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
AFFILIATED MANAGERS GROUP COM 008252108 127 900 SH   DFND   900 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,873 35,000 SH   DFND   35,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,935 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP INC COM 011659109 291 5,000 SH   DFND 1 5,000 0 0
ALPHABET INC CAP STK CL A 02079K305 1,548 2,200 SH   DFND   2,200 0 0
AMERICAN EXPRESS CO COM 025816109 61 1,000 SH   DFND   1,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,458 24,000 SH   DFND 1 24,000 0 0
AMERIPRISE FINL INC COM 03076C106 243 2,700 SH   DFND   2,700 0 0
AMERIPRISE FINL INC COM 03076C106 863 9,600 SH   DFND 1 9,600 0 0
AMERISOURCEBERGEN CORP COM 03073E105 1,071 13,500 SH   DFND 1 13,500 0 0
AMGEN INC COM 031162100 1,841 12,100 SH   DFND 1 12,100 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 993 55,000 SH   DFND   55,000 0 0
ANTHEM INC COM 036752103 2,246 17,100 SH   DFND 1 17,100 0 0
APPLE INC COM 037833100 344 3,600 SH   DFND   3,600 0 0
APPLE INC COM 037833100 1,195 12,500 SH   DFND 1 12,500 0 0
ASSURED GUARANTY LTD COM G0585R106 1,269 50,000 SH   DFND 1 50,000 0 0
AUTONATION INC COM 05329W102 108 2,300 SH   DFND   2,300 0 0
AVIVA PLC ADR 05382A104 154 14,400 SH   DFND   14,400 0 0
AVIVA PLC ADR 05382A104 851 79,600 SH   DFND 1 79,600 0 0
AVNET INC COM 053807103 81 2,000 SH   DFND   2,000 0 0
AVNET INC COM 053807103 1,296 32,000 SH   DFND 1 32,000 0 0
B2GOLD CORP COM 11777Q209 502 200,000 SH   DFND   200,000 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 166 28,900 SH   DFND   28,900 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 916 159,500 SH   DFND 1 159,500 0 0
BANCO SANTANDER SA ADR 05964H105 157 39,900 SH   DFND   39,900 0 0
BANCO SANTANDER SA ADR 05964H105 864 220,400 SH   DFND 1 220,400 0 0
BANK AMER CORP COM 060505104 717 54,000 SH   DFND 1 54,000 0 0
BANK N S HALIFAX COM 064149107 1,191 24,300 SH   DFND 1 24,300 0 0
BARCLAYS PLC ADR 06738E204 130 17,100 SH   DFND   17,100 0 0
BARCLAYS PLC ADR 06738E204 719 94,600 SH   DFND 1 94,600 0 0
BED BATH & BEYOND INC COM 075896100 324 7,500 SH   DFND   7,500 0 0
BERKLEY W R CORP COM 084423102 420 7,000 SH   DFND   7,000 0 0
BERKLEY W R CORP COM 084423102 4,194 70,000 SH   DFND 1 70,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,781 12,300 SH   DFND   12,300 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 594 20,800 SH   DFND   20,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,350 55,000 SH   DFND 1 55,000 0 0
BLOCK H & R INC COM 093671105 1,010 43,900 SH   DFND 1 43,900 0 0
BORGWARNER INC COM 099724106 255 8,650 SH   DFND 1 8,650 0 0
BUCKLE INC COM 118440106 329 12,650 SH   DFND 1 12,650 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,019 23,000 SH   DFND 1 23,000 0 0
CAPELLA EDUCATION COMPANY COM 139594105 264 5,000 SH   DFND   5,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,283 20,200 SH   DFND 1 20,200 0 0
CARTER INC COM 146229109 884 8,300 SH   DFND 1 8,300 0 0
CHUBB LIMITED COM H1467J104 2,614 20,000 SH   DFND 1 20,000 0 0
CISCO SYS INC COM 17275R102 832 29,000 SH   DFND   29,000 0 0
CISCO SYS INC COM 17275R102 2,439 85,000 SH   DFND 1 85,000 0 0
CITIGROUP INC COM NEW 172967424 721 17,000 SH   DFND 1 17,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 538 45,000 SH   DFND   45,000 0 0
COMPASS MINERALS INTL INC COM 20451N101 289 3,900 SH   DFND   3,900 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 150 14,000 SH   DFND   14,000 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 825 77,100 SH   DFND 1 77,100 0 0
CSX CORP COM 126408103 2,830 108,500 SH   DFND 1 108,500 0 0
CUMMINS INC COM 231021106 382 3,400 SH   DFND 1 3,400 0 0
DELUXE CORP COM 248019101 1,195 18,000 SH   DFND 1 18,000 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 814 59,300 SH   DFND 1 59,300 0 0
DEUTSCHE BANK AG NAMEN AKT D18190898 146 10,700 SH   DFND   10,700 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 198 1,050 SH   DFND   1,050 0 0
DICKS SPORTING GOODS INC COM 253393102 500 11,100 SH   DFND   11,100 0 0
DICKS SPORTING GOODS INC COM 253393102 1,780 39,500 SH   DFND 1 39,500 0 0
DILLARDS INC CL A 254067101 836 13,800 SH   DFND 1 13,800 0 0
DISCOVER FINL SVCS COM 254709108 1,179 22,000 SH   DFND 1 22,000 0 0
DOVER CORP COM 260003108 936 13,500 SH   DFND 1 13,500 0 0
DST SYS INC DEL COM 233326107 1,100 9,450 SH   DFND 1 9,450 0 0
EATON CORP PLC SHS G29183103 1,075 18,000 SH   DFND 1 18,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 1,013 225,000 SH   DFND   225,000 0 0
EMERSON ELEC CO COM 291011104 52 1,000 SH   DFND   1,000 0 0
EMERSON ELEC CO COM 291011104 1,356 26,000 SH   DFND 1 26,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,170 40,000 SH   DFND 1 40,000 0 0
EXELON CORP COM 30161N101 1,873 51,500 SH   DFND 1 51,500 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 493 6,500 SH   DFND   6,500 0 0
EXXON MOBIL CORP COM 30231G102 469 5,000 SH   DFND   5,000 0 0
EXXON MOBIL CORP COM 30231G102 1,594 17,000 SH   DFND 1 17,000 0 0
FIRST AMERN FINL CORP COM 31847R102 2,614 65,000 SH   DFND 1 65,000 0 0
FLOWSERVE CORP COM 34354P105 1,039 23,000 SH   DFND 1 23,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,508 120,000 SH   DFND 1 120,000 0 0
FRANCO NEVADA CORP COM 351858105 761 10,000 SH   DFND   10,000 0 0
FRANKLIN RES INC COM 354613101 500 15,000 SH   DFND   15,000 0 0
FRANKLIN RES INC COM 354613101 724 21,700 SH   DFND 1 21,700 0 0
GAMESTOP CORP NEW CL A 36467W109 306 11,500 SH   DFND   11,500 0 0
GAMESTOP CORP NEW CL A 36467W109 1,063 40,000 SH   DFND 1 40,000 0 0
GAP INC DEL COM 364760108 76 3,600 SH   DFND   3,600 0 0
GAP INC DEL COM 364760108 849 40,000 SH   DFND 1 40,000 0 0
GENERAL MTRS CO COM 37045V100 1,174 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 120 4,250 SH   DFND   4,250 0 0
GILEAD SCIENCES INC COM 375558103 1,049 12,570 SH   DFND 1 12,570 0 0
GLOBALSCAPE INC COM 37940G109 41 11,069 SH   DFND   11,069 0 0
GOLDCORP INC NEW COM 380956409 1,052 55,000 SH   DFND   55,000 0 0
GREENBRIER COS INC COM 393657101 528 18,150 SH   DFND   18,150 0 0
GREENBRIER COS INC COM 393657101 1,879 64,500 SH   DFND 1 64,500 0 0
HEXCEL CORP NEW COM 428291108 979 23,500 SH   DFND 1 23,500 0 0
HIBBETT SPORTS INC COM 428567101 424 12,200 SH   DFND   12,200 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 983 31,400 SH   DFND 1 31,400 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 178 5,700 SH   DFND   5,700 0 0
ICONIX BRAND GROUP INC COM 451055107 394 58,400 SH   DFND   58,400 0 0
ING GROEP N V SPONSORED ADR 456837103 157 15,200 SH   DFND   15,200 0 0
ING GROEP N V SPONSORED ADR 456837103 871 84,300 SH   DFND 1 84,300 0 0
INGRAM MICRO INC CL A 457153104 104 3,000 SH   DFND   3,000 0 0
INTEL CORP COM 458140100 1,050 32,000 SH   DFND 1 32,000 0 0
INTELIQUENT INC COM 45825N107 398 20,000 SH   DFND   20,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 61 400 SH   DFND   400 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,366 9,000 SH   DFND 1 9,000 0 0
INVESCO LTD SHS G491BT108 51 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 945 37,000 SH   DFND 1 37,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 440 24,643 SH   DFND   24,643 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 201 21,300 SH   DFND   21,300 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 1,112 117,800 SH   DFND 1 117,800 0 0
JOHNSON & JOHNSON COM 478160104 1,334 11,000 SH   DFND   11,000 0 0
JOHNSON & JOHNSON COM 478160104 2,802 23,100 SH   DFND 1 23,100 0 0
JPMORGAN CHASE & CO COM 46625H100 932 15,000 SH   DFND   15,000 0 0
JPMORGAN CHASE & CO COM 46625H100 746 12,000 SH   DFND 1 12,000 0 0
KIMBALL ELECTRONICS INC COM 49428J109 54 4,312 SH   DFND   4,312 0 0
KIMBALL ELECTRONICS INC COM 49428J109 472 37,943 SH   DFND 1 37,943 0 0
KOHLS CORP COM 500255104 1,085 28,600 SH   DFND 1 28,600 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 534 4,100 SH   DFND   4,100 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,824 14,000 SH   DFND 1 14,000 0 0
LAM RESEARCH CORP COM 512807108 1,177 14,000 SH   DFND 1 14,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,261 29,000 SH   DFND 1 29,000 0 0
LEAR CORP COM NEW 521865204 712 7,000 SH   DFND 1 7,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 131 44,100 SH   DFND   44,100 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 724 243,700 SH   DFND 1 243,700 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 595 8,000 SH   DFND 1 8,000 0 0
MASTERCARD INC CL A 57636Q104 1,321 15,000 SH   DFND   15,000 0 0
MCKESSON CORP COM 58155Q103 354 1,895 SH   DFND   1,895 0 0
METHODE ELECTRS INC COM 591520200 856 25,000 SH   DFND 1 25,000 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 408 8,250 SH   DFND   8,250 0 0
MINERALS TECHNOLOGIES INC COM 603158106 454 8,000 SH   DFND   8,000 0 0
MONSANTO CO NEW COM 61166W101 1,551 15,000 SH   DFND 1 15,000 0 0
MSC INDL DIRECT INC CL A 553530106 71 1,000 SH   DFND   1,000 0 0
MSC INDL DIRECT INC CL A 553530106 1,411 20,000 SH   DFND 1 20,000 0 0
NEW GOLD INC CDA COM 644535106 548 125,000 SH   DFND   125,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,384 100,000 SH   DFND 1 100,000 0 0
NEWMONT MINING CORP COM 651639106 1,760 45,000 SH   DFND   45,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,277 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 155 500,000 SH   DFND   500,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 128 12,500 SH   DFND   12,500 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 511 50,000 SH   DFND 1 50,000 0 0
NUCOR CORP COM 670346105 174 3,519 SH   DFND   3,519 0 0
OMNICOM GROUP INC COM 681919106 360 4,425 SH   DFND   4,425 0 0
OMNICOM GROUP INC COM 681919106 750 9,200 SH   DFND 1 9,200 0 0
ORACLE CORP COM 68389X105 1,842 45,000 SH   DFND 1 45,000 0 0
PACCAR INC COM 693718108 326 6,300 SH   DFND   6,300 0 0
PACCAR INC COM 693718108 1,037 20,000 SH   DFND 1 20,000 0 0
PEPSICO INC COM 713448108 1,907 18,000 SH   DFND 1 18,000 0 0
PHILIP MORRIS INTL INC COM 718172109 102 1,000 SH   DFND   1,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,848 28,000 SH   DFND 1 28,000 0 0
PHILLIPS 66 COM 718546104 1,626 20,500 SH   DFND 1 20,500 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 127 5,000 SH   DFND   5,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 509 150,000 SH   DFND   150,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 651 8,000 SH   DFND 1 8,000 0 0
POLARIS INDS INC COM 731068102 155 1,900 SH   DFND   1,900 0 0
POLARIS INDS INC COM 731068102 1,709 20,900 SH   DFND 1 20,900 0 0
POTASH CORP SASK INC COM 73755L107 1,299 80,000 SH   DFND 1 80,000 0 0
PRAXAIR INC COM 74005P104 169 1,500 SH   DFND   1,500 0 0
PRAXAIR INC COM 74005P104 1,124 10,000 SH   DFND 1 10,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 1,277 17,500 SH   DFND 1 17,500 0 0
QUALCOMM INC COM 747525103 1,071 20,000 SH   DFND 1 20,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 2,279 28,000 SH   DFND 1 28,000 0 0
RANDGOLD RES LTD ADR 752344309 1,681 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 931 29,749 SH   DFND   29,749 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,096 35,000 SH   DFND 1 35,000 0 0
ROBERT HALF INTL INC COM 770323103 1,400 36,700 SH   DFND 1 36,700 0 0
ROBERT HALF INTL INC COM 770323103 374 9,800 SH   DFND   9,800 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,183 10,300 SH   DFND 1 10,300 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,313 32,500 SH   DFND 1 32,500 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 120 25,600 SH   DFND   25,600 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 664 141,200 SH   DFND 1 141,200 0 0
SEASPAN CORP SHS Y75638109 640 45,875 SH   DFND 1 45,875 0 0
SHIRE PLC SPONSORED ADR 82481R106 737 4,001 SH   DFND 1 4,001 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 949 15,000 SH   DFND 1 15,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 67 2,694 SH   DFND   2,694 0 0
SOUTHERN CO COM 842587107 2,547 47,500 SH   DFND 1 47,500 0 0
SOUTHWEST AIRLS CO COM 844741108 353 9,000 SH   DFND 1 9,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,468 11,600 SH   DFND   11,600 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 94 2,000 SH   DFND   2,000 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 1,151 24,400 SH   DFND 1 24,400 0 0
SYNGENTA AG SPONSORED ADR 87160A100 206 2,678 SH   DFND   2,678 0 0
SYNTEL INC COM 87162H103 623 13,754 SH   DFND 1 13,754 0 0
TEXAS INSTRS INC COM 882508104 1,159 18,500 SH   DFND 1 18,500 0 0
TRANSOCEAN LTD REG SHS H8817H100 440 37,000 SH   DFND   37,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,189 100,000 SH   DFND 1 100,000 0 0
UBIQUITI NETWORKS INC COM 90347A100 385 9,950 SH   DFND   9,950 0 0
UBIQUITI NETWORKS INC COM 90347A100 1,430 37,000 SH   DFND 1 37,000 0 0
UNION PAC CORP COM 907818108 1,104 12,650 SH   DFND 1 12,650 0 0
UNITED TECHNOLOGIES CORP COM 913017109 408 3,980 SH   DFND 1 3,980 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 71 675 SH   DFND   675 0 0
US BANCORP DEL COM NEW 902973304 1,573 39,000 SH   DFND 1 39,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,228 22,000 SH   DFND 1 22,000 0 0
WAL-MART STORES INC COM 931142103 277 3,800 SH   DFND   3,800 0 0
WAL-MART STORES INC COM 931142103 2,603 35,650 SH   DFND 1 35,650 0 0
WESTERN ASSET EMRG MKT INCM COM 95766E103 732 67,500 SH   DFND 1 67,500 0 0
WESTERN REFNG INC COM 959319104 825 40,000 SH   DFND 1 40,000 0 0
WESTERN UN CO COM 959802109 1,592 83,000 SH   DFND 1 83,000 0 0
WESTERN UN CO COM 959802109 134 7,000 SH   DFND   7,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,325 60,000 SH   DFND 1 60,000 0 0
WILLIAMS SONOMA INC COM 969904101 571 10,951 SH   DFND 1 10,951 0 0
YAMANA GOLD INC COM 98462Y100 598 115,000 SH   DFND   115,000 0 0