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
ACADIA RLTY TR COM SH BEN INT 004239109 248 8,231 SH   DFND 1 0 8,231 0
AGCO CORP COM 001084102 2,134 45,765 SH   SOLE 1 45,765 0 0
AIRCASTLE LTD COM G0129K104 1,432 69,479 SH   SOLE 1 69,479 0 0
AKAMAI TECHNOLOGIES INC COM 00971T101 1,529 22,136 SH   SOLE 1 22,136 0 0
ALCOA INC COM 013817101 2,212 228,958 SH   SOLE 1 228,958 0 0
AMERICAN TOWER CORP NEW COM 03027X100 645 7,327 SH   DFND 1 0 7,327 0
AMERIGAS PARTNERS L P UNIT L P INT 030975106 1,062 25,576 SH   SOLE 1 25,576 0 0
ATLANTIC TELE NETWORK INC COM NEW 049079205 821 11,057 SH   SOLE 1 11,057 0 0
AVALONBAY CMNTYS INC COM 053484101 378 2,160 SH   DFND 1 0 2,160 0
BEMIS INC COM 081437105 562 14,192 SH   SOLE 1 14,192 0 0
BORGWARNER INC COM 099724106 961 23,095 SH   SOLE 1 23,095 0 0
BOSTON PROPERTIES INC COM 101121101 500 4,227 SH   DFND 1 0 4,227 0
BUNGE LIMITED COM G16962105 842 11,492 SH   SOLE 1 11,492 0 0
CAMDEN PPTY TR S SH BEN INT 133131102 248 3,350 SH   DFND 1 0 3,350 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 300 11,524 SH   DFND 1 0 11,524 0
CHEVRON CORP NEW COM 166764100 907 11,502 SH   SOLE 1 11,502 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 1,241 31,279 SH   SOLE 1 31,279 0 0
CINCINNATI FINL CORP COM 172062101 992 18,290 SH   SOLE 1 18,290 0 0
CINEMARK HOLDINGS INC COM 17243V102 1,033 31,799 SH   SOLE 1 31,799 0 0
CITRIX SYS INC COM 177376100 963 13,906 SH   SOLE 1 13,906 0 0
CME GROUP INC COM 12572Q105 1,557 16,793 SH   SOLE 1 16,793 0 0
CNA FINL CORP COM COM 126117100 475 13,607 SH   SOLE 1 13,607 0 0
COM COM 251893103 1,987 73,007 SH   SOLE 1 73,007 0 0
COMMUNICATIONS SALES&LEAS IN COM 20341J104 667 36,076 SH   SOLE 1 36,076 0 0
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q104 496 30,800 SH   SOLE 1 30,800 0 0
COMPASS MINERALS INTL INC COM 20451N101 1,274 16,257 SH   SOLE 1 16,257 0 0
CON-WAY INC COM 205944101 1,823 38,413 SH   SOLE 1 38,413 0 0
COOPER TIRE & RUBR CO COM 216831107 1,298 32,847 SH   SOLE 1 32,847 0 0
COPA HOLDINGS SA CL A P31076105 1,795 42,816 SH   SOLE 1 42,816 0 0
CREE INC COM 225447101 2,509 103,538 SH   SOLE 1 103,538 0 0
CSG SYS INTL INC COM 126349109 710 23,065 SH   SOLE 1 23,065 0 0
CYRUSONE INC COM 23283R100 1,801 54,614 SH   SOLE 1 54,614 0 0
DOMTAR CORP COM 257559203 1,294 35,916 SH   SOLE 1 35,916 0 0
DONALDSON INC COM 257651109 521 18,568 SH   SOLE 1 18,568 0 0
DUKE REALTY CORP COM NEW 264411505 240 12,617 SH   DFND 1 0 12,617 0
EATON VANCE CORP COM NON VTG 278265103 816 24,408 SH   SOLE 1 24,408 0 0
EMERSON ELEC CO COM 291011104 928 21,018 SH   SOLE 1 21,018 0 0
EQUINIX INC COM PAR $0.001 29444U700 348 1,273 SH   DFND 1 0 1,273 0
ESSEX PPTY TR INC COM 297178105 436 1,953 SH   DFND 1 0 1,953 0
EXTRA SPACE STORAGE INC COM 30225T102 335 4,340 SH   DFND 1 0 4,340 0
EXXON MOBIL CORP COM 30231G102 935 12,582 SH   SOLE 1 12,582 0 0
F M C CORP COM NEW 302491303 1,784 52,368 SH   SOLE 1 52,368 0 0
FASTENAL CO COM 311900104 2,129 58,164 SH   SOLE 1 58,164 0 0
FINISAR CORP COM NEW 31787A507 744 66,886 SH   SOLE 1 66,886 0 0
FMC TECHNOLOGIES INC COM 30249U101 2,293 73,959 SH   SOLE 1 73,959 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 618 45,568 SH   SOLE 1 45,568 0 0
GANNETT SPINCO INC COM 36473H104 388 26,043 SH   SOLE 1 26,043 0 0
GEO GROUP INC NEW COM 36162J106 1,582 53,209 SH   SOLE 1 53,209 0 0
GERDAU S A SPON ADR REP PFD 373737105 796 581,011 SH   SOLE 1 581,011 0 0
INNOPHOS HOLDINGS INC COM 45774N108 590 14,885 SH   SOLE 1 14,885 0 0
INTEL CORP COM 458140100 2,352 78,042 SH   SOLE 1 78,042 0 0
INTERPUBLIC GROUP COS INC COM 460690100 1,648 86,154 SH   SOLE 1 86,154 0 0
IRON MTN INC NEW COM 46284V101 2,701 87,075 SH   SOLE 1 87,075 0 0
ITRON INC COM 465741106 1,587 49,744 SH   SOLE 1 49,744 0 0
J2 GLOBAL INC COM 48123V102 1,388 19,590 SH   SOLE 1 19,590 0 0
JABIL CIRCUIT INC COM 466313103 2,103 94,006 SH   SOLE 1 94,006 0 0
JUNIPER NETWORKS INC COM 48203R104 2,597 101,022 SH   SOLE 1 101,022 0 0
KIMBERLY CLARK CORP COM 494368103 1,775 16,148 SH   SOLE 1 16,148 0 0
KIMCO RLTY CORP COM 49446R109 291 11,931 SH   DFND 1 0 11,931 0
KOHLS CORP COM 500255104 1,458 31,473 SH   SOLE 1 31,473 0 0
LEAR CORP COM 521865204 1,445 13,280 SH   SOLE 1 13,280 0 0
LTC PPTYS INC COM 502175102 233 5,457 SH   DFND 1 0 5,457 0
MACERICH CO COM 554382101 257 3,349 SH   DFND 1 0 3,349 0
MACYS INC COM COM 55616P104 770 14,907 SH   SOLE 1 14,907 0 0
MARTIN MIDSTREAM PRTNRS L P UNIT L P INT 573331105 651 26,664 SH   SOLE 1 26,664 0 0
MATTEL INC COM 577081102 2,813 133,560 SH   SOLE 1 133,560 0 0
MCDERMOTT INTL INC COM 580037109 1,361 316,486 SH   SOLE 1 316,486 0 0
MICROSOFT CORP COM 594918104 2,872 64,890 SH   SOLE 1 64,890 0 0
MID-AMER APT CMNTYS INC COM 59522J103 241 2,949 SH   DFND 1 0 2,949 0
MOLSON COORS BREWING CO CL B 60871R209 1,913 23,044 SH   SOLE 1 23,044 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 2,031 29,558 SH   SOLE 1 29,558 0 0
MSC INDL DIRECT INC CL A 553530106 1,020 16,716 SH   SOLE 1 16,716 0 0
NATIONAL CINEMEDIA INC COM 635309107 627 46,730 SH   SOLE 1 46,730 0 0
NATIONAL FUEL GAS CO N J COM 636180101 1,623 32,211 SH   SOLE 1 32,211 0 0
NATIONAL RETAIL PROPERTIES COM 637417106 225 6,210 SH   DFND 1 0 6,210 0
NEW YORK TIMES CO CL A 650111107 1,978 167,483 SH   SOLE 1 167,483 0 0
NORTHERN TR CORP COM 665859104 1,759 25,673 SH   SOLE 1 25,673 0 0
NUANCE COMMUNICATIONS INC COM 67020Y100 2,124 129,760 SH   SOLE 1 129,760 0 0
NUCOR CORP COM 670346105 897 23,656 SH   SOLE 1 23,656 0 0
NVIDIA CORP COM 67066G104 1,631 66,172 SH   SOLE 1 66,172 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,142 32,027 SH   SOLE 1 32,027 0 0
OMEGA HEALTHCARE INVS INC COM 681936100 385 10,952 SH   DFND 1 0 10,952 0
OMNICOM GROUP INC COM 681919106 2,248 33,861 SH   SOLE 1 33,861 0 0
OWENS & MINOR INC NEW COM 690732102 1,330 41,648 SH   SOLE 1 41,648 0 0
OWENS CORNING NEW COM 690742101 2,154 51,390 SH   SOLE 1 51,390 0 0
PARKER HANNIFIN CORP COM 701094104 1,570 16,132 SH   SOLE 1 16,132 0 0
PEBBLEBROOK HOTEL TR COM 70509V100 212 5,972 SH   DFND 1 0 5,972 0
PEPSICO INC COM 713448108 857 9,088 SH   SOLE 1 9,088 0 0
PNC FINL SVCS GROUP INC COM 693475105 3,015 33,802 SH   SOLE 1 33,802 0 0
PROLOGIS INC COM 74340W103 421 10,833 SH   DFND 1 0 10,833 0
PROSHARES TR PSHS LC COR PLUS 74347R248 10,325 223,640 SH   DFND 1 0 223,640 0
QUALCOMM INC COM 747525103 1,519 28,271 SH   SOLE 1 28,271 0 0
QUEST DIAGNOSTICS INC COM 74834L100 3,037 49,401 SH   SOLE 1 49,401 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 1,150 23,097 SH   SOLE 1 23,097 0 0
REG SHS REG SHS H8817H100 1,728 133,761 SH   SOLE 1 133,761 0 0
REPUBLIC SVCS INC COM 760759100 1,287 31,022 SH   SOLE 1 31,022 0 0
RETAIL OPPORTUNITY INVTS COR COM 76131N101 229 13,844 SH   DFND 1 0 13,844 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,136 32,942 SH   SOLE 1 32,942 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 767 33,086 SH   SOLE 1 33,086 0 0
SCHOLASTIC CORP COM 807066105 1,202 30,840 SH   SOLE 1 30,840 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 679 34,996 SH   SOLE 1 34,996 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,032 5,616 SH   DFND 1 0 5,616 0
SL GREEN RLTY CORP COM 78440X101 420 3,884 SH   DFND 1 0 3,884 0
SOVRAN SELF STORAGE INC COM 84610H108 316 3,348 SH   DFND 1 0 3,348 0
SPIRIT REALTY CAP INC NEW COM 84860W102 198 21,631 SH   DFND 1 0 21,631 0
STAPLES INC COM 855030102 164 13,855 SH   SOLE 1 13,855 0 0
STOCK YDS BANCORP INC COM 861025104 515 14,074 SH   SOLE 1 14,074 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 208 15,113 SH   DFND 1 0 15,113 0
SYSCO CORP COM 871829107 2,383 60,689 SH   SOLE 1 60,689 0 0
TARGET CORP COM 87612E106 1,574 20,005 SH   SOLE 1 20,005 0 0
TEGNA INC COM 87901J105 1,369 60,808 SH   SOLE 1 60,808 0 0
TERADATA CORP DEL COM 88076W103 2,392 82,588 SH   SOLE 1 82,588 0 0
THE ADT CORPORATION COM 00101J106 2,296 76,800 SH   SOLE 1 76,800 0 0
THOMSON REUTERS CORP COM 884903105 1,788 44,408 SH   SOLE 1 44,408 0 0
TIME INC NEW COM 887228104 2,052 107,741 SH   SOLE 1 107,741 0 0
TRANSMONTAIGNE PARTNERS L P COM UNIT L P 89376V100 565 20,778 SH   SOLE 1 20,778 0 0
UDR INC COM 902653104 328 9,522 SH   DFND 1 0 9,522 0
UNILEVER PLC REG SHS 904767704 1,369 33,569 SH   SOLE 1 33,569 0 0
UNISYS CORP COM 909214306 951 79,937 SH   SOLE 1 79,937 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,879 19,036 SH   SOLE 1 19,036 0 0
UNITED STATES STL CORP COM 912909108 1,581 151,703 SH   SOLE 1 151,703 0 0
US BANCORP DEL COM 902973304 2,362 57,233 SH   SOLE 1 57,233 0 0
VARIAN MED SYS INC COM 92220P105 1,637 22,189 SH   SOLE 1 22,189 0 0
VECTREN CORP COM 92240G101 716 17,039 SH   SOLE 1 17,039 0 0
VENTAS INC COM 92276F100 663 11,818 SH   SOLE 1 11,818 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,282 52,448 SH   SOLE 1 52,448 0 0
WAL MART STORES INC COM 931142103 2,028 31,279 SH   SOLE 1 31,279 0 0
WELLS FARGO & CO NEW COM 949746101 2,295 44,702 SH   SOLE 1 44,702 0 0
WELLTOWER INC COM 95040Q104 570 8,418 SH   DFND 1 0 8,418 0
WERNER ENTERPRISES INC COM 950755108 1,004 40,017 SH   SOLE 1 40,017 0 0
WESTERN UN CO COM 959802109 1,504 81,898 SH   SOLE 1 81,898 0 0
WEYERHAEUSER CO COM 962166104 1,238 45,270 SH   SOLE 1 45,270 0 0
WHITE MTNS INS GROUP LTD COM G9618E107 217 290 SH   SOLE 1 290 0 0
XYLEM INC COM ADDED 98419M100 1,630 49,626 SH   SOLE 1 49,626 0 0