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    <cusip>011659109</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>009158106</cusip>
    <value>7668</value>
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    <cusip>097023105</cusip>
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    <cusip>060505104</cusip>
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    <cusip>075887109</cusip>
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    <nameOfIssuer>Berkshire Hathaway Inc. Class B</nameOfIssuer>
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    <nameOfIssuer>Comcast Corporation Class A</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>Philip Morris International Inc.</nameOfIssuer>
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    <nameOfIssuer>Public Storage</nameOfIssuer>
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    <nameOfIssuer>Constellation Brands, Inc. Class A</nameOfIssuer>
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    <cusip>21036P108</cusip>
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    <nameOfIssuer>Thermo Fisher Scientific Inc.</nameOfIssuer>
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    <nameOfIssuer>Visa Inc. Class A</nameOfIssuer>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>Walmart Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>931142103</cusip>
    <value>24163</value>
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      <None>0</None>
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    <value>14317</value>
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      <None>0</None>
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    <value>655</value>
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    <titleOfClass>COM</titleOfClass>
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    <value>341</value>
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      <sshPrnamt>6600</sshPrnamt>
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      <None>6600</None>
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    <nameOfIssuer>American Equity Investment Life Holding Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>025676206</cusip>
    <value>721</value>
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      <None>20400</None>
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    <nameOfIssuer>Federal Agricultural Mortgage Corporation Class C</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>313148306</cusip>
    <value>657</value>
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      <sshPrnamt>9100</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>9100</None>
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    <nameOfIssuer>Acadia Realty Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>004239109</cusip>
    <value>723</value>
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      <sshPrnamt>25800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25800</None>
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    <nameOfIssuer>ALLETE, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>018522300</cusip>
    <value>713</value>
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      <sshPrnamt>9500</sshPrnamt>
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      <None>9500</None>
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    <nameOfIssuer>AMAG Pharmaceuticals, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00163U106</cusip>
    <value>370</value>
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      <sshPrnamt>18500</sshPrnamt>
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      <None>18500</None>
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    <nameOfIssuer>Amedisys, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>023436108</cusip>
    <value>712</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <None>5700</None>
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    <nameOfIssuer>Amkor Technology, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>031652100</cusip>
    <value>430</value>
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      <sshPrnamt>58200</sshPrnamt>
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      <None>58200</None>
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    <nameOfIssuer>American Renal Associates</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>029227105</cusip>
    <value>559</value>
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      <None>25839</None>
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    <nameOfIssuer>On Assignment, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>00191U102</cusip>
    <value>663</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8400</sshPrnamt>
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      <None>8400</None>
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    <nameOfIssuer>Aspen Technology, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>045327103</cusip>
    <value>968</value>
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      <sshPrnamt>8500</sshPrnamt>
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      <None>8500</None>
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    <nameOfIssuer>Banner Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06652V208</cusip>
    <value>727</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <None>11700</None>
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    <nameOfIssuer>TopBuild Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89055F103</cusip>
    <value>494</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>8700</None>
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    <nameOfIssuer>BioSpecifics Technologies Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>090931106</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9700</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>9700</None>
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    <nameOfIssuer>CalAmp Corp.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>128126109</cusip>
    <value>870</value>
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      <sshPrnamt>36300</sshPrnamt>
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      <None>36300</None>
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    <nameOfIssuer>Cara Therapeutics Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>140755109</cusip>
    <value>410</value>
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      <sshPrnamt>17100</sshPrnamt>
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      <None>17100</None>
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    <nameOfIssuer>Cardtronics plc Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G1991C105</cusip>
    <value>718</value>
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      <None>22700</None>
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    <nameOfIssuer>Continental Building Products, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>211171103</cusip>
    <value>931</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>24800</None>
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    <nameOfIssuer>Cogent Communications Holdings Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>19239V302</cusip>
    <value>887</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
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      <None>15900</None>
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    <nameOfIssuer>Chemocentryx, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16383L106</cusip>
    <value>508</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>40200</None>
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    <nameOfIssuer>Cerus Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>157085101</cusip>
    <value>739</value>
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      <sshPrnamt>102500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>102500</None>
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    <nameOfIssuer>Costamare Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y1771G102</cusip>
    <value>588</value>
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      <sshPrnamt>90600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>90600</None>
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    <nameOfIssuer>CNO Financial Group, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12621E103</cusip>
    <value>770</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>36300</None>
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    <nameOfIssuer>CyrusOne, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23283R100</cusip>
    <value>793</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12500</None>
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    <nameOfIssuer>Cirrus Logic, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>172755100</cusip>
    <value>479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12400</None>
    </votingAuthority>
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    <nameOfIssuer>Carrizo Oil &amp; Gas, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>144577103</cusip>
    <value>491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>19500</None>
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    <nameOfIssuer>CSG Systems International, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126349109</cusip>
    <value>666</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>16600</None>
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    <nameOfIssuer>Cardiovascular Systems, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>141619106</cusip>
    <value>736</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>18800</None>
    </votingAuthority>
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    <nameOfIssuer>Customers Bancorp, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23204G100</cusip>
    <value>673</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>28600</None>
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    <nameOfIssuer>Covanta Holding Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22282E102</cusip>
    <value>694</value>
    <shrsOrPrnAmt>
      <sshPrnamt>42700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>42700</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CVR Energy, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>12662P108</cusip>
    <value>635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>15800</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CommVault Systems, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>204166102</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>10600</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Dana Incorporated</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>235825205</cusip>
    <value>659</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>35300</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>DineEquity, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254423106</cusip>
    <value>691</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>8500</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Diamond Offshore Drilling, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25271C102</cusip>
    <value>516</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25800</None>
    </votingAuthority>
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    <nameOfIssuer>MRC Global Inc.</nameOfIssuer>
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      <Shared>0</Shared>
      <None>21100</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>552848103</cusip>
    <value>692</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>52000</None>
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    <nameOfIssuer>Minerals Technologies Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>603158106</cusip>
    <value>676</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>10000</None>
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    <nameOfIssuer>National Health Investors, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>63633D104</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>7500</None>
    </votingAuthority>
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    <nameOfIssuer>Nelnet, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>64031N108</cusip>
    <value>720</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>12600</None>
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    <nameOfIssuer>National Storage Affiliates Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>637870106</cusip>
    <value>649</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25500</None>
    </votingAuthority>
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    <nameOfIssuer>Oasis Petroleum Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>674215108</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>41600</None>
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    <nameOfIssuer>Old Second Bancorp, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>680277100</cusip>
    <value>867</value>
    <shrsOrPrnAmt>
      <sshPrnamt>56100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
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      <Shared>0</Shared>
      <None>56100</None>
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    <nameOfIssuer>Phibro Animal Health Corporation Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>71742Q106</cusip>
    <value>438</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>10200</None>
    </votingAuthority>
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    <nameOfIssuer>Pebblebrook Hotel Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70509V100</cusip>
    <value>702</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>19300</None>
    </votingAuthority>
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    <nameOfIssuer>Pattern Energy Group, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70338P100</cusip>
    <value>755</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>38000</None>
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    <nameOfIssuer>Penn National Gaming, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>707569109</cusip>
    <value>843</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>25600</None>
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    <nameOfIssuer>Perry Ellis International, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>288853104</cusip>
    <value>943</value>
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      <sshPrnamt>34500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>34500</None>
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    <nameOfIssuer>PennyMac Financial Services, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70932B101</cusip>
    <value>621</value>
    <shrsOrPrnAmt>
      <sshPrnamt>29700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>29700</None>
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    <nameOfIssuer>PennyMac Mortgage Investment Trust</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>70931T103</cusip>
    <value>735</value>
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      <sshPrnamt>36300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Shared>0</Shared>
      <None>36300</None>
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    <nameOfIssuer>PolyOne Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>73179P106</cusip>
    <value>555</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>12700</None>
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    <nameOfIssuer>Portland General Electric Company</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>736508847</cusip>
    <value>629</value>
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      <sshPrnamt>13800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <None>13800</None>
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    <nameOfIssuer>Progress Software Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>743312100</cusip>
    <value>635</value>
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      <sshPrnamtType>SH</sshPrnamtType>
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      <None>18000</None>
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    <nameOfIssuer>Party City Holdco, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>702149105</cusip>
    <value>625</value>
    <shrsOrPrnAmt>
      <sshPrnamt>46100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <None>46100</None>
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    <nameOfIssuer>QuinStreet, Inc.</nameOfIssuer>
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    <value>759</value>
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      <sshPrnamt>55900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>55900</None>
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    <nameOfIssuer>RadNet, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750491102</cusip>
    <value>917</value>
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      <sshPrnamt>60900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>60900</None>
    </votingAuthority>
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    <nameOfIssuer>Regis Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>758932107</cusip>
    <value>725</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>35500</None>
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    <nameOfIssuer>RH</nameOfIssuer>
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    <cusip>74967X103</cusip>
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    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>5600</None>
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    <nameOfIssuer>RLJ Lodging Trust</nameOfIssuer>
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    <value>692</value>
    <shrsOrPrnAmt>
      <sshPrnamt>31400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>31400</None>
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    <nameOfIssuer>Ruth's Hospitality Group, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>783332109</cusip>
    <value>1019</value>
    <shrsOrPrnAmt>
      <sshPrnamt>32300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>32300</None>
    </votingAuthority>
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    <nameOfIssuer>Rexnord Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>76169B102</cusip>
    <value>742</value>
    <shrsOrPrnAmt>
      <sshPrnamt>24100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>24100</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Boston Beer Company, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>100557107</cusip>
    <value>546</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>1900</None>
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    <nameOfIssuer>Sanmina-SCI Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>801056102</cusip>
    <value>704</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>25500</None>
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    <nameOfIssuer>Sinclair Broadcast Group, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>829226109</cusip>
    <value>624</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>22000</None>
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    <nameOfIssuer>Schnitzer Steel Industries, Inc. Class A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806882106</cusip>
    <value>682</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>25200</None>
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  <infoTable>
    <nameOfIssuer>Select Medical Holdings Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81619Q105</cusip>
    <value>648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>35200</None>
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  <infoTable>
    <nameOfIssuer>SkyWest, Inc</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>830879102</cusip>
    <value>719</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>12200</None>
    </votingAuthority>
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    <nameOfIssuer>SYNNEX Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87162W100</cusip>
    <value>567</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>6700</None>
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  <infoTable>
    <nameOfIssuer>SPX Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784635104</cusip>
    <value>909</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>27300</None>
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    <nameOfIssuer>Tech Data Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878237106</cusip>
    <value>558</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>7800</None>
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    <nameOfIssuer>Tenet Healthcare Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88033G407</cusip>
    <value>583</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>20500</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>Tailored Brands, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87403A107</cusip>
    <value>685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>27200</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>TriMas Corporation</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>896215209</cusip>
    <value>766</value>
    <shrsOrPrnAmt>
      <sshPrnamt>25200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>25200</None>
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  <infoTable>
    <nameOfIssuer>Trinseo SA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>L9340P101</cusip>
    <value>689</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>8800</None>
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  <infoTable>
    <nameOfIssuer>Tetra Tech, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88162G103</cusip>
    <value>731</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>10700</None>
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  <infoTable>
    <nameOfIssuer>TTM Technologies, Inc.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87305R109</cusip>
    <value>818</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>51400</None>
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  <infoTable>
    <nameOfIssuer>Travelport Worldwide Ltd.</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>631</value>
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      <sshPrnamt>34500</sshPrnamt>
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