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
ARC DOCUMENT SOLUTIONS INC COM 00191G103 1,086 134,100 SH   DFND 1,2,3 0 134,100 0
ABBOTT LABS COM 002824100 2,738 65,825 SH   DFND 1,2,3 0 65,825 0
ACTUANT CORP CL A NEW 00508X203 1,550 50,800 SH   DFND 1,2,3 0 50,800 0
AETNA INC NEW COM 00817Y108 7,290 90,000 SH   DFND 1,2,3 0 90,000 0
AMERICAN AIRLS GROUP INC COM 02376R102 4,967 140,000 SH   DFND 1,2,3 0 140,000 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 1,119 48,900 SH   DFND 1,2,3 0 48,900 0
AMERICAN INTL GROUP INC COM NEW 026874784 3,344 61,900 SH   DFND 1,2,3 0 61,900 0
ANADARKO PETE CORP COM 032511107 13,859 136,621 SH   DFND 1,2,3 0 136,621 0
ANTERO RES CORP COM 03674X106 1,647 30,000 SH   DFND 1,2,3 0 30,000 0
APACHE CORP COM 037411105 7,979 85,000 SH   DFND 1,2,3 0 85,000 0
ARGAN INC COM 04010E109 265 7,951 SH   DFND 1,2,3 0 7,951 0
ARRIS GROUP INC NEW COM 04270V106 990 34,900 SH   DFND 1,2,3 0 34,900 0
ASSOCIATED BANC CORP COM 045487105 1,678 96,350 SH   DFND 1,2,3 0 96,350 0
ASSURANT INC COM 04621X108 7,790 121,150 SH   DFND 1,2,3 0 121,150 0
AVNET INC COM 053807103 3,542 85,350 SH   DFND 1,2,3 0 85,350 0
BP PLC SPONSORED ADR 055622104 3,644 82,907 SH   DFND 1,2,3 0 82,907 0
BAKER HUGHES INC COM 057224107 1,906 29,300 SH   DFND 1,2,3 0 29,300 0
BANK AMER CORP COM 060505104 2,876 168,675 SH   DFND 1,2,3 0 168,675 0
BANK NEW YORK MELLON CORP COM 064058100 1,558 40,217 SH   DFND 1,2,3 0 40,217 0
BARRICK GOLD CORP COM 067901108 3,501 238,794 SH   DFND 1,2,3 0 238,794 0
BBCN BANCORP INC COM 073295107 1,261 86,450 SH   DFND 1,2,3 0 86,450 0
BECTON DICKINSON & CO COM 075887109 2,049 18,000 SH   DFND 1,2,3 0 18,000 0
BLUEKNIGHT ENERGY PARTNERS L COM UNIT 09625U109 534 64,863 SH   DFND 1,2,3 0 64,863 0
BRADY CORP CL A 104674106 1,440 64,150 SH   DFND 1,2,3 0 64,150 0
CIGNA CORPORATION COM 125509109 3,124 34,450 SH   DFND 1,2,3 0 34,450 0
CNO FINL GROUP INC COM 12621E103 2,247 132,500 SH   DFND 1,2,3 0 132,500 0
CVR PARTNERS LP COM 126633106 3,776 275,000 SH   DFND 1,2,3 0 275,000 0
CAL DIVE INTL INC DEL COM 12802T101 340 350,500 SH   DFND 1,2,3 0 350,500 0
CALLAWAY GOLF CO COM 131193104 274 37,800 SH   DFND 1,2,3 0 37,800 0
CARPENTER TECHNOLOGY CORP COM 144285103 1,020 22,600 SH   DFND 1,2,3 0 22,600 0
CASH AMER INTL INC COM 14754D100 561 12,800 SH   DFND 1,2,3 0 12,800 0
CASTLE A M & CO COM 148411101 377 44,200 SH   DFND 1,2,3 0 44,200 0
CISCO SYS INC COM 17275R102 1,762 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM NEW 172967424 8,363 161,386 SH   DFND 1,2,3 0 161,386 0
CLIFFS NAT RES INC COM 18683K101 759 73,115 SH   DFND 1,2,3 0 73,115 0
COCA COLA CO COM 191216100 2,286 53,590 SH   DFND 1,2,3 0 53,590 0
COLUMBUS MCKINNON CORP N Y COM 199333105 1,263 57,443 SH   DFND 1,2,3 0 57,443 0
COMCAST CORP NEW CL A 20030N200 5,350 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 1,060 22,325 SH   DFND 1,2,3 0 22,325 0
COVANTA HLDG CORP COM 22282E102 11,036 520,079 SH   DFND 1,2,3 0 520,079 0
CRAY INC COM NEW 225223304 1,672 63,709 SH   DFND 1,2,3 0 63,709 0
DANA HLDG CORP COM 235825205 1,176 61,349 SH   DFND 1,2,3 0 61,349 0
DEERE & CO COM 244199105 5,485 66,900 SH   DFND 1,2,3 0 66,900 0
DELTA AIR LINES INC DEL COM NEW 247361702 6,156 170,280 SH   DFND 1,2,3 0 170,280 0
DENBURY RES INC COM 247916208 2,330 155,000 SH   DFND 1,2,3 0 155,000 0
DEVON ENERGY CORP NEW COM 25179M103 4,057 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,341 105,771 SH   DFND 1,2,3 0 105,771 0
DIODES INC COM 254543101 1,380 57,700 SH   DFND 1,2,3 0 57,700 0
DOW CHEM CO COM 260543103 2,331 44,445 SH   DFND 1,2,3 0 44,445 0
E M C CORP MASS COM 268648102 1,756 60,000 SH   DFND 1,2,3 0 60,000 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 8,547 220,000 SH   DFND 1,2,3 0 220,000 0
EZCORP INC CL A NON VTG 302301106 726 73,300 SH   DFND 1,2,3 0 73,300 0
EXXON MOBIL CORP COM 30231G102 2,490 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORP COM 31428X106 4,036 25,000 SH   DFND 1,2,3 0 25,000 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 638 2,945 SH   DFND 1,2,3 0 2,945 0
FIRST HORIZON NATL CORP COM 320517105 691 56,300 SH   DFND 1,2,3 0 56,300 0
FIRST MIDWEST BANCORP DEL COM 320867104 1,406 87,375 SH   DFND 1,2,3 0 87,375 0
FOREST CITY ENTERPRISES INC CL A 345550107 4,032 206,132 SH   DFND 1,2,3 0 206,132 0
GENERAL MTRS CO COM 37045V100 4,981 155,940 SH   DFND 1,2,3 0 155,940 0
GENERAL MTRS CO WARRANT 37045V118 1,221 54,576 SH   DFND 1,2,3 0 54,576 0
GENTIVA HEALTH SERVICES INC COM 37247A102 2,379 141,758 SH   DFND 1,2,3 0 141,758 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 336 49,816 SH   DFND 1,2,3 0 49,816 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,767 15,075 SH   DFND 1,2,3 0 15,075 0
GOOGLE INC CL A 38259P508 550 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 813 37,100 SH   DFND 1,2,3 0 37,100 0
GRANITE REAL ESTATE INVT TR UNIT 387437114 1,288 37,300 SH   DFND 1,2,3 0 37,300 0
GREAT PLAINS ENERGY INC COM 391164100 563 23,300 SH   DFND 1,2,3 0 23,300 0
GRIFFON CORP COM 398433102 1,024 89,919 SH   DFND 1,2,3 0 89,919 0
HARSCO CORP COM 415864107 533 24,900 SH   DFND 1,2,3 0 24,900 0
HEALTH INS INNOVATIONS INC COM CL A 42225K106 215 19,959 SH   DFND 1,2,3 0 19,959 0
HEWLETT PACKARD CO COM 428236103 5,937 167,380 SH   DFND 1,2,3 0 167,380 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 1,808 67,350 SH   DFND 1,2,3 0 67,350 0
ICONIX BRAND GROUP INC COM 451055107 643 17,400 SH   DFND 1,2,3 0 17,400 0
INSIGHT ENTERPRISES INC COM 45765U103 1,334 58,968 SH   DFND 1,2,3 0 58,968 0
INNOSPEC INC COM 45768S105 894 24,898 SH   DFND 1,2,3 0 24,898 0
INTERNATIONAL BUSINESS MACHS COM 459200101 4,746 25,000 SH   DFND 1,2,3 0 25,000 0
INTERPUBLIC GROUP COS INC COM 460690100 2,037 111,200 SH   DFND 1,2,3 0 111,200 0
JPMORGAN CHASE & CO COM 46625H100 10,312 171,175 SH   DFND 1,2,3 0 171,175 0
JIVE SOFTWARE INC COM 47760A108 1,727 296,284 SH   DFND 1,2,3 0 296,284 0
JOHNSON & JOHNSON COM 478160104 4,303 40,370 SH   DFND 1,2,3 0 40,370 0
KAISER ALUMINUM CORP COM 483007704 762 10,000 SH   DFND 1,2,3 0 10,000 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 375 13,400 SH   DFND 1,2,3 0 13,400 0
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 186 28,300 SH   DFND 1,2,3 0 28,300 0
LEGG MASON INC COM 524901105 2,174 42,500 SH   DFND 1,2,3 0 42,500 0
LENNAR CORP CL B 526057302 726 22,680 SH   DFND 1,2,3 0 22,680 0
LEXMARK INTL NEW CL A 529771107 480 11,300 SH   DFND 1,2,3 0 11,300 0
LINCOLN NATL CORP IND COM 534187109 10,448 195,000 SH   DFND 1,2,3 0 195,000 0
MASONITE INTL CORP NEW COM 575385109 2,478 44,750 SH   DFND 1,2,3 0 44,750 0
MATTHEWS INTL CORP CL A 577128101 1,110 25,300 SH   DFND 1,2,3 0 25,300 0
MERCER INTL INC COM 588056101 422 43,300 SH   DFND 1,2,3 0 43,300 0
METLIFE INC COM 59156R108 8,653 161,075 SH   DFND 1,2,3 0 161,075 0
MICROSOFT CORP COM 594918104 15,430 332,826 SH   DFND 1,2,3 0 332,826 0
MILLER HERMAN INC COM 600544100 1,441 48,275 SH   DFND 1,2,3 0 48,275 0
MILLER INDS INC TENN COM NEW 600551204 224 13,273 SH   DFND 1,2,3 0 13,273 0
MONSTER WORLDWIDE INC COM 611742107 884 160,675 SH   DFND 1,2,3 0 160,675 0
MORGAN STANLEY COM NEW 617446448 2,889 83,575 SH   DFND 1,2,3 0 83,575 0
MUELLER WTR PRODS INC COM SER A 624758108 978 118,125 SH   DFND 1,2,3 0 118,125 0
MURPHY USA INC COM 626755102 565 10,650 SH   DFND 1,2,3 0 10,650 0
NRG ENERGY INC COM NEW 629377508 1,050 34,446 SH   DFND 1,2,3 0 34,446 0
NATIONAL PENN BANCSHARES INC COM 637138108 1,290 132,900 SH   DFND 1,2,3 0 132,900 0
NELNET INC CL A 64031N108 340 7,900 SH   DFND 1,2,3 0 7,900 0
NEWS CORP NEW CL A 65249B109 3,907 238,975 SH   DFND 1,2,3 0 238,975 0
NEWS CORP NEW CL B 65249B208 1,867 115,750 SH   DFND 1,2,3 0 115,750 0
NOVAGOLD RES INC COM NEW 66987E206 671 221,363 SH   DFND 1,2,3 0 221,363 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 2,148 100,000 SH   DFND 1,2,3 0 100,000 0
OCCIDENTAL PETE CORP DEL COM 674599105 10,898 113,345 SH   DFND 1,2,3 0 113,345 0
OMNICOM GROUP INC COM 681919106 1,398 20,300 SH   DFND 1,2,3 0 20,300 0
ON SEMICONDUCTOR CORP COM 682189105 4,388 490,825 SH   DFND 1,2,3 0 490,825 0
ORACLE CORP COM 68389X105 11,741 306,725 SH   DFND 1,2,3 0 306,725 0
OWENS CORNING NEW COM 690742101 1,443 45,450 SH   DFND 1,2,3 0 45,450 0
PHH CORP COM 693320202 971 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINL SVCS GROUP INC COM 693475105 2,573 30,069 SH   DFND 1,2,3 0 30,069 0
PARK STERLING CORP COM 70086Y105 590 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 2,120 18,575 SH   DFND 1,2,3 0 18,575 0
PFIZER INC COM 717081103 11,285 381,626 SH   DFND 1,2,3 0 381,626 0
PHOTOMEDEX INC COM 719358301 158 25,500 SH   DFND 1,2,3 0 25,500 0
PIONEER NAT RES CO COM 723787107 5,712 29,000 SH   DFND 1,2,3 0 29,000 0
PIPER JAFFRAY COS COM 724078100 556 10,645 SH   DFND 1,2,3 0 10,645 0
PORTLAND GEN ELEC CO COM NEW 736508847 408 12,700 SH   DFND 1,2,3 0 12,700 0
PRIMERICA INC COM 74164M108 1,319 27,356 SH   DFND 1,2,3 0 27,356 0
PULTE GROUP INC COM 745867101 4,327 245,000 SH   DFND 1,2,3 0 245,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 2,885 121,779 SH   DFND 1,2,3 0 121,779 0
REINSURANCE GROUP AMER INC COM NEW 759351604 1,923 24,000 SH   DFND 1,2,3 0 24,000 0
RENT A CTR INC NEW COM 76009N100 2,335 76,925 SH   DFND 1,2,3 0 76,925 0
RENTECH NITROGEN PARTNERS L COM UNIT 760113100 5,052 406,148 SH   DFND 1,2,3 0 406,148 0
ROYAL DUTCH SHELL PLC SPONSORED ADR 780259206 3,390 44,532 SH   DFND 1,2,3 0 44,532 0
SPDR GOLD TRUST GOLD SHS 78463V107 29,053 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STL INDS CL A 806882106 930 38,650 SH   DFND 1,2,3 0 38,650 0
SCIENCE APPLICATNS INTL COM 808625107 548 12,400 SH   DFND 1,2,3 0 12,400 0
STAPLES INC COM 855030102 3,200 264,428 SH   DFND 1,2,3 0 264,428 0
STATE STR CORP COM 857477103 2,924 39,725 SH   DFND 1,2,3 0 39,725 0
STONERIDGE INC COM 86183P102 1,209 107,275 SH   DFND 1,2,3 0 107,275 0
SUPERIOR ENERGY SVCS INC COM 868157108 3,063 93,200 SH   DFND 1,2,3 0 93,200 0
TCF FINL CORP COM 872275102 1,266 81,500 SH   DFND 1,2,3 0 81,500 0
TRW AUTOMOTIVE HLDGS CORP COM 87264S106 2,734 27,000 SH   DFND 1,2,3 0 27,000 0
TENET HEALTHCARE CORP COM NEW 88033G407 322 5,425 SH   DFND 1,2,3 0 5,425 0
TEREX CORP NEW COM 880779103 3,145 99,000 SH   DFND 1,2,3 0 99,000 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,708 31,770 SH   DFND 1,2,3 0 31,770 0
TETRA TECH INC NEW COM 88162G103 1,635 65,450 SH   DFND 1,2,3 0 65,450 0
THERMO FISHER SCIENTIFIC INC COM 883556102 664 5,458 SH   DFND 1,2,3 0 5,458 0
TITAN MACHY INC COM 88830R101 485 37,373 SH   DFND 1,2,3 0 37,373 0
TRAVELERS COMPANIES INC COM 89417E109 9,394 100,000 SH   DFND 1,2,3 0 100,000 0
TUPPERWARE BRANDS CORP COM 899896104 621 9,000 SH   DFND 1,2,3 0 9,000 0
TUTOR PERINI CORP COM 901109108 959 36,325 SH   DFND 1,2,3 0 36,325 0
UFP TECHNOLOGIES INC COM 902673102 267 12,143 SH   DFND 1,2,3 0 12,143 0
URS CORP NEW COM 903236107 1,643 28,525 SH   DFND 1,2,3 0 28,525 0
UNITED CONTL HLDGS INC COM 910047109 3,743 80,000 SH   DFND 1,2,3 0 80,000 0
UNITED STATIONERS INC COM 913004107 1,592 42,375 SH   DFND 1,2,3 0 42,375 0
VIRTUS INVT PARTNERS INC COM 92828Q109 1,875 10,795 SH   DFND 1,2,3 0 10,795 0
WSFS FINL CORP COM 929328102 539 7,525 SH   DFND 1,2,3 0 7,525 0
WALTER ENERGY INC COM 93317Q105 289 123,419 SH   DFND 1,2,3 0 123,419 0
WEBSTER FINL CORP CONN COM 947890109 1,432 49,150 SH   DFND 1,2,3 0 49,150 0
WELLCARE HEALTH PLANS INC COM 94946T106 1,671 27,685 SH   DFND 1,2,3 0 27,685 0
WET SEAL INC CL A 961840105 37 70,400 SH   DFND 1,2,3 0 70,400 0
WILEY JOHN & SONS INC CL A 968223206 222 3,948 SH   DFND 1,2,3 0 3,948 0
WPX ENERGY INC COM 98212B103 3,211 133,471 SH   DFND 1,2,3 0 133,471 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 1,219 24,225 SH   DFND 1,2,3 0 24,225 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 797 18,625 SH   DFND 1,2,3 0 18,625 0
EATON CORP PLC SHS G29183103 4,402 69,470 SH   DFND 1,2,3 0 69,470 0
ENDO INTL PLC SHS G30401106 558 8,167 SH   DFND 1,2,3 0 8,167 0
ENSCO PLC SHS CL A G3157S106 1,838 44,500 SH   DFND 1,2,3 0 44,500 0
PARTNERRE LTD COM G6852T105 2,236 20,350 SH   DFND 1,2,3 0 20,350 0
ROWAN COMPANIES PLC SHS CL A G7665A101 1,645 65,000 SH   DFND 1,2,3 0 65,000 0
OCEAN RIG UDW INC SHS Y64354205 1,542 95,644 SH   DFND 1,2,3 0 95,644 0
MOELIS & CO CL A 60786M105 14,912 436,675 SH   DFND 1,2,3 0 436,675 0
KBR INC COM 48242W106 960 51,000 SH   DFND 1,2,3 0 51,000 0
VOYA FINL INC COM 929089100 2,595 66,375 SH   DFND 1,2,3 0 66,375 0
DRESSER-RAND GROUP INC COM 261608103 1,389 16,885 SH   DFND 1,2,3 0 16,885 0
GOOGLE INC CL C 38259P706 540 935 SH   DFND 1,2,3 0 935 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,149 84,645 SH   DFND 1,2,3 0 84,645 0
MEDTRONIC INC COM 585055106 2,874 46,390 SH   DFND 1,2,3 0 46,390 0
PPL CORP COM 69351T106 2,451 74,645 SH   DFND 1,2,3 0 74,645 0
PINNACLE FOODS INC DEL COM 72348P104 2,015 61,720 SH   DFND 1,2,3 0 61,720 0
TECK RESOURCES LTD CL B 878742204 1,191 63,030 SH   DFND 1,2,3 0 63,030 0
D R HORTON INC COM 23331A109 2,319 113,000 SH   DFND 1,2,3 0 113,000 0
ECLIPSE RES CORP COM 27890G100 2,220 133,600 SH   DFND 1,2,3 0 133,600 0
KB HOME COM 48666K109 1,494 100,000 SH   DFND 1,2,3 0 100,000 0
RYLAND GROUP INC COM 783764103 864 26,000 SH   DFND 1,2,3 0 26,000 0
SANDISK CORP COM 80004C101 4,995 51,000 SH   DFND 1,2,3 0 51,000 0
STANDARD PAC CORP NEW COM 85375C101 2,359 315,000 SH   DFND 1,2,3 0 315,000 0
UNUM GROUP COM 91529Y106 860 25,000 SH   DFND 1,2,3 0 25,000 0
GIBRALTAR INDS INC COM 374689107 932 68,101 SH   DFND 1,2,3 0 68,101 0
SYMETRA FINL CORP COM 87151Q106 931 39,900 SH   DFND 1,2,3 0 39,900 0
SYNOVUS FINL CORP COM 87161C501 1,414 59,796 SH   DFND 1,2,3 0 59,796 0
TECH DATA CORP COM 878237106 1,657 28,150 SH   DFND 1,2,3 0 28,150 0
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 894 16,200 SH   DFND 1,2,3 0 16,200 0
INTEL CORP COM 458140100 2,393 68,725 SH   DFND 1,2,3 0 68,725 0
LAMAR ADVERTISING CO CL A 512815101 3,007 61,050 SH   DFND 1,2,3 0 61,050 0
ENERGY XXI BERMUDA LTD USD UNRS SHS G10082140 604 53,200 SH   DFND 1,2,3 0 53,200 0
NORDIC AMERICAN TANKERS LIMI COM G65773106 289 36,400 SH   DFND 1,2,3 0 36,400 0
INTL PAPER CO COM 460146103 1,623 33,990 SH   DFND 1,2,3 0 33,990 0
NEWCASTLE INVT CORP NEW COM NEW 65105M504 4,294 338,605 SH   DFND 1,2,3 0 338,605 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 895 40,000 SH   DFND 1,2,3 0 40,000 0
GENERAL CABLE CORP DEL NEW COM 369300108 518 34,350 SH   DFND 1,2,3 0 34,350 0
OWENS & MINOR INC NEW COM 690732102 557 17,000 SH   DFND 1,2,3 0 17,000 0
TRIMAS CORP COM NEW 896215209 466 19,150 SH   DFND 1,2,3 0 19,150 0