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 259 28,050 SH   DFND 1,2,3 0 28,050 0
ABBOTT LABORATORIES COM 002824100 1,783 38,475 SH   DFND 1,2,3 0 38,475 0
ACTUANT CORP-CL A CL A 00508X203 1,455 61,300 SH   DFND 1,2,3 0 61,300 0
AETNA INC COM 00817Y108 6,605 62,000 SH   DFND 1,2,3 0 62,000 0
AMERICAN AIRLINES GROUP INC COM 02376R102 5,278 100,000 SH   DFND 1,2,3 0 100,000 0
AMERICAN EQUITY INVT LIFE HL COM 025676206 757 26,000 SH   DFND 1,2,3 0 26,000 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 2,663 48,600 SH   DFND 1,2,3 0 48,600 0
ANADARKO PETROLEUM CORP COM 032511107 6,211 75,000 SH   DFND 1,2,3 0 75,000 0
ANTERO RESOURCES CORP COM 03674X106 1,060 30,000 SH   DFND 1,2,3 0 30,000 0
APACHE CORP COM 037411105 4,796 79,500 SH   DFND 1,2,3 0 79,500 0
ARGAN INC COM 04010E109 266 7,351 SH   DFND 1,2,3 0 7,351 0
ARRIS CORP COM 04270V106 731 25,300 SH   DFND 1,2,3 0 25,300 0
ASSOCIATED BANC-CORP COM 045487105 1,420 76,325 SH   DFND 1,2,3 0 76,325 0
ASSURANT INC COM 04621X108 4,913 80,000 SH   DFND 1,2,3 0 80,000 0
AVNET INC COM 053807103 3,608 81,075 SH   DFND 1,2,3 0 81,075 0
BP PLC-SPONS ADR SPONSORED ADR 055622104 3,601 92,082 SH   DFND 1,2,3 0 92,082 0
BAKER HUGHES INC COM 057224107 1,307 20,550 SH   DFND 1,2,3 0 20,550 0
BANK OF AMERICA CORP COM 060505104 2,741 178,100 SH   DFND 1,2,3 0 178,100 0
BARRICK GOLD CORP COM 067901108 4,742 432,679 SH   DFND 1,2,3 0 432,679 0
BBCN BANCORP INC COM 073295107 1,284 88,725 SH   DFND 1,2,3 0 88,725 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 650 83,558 SH   DFND 1,2,3 0 83,558 0
BRADY CORPORATION - CL A CL A 104674106 1,407 49,725 SH   DFND 1,2,3 0 49,725 0
CIGNA CORP COM 125509109 3,909 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 3,470 263,900 SH   DFND 1,2,3 0 263,900 0
CALLAWAY GOLF COMPANY COM 131193104 249 26,177 SH   DFND 1,2,3 0 26,177 0
CARPENTER TECHNOLOGY COM 144285103 980 25,200 SH   DFND 1,2,3 0 25,200 0
CASH AMERICA INTL INC COM 14754D100 247 10,600 SH   DFND 1,2,3 0 10,600 0
CASTLE (A.M.) & CO COM 148411101 175 48,000 SH   DFND 1,2,3 0 48,000 0
CISCO SYSTEMS INC COM 17275R102 1,927 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM 172967424 8,355 162,161 SH   DFND 1,2,3 0 162,161 0
COCA COLA CO COMMON STOCK COM 191216100 1,515 37,350 SH   DFND 1,2,3 0 37,350 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,159 43,018 SH   DFND 1,2,3 0 43,018 0
COMCAST CORP CL A SPL CL A 20030N200 5,607 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 784 17,775 SH   DFND 1,2,3 0 17,775 0
COVANTA HOLDING CORP COM 22282E102 6,560 292,469 SH   DFND 1,2,3 0 292,469 0
CRAY INC COM NEW 225223304 1,249 44,484 SH   DFND 1,2,3 0 44,484 0
DANA HOLDING CORP COM 235825205 1,281 60,549 SH   DFND 1,2,3 0 60,549 0
DELTA AIR LINES INC COM NEW 247361702 6,262 139,280 SH   DFND 1,2,3 0 139,280 0
DEVON ENERGY CORP COM 25179M103 3,588 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 474 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM 254543101 1,368 47,900 SH   DFND 1,2,3 0 47,900 0
DOW CHEMICAL CORP COMMON STOCK COM 260543103 1,204 25,095 SH   DFND 1,2,3 0 25,095 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 7,742 215,000 SH   DFND 1,2,3 0 215,000 0
EZCORP INC-CL A CL A 302301106 375 41,100 SH   DFND 1,2,3 0 41,100 0
EXXON MOBIL CORP COM 30231G102 2,250 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORPORATION COM 31428X106 4,136 25,000 SH   DFND 1,2,3 0 25,000 0
FIRST CITIZENS BCSHS -CL A CL A 31946M103 583 2,245 SH   DFND 1,2,3 0 2,245 0
FIRST HORIZON NATIONAL CORP COM 320517105 612 42,800 SH   DFND 1,2,3 0 42,800 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,243 71,550 SH   DFND 1,2,3 0 71,550 0
FOREST CITY ENTERPRISES-CL A CL A 345550107 5,260 206,132 SH   DFND 1,2,3 0 206,132 0
GENERAL MOTORS CO COM 37045V100 3,829 102,115 SH   DFND 1,2,3 0 102,115 0
GENERAL MOTORS-CW16 WARRANT 37045V118 1,514 54,576 SH   DFND 1,2,3 0 54,576 0
GOLDMAN SACHS GROUP INC COM 38141G104 5,324 28,325 SH   DFND 1,2,3 0 28,325 0
GOOGLE INC-CL A CL A 38259P508 519 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 848 37,100 SH   DFND 1,2,3 0 37,100 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 965 27,600 SH   DFND 1,2,3 0 27,600 0
GREAT PLAINS ENERGY INC COM 391164100 488 18,300 SH   DFND 1,2,3 0 18,300 0
GRIFFON CORPORATION COM 398433102 823 47,219 SH   DFND 1,2,3 0 47,219 0
HARSCO CORP COM 415864107 511 29,600 SH   DFND 1,2,3 0 29,600 0
HEALTH INSURANCE INNOVATIO-A COM CL A 42225K106 90 11,559 SH   DFND 1,2,3 0 11,559 0
HEWLETT-PACKARED CO COMMON STOCK COM 428236103 4,165 133,655 SH   DFND 1,2,3 0 133,655 0
ICONIX BRAND GROUP INC COM 451055107 431 12,800 SH   DFND 1,2,3 0 12,800 0
INSIGHT ENTERPRISES INC COM 45765U103 1,517 53,193 SH   DFND 1,2,3 0 53,193 0
INORG CHEM NEC COM 45768S105 1,078 23,228 SH   DFND 1,2,3 0 23,228 0
INTERPUBLIC GROUP COS COM 460690100 1,421 64,225 SH   DFND 1,2,3 0 64,225 0
JPMORGAN CHASE & COMPANY COM 46625H100 9,278 153,150 SH   DFND 1,2,3 0 153,150 0
JIVE SOFTWARE INC COM 47760A108 516 100,553 SH   DFND 1,2,3 0 100,553 0
KAISER ALUMINUM CORP COM 483007704 569 7,400 SH   DFND 1,2,3 0 7,400 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 236 7,200 SH   DFND 1,2,3 0 7,200 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 211 38,200 SH   DFND 1,2,3 0 38,200 0
LENNAR CORP - B SHS CL B 526057302 519 12,634 SH   DFND 1,2,3 0 12,634 0
LEXMARK INTL GROUP INC-CL A CL A 529771107 415 9,800 SH   DFND 1,2,3 0 9,800 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 8,044 140,000 SH   DFND 1,2,3 0 140,000 0
MASONITE INTERNATIONAL CORP COM 575385109 1,574 23,400 SH   DFND 1,2,3 0 23,400 0
MATTHEWS INTL CORP-CLASS A CL A 577128101 1,069 20,750 SH   DFND 1,2,3 0 20,750 0
MERCER INTERNATIONAL INC COM 588056101 249 16,205 SH   DFND 1,2,3 0 16,205 0
METLIFE INC COM 59156R108 4,055 80,225 SH   DFND 1,2,3 0 80,225 0
MICROSOFT CORP COM 594918104 8,818 216,901 SH   DFND 1,2,3 0 216,901 0
HERMAN MILLER INC COM 600544100 462 16,625 SH   DFND 1,2,3 0 16,625 0
MILLER INDUSTRIES INC/TENN COM 600551204 281 11,473 SH   DFND 1,2,3 0 11,473 0
MONSTER WORLDWIDE INC COM 611742107 542 85,550 SH   DFND 1,2,3 0 85,550 0
MORGAN STANLEY COM 617446448 2,223 62,300 SH   DFND 1,2,3 0 62,300 0
MUELLER WATER PRODUCTS INC-A COM 624758108 751 76,200 SH   DFND 1,2,3 0 76,200 0
NRG ENERGY INC COM NEW 629377508 868 34,446 SH   DFND 1,2,3 0 34,446 0
NATL PENN BCSHS INC COM 637138108 1,268 117,750 SH   DFND 1,2,3 0 117,750 0
NELNET INC-CL A CL A 64031N108 251 5,300 SH   DFND 1,2,3 0 5,300 0
NEWS CORP - CLASS A CL A 65249B109 3,043 190,045 SH   DFND 1,2,3 0 190,045 0
NEWS CORP - CLASS B CL B 65249B208 1,650 103,975 SH   DFND 1,2,3 0 103,975 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 860 290,393 SH   DFND 1,2,3 0 290,393 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,616 100,000 SH   DFND 1,2,3 0 100,000 0
OCCIDENTAL PETROLEUM COM 674599105 5,810 79,586 SH   DFND 1,2,3 0 79,586 0
OMNICOM GROUP COM 681919106 2,104 26,975 SH   DFND 1,2,3 0 26,975 0
ON SEMICONDUCTOR CORPORATION COM 682189105 4,028 332,625 SH   DFND 1,2,3 0 332,625 0
ORACLE CORP COM 68389X105 9,848 228,225 SH   DFND 1,2,3 0 228,225 0
OWENS CORNING COM 690742101 1,973 45,450 SH   DFND 1,2,3 0 45,450 0
PHH CORP COM 693320202 1,050 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINANCIAL SERVICES GROUP COM 693475105 2,365 25,369 SH   DFND 1,2,3 0 25,369 0
PARK STERLING CORP COM 70086Y105 632 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 1,606 13,525 SH   DFND 1,2,3 0 13,525 0
PFIZER INC COMMON STOCK COM 717081103 8,680 249,486 SH   DFND 1,2,3 0 249,486 0
PIONEER NATURAL RESOURCES CO COM 723787107 4,742 29,000 SH   DFND 1,2,3 0 29,000 0
PORTLAND GENERAL ELECTRIC COM 736508847 378 10,200 SH   DFND 1,2,3 0 10,200 0
PRIMERICA INC COM 74164M108 480 9,431 SH   DFND 1,2,3 0 9,431 0
PULTE CORP COM 745867101 3,779 170,000 SH   DFND 1,2,3 0 170,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 2,145 136,800 SH   DFND 1,2,3 0 136,800 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 2,721 29,200 SH   DFND 1,2,3 0 29,200 0
RENT-A-CENTER INC COM 76009N100 1,037 37,800 SH   DFND 1,2,3 0 37,800 0
RENTECH NITROGEN PARTNERS LP COM 760113100 4,704 312,350 SH   DFND 1,2,3 0 312,350 0
ROYAL DUTCH SHELL PLC-ADR SPONSORED ADR 780259206 2,222 37,257 SH   DFND 1,2,3 0 37,257 0
SPDR GOLD TRUST SHS 78463V107 28,415 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC-A CL A 806882106 685 43,175 SH   DFND 1,2,3 0 43,175 0
SCIENCE APPLICATIONS INTE COM 808625107 508 9,900 SH   DFND 1,2,3 0 9,900 0
STAPLES INC COM 855030102 3,115 191,298 SH   DFND 1,2,3 0 191,298 0
STATE STREET CORP COM 857477103 2,127 28,925 SH   DFND 1,2,3 0 28,925 0
STONERIDGE INC COM 86183P102 1,211 107,275 SH   DFND 1,2,3 0 107,275 0
SUPERIOR ENERGY SERVICES INC COM 868157108 2,659 119,025 SH   DFND 1,2,3 0 119,025 0
TCF FINANCIAL CORP COM 872275102 1,210 77,000 SH   DFND 1,2,3 0 77,000 0
TENET HEALTHCARE CORP COM NEW 88033G407 244 4,925 SH   DFND 1,2,3 0 4,925 0
TEREX CORP COM 880779103 2,885 108,500 SH   DFND 1,2,3 0 108,500 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 792 12,710 SH   DFND 1,2,3 0 12,710 0
TETRA TECH INC COM 88162G103 1,280 53,275 SH   DFND 1,2,3 0 53,275 0
TITAN MACHINERY INC COM 88830R101 222 16,623 SH   DFND 1,2,3 0 16,623 0
TRAVELERS COS INC/THE COM 89417E109 6,899 63,800 SH   DFND 1,2,3 0 63,800 0
TUPPERWARE CORP COM 899896104 690 10,000 SH   DFND 1,2,3 0 10,000 0
TUTOR PERINI CORP COM 901109108 698 29,900 SH   DFND 1,2,3 0 29,900 0
UFP TECHNOLOGIES INC COM 902673102 277 12,143 SH   DFND 1,2,3 0 12,143 0
UAL CORP COM 910047109 5,380 80,000 SH   DFND 1,2,3 0 80,000 0
UNITED STATIONERS INC COM 913004107 1,421 34,675 SH   DFND 1,2,3 0 34,675 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 564 4,310 SH   DFND 1,2,3 0 4,310 0
WSFS FINANCIAL CORP COM 929328102 476 6,300 SH   DFND 1,2,3 0 6,300 0
WALTER INDUSTRIES INC COM 93317Q105 77 123,419 SH   DFND 1,2,3 0 123,419 0
WEBSTER FINANCIAL CORP COM 947890109 1,416 38,225 SH   DFND 1,2,3 0 38,225 0
WELLCARE GROUP INC COM 94946T106 755 8,260 SH   DFND 1,2,3 0 8,260 0
ARGO GROUP INTERNATIONAL COM G0464B107 960 19,140 SH   DFND 1,2,3 0 19,140 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 773 16,375 SH   DFND 1,2,3 0 16,375 0
EATON CORP PLC SHS G29183103 5,122 75,396 SH   DFND 1,2,3 0 75,396 0
PARTNERRE LTD COM G6852T105 923 8,075 SH   DFND 1,2,3 0 8,075 0
OCEAN RIG UDW INC SHS Y64354205 657 99,744 SH   DFND 1,2,3 0 99,744 0
MOELIS & CO CL A 60786M105 6,576 218,337 SH   DFND 1,2,3 0 218,337 0
KBR INC COM 48242W106 935 64,600 SH   DFND 1,2,3 0 64,600 0
VOYA FINANCIAL INC COM 929089100 2,016 46,775 SH   DFND 1,2,3 0 46,775 0
GOOGLE INC-CL C CL C 38259P706 512 935 SH   DFND 1,2,3 0 935 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,015 92,925 SH   DFND 1,2,3 0 92,925 0
PINNACLE FOODS INC COM 72348P104 861 21,110 SH   DFND 1,2,3 0 21,110 0
TECK COMINCO LTD-CL B CL B 878742204 1,338 97,435 SH   DFND 1,2,3 0 97,435 0
DR HORTON INC COM 23331A109 3,218 113,000 SH   DFND 1,2,3 0 113,000 0
SANDISK CORP COM 80004C101 4,447 69,900 SH   DFND 1,2,3 0 69,900 0
GIBRALTAR INDUSTRIES INC COM 374689107 1,312 79,952 SH   DFND 1,2,3 0 79,952 0
SYMETRA FINANCIAL CORP COM 87151Q106 757 32,275 SH   DFND 1,2,3 0 32,275 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,419 50,646 SH   DFND 1,2,3 0 50,646 0
TECH DATA CORP COM 878237106 1,460 25,275 SH   DFND 1,2,3 0 25,275 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 1,212 19,825 SH   DFND 1,2,3 0 19,825 0
INTEL CORP COM 458140100 1,535 49,075 SH   DFND 1,2,3 0 49,075 0
ENERGY XXI LTD SHS G10082140 181 49,600 SH   DFND 1,2,3 0 49,600 0
NORDIC AMERICAN TANKERS LTD COM G65773106 912 76,600 SH   DFND 1,2,3 0 76,600 0
ALIBABA GROUP HOLDING-SP ADR SPONSORED ADS 01609W102 380 4,565 SH   DFND 1,2,3 0 4,565 0
INTERNATIONAL PAPER CO. COM 460146103 1,319 23,770 SH   DFND 1,2,3 0 23,770 0
GENERAL CABLE CORP COM 369300108 1,587 92,125 SH   DFND 1,2,3 0 92,125 0
OWENS & MINOR INC COM 690732102 1,532 45,275 SH   DFND 1,2,3 0 45,275 0
TRIMAS CORP COM NEW 896215209 969 31,475 SH   DFND 1,2,3 0 31,475 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 3,624 65,000 SH   DFND 1,2,3 0 65,000 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 3,787 115,000 SH   DFND 1,2,3 0 115,000 0
MARKWEST ENERGY PARTNERS LP UNIT LTD PARTN 570759100 4,263 64,500 SH   DFND 1,2,3 0 64,500 0
PLAINS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 3,560 73,000 SH   DFND 1,2,3 0 73,000 0
ENOVA INTERNATIONAL INC-W/I COM 29357K103 273 13,872 SH   DFND 1,2,3 0 13,872 0
WILLIAM LYON HOMES-CL A CL A NEW 552074700 483 18,700 SH   DFND 1,2,3 0 18,700 0
OM ASSET MANAGEMENT PLC SHS G67506108 265 14,200 SH   DFND 1,2,3 0 14,200 0
TEEKAY TANKERS LTD-CLASS A CL A Y8565N102 504 87,800 SH   DFND 1,2,3 0 87,800 0
NEW SENIOR INVESTMENT GR-W/I COM 648691103 3,616 217,412 SH   DFND 1,2,3 0 217,412 0
TRIBUNE MEDIA CO - A CL A 896047503 1,323 21,755 SH   DFND 1,2,3 0 21,755 0
GOLAR LNG LTD SHS G9456A100 1,908 57,318 SH   DFND 1,2,3 0 57,318 0
APOLLO GLOBAL MANAGEMENT - A CLA SHS 037612306 1,022 47,300 SH   DFND 1,2,3 0 47,300 0
LENNAR CORP CL A 526057104 1,554 30,000 SH   DFND 1,2,3 0 30,000 0
CUBIC CORP COM 229669106 647 12,500 SH   DFND 1,2,3 0 12,500 0
AECOM COM 00766T100 1,749 56,752 SH   DFND 1,2,3 0 56,752 0
BAXTER INTL COM 071813109 2,278 33,250 SH   DFND 1,2,3 0 33,250 0
FORD MOTOR COMPANY COM 345370860 2,267 140,475 SH   DFND 1,2,3 0 140,475 0
FRANKLIN RESOURCES INC COM 354613101 1,736 33,825 SH   DFND 1,2,3 0 33,825 0
LAMAR ADVERTISING CO CL A 512816109 2,728 46,025 SH   DFND 1,2,3 0 46,025 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 2,283 44,253 SH   DFND 1,2,3 0 44,253 0
UBS GROUP AG SHS H42097107 2,089 111,275 SH   DFND 1,2,3 0 111,275 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 797 14,820 SH   DFND 1,2,3 0 14,820 0
BROOKDALE SENIOR LIVING INC COM 112463104 1,271 33,655 SH   DFND 1,2,3 0 33,655 0
CEMPRA INC COM 15130J109 950 27,677 SH   DFND 1,2,3 0 27,677 0
FUELCELL ENERGY INC COM 35952H106 386 308,610 SH   DFND 1,2,3 0 308,610 0
MAXWELL TECHNOLOGIES INC COM 577767106 293 36,379 SH   DFND 1,2,3 0 36,379 0
AERCAP HOLDINGS NV SHS N00985106 2,183 50,000 SH   DFND 1,2,3 0 50,000 0
LYONDELLBASELL INDU-CL A SHS N53745100 4,829 55,000 SH   DFND 1,2,3 0 55,000 0
GENWORTH FINANCIAL INC-CL A CL A 37247D106 458 62,650 SH   DFND 1,2,3 0 62,650 0
KEY ENERGY SERVICES INC COM 492914106 73 40,150 SH   DFND 1,2,3 0 40,150 0
STANCORP FINANCIAL GROUP COM 852891100 256 3,725 SH   DFND 1,2,3 0 3,725 0
STANLEY BLACK & DECKER INC COM 854502101 1,755 18,400 SH   DFND 1,2,3 0 18,400 0