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 213 28,050 SH   DFND 1,2,3 0 28,050 0
ABBOTT LABORATORIES COM 002824100 1,888 38,475 SH   DFND 1,2,3 0 38,475 0
ACTUANT CORP CL A 00508X203 1,415 61,300 SH   DFND 1,2,3 0 61,300 0
AETNA INC COM 00817Y108 7,902 62,000 SH   DFND 1,2,3 0 62,000 0
AMERICAN AIRLINES GROUP INC COM 02376R102 3,993 100,000 SH   DFND 1,2,3 0 100,000 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 3,004 48,600 SH   DFND 1,2,3 0 48,600 0
ANADARKO PETROLEUM CORP COM 032511107 5,854 75,000 SH   DFND 1,2,3 0 75,000 0
ANTERO RESOURCES CORP COM 03674X106 1,030 30,000 SH   DFND 1,2,3 0 30,000 0
APACHE CORP COM 037411105 4,581 79,500 SH   DFND 1,2,3 0 79,500 0
ARGAN INC COM 04010E109 296 7,351 SH   DFND 1,2,3 0 7,351 0
ARRIS CORP COM 04270V106 1,004 32,816 SH   DFND 1,2,3 0 32,816 0
ASSOCIATED BANC-CORP COM 045487105 1,547 76,325 SH   DFND 1,2,3 0 76,325 0
ASSURANT INC COM 04621X108 6,700 100,000 SH   DFND 1,2,3 0 100,000 0
AVNET INC COM 053807103 3,332 81,075 SH   DFND 1,2,3 0 81,075 0
BP PLC SPONSORED ADR 055622104 3,679 92,082 SH   DFND 1,2,3 0 92,082 0
BAKER HUGHES INC COM 057224107 1,267 20,550 SH   DFND 1,2,3 0 20,550 0
BANK OF AMERICA CORP COM 060505104 3,031 178,100 SH   DFND 1,2,3 0 178,100 0
BARRICK GOLD CORP COM 067901108 4,612 432,679 SH   DFND 1,2,3 0 432,679 0
BBCN BANCORP INC COM 073295107 1,312 88,725 SH   DFND 1,2,3 0 88,725 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 531 71,022 SH   DFND 1,2,3 0 71,022 0
BRADY CORPORATION CL A 104674106 1,230 49,725 SH   DFND 1,2,3 0 49,725 0
CIGNA CORP COM 125509109 2,754 17,000 SH   DFND 1,2,3 0 17,000 0
CNO FINANCIAL GROUP COM 12621E103 1,657 90,323 SH   DFND 1,2,3 0 90,323 0
CVR PARTNERS LP COM 126633106 3,392 268,600 SH   DFND 1,2,3 0 268,600 0
CALLAWAY GOLF COMPANY COM 131193104 223 24,977 SH   DFND 1,2,3 0 24,977 0
CARPENTER TECHNOLOGY COM 144285103 880 22,766 SH   DFND 1,2,3 0 22,766 0
CASH AMERICA INTL INC COM 14754D100 235 9,000 SH   DFND 1,2,3 0 9,000 0
CASTLE (A.M.) & CO COM 148411101 68 11,100 SH   DFND 1,2,3 0 11,100 0
CISCO SYSTEMS INC COM 17275R102 1,922 70,000 SH   DFND 1,2,3 0 70,000 0
CITIGROUP INC COM 172967424 8,957 162,161 SH   DFND 1,2,3 0 162,161 0
COCA COLA CO COM 191216100 1,465 37,350 SH   DFND 1,2,3 0 37,350 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,075 43,018 SH   DFND 1,2,3 0 43,018 0
COMCAST CORP CL A 20030N200 5,994 100,000 SH   DFND 1,2,3 0 100,000 0
CON-WAY INC COM 205944101 682 17,775 SH   DFND 1,2,3 0 17,775 0
COVANTA HOLDING CORP COM 22282E102 5,590 263,804 SH   DFND 1,2,3 0 263,804 0
CRAY INC COM NEW 225223304 1,312 44,484 SH   DFND 1,2,3 0 44,484 0
DANA HOLDING CORP COM 235825205 1,246 60,549 SH   DFND 1,2,3 0 60,549 0
DELTA AIR LINES INC COM NEW 247361702 5,721 139,280 SH   DFND 1,2,3 0 139,280 0
DEVON ENERGY CORP COM 25179M103 3,539 59,500 SH   DFND 1,2,3 0 59,500 0
DIAMONDROCK HOSPITALITY CO COM 252784301 430 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM 254543101 1,154 47,900 SH   DFND 1,2,3 0 47,900 0
DOW CHEMICAL CORP COM 260543103 3,548 69,355 SH   DFND 1,2,3 0 69,355 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 7,332 220,000 SH   DFND 1,2,3 0 220,000 0
EZCORP INC CL A 302301106 305 41,100 SH   DFND 1,2,3 0 41,100 0
EXXON MOBIL CORP COM 30231G102 2,202 26,475 SH   DFND 1,2,3 0 26,475 0
FEDEX CORPORATION COM 31428X106 4,260 25,000 SH   DFND 1,2,3 0 25,000 0
FIRST CITIZENS BCSHS CL A 31946M103 616 2,345 SH   DFND 1,2,3 0 2,345 0
FIRST HORIZON NATIONAL CORP COM 320517105 786 50,200 SH   DFND 1,2,3 0 50,200 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,357 71,550 SH   DFND 1,2,3 0 71,550 0
FOREST CITY ENTERPRISES CL A 345550107 3,676 166,367 SH   DFND 1,2,3 0 166,367 0
GENERAL MOTORS CO COM 37045V100 2,536 76,115 SH   DFND 1,2,3 0 76,115 0
GENERAL MOTORS WARRANT 37045V118 1,297 54,576 SH   DFND 1,2,3 0 54,576 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,649 41,425 SH   DFND 1,2,3 0 41,425 0
GOOGLE INC CL A 38259P508 504 935 SH   DFND 1,2,3 0 935 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 688 37,100 SH   DFND 1,2,3 0 37,100 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 1,024 30,000 SH   DFND 1,2,3 0 30,000 0
GREAT PLAINS ENERGY INC COM 391164100 442 18,300 SH   DFND 1,2,3 0 18,300 0
GRIFFON CORPORATION COM 398433102 509 31,994 SH   DFND 1,2,3 0 31,994 0
HARSCO CORP COM 415864107 493 29,900 SH   DFND 1,2,3 0 29,900 0
HEALTH INSURANCE INNOVATION COM CL A 42225K106 57 11,559 SH   DFND 1,2,3 0 11,559 0
HEWLETT-PACKARED CO COM 428236103 4,010 133,655 SH   DFND 1,2,3 0 133,655 0
ICONIX BRAND GROUP INC COM 451055107 709 28,400 SH   DFND 1,2,3 0 28,400 0
INSIGHT ENTERPRISES INC COM 45765U103 1,493 49,918 SH   DFND 1,2,3 0 49,918 0
INORG CHEM NEC COM 45768S105 1,086 24,128 SH   DFND 1,2,3 0 24,128 0
INTERPUBLIC GROUP COS INC COM 460690100 1,237 64,225 SH   DFND 1,2,3 0 64,225 0
JPMORGAN CHASE & COMPANY COM 46625H100 10,377 153,150 SH   DFND 1,2,3 0 153,150 0
JIVE SOFTWARE INC COM 47760A108 527 100,553 SH   DFND 1,2,3 0 100,553 0
KAISER ALUMINUM CORP COM 483007704 614 7,400 SH   DFND 1,2,3 0 7,400 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 292 12,631 SH   DFND 1,2,3 0 12,631 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 254 40,400 SH   DFND 1,2,3 0 40,400 0
LENNAR CORP CL B 526057302 497 11,534 SH   DFND 1,2,3 0 11,534 0
LEXMARK INTL GROUP INC CL A 529771107 433 9,800 SH   DFND 1,2,3 0 9,800 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 10,245 173,000 SH   DFND 1,2,3 0 173,000 0
MASONITE INTERNATIONAL CORP COM 575385109 1,640 23,400 SH   DFND 1,2,3 0 23,400 0
MATTHEWS INTL CORP CL A 577128101 1,102 20,750 SH   DFND 1,2,3 0 20,750 0
METLIFE INC COM 59156R108 2,252 40,225 SH   DFND 1,2,3 0 40,225 0
MICROSOFT CORP COM 594918104 10,397 235,501 SH   DFND 1,2,3 0 235,501 0
MILLER INDUSTRIES INC/TENN COM 600551204 218 10,973 SH   DFND 1,2,3 0 10,973 0
MONSTER WORLDWIDE INC COM 611742107 559 85,550 SH   DFND 1,2,3 0 85,550 0
MORGAN STANLEY COM 617446448 2,416 62,300 SH   DFND 1,2,3 0 62,300 0
NRG ENERGY INC COM NEW 629377508 788 34,446 SH   DFND 1,2,3 0 34,446 0
NATL PENN BCSHS INC COM 637138108 1,328 117,750 SH   DFND 1,2,3 0 117,750 0
NELNET INC CL A 64031N108 233 5,400 SH   DFND 1,2,3 0 5,400 0
NEWS CORP CL A 65249B109 2,772 190,045 SH   DFND 1,2,3 0 190,045 0
NEWS CORP CL B 65249B208 1,480 103,975 SH   DFND 1,2,3 0 103,975 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 746 218,220 SH   DFND 1,2,3 0 218,220 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 1,597 94,800 SH   DFND 1,2,3 0 94,800 0
OCCIDENTAL PETROLEUM COM 674599105 6,189 79,586 SH   DFND 1,2,3 0 79,586 0
OMNICOM GROUP INC COM COM 681919106 1,874 26,975 SH   DFND 1,2,3 0 26,975 0
ON SEMICONDUCTOR CORPORATION COM 682189105 3,656 312,750 SH   DFND 1,2,3 0 312,750 0
ORACLE CORP COM 68389X105 8,995 223,225 SH   DFND 1,2,3 0 223,225 0
OWENS CORNING COM 690742101 954 23,150 SH   DFND 1,2,3 0 23,150 0
PHH CORP COM 693320202 1,130 43,425 SH   DFND 1,2,3 0 43,425 0
PNC FINL SVCS GROUP INC COM 693475105 1,936 20,244 SH   DFND 1,2,3 0 20,244 0
PARK STERLING CORP COM 70086Y105 640 88,966 SH   DFND 1,2,3 0 88,966 0
PARKER HANNIFIN CORP COM 701094104 1,573 13,525 SH   DFND 1,2,3 0 13,525 0
PFIZER INC COM 717081103 6,427 191,691 SH   DFND 1,2,3 0 191,691 0
PIONEER NATURAL RESOURCES CO COM 723787107 4,022 29,000 SH   DFND 1,2,3 0 29,000 0
PORTLAND GENERAL ELECTRIC COM 736508847 338 10,200 SH   DFND 1,2,3 0 10,200 0
PRIMERICA INC COM 74164M108 430 9,431 SH   DFND 1,2,3 0 9,431 0
PULTE CORP COM 745867101 3,425 170,000 SH   DFND 1,2,3 0 170,000 0
QEP MIDSTREAM PARTNERS LP COM UNIT RP LTD 74735R115 2,398 136,800 SH   DFND 1,2,3 0 136,800 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 2,770 29,200 SH   DFND 1,2,3 0 29,200 0
RENT-A-CENTER INC COM 76009N100 1,071 37,800 SH   DFND 1,2,3 0 37,800 0
RENTECH NITROGEN PARTNERS LP COM 760113100 4,399 307,650 SH   DFND 1,2,3 0 307,650 0
ROYAL DUTCH SHELL PLC SPONSORED ADR 780259206 2,155 37,817 SH   DFND 1,2,3 0 37,817 0
SPDR GOLD TRUST SHS 78463V107 28,092 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC CL A 806882106 754 43,175 SH   DFND 1,2,3 0 43,175 0
SCIENCE APPLICATIONS INTE COM 808625107 523 9,900 SH   DFND 1,2,3 0 9,900 0
STAPLES INC COM 855030102 2,928 191,298 SH   DFND 1,2,3 0 191,298 0
STATE STR CORP COM 857477103 1,844 23,950 SH   DFND 1,2,3 0 23,950 0
STONERIDGE INC COM 86183P102 1,256 107,275 SH   DFND 1,2,3 0 107,275 0
SUPERIOR ENERGY SERVICES INC COM 868157108 2,504 119,025 SH   DFND 1,2,3 0 119,025 0
TCF FINANCIAL CORP COM 872275102 1,104 66,500 SH   DFND 1,2,3 0 66,500 0
TENET HEALTHCARE CORP COM NEW 88033G407 285 4,925 SH   DFND 1,2,3 0 4,925 0
TEREX CORP COM 880779103 2,759 118,675 SH   DFND 1,2,3 0 118,675 0
TETRA TECH INC COM 88162G103 1,365 53,275 SH   DFND 1,2,3 0 53,275 0
TRAVELERS COS INC/THE COM 89417E109 6,166 63,800 SH   DFND 1,2,3 0 63,800 0
TUPPERWARE CORP COM 899896104 709 11,000 SH   DFND 1,2,3 0 11,000 0
TUTOR PERINI CORP COM 901109108 645 29,900 SH   DFND 1,2,3 0 29,900 0
UFP TECHNOLOGIES INC COM 902673102 254 12,143 SH   DFND 1,2,3 0 12,143 0
UAL CORP COM 910047109 4,240 80,000 SH   DFND 1,2,3 0 80,000 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 649 4,910 SH   DFND 1,2,3 0 4,910 0
WSFS FINANCIAL CORP COM 929328102 516 18,900 SH   DFND 1,2,3 0 18,900 0
WEBSTER FINANCIAL CORP COM 947890109 1,511 38,225 SH   DFND 1,2,3 0 38,225 0
ARGO GROUP INTERNATIONAL COM G0464B107 1,066 19,140 SH   DFND 1,2,3 0 19,140 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,051 21,950 SH   DFND 1,2,3 0 21,950 0
EATON CORP PLC SHS G29183103 5,088 75,396 SH   DFND 1,2,3 0 75,396 0
OCEAN RIG UDW INC SHS Y64354205 511 99,744 SH   DFND 1,2,3 0 99,744 0
MOELIS & CO CL A 60786M105 6,268 218,337 SH   DFND 1,2,3 0 218,337 0
KBR INC COM 48242W106 1,258 64,600 SH   DFND 1,2,3 0 64,600 0
VOYA FINL INC COM 929089100 2,173 46,775 SH   DFND 1,2,3 0 46,775 0
GOOGLE INC CL C 38259P706 487 937 SH   DFND 1,2,3 0 937 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 1,683 92,925 SH   DFND 1,2,3 0 92,925 0
PINNACLE FOODS INC COM 72348P104 630 13,850 SH   DFND 1,2,3 0 13,850 0
TECK COMINCO LTD CL B 878742204 965 97,435 SH   DFND 1,2,3 0 97,435 0
DR HORTON INC COM 23331A109 3,091 113,000 SH   DFND 1,2,3 0 113,000 0
GIBRALTAR INDUSTRIES INC COM 374689107 1,848 90,754 SH   DFND 1,2,3 0 90,754 0
SYMETRA FINANCIAL CORP COM 87151Q106 780 32,275 SH   DFND 1,2,3 0 32,275 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,560 50,646 SH   DFND 1,2,3 0 50,646 0
TECH DATA CORP COM 878237106 1,577 27,400 SH   DFND 1,2,3 0 27,400 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 1,302 19,825 SH   DFND 1,2,3 0 19,825 0
INTEL CORP COM 458140100 1,492 49,075 SH   DFND 1,2,3 0 49,075 0
ENERGY XXI LTD SHS G10082140 130 49,600 SH   DFND 1,2,3 0 49,600 0
NORDIC AMERICAN TANKERS LTD COM G65773106 715 50,285 SH   DFND 1,2,3 0 50,285 0
INTERNATIONAL PAPER CO. COM 460146103 730 15,360 SH   DFND 1,2,3 0 15,360 0
GENERAL CABLE CORP COM 369300108 1,321 66,975 SH   DFND 1,2,3 0 66,975 0
OWENS & MINOR INC COM 690732102 1,539 45,275 SH   DFND 1,2,3 0 45,275 0
TRIMAS CORP COM NEW 896215209 1,337 45,200 SH   DFND 1,2,3 0 45,200 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 3,951 75,700 SH   DFND 1,2,3 0 75,700 0
ENTERPRISE PRODUCTS PARTNERS COM 293792107 3,837 128,400 SH   DFND 1,2,3 0 128,400 0
MARKWEST ENERGY PARTNERS LP UNIT LTD PARTN 570759100 3,619 64,200 SH   DFND 1,2,3 0 64,200 0
PLAIMS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 3,485 80,000 SH   DFND 1,2,3 0 80,000 0
ENOVA INTERNATIONAL INC-W/I COM 29357K103 264 14,172 SH   DFND 1,2,3 0 14,172 0
WILLIAM LYON HOMES CL A NEW 552074700 487 19,000 SH   DFND 1,2,3 0 19,000 0
OM ASSET MANAGEMENT PLC SHS G67506108 243 13,700 SH   DFND 1,2,3 0 13,700 0
TEEKAY TANKERS LTD CL A Y8565N102 591 89,500 SH   DFND 1,2,3 0 89,500 0
NEW SR INVT GROUP INC COM 648691103 3,637 272,052 SH   DFND 1,2,3 0 272,052 0
TRIBUNE MEDIA CO CL A 896047503 1,901 35,620 SH   DFND 1,2,3 0 35,620 0
GOLAR LNG LTD SHS G9456A100 2,682 57,318 SH   DFND 1,2,3 0 57,318 0
APOLLO GLOBAL MANAGEMENT CLA SHS 037612306 1,047 47,300 SH   DFND 1,2,3 0 47,300 0
LENNAR CORP CL A 526057104 1,531 30,000 SH   DFND 1,2,3 0 30,000 0
CUBIC CORP COM 229669106 1,031 21,675 SH   DFND 1,2,3 0 21,675 0
AECOM COM 00766T100 1,974 59,677 SH   DFND 1,2,3 0 59,677 0
BAXTER INTL COM 071813109 2,325 33,250 SH   DFND 1,2,3 0 33,250 0
FORD MOTOR COMPANY COM 345370860 2,108 140,475 SH   DFND 1,2,3 0 140,475 0
FRANKLIN RESOURCES INC COM 354613101 2,211 45,100 SH   DFND 1,2,3 0 45,100 0
LAMAR ADVERTISING CO NEW CL A 512816109 2,645 46,025 SH   DFND 1,2,3 0 46,025 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 2,361 44,253 SH   DFND 1,2,3 0 44,253 0
UBS GROUP AG SHS SHS H42097107 2,359 111,275 SH   DFND 1,2,3 0 111,275 0
TESORO LOGISTICS LP COM UNIT LP 88160T107 846 14,820 SH   DFND 1,2,3 0 14,820 0
BROOKDALE SENIOR LIVING INC COM 112463104 1,919 55,320 SH   DFND 1,2,3 0 55,320 0
CEMPRA INC COM 15130J109 532 15,497 SH   DFND 1,2,3 0 15,497 0
FUELCELL ENERGY INC COM 35952H106 596 610,702 SH   DFND 1,2,3 0 610,702 0
MAXWELL TECHNOLOGIES INC COM 577767106 276 46,277 SH   DFND 1,2,3 0 46,277 0
AERCAP HOLDINGS NV SHS N00985106 2,289 50,000 SH   DFND 1,2,3 0 50,000 0
LYONDELLBASELL INDU SHS N53745100 5,693 55,000 SH   DFND 1,2,3 0 55,000 0
GENWORTH FINANCIAL INC CL A 37247D106 1,410 186,375 SH   DFND 1,2,3 0 186,375 0
KEY ENERGY SERVICES INC COM 492914106 87 48,525 SH   DFND 1,2,3 0 48,525 0
STANCORP FINANCIAL GROUP COM 852891100 1,421 18,800 SH   DFND 1,2,3 0 18,800 0
STANLEY BLACK & DECKER INC COM 854502101 1,936 18,400 SH   DFND 1,2,3 0 18,400 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT LP 29336U107 1,977 90,000 SH   DFND 1,2,3 0 90,000 0
WILLIAMS PARTNERS LP COM UNIT LP 96949L105 9,686 200,000 SH   DFND 1,2,3 0 200,000 0
YAHOO! INC COM 984332106 734 18,700 SH   DFND 1,2,3 0 18,700 0
ELECTRUM SPECIAL ACQUISITION COM G3105C120 791 78,949 SH   DFND 1,2,3 0 78,949 0
WHIRLPOOL CORPORATION COM 963320106 1,730 10,000 SH   DFND 1,2,3 0 10,000 0
CHART INDUSTRIES INC COM 16115Q308 545 15,250 SH   DFND 1,2,3 0 15,250 0
ESSENDANT INC COM 296689102 1,210 30,850 SH   DFND 1,2,3 0 30,850 0
TRIPLE-S MANAGEMENT CORP CL B 896749108 1,255 48,933 SH   DFND 1,2,3 0 48,933 0
WAL-MART STORES INC COM 931142103 2,085 29,400 SH   DFND 1,2,3 0 29,400 0