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
ABBOTT LAB COM 002824100 284 7,400 SH   DFND 1 0 0 7,400
AETNA INC COM 00817Y108 1,315 10,600 SH   DFND 1 0 0 10,600
AFLAC INC COM 001055102 682 9,800 SH   DFND 1 0 0 9,800
AGRIUM INC COM 008916108 1,706 17,000 SH   DFND 1 0 0 17,000
AMERICAN F COM 025932104 2,926 33,200 SH   DFND 1 0 0 33,200
AMERIPRISE COM 03076C106 1,875 16,900 SH   DFND 1 0 0 16,900
AMGEN INC COM 031162100 1,252 8,565 SH   SOLE   800 0 7,765
ANTHEM INC COM 036752103 1,493 10,385 SH   SOLE   1,184 0 9,201
ARCHER-DAN COM 039483102 1,468 32,150 SH   SOLE   3,500 0 28,650
ASSURANT I COM 04621X108 1,003 10,800 SH   DFND 1 0 0 10,800
ASSURED GU COM G0585R106 1,696 44,913 SH   SOLE   5,683 0 39,230
BARRICK GO COM 067901108 380 23,800 SH   DFND 1 0 0 23,800
BCE INC COM 05534B760 837 19,400 SH   DFND 1 0 0 19,400
BED BATH & COM 075896100 585 14,400 SH   SOLE   0 0 14,400
BUNGE LTD COM G16962105 1,497 20,729 SH   SOLE   2,438 0 18,291
CA INC COM 12673P105 645 20,304 SH   SOLE   0 0 20,304
CAPITAL ON COM 14040H105 1,640 18,800 SH   SOLE   2,300 0 16,500
CELESTICA COM 15101Q108 2,687 227,128 SH   SOLE   55,100 0 172,028
CELESTICA COM 15101Q108 1,812 153,200 SH   DFND 1 0 0 153,200
CENTURYLIN COM 156700106 1,218 51,200 SH   SOLE   4,900 0 46,300
CGI GROUP COM 39945C109 604 12,600 SH   SOLE   12,600 0 0
CHEVRON CO COM 166764100 471 4,000 SH   DFND 1 0 0 4,000
CHICAGO BR COM 167250109 616 19,400 SH   SOLE   0 0 19,400
CHUBB LTD COM H1467J104 832 6,300 SH   DFND 1 0 0 6,300
CISCO SYST COM 17275R102 1,365 45,168 SH   SOLE   4,928 0 40,240
CISCO SYST COM 17275R102 683 22,600 SH   DFND 1 0 0 22,600
CONVERGYS COM 212485106 1,294 52,700 SH   SOLE   5,600 0 47,100
COOPER TIR COM 216831107 1,494 38,456 SH   SOLE   4,733 0 33,723
CUMMINS IN COM 231021106 837 6,127 SH   SOLE   1,300 0 4,827
CVS HEALTH COM 126650100 876 11,100 SH   DFND 1 0 0 11,100
DEERE & CO COM 244199105 577 5,600 SH   DFND 1 0 0 5,600
DILLARDS I COM 254067101 1,318 21,026 SH   SOLE   2,400 0 18,626
DILLARDS I COM 254067101 564 9,000 SH   DFND 1 0 0 9,000
DISCOVER F COM 254709108 865 12,000 SH   SOLE   2,700 0 9,300
DOMTAR COR COM 257559203 1,374 35,200 SH   SOLE   3,800 0 31,400
EASTMAN CH COM 277432100 647 8,600 SH   SOLE   0 0 8,600
ENERSYS COM 29275Y102 1,539 19,700 SH   SOLE   2,400 0 17,300
EURONAV NV COM B38564108 10,419 1,303,433 SH   SOLE   39,831 0 1,263,602
EVERCORE P COM 29977A105 1,642 23,900 SH   SOLE   3,000 0 20,900
EXXON MOBI COM 30231G102 469 5,200 SH   DFND 1 0 0 5,200
FEDERATED COM 314211103 653 23,100 SH   SOLE   0 0 23,100
FIAT CHRYS COM N31738102 9,826 1,077,361 SH   SOLE   40,807 0 1,036,554
FLEX LTD COM Y2573F102 1,499 104,294 SH   SOLE   12,294 0 92,000
FLUOR CORP COM 343412102 798 15,200 SH   SOLE   2,900 0 12,300
FOOT LOCKE COM 344849104 892 12,588 SH   SOLE   2,588 0 10,000
FREEPORT-M COM 35671D857 406 30,800 SH   DFND 1 0 0 30,800
FRONTLINE COM G3682E192 8,575 1,205,981 SH   SOLE   38,760 0 1,167,221
GAMESTOP C COM 36467W109 1,283 50,792 SH   SOLE   5,088 0 45,704
GENERAL MO COM 37045V100 1,540 44,200 SH   SOLE   5,100 0 39,100
GILEAD SCI COM 375558103 1,281 17,887 SH   SOLE   1,900 0 15,987
GOLDMAN SA COM 38141G104 681 2,846 SH   SOLE   0 0 2,846
HERMAN MIL COM 600544100 674 19,700 SH   SOLE   0 0 19,700
HEWLETT PA COM 42824C109 1,430 61,802 SH   SOLE   7,276 0 54,526
HOLLYFRONT COM 436106108 626 19,100 SH   DFND 1 0 0 19,100
HUMANA INC COM 444859102 1,000 4,900 SH   DFND 1 0 0 4,900
INTEL CORP COM 458140100 1,172 32,300 SH   DFND 1 0 0 32,300
JABIL CIRC COM 466313103 502 21,200 SH   DFND 1 0 0 21,200
JPMORGAN C COM 46625H100 684 7,921 SH   SOLE   0 0 7,921
KBR INC COM 48242W106 267 16,000 SH   DFND 1 0 0 16,000
KOHLS CORP COM 500255104 1,536 31,107 SH   SOLE   3,900 0 27,207
KRONOS WOR COM 50105F105 285 23,900 SH   DFND 1 0 0 23,900
KT CORP-SP ADR 48268K101 1,129 80,100 SH   SOLE   10,300 0 69,800
LINCOLN NA COM 534187109 673 10,158 SH   SOLE   0 0 10,158
LYONDELLBA COM N53745100 1,506 17,557 SH   SOLE   2,100 0 15,457
MACY'S INC COM 55616P104 1,364 38,100 SH   SOLE   4,500 0 33,600
MAGNA INTE COM 559222401 4,136 95,420 SH   SOLE   16,500 0 78,920
MAGNA INTE COM 559222401 1,426 32,900 SH   DFND 1 0 0 32,900
MATTEL INC COM 577081102 408 14,800 SH   DFND 1 0 0 14,800
MCKESSON C COM 58155Q103 1,152 8,204 SH   SOLE   800 0 7,404
MCKESSON C COM 58155Q103 744 5,300 SH   DFND 1 0 0 5,300
MORGAN STA COM 617446448 1,756 41,560 SH   SOLE   5,389 0 36,171
MYLAN NV COM N59465109 797 20,879 SH   SOLE   3,300 0 17,579
NORBORD IN COM 65548P403 3,876 153,751 SH   SOLE   24,795 0 128,956
PARKER HAN COM 701094104 742 5,300 SH   DFND 1 0 0 5,300
PFIZER INC COM 717081103 1,192 36,700 SH   DFND 1 0 0 36,700
PRUDENTIAL COM 744320102 1,696 16,300 SH   SOLE   2,000 0 14,300
QUALCOMM I COM 747525103 1,415 21,700 SH   SOLE   2,500 0 19,200
QUANTA SER COM 74762E102 1,077 30,900 SH   SOLE   6,000 0 24,900
REINSURANC COM 759351604 863 6,857 SH   SOLE   1,500 0 5,357
REINSURANC COM 759351604 1,950 15,500 SH   DFND 1 0 0 15,500
SANDERSON COM 800013104 1,461 15,498 SH   SOLE   1,700 0 13,798
SK TELECOM ADR 78440P108 980 46,900 SH   DFND 1 0 0 46,900
SOUTHWEST COM 844741108 1,007 20,200 SH   SOLE   4,200 0 16,000
STAPLES IN COM 855030102 1,362 150,500 SH   SOLE   16,900 0 133,600
STATE STRE COM 857477103 824 10,600 SH   DFND 1 0 0 10,600
SUN LIFE F COM 866796105 2,112 55,100 SH   SOLE   19,000 0 36,100
SUNCOR ENE COM 867224107 1,303 39,700 SH   DFND 1 0 0 39,700
SYNAPTICS COM 87157D109 1,348 25,151 SH   SOLE   2,751 0 22,400
SYNNEX COR COM 87162W100 500 4,128 SH   SOLE   0 0 4,128
T ROWE PRI COM 74144T108 640 8,500 SH   SOLE   0 0 8,500
TARGET COR COM 87612E106 1,427 19,755 SH   SOLE   2,200 0 17,555
TECH DATA COM 878237106 788 9,300 SH   SOLE   1,900 0 7,400
TEGNA INC COM 87901J105 1,350 63,095 SH   SOLE   7,100 0 55,995
TERADATA C COM 88076W103 1,297 47,724 SH   SOLE   5,124 0 42,600
TORCHMARK COM 891027104 1,361 18,450 SH   DFND 1 0 0 18,450
TRIUMPH GR COM 896818101 614 23,165 SH   SOLE   0 0 23,165
TYSON FOOD COM 902494103 2,325 37,700 SH   DFND 1 0 0 37,700
UBS GROUP COM H42097107 7,939 506,313 SH   SOLE   22,878 0 483,435
UNITED MIC ADR 910873405 630 360,200 SH   DFND 1 0 0 360,200
UNITED THE COM 91307C102 1,611 11,233 SH   SOLE   1,207 0 10,026
UNITEDHEAL COM 91324P102 3,953 24,700 SH   DFND 1 0 0 24,700
UNUM GROUP COM 91529Y106 883 20,100 SH   SOLE   4,600 0 15,500
VISHAY INT COM 928298108 741 45,744 SH   DFND 1 0 0 45,744
VMWARE INC COM 928563402 1,433 18,200 SH   SOLE   2,100 0 16,100
WAL-MART S COM 931142103 1,320 19,100 SH   SOLE   2,100 0 17,000
WELLS FARG COM 949746101 893 16,200 SH   DFND 1 0 0 16,200
WESCO INTE COM 95082P105 1,517 22,800 SH   SOLE   2,700 0 20,100
WHIRLPOOL COM 963320106 1,581 8,700 SH   DFND 1 0 0 8,700
WILLIAMS-S COM 969904101 561 11,600 SH   SOLE   0 0 11,600
XEROX CORP COM 984121103 827 143,900 SH   SOLE   15,100 0 128,800