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 852 114,450 SH   DFND 1,2,3 0 114,450 0
ABBOTT LABORATORIES COM 002824100 1,068 27,725 SH   DFND 1,2,3 0 27,725 0
ACTUANT CORP-CL A CL A 00508X203 1,597 46,775 SH   DFND 1,2,3 0 46,775 0
AETNA INC COM 00817Y108 5,248 70,000 SH   DFND 1,2,3 0 70,000 0
AMERICAN AIRLINES GROUP INC COM 02376R102 5,124 140,000 SH   DFND 1,2,3 0 140,000 0
AMERICAN EQUITY INVT LIFE HL COM 025676206 1,155 48,900 SH   DFND 1,2,3 0 48,900 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 3,096 61,900 SH   DFND 1,2,3 0 61,900 0
ANADARKO PETROLEUM CORP COM 032511107 15,734 185,626 SH   DFND 1,2,3 0 185,626 0
ANTERO RESOURCES CORP COM 03674X106 2,329 37,200 SH   DFND 1,2,3 0 37,200 0
APACHE CORP COM 037411105 5,392 65,000 SH   DFND 1,2,3 0 65,000 0
APPLE COMPUTER INC COM 037833100 1,328 2,475 SH   DFND 1,2,3 0 2,475 0
ARGAN INC COM 04010E109 433 14,551 SH   DFND 1,2,3 0 14,551 0
ARRIS CORP COM 04270V106 1,045 37,100 SH   DFND 1,2,3 0 37,100 0
ASSOCIATED BANC-CORP COM 045487105 1,116 61,850 SH   DFND 1,2,3 0 61,850 0
ASSURANT INC COM 04621X108 8,276 127,400 SH   DFND 1,2,3 0 127,400 0
AVNET INC COM 053807103 4,345 93,375 SH   DFND 1,2,3 0 93,375 0
BP PLC-SPONS ADR SPONSORED ADR 055622104 3,988 82,907 SH   DFND 1,2,3 0 82,907 0
BAKER HUGHES INC COM 057224107 3,132 48,175 SH   DFND 1,2,3 0 48,175 0
BANCORPSOUTH INC COM 059692103 275 11,005 SH   DFND 1,2,3 0 11,005 0
BANK OF AMERICA CORP COM 060505104 2,372 137,900 SH   DFND 1,2,3 0 137,900 0
BANK OF NEW YORK_MELLON COMMON STK COM 064058100 1,419 40,217 SH   DFND 1,2,3 0 40,217 0
BARNES & NOBLE INC COM 067774109 932 44,571 SH   DFND 1,2,3 0 44,571 0
BARRICK GOLD CORP COM 067901108 3,159 177,159 SH   DFND 1,2,3 0 177,159 0
BBCN BANCORP INC COM 073295107 1,482 86,450 SH   DFND 1,2,3 0 86,450 0
BECTON DICKINSON & CO COM 075887109 2,064 17,625 SH   DFND 1,2,3 0 17,625 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 1,503 168,863 SH   DFND 1,2,3 0 168,863 0
BOEING COMPANY COM 097023105 3,137 25,000 SH   DFND 1,2,3 0 25,000 0
BRADY CORPORATION - CL A CL A 104674106 1,416 52,150 SH   DFND 1,2,3 0 52,150 0
CIGNA CORP COM 125509109 2,583 30,850 SH   DFND 1,2,3 0 30,850 0
CNO FINANCIAL GROUP COM 12621E103 2,398 132,500 SH   DFND 1,2,3 0 132,500 0
CVR PARTNERS LP COM 126633106 5,130 242,100 SH   DFND 1,2,3 0 242,100 0
CAL DIVE INTERNATIONAL INC COM 12802T101 540 317,900 SH   DFND 1,2,3 0 317,900 0
CALLAWAY GOLF COMPANY COM 131193104 319 31,200 SH   DFND 1,2,3 0 31,200 0
CARPENTER TECHNOLOGY COM 144285103 1,096 16,600 SH   DFND 1,2,3 0 16,600 0
CASH AMERICA INTL INC COM 14754D100 647 16,700 SH   DFND 1,2,3 0 16,700 0
CASTLE (A.M.) & CO COM 148411101 649 44,200 SH   DFND 1,2,3 0 44,200 0
CHEMED CORP COM 16359R103 1,313 14,675 SH   DFND 1,2,3 0 14,675 0
CISCO SYSTEMS INC COM 17275R102 1,569 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM 172967424 6,645 139,611 SH   DFND 1,2,3 0 139,611 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 537 26,255 SH   DFND 1,2,3 0 26,255 0
COCA COLA CO COMMON STOCK COM 191216100 642 16,600 SH   DFND 1,2,3 0 16,600 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,146 42,793 SH   DFND 1,2,3 0 42,793 0
COMCAST CORP CL A SPL CL A 20030N200 4,877 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 1,473 35,850 SH   DFND 1,2,3 0 35,850 0
COVANTA HOLDING CORP COM 22282E102 332 19,107 SH   DFND 1,2,3 0 19,107 0
COVANTA HOLDING CORP NOTE 3.250% 6/0 22282EAC6 4,973 4,280,000 PRN   DFND 1,2,3 0 4,280,000 0
CRAY INC COM NEW 225223304 2,378 63,709 SH   DFND 1,2,3 0 63,709 0
DANA HOLDING CORP COM 235825205 1,762 75,699 SH   DFND 1,2,3 0 75,699 0
DEERE & CO COM 244199105 5,448 60,000 SH   DFND 1,2,3 0 60,000 0
DELTA AIR LINES INC COM NEW 247361702 8,311 239,845 SH   DFND 1,2,3 0 239,845 0
DENBURY RESOURCES INC COM 247916208 2,542 155,000 SH   DFND 1,2,3 0 155,000 0
DEVON ENERGY CORP COM 25179M103 3,982 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,243 105,771 SH   DFND 1,2,3 0 105,771 0
DIODES INC COM 254543101 1,954 74,800 SH   DFND 1,2,3 0 74,800 0
DOW CHEMICAL CORP COMMON STOCK COM 260543103 1,643 33,820 SH   DFND 1,2,3 0 33,820 0
EMC CORPORATION COMMON STOCK COM 268648102 1,645 60,000 SH   DFND 1,2,3 0 60,000 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 6,030 220,000 SH   DFND 1,2,3 0 220,000 0
ENGILITY HOLDINGS INC - W/I COM 29285W104 592 13,130 SH   DFND 1,2,3 0 13,130 0
EZCORP INC-CL A CL A 302301106 631 58,500 SH   DFND 1,2,3 0 58,500 0
EXXON MOBIL CORP COM 30231G102 2,586 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORPORATION COM 31428X106 8,616 65,000 SH   DFND 1,2,3 0 65,000 0
FIRST CITIZENS BCSHS -CL A CL A 31946M103 709 2,945 SH   DFND 1,2,3 0 2,945 0
FIRST HORIZON NATIONAL CORP COM 320517105 666 54,000 SH   DFND 1,2,3 0 54,000 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 798 46,700 SH   DFND 1,2,3 0 46,700 0
FOREST CITY ENTERPRISES-CL A CL A 345550107 1,467 76,827 SH   DFND 1,2,3 0 76,827 0
GENREAL MOTORS CO COM 37045V100 3,813 110,785 SH   DFND 1,2,3 0 110,785 0
GENERAL MOTORS-CW16 WARRANT 37045V118 1,356 54,576 SH   DFND 1,2,3 0 54,576 0
GENTIVA HEALTH SERVICES COM 37247A102 1,578 173,033 SH   DFND 1,2,3 0 173,033 0
GLOBAL CASH ACCESS INC COM 378967103 683 99,616 SH   DFND 1,2,3 0 99,616 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,470 15,075 SH   DFND 1,2,3 0 15,075 0
GOOGLE INC-CL A CL A 38259P508 1,042 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 809 32,100 SH   DFND 1,2,3 0 32,100 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 1,414 39,000 SH   DFND 1,2,3 0 39,000 0
GREAT PLAINS ENERGY INC COM 391164100 711 26,300 SH   DFND 1,2,3 0 26,300 0
GRIFFON CORPORATION COM 398433102 1,074 89,919 SH   DFND 1,2,3 0 89,919 0
HARSCO CORP COM 415864107 780 33,300 SH   DFND 1,2,3 0 33,300 0
HEALTH INSURANCE INNOVATIO-A COM CL A 42225K106 321 31,000 SH   DFND 1,2,3 0 31,000 0
HESS CORP COM 42809H107 502 6,055 SH   DFND 1,2,3 0 6,055 0
HEWLETT-PACKARED CO COMMON STOCK COM 428236103 6,783 209,605 SH   DFND 1,2,3 0 209,605 0
HOSPITALITY PROPERTIES TRUST COM SHS 44106M102 1,934 67,350 SH   DFND 1,2,3 0 67,350 0
ICONIX BRAND GROUP INC COM 451055107 915 23,300 SH   DFND 1,2,3 0 23,300 0
ING US INC COM 45685E106 2,716 74,875 SH   DFND 1,2,3 0 74,875 0
INGRAM MICRO INC-CL A CL A 457153104 1,105 37,375 SH   DFND 1,2,3 0 37,375 0
INSIGHT ENTERPRISES INC COM 45765U103 1,481 58,968 SH   DFND 1,2,3 0 58,968 0
INORG CHEM NEC COM 45768S105 981 21,698 SH   DFND 1,2,3 0 21,698 0
INTERNATIONAL BUSINESS MACHINE COMMON STOCK COM 459200101 7,700 40,000 SH   DFND 1,2,3 0 40,000 0
INTERPUBLIC GROUP COS COM 460690100 2,507 146,275 SH   DFND 1,2,3 0 146,275 0
JPMORGAN CHASE & COMPANY COM 46625H100 10,392 171,175 SH   DFND 1,2,3 0 171,175 0
JIVE SOFTWARE INC COM 47760A108 1,218 152,115 SH   DFND 1,2,3 0 152,115 0
JOHNSON & JOHNSON COMMON STOCK COM 478160104 5,575 56,750 SH   DFND 1,2,3 0 56,750 0
KAISER ALUMINUM CORP COM 483007704 714 10,000 SH   DFND 1,2,3 0 10,000 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 386 13,400 SH   DFND 1,2,3 0 13,400 0
LABORATORY CRP OF AMER HLDGS COM NEW 50540R409 1,792 18,250 SH   DFND 1,2,3 0 18,250 0
LEGG MASON INC COM 524901105 3,345 68,200 SH   DFND 1,2,3 0 68,200 0
LENNAR CORP - B SHS CL B 526057302 744 22,780 SH   DFND 1,2,3 0 22,780 0
LEXMARK INTL GROUP INC-CL A CL A 529771107 727 15,700 SH   DFND 1,2,3 0 15,700 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 9,881 195,000 SH   DFND 1,2,3 0 195,000 0
MASONITE INTERNATIONAL CORP COM 575385109 2,466 43,625 SH   DFND 1,2,3 0 43,625 0
MATTHEWS INTL CORP-CLASS A CL A 577128101 789 19,325 SH   DFND 1,2,3 0 19,325 0
MERCER INTERNATIONAL INC COM 588056101 289 38,500 SH   DFND 1,2,3 0 38,500 0
MERCK & CO. INC. COM 58933Y105 4,173 73,504 SH   DFND 1,2,3 0 73,504 0
METLIFE INC COM 59156R108 8,505 161,075 SH   DFND 1,2,3 0 161,075 0
MICROSOFT CORP COM 594918104 15,825 386,076 SH   DFND 1,2,3 0 386,076 0
HERMAN MILLER INC COM 600544100 870 27,075 SH   DFND 1,2,3 0 27,075 0
MILLER INDUSTRIES INC/TENN COM 600551204 318 16,262 SH   DFND 1,2,3 0 16,262 0
MONSTER WORLDWIDE INC COM 611742107 1,202 160,675 SH   DFND 1,2,3 0 160,675 0
MORGAN STANLEY COM 617446448 2,158 69,225 SH   DFND 1,2,3 0 69,225 0
MUELLER WATER PRODUCTS INC-A COM 624758108 1,168 122,925 SH   DFND 1,2,3 0 122,925 0
MURPHY USA INC COM 626755102 1,918 47,250 SH   DFND 1,2,3 0 47,250 0
NRG ENERGY INC COM NEW 629377508 1,095 34,446 SH   DFND 1,2,3 0 34,446 0
NATL PENN BCSHS INC COM 637138108 1,389 132,900 SH   DFND 1,2,3 0 132,900 0
NELNET INC-CL A CL A 64031N108 299 7,300 SH   DFND 1,2,3 0 7,300 0
NEWS CORP - CLASS A CL A 65249B109 3,768 218,815 SH   DFND 1,2,3 0 218,815 0
NEWS CORP - CLASS B CL B 65249B208 1,933 115,750 SH   DFND 1,2,3 0 115,750 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 799 221,363 SH   DFND 1,2,3 0 221,363 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,608 75,000 SH   DFND 1,2,3 0 75,000 0
OCCIDENTAL PETROLEUM COM 674599105 11,167 117,189 SH   DFND 1,2,3 0 117,189 0
OMNICOM GROUP COM 681919106 1,474 20,300 SH   DFND 1,2,3 0 20,300 0
ON SEMICONDUCTOR CORPORATION COM 682189105 3,610 384,075 SH   DFND 1,2,3 0 384,075 0
ORACLE CORP COM 68389X105 15,996 391,010 SH   DFND 1,2,3 0 391,010 0
OWENS CORNING COM 690742101 1,962 45,450 SH   DFND 1,2,3 0 45,450 0
PG&E CORPORATION COM 69331C108 2,374 54,960 SH   DFND 1,2,3 0 54,960 0
PHH CORP COM 693320202 1,122 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINANCIAL SERVICES GROUP COM 693475105 2,616 30,069 SH   DFND 1,2,3 0 30,069 0
PARK STERLING CORP COM 70086Y105 592 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 1,790 14,950 SH   DFND 1,2,3 0 14,950 0
PETROLOGISTICS LP UNIT LTD PTH INT 71672U101 3,732 300,000 SH   DFND 1,2,3 0 300,000 0
PFIZER INC COMMON STOCK COM 717081103 9,381 292,071 SH   DFND 1,2,3 0 292,071 0
PHOTOMEDEX INC COM 719358301 1,659 104,770 SH   DFND 1,2,3 0 104,770 0
PIONEER NATURAL RESOURCES CO COM 723787107 6,737 36,000 SH   DFND 1,2,3 0 36,000 0
PIPER JAFFRAY COS COM 724078100 1,876 40,970 SH   DFND 1,2,3 0 40,970 0
PORTLAND GENERAL ELECTRIC COM 736508847 411 12,700 SH   DFND 1,2,3 0 12,700 0
PRIMERICA INC COM 74164M108 1,289 27,356 SH   DFND 1,2,3 0 27,356 0
PULTE CORP COM 745867101 4,702 245,000 SH   DFND 1,2,3 0 245,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 2,923 125,000 SH   DFND 1,2,3 0 125,000 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 1,911 24,000 SH   DFND 1,2,3 0 24,000 0
RENT-A-CENTER INC COM 76009N100 2,798 105,200 SH   DFND 1,2,3 0 105,200 0
RENTECH NITROGEN PARTNERS LP COM 760113100 7,558 406,148 SH   DFND 1,2,3 0 406,148 0
RICE ENERGY INC COM 762760106 1,847 70,000 SH   DFND 1,2,3 0 70,000 0
ROYAL DUTCH SHELL PLC-ADR SPONSORED ADR 780259206 3,215 44,008 SH   DFND 1,2,3 0 44,008 0
SPDR GOLD TRUST SHS 78463V107 30,903 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC-A CL A 806882106 1,115 38,650 SH   DFND 1,2,3 0 38,650 0
SCIENCE APPLICATIONS INTE COM 808625107 494 13,200 SH   DFND 1,2,3 0 13,200 0
STAPLES INC COM 855030102 2,999 264,428 SH   DFND 1,2,3 0 264,428 0
STATE STREET CORP COM 857477103 2,043 29,375 SH   DFND 1,2,3 0 29,375 0
STONERIDGE INC COM 86183P102 864 76,900 SH   DFND 1,2,3 0 76,900 0
SUPERIOR ENERGY SERVICES INC COM 868157108 4,148 134,850 SH   DFND 1,2,3 0 134,850 0
SYNOVUS FINANCIAL CORP COM 87161C105 1,339 395,125 SH   DFND 1,2,3 0 395,125 0
TCF FINANCIAL CORP COM 872275102 1,358 81,500 SH   DFND 1,2,3 0 81,500 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 2,189 26,825 SH   DFND 1,2,3 0 26,825 0
TENET HEALTHCARE CORP COM NEW 88033G407 476 11,125 SH   DFND 1,2,3 0 11,125 0
TEREX CORP COM 880779103 2,257 50,950 SH   DFND 1,2,3 0 50,950 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 2,349 44,455 SH   DFND 1,2,3 0 44,455 0
TETRA TECH INC COM 88162G103 1,593 53,825 SH   DFND 1,2,3 0 53,825 0
THERMO FISHER SCIENTIFIC INC COMMON STOCK COM 883556102 656 5,458 SH   DFND 1,2,3 0 5,458 0
TITAN MACHINERY INC COM 88830R101 398 25,400 SH   DFND 1,2,3 0 25,400 0
TRAVELERS COS INC/THE COM 89417E109 9,787 115,000 SH   DFND 1,2,3 0 115,000 0
TUPPERWARE CORP COM 899896104 720 8,600 SH   DFND 1,2,3 0 8,600 0
TUTOR PERINI CORP COM 901109108 1,804 62,925 SH   DFND 1,2,3 0 62,925 0
UFP TECHNOLOGIES INC COM 902673102 352 14,443 SH   DFND 1,2,3 0 14,443 0
URS CORP COM 903236107 2,281 48,475 SH   DFND 1,2,3 0 48,475 0
UAL CORP COM 910047109 2,232 50,000 SH   DFND 1,2,3 0 50,000 0
UNITED STATIONERS INC COM 913004107 507 12,350 SH   DFND 1,2,3 0 12,350 0
URANIUM ENERGY CORP COM 916896103 423 320,100 SH   DFND 1,2,3 0 320,100 0
VCA ANTECH INC COM 918194101 1,059 32,850 SH   DFND 1,2,3 0 32,850 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 1,869 10,795 SH   DFND 1,2,3 0 10,795 0
WSFS FINANCIAL CORP COM 929328102 538 7,525 SH   DFND 1,2,3 0 7,525 0
WALTER INDUSTRIES INC COM 93317Q105 933 123,419 SH   DFND 1,2,3 0 123,419 0
WEBSTER FINANCIAL CORP COM 947890109 1,348 43,400 SH   DFND 1,2,3 0 43,400 0
WELLCARE GROUP INC COM 94946T106 1,454 22,885 SH   DFND 1,2,3 0 22,885 0
WET SEAL INC/THE CLASS A CL A 961840105 93 70,400 SH   DFND 1,2,3 0 70,400 0
WILEY (JOHN) & SONS-CLASS A CL A 968223206 623 10,800 SH   DFND 1,2,3 0 10,800 0
WPX ENERGY INC-W/I COM 98212B103 6,762 375,020 SH   DFND 1,2,3 0 375,020 0
ARGO GROUP INTERNATIONAL COM G0464B107 1,615 35,225 SH   DFND 1,2,3 0 35,225 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,675 42,200 SH   DFND 1,2,3 0 42,200 0
EATON CORP PLC SHS G29183103 3,634 48,370 SH   DFND 1,2,3 0 48,370 0
ENDO INTERNATIONAL PLC SHS G30401106 629 9,167 SH   DFND 1,2,3 0 9,167 0
ENSCO INTERNATIONAL PLC SHS CL A G3157S106 3,167 60,000 SH   DFND 1,2,3 0 60,000 0
INVESCO LTD SHS G491BT108 2,120 57,300 SH   DFND 1,2,3 0 57,300 0
PARTNERRE LTD COM G6852T105 2,106 20,350 SH   DFND 1,2,3 0 20,350 0
ROWAN COS INC (FORMERLY ROWAN DRILLING) SHS CL A G7665A101 2,358 70,000 SH   DFND 1,2,3 0 70,000 0
XL GROUP PLC SHS G98290102 316 10,100 SH   DFND 1,2,3 0 10,100 0
OCEAN RIG UDW INC SHS Y64354205 1,022 57,444 SH   DFND 1,2,3 0 57,444 0