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 287 28,050 SH   DFND 1,2,3 0 28,050 0
ABBOTT LABORATORIES COM 002824100 2,268 50,375 SH   DFND 1,2,3 0 50,375 0
ACTUANT CORP-CL A CL A 00508X203 1,285 47,175 SH   DFND 1,2,3 0 47,175 0
AETNA INC COM 00817Y108 5,507 62,000 SH   DFND 1,2,3 0 62,000 0
AMERICAN AIRLINES GROUP INC COM 02376R102 5,363 100,000 SH   DFND 1,2,3 0 100,000 0
AMERICAN EQUITY INVT LIFE HL COM 025676206 1,048 35,900 SH   DFND 1,2,3 0 35,900 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 2,722 48,600 SH   DFND 1,2,3 0 48,600 0
ANADARKO PETROLEUM CORP COM 032511107 6,188 75,000 SH   DFND 1,2,3 0 75,000 0
ANTERO RESOURCES CORP COM 03674X106 1,217 30,000 SH   DFND 1,2,3 0 30,000 0
APACHE CORP COM 037411105 4,982 79,500 SH   DFND 1,2,3 0 79,500 0
ARGAN INC COM 04010E109 271 8,051 SH   DFND 1,2,3 0 8,051 0
ARRIS CORP COM 04270V106 764 25,300 SH   DFND 1,2,3 0 25,300 0
ASSOCIATED BANC-CORP COM 045487105 1,422 76,325 SH   DFND 1,2,3 0 76,325 0
ASSURANT INC COM 04621X108 5,474 80,000 SH   DFND 1,2,3 0 80,000 0
AVNET INC COM 053807103 3,488 81,075 SH   DFND 1,2,3 0 81,075 0
BP PLC-SPONS ADR SPONSORED ADR 055622104 3,510 92,082 SH   DFND 1,2,3 0 92,082 0
BAKER HUGHES INC COM 057224107 1,152 20,550 SH   DFND 1,2,3 0 20,550 0
BANK OF AMERICA CORP COM 060505104 3,186 178,100 SH   DFND 1,2,3 0 178,100 0
BARRICK GOLD CORP COM 067901108 4,651 432,679 SH   DFND 1,2,3 0 432,679 0
BBCN BANCORP INC COM 073295107 1,232 85,675 SH   DFND 1,2,3 0 85,675 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 599 90,058 SH   DFND 1,2,3 0 90,058 0
BRADY CORPORATION - CL A CL A 104674106 1,359 49,725 SH   DFND 1,2,3 0 49,725 0
CIGNA CORP COM 125509109 3,108 30,200 SH   DFND 1,2,3 0 30,200 0
CNO FINANCIAL GROUP COM 12621E103 1,700 98,723 SH   DFND 1,2,3 0 98,723 0
CVR PARTNERS LP COM 126633106 2,570 263,900 SH   DFND 1,2,3 0 263,900 0
CALLAWAY GOLF COMPANY COM 131193104 281 36,500 SH   DFND 1,2,3 0 36,500 0
CARPENTER TECHNOLOGY COM 144285103 1,187 24,100 SH   DFND 1,2,3 0 24,100 0
CASH AMERICA INTL INC COM 14754D100 290 12,800 SH   DFND 1,2,3 0 12,800 0
CASTLE (A.M.) & CO COM 148411101 252 31,600 SH   DFND 1,2,3 0 31,600 0
CISCO SYSTEMS INC COM 17275R102 1,947 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM 172967424 8,775 162,161 SH   DFND 1,2,3 0 162,161 0
COCA COLA CO COMMON STOCK COM 191216100 1,577 37,350 SH   DFND 1,2,3 0 37,350 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,206 43,018 SH   DFND 1,2,3 0 43,018 0
COMCAST CORP CL A SPL CL A 20030N200 5,757 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 874 17,775 SH   DFND 1,2,3 0 17,775 0
COVANTA HOLDING CORP COM 22282E102 6,437 292,469 SH   DFND 1,2,3 0 292,469 0
CRAY INC COM NEW 225223304 1,534 44,484 SH   DFND 1,2,3 0 44,484 0
DANA HOLDING CORP COM 235825205 1,245 57,249 SH   DFND 1,2,3 0 57,249 0
DELTA AIR LINES INC COM NEW 247361702 6,851 139,280 SH   DFND 1,2,3 0 139,280 0
DEVON ENERGY CORP COM 25179M103 3,642 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 499 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM 254543101 1,321 47,900 SH   DFND 1,2,3 0 47,900 0
DOW CHEMICAL CORP COMMON STOCK COM 260543103 1,144 25,095 SH   DFND 1,2,3 0 25,095 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 8,778 220,000 SH   DFND 1,2,3 0 220,000 0
EZCORP INC-CL A CL A 302301106 483 41,100 SH   DFND 1,2,3 0 41,100 0
EXXON MOBIL CORP COM 30231G102 2,448 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORPORATION COM 31428X106 4,342 25,000 SH   DFND 1,2,3 0 25,000 0
FIRST CITIZENS BCSHS -CL A CL A 31946M103 568 2,245 SH   DFND 1,2,3 0 2,245 0
FIRST HORIZON NATIONAL CORP COM 320517105 581 42,800 SH   DFND 1,2,3 0 42,800 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,224 71,550 SH   DFND 1,2,3 0 71,550 0
FOREST CITY ENTERPRISES-CL A CL A 345550107 4,391 206,132 SH   DFND 1,2,3 0 206,132 0
GENREAL MOTORS CO COM 37045V100 3,565 102,115 SH   DFND 1,2,3 0 102,115 0
GENERAL MOTORS-CW16 WARRANT 37045V118 1,369 54,576 SH   DFND 1,2,3 0 54,576 0
GOLDMAN SACHS GROUP INC COM 38141G104 4,192 21,625 SH   DFND 1,2,3 0 21,625 0
GOOGLE INC-CL A CL A 38259P508 496 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 854 37,100 SH   DFND 1,2,3 0 37,100 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 981 27,600 SH   DFND 1,2,3 0 27,600 0
GREAT PLAINS ENERGY INC COM 391164100 520 18,300 SH   DFND 1,2,3 0 18,300 0
GRIFFON CORPORATION COM 398433102 1,027 77,244 SH   DFND 1,2,3 0 77,244 0
HARSCO CORP COM 415864107 476 25,200 SH   DFND 1,2,3 0 25,200 0
HEALTH INSURANCE INNOVATIO-A COM CL A 42225K106 83 11,559 SH   DFND 1,2,3 0 11,559 0
HEWLETT-PACKARED CO COMMON STOCK COM 428236103 5,364 133,655 SH   DFND 1,2,3 0 133,655 0
HOSPITALITY PROPERTIES TRUST COM SHS 44106M102 881 28,419 SH   DFND 1,2,3 0 28,419 0
ICONIX BRAND GROUP INC COM 451055107 297 8,800 SH   DFND 1,2,3 0 8,800 0
INSIGHT ENTERPRISES INC COM 45765U103 1,305 50,393 SH   DFND 1,2,3 0 50,393 0
INORG CHEM NEC COM 45768S105 983 23,028 SH   DFND 1,2,3 0 23,028 0
INTERPUBLIC GROUP COS COM 460690100 1,832 88,200 SH   DFND 1,2,3 0 88,200 0
JPMORGAN CHASE & COMPANY COM 46625H100 9,584 153,150 SH   DFND 1,2,3 0 153,150 0
JIVE SOFTWARE INC COM 47760A108 479 79,500 SH   DFND 1,2,3 0 79,500 0
KAISER ALUMINUM CORP COM 483007704 529 7,400 SH   DFND 1,2,3 0 7,400 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 232 7,900 SH   DFND 1,2,3 0 7,900 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 142 28,300 SH   DFND 1,2,3 0 28,300 0
LENNAR CORP - B SHS CL B 526057302 557 15,434 SH   DFND 1,2,3 0 15,434 0
LEXMARK INTL GROUP INC-CL A CL A 529771107 404 9,800 SH   DFND 1,2,3 0 9,800 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 8,074 140,000 SH   DFND 1,2,3 0 140,000 0
MASONITE INTERNATIONAL CORP COM 575385109 2,282 37,125 SH   DFND 1,2,3 0 37,125 0
MATTHEWS INTL CORP-CLASS A CL A 577128101 1,010 20,750 SH   DFND 1,2,3 0 20,750 0
MERCER INTERNATIONAL INC COM 588056101 214 17,405 SH   DFND 1,2,3 0 17,405 0
METLIFE INC COM 59156R108 7,585 140,225 SH   DFND 1,2,3 0 140,225 0
MICROSOFT CORP COM 594918104 10,075 216,901 SH   DFND 1,2,3 0 216,901 0
HERMAN MILLER INC COM 600544100 722 24,525 SH   DFND 1,2,3 0 24,525 0
MILLER INDUSTRIES INC/TENN COM 600551204 243 11,673 SH   DFND 1,2,3 0 11,673 0
MONSTER WORLDWIDE INC COM 611742107 552 119,475 SH   DFND 1,2,3 0 119,475 0
MORGAN STANLEY COM 617446448 2,417 62,300 SH   DFND 1,2,3 0 62,300 0
MUELLER WATER PRODUCTS INC-A COM 624758108 780 76,200 SH   DFND 1,2,3 0 76,200 0
NRG ENERGY INC COM NEW 629377508 928 34,446 SH   DFND 1,2,3 0 34,446 0
NATL PENN BCSHS INC COM 637138108 1,239 117,750 SH   DFND 1,2,3 0 117,750 0
NELNET INC-CL A CL A 64031N108 246 5,300 SH   DFND 1,2,3 0 5,300 0
NEWS CORP - CLASS A CL A 65249B109 2,982 190,045 SH   DFND 1,2,3 0 190,045 0
NEWS CORP - CLASS B CL B 65249B208 1,568 103,975 SH   DFND 1,2,3 0 103,975 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 653 221,363 SH   DFND 1,2,3 0 221,363 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,600 100,000 SH   DFND 1,2,3 0 100,000 0
OCCIDENTAL PETROLEUM COM 674599105 6,415 79,586 SH   DFND 1,2,3 0 79,586 0
OMNICOM GROUP COM 681919106 1,573 20,300 SH   DFND 1,2,3 0 20,300 0
ON SEMICONDUCTOR CORPORATION COM 682189105 4,946 488,250 SH   DFND 1,2,3 0 488,250 0
ORACLE CORP COM 68389X105 10,533 234,225 SH   DFND 1,2,3 0 234,225 0
OWENS CORNING COM 690742101 1,628 45,450 SH   DFND 1,2,3 0 45,450 0
PHH CORP COM 693320202 1,040 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINANCIAL SERVICES GROUP COM 693475105 2,314 25,369 SH   DFND 1,2,3 0 25,369 0
PARK STERLING CORP COM 70086Y105 654 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 1,744 13,525 SH   DFND 1,2,3 0 13,525 0
PFIZER INC COMMON STOCK COM 717081103 8,382 269,091 SH   DFND 1,2,3 0 269,091 0
PIONEER NATURAL RESOURCES CO COM 723787107 4,317 29,000 SH   DFND 1,2,3 0 29,000 0
PORTLAND GENERAL ELECTRIC COM 736508847 386 10,200 SH   DFND 1,2,3 0 10,200 0
PRIMERICA INC COM 74164M108 512 9,431 SH   DFND 1,2,3 0 9,431 0
PULTE CORP COM 745867101 3,648 170,000 SH   DFND 1,2,3 0 170,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 2,297 136,800 SH   DFND 1,2,3 0 136,800 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 2,559 29,200 SH   DFND 1,2,3 0 29,200 0
RENT-A-CENTER INC COM 76009N100 1,373 37,800 SH   DFND 1,2,3 0 37,800 0
RENTECH NITROGEN PARTNERS LP COM 760113100 4,269 406,148 SH   DFND 1,2,3 0 406,148 0
ROYAL DUTCH SHELL PLC-ADR SPONSORED ADR 780259206 2,494 37,257 SH   DFND 1,2,3 0 37,257 0
SPDR GOLD TRUST SHS 78463V107 28,395 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC-A CL A 806882106 705 31,250 SH   DFND 1,2,3 0 31,250 0
SCIENCE APPLICATIONS INTE COM 808625107 490 9,900 SH   DFND 1,2,3 0 9,900 0
STAPLES INC COM 855030102 3,938 217,328 SH   DFND 1,2,3 0 217,328 0
STATE STREET CORP COM 857477103 2,271 28,925 SH   DFND 1,2,3 0 28,925 0
STONERIDGE INC COM 86183P102 1,380 107,275 SH   DFND 1,2,3 0 107,275 0
SUPERIOR ENERGY SERVICES INC COM 868157108 2,398 119,025 SH   DFND 1,2,3 0 119,025 0
TCF FINANCIAL CORP COM 872275102 1,224 77,000 SH   DFND 1,2,3 0 77,000 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 1,856 18,050 SH   DFND 1,2,3 0 18,050 0
TENET HEALTHCARE CORP COM NEW 88033G407 250 4,925 SH   DFND 1,2,3 0 4,925 0
TEREX CORP COM 880779103 3,025 108,500 SH   DFND 1,2,3 0 108,500 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 731 12,710 SH   DFND 1,2,3 0 12,710 0
TETRA TECH INC COM 88162G103 1,422 53,275 SH   DFND 1,2,3 0 53,275 0
TITAN MACHINERY INC COM 88830R101 459 32,923 SH   DFND 1,2,3 0 32,923 0
TRAVELERS COS INC/THE COM 89417E109 6,753 63,800 SH   DFND 1,2,3 0 63,800 0
TUPPERWARE CORP COM 899896104 630 10,000 SH   DFND 1,2,3 0 10,000 0
TUTOR PERINI CORP COM 901109108 720 29,900 SH   DFND 1,2,3 0 29,900 0
UFP TECHNOLOGIES INC COM 902673102 299 12,143 SH   DFND 1,2,3 0 12,143 0
UAL CORP COM 910047109 5,351 80,000 SH   DFND 1,2,3 0 80,000 0
UNITED STATIONERS INC COM 913004107 1,462 34,675 SH   DFND 1,2,3 0 34,675 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 769 4,510 SH   DFND 1,2,3 0 4,510 0
WSFS FINANCIAL CORP COM 929328102 484 6,300 SH   DFND 1,2,3 0 6,300 0
WALTER INDUSTRIES INC COM 93317Q105 170 123,419 SH   DFND 1,2,3 0 123,419 0
WEBSTER FINANCIAL CORP COM 947890109 1,243 38,225 SH   DFND 1,2,3 0 38,225 0
WELLCARE GROUP INC COM 94946T106 1,297 15,810 SH   DFND 1,2,3 0 15,810 0
ARGO GROUP INTERNATIONAL COM G0464B107 965 17,400 SH   DFND 1,2,3 0 17,400 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 717 16,375 SH   DFND 1,2,3 0 16,375 0
EATON CORP PLC SHS G29183103 5,124 75,396 SH   DFND 1,2,3 0 75,396 0
ENDO INTERNATIONAL PLC SHS G30401106 409 5,667 SH   DFND 1,2,3 0 5,667 0
PARTNERRE LTD COM G6852T105 1,295 11,350 SH   DFND 1,2,3 0 11,350 0
OCEAN RIG UDW INC SHS Y64354205 926 99,744 SH   DFND 1,2,3 0 99,744 0
MOELIS & CO CL A 60786M105 7,627 218,337 SH   DFND 1,2,3 0 218,337 0
KBR INC COM 48242W106 964 56,900 SH   DFND 1,2,3 0 56,900 0
VOYA FINANCIAL INC COM 929089100 1,982 46,775 SH   DFND 1,2,3 0 46,775 0
GOOGLE INC-CL C CL C 38259P706 492 935 SH   DFND 1,2,3 0 935 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,728 69,285 SH   DFND 1,2,3 0 69,285 0
PINNACLE FOODS INC COM 72348P104 1,634 46,290 SH   DFND 1,2,3 0 46,290 0
TECK COMINCO LTD-CL B CL B 878742204 1,329 97,435 SH   DFND 1,2,3 0 97,435 0
DR HORTON INC COM 23331A109 2,858 113,000 SH   DFND 1,2,3 0 113,000 0
SANDISK CORP COM 80004C101 6,849 69,900 SH   DFND 1,2,3 0 69,900 0
GIBRALTAR INDUSTRIES INC COM 374689107 1,296 79,702 SH   DFND 1,2,3 0 79,702 0
SYMETRA FINANCIAL CORP COM 87151Q106 744 32,275 SH   DFND 1,2,3 0 32,275 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,264 46,671 SH   DFND 1,2,3 0 46,671 0
TECH DATA CORP COM 878237106 1,506 23,825 SH   DFND 1,2,3 0 23,825 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 969 16,200 SH   DFND 1,2,3 0 16,200 0
INTEL CORP COM 458140100 1,781 49,075 SH   DFND 1,2,3 0 49,075 0
ENERGY XXI LTD SHS G10082140 192 58,800 SH   DFND 1,2,3 0 58,800 0
NORDIC AMERICAN TANKERS LTD COM G65773106 550 54,600 SH   DFND 1,2,3 0 54,600 0
INTERNATIONAL PAPER CO. COM 460146103 1,274 23,770 SH   DFND 1,2,3 0 23,770 0
GENERAL CABLE CORP COM 369300108 1,596 107,100 SH   DFND 1,2,3 0 107,100 0
OWENS & MINOR INC COM 690732102 1,264 36,000 SH   DFND 1,2,3 0 36,000 0
TRIMAS CORP COM NEW 896215209 985 31,475 SH   DFND 1,2,3 0 31,475 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 3,224 49,600 SH   DFND 1,2,3 0 49,600 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 3,070 85,000 SH   DFND 1,2,3 0 85,000 0
MARKWEST ENERGY PARTNERS LP UNIT LTD PARTN 570759100 3,662 54,500 SH   DFND 1,2,3 0 54,500 0
PLAIMS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 2,710 52,800 SH   DFND 1,2,3 0 52,800 0
ENOVA INTERNATIONAL INC-W/I COM 29357K103 298 13,372 SH   DFND 1,2,3 0 13,372 0
WILLIAM LYON HOMES-CL A CL A NEW 552074700 211 10,400 SH   DFND 1,2,3 0 10,400 0
OM ASSET MANAGEMENT PLC SHS G67506108 244 15,000 SH   DFND 1,2,3 0 15,000 0
TEEKAY TANKERS LTD-CLASS A CL A Y8565N102 349 69,000 SH   DFND 1,2,3 0 69,000 0
NEW SENIOR INVESTMENT GR-W/I COM 648691103 3,576 217,412 SH   DFND 1,2,3 0 217,412 0
TRIBUNE MEDIA CO - A CL A 896047503 1,300 21,755 SH   DFND 1,2,3 0 21,755 0
GOLAR LNG LTD SHS G9456A100 2,090 57,318 SH   DFND 1,2,3 0 57,318 0
APOLLO GLOBAL MANAGEMENT - A CLA SHS 037612306 1,115 47,300 SH   DFND 1,2,3 0 47,300 0
LENNAR CORP CL A 526057104 1,344 30,000 SH   DFND 1,2,3 0 30,000 0
SANOFI-ADR SPONSORED ADR 80105N105 3,421 75,000 SH   DFND 1,2,3 0 75,000 0
CUBIC CORP COM 229669106 658 12,500 SH   DFND 1,2,3 0 12,500 0
AECOM TECHNOLOGY CORP COM 00766T100 1,635 53,852 SH   DFND 1,2,3 0 53,852 0
BAXTER INTL COM 071813109 1,759 24,000 SH   DFND 1,2,3 0 24,000 0
FORD MOTOR COMPANY COM 345370860 1,443 93,075 SH   DFND 1,2,3 0 93,075 0
FRANKLIN RESOURCES INC COM 354613101 1,276 23,050 SH   DFND 1,2,3 0 23,050 0
LAMAR ADVERTISING CO CL A 512816109 2,667 49,725 SH   DFND 1,2,3 0 49,725 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 2,261 44,253 SH   DFND 1,2,3 0 44,253 0
UBS GROUP AG SHS H42097107 1,897 111,275 SH   DFND 1,2,3 0 111,275 0