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 786 134,100 SH   DFND 1,2,3 0 134,100 0
ABBOTT LABORATORIES COM 002824100 2,692 65,825 SH   DFND 1,2,3 0 65,825 0
ACTUANT CORP-CL A CL A 00508X203 1,617 46,775 SH   DFND 1,2,3 0 46,775 0
AETNA INC COM 00817Y108 5,676 70,000 SH   DFND 1,2,3 0 70,000 0
AMERICAN AIRLINES GROUP INC COM 02376R102 6,014 140,000 SH   DFND 1,2,3 0 140,000 0
AMERICAN EQUITY INVT LIFE HL COM 025676206 1,203 48,900 SH   DFND 1,2,3 0 48,900 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 3,379 61,900 SH   DFND 1,2,3 0 61,900 0
ANADARKO PETROLEUM CORP COM 032511107 14,956 136,621 SH   DFND 1,2,3 0 136,621 0
ANTERO RESOURCES CORP COM 03674X106 1,969 30,000 SH   DFND 1,2,3 0 30,000 0
APACHE CORP COM 037411105 8,553 85,000 SH   DFND 1,2,3 0 85,000 0
APPLE COMPUTER INC COM 037833100 1,159 12,475 SH   DFND 1,2,3 0 12,475 0
ARGAN INC COM 04010E109 352 9,451 SH   DFND 1,2,3 0 9,451 0
ARRIS CORP COM 04270V106 1,135 34,900 SH   DFND 1,2,3 0 34,900 0
ASSOCIATED BANC-CORP COM 045487105 1,742 96,350 SH   DFND 1,2,3 0 96,350 0
ASSURANT INC COM 04621X108 7,941 121,150 SH   DFND 1,2,3 0 121,150 0
AVNET INC COM 053807103 3,782 85,350 SH   DFND 1,2,3 0 85,350 0
BP PLC-SPONS ADR SPONSORED ADR 055622104 4,373 82,907 SH   DFND 1,2,3 0 82,907 0
BAKER HUGHES INC COM 057224107 2,181 29,300 SH   DFND 1,2,3 0 29,300 0
BANK OF AMERICA CORP COM 060505104 2,593 168,675 SH   DFND 1,2,3 0 168,675 0
BANK OF NEW YORK_MELLON COMMON STK COM 064058100 1,507 40,217 SH   DFND 1,2,3 0 40,217 0
BARRICK GOLD CORP COM 067901108 4,370 238,794 SH   DFND 1,2,3 0 238,794 0
BBCN BANCORP INC COM 073295107 1,379 86,450 SH   DFND 1,2,3 0 86,450 0
BECTON DICKINSON & CO COM 075887109 2,129 18,000 SH   DFND 1,2,3 0 18,000 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 1,319 142,863 SH   DFND 1,2,3 0 142,863 0
BRADY CORPORATION - CL A CL A 104674106 1,558 52,150 SH   DFND 1,2,3 0 52,150 0
CIGNA CORP COM 125509109 3,168 34,450 SH   DFND 1,2,3 0 34,450 0
CNO FINANCIAL GROUP COM 12621E103 2,359 132,500 SH   DFND 1,2,3 0 132,500 0
CVR PARTNERS LP COM 126633106 5,140 275,000 SH   DFND 1,2,3 0 275,000 0
CAL DIVE INTERNATIONAL INC COM 12802T101 420 317,900 SH   DFND 1,2,3 0 317,900 0
CALLAWAY GOLF COMPANY COM 131193104 280 33,600 SH   DFND 1,2,3 0 33,600 0
CARPENTER TECHNOLOGY COM 144285103 1,031 16,300 SH   DFND 1,2,3 0 16,300 0
CASH AMERICA INTL INC COM 14754D100 609 13,700 SH   DFND 1,2,3 0 13,700 0
CASTLE (A.M.) & CO COM 148411101 488 44,200 SH   DFND 1,2,3 0 44,200 0
CHEMED CORP COM 16359R103 1,155 12,325 SH   DFND 1,2,3 0 12,325 0
CISCO SYSTEMS INC COM 17275R102 1,740 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM 172967424 7,601 161,386 SH   DFND 1,2,3 0 161,386 0
CLIFFS NATURAL RESOURCES INC COM 18683K101 730 48,495 SH   DFND 1,2,3 0 48,495 0
COCA COLA CO COMMON STOCK COM 191216100 2,270 53,590 SH   DFND 1,2,3 0 53,590 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,320 48,793 SH   DFND 1,2,3 0 48,793 0
COMCAST CORP CL A SPL CL A 20030N200 5,333 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 1,807 35,850 SH   DFND 1,2,3 0 35,850 0
COVANTA HOLDING CORP COM 22282E102 6,252 303,339 SH   DFND 1,2,3 0 303,339 0
CRAY INC COM NEW 225223304 1,695 63,709 SH   DFND 1,2,3 0 63,709 0
DANA HOLDING CORP COM 235825205 1,498 61,349 SH   DFND 1,2,3 0 61,349 0
DEERE & CO COM 244199105 6,384 70,500 SH   DFND 1,2,3 0 70,500 0
DELTA AIR LINES INC COM NEW 247361702 8,222 212,340 SH   DFND 1,2,3 0 212,340 0
DENBURY RESOURCES INC COM 247916208 2,861 155,000 SH   DFND 1,2,3 0 155,000 0
DEVON ENERGY CORP COM 25179M103 4,724 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,356 105,771 SH   DFND 1,2,3 0 105,771 0
DIODES INC COM 254543101 1,464 50,550 SH   DFND 1,2,3 0 50,550 0
DOW CHEMICAL CORP COMMON STOCK COM 260543103 1,740 33,820 SH   DFND 1,2,3 0 33,820 0
EMC CORPORATION COMMON STOCK COM 268648102 1,580 60,000 SH   DFND 1,2,3 0 60,000 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 8,125 220,000 SH   DFND 1,2,3 0 220,000 0
EZCORP INC-CL A CL A 302301106 762 66,000 SH   DFND 1,2,3 0 66,000 0
EXXON MOBIL CORP COM 30231G102 2,666 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORPORATION COM 31428X106 3,785 25,000 SH   DFND 1,2,3 0 25,000 0
FIRST CITIZENS BCSHS -CL A CL A 31946M103 722 2,945 SH   DFND 1,2,3 0 2,945 0
FIRST HORIZON NATIONAL CORP COM 320517105 668 56,300 SH   DFND 1,2,3 0 56,300 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,488 87,375 SH   DFND 1,2,3 0 87,375 0
FOREST CITY ENTERPRISES-CL A CL A 345550107 3,490 175,625 SH   DFND 1,2,3 0 175,625 0
GENREAL MOTORS CO COM 37045V100 5,661 155,940 SH   DFND 1,2,3 0 155,940 0
GENERAL MOTORS-CW16 WARRANT 37045V118 1,452 54,576 SH   DFND 1,2,3 0 54,576 0
GENTIVA HEALTH SERVICES COM 37247A102 3,336 221,483 SH   DFND 1,2,3 0 221,483 0
GLOBAL CASH ACCESS INC COM 378967103 537 60,316 SH   DFND 1,2,3 0 60,316 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,524 15,075 SH   DFND 1,2,3 0 15,075 0
GOOGLE INC-CL A CL A 38259P508 547 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 815 32,100 SH   DFND 1,2,3 0 32,100 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 1,388 37,300 SH   DFND 1,2,3 0 37,300 0
GREAT PLAINS ENERGY INC COM 391164100 626 23,300 SH   DFND 1,2,3 0 23,300 0
GRIFFON CORPORATION COM 398433102 1,115 89,919 SH   DFND 1,2,3 0 89,919 0
HARSCO CORP COM 415864107 719 27,000 SH   DFND 1,2,3 0 27,000 0
HEALTH INSURANCE INNOVATIO-A COM CL A 42225K106 384 31,200 SH   DFND 1,2,3 0 31,200 0
HEWLETT-PACKARED CO COMMON STOCK COM 428236103 6,516 193,480 SH   DFND 1,2,3 0 193,480 0
HOSPITALITY PROPERTIES TRUST COM SHS 44106M102 2,047 67,350 SH   DFND 1,2,3 0 67,350 0
ICONIX BRAND GROUP INC COM 451055107 872 20,300 SH   DFND 1,2,3 0 20,300 0
INSIGHT ENTERPRISES INC COM 45765U103 1,813 58,968 SH   DFND 1,2,3 0 58,968 0
INORG CHEM NEC COM 45768S105 937 21,698 SH   DFND 1,2,3 0 21,698 0
INTERNATIONAL BUSINESS MACHINE COMMON STOCK COM 459200101 4,532 25,000 SH   DFND 1,2,3 0 25,000 0
INTERPUBLIC GROUP COS COM 460690100 2,854 146,275 SH   DFND 1,2,3 0 146,275 0
JPMORGAN CHASE & COMPANY COM 46625H100 9,863 171,175 SH   DFND 1,2,3 0 171,175 0
JIVE SOFTWARE INC COM 47760A108 2,063 242,440 SH   DFND 1,2,3 0 242,440 0
JOHNSON & JOHNSON COMMON STOCK COM 478160104 5,369 51,315 SH   DFND 1,2,3 0 51,315 0
KAISER ALUMINUM CORP COM 483007704 729 10,000 SH   DFND 1,2,3 0 10,000 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 444 13,400 SH   DFND 1,2,3 0 13,400 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 221 28,300 SH   DFND 1,2,3 0 28,300 0
LEGG MASON INC COM 524901105 2,811 54,775 SH   DFND 1,2,3 0 54,775 0
LENNAR CORP - B SHS CL B 526057302 806 22,680 SH   DFND 1,2,3 0 22,680 0
LEXMARK INTL GROUP INC-CL A CL A 529771107 636 13,200 SH   DFND 1,2,3 0 13,200 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 10,031 195,000 SH   DFND 1,2,3 0 195,000 0
MASONITE INTERNATIONAL CORP COM 575385109 2,454 43,625 SH   DFND 1,2,3 0 43,625 0
MATTHEWS INTL CORP-CLASS A CL A 577128101 1,095 26,350 SH   DFND 1,2,3 0 26,350 0
MERCER INTERNATIONAL INC COM 588056101 455 43,300 SH   DFND 1,2,3 0 43,300 0
METLIFE INC COM 59156R108 8,949 161,075 SH   DFND 1,2,3 0 161,075 0
MICROSOFT CORP COM 594918104 15,611 374,376 SH   DFND 1,2,3 0 374,376 0
HERMAN MILLER INC COM 600544100 819 27,075 SH   DFND 1,2,3 0 27,075 0
MILLER INDUSTRIES INC/TENN COM 600551204 275 13,373 SH   DFND 1,2,3 0 13,373 0
MONSTER WORLDWIDE INC COM 611742107 1,051 160,675 SH   DFND 1,2,3 0 160,675 0
MORGAN STANLEY COM 617446448 2,702 83,575 SH   DFND 1,2,3 0 83,575 0
MUELLER WATER PRODUCTS INC-A COM 624758108 1,021 118,125 SH   DFND 1,2,3 0 118,125 0
MURPHY USA INC COM 626755102 1,717 35,125 SH   DFND 1,2,3 0 35,125 0
NRG ENERGY INC COM NEW 629377508 1,281 34,446 SH   DFND 1,2,3 0 34,446 0
NATL PENN BCSHS INC COM 637138108 1,406 132,900 SH   DFND 1,2,3 0 132,900 0
NELNET INC-CL A CL A 64031N108 327 7,900 SH   DFND 1,2,3 0 7,900 0
NEWS CORP - CLASS A CL A 65249B109 3,926 218,815 SH   DFND 1,2,3 0 218,815 0
NEWS CORP - CLASS B CL B 65249B208 2,020 115,750 SH   DFND 1,2,3 0 115,750 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 932 221,363 SH   DFND 1,2,3 0 221,363 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 2,125 100,000 SH   DFND 1,2,3 0 100,000 0
OCCIDENTAL PETROLEUM COM 674599105 11,633 113,345 SH   DFND 1,2,3 0 113,345 0
OMNICOM GROUP COM 681919106 1,446 20,300 SH   DFND 1,2,3 0 20,300 0
ON SEMICONDUCTOR CORPORATION COM 682189105 4,486 490,825 SH   DFND 1,2,3 0 490,825 0
ORACLE CORP COM 68389X105 12,958 319,725 SH   DFND 1,2,3 0 319,725 0
OWENS CORNING COM 690742101 1,758 45,450 SH   DFND 1,2,3 0 45,450 0
PG&E CORPORATION COM 69331C108 2,177 45,330 SH   DFND 1,2,3 0 45,330 0
PHH CORP COM 693320202 998 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINANCIAL SERVICES GROUP COM 693475105 2,678 30,069 SH   DFND 1,2,3 0 30,069 0
PARK STERLING CORP COM 70086Y105 586 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 1,880 14,950 SH   DFND 1,2,3 0 14,950 0
PETROLOGISTICS LP UNIT LTD PTH INT 71672U101 4,452 310,000 SH   DFND 1,2,3 0 310,000 0
PFIZER INC COMMON STOCK COM 717081103 13,377 450,721 SH   DFND 1,2,3 0 450,721 0
PHOTOMEDEX INC COM 719358301 1,283 104,770 SH   DFND 1,2,3 0 104,770 0
PIONEER NATURAL RESOURCES CO COM 723787107 6,664 29,000 SH   DFND 1,2,3 0 29,000 0
PIPER JAFFRAY COS COM 724078100 1,885 36,420 SH   DFND 1,2,3 0 36,420 0
PORTLAND GENERAL ELECTRIC COM 736508847 440 12,700 SH   DFND 1,2,3 0 12,700 0
PRIMERICA INC COM 74164M108 1,309 27,356 SH   DFND 1,2,3 0 27,356 0
PULTE CORP COM 745867101 4,939 245,000 SH   DFND 1,2,3 0 245,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 3,106 120,616 SH   DFND 1,2,3 0 120,616 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 1,894 24,000 SH   DFND 1,2,3 0 24,000 0
RENT-A-CENTER INC COM 76009N100 2,584 90,100 SH   DFND 1,2,3 0 90,100 0
RENTECH NITROGEN PARTNERS LP COM 760113100 6,896 406,148 SH   DFND 1,2,3 0 406,148 0
ROYAL DUTCH SHELL PLC-ADR SPONSORED ADR 780259206 3,668 44,532 SH   DFND 1,2,3 0 44,532 0
SPDR GOLD TRUST SHS 78463V107 32,010 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC-A CL A 806882106 1,008 38,650 SH   DFND 1,2,3 0 38,650 0
SCIENCE APPLICATIONS INTE COM 808625107 548 12,400 SH   DFND 1,2,3 0 12,400 0
STAPLES INC COM 855030102 2,866 264,428 SH   DFND 1,2,3 0 264,428 0
STATE STREET CORP COM 857477103 2,672 39,725 SH   DFND 1,2,3 0 39,725 0
STONERIDGE INC COM 86183P102 1,061 99,000 SH   DFND 1,2,3 0 99,000 0
SUPERIOR ENERGY SERVICES INC COM 868157108 3,701 102,400 SH   DFND 1,2,3 0 102,400 0
TCF FINANCIAL CORP COM 872275102 1,334 81,500 SH   DFND 1,2,3 0 81,500 0
TRW AUTOMOTIVE HOLDINGS CORP COM 87264S106 2,798 31,250 SH   DFND 1,2,3 0 31,250 0
TENET HEALTHCARE CORP COM NEW 88033G407 311 6,625 SH   DFND 1,2,3 0 6,625 0
TEREX CORP COM 880779103 2,094 50,950 SH   DFND 1,2,3 0 50,950 0
TEVA PHARMACEUTICAL-SP ADR COM 881624209 1,892 36,090 SH   DFND 1,2,3 0 36,090 0
TETRA TECH INC COM 88162G103 1,733 63,025 SH   DFND 1,2,3 0 63,025 0
THERMO FISHER SCIENTIFIC INC COMMON STOCK COM 883556102 644 5,458 SH   DFND 1,2,3 0 5,458 0
TITAN MACHINERY INC COM 88830R101 462 28,073 SH   DFND 1,2,3 0 28,073 0
TRAVELERS COS INC/THE COM 89417E109 9,407 100,000 SH   DFND 1,2,3 0 100,000 0
TUPPERWARE CORP COM 899896104 703 8,400 SH   DFND 1,2,3 0 8,400 0
TUTOR PERINI CORP COM 901109108 1,153 36,325 SH   DFND 1,2,3 0 36,325 0
UFP TECHNOLOGIES INC COM 902673102 293 12,143 SH   DFND 1,2,3 0 12,143 0
URS CORP COM 903236107 2,223 48,475 SH   DFND 1,2,3 0 48,475 0
UAL CORP COM 910047109 3,286 80,000 SH   DFND 1,2,3 0 80,000 0
UNITED STATIONERS INC COM 913004107 1,810 43,650 SH   DFND 1,2,3 0 43,650 0
VCA INC COM 918194101 573 16,325 SH   DFND 1,2,3 0 16,325 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 2,286 10,795 SH   DFND 1,2,3 0 10,795 0
WSFS FINANCIAL CORP COM 929328102 554 7,525 SH   DFND 1,2,3 0 7,525 0
WALTER INDUSTRIES INC COM 93317Q105 673 123,419 SH   DFND 1,2,3 0 123,419 0
WEBSTER FINANCIAL CORP COM 947890109 1,369 43,400 SH   DFND 1,2,3 0 43,400 0
WELLCARE GROUP INC COM 94946T106 1,356 18,160 SH   DFND 1,2,3 0 18,160 0
WET SEAL INC/THE CLASS A CL A 961840105 64 70,400 SH   DFND 1,2,3 0 70,400 0
WILEY (JOHN) & SONS-CLASS A CL A 968223206 300 4,948 SH   DFND 1,2,3 0 4,948 0
WPX ENERGY INC-W/I COM 98212B103 3,972 166,126 SH   DFND 1,2,3 0 166,126 0
ARGO GROUP INTERNATIONAL COM G0464B107 1,238 24,225 SH   DFND 1,2,3 0 24,225 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 846 18,625 SH   DFND 1,2,3 0 18,625 0
EATON CORP PLC SHS G29183103 3,733 48,370 SH   DFND 1,2,3 0 48,370 0
ENDO INTERNATIONAL PLC SHS G30401106 642 9,167 SH   DFND 1,2,3 0 9,167 0
ENSCO INTERNATIONAL PLC SHS CL A G3157S106 3,056 55,000 SH   DFND 1,2,3 0 55,000 0
PARTNERRE LTD COM G6852T105 2,222 20,350 SH   DFND 1,2,3 0 20,350 0
ROWAN COS INC (FORMERLY ROWAN DRILLING) SHS CL A G7665A101 2,075 65,000 SH   DFND 1,2,3 0 65,000 0
XL GROUP PLC SHS G98290102 168 5,132 SH   DFND 1,2,3 0 5,132 0
OCEAN RIG UDW INC SHS Y64354205 1,799 95,044 SH   DFND 1,2,3 0 95,044 0
MOELIS & CO CL A 60786M105 14,677 436,675 SH   DFND 1,2,3 0 436,675 0
KBR INC COM 48242W106 1,011 42,400 SH   DFND 1,2,3 0 42,400 0
VOYA FINANCIAL INC COM 929089100 2,670 73,475 SH   DFND 1,2,3 0 73,475 0
DRESSER-RAND GROUP INC COM 261608103 2,345 36,790 SH   DFND 1,2,3 0 36,790 0
GOOGLE INC-CL C CL C 38259P706 538 935 SH   DFND 1,2,3 0 935 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 2,153 76,809 SH   DFND 1,2,3 0 76,809 0
MEDTRONIC INC COM 585055106 2,336 36,645 SH   DFND 1,2,3 0 36,645 0
NEWCASTLE INVESTMENT CORP COM 65105M108 2,548 532,020 SH   DFND 1,2,3 0 532,020 0
PPL CORPORATION COM 69351T106 2,292 64,520 SH   DFND 1,2,3 0 64,520 0
PINNACLE FOODS INC COM 72348P104 1,580 48,020 SH   DFND 1,2,3 0 48,020 0
SIRIUS XM HOLDINGS INC COM 82968B103 2,362 682,730 SH   DFND 1,2,3 0 682,730 0
TECK COMINCO LTD-CL B CL B 878742204 1,101 48,220 SH   DFND 1,2,3 0 48,220 0
DR HORTON INC COM 23331A109 2,778 113,000 SH   DFND 1,2,3 0 113,000 0
KB HOME COM 48666K109 1,868 100,000 SH   DFND 1,2,3 0 100,000 0
RYLAND GROUP INC COM 783764103 1,025 26,000 SH   DFND 1,2,3 0 26,000 0
SANDISK CORP COM 80004C101 3,759 36,000 SH   DFND 1,2,3 0 36,000 0
STANDARD PACIFIC CORP COM 85375C101 2,709 315,000 SH   DFND 1,2,3 0 315,000 0
UNUMPROVIDENT CORP. COM 91529Y106 869 25,000 SH   DFND 1,2,3 0 25,000 0
GIBRALTAR INDUSTRIES INC COM 374689107 544 35,050 SH   DFND 1,2,3 0 35,050 0
SYMETRA FINANCIAL CORP COM 87151Q106 907 39,900 SH   DFND 1,2,3 0 39,900 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,376 56,446 SH   DFND 1,2,3 0 56,446 0
TECH DATA CORP COM 878237106 1,760 28,150 SH   DFND 1,2,3 0 28,150 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 540 10,475 SH   DFND 1,2,3 0 10,475 0
INTEL CORP COM 458140100 2,124 68,725 SH   DFND 1,2,3 0 68,725 0
LAMAR ADVERTISING CO CL A 512815101 2,688 50,725 SH   DFND 1,2,3 0 50,725 0