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
ARC DOCUMENT SOLUTIONS INC COM COM 00191G103 361 86,820 SH   DFND 1,2,3 0 86,820 0
ABBOTT LABS COM COM 002824100 419 8,620 SH   DFND 1,2,3 0 8,620 0
ACTUANT CORP CL A NEW CL A 00508X203 1,207 49,072 SH   DFND 1,2,3 0 49,072 0
AECOM COM COM 00766T100 1,041 32,202 SH   DFND 1,2,3 0 32,202 0
AETNA INC NEW COM COM 00817Y108 8,047 53,000 SH   DFND 1,2,3 0 53,000 0
ALPHABET INC CAP STK CL A CL A 02079K305 869 935 SH   DFND 1,2,3 0 935 0
AMERICAN AIRLS GROUP INC COM COM 02376R102 3,960 78,700 SH   DFND 1,2,3 0 78,700 0
AMERICAN INTL GROUP INC COM NEW COM NEW 026874784 2,434 38,924 SH   DFND 1,2,3 0 38,924 0
ANADARKO PETE CORP COM COM 032511107 3,984 87,860 SH   DFND 1,2,3 0 87,860 0
APOLLO GLOBAL MGMT LLC CL A SHS CL A SHS 037612306 786 29,700 SH   DFND 1,2,3 0 29,700 0
ASSOCIATED BANC CORP COM COM 045487105 1,590 63,115 SH   DFND 1,2,3 0 63,115 0
ASSURANT INC COM COM 04621X108 5,257 50,700 SH   DFND 1,2,3 0 50,700 0
AVNET INC COM COM 053807103 3,410 87,706 SH   DFND 1,2,3 0 87,706 0
BP PLC SPONSORED ADR SPONSORED ADR 055622104 1,815 52,382 SH   DFND 1,2,3 0 52,382 0
BANK AMER CORP COM COM 060505104 3,336 137,525 SH   DFND 1,2,3 0 137,525 0
BARRICK GOLD CORP COM COM 067901108 2,396 150,595 SH   DFND 1,2,3 0 150,595 0
BROOKDALE SR LIVING INC COM COM 112463104 1,915 130,210 SH   DFND 1,2,3 0 130,210 0
CNO FINL GROUP INC COM COM 12621E103 1,104 52,889 SH   DFND 1,2,3 0 52,889 0
CVR PARTNERS LP COM COM 126633106 1,754 502,664 SH   DFND 1,2,3 0 502,664 0
CARPENTER TECHNOLOGY CORP COM COM 144285103 357 9,536 SH   DFND 1,2,3 0 9,536 0
CATCHMARK TIMBER TR INC CL A CL A 14912Y202 159 13,960 SH   DFND 1,2,3 0 13,960 0
CHART INDS INC COM PAR $0.01 COM 16115Q308 1,124 32,367 SH   DFND 1,2,3 0 32,367 0
CISCO SYS INC COM COM 17275R102 2,022 64,600 SH   DFND 1,2,3 0 64,600 0
CITIGROUP INC COM NEW COM 172967424 14,264 213,271 SH   DFND 1,2,3 0 213,271 0
COCA COLA CO COM COM 191216100 1,278 28,500 SH   DFND 1,2,3 0 28,500 0
COMCAST CORP NEW CL A CL A 20030N101 6,352 163,200 SH   DFND 1,2,3 0 163,200 0
CORNING INC COM COM 219350105 895 29,780 SH   DFND 1,2,3 0 29,780 0
COVANTA HLDG CORP COM COM 22282E102 7,715 584,493 SH   DFND 1,2,3 0 584,493 0
CUBIC CORP COM COM 229669106 1,166 25,193 SH   DFND 1,2,3 0 25,193 0
D R HORTON INC COM COM 23331A109 3,602 104,200 SH   DFND 1,2,3 0 104,200 0
DANA INCORPORATED COM COM 235825205 775 34,696 SH   DFND 1,2,3 0 34,696 0
DELTA AIR LINES INC DEL COM NEW COM NEW 247361702 5,290 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITALITY CO COM COM 252784301 368 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM COM 254543101 358 14,881 SH   DFND 1,2,3 0 14,881 0
DOVER CORP COM COM 260003108 2,018 25,150 SH   DFND 1,2,3 0 25,150 0
DOW CHEM CO COM COM 260543103 3,252 51,555 SH   DFND 1,2,3 0 51,555 0
ENOVA INTL INC COM COM 29357K103 389 26,225 SH   DFND 1,2,3 0 26,225 0
ESSENDANT INC COM COM 296689102 1,314 88,599 SH   DFND 1,2,3 0 88,599 0
EZCORP INC CL A NON VTG CL A 302301106 569 73,900 SH   DFND 1,2,3 0 73,900 0
EXXON MOBIL CORP COM COM 30231G102 1,605 19,875 SH   DFND 1,2,3 0 19,875 0
FEDEX CORP COM COM 31428X106 5,455 25,100 SH   DFND 1,2,3 0 25,100 0
FIRST CTZNS BANCSHARES INC N CL A CL A 31946M103 1,023 2,745 SH   DFND 1,2,3 0 2,745 0
FIRST HORIZON NATL CORP COM COM 320517105 1,129 64,800 SH   DFND 1,2,3 0 64,800 0
FIRST MIDWEST BANCORP DEL COM COM 320867104 786 33,701 SH   DFND 1,2,3 0 33,701 0
FORD MTR CO DEL COM PAR $0.01 COM 345370860 2,128 190,129 SH   DFND 1,2,3 0 190,129 0
FRANKLIN RES INC COM COM 354613101 2,842 63,450 SH   DFND 1,2,3 0 63,450 0
GENERAL CABLE CORP DEL NEW COM COM 369300108 718 43,886 SH   DFND 1,2,3 0 43,886 0
GENERAL MTRS CO COM COM 37045V100 1,641 46,980 SH   DFND 1,2,3 0 46,980 0
GENWORTH FINL INC COM CL A CL A 37247D106 236 62,650 SH   DFND 1,2,3 0 62,650 0
GOLDMAN SACHS GROUP INC COM COM 38141G104 2,996 13,500 SH   DFND 1,2,3 0 13,500 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT COM SHS BEN INT 38376A103 749 40,914 SH   DFND 1,2,3 0 40,914 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 UNIT 387437114 1,167 29,300 SH   DFND 1,2,3 0 29,300 0
GREAT PLAINS ENERGY INC COM COM 391164100 530 18,100 SH   DFND 1,2,3 0 18,100 0
HARSCO CORP COM COM 415864107 720 44,700 SH   DFND 1,2,3 0 44,700 0
HEWLETT PACKARD ENTERPRISE C COM COM 42824C109 1,330 80,150 SH   DFND 1,2,3 0 80,150 0
ICONIX BRAND GROUP INC COM COM 451055107 650 94,087 SH   DFND 1,2,3 0 94,087 0
INSIGHT ENTERPRISES INC COM COM 45765U103 891 22,273 SH   DFND 1,2,3 0 22,273 0
INNOSPEC INC COM COM 45768S105 1,300 19,829 SH   DFND 1,2,3 0 19,829 0
INTEL CORP COM COM 458140100 1,303 38,625 SH   DFND 1,2,3 0 38,625 0
JPMORGAN CHASE & CO COM COM 46625H100 10,116 110,675 SH   DFND 1,2,3 0 110,675 0
KBR INC COM COM 48242W106 2,134 140,208 SH   DFND 1,2,3 0 140,208 0
KAISER ALUMINUM CORP COM PAR $0.01 COM 483007704 637 7,200 SH   DFND 1,2,3 0 7,200 0
KAPSTONE PAPER & PACKAGING C COM COM 48562P103 246 11,931 SH   DFND 1,2,3 0 11,931 0
LAMAR ADVERTISING CO NEW CL A CL A 512816109 1,761 23,942 SH   DFND 1,2,3 0 23,942 0
LENNAR CORP CL A CL A 526057104 2,666 50,000 SH   DFND 1,2,3 0 50,000 0
LINCOLN NATL CORP IND COM COM 534187109 9,056 134,000 SH   DFND 1,2,3 0 134,000 0
LYON WILLIAM HOMES CL A NEW CL A NEW 552074700 628 25,998 SH   DFND 1,2,3 0 25,998 0
MASONITE INTL CORP NEW COM COM 575385109 1,486 19,682 SH   DFND 1,2,3 0 19,682 0
MERCER INTL INC COM COM 588056101 250 21,707 SH   DFND 1,2,3 0 21,707 0
METLIFE INC COM COM 59156R108 2,254 41,025 SH   DFND 1,2,3 0 41,025 0
MICROSOFT CORP COM COM 594918104 9,409 136,500 SH   DFND 1,2,3 0 136,500 0
MILLER INDS INC TENN COM NEW COM 600551204 267 10,727 SH   DFND 1,2,3 0 10,727 0
MOELIS & CO CL A CL A 60786M105 8,482 218,337 SH   DFND 1,2,3 0 218,337 0
MORGAN STANLEY COM NEW COM 617446448 2,808 63,023 SH   DFND 1,2,3 0 63,023 0
NRG ENERGY INC COM NEW COM NEW 629377508 729 42,341 SH   DFND 1,2,3 0 42,341 0
NELNET INC CL A CL A 64031N108 226 4,800 SH   DFND 1,2,3 0 4,800 0
NEW SR INVT GROUP INC COM COM 648691103 1,110 110,460 SH   DFND 1,2,3 0 110,460 0
NEWS CORP NEW CL A CL A 65249B109 1,003 73,225 SH   DFND 1,2,3 0 73,225 0
NEWS CORP NEW CL B CL B 65249B208 435 30,775 SH   DFND 1,2,3 0 30,775 0
NOVAGOLD RES INC COM NEW COM NEW 66987E206 498 109,110 SH   DFND 1,2,3 0 109,110 0
OCCIDENTAL PETE CORP DEL COM COM 674599105 1,495 24,966 SH   DFND 1,2,3 0 24,966 0
OMNICOM GROUP INC COM COM 681919106 2,964 35,752 SH   DFND 1,2,3 0 35,752 0
ON SEMICONDUCTOR CORP COM COM 682189105 2,020 143,846 SH   DFND 1,2,3 0 143,846 0
ORACLE CORP COM COM 68389X105 10,669 212,775 SH   DFND 1,2,3 0 212,775 0
OWENS & MINOR INC NEW COM COM 690732102 1,335 41,472 SH   DFND 1,2,3 0 41,472 0
PARK STERLING CORP COM COM 70086Y105 872 73,366 SH   DFND 1,2,3 0 73,366 0
PARKER HANNIFIN CORP COM COM 701094104 421 2,632 SH   DFND 1,2,3 0 2,632 0
PFIZER INC COM COM 717081103 6,272 186,726 SH   DFND 1,2,3 0 186,726 0
PIONEER NAT RES CO COM COM 723787107 4,277 26,800 SH   DFND 1,2,3 0 26,800 0
PORTLAND GEN ELEC CO COM NEW COM 736508847 466 10,200 SH   DFND 1,2,3 0 10,200 0
ROYAL DUTCH SHELL PLC SPONS ADR A SPONSORED ADR 780259206 3,270 61,478 SH   DFND 1,2,3 0 61,478 0
SPDR GOLD TRUST GOLD SHS SHS 78463V107 26,430 224,000 SH   DFND 1,2,3 0 224,000 0
SCIENCE APPLICATNS INTL CP N COM COM 808625107 757 10,900 SH   DFND 1,2,3 0 10,900 0
STAPLES INC COM COM 855030102 4,319 428,878 SH   DFND 1,2,3 0 428,878 0
STATE STR CORP COM COM 857477103 1,880 20,950 SH   DFND 1,2,3 0 20,950 0
STONERIDGE INC COM COM 86183P102 559 36,271 SH   DFND 1,2,3 0 36,271 0
SUPERIOR ENERGY SVCS INC COM COM 868157108 893 85,660 SH   DFND 1,2,3 0 85,660 0
SYNOVUS FINL CORP COM NEW COM 87161C501 1,058 23,923 SH   DFND 1,2,3 0 23,923 0
TCF FINL CORP COM COM 872275102 806 50,542 SH   DFND 1,2,3 0 50,542 0
TEREX CORP NEW COM COM 880779103 3,914 104,371 SH   DFND 1,2,3 0 104,371 0
TRAVELERS COMPANIES INC COM COM 89417E109 5,441 43,000 SH   DFND 1,2,3 0 43,000 0
TRIMAS CORP COM NEW COM NEW 896215209 1,450 69,529 SH   DFND 1,2,3 0 69,529 0
TRIPLE-S MGMT CORP CL B CL B 896749108 1,005 59,447 SH   DFND 1,2,3 0 59,447 0
TUPPERWARE BRANDS CORP COM COM 899896104 815 11,600 SH   DFND 1,2,3 0 11,600 0
UFP TECHNOLOGIES INC COM COM 902673102 244 8,631 SH   DFND 1,2,3 0 8,631 0
UNITED CONTL HLDGS INC COM COM 910047109 5,553 73,800 SH   DFND 1,2,3 0 73,800 0
UNIVERSAL CORP VA COM COM 913456109 727 11,240 SH   DFND 1,2,3 0 11,240 0
VIRTUS INVT PARTNERS INC COM COM 92828Q109 1,563 14,087 SH   DFND 1,2,3 0 14,087 0
VOYA FINL INC COM COM 929089100 2,719 73,700 SH   DFND 1,2,3 0 73,700 0
WSFS FINL CORP COM COM 929328102 391 8,631 SH   DFND 1,2,3 0 8,631 0
WAL-MART STORES INC COM COM 931142103 1,913 25,275 SH   DFND 1,2,3 0 25,275 0
WEBSTER FINL CORP CONN COM COM 947890109 1,200 22,979 SH   DFND 1,2,3 0 22,979 0
WHIRLPOOL CORP COM COM 963320106 5,461 28,500 SH   DFND 1,2,3 0 28,500 0
ARGO GROUP INTL HLDGS LTD COM COM G0464B107 944 15,576 SH   DFND 1,2,3 0 15,576 0
ASPEN INSURANCE HOLDINGS LTD SHS SHS G05384105 1,485 29,797 SH   DFND 1,2,3 0 29,797 0
AXIS CAPITAL HOLDINGS LTD SHS SHS G0692U109 1,736 26,853 SH   DFND 1,2,3 0 26,853 0
EATON CORP PLC SHS SHS G29183103 4,202 53,991 SH   DFND 1,2,3 0 53,991 0
OM ASSET MGMT PLC SHS SHS G67506108 427 28,733 SH   DFND 1,2,3 0 28,733 0
GOLAR LNG LTD BERMUDA SHS SHS G9456A100 3,510 157,750 SH   DFND 1,2,3 0 157,750 0
LYONDELLBASELL INDUSTRIES N SHS - A - SHS N53745100 3,730 44,200 SH   DFND 1,2,3 0 44,200 0
TEEKAY TANKERS LTD CL A CLA Y8565N102 625 332,350 SH   DFND 1,2,3 0 332,350 0
CONMED CORP COM COM 207410101 280 5,503 SH   DFND 1,2,3 0 5,503 0
ARRIS INTL INC SHS HS G0551A103 480 17,116 SH   DFND 1,2,3 0 17,116 0
WILLIAMS COS INC DEL COM COM 969457100 517 17,070 SH   DFND 1,2,3 0 17,070 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 2,867 30,535 SH   DFND 1,2,3 0 30,535 0
HESS CORP COM COM 42809H107 4,614 105,176 SH   DFND 1,2,3 0 105,176 0
EOG RES INC COM COM 26875P101 3,440 38,000 SH   DFND 1,2,3 0 38,000 0
MURPHY OIL CORP COM COM 626717102 2,453 95,712 SH   DFND 1,2,3 0 95,712 0
SCANSOURCE INC COM COM 806037107 1,372 34,035 SH   DFND 1,2,3 0 34,035 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 1,514 57,604 SH   DFND 1,2,3 0 57,604 0
ANIXTER INTL INC COM COM 035290105 1,018 13,019 SH   DFND 1,2,3 0 13,019 0
CENOVUS ENERGY INC COM COM 15135U109 1,519 205,929 SH   DFND 1,2,3 0 205,929 0
HALLIBURTON CO COM COM 406216101 661 15,475 SH   DFND 1,2,3 0 15,475 0
COMTECH TELECOMMUNICATIONS C COM NEW COM 205826209 1,531 80,719 SH   DFND 1,2,3 0 80,719 0
MONSANTO CO NEW COM COM 61166W101 1,688 14,265 SH   DFND 1,2,3 0 14,265 0
TOLL BROTHERS INC COM ADR 889478103 1,462 37,000 SH   DFND 1,2,3 0 37,000 0
FIRST BANCORP N C COM COM 318910106 214 6,839 SH   DFND 1,2,3 0 6,839 0
BANK OF NOVA SCOTIA NOTE 4.500% 12/1 064159HB5 20,088 19,105,000 PRN   DFND 1,2,3 0 19,105,000 0
WESCO AIRCRAFT HLDGS INC COM COM 950814103 459 42,270 SH   DFND 1,2,3 0 42,270 0
HOPE BANCORP INC COM COM 43940T109 1,181 63,331 SH   DFND 1,2,3 0 63,331 0
CAPITAL ONE FINL CORP COM COM 14040H105 2,630 31,827 SH   DFND 1,2,3 0 31,827 0
DELL TECHNOLOGIES INC COM CL V CL V 24703L103 1,944 31,815 SH   DFND 1,2,3 0 31,815 0
CATERPILLAR INC DEL COM COM 149123101 989 9,205 SH   DFND 1,2,3 0 9,205 0
TORONTO DOMINION BK ONT NOTE 3.625% 9/1 891160MJ9 9,906 10,000,000 PRN   DFND 1,2,3 0 10,000,000 0
CIGNA CORPORATION COM COM 125509109 1,706 10,189 SH   DFND 1,2,3 0 10,189 0
COGNIZANT TECHNOLOGY SOLUTIO CL A CLA 192446102 2,922 44,010 SH   DFND 1,2,3 0 44,010 0
CABOT OIL & GAS CORP COM COM 127097103 2,508 100,000 SH   DFND 1,2,3 0 100,000 0
VIRTUSA CORP COM COM 92827P102 446 15,183 SH   DFND 1,2,3 0 15,183 0
HOEGH LNG PARTNERS LP COM UNIT LTD COM Y3262R100 539 28,143 SH   DFND 1,2,3 0 28,143 0
PLY GEM HLDGS INC COM COM 72941W100 403 22,467 SH   DFND 1,2,3 0 22,467 0
ENBRIDGE INC NOTE 6.000% 1/1 29250NAN5 15,721 15,000,000 PRN   DFND 1,2,3 0 15,000,000 0
VCA INC COM COM 918194101 378 4,100 SH   DFND 1,2,3 0 4,100 0
VERIFONE SYS INC COM COM 92342Y109 1,104 60,993 SH   DFND 1,2,3 0 60,993 0
MYLAN N V SHS EURO SHS N59465109 2,096 53,986 SH   DFND 1,2,3 0 53,986 0
ATHENE HLDG LTD CL A CL A G0684D107 2,481 50,000 SH   DFND 1,2,3 0 50,000 0
HILTON WORLDWIDE HLDGS INC COM COM 43300A203 1,861 30,092 SH   DFND 1,2,3 0 30,092 0
MCKESSON CORP COM COM 58155Q103 2,360 14,344 SH   DFND 1,2,3 0 14,344 0
JELD-WEN HLDG INC COM COM 47580P103 1,222 37,656 SH   DFND 1,2,3 0 37,656 0
FUELCELL ENERGY INC COM NEW COM NEW 35952H502 257 207,156 SH   DFND 1,2,3 0 207,156 0
FOREST CITY RLTY TR INC COM CL A CL A 345605109 1,644 68,000 SH   DFND 1,2,3 0 68,000 0
ISHARES U S ETF TR SHT MAT BD ETF BD ETF 46431W507 5,027 100,000 SH   DFND 1,2,3 0 100,000 0
ALPHABET INC CAP STK CL C CL C 02079K107 3,453 3,800 SH   DFND 1,2,3 0 3,800 0
WPX ENERGY INC COM COM 98212B103 1,802 186,500 SH   DFND 1,2,3 0 186,500 0
GIBRALTAR INDS INC COM COM 374689107 752 21,089 SH   DFND 1,2,3 0 21,089 0
NXP SEMICONDUCTORS N V COM COM N6596X109 2,777 25,375 SH   DFND 1,2,3 0 25,375 0
EXPRESS SCRIPTS HLDG CO COM COM 30219G108 945 14,808 SH   DFND 1,2,3 0 14,808 0
TECK RESOURCES LTD CL B CL B 878742204 1,379 79,565 SH   DFND 1,2,3 0 79,565 0
ELECTRUM SPL ACQUISITION COR *W EXP 99/99/999 G3105C112 0 78,949 SH   DFND 1,2,3 0 78,949 0
UNITED RENTALS INC COM COM 911363109 3,043 27,000 SH   DFND 1,2,3 0 27,000 0
ELECTRUM SPL ACQUISITION COR SHS SHS G3105C104 797 78,949 SH   DFND 1,2,3 0 78,949 0