,375 SH   DFND 1,2,3 0 21,375 0
COGNIZANT TECHNOLOGY CL A 192446102 2,115 33,367 SH   DFND 1,2,3 0 33,367 0
COMCAST CORP NEW CL A 20030N101 6,342 150,000 SH   DFND 1,2,3 0 150,000 0
COMTECH TELECOMMUNIC COM NEW 205826209 2,171 77,219 SH   DFND 1,2,3 0 77,219 0
CONMED CORP COM 207410101 420 4,903 SH   DFND 1,2,3 0 4,903 0
COOPER STD HLDGS INC COM 21676P103 3,431 74,875 SH   DFND 1,2,3 0 74,875 0
CORNING INC COM 219350105 2,164 65,110 SH   DFND 1,2,3 0 65,110 0
CORTEVA INC COM 22052L104 1,923 65,040 SH   DFND 1,2,3 0 65,040 0
COVANTA HLDG CORP COM 22282E102 6,390 356,779 SH   DFND 1,2,3 0 356,779 0
CSX CORP COM 126408103 4,255 55,000 SH   DFND 1,2,3 0 55,000 0
CVR PARTNERS LP COM 126633106 2,056 502,664 SH   DFND 1,2,3 0 502,664 0
D R HORTON INC COM 23331A109 3,614 83,800 SH   DFND 1,2,3 0 83,800 0
DELTA AIR LINES INC COM NEW 247361702 5,586 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITAL COM 252784301 347 33,571 SH   DFND 1,2,3 0 33,571 0
DISH NETWORK CORP CL A 25470M109 756 19,688 SH   DFND 1,2,3 0 19,688 0
DISNEY WALT CO COM DISNEY 254687106 7,934 56,819 SH   DFND 1,2,3 0 56,819 0
DUPONT DE NEMOURS IN COM 26614N102 4,883 65,040 SH   DFND 1,2,3 0 65,040 0
EATON CORP PLC SHS G29183103 1,840 22,100 SH   DFND 1,2,3 0 22,100 0
EDISON INTL COM 281020107 2,438 36,162 SH   DFND 1,2,3 0 36,162 0
ELANCO ANIMAL HEALTH COM 28414H103 1,325 39,200 SH   DFND 1,2,3 0 39,200 0
ENOVA INTL INC COM 29357K103 949 41,157 SH   DFND 1,2,3 0 41,157 0
ENSCO ROWAN PLC SHS CLASS A G3166L100 105 12,350 SH   DFND 1,2,3 0 12,350 0
EOG RES INC COM 26875P101 3,540 38,000 SH   DFND 1,2,3 0 38,000 0
EXXON MOBIL CORP COM 30231G102 1,149 14,998 SH   DFND 1,2,3 0 14,998 0
EZCORP INC CL A NON VTG 302301106 794 83,800 SH   DFND 1,2,3 0 0 83,800
FARMER BROS CO COM 307675108 812 49,617 SH   DFND 1,2,3 0 49,617 0
FIRST BANCORP N C COM 318910106 340 9,339 SH   DFND 1,2,3 0 9,339 0
FIRST CTZNS BANCSHAR CL A 31946M103 1,416 3,145 SH   DFND 1,2,3 0 3,145 0
FIRST HORIZON NATL C COM 320517105 1,378 92,300 SH   DFND 1,2,3 0 92,300 0
FIRST MIDWEST BANCOR COM 320867104 824 40,260 SH   DFND 1,2,3 0 40,260 0
FORD MTR CO DEL COM 345370860 2,504 244,808 SH   DFND 1,2,3 0 244,808 0
FUELCELL ENERGY INC COM 35952H601 29 165,753 SH   DFND 1,2,3 0 165,753 0
GARDNER DENVER HLDGS COM 36555P107 2,941 85,000 SH   DFND 1,2,3 0 85,000 0
GENERAL MTRS CO COM 37045V100 7,523 195,255 SH   DFND 1,2,3 0 195,255 0
GIBRALTAR INDS INC COM 374689107 1,088 26,963 SH   DFND 1,2,3 0 26,963 0
GILDAN ACTIVEWEAR IN COM 375916103 951 24,584 SH   DFND 1,2,3 0 24,584 0
GOLAR LNG LTD BERMUD SHS G9456A100 1,027 55,553 SH   DFND 1,2,3 0 55,553 0
GOLDMAN SACHS GROUP COM 38141G104 1,626 7,949 SH   DFND 1,2,3 0 7,949 0
GRANITE REAL ESTATE UNIT 99/99/9999 387437114 904 19,800 SH   DFND 1,2,3 0 19,800 0
HALLIBURTON CO COM 406216101 2,930 128,869 SH   DFND 1,2,3 0 128,869 0
HANGER INC COM NEW 41043F208 450 23,500 SH   DFND 1,2,3 0 23,500 0
HCA HEALTHCARE INC COM 40412C101 6,759 50,000 SH   DFND 1,2,3 0 50,000 0
HESS CORP COM 42809H107 4,453 70,041 SH   DFND 1,2,3 0 70,041 0
HEWLETT PACKARD ENTE COM 42824C109 2,251 150,554 SH   DFND 1,2,3 0 150,554 0
HIGHPOINT RES CORP COM 43114K108 231 127,100 SH   DFND 1,2,3 0 127,100 0
HOEGH LNG PARTNERS L COM UNIT LTD Y3262R100 230 13,267 SH   DFND 1,2,3 0 13,267 0
HOPE BANCORP INC COM 43940T109 1,044 75,746 SH   DFND 1,2,3 0 75,746 0
INNOSPEC INC COM 45768S105 823 9,017 SH   DFND 1,2,3 0 9,017 0
INSIGHT ENTERPRISES COM 45765U103 548 9,409 SH   DFND 1,2,3 0 9,409 0
INTL PAPER CO COM 460146103 2,417 55,795 SH   DFND 1,2,3 0 55,795 0
ISHARES US ETF TR SHT MAT BD ETF 46431W507 5,033 100,000 SH   DFND 1,2,3 0 100,000 0
JABIL INC COM 466313103 574 18,161 SH   DFND 1,2,3 0 18,161 0
JACOBS ENGR GROUP IN COM 469814107 5,485 65,000 SH   DFND 1,2,3 0 65,000 0
JELD-WEN HLDG INC COM 47580P103 3,736 175,961 SH   DFND 1,2,3 0 175,961 0
JPMORGAN CHASE & CO COM 46625H100 19,047 170,364 SH   DFND 1,2,3 0 170,364 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 615 6,300 SH   DFND 1,2,3 0 6,300 0
KBR INC COM 48242W106 3,281 131,551 SH   DFND 1,2,3 0 131,551 0
KINDER MORGAN INC DE COM 49456B101 10,440 500,000 SH   DFND 1,2,3 0 500,000 0
KKR & CO INC CL A 48251W104 1,208 47,793 SH   DFND 1,2,3 0 47,793 0
KRAFT HEINZ CO COM 500754106 1,812 58,365 SH   DFND 1,2,3 0 58,365 0
LEAR CORP COM NEW 521865204 3,363 24,150 SH   DFND 1,2,3 0 24,150 0
LENNAR CORP CL A 526057104 2,520 52,000 SH   DFND 1,2,3 0 52,000 0
LINCOLN NATL CORP IN COM 534187109 3,641 56,500 SH   DFND 1,2,3 0 56,500 0
LYON WILLIAM HOMES CL A NEW 552074700 490 26,898 SH   DFND 1,2,3 0 26,898 0
LYONDELLBASELL INDUS SHS - A - N53745100 9,664 112,200 SH   DFND 1,2,3 0 112,200 0
MACQUARIE INFRASTRUC COM 55608B105 483 11,910 SH   DFND 1,2,3 0 11,910 0
MARATHON PETE CORP COM 56585A102 9,500 170,000 SH   DFND 1,2,3 0 170,000 0
MASONITE INTL CORP N COM 575385109 1,236 23,464 SH   DFND 1,2,3 0 23,464 0
MCKESSON CORP COM 58155Q103 3,085 22,952 SH   DFND 1,2,3 0 22,952 0
METLIFE INC COM 59156R108 2,856 57,490 SH   DFND 1,2,3 0 57,490 0
MICROSOFT CORP COM 594918104 22,304 166,500 SH   DFND 1,2,3 0 166,500 0
MILLER INDS INC TENN COM NEW 600551204 469 15,248 SH   DFND 1,2,3 0 15,248 0
MORGAN STANLEY COM NEW 617446448 2,179 49,734 SH   DFND 1,2,3 0 49,734 0
MOTORCAR PTS AMER IN COM 620071100 694 32,399 SH   DFND 1,2,3 0 32,399 0
MOTOROLA SOLUTIONS I COM NEW 620076307 3,818 22,900 SH   DFND 1,2,3 0 22,900 0
MURPHY OIL CORP COM 626717102 774 31,414 SH   DFND 1,2,3 0 31,414 0
MYLAN N V SHS EURO N59465109 1,298 68,171 SH   DFND 1,2,3 0 68,171 0
NATIONAL OILWELL VAR COM 637071101 2,897 130,318 SH   DFND 1,2,3 0 130,318 0
NAVIGANT CONSULTING COM 63935N107 317 13,686 SH   DFND 1,2,3 0 13,686 0
NELNET INC CL A 64031N108 266 4,500 SH   DFND 1,2,3 0 4,500 0
NEWELL BRANDS INC COM 651229106 1,836 119,068 SH   DFND 1,2,3 0 119,068 0
NOVAGOLD RES INC COM NEW 66987E206 3,009 509,124 SH   DFND 1,2,3 0 509,124 0
OCCIDENTAL PETE CORP COM 674599105 3,482 69,248 SH   DFND 1,2,3 0 69,248 0
OFFICE PPTYS INCOME COM SHS BEN INT 67623C109 522 19,853 SH   DFND 1,2,3 0 19,853 0
OMNICOM GROUP INC COM 681919106 2,824 34,457 SH   DFND 1,2,3 0 34,457 0
ORACLE CORP COM 68389X105 8,650 151,834 SH   DFND 1,2,3 0 151,834 0
PFIZER INC COM 717081103 7,597 175,358 SH   DFND 1,2,3 0 175,358 0
PHILLIPS 66 COM 718546104 935 10,000 SH   DFND 1,2,3 0 10,000 0
PIONEER NAT RES CO COM 723787107 4,123 26,800 SH   DFND 1,2,3 0 26,800 0
PITNEY BOWES INC COM 724479100 1,031 240,782 SH   DFND 1,2,3 0 240,782 0
PORTLAND GEN ELEC CO COM NEW 736508847 580 10,700 SH   DFND 1,2,3 0 10,700 0
PVH CORP COM 693656100 2,124 22,443 SH   DFND 1,2,3 0 22,443 0
REALOGY HLDGS CORP COM 75605Y106 243 33,560 SH   DFND 1,2,3 0 33,560 0
REV GROUP INC COM 749527107 1,304 90,520 SH   DFND 1,2,3 0 90,520 0
ROYAL DUTCH SHELL PL SPONS ADR A 780259206 1,268 19,490 SH   DFND 1,2,3 0 19,490 0
RYDER SYS INC COM 783549108 3,271 56,102 SH   DFND 1,2,3 0 56,102 0
SCANSOURCE INC COM 806037107 1,123 34,503 SH   DFND 1,2,3 0 34,503 0
SCIENCE APPLICATNS I COM 808625107 883 10,200 SH   DFND 1,2,3 0 10,200 0
SOUTH ST CORP COM 840441109 541 7,341 SH   DFND 1,2,3 0 7,341 0
SPECTRUM BRANDS HLDG COM 84790A105 862 16,023 SH   DFND 1,2,3 0 16,023 0
STANLEY BLACK & DECK COM 854502101 1,861 12,866 SH   DFND 1,2,3 0 12,866 0
STEELCASE INC CL A 858155203 366 21,407 SH   DFND 1,2,3 0 21,407 0
SUPERIOR ENERGY SVCS COM 868157108 41 31,500 SH   DFND 1,2,3 0 31,500 0
SYNOVUS FINL CORP COM NEW 87161C501 833 23,809 SH   DFND 1,2,3 0 23,809 0
T MOBILE US INC COM 872590104 2,447 33,000 SH   DFND 1,2,3 0 33,000 0
TCF FINL CORP COM 872275102 740 35,599 SH   DFND 1,2,3 0 35,599 0
TEEKAY TANKERS LTD CL A Y8565N102 223 174,250 SH   DFND 1,2,3 0 174,250 0
TENET HEALTHCARE COR COM NEW 88033G407 281 13,625 SH   DFND 1,2,3 0 13,625 0
TEREX CORP NEW COM 880779103 2,662 84,765 SH   DFND 1,2,3 0 84,765 0
TETRA TECHNOLOGIES I COM 88162F105 148 90,700 SH   DFND 1,2,3 0 90,700 0
TRAVELERS COMPANIES COM 89417E109 3,379 22,600 SH   DFND 1,2,3 0 22,600 0
TRIMAS CORP COM NEW 896215209 1,117 36,078 SH   DFND 1,2,3 0 36,078 0
TRIPLE-S MGMT CORP CL B 896749108 812 34,053 SH   DFND 1,2,3 0 34,053 0
TUPPERWARE BRANDS CO COM 899896104 267 14,038 SH   DFND 1,2,3 0 14,038 0
UBS GROUP AG SHS H42097107 1,193 100,375 SH   DFND 1,2,3 0 100,375 0
UNION PACIFIC CORP COM 907818108 2,401 14,200 SH   DFND 1,2,3 0 14,200 0
UNITED RENTALS INC COM 911363109 3,196 24,100 SH   DFND 1,2,3 0 24,100 0
UNITED TECHNOLOGIES COM 913017109 3,164 24,300 SH   DFND 1,2,3 0 24,300 0
UNITEDHEALTH GROUP I COM 91324P102 8,052 33,000 SH   DFND 1,2,3 0 33,000 0
UNIVERSAL CORP VA COM 913456109 1,266 20,835 SH   DFND 1,2,3 0 20,835 0
US FOODS HLDG CORP COM 912008109 5,543 155,000 SH   DFND 1,2,3 0 155,000 0
VAREX IMAGING CORP COM 92214X106 960 31,324 SH   DFND 1,2,3 0 31,324 0
VERIZON COMMUNICATIO COM 92343V104 3,354 58,715 SH   DFND 1,2,3 0 58,715 0
VIRTUS INVT PARTNERS COM 92828Q109 1,040 9,685 SH   DFND 1,2,3 0 9,685 0
VISTRA ENERGY CORP COM 92840M102 1,605 70,900 SH   DFND 1,2,3 0 70,900 0
VORNADO RLTY TR SH BEN INT 929042109 3,238 50,515 SH   DFND 1,2,3 0 50,515 0
VOYA FINL INC COM 929089100 1,786 32,300 SH   DFND 1,2,3 0 32,300 0
WABTEC CORP COM 929740108 4,314 60,117 SH   DFND 1,2,3 0 60,117 0
WEBSTER FINL CORP CO COM 947890109 872 18,263 SH   DFND 1,2,3 0 18,263 0
WELLS FARGO CO NEW COM 949746101 2,483 52,463 SH   DFND 1,2,3 0 52,463 0
WESCO AIRCRAFT HLDGS COM 950814103 1,322 119,070 SH   DFND 1,2,3 0 119,070 0
WESTERN DIGITAL CORP COM 958102105 6,895 145,000 SH   DFND 1,2,3 0 145,000 0
WILLIAMS COS INC DEL COM 969457100 479 17,070 SH   DFND 1,2,3 0 17,070 0
WPX ENERGY INC COM 98212B103 2,147 186,500 SH   DFND 1,2,3 0 186,500 0
WSFS FINL CORP COM 929328102 713 17,269 SH   DFND 1,2,3 0 17,269 0
XEROX CORP COM NEW 984121608 1,798 50,764 SH   DFND 1,2,3 0 50,764 0