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 1,641 55,925 SH   DFND 1,2,3 0 55,925 0
ADIENT PLC ORD SHS G0084W101 4,919 100,000 SH   DFND 1,2,3 0 100,000 0
AECOM COM 00766T100 1,064 32,202 SH   DFND 1,2,3 0 32,202 0
AERCAP HOLDINGS NV SHS N00985106 5,523 102,000 SH   DFND 1,2,3 0 102,000 0
AETNA INC NEW COM 00817Y108 13,451 73,300 SH   DFND 1,2,3 0 73,300 0
ALPHABET INC CAP STK CL C 02079K107 5,913 5,300 SH   DFND 1,2,3 0 5,300 0
ALPHABET INC CAP STK CL A 02079K305 3,879 3,435 SH   DFND 1,2,3 0 3,435 0
AMERICAN AIRLS GROUP COM 02376R102 1,230 32,400 SH   DFND 1,2,3 0 32,400 0
AMERICAN EQTY INVT L COM 025676206 1,219 33,866 SH   DFND 1,2,3 0 33,866 0
AMERICAN INTL GROUP COM NEW 026874784 2,412 45,499 SH   DFND 1,2,3 0 45,499 0
AMGEN INC COM 031162100 1,851 10,030 SH   DFND 1,2,3 0 10,030 0
ANADARKO PETE CORP COM 032511107 955 13,040 SH   DFND 1,2,3 0 13,040 0
ANALOG DEVICES INC COM 032654105 3,837 40,000 SH   DFND 1,2,3 0 40,000 0
ANIXTER INTL INC COM 035290105 1,445 22,835 SH   DFND 1,2,3 0 22,835 0
ARC DOCUMENT SOLUTIO COM 00191G103 85 47,823 SH   DFND 1,2,3 0 47,823 0
ARGO GROUP INTL HLDG COM G0464B107 867 14,908 SH   DFND 1,2,3 0 14,908 0
ARRIS INTL INC SHS G0551A103 382 15,616 SH   DFND 1,2,3 0 15,616 0
ASPEN INSURANCE HOLD SHS G05384105 1,110 27,264 SH   DFND 1,2,3 0 27,264 0
ASSOCIATED BANC CORP COM 045487105 1,504 55,074 SH   DFND 1,2,3 0 55,074 0
ASSURANT INC COM 04621X108 1,485 14,350 SH   DFND 1,2,3 0 14,350 0
AT&T INC COM 00206R102 1,478 46,014 SH   DFND 1,2,3 0 46,014 0
ATHENE HLDG LTD CL A G0684D107 2,192 50,000 SH   DFND 1,2,3 0 50,000 0
ATLANTIC CAP BANCSHA COM 048269203 381 19,374 SH   DFND 1,2,3 0 19,374 0
AVIS BUDGET GROUP COM 053774105 826 25,406 SH   DFND 1,2,3 0 25,406 0
AVNET INC COM 053807103 3,762 87,706 SH   DFND 1,2,3 0 87,706 0
AXA EQUITABLE HLDGS COM 054561105 1,327 64,396 SH   DFND 1,2,3 0 64,396 0
AXIS CAPITAL HOLDING SHS G0692U109 2,971 53,421 SH   DFND 1,2,3 0 53,421 0
BANK AMER CORP COM 060505104 2,614 92,682 SH   DFND 1,2,3 0 92,682 0
BARRICK GOLD CORP COM 067901108 1,977 150,595 SH   DFND 1,2,3 0 150,595 0
BP PLC SPONSORED ADR 055622104 1,337 29,281 SH   DFND 1,2,3 0 29,281 0
BRIGHTSPHERE INVESTM SHS G1644T109 410 28,733 SH   DFND 1,2,3 0 28,733 0
BROOKDALE SR LIVING COM 112463104 1,397 153,740 SH   DFND 1,2,3 0 153,740 0
CAPITAL ONE FINL COR COM 14040H105 2,925 31,827 SH   DFND 1,2,3 0 31,827 0
CARPENTER TECHNOLOGY COM 144285103 422 8,036 SH   DFND 1,2,3 0 8,036 0
CATCHMARK TIMBER TR CL A 14912Y202 178 13,960 SH   DFND 1,2,3 0 13,960 0
CATERPILLAR INC DEL COM 149123101 1,249 9,205 SH   DFND 1,2,3 0 9,205 0
CELESTICA INC SUB VTG SHS 15101Q108 787 66,288 SH   DFND 1,2,3 0 66,288 0
CENOVUS ENERGY INC COM 15135U109 2,140 205,929 SH   DFND 1,2,3 0 205,929 0
CHART INDS INC COM PAR $0.01 16115Q308 524 8,494 SH   DFND 1,2,3 0 8,494 0
CHESAPEAKE ENERGY CO COM 165167107 245 46,700 SH   DFND 1,2,3 0 46,700 0
CIGNA CORPORATION COM 125509109 3,399 20,000 SH   DFND 1,2,3 0 20,000 0
CISCO SYS INC COM 17275R102 7,384 171,600 SH   DFND 1,2,3 0 171,600 0
CITIGROUP INC COM NEW 172967424 13,427 200,641 SH   DFND 1,2,3 0 200,641 0
CNO FINL GROUP INC COM 12621E103 891 46,789 SH   DFND 1,2,3 0 46,789 0
COCA COLA CO COM 191216100 1,250 28,500 SH   DFND 1,2,3 0 28,500 0
COGNIZANT TECHNOLOGY CL A 192446102 2,636 33,367 SH   DFND 1,2,3 0 33,367 0
COMCAST CORP NEW CL A 20030N101 7,630 232,538 SH   DFND 1,2,3 0 232,538 0
COMTECH TELECOMMUNIC COM NEW 205826209 2,526 79,219 SH   DFND 1,2,3 0 79,219 0
CONMED CORP COM 207410101 403 5,503 SH   DFND 1,2,3 0 5,503 0
CORNING INC COM 219350105 2,969 107,935 SH   DFND 1,2,3 0 107,935 0
COVANTA HLDG CORP COM 22282E102 9,758 591,381 SH   DFND 1,2,3 0 591,381 0
CSX CORP COM 126408103 3,508 55,000 SH   DFND 1,2,3 0 55,000 0
CUBIC CORP COM 229669106 545 8,492 SH   DFND 1,2,3 0 8,492 0
CVR PARTNERS LP COM 126633106 1,659 502,664 SH   DFND 1,2,3 0 502,664 0
D R HORTON INC COM 23331A109 4,272 104,200 SH   DFND 1,2,3 0 104,200 0
DELTA AIR LINES INC COM NEW 247361702 4,877 98,440 SH   DFND 1,2,3 0 98,440 0
DIAMONDROCK HOSPITAL COM 252784301 412 33,571 SH   DFND 1,2,3 0 33,571 0
DIEBOLD NXDF INC COM 253651103 1,039 86,931 SH   DFND 1,2,3 0 86,931 0
DISH NETWORK CORP CL A 25470M109 2,282 67,908 SH   DFND 1,2,3 0 67,908 0
DOLLAR TREE INC COM 256746108 2,485 29,240 SH   DFND 1,2,3 0 29,240 0
DOVER CORP COM 260003108 2,111 28,836 SH   DFND 1,2,3 0 28,836 0
DOWDUPONT INC COM 26078J100 6,035 91,555 SH   DFND 1,2,3 0 91,555 0
EATON CORP PLC SHS G29183103 3,521 47,114 SH   DFND 1,2,3 0 47,114 0
EDISON INTL COM 281020107 2,651 41,892 SH   DFND 1,2,3 0 41,892 0
ENOVA INTL INC COM 29357K103 872 23,857 SH   DFND 1,2,3 0 23,857 0
ENSCO PLC SHS CLASS A G3157S106 293 40,400 SH   DFND 1,2,3 0 40,400 0
EOG RES INC COM 26875P101 4,728 38,000 SH   DFND 1,2,3 0 38,000 0
ESSENDANT INC COM 296689102 1,728 130,739 SH   DFND 1,2,3 0 130,739 0
EVERGY INC COM 30034W106 527 9,390 SH   DFND 1,2,3 0 9,390 0
EVERTEC INC COM 30040P103 598 27,375 SH   DFND 1,2,3 0 27,375 0
EXXON MOBIL CORP COM 30231G102 1,344 16,243 SH   DFND 1,2,3 0 16,243 0
EZCORP INC CL A NON VTG 302301106 531 44,100 SH   DFND 1,2,3 0 44,100 0
FEDEX CORP COM 31428X106 5,699 25,100 SH   DFND 1,2,3 0 25,100 0
FGL HLDGS ORD SHS G3402M102 2,077 247,557 SH   DFND 1,2,3 0 247,557 0
FIRST BANCORP N C COM 318910106 280 6,839 SH   DFND 1,2,3 0 6,839 0
FIRST CTZNS BANCSHAR CL A 31946M103 1,228 3,045 SH   DFND 1,2,3 0 3,045 0
FIRST HORIZON NATL C COM 320517105 1,434 80,400 SH   DFND 1,2,3 0 80,400 0
FIRST MIDWEST BANCOR COM 320867104 772 30,292 SH   DFND 1,2,3 0 30,292 0
FOOT LOCKER INC COM 344849104 507 9,637 SH   DFND 1,2,3 0 9,637 0
FORD MTR CO DEL COM PAR $0.01 345370860 3,500 316,162 SH   DFND 1,2,3 0 316,162 0
FOREST CITY RLTY TR COM CL A 345605109 1,551 68,000 SH   DFND 1,2,3 0 68,000 0
FRANKLIN RES INC COM 354613101 1,907 59,515 SH   DFND 1,2,3 0 59,515 0
FUELCELL ENERGY INC COM NEW 35952H502 752 570,025 SH   DFND 1,2,3 0 570,025 0
GENERAL MTRS CO COM 37045V100 8,442 214,273 SH   DFND 1,2,3 0 214,273 0
GIBRALTAR INDS INC COM 374689107 1,417 37,793 SH   DFND 1,2,3 0 37,793 0
GOLAR LNG LTD BERMUD SHS G9456A100 877 29,753 SH   DFND 1,2,3 0 29,753 0
GOLDMAN SACHS GROUP COM 38141G104 1,753 7,949 SH   DFND 1,2,3 0 7,949 0
GOVERNMENT PPTYS INC COM SHS BEN INT 38376A103 717 45,214 SH   DFND 1,2,3 0 45,214 0
GRANITE REAL ESTATE UNIT 99/99/9999 387437114 954 23,400 SH   DFND 1,2,3 0 23,400 0
HALLIBURTON CO COM 406216101 1,693 37,565 SH   DFND 1,2,3 0 37,565 0
HANOVER INS GROUP IN COM 410867105 838 7,009 SH   DFND 1,2,3 0 7,009 0
HARSCO CORP COM 415864107 259 11,700 SH   DFND 1,2,3 0 11,700 0
HCA HEALTHCARE INC COM 40412C101 2,565 25,000 SH   DFND 1,2,3 0 25,000 0
HESS CORP COM 42809H107 3,735 55,835 SH   DFND 1,2,3 0 55,835 0
HEWLETT PACKARD ENTE COM 42824C109 2,200 150,554 SH   DFND 1,2,3 0 150,554 0
HOEGH LNG PARTNERS L COM UNIT LTD Y3262R100 556 30,967 SH   DFND 1,2,3 0 30,967 0
HOPE BANCORP INC COM 43940T109 1,351 75,746 SH   DFND 1,2,3 0 75,746 0
INNOSPEC INC COM 45768S105 1,548 20,217 SH   DFND 1,2,3 0 20,217 0
INSIGHT ENTERPRISES COM 45765U103 1,056 21,576 SH   DFND 1,2,3 0 21,576 0
INTL PAPER CO COM 460146103 1,438 27,605 SH   DFND 1,2,3 0 27,605 0
ISHARES US ETF TR SHT MAT BD ETF 46431W507 5,017 100,000 SH   DFND 1,2,3 0 100,000 0
JELD-WEN HLDG INC COM 47580P103 3,345 117,004 SH   DFND 1,2,3 0 117,004 0
JPMORGAN CHASE & CO COM 46625H100 10,031 96,264 SH   DFND 1,2,3 0 96,264 0
KAISER ALUMINUM CORP COM PAR $0.01 483007704 635 6,100 SH   DFND 1,2,3 0 6,100 0
KAPSTONE PAPER & PAC COM 48562P103 439 12,731 SH   DFND 1,2,3 0 12,731 0
KBR INC COM 48242W106 2,135 119,142 SH   DFND 1,2,3 0 119,142 0
KINDER MORGAN INC DE COM 49456B101 5,478 310,000 SH   DFND 1,2,3 0 310,000 0
LENNAR CORP CL A 526057104 3,570 68,000 SH   DFND 1,2,3 0 68,000 0
LINCOLN NATL CORP IN COM 534187109 7,632 122,600 SH   DFND 1,2,3 0 122,600 0
LKQ CORP COM 501889208 3,190 100,000 SH   DFND 1,2,3 0 100,000 0
LYON WILLIAM HOMES CL A NEW 552074700 624 26,898 SH   DFND 1,2,3 0 26,898 0
LYONDELLBASELL INDUS SHS - A - N53745100 4,855 44,200 SH   DFND 1,2,3 0 44,200 0
MACQUARIE INFRASTRUC COM 55608B105 251 5,955 SH   DFND 1,2,3 0 5,955 0
MARATHON PETE CORP COM 56585A102 5,402 77,000 SH   DFND 1,2,3 0 77,000 0
MASONITE INTL CORP N COM 575385109 1,686 23,464 SH   DFND 1,2,3 0 23,464 0
MCKESSON CORP COM 58155Q103 2,286 17,133 SH   DFND 1,2,3 0 17,133 0
MEDNAX INC COM 58502B106 1,519 35,106 SH   DFND 1,2,3 0 35,106 0
METLIFE INC COM 59156R108 2,507 57,490 SH   DFND 1,2,3 0 57,490 0
MICRO FOCUS INTERNAT SPON ADR NEW 594837304 350 20,248 SH   DFND 1,2,3 0 20,248 0
MICROSOFT CORP COM 594918104 12,415 125,900 SH   DFND 1,2,3 0 125,900 0
MILLER INDS INC TENN COM NEW 600551204 274 10,727 SH   DFND 1,2,3 0 10,727 0
MOELIS & CO CL A 60786M105 12,805 218,337 SH   DFND 1,2,3 0 218,337 0
MORGAN STANLEY COM NEW 617446448 2,357 49,734 SH   DFND 1,2,3 0 49,734 0
MURPHY OIL CORP COM 626717102 2,693 79,747 SH   DFND 1,2,3 0 79,747 0
MYLAN N V SHS EURO N59465109 2,788 77,142 SH   DFND 1,2,3 0 77,142 0
NATIONAL OILWELL VAR COM 637071101 897 20,663 SH   DFND 1,2,3 0 20,663 0
NAVIGANT CONSULTING COM 63935N107 892 40,304 SH   DFND 1,2,3 0 40,304 0
NELNET INC CL A 64031N108 280 4,800 SH   DFND 1,2,3 0 4,800 0
NEWELL BRANDS INC COM 651229106 1,676 65,004 SH   DFND 1,2,3 0 65,004 0
NEWS CORP NEW CL A 65249B109 1,135 73,225 SH   DFND 1,2,3 0 73,225 0
NOVAGOLD RES INC COM NEW 66987E206 1,691 380,003 SH   DFND 1,2,3 0 380,003 0
NRG ENERGY INC COM NEW 629377508 1,300 42,341 SH   DFND 1,2,3 0 42,341 0
NXP SEMICONDUCTORS N COM N6596X109 1,815 16,608 SH   DFND 1,2,3 0 16,608 0
OCCIDENTAL PETE CORP COM 674599105 908 10,855 SH   DFND 1,2,3 0 10,855 0
OMNICOM GROUP INC COM 681919106 3,338 43,760 SH   DFND 1,2,3 0 43,760 0
ORACLE CORP COM 68389X105 8,110 184,075 SH   DFND 1,2,3 0 184,075 0
PFIZER INC COM 717081103 6,766 186,491 SH   DFND 1,2,3 0 186,491 0
PIONEER NAT RES CO COM 723787107 5,072 26,800 SH   DFND 1,2,3 0 26,800 0
PITNEY BOWES INC COM 724479100 1,877 218,965 SH   DFND 1,2,3 0 218,965 0
PORTLAND GEN ELEC CO COM NEW 736508847 436 10,200 SH   DFND 1,2,3 0 10,200 0
REALOGY HLDGS CORP COM 75605Y106 765 33,560 SH   DFND 1,2,3 0 33,560 0
ROYAL DUTCH SHELL PL SPONS ADR A 780259206 2,731 39,443 SH   DFND 1,2,3 0 39,443 0
RYDER SYS INC COM 783549108 2,586 35,983 SH   DFND 1,2,3 0 35,983 0
SCANSOURCE INC COM 806037107 1,166 28,945 SH   DFND 1,2,3 0 28,945 0
SCIENCE APPLICATNS I COM 808625107 801 9,900 SH   DFND 1,2,3 0 9,900 0
SOUTH ST CORP COM 840441109 633 7,341 SH   DFND 1,2,3 0 7,341 0
SPDR GOLD TRUST GOLD SHS 78463V107 25,391 214,000 SH   DFND 1,2,3 0 214,000 0
STATE STR CORP COM 857477103 839 9,012 SH   DFND 1,2,3 0 9,012 0
STEELCASE INC CL A 858155203 1,115 82,586 SH   DFND 1,2,3 0 82,586 0
SUPERIOR ENERGY SVCS COM 868157108 471 48,385 SH   DFND 1,2,3 0 48,385 0
SYNOVUS FINL CORP COM NEW 87161C501 772 14,610 SH   DFND 1,2,3 0 14,610 0
TCF FINL CORP COM 872275102 876 35,599 SH   DFND 1,2,3 0 35,599 0
TECK RESOURCES LTD CL B 878742204 1,012 39,780 SH   DFND 1,2,3 0 39,780 0
TEEKAY TANKERS LTD CL A Y8565N102 490 418,650 SH   DFND 1,2,3 0 418,650 0
TENET HEALTHCARE COR COM NEW 88033G407 326 9,725 SH   DFND 1,2,3 0 9,725 0
TEREX CORP NEW COM 880779103 2,706 64,142 SH   DFND 1,2,3 0 64,142 0
TETRA TECHNOLOGIES I COM 88162F105 275 61,800 SH   DFND 1,2,3 0 61,800 0
TEXTRON INC COM 883203101 2,867 43,500 SH   DFND 1,2,3 0 43,500 0
TOLL BROTHERS INC COM 889478103 1,369 37,000 SH   DFND 1,2,3 0 37,000 0
TRAVELERS COMPANIES COM 89417E109 4,037 33,000 SH   DFND 1,2,3 0 33,000 0
TRIMAS CORP COM NEW 896215209 1,660 56,457 SH   DFND 1,2,3 0 56,457 0
TRIPLE-S MGMT CORP CL B 896749108 1,282 32,828 SH   DFND 1,2,3 0 32,828 0
TUPPERWARE BRANDS CO COM 899896104 751 18,200 SH   DFND 1,2,3 0 18,200 0
UBS GROUP AG SHS H42097107 1,553 100,375 SH   DFND 1,2,3 0 100,375 0
UNITED RENTALS INC COM 911363109 5,462 37,000 SH   DFND 1,2,3 0 37,000 0
UNIVERSAL CORP VA COM 913456109 1,330 20,134 SH   DFND 1,2,3 0 20,134 0
VERIZON COMMUNICATIO COM 92343V104 2,954 58,715 SH   DFND 1,2,3 0 58,715 0
VIRTUS INVT PARTNERS COM 92828Q109 1,495 11,685 SH   DFND 1,2,3 0 11,685 0
VORNADO RLTY TR SH BEN INT 929042109 3,734 50,515 SH   DFND 1,2,3 0 50,515 0
VOYA FINL INC COM 929089100 2,098 44,636 SH   DFND 1,2,3 0 44,636 0
WEBSTER FINL CORP CO COM 947890109 977 15,337 SH   DFND 1,2,3 0 15,337 0
WELLS FARGO CO NEW COM 949746101 2,337 42,147 SH   DFND 1,2,3 0 42,147 0
WESCO AIRCRAFT HLDGS COM 950814103 703 62,470 SH   DFND 1,2,3 0 62,470 0
WESTERN DIGITAL CORP COM 958102105 5,419 70,000 SH   DFND 1,2,3 0 70,000 0
WILLIAMS COS INC DEL COM 969457100 463 17,070 SH   DFND 1,2,3 0 17,070 0
WILLIS TOWERS WATSON SHS G96629103 1,791 11,815 SH   DFND 1,2,3 0 11,815 0
WPX ENERGY INC COM 98212B103 3,363 186,500 SH   DFND 1,2,3 0 186,500 0
WSFS FINL CORP COM 929328102 222 4,169 SH   DFND 1,2,3 0 4,169 0
XEROX CORP COM NEW 984121608 2,423 100,952 SH   DFND 1,2,3 0 100,952 0