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
ADIENT PLC ORD SHS G0084W101 2,110 36,000 SH   DFND 1 0 36,000 0
ALLSTATE CORP COM 020002101 10,221 137,900 SH   DFND 1 0 137,900 0
ALTRIA GROUP INC COM 02209S103 2,029 30,000 SH   DFND 1 0 30,000 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 3,609 187,000 SH   DFND 1 0 187,000 0
ANADARKO PETE CORP COM 032511107 8,649 124,037 SH   DFND 1 0 124,037 0
ANNALY CAP MGMT INC COM 035710409 997 100,000 SH   DFND 1 0 100,000 0
ANTERO RES CORP COM 03674X106 3,962 167,523 SH   DFND 1 0 167,523 0
ASHLAND GLOBAL HLDGS INC COM 044186104 3,945 36,100 SH   DFND 1 0 36,100 0
BANK AMER CORP COM 060505104 12,094 547,229 SH   DFND 1 0 547,229 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 4,263 120,600 SH   DFND 1 0 120,600 0
CAESARS ENTMT CORP COM 127686103 604 71,000 SH   DFND 1 0 71,000 0
CME GROUP INC COM 12572Q105 3,876 33,600 SH   DFND 1 0 33,600 0
CONAGRA BRANDS INC COM 205887102 989 25,000 SH   DFND 1 0 25,000 0
COTY INC COM CL A 222070203 1,099 60,000 SH   DFND 1 0 60,000 0
DUNKIN BRANDS GROUP INC COM 265504100 1,049 20,000 SH   DFND 1 0 20,000 0
DYNEGY INC NEW DEL COM 26817R108 3,003 354,949 SH   DFND 1 0 354,949 0
EAGLE MATERIALS INC COM 26969P108 1,478 15,000 SH   DFND 1 0 15,000 0
EDGEWELL PERS CARE CO COM 28035Q102 730 10,000 SH   DFND 1 0 10,000 0
EURONAV NV ANTWERPEN SHS B38564108 5,370 675,437 SH   DFND 1 0 675,437 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 1,021 112,000 SH   DFND 1 0 112,000 0
GCP APPLIED TECHNOLOGIES INC COM 36164Y101 10,657 398,400 SH   DFND 1 0 398,400 0
GENER8 MARITIME INC COM Y26889108 633 141,254 SH   DFND 1 0 141,254 0
GENERAL MLS INC COM 370334104 1,143 18,500 SH Call DFND 1 0 18,500 0
GOLAR LNG LTD BERMUDA SHS G9456A100 5,871 255,917 SH   DFND 1 0 255,917 0
GRACE W R & CO DEL NEW COM 38388F108 17,126 253,186 SH   DFND 1 0 253,186 0
GRACE W R & CO DEL NEW COM 38388F108 25,615 378,700 SH Call DFND 1 0 378,700 0
GRAPHIC PACKAGING HLDG CO COM 388689101 1,929 154,600 SH   DFND 1 0 154,600 0
HARTFORD FINL SVCS GROUP INC COM 416515104 7,815 164,000 SH   DFND 1 0 164,000 0
HD SUPPLY HLDGS INC COM 40416M105 1,960 46,100 SH   DFND 1 0 46,100 0
HERSHEY CO COM 427866108 2,120 20,500 SH   DFND 1 0 20,500 0
HESS CORP COM 42809H107 4,722 75,799 SH   DFND 1 0 75,799 0
HUNTINGTON BANCSHARES INC COM 446150104 5,870 444,000 SH   DFND 1 0 444,000 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,513 166,300 SH   DFND 1 0 166,300 0
KELLOGG CO COM 487836108 1,106 15,000 SH Call DFND 1 0 15,000 0
KEYCORP NEW COM 493267108 1,511 82,700 SH   DFND 1 0 82,700 0
KRAFT HEINZ CO COM 500754106 1,746 20,000 SH   DFND 1 0 20,000 0
LA QUINTA HLDGS INC COM 50420D108 7,204 506,971 SH   DFND 1 0 506,971 0
LEAR CORP COM NEW 521865204 993 7,500 SH   DFND 1 0 7,500 0
MAMMOTH ENERGY SVCS INC COM 56155L108 333 21,926 SH   DFND 1 0 21,926 0
MEAD JOHNSON NUTRITION CO COM 582839106 2,830 40,000 SH   DFND 1 0 40,000 0
MGIC INVT CORP WIS COM 552848103 2,035 199,700 SH   DFND 1 0 199,700 0
MOBILEYE N V AMSTELVEEN ORD SHS N51488117 1,906 50,000 SH   DFND 1 0 50,000 0
MONDELEZ INTL INC CL A 609207105 1,108 25,000 SH   DFND 1 0 25,000 0
MONSTER BEVERAGE CORP NEW COM 61174X109 1,330 30,000 SH   DFND 1 0 30,000 0
NABORS INDUSTRIES LTD SHS G6359F103 4,046 246,679 SH   DFND 1 0 246,679 0
NEW YORK REIT INC COM 64976L109 9,243 913,359 SH   DFND 1 0 913,359 0
NOVAGOLD RES INC COM NEW 66987E206 1,175 257,649 SH   DFND 1 0 257,649 0
ORBITAL ATK INC COM 68557N103 3,717 42,371 SH   DFND 1 0 42,371 0
PINNACLE FOODS INC DEL COM 72348P104 5,078 95,000 SH   DFND 1 0 95,000 0
POPULAR INC COM NEW 733174700 14,976 341,762 SH   DFND 1 0 341,762 0
POST HLDGS INC COM 737446104 2,814 35,000 SH   DFND 1 0 35,000 0
SLM CORP COM 78442P106 6,554 594,719 SH   DFND 1 0 594,719 0
SOUTHWEST AIRLS CO COM 844741108 10,501 210,700 SH   DFND 1 0 210,700 0
SYNCHRONY FINL COM 87165B103 8,990 247,850 SH   DFND 1 0 247,850 0
U S SILICA HLDGS INC COM 90346E103 5,967 105,277 SH   DFND 1 0 105,277 0
UNITED CONTL HLDGS INC COM 910047109 11,296 155,000 SH   DFND 1 0 155,000 0
VALVOLINE INC COM 92047W101 608 28,262 SH   DFND 1 0 28,262 0
WEATHERFORD INTL PLC ORD SHS G48833100 11,313 2,267,135 SH   DFND 1 0 2,267,135 0
WELLS FARGO & CO NEW COM 949746101 7,126 129,300 SH   DFND 1 0 129,300 0
WELLTOWER INC COM 95040Q104 1,044 15,600 SH   DFND 1 0 15,600 0