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 1,277 58,198 SH   DFND 1,2,3 0 58,198 0
AECOM COM 00766T100 1,669 44,424 SH   DFND 1,2,3 0 44,424 0
AERIE PHARMACEUTICAL COM 00771V108 3,393 176,525 SH   DFND 1,2,3 0 176,525 0
ALPHABET INC CAP STK CL C 02079K107 6,461 5,300 SH   DFND 1,2,3 0 5,300 0
ALPHABET INC CAP STK CL A 02079K305 6,637 5,435 SH   DFND 1,2,3 0 5,435 0
AMC ENTMT HLDGS INC CL A COM 00165C104 575 53,700 SH   DFND 1,2,3 0 53,700 0
AMERICAN EQTY INVT L COM 025676206 905 37,414 SH   DFND 1,2,3 0 37,414 0
AMERICAN INTL GROUP COM NEW 026874784 3,382 60,710 SH   DFND 1,2,3 0 60,710 0
ANALOG DEVICES INC COM 032654105 4,469 40,000 SH   DFND 1,2,3 0 40,000 0
ANIXTER INTL INC COM 035290105 1,568 22,692 SH   DFND 1,2,3 0 22,692 0
AON PLC SHS CL A G0408V102 2,904 15,000 SH   DFND 1,2,3 0 15,000 0
APPLE INC COM 037833100 2,889 12,900 SH   DFND 1,2,3 0 12,900 0
ARC DOCUMENT SOLUTIO COM 00191G103 65 47,823 SH   DFND 1,2,3 0 47,823 0
ARCHER DANIELS MIDLA COM 039483102 1,557 37,900 SH   DFND 1,2,3 0 37,900 0
ARGO GROUP INTL HLDG COM G0464B107 509 7,245 SH   DFND 1,2,3 0 7,245 0
ASSOCIATED BANC CORP COM 045487105 1,115 55,074 SH   DFND 1,2,3 0 55,074 0
ATLANTIC CAP BANCSHA COM 048269203 298 17,173 SH   DFND 1,2,3 0 17,173 0
AVIS BUDGET GROUP IN COM 053774105 1,246 44,079 SH   DFND 1,2,3 0 44,079 0
AVNET INC COM 053807103 3,246 72,961 SH   DFND 1,2,3 0 72,961 0
AXA EQUITABLE HLDGS COM 054561105 2,204 99,445 SH   DFND 1,2,3 0 99,445 0
AXIS CAPITAL HOLDING SHS G0692U109 2,795 41,897 SH   DFND 1,2,3 0 41,897 0
BAKER HUGHES A GE CO CL A 05722G100 1,129 48,653 SH   DFND 1,2,3 0 48,653 0
BANK AMER CORP COM 060505104 8,610 295,173 SH   DFND 1,2,3 0 295,173 0
BARRICK GOLD CORPORA COM 067901108 1,233 71,160 SH   DFND 1,2,3 0 71,160 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 2,980 14,325 SH   DFND 1,2,3 0 14,325 0
BERRY GLOBAL GROUP I COM 08579W103 3,927 100,000 SH   DFND 1,2,3 0 100,000 0
BLACK HILLS CORP COM 092113109 506 6,600 SH   DFND 1,2,3 0 6,600 0
BLACKSTONE GROUP INC COM CL A 09260D107 4,493 92,000 SH   DFND 1,2,3 0 92,000 0
BOEING CO COM 097023105 4,642 12,200 SH   DFND 1,2,3 0 12,200 0
BRIGHTSPHERE INVT GR COM 10948W103 189 19,033 SH   DFND 1,2,3 0 19,033 0
BRISTOL MYERS SQUIBB COM 110122108 8,367 165,000 SH   DFND 1,2,3 0 165,000 0
BROOKDALE SR LIVING COM 112463104 860 113,513 SH   DFND 1,2,3 0 113,513 0
C&J ENERGY SVCS INC COM 12674R100 1,005 93,622 SH   DFND 1,2,3 0 93,622 0
CAPITAL ONE FINL COR COM 14040H105 3,270 35,943 SH   DFND 1,2,3 0 35,943 0
CAPSTAR FINL HLDGS I COM 14070T102 291 17,539 SH   DFND 1,2,3 0 17,539 0
CARPENTER TECHNOLOGY COM 144285103 451 8,736 SH   DFND 1,2,3 0 8,736 0
CATCHMARK TIMBER TR CL A 14912Y202 149 13,960 SH   DFND 1,2,3 0 13,960 0
CATERPILLAR INC DEL COM 149123101 1,163 9,205 SH   DFND 1,2,3 0 9,205 0
CELESTICA INC SUB VTG SHS 15101Q108 926 129,082 SH   DFND 1,2,3 0 129,082 0
CENOVUS ENERGY INC COM 15135U109 1,551 165,225 SH   DFND 1,2,3 0 165,225 0
CHESAPEAKE ENERGY CO COM 165167107 571 404,646 SH   DFND 1,2,3 0 404,646 0
CIGNA CORP NEW COM 125523100 7,665 50,500 SH   DFND 1,2,3 0 50,500 0
CISCO SYS INC COM 17275R102 7,822 158,300 SH   DFND 1,2,3 0 158,300 0
CITIGROUP INC COM NEW 172967424 13,676 197,974 SH   DFND 1,2,3 0 197,974 0
CNO FINL GROUP INC COM 12621E103 1,812 114,459 SH   DFND 1,2,3 0 114,459 0
COCA COLA CO COM 191216100 1,164 21,375 SH   DFND 1,2,3 0 21,375 0
COGNIZANT TECHNOLOGY CL A 192446102 2,011 33,367 SH   DFND 1,2,3 0 33,367 0
COMCAST CORP NEW CL A 20030N101 7,213 160,000 SH   DFND 1,2,3 0 160,000 0
COMTECH TELECOMMUNIC COM NEW 205826209 1,990 61,219 SH   DFND 1,2,3 0 61,219 0
CONMED CORP COM 207410101 375 3,903 SH   DFND 1,2,3 0 3,903 0
COOPER STD HLDGS INC COM 21676P103 2,178 53,288 SH   DFND 1,2,3 0 53,288 0
CORNING INC COM 219350105 1,855 65,030 SH   DFND 1,2,3 0 65,030 0
CORTEVA INC COM 22052L104 1,457 52,030 SH   DFND 1,2,3 0 52,030 0
COTT CORP QUE COM 22163N106 772 61,920 SH   DFND 1,2,3 0 61,920 0
COVANTA HLDG CORP COM 22282E102 6,766 391,296 SH   DFND 1,2,3 0 391,296 0
CSX CORP COM 126408103 3,810 55,000 SH   DFND 1,2,3 0 55,000 0
CVR PARTNERS LP COM 126633106 1,950 502,664 SH   DFND 1,2,3 0 502,664 0
D R HORTON INC COM 23331A109 4,417 83,800 SH   DFND 1,2,3 0 83,800 0
DELTA AIR LINES INC COM NEW 247361702 5,670 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITAL COM 252784301 344 33,571 SH   DFND 1,2,3 0 33,571 0
DISNEY WALT CO COM DISNEY 254687106 7,405 56,819 SH   DFND 1,2,3 0 56,819 0
DUPONT DE NEMOURS IN COM 26614N102 4,123 57,820 SH   DFND 1,2,3 0 57,820 0
EDISON INTL COM 281020107 1,214 16,099 SH   DFND 1,2,3 0 16,099 0
ENOVA INTL INC COM 29357K103 947 45,657 SH   DFND 1,2,3 0 45,657 0
EOG RES INC COM 26875P101 2,820 38,000 SH   DFND 1,2,3 0 38,000 0
EZCORP INC CL A NON VTG 302301106 634 98,169 SH   DFND 1,2,3 0 0 98,169
FIRST BANCORP N C COM 318910106 335 9,339 SH   DFND 1,2,3 0 9,339 0
FIRST CTZNS BANCSHAR CL A 31946M103 1,483 3,145 SH   DFND 1,2,3 0 3,145 0
FIRST HORIZON NATL C COM 320517105 1,495 92,300 SH   DFND 1,2,3 0 92,300 0
FIRST MIDWEST BANCOR COM 320867104 784 40,260 SH   DFND 1,2,3 0 40,260 0
FORD MTR CO DEL COM 345370860 2,242 244,808 SH   DFND 1,2,3 0 244,808 0
FUELCELL ENERGY INC COM 35952H601 54 165,753 SH   DFND 1,2,3 0 165,753 0
GENERAL MTRS CO COM 37045V100 7,318 195,255 SH   DFND 1,2,3 0 195,255 0
GIBRALTAR INDS INC COM 374689107 915 19,918 SH   DFND 1,2,3 0 19,918 0
GILDAN ACTIVEWEAR IN COM 375916103 873 24,584 SH   DFND 1,2,3 0 24,584 0
GOLAR LNG LTD BERMUD SHS G9456A100 820 63,153 SH   DFND 1,2,3 0 63,153 0
GOLDMAN SACHS GROUP COM 38141G104 1,647 7,949 SH   DFND 1,2,3 0 7,949 0
GRANITE REAL ESTATE UNIT 99/99/9999 387437114 960 19,800 SH   DFND 1,2,3 0 19,800 0
HALLIBURTON CO COM 406216101 2,661 141,178 SH   DFND 1,2,3 0 141,178 0
HANGER INC COM NEW 41043F208 664 32,600 SH   DFND 1,2,3 0 32,600 0
HARSCO CORP COM 415864107 294 15,500 SH   DFND 1,2,3 0 15,500 0
HCA HEALTHCARE INC COM 40412C101 4,817 40,000 SH   DFND 1,2,3 0 40,000 0
HESS CORP COM 42809H107 3,813 63,040 SH   DFND 1,2,3 0 63,040 0
HEWLETT PACKARD ENTE COM 42824C109 2,284 150,554 SH   DFND 1,2,3 0 150,554 0
HIGHPOINT RES CORP COM 43114K108 159 100,000 SH   DFND 1,2,3 0 100,000 0
HOEGH LNG PARTNERS L COM UNIT LTD Y3262R100 205 13,267 SH   DFND 1,2,3 0 13,267 0
HOPE BANCORP INC COM 43940T109 1,086 75,746 SH   DFND 1,2,3 0 75,746 0
INGREDION INC COM 457187102 3,270 40,000 SH   DFND 1,2,3 0 40,000 0
INNOSPEC INC COM 45768S105 625 7,017 SH   DFND 1,2,3 0 7,017 0
INSIGHT ENTERPRISES COM 45765U103 363 6,511 SH   DFND 1,2,3 0 6,511 0
INTERNATIONAL BUSINE COM 459200101 1,272 8,750 SH   DFND 1,2,3 0 8,750 0
ISHARES US ETF TR SHT MAT BD ETF 46431W507 5,034 100,000 SH   DFND 1,2,3 0 100,000 0
JABIL INC COM 466313103 411 11,497 SH   DFND 1,2,3 0 11,497 0
JACOBS ENGR GROUP IN COM 469814107 5,033 55,000 SH   DFND 1,2,3 0 55,000 0
JELD-WEN HLDG INC COM 47580P103 3,394 175,961 SH   DFND 1,2,3 0 175,961 0
JPMORGAN CHASE & CO COM 46625H100 19,132 162,564 SH   DFND 1,2,3 0 162,564 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 604 6,100 SH   DFND 1,2,3 0 6,100 0
KBR INC COM 48242W106 2,782 113,376 SH   DFND 1,2,3 0 113,376 0
KINDER MORGAN INC DE COM 49456B101 10,305 500,000 SH   DFND 1,2,3 0 500,000 0
KKR & CO INC CL A 48251W104 1,283 47,793 SH   DFND 1,2,3 0 47,793 0
KRAFT HEINZ CO COM 500754106 928 33,225 SH   DFND 1,2,3 0 33,225 0
L3HARRIS TECHNOLOGIE COM 502431109 3,484 16,700 SH   DFND 1,2,3 0 16,700 0
LEAR CORP COM NEW 521865204 2,847 24,150 SH   DFND 1,2,3 0 24,150 0
LENNAR CORP CL A 526057104 2,904 52,000 SH   DFND 1,2,3 0 52,000 0
LINCOLN NATL CORP IN COM 534187109 851 14,100 SH   DFND 1,2,3 0 14,100 0
LYON WILLIAM HOMES CL A NEW 552074700 389 19,098 SH   DFND 1,2,3 0 19,098 0
LYONDELLBASELL INDUS SHS - A - N53745100 9,860 110,200 SH   DFND 1,2,3 0 110,200 0
MACQUARIE INFRASTRUC COM 55608B105 470 11,910 SH   DFND 1,2,3 0 11,910 0
MARATHON PETE CORP COM 56585A102 9,720 160,000 SH   DFND 1,2,3 0 160,000 0
MASONITE INTL CORP N COM 575385109 1,361 23,464 SH   DFND 1,2,3 0 23,464 0
MCKESSON CORP COM 58155Q103 3,137 22,952 SH   DFND 1,2,3 0 22,952 0
METLIFE INC COM 59156R108 2,711 57,490 SH   DFND 1,2,3 0 57,490 0
MICROSOFT CORP COM 594918104 22,453 161,500 SH   DFND 1,2,3 0 161,500 0
MILLER INDS INC TENN COM NEW 600551204 809 24,292 SH   DFND 1,2,3 0 24,292 0
MORGAN STANLEY COM NEW 617446448 2,122 49,734 SH   DFND 1,2,3 0 49,734 0
MOTORCAR PTS AMER IN COM 620071100 548 32,399 SH   DFND 1,2,3 0 32,399 0
MOTOROLA SOLUTIONS I COM NEW 620076307 3,902 22,900 SH   DFND 1,2,3 0 22,900 0
MURPHY OIL CORP COM 626717102 950 42,975 SH   DFND 1,2,3 0 42,975 0
MYLAN N V SHS EURO N59465109 1,348 68,171 SH   DFND 1,2,3 0 68,171 0
NATIONAL OILWELL VAR COM 637071101 2,763 130,318 SH   DFND 1,2,3 0 130,318 0
NELNET INC CL A 64031N108 216 3,400 SH   DFND 1,2,3 0 3,400 0
NEWELL BRANDS INC COM 651229106 2,229 119,068 SH   DFND 1,2,3 0 119,068 0
NOVAGOLD RES INC COM NEW 66987E206 1,700 280,012 SH   DFND 1,2,3 0 280,012 0
OCCIDENTAL PETE CORP COM 674599105 3,854 86,670 SH   DFND 1,2,3 0 86,670 0
OFFICE PPTYS INCOME COM SHS BEN INT 67623C109 608 19,853 SH   DFND 1,2,3 0 19,853 0
OMNICOM GROUP INC COM 681919106 2,698 34,457 SH   DFND 1,2,3 0 34,457 0
ORACLE CORP COM 68389X105 5,549 100,839 SH   DFND 1,2,3 0 100,839 0
PFIZER INC COM 717081103 4,339 120,770 SH   DFND 1,2,3 0 120,770 0
PHILLIPS 66 COM 718546104 1,024 10,000 SH   DFND 1,2,3 0 10,000 0
PIONEER NAT RES CO COM 723787107 3,371 26,800 SH   DFND 1,2,3 0 26,800 0
PITNEY BOWES INC COM 724479100 1,100 240,782 SH   DFND 1,2,3 0 240,782 0
PORTLAND GEN ELEC CO COM NEW 736508847 603 10,700 SH   DFND 1,2,3 0 10,700 0
PVH CORP COM 693656100 2,785 31,569 SH   DFND 1,2,3 0 31,569 0
REALOGY HLDGS CORP COM 75605Y106 224 33,560 SH   DFND 1,2,3 0 33,560 0
REV GROUP INC COM 749527107 914 79,941 SH   DFND 1,2,3 0 79,941 0
ROYAL DUTCH SHELL PL SPONS ADR A 780259206 1,147 19,490 SH   DFND 1,2,3 0 19,490 0
RYDER SYS INC COM 783549108 3,156 60,958 SH   DFND 1,2,3 0 60,958 0
SCANSOURCE INC COM 806037107 1,054 34,503 SH   DFND 1,2,3 0 34,503 0
SCIENCE APPLICATNS I COM 808625107 891 10,200 SH   DFND 1,2,3 0 10,200 0
SOUTH ST CORP COM 840441109 327 4,341 SH   DFND 1,2,3 0 4,341 0
SPECTRUM BRANDS HLDG COM 84790A105 1,073 20,354 SH   DFND 1,2,3 0 20,354 0
STANLEY BLACK & DECK COM 854502101 1,858 12,866 SH   DFND 1,2,3 0 12,866 0
STEELCASE INC CL A 858155203 394 21,407 SH   DFND 1,2,3 0 21,407 0
SUPERIOR ENERGY SVCS COM 868157108 18 141,900 SH   DFND 1,2,3 0 141,900 0
SYKES ENTERPRISES IN COM 871237103 690 22,511 SH   DFND 1,2,3 0 22,511 0
SYNOVUS FINL CORP COM NEW 87161C501 851 23,809 SH   DFND 1,2,3 0 23,809 0
T MOBILE US INC COM 872590104 2,599 33,000 SH   DFND 1,2,3 0 33,000 0
TCF FINANCIAL CORPOR COM 872307103 689 18,087 SH   DFND 1,2,3 0 18,087 0
TEEKAY TANKERS LTD CL A Y8565N102 274 210,850 SH   DFND 1,2,3 0 210,850 0
TENET HEALTHCARE COR COM NEW 88033G407 228 10,325 SH   DFND 1,2,3 0 10,325 0
TEREX CORP NEW COM 880779103 2,356 90,724 SH   DFND 1,2,3 0 90,724 0
TETRA TECHNOLOGIES I COM 88162F105 138 68,500 SH   DFND 1,2,3 0 68,500 0
TRAVELERS COMPANIES COM 89417E109 3,360 22,600 SH   DFND 1,2,3 0 22,600 0
TRIMAS CORP COM NEW 896215209 1,106 36,078 SH   DFND 1,2,3 0 36,078 0
TRIPLE-S MGMT CORP CL B 896749108 744 55,526 SH   DFND 1,2,3 0 55,526 0
TUPPERWARE BRANDS CO COM 899896104 223 14,038 SH   DFND 1,2,3 0 14,038 0
UBS GROUP AG SHS H42097107 1,140 100,375 SH   DFND 1,2,3 0 100,375 0
UNION PACIFIC CORP COM 907818108 2,916 18,000 SH   DFND 1,2,3 0 18,000 0
UNITED RENTALS INC COM 911363109 1,221 9,800 SH   DFND 1,2,3 0 9,800 0
UNITED TECHNOLOGIES COM 913017109 3,317 24,300 SH   DFND 1,2,3 0 24,300 0
UNIVERSAL CORP VA COM 913456109 1,142 20,835 SH   DFND 1,2,3 0 20,835 0
US FOODS HLDG CORP COM 912008109 5,754 140,000 SH   DFND 1,2,3 0 140,000 0
VAREX IMAGING CORP COM 92214X106 1,126 39,440 SH   DFND 1,2,3 0 39,440 0
VERIZON COMMUNICATIO COM 92343V104 2,575 42,655 SH   DFND 1,2,3 0 42,655 0
VIRTUS INVT PARTNERS COM 92828Q109 905 8,185 SH   DFND 1,2,3 0 8,185 0
VISTRA ENERGY CORP COM 92840M102 3,101 116,000 SH   DFND 1,2,3 0 116,000 0
VORNADO RLTY TR SH BEN INT 929042109 3,216 50,515 SH   DFND 1,2,3 0 50,515 0
VOYA FINL INC COM 929089100 1,758 32,300 SH   DFND 1,2,3 0 32,300 0
WABTEC CORP COM 929740108 4,119 57,323 SH   DFND 1,2,3 0 57,323 0
WEBSTER FINL CORP CO COM 947890109 856 18,263 SH   DFND 1,2,3 0 18,263 0
WELLS FARGO CO NEW COM 949746101 2,646 52,463 SH   DFND 1,2,3 0 52,463 0
WESCO AIRCRAFT HLDGS COM 950814103 901 81,800 SH   DFND 1,2,3 0 81,800 0
WESTERN DIGITAL CORP COM 958102105 5,666 95,000 SH   DFND 1,2,3 0 95,000 0
WILLIAMS COS INC DEL COM 969457100 411 17,070 SH   DFND 1,2,3 0 17,070 0
WSFS FINL CORP COM 929328102 762 17,269 SH   DFND 1,2,3 0 17,269 0
XEROX HOLDINGS CORP COM NEW 98421M106 2,141 71,597 SH   DFND 1,2,3 0 71,597 0