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 672 152,175 SH   DFND 1,2,3 0 152,175 0
ABBOTT LABORATORIES COM 002824100 1,727 38,475 SH   DFND 1,2,3 0 38,475 0
ACTUANT CORP CL A 00508X203 1,545 64,500 SH   DFND 1,2,3 0 64,500 0
AECOM COM 00766T100 1,559 51,927 SH   DFND 1,2,3 0 51,927 0
AETNA INC COM 00817Y108 6,184 57,200 SH   DFND 1,2,3 0 57,200 0
ALPHABET INC CL C 02079K107 711 937 SH   DFND 1,2,3 0 937 0
ALPHABET INC CAP STK CL A CL A 02079K305 727 935 SH   DFND 1,2,3 0 935 0
AMERICAN AIRLINES GROUP INC COM 02376R102 3,904 92,200 SH   DFND 1,2,3 0 92,200 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 2,622 42,325 SH   DFND 1,2,3 0 42,325 0
ANADARKO PETROLEUM CORP COM 032511107 4,916 101,200 SH   DFND 1,2,3 0 101,200 0
APACHE CORP COM 037411105 3,259 73,300 SH   DFND 1,2,3 0 73,300 0
APOLLO GLOBAL MANAGEMENT CLA SHS 037612306 663 43,700 SH   DFND 1,2,3 0 43,700 0
ARGAN INC COM 04010E109 319 9,851 SH   DFND 1,2,3 0 9,851 0
ARRIS CORP COM 04270V106 1,003 32,816 SH   DFND 1,2,3 0 32,816 0
ASSOCIATED BANC-CORP COM 045487105 1,431 76,325 SH   DFND 1,2,3 0 76,325 0
ASSURANT INC COM 04621X108 7,425 92,200 SH   DFND 1,2,3 0 92,200 0
AVNET INC COM 053807103 2,657 62,025 SH   DFND 1,2,3 0 62,025 0
BP PLC SPONSORED ADR 055622104 2,154 68,932 SH   DFND 1,2,3 0 68,932 0
BAKER HUGHES INC COM 057224107 636 13,800 SH   DFND 1,2,3 0 13,800 0
BANK OF AMERICA CORP COM 060505104 2,997 178,100 SH   DFND 1,2,3 0 178,100 0
BARRICK GOLD CORP COM 067901108 3,845 521,004 SH   DFND 1,2,3 0 521,004 0
BAXALTA INC COM 07177M103 1,297 33,250 SH   DFND 1,2,3 0 33,250 0
BAXTER INTL COM 071813109 1,268 33,250 SH   DFND 1,2,3 0 33,250 0
BBCN BANCORP INC COM 073295107 1,398 81,225 SH   DFND 1,2,3 0 81,225 0
BLUEKNIGHT ENERGY PARTNERS LP COM UNIT 09625U109 294 52,322 SH   DFND 1,2,3 0 52,322 0
BRADY CORPORATION CL A 104674106 852 37,083 SH   DFND 1,2,3 0 37,083 0
BROOKDALE SENIOR LIVING INC COM 112463104 1,676 90,810 SH   DFND 1,2,3 0 90,810 0
CIGNA CORP COM 125509109 1,225 8,375 SH   DFND 1,2,3 0 8,375 0
CNO FINANCIAL GROUP COM 12621E103 1,149 60,223 SH   DFND 1,2,3 0 60,223 0
CVR PARTNERS LP COM 126633106 2,183 272,600 SH   DFND 1,2,3 0 272,600 0
CALLAWAY GOLF COMPANY COM 131193104 189 20,077 SH   DFND 1,2,3 0 20,077 0
CARPENTER TECHNOLOGY COM 144285103 774 25,596 SH   DFND 1,2,3 0 25,596 0
CATCHMARK TIMBER TR INC CL A 14912Y202 134 11,860 SH   DFND 1,2,3 0 11,860 0
CEMPRA INC COM 15130J109 482 15,497 SH   DFND 1,2,3 0 15,497 0
CHART INDUSTRIES INC COM 16115Q308 1,122 62,475 SH   DFND 1,2,3 0 62,475 0
CISCO SYSTEMS INC COM 17275R102 1,754 64,600 SH   DFND 1,2,3 0 64,600 0
CITIGROUP INC COM 172967424 7,739 149,546 SH   DFND 1,2,3 0 149,546 0
COCA COLA CO COM 191216100 1,604 37,350 SH   DFND 1,2,3 0 37,350 0
COLUMBUS MCKINNON CORP/NY COM 199333105 1,141 60,393 SH   DFND 1,2,3 0 60,393 0
COMCAST CORP CL A 20030N101 5,202 92,200 SH   DFND 1,2,3 0 92,200 0
CORNING INC COM 219350105 958 52,425 SH   DFND 1,2,3 0 52,425 0
COVANTA HOLDING CORP COM 22282E102 2,313 149,386 SH   DFND 1,2,3 0 149,386 0
CRAY INC COM NEW 225223304 1,443 44,484 SH   DFND 1,2,3 0 44,484 0
CUBIC CORP COM 229669106 1,024 21,675 SH   DFND 1,2,3 0 21,675 0
DR HORTON INC COM 23331A109 3,337 104,200 SH   DFND 1,2,3 0 104,200 0
DANA HOLDING CORP COM 235825205 1,278 92,624 SH   DFND 1,2,3 0 92,624 0
DELTA AIR LINES INC COM NEW 247361702 5,344 105,440 SH   DFND 1,2,3 0 105,440 0
DEVON ENERGY CORP COM 25179M103 1,756 54,900 SH   DFND 1,2,3 0 54,900 0
DIAMONDROCK HOSPITALITY CO COM 252784301 323 33,571 SH   DFND 1,2,3 0 33,571 0
DIODES INC COM 254543101 1,442 62,775 SH   DFND 1,2,3 0 62,775 0
DOVER CORP COM 260003108 1,236 20,175 SH   DFND 1,2,3 0 20,175 0
DOW CHEMICAL CORP COM 260543103 2,627 51,040 SH   DFND 1,2,3 0 51,040 0
ENBRIDGE ENERGY PARTNERS LP COM 29250R106 4,383 190,000 SH   DFND 1,2,3 0 190,000 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PARTN 29273R109 5,083 150,700 SH   DFND 1,2,3 0 150,700 0
ENERGY TRANSFER EQUITY LP COM UT LTD PTN 29273V100 824 60,015 SH   DFND 1,2,3 0 60,015 0
ENOVA INTERNATIONAL INC-W/I COM 29357K103 107 16,325 SH   DFND 1,2,3 0 16,325 0
ESSENDANT INC COM 296689102 1,394 42,900 SH   DFND 1,2,3 0 42,900 0
EZCORP INC CL A 302301106 205 41,100 SH   DFND 1,2,3 0 41,100 0
EXXON MOBIL CORP COM 30231G102 2,443 31,350 SH   DFND 1,2,3 0 31,350 0
FEDEX CORPORATION COM 31428X106 3,441 23,100 SH   DFND 1,2,3 0 23,100 0
FIRST CITIZENS BCSHS CL A 31946M103 631 2,445 SH   DFND 1,2,3 0 2,445 0
FIRST HORIZON NATIONAL CORP COM 320517105 728 50,200 SH   DFND 1,2,3 0 50,200 0
FIRST MIDWEST BANCORP INC/IL COM 320867104 1,210 65,675 SH   DFND 1,2,3 0 65,675 0
FORD MOTOR COMPANY COM 345370860 1,877 133,275 SH   DFND 1,2,3 0 133,275 0
FOREST CITY ENTERPRISES CL A 345550107 4,697 214,202 SH   DFND 1,2,3 0 214,202 0
FRANKLIN RESOURCES INC COM 354613101 1,899 51,600 SH   DFND 1,2,3 0 51,600 0
FUELCELL ENERGY INC COM NEW 35952H502 320 64,523 SH   DFND 1,2,3 0 64,523 0
GENERAL CABLE CORP COM 369300108 899 66,975 SH   DFND 1,2,3 0 66,975 0
GENERAL MOTORS CO COM 37045V100 1,468 43,190 SH   DFND 1,2,3 0 43,190 0
GENERAL MOTORS WARRANT 37045V118 1,330 54,576 SH   DFND 1,2,3 0 54,576 0
GENWORTH FINANCIAL INC CL A 37247D106 695 186,375 SH   DFND 1,2,3 0 186,375 0
GIBRALTAR INDUSTRIES INC COM 374689107 1,457 57,279 SH   DFND 1,2,3 0 57,279 0
GOLDMAN SACHS GROUP INC COM 38141G104 6,938 38,500 SH   DFND 1,2,3 0 38,500 0
GOVERNMENT PROPERTIES INCOME COM SHS BEN INT 38376A103 659 41,551 SH   DFND 1,2,3 0 41,551 0
GRANITE REAL ESTATE INVESTMENT TRST UNIT 387437114 938 34,200 SH   DFND 1,2,3 0 34,200 0
GREAT PLAINS ENERGY INC COM 391164100 505 18,500 SH   DFND 1,2,3 0 18,500 0
HP INC COM 40434L105 1,582 133,655 SH   DFND 1,2,3 0 133,655 0
HARSCO CORP COM 415864107 320 40,700 SH   DFND 1,2,3 0 40,700 0
HEALTH INSURANCE INNOVATION COM CL A 42225K106 99 14,859 SH   DFND 1,2,3 0 14,859 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 584 41,100 SH   DFND 1,2,3 0 41,100 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 2,031 133,655 SH   DFND 1,2,3 0 133,655 0
ICONIX BRAND GROUP INC COM 451055107 493 72,187 SH   DFND 1,2,3 0 72,187 0
INSIGHT ENTERPRISES INC COM 45765U103 1,253 49,918 SH   DFND 1,2,3 0 49,918 0
INORG CHEM NEC COM 45768S105 1,239 22,828 SH   DFND 1,2,3 0 22,828 0
INTEL CORP COM 458140100 1,690 49,075 SH   DFND 1,2,3 0 49,075 0
INTERPUBLIC GROUP COS INC COM 460690100 1,328 57,050 SH   DFND 1,2,3 0 57,050 0
JPMORGAN CHASE & COMPANY COM 46625H100 9,524 223,225 SH   DFND 1,2,3 0 223,225 0
JIVE SOFTWARE INC COM 47760A108 410 100,553 SH   DFND 1,2,3 0 100,553 0
JOHNSON & JOHNSON COM 478160104 1,133 11,035 SH   DFND 1,2,3 0 11,035 0
JOY GLOBAL INC COM 481165108 547 43,430 SH   DFND 1,2,3 0 43,430 0
KBR INC COM 48242W106 1,094 64,700 SH   DFND 1,2,3 0 64,700 0
KAISER ALUMINUM CORP COM 483007704 510 6,100 SH   DFND 1,2,3 0 6,100 0
KAPSTONE PAPER AND PACKAGING COM 48562P103 307 13,631 SH   DFND 1,2,3 0 13,631 0
KEY ENERGY SERVICES INC COM 492914106 103 215,200 SH   DFND 1,2,3 0 215,200 0
KRATOS DEFENSE & SECURITY COM NEW 50077B207 120 29,388 SH   DFND 1,2,3 0 29,388 0
LAMAR ADVERTISING CO CL A 512816109 2,535 42,275 SH   DFND 1,2,3 0 42,275 0
LENNAR CORP CL A 526057104 1,354 27,700 SH   DFND 1,2,3 0 27,700 0
LENNAR CORP CL B 526057302 406 10,121 SH   DFND 1,2,3 0 10,121 0
LEXMARK INTL GROUP INC CL A 529771107 379 11,700 SH   DFND 1,2,3 0 11,700 0
LINCOLN NATIONAL CORP INDIANA COM 534187109 8,021 159,600 SH   DFND 1,2,3 0 159,600 0
LINKEDIN CORP CL A 53578A108 1,315 5,845 SH   DFND 1,2,3 0 5,845 0
WILLIAM LYON HOMES CL A NEW 552074700 415 25,200 SH   DFND 1,2,3 0 25,200 0
MASONITE INTERNATIONAL CORP COM 575385109 1,340 21,900 SH   DFND 1,2,3 0 21,900 0
MATTHEWS INTL CORP CL A 577128101 656 12,275 SH   DFND 1,2,3 0 12,275 0
MAXWELL TECHNOLOGIES INC COM 577767106 330 46,277 SH   DFND 1,2,3 0 46,277 0
MERCER INTL INC COM 588056101 120 191,298 SH   DFND 1,2,3 0 191,298 0
METLIFE INC COM 59156R108 1,939 40,225 SH   DFND 1,2,3 0 40,225 0
MICROSOFT CORP COM 594918104 11,546 208,126 SH   DFND 1,2,3 0 208,126 0
MILLER INDUSTRIES INC/TENN COM 600551204 238 10,973 SH   DFND 1,2,3 0 10,973 0
MOELIS & CO CL A 60786M105 6,371 218,337 SH   DFND 1,2,3 0 218,337 0
MONSTER WORLDWIDE INC COM 611742107 357 118,675 SH   DFND 1,2,3 0 118,675 0
MORGAN STANLEY COM 617446448 1,981 62,300 SH   DFND 1,2,3 0 62,300 0
NRG ENERGY INC COM NEW 629377508 498 42,341 SH   DFND 1,2,3 0 42,341 0
NATL PENN BCSHS INC COM 637138108 1,180 95,775 SH   DFND 1,2,3 0 95,775 0
NEW SR INVT GROUP INC COM 648691103 2,682 272,052 SH   DFND 1,2,3 0 272,052 0
NEWS CORP CL A 65249B109 978 73,225 SH   DFND 1,2,3 0 73,225 0
NEWS CORP CL B 65249B208 1,336 95,725 SH   DFND 1,2,3 0 95,725 0
NOVAGOLD RESOURCES INC COM NEW 66987E206 459 109,110 SH   DFND 1,2,3 0 109,110 0
OCI PARTNERS LP COM UNIT REP LP 67091N108 675 94,800 SH   DFND 1,2,3 0 94,800 0
OCCIDENTAL PETROLEUM COM 674599105 5,171 76,486 SH   DFND 1,2,3 0 76,486 0
OMNICOM GROUP INC COM COM 681919106 2,101 27,775 SH   DFND 1,2,3 0 27,775 0
ON SEMICONDUCTOR CORPORATION COM 682189105 3,023 308,475 SH   DFND 1,2,3 0 308,475 0
ORACLE CORP COM 68389X105 7,693 210,600 SH   DFND 1,2,3 0 210,600 0
OWENS & MINOR INC COM 690732102 1,468 40,825 SH   DFND 1,2,3 0 40,825 0
PHH CORP COM 693320202 703 46,775 SH   DFND 1,2,3 0 46,775 0
PNC FINL SVCS GROUP INC COM 693475105 1,617 16,969 SH   DFND 1,2,3 0 16,969 0
PARK STERLING CORP COM 70086Y105 647 88,466 SH   DFND 1,2,3 0 88,466 0
PARKER HANNIFIN CORP COM 701094104 1,311 13,525 SH   DFND 1,2,3 0 13,525 0
PFIZER INC COM 717081103 5,987 185,491 SH   DFND 1,2,3 0 185,491 0
PIONEER NATURAL RESOURCES CO COM 723787107 3,360 26,800 SH   DFND 1,2,3 0 26,800 0
PLAIMS ALL AMER PIPELINE LP UNIT LTD PARTN 726503105 4,825 208,900 SH   DFND 1,2,3 0 208,900 0
PORTLAND GENERAL ELECTRIC COM 736508847 370 10,200 SH   DFND 1,2,3 0 10,200 0
PRIMERICA INC COM 74164M108 445 9,431 SH   DFND 1,2,3 0 9,431 0
PULTE CORP COM 745867101 2,795 156,900 SH   DFND 1,2,3 0 156,900 0
REINSURANCE GROUP OF AMERICA COM NEW 759351604 2,301 26,900 SH   DFND 1,2,3 0 26,900 0
RENT-A-CENTER INC COM 76009N100 1,093 73,050 SH   DFND 1,2,3 0 73,050 0
RENTECH NITROGEN PARTNERS LP COM 760113100 3,059 288,650 SH   DFND 1,2,3 0 288,650 0
ROYAL DUTCH SHELL PLC SPONSORED ADR 780259206 3,265 71,311 SH   DFND 1,2,3 0 71,311 0
SPDR GOLD TRUST SHS 78463V107 25,365 250,000 SH   DFND 1,2,3 0 250,000 0
SCHNITZER STEEL INDS INC CL A 806882106 620 43,175 SH   DFND 1,2,3 0 43,175 0
SCIENCE APPLICATIONS INTE COM 808625107 567 12,400 SH   DFND 1,2,3 0 12,400 0
STANCORP FINANCIAL GROUP COM 852891100 711 6,250 SH   DFND 1,2,3 0 6,250 0
STANLEY BLACK & DECKER INC COM 854502101 1,630 15,275 SH   DFND 1,2,3 0 15,275 0
STAPLES INC COM 855030102 2,089 220,653 SH   DFND 1,2,3 0 220,653 0
STATE STR CORP COM 857477103 1,486 22,400 SH   DFND 1,2,3 0 22,400 0
STONERIDGE INC COM 86183P102 1,378 93,125 SH   DFND 1,2,3 0 93,125 0
SUPERIOR ENERGY SERVICES INC COM 868157108 1,740 129,200 SH   DFND 1,2,3 0 129,200 0
SYNOVUS FINANCIAL CORP COM 87161C501 1,490 46,046 SH   DFND 1,2,3 0 46,046 0
TCF FINANCIAL CORP COM 872275102 844 59,825 SH   DFND 1,2,3 0 59,825 0
TECH DATA CORP COM 878237106 1,251 18,850 SH   DFND 1,2,3 0 18,850 0
TENET HEALTHCARE CORP COM NEW 88033G407 240 7,925 SH   DFND 1,2,3 0 7,925 0
TEREX CORP COM 880779103 2,200 119,100 SH   DFND 1,2,3 0 119,100 0
TERRAFORM GLOBAL INC CL A 88104M101 3,046 545,000 SH   DFND 1,2,3 0 545,000 0
TETRA TECH INC COM 88162G103 1,160 44,600 SH   DFND 1,2,3 0 44,600 0
TRAVELERS COS INC/THE COM 89417E109 6,579 58,300 SH   DFND 1,2,3 0 58,300 0
TRIBUNE MEDIA CO CL A 896047503 1,441 42,650 SH   DFND 1,2,3 0 42,650 0
TRIMAS CORP COM NEW 896215209 393 21,100 SH   DFND 1,2,3 0 21,100 0
TRIPLE-S MANAGEMENT CORP CL B 896749108 1,670 69,873 SH   DFND 1,2,3 0 69,873 0
TUPPERWARE CORP COM 899896104 767 13,800 SH   DFND 1,2,3 0 13,800 0
TUTOR PERINI CORP COM 901109108 500 29,900 SH   DFND 1,2,3 0 29,900 0
UFP TECHNOLOGIES INC COM 902673102 248 10,443 SH   DFND 1,2,3 0 10,443 0
UAL CORP COM 910047109 4,228 73,800 SH   DFND 1,2,3 0 73,800 0
UNIVERSAL CORP VA COM 913456109 1,469 26,200 SH   DFND 1,2,3 0 26,200 0
VIRTUS INVESTMENT PARTNERS COM 92828Q109 619 5,276 SH   DFND 1,2,3 0 5,276 0
VOYA FINL INC COM 929089100 1,420 38,475 SH   DFND 1,2,3 0 38,475 0
WSFS FINANCIAL CORP COM 929328102 789 24,400 SH   DFND 1,2,3 0 24,400 0
WAL-MART STORES INC COM 931142103 2,136 34,850 SH   DFND 1,2,3 0 34,850 0
WEBSTER FINANCIAL CORP COM 947890109 1,421 38,225 SH   DFND 1,2,3 0 38,225 0
WHIRLPOOL CORPORATION COM 963320106 1,351 9,200 SH   DFND 1,2,3 0 9,200 0
WILLIAMS PARTNERS LP COM UNIT LP 96949L105 8,828 317,000 SH   DFND 1,2,3 0 317,000 0
YAHOO! INC COM 984332106 1,256 37,765 SH   DFND 1,2,3 0 37,765 0
UBS GROUP AG SHS SHS H42097107 1,963 100,375 SH   DFND 1,2,3 0 100,375 0
ARGO GROUP INTERNATIONAL COM G0464B107 929 15,540 SH   DFND 1,2,3 0 15,540 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 1,168 24,200 SH   DFND 1,2,3 0 24,200 0
AXIS CAPITAL HOLDINGS LTD SHS G0692U109 2,091 37,203 SH   DFND 1,2,3 0 37,203 0
EATON CORP PLC SHS G29183103 3,261 62,676 SH   DFND 1,2,3 0 62,676 0
ENDURANCE SPECIALTY HOLDINGS SHS G30397106 1,426 22,300 SH   DFND 1,2,3 0 22,300 0
ELECTRUM SPECIAL ACQUISITION COM G3105C120 785 78,949 SH   DFND 1,2,3 0 78,949 0
NORDIC AMERICAN TANKERS LTD COM G65773106 435 28,031 SH   DFND 1,2,3 0 28,031 0
OM ASSET MANAGEMENT PLC SHS G67506108 208 13,600 SH   DFND 1,2,3 0 13,600 0
GOLAR LNG LTD SHS G9456A100 905 57,318 SH   DFND 1,2,3 0 57,318 0
AERCAP HOLDINGS NV SHS N00985106 1,989 46,100 SH   DFND 1,2,3 0 46,100 0
LYONDELLBASELL INDU SHS N53745100 5,014 57,700 SH   DFND 1,2,3 0 57,700 0
OCEAN RIG UDW INC SHS Y64354205 162 99,744 SH   DFND 1,2,3 0 99,744 0
TEEKAY TANKERS LTD CL A Y8565N102 828 120,450 SH   DFND 1,2,3 0 120,450 0