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 591 152,175 SH   DFND 1,2,3 0 152,175 0
ABBOTT LABORATORIES COM 002824100 1,512 38,475 SH   DFND 1,2,3 0 38,475 0
ACTUANT CORP CL A 00508X203 1,458 64,500 SH   DFND 1,2,3 0 64,500 0
AECOM COM 00766T100 1,999 62,952 SH   DFND 1,2,3 0 62,952 0
AETNA INC COM 00817Y108 6,472 53,000 SH   DFND 1,2,3 0 53,000 0
ALPHABET INC CAP STK CL A CL A 02079K305 657 935 SH   DFND 1,2,3 0 935 0
AMERICAN AIRLINES GROUP INC COM 02376R102 2,610 92,200 SH   DFND 1,2,3 0 92,200 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 1,948 36,850 SH   DFND 1,2,3 0 36,850 0
ANADARKO PETROLEUM CORP COM 032511107 5,009 94,080 SH   DFND 1,2,3 0 94,080 0
APACHE CORP COM 037411105 2,641 47,450 SH   DFND 1,2,3 0 47,450 0
APOLLO GLOBAL MANAGEMENT CLA SHS 037612306 662 43,700 SH   DFND 1,2,3 0 43,700 0
ARGAN INC COM 04010E109 410 9,851 SH   DFND 1,2,3 0 9,851 0
ASSOCIATED BANC-CORP COM 045487105 1,561 91,050 SH   DFND 1,2,3 0 91,050 0
ASSURANT INC COM 04621X108 7,957 92,200 SH   DFND 1,2,3 0 92,200 0
AVNET INC COM 053807103 2,512 62,025 SH   DFND 1,2,3 0 62,025 0
BP PLC SPONSORED ADR 055622104 2,447 68,932 SH   DFND 1,2,3 0 68,932 0
BANK OF AMERICA CORP COM 060505104 2,533 190,900 SH   DFND 1,2,3 0 190,900 0
BARRICK GOLD CORP COM 067901108 3,295 154,350 SH   DFND 1,2,3 0 154,350 0
BBCN BANCORP INC COM 073295107 1,211 81,225 SH   DFND 1,2,3 0 81,225 0
BROOKDALE SENIOR LIVING INC COM 112463104 1,508 97,675 SH   DFND 1,2,3 0 97,675 0
CNO FINANCIAL GROUP COM 12621E103 913 52,323 SH   DFND 1,2,3 0 52,323 0
CVR PARTNERS LP COM 126633106 4,119 504,164 SH   DFND 1,2,3 0 504,164 0
CARPENTER TECHNOLOGY COM 144285103 615 18,696 SH   DFND 1,2,3 0 18,696 0
CATCHMARK TIMBER TR INC CL A 14912Y202 144 11,860 SH   DFND 1,2,3 0 11,860 0
CEMPRA INC COM 15130J109 584 35,472 SH   DFND 1,2,3 0 35,472 0
CHART INDUSTRIES INC COM 16115Q308 1,507 62,475 SH   DFND 1,2,3 0 62,475 0
CISCO SYSTEMS INC COM 17275R102 1,853 64,600 SH   DFND 1,2,3 0 64,600 0
CITIGROUP INC COM 172967424 6,711 158,321 SH   DFND 1,2,3 0 158,321 0
COCA COLA CO COM 191216100 1,693 37,350 SH   DFND 1,2,3 0 37,350 0
COLUMBUS MCKINNON CORP/NY COM 199333105 854 60,393 SH   DFND 1,2,3 0 60,393 0
COMCAST CORP CL A 20030N101 5,814 89,200 SH   DFND 1,2,3 0 89,200 0
CORNING INC COM 219350105 4,896 239,105 SH   DFND 1,2,3 0 239,105 0
COVANTA HOLDING CORP COM 22282E102 2,457 149,386 SH   DFND 1,2,3 0 149,386 0
CUBIC CORP COM 229669106 1,259 31,350 SH   DFND 1,2,3 0 31,350 0
DR HORTON INC COM 23331A109 3,280 104,200 SH   DFND 1,2,3 0 104,200 0
DANA HOLDING CORP COM 235825205 811 76,849 SH   DFND 1,2,3 0 76,849 0
DELTA AIR LINES INC COM NEW 247361702 3,586 98,440 SH   DFND 1,2,3 0 98,440 0
DEVON ENERGY CORP COM 25179M103 1,990 54,900 SH   DFND 1,2,3 0 54,900 0
DIAMONDROCK HOSPITALITY CO COM 252784301 303 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM 254543101 1,125 59,875 SH   DFND 1,2,3 0 59,875 0
DOVER CORP COM 260003108 1,743 25,150 SH   DFND 1,2,3 0 25,150 0
DOW CHEMICAL CORP COM 260543103 2,752 55,380 SH   DFND 1,2,3 0 55,380 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 3,214 138,540 SH   DFND 1,2,3 0 138,540 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 501 13,175 SH   DFND 1,2,3 0 13,175 0
ENOVA INTERNATIONAL INC-W/I COM 29357K103 117 16,025 SH   DFND 1,2,3 0 16,025 0
ESSENDANT INC COM 296689102 1,311 42,900 SH   DFND 1,2,3 0 42,900 0
EZCORP INC CL A 302301106 310 41,100 SH   DFND 1,2,3 0 41,100 0
EXXON MOBIL CORP COM 30231G102 2,013 21,475 SH   DFND 1,2,3 0 21,475 0
FEDEX CORPORATION COM 31428X106 4,098 27,000 SH   DFND 1,2,3 0 27,000 0
FIRST CITIZENS BCSHS CL A 31946M103 658 2,545 SH   DFND 1,2,3 0 2,545 0
FIRST HORIZON NATIONAL CORP COM 320517105 726 52,700 SH   DFND 1,2,3 0 52,700 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,153 65,675 SH   DFND 1,2,3 0 65,675 0
FORD MOTOR COMPANY COM 345370860 1,675 133,275 SH   DFND 1,2,3 0 133,275 0
FRANKLIN RESOURCES INC COM 354613101 2,117 63,450 SH   DFND 1,2,3 0 63,450 0
FUELCELL ENERGY INC COM NEW 35952H502 446 71,712 SH   DFND 1,2,3 0 71,712 0
GENERAL CABLE CORP COM 369300108 851 66,975 SH   DFND 1,2,3 0 66,975 0
GENERAL MOTORS CO COM 37045V100 1,222 43,190 SH   DFND 1,2,3 0 43,190 0
GENERAL MOTORS WARRANT 37045V118 1,005 54,576 SH   DFND 1,2,3 0 54,576 0
GENWORTH FINANCIAL INC CL A 37247D106 161 62,650 SH   DFND 1,2,3 0 62,650 0
GIBRALTAR INDUSTRIES INC COM 374689107 1,331 42,179 SH   DFND 1,2,3 0 42,179 0
GOLDMAN SACHS GROUP INC COM 38141G104 5,809 39,100 SH   DFND 1,2,3 0 39,100 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 1,001 43,450 SH   DFND 1,2,3 0 43,450 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 1,014 33,600 SH   DFND 1,2,3 0 33,600 0
GREAT PLAINS ENERGY INC COM 391164100 550 18,100 SH   DFND 1,2,3 0 18,100 0
HP INC COM 40434L105 1,677 133,655 SH   DFND 1,2,3 0 133,655 0
HARSCO CORP COM 415864107 327 49,300 SH   DFND 1,2,3 0 49,300 0
HEALTH INSURANCE INNOVATION COM CL A 42225K106 58 14,859 SH   DFND 1,2,3 0 14,859 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 454 41,100 SH   DFND 1,2,3 0 41,100 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,441 133,655 SH   DFND 1,2,3 0 133,655 0
ICONIX BRAND GROUP INC COM 451055107 539 79,787 SH   DFND 1,2,3 0 79,787 0
INSIGHT ENTERPRISES INC COM 45765U103 1,303 50,128 SH   DFND 1,2,3 0 50,128 0
INORG CHEM NEC COM 45768S105 914 19,887 SH   DFND 1,2,3 0 19,887 0
INTEL CORP COM 458140100 1,609 49,075 SH   DFND 1,2,3 0 49,075 0
INTERPUBLIC GROUP COS INC COM 460690100 1,089 47,150 SH   DFND 1,2,3 0 47,150 0
JPMORGAN CHASE & COMPANY COM 46625H100 7,410 119,250 SH   DFND 1,2,3 0 119,250 0
JIVE SOFTWARE INC COM 47760A108 378 100,553 SH   DFND 1,2,3 0 100,553 0
JOHNSON & JOHNSON COM 478160104 1,338 11,035 SH   DFND 1,2,3 0 11,035 0
JOY GLOBAL INC COM 481165108 1,324 62,655 SH   DFND 1,2,3 0 62,655 0
KBR INC COM 48242W106 1,815 137,159 SH   DFND 1,2,3 0 137,159 0
KAISER ALUMINUM CORP COM 483007704 542 6,000 SH   DFND 1,2,3 0 6,000 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 177 13,631 SH   DFND 1,2,3 0 13,631 0
KEY ENERGY SERVICES INC COM 492914106 62 269,075 SH   DFND 1,2,3 0 269,075 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 60 14,788 SH   DFND 1,2,3 0 14,788 0
LAMAR ADVERTISING CO CL A 512816109 1,930 29,125 SH   DFND 1,2,3 0 29,125 0
LENNAR CORP CL A 526057104 2,305 50,000 SH   DFND 1,2,3 0 50,000 0
LEXMARK INTL GROUP INC CL A 529771107 517 13,700 SH   DFND 1,2,3 0 13,700 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 5,606 144,600 SH   DFND 1,2,3 0 144,600 0
LINKEDIN CORP CL A 53578A108 1,105 5,840 SH   DFND 1,2,3 0 5,840 0
WILLIAM LYON HOMES CL A NEW 552074700 444 27,600 SH   DFND 1,2,3 0 27,600 0
MASONITE INTERNATIONAL CORP COM 575385109 1,554 23,500 SH   DFND 1,2,3 0 23,500 0
MAXWELL TECHNOLOGIES INC COM 577767106 132 25,091 SH   DFND 1,2,3 0 25,091 0
MERCER INTL INC COM 588056101 138 17,410 SH   DFND 1,2,3 0 17,410 0
METLIFE INC COM 59156R108 1,602 40,225 SH   DFND 1,2,3 0 40,225 0
MICROSOFT CORP COM 594918104 8,876 173,475 SH   DFND 1,2,3 0 173,475 0
MILLER INDUSTRIES INC/TENN COM 600551204 225 10,973 SH   DFND 1,2,3 0 10,973 0
MOELIS & CO CL A 60786M105 4,912 218,337 SH   DFND 1,2,3 0 218,337 0
MORGAN STANLEY COM 617446448 2,252 86,700 SH   DFND 1,2,3 0 86,700 0
NRG ENERGY INC COM NEW 629377508 634 42,341 SH   DFND 1,2,3 0 42,341 0
NEW SR INVT GROUP INC COM 648691103 2,905 272,052 SH   DFND 1,2,3 0 272,052 0
NEWS CORP CL A 65249B109 831 73,225 SH   DFND 1,2,3 0 73,225 0
NEWS CORP CL B 65249B208 598 51,275 SH   DFND 1,2,3 0 51,275 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 667 109,110 SH   DFND 1,2,3 0 109,110 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 577 76,518 SH   DFND 1,2,3 0 76,518 0
OCCIDENTAL PETROLEUM COM 674599105 4,296 56,866 SH   DFND 1,2,3 0 56,866 0
OMNICOM GROUP INC COM COM 681919106 1,947 23,900 SH   DFND 1,2,3 0 23,900 0
ON SEMICONDUCTOR CORPORATION COM 682189105 2,757 312,675 SH   DFND 1,2,3 0 312,675 0
ORACLE CORP COM 68389X105 9,643 235,600 SH   DFND 1,2,3 0 235,600 0
OWENS & MINOR INC COM 690732102 669 17,900 SH   DFND 1,2,3 0 17,900 0
PNC FINL SVCS GROUP INC COM 693475105 1,025 12,604 SH   DFND 1,2,3 0 12,604 0
PARK STERLING CORP COM 70086Y105 627 88,466 SH   DFND 1,2,3 0 88,466 0
PARKER HANNIFIN CORP COM 701094104 1,461 13,525 SH   DFND 1,2,3 0 13,525 0
PFIZER INC COM 717081103 7,587 215,491 SH   DFND 1,2,3 0 215,491 0
PIONEER NATURAL RESOURCES CO COM 723787107 4,052 26,800 SH   DFND 1,2,3 0 26,800 0
PORTLAND GENERAL ELECTRIC COM 736508847 450 10,200 SH   DFND 1,2,3 0 10,200 0
PRIMERICA INC COM 74164M108 230 4,031 SH   DFND 1,2,3 0 4,031 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 969 10,000 SH   DFND 1,2,3 0 10,000 0
RENT-A-CENTER INC COM 76009N100 897 73,050 SH   DFND 1,2,3 0 73,050 0
ROYAL DUTCH SHELL PLC SPONSORED ADR 780259206 3,417 61,890 SH   DFND 1,2,3 0 61,890 0
SPDR GOLD TRUST SHS 78463V107 31,630 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC CL A 806882106 759 43,175 SH   DFND 1,2,3 0 43,175 0
SCIENCE APPLICATIONS INTE COM 808625107 735 12,600 SH   DFND 1,2,3 0 12,600 0
STANLEY BLACK & DECKER INC COM 854502101 1,092 9,825 SH   DFND 1,2,3 0 9,825 0
STAPLES INC COM 855030102 1,902 220,653 SH   DFND 1,2,3 0 220,653 0
STATE STR CORP COM 857477103 1,207 22,400 SH   DFND 1,2,3 0 22,400 0
STONERIDGE INC COM 86183P102 866 57,975 SH   DFND 1,2,3 0 57,975 0
SUPERIOR ENERGY SERVICES INC COM 868157108 2,116 114,975 SH   DFND 1,2,3 0 114,975 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,334 46,046 SH   DFND 1,2,3 0 46,046 0
TCF FINANCIAL CORP COM 872275102 756 59,825 SH   DFND 1,2,3 0 59,825 0
TENET HEALTHCARE CORP COM NEW 88033G407 219 7,925 SH   DFND 1,2,3 0 7,925 0
TEREX CORP COM 880779103 3,428 168,808 SH   DFND 1,2,3 0 168,808 0
TETRA TECH INC COM 88162G103 1,105 35,950 SH   DFND 1,2,3 0 35,950 0
TRAVELERS COS INC/THE COM 89417E109 5,118 43,000 SH   DFND 1,2,3 0 43,000 0
TRIBUNE MEDIA CO CL A 896047503 3,465 88,445 SH   DFND 1,2,3 0 88,445 0
TRIMAS CORP COM NEW 896215209 663 36,875 SH   DFND 1,2,3 0 36,875 0
TRIPLE-S MANAGEMENT CORP CL B 896749108 1,367 55,973 SH   DFND 1,2,3 0 55,973 0
TUPPERWARE CORP COM 899896104 866 15,400 SH   DFND 1,2,3 0 15,400 0
UFP TECHNOLOGIES INC COM 902673102 226 10,061 SH   DFND 1,2,3 0 10,061 0
UAL CORP COM 910047109 3,028 73,800 SH   DFND 1,2,3 0 73,800 0
UNIVERSAL CORP VA COM 913456109 1,368 23,700 SH   DFND 1,2,3 0 23,700 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 721 10,143 SH   DFND 1,2,3 0 10,143 0
VOYA FINL INC COM 929089100 2,104 85,000 SH   DFND 1,2,3 0 85,000 0
WSFS FINANCIAL CORP COM 929328102 665 20,675 SH   DFND 1,2,3 0 20,675 0
WAL-MART STORES INC COM 931142103 1,944 26,625 SH   DFND 1,2,3 0 26,625 0
WEBSTER FINANCIAL CORP COM 947890109 1,360 40,075 SH   DFND 1,2,3 0 40,075 0
WHIRLPOOL CORPORATION COM 963320106 2,499 15,000 SH   DFND 1,2,3 0 15,000 0
YAHOO! INC COM 984332106 368 9,810 SH   DFND 1,2,3 0 9,810 0
UBS GROUP AG SHS SHS H42097107 1,292 100,375 SH   DFND 1,2,3 0 100,375 0
ARGO GROUP INTERNATIONAL COM G0464B107 887 17,094 SH   DFND 1,2,3 0 17,094 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,122 24,200 SH   DFND 1,2,3 0 24,200 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 1,745 31,728 SH   DFND 1,2,3 0 31,728 0
EATON CORP PLC SHS G29183103 3,743 62,676 SH   DFND 1,2,3 0 62,676 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 1,359 20,250 SH   DFND 1,2,3 0 20,250 0
ELECTRUM SPECIAL ACQUISITION COM G3105C120 785 78,949 SH   DFND 1,2,3 0 78,949 0
OM ASSET MANAGEMENT PLC SHS G67506108 181 13,600 SH   DFND 1,2,3 0 13,600 0
GOLAR LNG LTD SHS G9456A100 1,343 86,663 SH   DFND 1,2,3 0 86,663 0
AERCAP HOLDINGS NV SHS N00985106 1,548 46,100 SH   DFND 1,2,3 0 46,100 0
LYONDELLBASELL INDU SHS N53745100 5,581 75,000 SH   DFND 1,2,3 0 75,000 0
TEEKAY TANKERS LTD CL A Y8565N102 693 232,650 SH   DFND 1,2,3 0 232,650 0
ROYAL BANK OF CANADA NOTE 4.650% 1/2 780082AD5 34,112 31,662,000 PRN   DFND 1,2,3 0 31,662,000 0
HEALTHSOUTH CORP WARRANT 421924127 86 53,352 SH   DFND 1,2,3 0 53,352 0
CONMED CORP COM 207410101 229 4,803 SH   DFND 1,2,3 0 4,803 0
ARRIS INTL INC SHS HS G0551A103 583 27,816 SH   DFND 1,2,3 0 27,816 0
WILLIAMS COS INC DEL COM COM 969457100 692 32,005 SH   DFND 1,2,3 0 32,005 0
VORNADO RLTY TR SH BEN INT SH BEN INT 929042109 2,817 28,143 SH   DFND 1,2,3 0 28,143 0
HESS CORP COM COM 42809H107 1,152 19,183 SH   DFND 1,2,3 0 19,183 0
EOG RES INC COM COM 26875P101 834 10,000 SH   DFND 1,2,3 0 10,000 0
MURPHY OIL CORP COM COM 626717102 3,398 107,025 SH   DFND 1,2,3 0 107,025 0
SCANSOURCE INC COM COM 806037107 1,305 35,191 SH   DFND 1,2,3 0 35,191 0
AMERICAN EQTY INVT LIFE HLD COM COM 025676206 1,467 102,971 SH   DFND 1,2,3 0 102,971 0
ANIXTER INTL INC COM COM 035290105 1,273 23,909 SH   DFND 1,2,3 0 23,909 0
SEAGATE TECHNOLOGY PLC SHS SHS G7945M107 1,923 78,975 SH   DFND 1,2,3 0 78,975 0
CENOVUS ENERGY INC COM COM 15135U109 1,591 115,075 SH   DFND 1,2,3 0 115,075 0
HALLIBURTON CO COM COM 406216101 1,616 35,700 SH   DFND 1,2,3 0 35,700 0
COMTECH TELECOMMUNICATIONS COM 205826209 269 21,000 SH   DFND 1,2,3 0 21,000 0
MONSANTO CO COM 61166W101 714 6,905 SH   DFND 1,2,3 0 6,905 0
TOLL BROTHERS INC ADR 889478103 995 37,000 SH   DFND 1,2,3 0 37,000 0
TEVA PHARMACEUTICAL INDS LTD COM 881624209 2,662 53,000 SH   DFND 1,2,3 0 53,000 0
BB&T CORP COM 054937107 539 15,150 SH   DFND 1,2,3 0 15,150 0
BANK OF NOVA SCOTIA NOTE 4.500%12/1 064159HB5 20,123 19,105,000 PRN   DFND 1,2,3 0 19,105,000 0