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
AARON'S IN COM 002535300 2,495 70,000 SH   SOLE   0 0 70,000
ADVANCED S ADR 00756M404 242 37,200 SH   SOLE   0 0 37,200
AETNA INC COM 00817Y108 5,538 68,304 SH   SOLE   4,400 0 63,904
AETNA INC COM 00817Y108 2,830 34,900 SH   DFND 1 0 0 34,900
AFLAC INC COM 001055102 5,974 95,963 SH   SOLE   4,000 0 91,963
AGCO CORP COM 001084102 3,143 55,909 SH   SOLE   10,619 0 45,290
ALLSTATE C COM 020002101 3,001 51,100 SH   SOLE   9,900 0 41,200
ALLSTATE C COM 020002101 2,819 48,000 SH   DFND 1 0 0 48,000
AMERICAN F COM 025932104 4,008 67,292 SH   SOLE   0 0 67,292
AMERICAN F COM 025932104 2,650 44,500 SH   DFND 1 0 0 44,500
AMERICAN I COM 026874784 5,949 108,995 SH   SOLE   6,200 0 102,795
AMERICAN I COM 026874784 2,734 50,100 SH   DFND 1 0 0 50,100
AMERICAN R COM 02916P103 481 7,100 SH   SOLE   0 0 7,100
AON PLC COM G0408V102 5,853 64,967 SH   SOLE   0 0 64,967
ARCHER-DAN COM 039483102 212 4,800 SH   SOLE   0 0 4,800
ASSURANT I COM 04621X108 3,839 58,567 SH   SOLE   5,100 0 53,467
AVNET INC COM 053807103 955 21,555 SH   SOLE   0 0 21,555
BANK OF MO COM 063671101 5,127 69,669 SH   SOLE   17,400 0 52,269
BANK OF MO COM 063671101 2,904 39,463 SH   DFND 1 0 0 39,463
BANK OF NE COM 064058100 2,417 64,500 SH   SOLE   6,900 0 57,600
BANK OF NO COM 064149107 2,956 44,384 SH   DFND 1 0 0 44,384
BED BATH & COM 075896100 637 11,100 SH   SOLE   4,000 0 7,100
BLACKSTONE MLP 09253U108 1,950 58,300 SH   SOLE   0 0 58,300
CA INC COM 12673P105 4,815 167,534 SH   SOLE   19,534 0 148,000
CAN IMPERI COM 136069101 2,834 31,146 SH   SOLE   13,600 0 17,546
CANADIAN N COM 136385101 5,445 118,600 SH   SOLE   29,100 0 89,500
CAPITAL ON COM 14040H105 562 6,800 SH   SOLE   4,400 0 2,400
CELESTICA COM 15101Q108 5,156 410,532 SH   SOLE   103,100 0 307,432
CF INDUSTR COM 125269100 202 839 SH   SOLE   0 0 839
CF INDUSTR COM 125269100 2,405 10,000 SH   DFND 1 0 0 10,000
CGI GROUP COM 39945C109 3,750 105,700 SH   SOLE   19,800 0 85,900
CISCO SYST COM 17275R102 4,541 182,752 SH   SOLE   0 0 182,752
COACH INC COM 189754104 3,263 95,423 SH   SOLE   0 0 95,423
COMPUTER S COM 205363104 247 3,902 SH   SOLE   3,902 0 0
CVS CAREMA COM 126650100 2,000 26,530 SH   SOLE   0 0 26,530
DANA HOLDI COM 235825205 750 30,700 SH   SOLE   10,400 0 20,300
DEERE & CO COM 244199105 6,316 69,748 SH   SOLE   6,600 0 63,148
DEERE & CO COM 244199105 2,689 29,700 SH   DFND 1 0 0 29,700
DELUXE COR COM 248019101 4,703 80,280 SH   SOLE   0 0 80,280
DILLARDS I COM 254067101 7,290 62,520 SH   SOLE   5,200 0 57,320
DILLARDS I COM 254067101 3,288 28,200 SH   DFND 1 0 0 28,200
DIRECTV COM 25490A309 442 5,200 SH   SOLE   3,000 0 2,200
DOMTAR COR COM 257559203 2,245 52,400 SH   SOLE   0 0 52,400
DOVER CORP COM 260003108 3,830 42,112 SH   SOLE   0 0 42,112
DUN & BRAD COM 26483E100 463 4,200 SH   SOLE   0 0 4,200
EMC CORP/M COM 268648102 2,220 84,300 SH   SOLE   0 0 84,300
EMERSON EL COM 291011104 443 6,675 SH   SOLE   0 0 6,675
EVEREST RE COM G3223R108 433 2,700 SH   SOLE   0 0 2,700
FIDELITY N COM 31620R105 436 13,300 SH   SOLE   0 0 13,300
FIFTH THIR COM 316773100 794 37,200 SH   SOLE   28,200 0 9,000
FOOT LOCKE COM 344849104 5,461 107,677 SH   SOLE   11,900 0 95,777
GANNETT CO COM 364730101 3,642 116,316 SH   SOLE   11,800 0 104,516
GENERAL EL COM 369604103 6,299 239,700 SH   SOLE   22,600 0 217,100
GOLDMAN SA COM 38141G104 2,271 13,561 SH   SOLE   1,456 0 12,105
HEWLETT-PA COM 428236103 2,007 59,605 SH   SOLE   0 0 59,605
HOLLYFRONT COM 436106108 3,610 82,635 SH   SOLE   0 0 82,635
HUMANA INC COM 444859102 4,469 34,987 SH   SOLE   4,700 0 30,287
HUNTSMAN C COM 447011107 3,527 125,500 SH   SOLE   0 0 125,500
INTEL CORP COM 458140100 7,154 231,522 SH   SOLE   21,200 0 210,322
INTERNATIO COM 460146103 3,124 62,779 SH   SOLE   12,232 0 50,547
INTL BUSIN COM 459200101 4,716 26,019 SH   SOLE   1,400 0 24,619
INTL BUSIN COM 459200101 2,483 13,700 SH   DFND 1 0 0 13,700
JPMORGAN C COM 46625H100 5,519 95,777 SH   SOLE   6,200 0 89,577
JPMORGAN C COM 46625H100 2,564 44,500 SH   DFND 1 0 0 44,500
KOHLS CORP COM 500255104 4,136 78,512 SH   SOLE   11,000 0 67,512
KOHLS CORP COM 500255104 2,497 47,400 SH   DFND 1 0 0 47,400
KT CORP-SP ADR 48268K101 1,073 70,900 SH   SOLE   0 0 70,900
LEAR CORP COM 521865204 4,136 46,300 SH   SOLE   3,900 0 42,400
LINCOLN NA COM 534187109 5,309 103,200 SH   SOLE   12,000 0 91,200
LYONDELLBA COM N53745100 6,378 65,313 SH   SOLE   5,900 0 59,413
MAGNA INTE COM 559222401 7,251 67,295 SH   SOLE   11,900 0 55,395
MAGNA INTE COM 559222401 2,834 26,300 SH   DFND 1 0 0 26,300
MANULIFE F COM 56501R106 3,453 173,800 SH   SOLE   36,500 0 137,300
MARATHON P COM 56585A102 2,444 31,300 SH   SOLE   3,700 0 27,600
MARVELL TE COM G5876H105 4,656 324,921 SH   SOLE   39,900 0 285,021
MATTEL INC COM 577081102 4,022 103,200 SH   SOLE   0 0 103,200
MENTOR GRA COM 587200106 440 20,400 SH   SOLE   0 0 20,400
METLIFE IN COM 59156R108 6,355 114,385 SH   SOLE   6,700 0 107,685
MICROSOFT COM 594918104 6,532 156,639 SH   SOLE   14,400 0 142,239
NATIONAL O COM 637071101 4,216 51,200 SH   SOLE   7,100 0 44,100
NORDSTROM COM 655664100 2,045 30,100 SH   SOLE   0 0 30,100
NOW INC/DE COM 67011P100 435 12,025 SH   SOLE   1,000 0 11,025
ORACLE COR COM 68389X105 1,958 48,300 SH   SOLE   0 0 48,300
ORACLE COR COM 68389X105 2,647 65,300 SH   DFND 1 0 0 65,300
PAN AMERIC COM 697900108 791 51,500 SH   SOLE   0 0 51,500
PETSMART I COM 716768106 2,559 42,800 SH   SOLE   0 0 42,800
PRUDENTIAL COM 744320102 3,080 34,700 SH   SOLE   4,100 0 30,600
QUALCOMM I COM 747525103 483 6,100 SH   SOLE   3,500 0 2,600
REINSURANC COM 759351604 6,059 76,798 SH   SOLE   3,500 0 73,298
RENT-A-CEN COM 76009N100 2,076 72,400 SH   SOLE   0 0 72,400
ROGERS COM COM 775109200 2,632 65,400 SH   DFND 1 0 0 65,400
SANDISK CO COM 80004C101 225 2,152 SH   SOLE   0 0 2,152
SEAGATE TE COM G7945M107 2,011 35,400 SH   SOLE   0 0 35,400
SK TELECOM ADR 78440P108 726 28,000 SH   SOLE   22,300 0 5,700
SNAP-ON IN COM 833034101 1,043 8,800 SH   SOLE   0 0 8,800
SOUTHWEST COM 844741108 672 25,000 SH   SOLE   0 0 25,000
STAPLES IN COM 855030102 3,033 279,765 SH   SOLE   0 0 279,765
SUN LIFE F COM 866796105 969 26,400 SH   SOLE   0 0 26,400
SUNCOR ENE COM 867224107 7,533 176,700 SH   SOLE   30,400 0 146,300
SUNCOR ENE COM 867224107 3,197 74,983 SH   DFND 1 0 0 74,983
SYMANTEC C COM 871503108 452 19,744 SH   SOLE   0 0 19,744
TECH DATA COM 878237106 1,826 29,200 SH   SOLE   5,300 0 23,900
TECK RESOU COM 878742204 5,016 219,700 SH   SOLE   24,600 0 195,100
TECK RESOU COM 878742204 2,589 113,400 SH   DFND 1 0 0 113,400
TELUS CORP COM 87971M103 506 13,600 SH   SOLE   13,600 0 0
TELUS CORP COM 87971M103 2,562 68,800 SH   DFND 1 0 0 68,800
THOMSON RE COM 884903105 1,635 44,969 SH   SOLE   0 0 44,969
TIMKEN CO COM 887389104 4,886 100,616 SH   SOLE   9,000 0 91,616
TIMKEN CO COM 887389104 2,064 42,500 SH   DFND 1 0 0 42,500
TORCHMARK COM 891027104 3,035 55,566 SH   SOLE   7,450 0 48,116
TRAVELERS COM 89417E109 3,346 35,574 SH   SOLE   0 0 35,574
TRINITY IN COM 896522109 5,321 121,704 SH   SOLE   5,868 0 115,836
TRW AUTOMO COM 87264S106 1,065 11,900 SH   SOLE   4,100 0 7,800
TYSON FOOD COM 902494103 6,052 161,216 SH   SOLE   15,100 0 146,116
TYSON FOOD COM 902494103 2,436 64,900 SH   DFND 1 0 0 64,900
UNITED MIC ADR 910873405 371 153,844 SH   SOLE   0 0 153,844
UNITED MIC ADR 910873405 3,140 1,302,700 SH   DFND 1 0 0 1,302,700
UNITED THE COM 91307C102 2,487 28,100 SH   SOLE   0 0 28,100
UNITEDHEAL COM 91324P102 4,270 52,238 SH   SOLE   4,300 0 47,938
UNITEDHEAL COM 91324P102 2,722 33,300 SH   DFND 1 0 0 33,300
UNUM GROUP COM 91529Y106 5,058 145,500 SH   SOLE   17,700 0 127,800
URS CORP COM 903236107 5,342 116,500 SH   SOLE   13,000 0 103,500
VALERO ENE COM 91913Y100 5,095 101,700 SH   SOLE   6,000 0 95,700
VISHAY INT COM 928298108 2,485 160,400 SH   SOLE   0 0 160,400
WAL-MART S COM 931142103 2,455 32,700 SH   SOLE   0 0 32,700
WELLPOINT COM 94973V107 2,532 23,527 SH   SOLE   0 0 23,527
WESCO INTE COM 95082P105 777 9,000 SH   SOLE   3,900 0 5,100
WESTERN DI COM 958102105 2,908 31,501 SH   SOLE   2,800 0 28,701
WESTERN RE COM 959319104 2,628 70,000 SH   DFND 1 0 0 70,000
WESTERN UN COM 959802109 3,228 186,185 SH   SOLE   21,121 0 165,064
WESTERN UN COM 959802109 2,660 153,400 SH   DFND 1 0 0 153,400
WHIRLPOOL COM 963320106 4,204 30,200 SH   SOLE   0 0 30,200
XEROX CORP COM 984121103 1,102 88,600 SH   SOLE   0 0 88,600