UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| Abbott Laboratories (ABT) | COM | 002824100 | 982 | 11,300 | SH | DFND | 11,300 | 0 | 0 | ||
| Alerian MLP ETF (AMLP) | COM | 00162q866 | 96 | 11,270 | SH | DFND | 11,270 | 0 | 0 | ||
| Alphabet Inc - Cl C (GOOG) | COM | 02079K107 | 4,940 | 3,695 | SH | DFND | 3,695 | 0 | 0 | ||
| Amdocs Ltd (DOX) | COM | G02602103 | 7,801 | 108,066 | SH | DFND | 108,066 | 0 | 0 | ||
| American National Bankshares ( | COM | 027745108 | 1,735 | 43,836 | SH | DFND | 43,836 | 0 | 0 | ||
| Chubb Limited (CB) | COM | H1467J104 | 1,898 | 12,194 | SH | DFND | 12,194 | 0 | 0 | ||
| Cisco Systems (CSCO) | COM | 17275r102 | 4,289 | 89,430 | SH | DFND | 89,430 | 0 | 0 | ||
| Cleveland-Cliffs Inc. (CLF) | COM | 185899101 | 2,239 | 266,495 | SH | DFND | 266,495 | 0 | 0 | ||
| Conduent Inc. (CNDT) | COM | 206787103 | 1,942 | 313,212 | SH | DFND | 313,212 | 0 | 0 | ||
| Discover Financial Services (D | COM | 254709108 | 11,552 | 136,192 | SH | DFND | 136,192 | 0 | 0 | ||
| EMCOR Group (EME) | COM | 29084q100 | 9,306 | 107,838 | SH | DFND | 107,838 | 0 | 0 | ||
| EOG Resources (EOG) | COM | 26875p101 | 7,125 | 85,064 | SH | DFND | 85,064 | 0 | 0 | ||
| Emerson Electric (EMR) | COM | 291011104 | 3,011 | 39,484 | SH | DFND | 39,484 | 0 | 0 | ||
| Global X MLP & Energy Infra (M | COM | 37950e226 | 4,040 | 328,982 | SH | DFND | 328,982 | 0 | 0 | ||
| Johnson Controls Intl. (JCI) | COM | g51502105 | 7,606 | 186,832 | SH | DFND | 186,832 | 0 | 0 | ||
| KBR Inc. (KBR) | COM | 48242w106 | 10,303 | 337,818 | SH | DFND | 337,818 | 0 | 0 | ||
| Kayne Anderson Midstream (KMF) | COM | 48661e108 | 674 | 64,031 | SH | DFND | 64,031 | 0 | 0 | ||
| LKQ Corp. (LKQ) | COM | 501889208 | 1,951 | 54,660 | SH | DFND | 54,660 | 0 | 0 | ||
| MYR Group (MYRG) | COM | 55405w104 | 7,051 | 216,349 | SH | DFND | 216,349 | 0 | 0 | ||
| Marriott International (MAR) | COM | 571903202 | 2,726 | 18,000 | SH | DFND | 18,000 | 0 | 0 | ||
| MasTec, Inc. (MTZ) | COM | 576323109 | 8,387 | 130,713 | SH | DFND | 130,713 | 0 | 0 | ||
| Medtronic plc (MDT) | COM | G5960L103 | 6,467 | 56,999 | SH | DFND | 56,999 | 0 | 0 | ||
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,479 | 57,893 | SH | DFND | 57,893 | 0 | 0 | ||
| Owens Corning (OC) | COM | 690742101 | 3,919 | 60,182 | SH | DFND | 60,182 | 0 | 0 | ||
| Party City Holdco (PRTY) | COM | 702149105 | 405 | 173,163 | SH | DFND | 173,163 | 0 | 0 | ||
| PennantPark Floating Rate Capi | COM | 70806a106 | 2,436 | 199,981 | SH | DFND | 199,981 | 0 | 0 | ||
| Pentair plc (PNR) | COM | G7S00T104 | 918 | 20,016 | SH | DFND | 20,016 | 0 | 0 | ||
| Phillips 66 (PSX) | COM | 718546104 | 447 | 4,014 | SH | DFND | 4,014 | 0 | 0 | ||
| Procter & Gamble (PG) | COM | 742718109 | 215 | 1,725 | SH | DFND | 1,725 | 0 | 0 | ||
| Republic Services (RSG) | COM | 760759100 | 23,766 | 265,159 | SH | DFND | 265,159 | 0 | 0 | ||
| Rush Enterprises Class B (RUSH | COM | 781846308 | 816 | 17,847 | SH | DFND | 17,847 | 0 | 0 | ||
| Sherwin-Williams Co. (SHW) | COM | 824348106 | 13,441 | 23,034 | SH | DFND | 23,034 | 0 | 0 | ||
| Shore Bancshares (SHBI) | COM | 825107105 | 2,188 | 126,010 | SH | DFND | 126,010 | 0 | 0 | ||
| Southern National Bancorp of V | COM | 843395104 | 8,846 | 541,054 | SH | DFND | 541,054 | 0 | 0 | ||
| Suncor Energy (SU) | COM | 867224107 | 8,687 | 264,842 | SH | DFND | 264,842 | 0 | 0 | ||
| United Parcel Service (UPS) | COM | 911312106 | 8,332 | 71,176 | SH | DFND | 71,176 | 0 | 0 | ||
| W. R. Berkley Corp. (WRB) | COM | 084423102 | 4,658 | 67,416 | SH | DFND | 67,416 | 0 | 0 | ||
| WSFS Financial (WSFS) | COM | 929328102 | 1,616 | 36,726 | SH | DFND | 36,726 | 0 | 0 | ||
| Westbury Bancorp (WBBW) | COM | 95727p106 | 751 | 26,352 | SH | DFND | 26,352 | 0 | 0 | ||
| Wyndham Hotels & Resorts (WH) | COM | 98311a105 | 13,089 | 208,395 | SH | DFND | 208,395 | 0 | 0 | ||
| j2 Global (JCOM) | COM | 48123v102 | 10,193 | 108,775 | SH | DFND | 108,775 | 0 | 0 | ||
| nVent Electric plc (NVT) | COM | G6700G107 | 512 | 20,016 | SH | DFND | 20,016 | 0 | 0 | ||
| Cemex SAB De CV | CONV | 151290BT9 | 4,465 | 4,452,000 | PRN | DFND | 4,452,000 | 0 | 0 | ||
| Ctrip.com International, Ltd. | CONV | 22943FAF7 | 2,952 | 3,000,000 | PRN | DFND | 3,000,000 | 0 | 0 | ||