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
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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
Allete Inc CS 018522300 1,512 20,156 SH   DFND 1 20,156 0 0
Americold Realty Trust CS 03064D108 2,560 102,318 SH   DFND 1 102,318 0 0
Apollo Commercial Real Estate CS 03762U105 3,109 164,744 SH   DFND 1 164,744 0 0
Argan Inc CS 04010e109 2,016 46,894 SH   DFND 1 46,894 0 0
Argo Group International CS g0464b107 2,658 42,153 SH   DFND 1 42,153 0 0
Astec Industries Inc CS 046224101 1,886 37,413 SH   DFND 1 37,413 0 0
Bank of Hawaii Corp CS 062540109 1,656 20,982 SH   DFND 1 20,982 0 0
Benchmark Electronics Inc CS 08160H101 2,038 87,073 SH   DFND 1 87,073 0 0
Big Lots Inc CS 089302103 2,183 52,249 SH   DFND 1 52,249 0 0
Blackstone Mortgage Trust CS 09257w100 3,021 90,167 SH   DFND 1 90,167 0 0
Brady Corp CS 104674106 699 15,977 SH   DFND 1 15,977 0 0
Bryn Mawr Bank Corp CS 117665109 1,481 31,584 SH   DFND 1 31,584 0 0
Cal Maine Foods Inc CS 128030202 1,434 29,681 SH   DFND 1 29,681 0 0
Centerstate Bank Corp CS 15201P109 2,252 80,291 SH   DFND 1 80,291 0 0
Columbia Property Trust Inc CS 198287203 2,277 96,301 SH   DFND 1 96,301 0 0
Convergys Corp CS 212485106 2,811 118,394 SH   DFND 1 118,394 0 0
Cooper-Standard Holdings Inc CS 21676P103 1,291 10,756 SH   DFND 1 10,756 0 0
CSG Systems International Inc CS 126349109 2,691 67,028 SH   DFND 1 67,028 0 0
Darling Ingredients Inc CS 237266101 2,154 111,490 SH   DFND 1 111,490 0 0
Deluxe Corp CS 248019101 2,919 51,256 SH   DFND 1 51,256 0 0
Donnelley Financial Solution CS 25787G100 1,929 107,656 SH   DFND 1 107,656 0 0
Encore Wire Corp CS 292562105 1,467 29,274 SH   DFND 1 29,274 0 0
Enpro Industries Inc CS 29355x107 1,572 21,554 SH   DFND 1 21,554 0 0
Equity Commonwealth CS 294628102 2,680 83,526 SH   DFND 1 83,526 0 0
First Financial Bancorp CS 320209109 2,594 87,330 SH   DFND 1 87,330 0 0
First Merchants Corp CS 320817109 2,006 44,582 SH   DFND 1 44,582 0 0
Forward Air Corp CS 349853101 1,240 17,292 SH   DFND 1 17,292 0 0
Fresh Del Monte Produce Inc CS G36738105 1,518 44,778 SH   DFND 1 44,778 0 0
Granite Point Mortgage Trust CS 38741L107 2,245 116,439 SH   DFND 1 116,439 0 0
Greenbrier Companies Inc CS 393657101 1,180 19,628 SH   DFND 1 19,628 0 0
Heartland Express Inc CS 422347104 1,872 94,884 SH   DFND 1 94,884 0 0
Horace Mann Educators Corp CS 440327104 1,527 34,001 SH   DFND 1 34,001 0 0
Hostess Brands Inc CS 44109J106 2,953 266,802 SH   DFND 1 266,802 0 0
Innospec Inc CS 45768S105 1,880 24,493 SH   DFND 1 24,493 0 0
Interdigital Inc CS 45867G101 1,784 22,296 SH   DFND 1 22,296 0 0
John B. Sanfilippo & Son Inc CS 800422107 1,428 20,000 SH   DFND 1 20,000 0 0
Knoll Inc CS 498904200 1,933 82,431 SH   DFND 1 82,431 0 0
La Z Boy Inc CS 505336107 1,844 58,352 SH   DFND 1 58,352 0 0
Lancaster Colony Corp CS 513847103 1,062 7,116 SH   DFND 1 7,116 0 0
LegacyTexas Financial Group CS 52471Y106 1,425 33,445 SH   DFND 1 33,445 0 0
Lifepoint Hospitals Inc CS 53219L109 2,157 33,493 SH   DFND 1 33,493 0 0
Magellan Health Inc CS 559079207 2,201 30,544 SH   DFND 1 30,544 0 0
Methode Electronics Inc CS 591520200 1,664 45,954 SH   DFND 1 45,954 0 0
Northwest Bancshares CS 667340103 2,224 128,381 SH   DFND 1 128,381 0 0
Northwestern Corp CS 668074305 3,465 59,071 SH   DFND 1 59,071 0 0
Plexus Corp CS 729132100 2,454 41,948 SH   DFND 1 41,948 0 0
PNM Resources Inc CS 69349H107 3,401 86,220 SH   DFND 1 86,220 0 0
Portland General Electric Co CS 736508847 2,277 49,921 SH   DFND 1 49,921 0 0
Primoris Services Corp CS 74164f103 1,869 75,304 SH   DFND 1 75,304 0 0
PS Business Parks Inc/Ca CS 69360J107 2,397 18,863 SH   DFND 1 18,863 0 0
Regal Beloit Corp CS 758750103 2,878 34,910 SH   DFND 1 34,910 0 0
Renasant Corp CS 75970e107 1,367 33,168 SH   DFND 1 33,168 0 0
RPC Inc CS 749660106 1,786 115,363 SH   DFND 1 115,363 0 0
Sabra Health Care Reit Inc CS 78573L106 1,490 64,464 SH   DFND 1 64,464 0 0
Sanderson Farms Inc CS 800013104 1,944 18,804 SH   DFND 1 18,804 0 0
Silgan Holdings Inc CS 827048109 3,077 110,689 SH   DFND 1 110,689 0 0
SRC Energy Inc CS 78470V108 1,674 188,328 SH   DFND 1 188,328 0 0
Stepan Co CS 858586100 1,118 12,845 SH   DFND 1 12,845 0 0
Taylor Morrison Home Corp CS 87724P106 2,100 116,408 SH   DFND 1 116,408 0 0
Tenneco Inc CS 880349105 2,566 60,895 SH   DFND 1 60,895 0 0
Third Point Reinsurance Ltd CS g8827u100 2,700 207,675 SH   DFND 1 207,675 0 0
Treehouse Foods Inc CS 89469A104 2,605 54,433 SH   DFND 1 54,433 0 0
US Silica Holdings Inc CS 90346E103 1,369 72,683 SH   DFND 1 72,683 0 0
Valmont Industries Inc CS 920253101 1,928 13,924 SH   DFND 1 13,924 0 0
Washington Federal CS 938824109 3,188 99,639 SH   DFND 1 99,639 0 0
Wesco International Inc CS 95082P105 1,536 24,989 SH   DFND 1 24,989 0 0
White Mountains Insurance Grou CS G9618E107 2,667 2,850 SH   DFND 1 2,850 0 0
Zagg Inc CS 98884U108 766 51,904 SH   DFND 1 51,904 0 0
iShares Russell 2000 Value EF 464287630 2,491 18,729 SH   DFND 1 18,729 0 0