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
ABBOTT LABORATORIES COM 002824100 967 27,725 SH   DFND 1,2,3 0 27,725 0
ACTUANT CORP-CL A CL A 00508X203 1,522 46,175 SH   DFND 1,2,3 0 46,175 0
AEROPOSTALE INC COM 007865108 1,294 93,750 SH   DFND 1,2,3 0 93,750 0
ALLEGHENY TECHNOLOGIES INC COM 01741R102 771 29,305 SH   DFND 1,2,3 0 29,305 0
AMERICAN EQUITY INVT LIFE HL COM 025676206 1,459 92,925 SH   DFND 1,2,3 0 92,925 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 2,892 64,700 SH   DFND 1,2,3 0 64,700 0
AMERICAN REPROGRAPHICS CO COM 00191G103 522 130,375 SH   DFND 1,2,3 0 130,375 0
ANADARKO PETROLEUM CORP COM 032511107 13,190 153,496 SH   DFND 1,2,3 0 153,496 0
ANIXTER INTERNATIONAL INC COM 035290105 1,075 14,175 SH   DFND 1,2,3 0 14,175 0
APACHE CORP COM 037411105 5,449 65,000 SH   DFND 1,2,3 0 65,000 0
APPLE COMPUTER INC COM 037833100 981 2,475 SH   DFND 1,2,3 0 2,475 0
ARGAN INC COM 04010E109 262 16,777 SH   DFND 1,2,3 0 16,777 0
ARGO GROUP INTERNATIONAL COM G0464B107 1,784 42,075 SH   DFND 1,2,3 0 42,075 0
ARRIS CORP COM 04270V106 428 29,800 SH   DFND 1,2,3 0 29,800 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,406 37,900 SH   DFND 1,2,3 0 37,900 0
ASSURANT INC COM 04621X108 7,524 147,800 SH   DFND 1,2,3 0 147,800 0
AVNET INC COM 053807103 3,294 98,050 SH   DFND 1,2,3 0 98,050 0
BABCOCK & WILCOX CO/THE COM 05615F102 844 28,121 SH   DFND 1,2,3 0 28,121 0
BAKER HUGHES INC COM 057224107 2,657 57,600 SH   DFND 1,2,3 0 57,600 0
BANCORPSOUTH INC COM 059692103 1,432 80,905 SH   DFND 1,2,3 0 80,905 0
BANK OF AMERICA CORP COM 060505104 1,878 146,050 SH   DFND 1,2,3 0 146,050 0
BANK OF NEW YORK COM 064058100 1,880 67,012 SH   DFND 1,2,3 0 67,012 0
BARNES & NOBLE INC COM 067774109 1,198 75,041 SH   DFND 1,2,3 0 75,041 0
BARRICK GOLD CORP COM 067901108 2,412 153,241 SH   DFND 1,2,3 0 153,241 0
BBCN BANCORP INC COM 073295107 1,451 102,050 SH   DFND 1,2,3 0 102,050 0
BECTON DICKINSON & CO COM 075887109 1,742 17,625 SH   DFND 1,2,3 0 17,625 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 2,766 315,410 SH   DFND 1,2,3 0 315,410 0
BOEING COMPANY COM 097023105 3,329 32,500 SH   DFND 1,2,3 0 32,500 0
BP PLC-SPONS ADR SPONS 055622104 3,601 86,282 SH   DFND 1,2,3 0 86,282 0
BRADY CORPORATION - CL A CL A 104674106 1,457 47,425 SH   DFND 1,2,3 0 47,425 0
CABOT OIL & GAS CORP -CL A COM 127097103 2,237 31,500 SH   DFND 1,2,3 0 31,500 0
CAL DIVE INTERNATIONAL INC COM 12802T101 461 245,100 SH   DFND 1,2,3 0 245,100 0
CALLAWAY GOLF COMPANY COM 131193104 266 40,500 SH   DFND 1,2,3 0 40,500 0
CANADIAN NATURAL RESOURCES COM 136385101 565 20,000 SH   DFND 1,2,3 0 20,000 0
CAPITAL LEASE FUNDING INC COM 140288101 1,300 154,081 SH   DFND 1,2,3 0 154,081 0
CAPITAL PRODUCT PARTNERS LP COM UNIT Y11082107 2,320 250,000 SH   DFND 1,2,3 0 250,000 0
CARPENTER TECHNOLOGY COM 144285103 699 15,500 SH   DFND 1,2,3 0 15,500 0
CASH AMERICA INTL INC COM 14754D100 291 6,400 SH   DFND 1,2,3 0 6,400 0
CASTLE (A.M.) & CO COM 148411101 619 39,300 SH   DFND 1,2,3 0 39,300 0
CIRCOR INTERNATIONAL INC COM 17273K109 543 10,675 SH   DFND 1,2,3 0 10,675 0
CITIGROUP INC COM 172967424 6,117 127,516 SH   DFND 1,2,3 0 127,516 0
COCA COLA CO COM 191216100 666 16,600 SH   DFND 1,2,3 0 16,600 0
COMCAST CORP CL A SPL CL A 20030N200 9,918 250,000 SH   DFND 1,2,3 0 250,000 0
CONSECO INC COM 12621E103 1,926 148,600 SH   DFND 1,2,3 0 148,600 0
CON-WAY INC COM 205944101 1,624 41,675 SH   DFND 1,2,3 0 41,675 0
CRAY INC COM NEW 225223304 1,982 100,908 SH   DFND 1,2,3 0 100,908 0
CURTISS-WRIGHT CORP COM 231561101 1,196 32,275 SH   DFND 1,2,3 0 32,275 0
CVR PARTNERS LP COM 126633106 4,546 200,000 SH   DFND 1,2,3 0 200,000 0
CVR REFINING LP COMUNIT REP LT 12663P107 530 17,640 SH   DFND 1,2,3 0 17,640 0
DANA HOLDING CORP COM 235825205 1,162 60,324 SH   DFND 1,2,3 0 60,324 0
DEERE & CO COM 244199105 4,875 60,000 SH   DFND 1,2,3 0 60,000 0
DELL COMPUTER CORP COM 24702R101 1,941 145,675 SH   DFND 1,2,3 0 145,675 0
DELPHI AUTOMOTIVE PLC SHS G27823106 2,546 50,225 SH   DFND 1,2,3 0 50,225 0
DELTA AIR LINES INC COM NEW 247361702 4,241 226,675 SH   DFND 1,2,3 0 226,675 0
DENBURY RESOURCES INC COM 247916208 2,685 155,000 SH   DFND 1,2,3 0 155,000 0
DEVON ENERGY CORP COM 25179M103 5,812 112,035 SH   DFND 1,2,3 0 112,035 0
DIAMONDROCK HOSPITALITY CO COM 252784301 986 105,771 SH   DFND 1,2,3 0 105,771 0
DIODES INC COM 254543101 1,693 65,198 SH   DFND 1,2,3 0 65,198 0
EATON CORP PLC SHS G29183103 2,942 44,710 SH   DFND 1,2,3 0 44,710 0
EMC CORPORATION COM 268648102 1,417 60,000 SH   DFND 1,2,3 0 60,000 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 6,708 220,000 SH   DFND 1,2,3 0 220,000 0
ENDO HEALTH SOLUTIONS INC COM 29264F205 596 16,200 SH   DFND 1,2,3 0 16,200 0
ENERGY TRANSFER EQUITY LP COM UNIT 29273V100 3,589 60,000 SH   DFND 1,2,3 0 60,000 0
ENGILITY HOLDINGS INC - W/I COM 29285W104 1,156 40,680 SH   DFND 1,2,3 0 40,680 0
ENSCO INTERNATIONAL INC SHS CL A G3157S106 3,487 60,000 SH   DFND 1,2,3 0 60,000 0
ENTERGY CORP COM 29364G103 1,777 25,500 SH   DFND 1,2,3 0 25,500 0
EXXON MOBIL CORP COM 30231G102 1,613 17,850 SH   DFND 1,2,3 0 17,850 0
EZCORP INC-CL A CL A 302301106 810 47,900 SH   DFND 1,2,3 0 47,900 0
FEDEX CORPORATION COM 31428X106 8,231 83,500 SH   DFND 1,2,3 0 83,500 0
FIRST CITIZENS BCSHS -CL A CL A 31946M103 365 1,900 SH   DFND 1,2,3 0 1,900 0
GENERAL MOTORS-CW16 WARRANT 37045V118 1,310 54,576 SH   DFND 1,2,3 0 54,576 0
GENTIVA HEALTH SERVICES COM 37247A102 383 38,491 SH   DFND 1,2,3 0 38,491 0
GLOBAL CASH ACCESS INC COM 378967103 1,088 173,816 SH   DFND 1,2,3 0 173,816 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,280 15,075 SH   DFND 1,2,3 0 15,075 0
GOOGLE INC-CL A CL A 38259P508 2,927 3,325 SH   DFND 1,2,3 0 3,325 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 444 17,600 SH   DFND 1,2,3 0 17,600 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 1,081 31,300 SH   DFND 1,2,3 0 31,300 0
GREAT PLAINS ENERGY INC COM 391164100 467 20,700 SH   DFND 1,2,3 0 20,700 0
GRIFFON CORPORATION COM 398433102 1,012 89,919 SH   DFND 1,2,3 0 89,919 0
HARSCO CORP COM 415864107 1,586 68,400 SH   DFND 1,2,3 0 68,400 0
HARTE-HANKS INC COM 416196103 1,692 196,750 SH   DFND 1,2,3 0 196,750 0
HERMAN MILLER INC COM 600544100 733 27,075 SH   DFND 1,2,3 0 27,075 0
HESS CORP COM 42809H107 788 11,850 SH   DFND 1,2,3 0 11,850 0
HEWLETT-PACKARD CO. COM 428236103 6,818 274,925 SH   DFND 1,2,3 0 274,925 0
HOSPITALITY PROPERTIES TRUST COM SHS 44106M102 2,041 77,675 SH   DFND 1,2,3 0 77,675 0
HUNTINGTON INGALLS INDUSTRIES COM 446413106 538 9,525 SH   DFND 1,2,3 0 9,525 0
ICONIX BRAND GROUP INC COM 451055107 823 28,000 SH   DFND 1,2,3 0 28,000 0
ING US INC COM 45685E106 1,804 66,675 SH   DFND 1,2,3 0 66,675 0
INGERSOLL RAND CO SHS G47791101 966 17,405 SH   DFND 1,2,3 0 17,405 0
INGRAM MICRO INC-CL A CL A 457153104 1,937 101,975 SH   DFND 1,2,3 0 101,975 0
Inorg Chem Nec COM 45768S105 848 21,098 SH   DFND 1,2,3 0 21,098 0
INSIGHT ENTERPRISES INC COM 45765U103 1,046 58,968 SH   DFND 1,2,3 0 58,968 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 14,190 74,250 SH   DFND 1,2,3 0 74,250 0
INVESCO LTD SHS G491BT108 2,523 79,350 SH   DFND 1,2,3 0 79,350 0
JAKKS PACIFIC INC COM 47012E106 721 64,106 SH   DFND 1,2,3 0 64,106 0
JOHNSON & JOHNSON COM 478160104 4,873 56,750 SH   DFND 1,2,3 0 56,750 0
JONES APPAREL GROUP INC COM 48020T101 1,469 106,809 SH   DFND 1,2,3 0 106,809 0
JPMORGAN CHASE & COMPANY COM 46625H100 9,036 171,175 SH   DFND 1,2,3 0 171,175 0
KAISER ALUMINUM CORP COM 483007704 601 9,700 SH   DFND 1,2,3 0 9,700 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 518 12,900 SH   DFND 1,2,3 0 12,900 0
L-3 COMMUNICATIONS CORP COM 502424104 2,092 24,400 SH   DFND 1,2,3 0 24,400 0
LABORATORY CRP OF AMER HLDGS COM NEW 50540R409 1,827 18,250 SH   DFND 1,2,3 0 18,250 0
LEGG MASON INC COM 524901105 1,972 63,600 SH   DFND 1,2,3 0 63,600 0
LENNAR CORP - B SHS CL B 526057302 413 14,580 SH   DFND 1,2,3 0 14,580 0
LEXMARK INTL GROUP INC-CL A CL A 529771107 584 19,100 SH   DFND 1,2,3 0 19,100 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 7,403 203,000 SH   DFND 1,2,3 0 203,000 0
MARKWEST ENERGY PARTNERS LP UNIT LP 570759100 6,685 100,000 SH   DFND 1,2,3 0 100,000 0
MATTHEWS INTL CORP-CLASS A CL A 577128101 1,033 27,400 SH   DFND 1,2,3 0 27,400 0
MEDTRONIC INC COM 585055106 2,120 41,190 SH   DFND 1,2,3 0 41,190 0
MERCK & CO. INC. COM 58933Y105 3,180 68,459 SH   DFND 1,2,3 0 68,459 0
METLIFE INC COM 59156R108 6,560 143,350 SH   DFND 1,2,3 0 143,350 0
MICROSOFT CORP COM 594918104 18,001 521,095 SH   DFND 1,2,3 0 521,095 0
MILLER INDUSTRIES INC/TENN COM 600551204 250 16,262 SH   DFND 1,2,3 0 16,262 0
MONSTER WORLDWIDE INC COM 611742107 789 160,675 SH   DFND 1,2,3 0 160,675 0
MORGAN ST DEAN WITTER DISCOV COM 617446448 2,026 82,950 SH   DFND 1,2,3 0 82,950 0
MUELLER WATER PRODUCTS INC-A COM 624758108 1,561 225,975 SH   DFND 1,2,3 0 225,975 0
NATL PENN BCSHS INC COM 637138108 1,285 126,475 SH   DFND 1,2,3 0 126,475 0
NELNET INC-CL A CL A 64031N108 310 8,600 SH   DFND 1,2,3 0 8,600 0
NORTHROP GRUMMAN CORP COM 666807102 1,801 21,750 SH   DFND 1,2,3 0 21,750 0
NRG ENERGY INC COM NEW 629377508 920 34,446 SH   DFND 1,2,3 0 34,446 0
NV ENERGY INC COM 67073Y106 636 27,100 SH   DFND 1,2,3 0 27,100 0
OCCIDENTAL PETROLEUM COM 674599105 9,806 109,900 SH   DFND 1,2,3 0 109,900 0
OCEAN RIG UDW INC SHS Y64354205 257 13,744 SH   DFND 1,2,3 0 13,744 0
OMNICOM GROUP COM 681919106 2,057 32,725 SH   DFND 1,2,3 0 32,725 0
ORACLE CORP COM 68389X105 13,589 442,505 SH   DFND 1,2,3 0 442,505 0
OWENS CORNING COM 690742101 2,189 56,025 SH   DFND 1,2,3 0 56,025 0
P G & E CORPORATION COM 69331C108 5,633 123,183 SH   DFND 1,2,3 0 123,183 0
PACIFIC ETHANOL INC COM 69423U305 199 50,000 SH   DFND 1,2,3 0 50,000 0
PARK STERLING CORP COM 70086Y105 543 91,866 SH   DFND 1,2,3 0 91,866 0
PARKER HANNIFIN CORP COM 701094104 1,825 19,125 SH   DFND 1,2,3 0 19,125 0
PARTNERRE LTD COM G6852T105 2,115 23,350 SH   DFND 1,2,3 0 23,350 0
PBF ENERGY INC CL A 69318G106 2,411 93,100 SH   DFND 1,2,3 0 93,100 0
PETROLOGISTICS LP UNIT LTD PTH INT 71672U101 3,604 272,000 SH   DFND 1,2,3 0 272,000 0
PFIZER INC COM 717081103 10,873 388,191 SH   DFND 1,2,3 0 388,191 0
PHH CORP COM 693320202 980 48,100 SH   DFND 1,2,3 0 48,100 0
PHOTOMEDEX INC COM 719358301 1,670 104,770 SH   DFND 1,2,3 0 104,770 0
PIONEER NATURAL RESOURCES CO COM 723787107 5,790 40,000 SH   DFND 1,2,3 0 40,000 0
PNC FINANCIAL CORP COM 693475105 2,380 32,644 SH   DFND 1,2,3 0 32,644 0
PRIMERICA INC COM 74164M108 1,147 30,631 SH   DFND 1,2,3 0 30,631 0
PROTECTIVE LIFE CORP COM 743674103 763 19,860 SH   DFND 1,2,3 0 19,860 0
RENT-A-CENTER INC COM 76009N100 2,575 68,575 SH   DFND 1,2,3 0 68,575 0
RENTECH NITROGEN PARTNERS LP COM 760113100 6,762 229,848 SH   DFND 1,2,3 0 229,848 0
ROWAN COS INC SHS CL A G7665A101 2,555 75,000 SH   DFND 1,2,3 0 75,000 0
ROYAL DUTCH SHELL PLC-ADR SPONS 780259206 2,698 42,285 SH   DFND 1,2,3 0 42,285 0
SKECHERS USA INC-CL A CL A 830566105 911 37,942 SH   DFND 1,2,3 0 37,942 0
SPDR GOLD TRUST SHS 78463V107 29,778 250,000 SH   DFND 1,2,3 0 250,000 0
SPRINT CORP COM 852061100 915 130,278 SH   DFND 1,2,3 0 130,278 0
STAPLES INC COM 855030102 5,627 354,567 SH   DFND 1,2,3 0 354,567 0
STATE STREET CORP COM 857477103 1,916 29,375 SH   DFND 1,2,3 0 29,375 0
SUPERIOR ENERGY SERVICES INC COM 868157108 283 10,900 SH   DFND 1,2,3 0 10,900 0
SYNOVUS FINANCIAL CORP COM 87161C105 467 160,050 SH   DFND 1,2,3 0 160,050 0
TALLGRASS ENERGY PARTNERS LP COM UNIT 874697105 2,100 100,000 SH   DFND 1,2,3 0 100,000 0
TCF FINANCIAL CORP COM 872275102 1,527 107,675 SH   DFND 1,2,3 0 107,675 0
TE CONNECTIVITY LTD. REG SHS H84989104 2,508 55,075 SH   DFND 1,2,3 0 55,075 0
TENET HEALTHCARE CORP COM NEW 88033G407 402 8,725 SH   DFND 1,2,3 0 8,725 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 2,214 56,480 SH   DFND 1,2,3 0 56,480 0
THERMO FISHER SCIENTIFIC COM 883556102 462 5,458 SH   DFND 1,2,3 0 5,458 0
TRAVELERS COS INC/THE COM 89417E109 11,189 140,000 SH   DFND 1,2,3 0 140,000 0
TUPPERWARE CORP COM 899896104 684 8,800 SH   DFND 1,2,3 0 8,800 0
TUTOR PERINI CORP COM 901109108 1,198 66,250 SH   DFND 1,2,3 0 66,250 0
UAL CORP COM 910047109 1,565 50,000 SH   DFND 1,2,3 0 50,000 0
UFP TECHNOLOGIES INC COM 902673102 377 19,243 SH   DFND 1,2,3 0 19,243 0
UNITED STATIONERS INC COM 913004107 784 23,375 SH   DFND 1,2,3 0 23,375 0
UNUM CORP COM 91529Y106 1,307 44,500 SH   DFND 1,2,3 0 44,500 0
URANIUM ENERGY CORP COM 916896103 590 329,700 SH   DFND 1,2,3 0 329,700 0
URS CORP COM 903236107 2,328 49,300 SH   DFND 1,2,3 0 49,300 0
VALASSIS COMMUNICATIONS INC COM 918866104 1,918 78,000 SH   DFND 1,2,3 0 78,000 0
VCA ANTECH INC COM 918194101 1,317 50,475 SH   DFND 1,2,3 0 50,475 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 1,374 7,795 SH   DFND 1,2,3 0 7,795 0
WALTER INDUSTRIES INC COM 93317Q105 1,504 144,600 SH   DFND 1,2,3 0 144,600 0
WEBSTER FINANCIAL CORP COM 947890109 1,115 43,400 SH   DFND 1,2,3 0 43,400 0
WELLCARE GROUP INC COM 94946T106 1,578 28,410 SH   DFND 1,2,3 0 28,410 0
WET SEAL INC/THE CLASS A CL A 961840105 289 61,300 SH   DFND 1,2,3 0 61,300 0
WILEY (JOHN) & SONS-CLASS A CL A 968223206 433 10,800 SH   DFND 1,2,3 0 10,800 0
WPX ENERGY INC-W/I COM 98212B103 5,628 297,175 SH   DFND 1,2,3 0 297,175 0
WSFS FINANCIAL CORP COM 929328102 791 15,100 SH   DFND 1,2,3 0 15,100 0
XEROX CORP COM 984121103 4,812 530,535 SH   DFND 1,2,3 0 530,535 0
XL GROUP PLC SHS G98290102 461 15,200 SH   DFND 1,2,3 0 15,200 0
ZOETIS INC CL A 98978V103 685 22,185 SH   DFND 1,2,3 0 22,185 0