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    <cusip>024061103</cusip>
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    <value>413</value>
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      <sshPrnamt>3250</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>3250</Shared>
      <None>0</None>
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    <nameOfIssuer>BORGWARNER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>099724106</cusip>
    <value>248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3800</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BROADCOM CORP - CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>111320107</cusip>
    <value>1913</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51526</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51526</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BROADCOM CORP - CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>111320107</cusip>
    <value>297</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>8000</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BUFFALO WILD WINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>119848109</cusip>
    <value>182</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1100</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BUFFALO WILD WINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>119848109</cusip>
    <value>249</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>1500</Shared>
      <None>0</None>
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    <nameOfIssuer>BUNGE LIMITED F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G16962105</cusip>
    <value>329</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BUNGE LIMITED F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G16962105</cusip>
    <value>219</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>2900</Shared>
      <None>0</None>
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    <nameOfIssuer>C S X CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126408103</cusip>
    <value>5392</value>
    <shrsOrPrnAmt>
      <sshPrnamt>175004</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>175004</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>C S X CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126408103</cusip>
    <value>120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3910</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>3910</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>C S X CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>126408103</cusip>
    <value>585</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>19000</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>127097103</cusip>
    <value>232</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6800</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CALGON CARBON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>129603106</cusip>
    <value>136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CALGON CARBON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>129603106</cusip>
    <value>172</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>7700</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CALLON PETROLEUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13123X102</cusip>
    <value>256</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CALLON PETROLEUM CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13123X102</cusip>
    <value>198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>17000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>17000</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CAMBREX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>132011107</cusip>
    <value>207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CAMBREX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>132011107</cusip>
    <value>253</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>12200</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAMERON INTERNATIONAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>13342B105</cusip>
    <value>257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3800</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITAL ONE FINANCIAL CP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040h105</cusip>
    <value>4216</value>
    <shrsOrPrnAmt>
      <sshPrnamt>51045</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>51045</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITAL ONE FINANCIAL CP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040h105</cusip>
    <value>133</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1610</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1610</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CAPITAL ONE FINANCIAL CP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14040h105</cusip>
    <value>512</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6200</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149123101</cusip>
    <value>4248</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39089</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39089</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149123101</cusip>
    <value>75</value>
    <shrsOrPrnAmt>
      <sshPrnamt>690</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>690</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>149123101</cusip>
    <value>424</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3900</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELESTICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15101q108</cusip>
    <value>151</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELESTICA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15101q108</cusip>
    <value>200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>15900</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>6671</value>
    <shrsOrPrnAmt>
      <sshPrnamt>77675</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>77675</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>186</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2160</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2160</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CELGENE CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>151020104</cusip>
    <value>515</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6000</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125269100</cusip>
    <value>3919</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16293</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16293</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125269100</cusip>
    <value>91</value>
    <shrsOrPrnAmt>
      <sshPrnamt>380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>380</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>125269100</cusip>
    <value>505</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>2100</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHECK POINT SOFTWARE TECH. LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>m22465104</cusip>
    <value>214</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3200</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16411R208</cusip>
    <value>2480</value>
    <shrsOrPrnAmt>
      <sshPrnamt>34595</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>34595</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16411R208</cusip>
    <value>57</value>
    <shrsOrPrnAmt>
      <sshPrnamt>790</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>790</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16411R208</cusip>
    <value>344</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>4800</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CHEVRON CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>5400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41361</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>41361</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>103</value>
    <shrsOrPrnAmt>
      <sshPrnamt>790</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>790</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>CHEVRON CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>166764100</cusip>
    <value>587</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>COMCAST CORP NEW CL A</nameOfIssuer>
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      <sshPrnamt>7328</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>CON-WAY INC</nameOfIssuer>
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    <nameOfIssuer>CONMED CORP</nameOfIssuer>
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    <nameOfIssuer>CONTINENTAL RES INC OKLA COM</nameOfIssuer>
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    <nameOfIssuer>CONTINENTAL RES INC OKLA COM</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>CONTINENTAL RES INC OKLA COM</nameOfIssuer>
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    <nameOfIssuer>CORNING INC</nameOfIssuer>
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  <infoTable>
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    <value>87</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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  <infoTable>
    <nameOfIssuer>CORNING INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>571</value>
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    <value>542</value>
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    <nameOfIssuer>COSAN LTD-CLASS A SHARES ADR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G25343107</cusip>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>COSAN LTD-CLASS A SHARES ADR</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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  <infoTable>
    <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
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      <sshPrnamt>29591</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>29591</Sole>
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  <infoTable>
    <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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      <sshPrnamt>860</sshPrnamt>
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  <infoTable>
    <nameOfIssuer>COSTCO WHSL CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>22160K105</cusip>
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  <infoTable>
    <nameOfIssuer>CREE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>225447101</cusip>
    <value>214</value>
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      <sshPrnamt>4285</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>4285</Sole>
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  <infoTable>
    <nameOfIssuer>CREE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>225447101</cusip>
    <value>105</value>
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      <Sole>100</Sole>
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    <value>242</value>
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      <Shared>2300</Shared>
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      <Sole>32056</Sole>
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      <None>0</None>
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    <value>78</value>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>249908104</cusip>
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      <sshPrnamt>11000</sshPrnamt>
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    <votingAuthority>
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    <nameOfIssuer>DEVON ENERGY CP NEW</nameOfIssuer>
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      <sshPrnamt>6410</sshPrnamt>
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    <votingAuthority>
      <Sole>6410</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>25179m103</cusip>
    <value>397</value>
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      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>5000</Shared>
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    </votingAuthority>
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    <nameOfIssuer>DIGITAL REALTY TRUST INC REIT</nameOfIssuer>
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    <value>627</value>
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      <sshPrnamt>10755</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>10755</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DIGITAL REALTY TRUST INC REIT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>253868103</cusip>
    <value>58</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>1000</Shared>
      <None>0</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
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    <cusip>254687106</cusip>
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      <sshPrnamt>72702</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>72702</Sole>
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      <None>0</None>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>167</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1945</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1945</Sole>
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    <nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>254687106</cusip>
    <value>514</value>
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      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>DOLLAR TREE STORES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>256746108</cusip>
    <value>229</value>
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      <sshPrnamt>4200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>4200</Shared>
      <None>0</None>
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      <sshPrnamt>3145</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3145</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DOW CHEMICAL COMPANY</nameOfIssuer>
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      <sshPrnamt>90877</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>90877</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DOW CHEMICAL COMPANY</nameOfIssuer>
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    <value>103</value>
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      <sshPrnamt>2000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>2000</Sole>
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      <None>0</None>
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    <nameOfIssuer>DOW CHEMICAL COMPANY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>576</value>
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      <sshPrnamt>11200</sshPrnamt>
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    <nameOfIssuer>E M C CORP MASS</nameOfIssuer>
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    <cusip>268648102</cusip>
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    <votingAuthority>
      <Sole>126272</Sole>
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    <value>21</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>E M C CORP MASS</nameOfIssuer>
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    <value>414</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>EAST WEST BANCORP</nameOfIssuer>
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      <sshPrnamt>6600</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6600</Sole>
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      <None>0</None>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>68437</Sole>
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      <None>0</None>
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    <nameOfIssuer>EBAY INC</nameOfIssuer>
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    <value>98</value>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EBAY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>400</value>
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      <None>0</None>
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    <nameOfIssuer>ECOLAB INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>355</value>
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      <sshPrnamt>3185</sshPrnamt>
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    <votingAuthority>
      <Sole>3185</Sole>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
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    <value>114</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>20000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENRON CORP COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>15000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>EOG RES INC COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26875p101</cusip>
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      <sshPrnamt>1300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1300</Sole>
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      <None>0</None>
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  <infoTable>
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    <cusip>26875p101</cusip>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>296315104</cusip>
    <value>111</value>
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      <sshPrnamt>3200</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3200</Sole>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>296315104</cusip>
    <value>128</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>3700</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ESTERLINE TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297425100</cusip>
    <value>115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ESTERLINE TECHNOLOGIES CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>297425100</cusip>
    <value>196</value>
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      <sshPrnamt>1700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>1700</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EVEREST RE GROUP LTD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G3223R108</cusip>
    <value>249</value>
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      <sshPrnamt>1550</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
      <Shared>1550</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>4935</value>
    <shrsOrPrnAmt>
      <sshPrnamt>71177</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>71177</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1960</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1960</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>444</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6400</Shared>
      <None>0</None>
    </votingAuthority>
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      <sshPrnamt>6265</sshPrnamt>
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      <Sole>6265</Sole>
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      <None>0</None>
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    <value>108</value>
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      <sshPrnamt>3500</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <value>185</value>
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      <None>0</None>
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    <value>143</value>
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    <cusip>576690101</cusip>
    <value>122</value>
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      <sshPrnamt>3300</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3300</Sole>
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      <None>0</None>
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    <value>141</value>
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      <sshPrnamt>3800</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>MATTHEWS INTL CORP-CL A</nameOfIssuer>
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    <cusip>577128101</cusip>
    <value>154</value>
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      <sshPrnamt>3700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3700</Sole>
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      <None>0</None>
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    <nameOfIssuer>MATTHEWS INTL CORP-CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>158</value>
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      <sshPrnamt>3800</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
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    <nameOfIssuer>MC DONALDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
    <value>248</value>
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      <sshPrnamt>2458</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2458</Sole>
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      <None>0</None>
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    <value>432</value>
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      <sshPrnamt>2320</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2320</Sole>
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      <None>0</None>
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    <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
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    <value>170</value>
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      <sshPrnamt>2200</sshPrnamt>
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    <votingAuthority>
      <Sole>2200</Sole>
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      <None>0</None>
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    <nameOfIssuer>MEDIVATION INC</nameOfIssuer>
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    <value>200</value>
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      <sshPrnamt>2600</sshPrnamt>
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    <nameOfIssuer>MEDTRONIC INC</nameOfIssuer>
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    <cusip>585055106</cusip>
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      <sshPrnamt>63124</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>63124</Sole>
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      <None>0</None>
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    <nameOfIssuer>MEDTRONIC INC</nameOfIssuer>
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    <value>120</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1880</Sole>
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    <nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
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    <value>156</value>
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    <votingAuthority>
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      <sshPrnamt>1600</sshPrnamt>
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    <nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer>
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    <votingAuthority>
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    <votingAuthority>
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    <nameOfIssuer>MERITOR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>111</value>
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    <value>248</value>
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      <sshPrnamt>6500</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>METHODE ELECTRONICS INC</nameOfIssuer>
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    <otherManager>01</otherManager>
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      <sshPrnamt>28745</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>28745</Sole>
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  <infoTable>
    <nameOfIssuer>MICHAEL KORS HOLDINGS LIMITED</nameOfIssuer>
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    <value>66</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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  <infoTable>
    <nameOfIssuer>MICHAEL KORS HOLDINGS LIMITED</nameOfIssuer>
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    <cusip>g60754101</cusip>
    <value>408</value>
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      <sshPrnamt>4600</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>MICROCHANNEL TECH CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59502G103</cusip>
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      <sshPrnamt>10000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>594918104</cusip>
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      <sshPrnamt>146549</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>146549</Sole>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
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    <value>163</value>
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      <sshPrnamt>3920</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>3920</Sole>
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  <infoTable>
    <nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
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    <cusip>594918104</cusip>
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      <sshPrnamt>14900</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>MITCHAM INDUSTRIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>606501104</cusip>
    <value>80</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5700</Sole>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
    <cusip>606501104</cusip>
    <value>91</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <None>0</None>
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    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>1700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12285</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12285</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>608190104</cusip>
    <value>50</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>365</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>MONDELEZ INTL INC CL A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>609207105</cusip>
    <value>734</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19526</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>19526</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MONSANTO CO NEW DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>61166W101</cusip>
    <value>4543</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36419</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>36419</Sole>
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      <None>0</None>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
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    <value>102</value>
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      <sshPrnamt>820</sshPrnamt>
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    <nameOfIssuer>NOBLE CORP F (h5833n103)</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>OHR PHARMACEUTICAL, INC.</nameOfIssuer>
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  <infoTable>
    <nameOfIssuer>OHR PHARMACEUTICAL, INC.</nameOfIssuer>
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      <sshPrnamt>8800</sshPrnamt>
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    <cusip>682159108</cusip>
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    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>5700</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REGIONS FINL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>234</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>22000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>REPUBLIC SERVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>355</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9350</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>9350</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RESMED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761152107</cusip>
    <value>115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2275</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2275</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RESMED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761152107</cusip>
    <value>192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3800</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RTI SURGICAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74975N105</cusip>
    <value>52</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>12000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SAIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78709y105</cusip>
    <value>237</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5400</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SAIA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78709y105</cusip>
    <value>270</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6150</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SALESFORCE COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466l302</cusip>
    <value>3060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>52685</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>52685</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SALESFORCE COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466l302</cusip>
    <value>86</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1480</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1480</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE COM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466l302</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>5600</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SALLY BEAUTY HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79546E104</cusip>
    <value>150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALLY BEAUTY HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79546E104</cusip>
    <value>150</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>4634</value>
    <shrsOrPrnAmt>
      <sshPrnamt>39288</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>39288</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>806857108</cusip>
    <value>118</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>34</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGATE TECHNOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7945M107</cusip>
    <value>227</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>4000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SINA CORPORATION F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G81477104</cusip>
    <value>648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>13010</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SINA CORPORATION F</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G81477104</cusip>
    <value>29</value>
    <shrsOrPrnAmt>
      <sshPrnamt>580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>580</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONIC AUTOMOTIVE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83545G102</cusip>
    <value>235</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONIC AUTOMOTIVE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>83545G102</cusip>
    <value>240</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>9000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784635104</cusip>
    <value>200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1850</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPX CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>784635104</cusip>
    <value>211</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1950</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>1950</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ST JUDE MEDICAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>790849103</cusip>
    <value>794</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11460</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>11460</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ST JUDE MEDICAL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>790849103</cusip>
    <value>540</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>7800</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONE ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>861642106</cusip>
    <value>140</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STONE ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>861642106</cusip>
    <value>257</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>5500</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STRYKER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>863667101</cusip>
    <value>602</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7140</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7140</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868157108</cusip>
    <value>126</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868157108</cusip>
    <value>145</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>4000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERIOR INDS INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868168105</cusip>
    <value>76</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERIOR INDS INTL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868168105</cusip>
    <value>134</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>6500</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SVB FINANCIAL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78486Q101</cusip>
    <value>1020</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8745</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>8745</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SVB FINANCIAL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78486Q101</cusip>
    <value>350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNAPTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87157D109</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>3200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNAPTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87157D109</cusip>
    <value>272</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3000</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYSCO CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871829107</cusip>
    <value>292</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7788</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>7788</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGET CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612e106</cusip>
    <value>2813</value>
    <shrsOrPrnAmt>
      <sshPrnamt>48537</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>48537</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGET CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612e106</cusip>
    <value>84</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1450</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>1450</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TECH DATA CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>878237106</cusip>
    <value>219</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>3500</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELETECH HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>879939106</cusip>
    <value>151</value>
    <shrsOrPrnAmt>
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    <cusip>879939106</cusip>
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      <Shared>5600</Shared>
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    <value>306</value>
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      <sshPrnamt>4650</sshPrnamt>
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    <votingAuthority>
      <Sole>4650</Sole>
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      <None>0</None>
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    <cusip>882508104</cusip>
    <value>253</value>
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      <sshPrnamt>5300</sshPrnamt>
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    <votingAuthority>
      <Sole>5300</Sole>
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      <None>0</None>
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    <nameOfIssuer>THE CHARLES SCHWAB CORP</nameOfIssuer>
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    <cusip>808513105</cusip>
    <value>431</value>
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      <sshPrnamt>16011</sshPrnamt>
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      <Sole>16011</Sole>
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      <None>0</None>
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      <Sole>49073</Sole>
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      <None>0</None>
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    <value>130</value>
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      <sshPrnamt>1100</sshPrnamt>
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    <value>519</value>
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      <sshPrnamt>530</sshPrnamt>
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      <None>0</None>
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    <value>328</value>
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    <nameOfIssuer>TRANSOCEAN INC NEW F</nameOfIssuer>
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    <votingAuthority>
      <Sole>31796</Sole>
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      <None>0</None>
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    <value>2</value>
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      <Sole>50</Sole>
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    <nameOfIssuer>U S BANCORP DEL NEW</nameOfIssuer>
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    <value>247</value>
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      <Sole>5700</Sole>
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      <None>0</None>
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    <nameOfIssuer>ULTRA PETROLEUM CORP F</nameOfIssuer>
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    <value>267</value>
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      <Sole>9000</Sole>
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    <cusip>904311107</cusip>
    <value>381</value>
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    <nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
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      <sshPrnamt>68016</sshPrnamt>
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      <Sole>68016</Sole>
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    <nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
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    <cusip>907818108</cusip>
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      <sshPrnamt>1500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>559</value>
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    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
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      <sshPrnamt>31907</sshPrnamt>
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    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
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    <value>416</value>
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    <nameOfIssuer>UNITED THERAPEUTICS CORP</nameOfIssuer>
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    <nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
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    <value>607</value>
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      <Sole>12120</Sole>
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    <nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
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      <Sole>5611</Sole>
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    <titleOfClass>COM</titleOfClass>
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    <value>236</value>
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      <sshPrnamt>2490</sshPrnamt>
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      <Sole>2490</Sole>
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      <sshPrnamt>48582</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>48582</Sole>
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    <nameOfIssuer>VF CORP</nameOfIssuer>
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      <sshPrnamt>1240</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <value>554</value>
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    <cusip>929566107</cusip>
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      <sshPrnamt>12000</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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  <infoTable>
    <nameOfIssuer>WABASH NATIONAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929566107</cusip>
    <value>211</value>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>WABTEC CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>929740108</cusip>
    <value>264</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3200</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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      <Sole>0</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941848103</cusip>
    <value>5</value>
    <shrsOrPrnAmt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>50</Sole>
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      <None>0</None>
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    <nameOfIssuer>WATERS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>941848103</cusip>
    <value>204</value>
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      <sshPrnamt>1950</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>01</otherManager>
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    <nameOfIssuer>WELLS FARGO &amp; CO NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>4731</value>
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    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>WELLS FARGO &amp; CO NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <value>131</value>
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      <sshPrnamt>2500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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  <infoTable>
    <nameOfIssuer>WELLS FARGO &amp; CO NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>949746101</cusip>
    <value>526</value>
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  <infoTable>
    <nameOfIssuer>WILLIAMS-SONOMA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>969904101</cusip>
    <value>7</value>
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      <Sole>100</Sole>
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      <None>0</None>
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  <infoTable>
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    <titleOfClass>COM</titleOfClass>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>3750</Shared>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
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    <value>593</value>
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      <sshPrnamt>2857</sshPrnamt>
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    <votingAuthority>
      <Sole>2857</Sole>
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    <value>477</value>
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    <nameOfIssuer>YUM BRANDS INC</nameOfIssuer>
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      <sshPrnamt>35790</sshPrnamt>
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    <votingAuthority>
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      <None>0</None>
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    <value>109</value>
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      <sshPrnamt>1050</sshPrnamt>
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    <value>488</value>
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    <cusip>316827104</cusip>
    <value>177</value>
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      <sshPrnamt>2685</sshPrnamt>
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    <votingAuthority>
      <Sole>2685</Sole>
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    <cusip>316827104</cusip>
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      <sshPrnamt>2200</sshPrnamt>
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    <nameOfIssuer>AMERICA MOVIL SAB L ADRF SPONS</nameOfIssuer>
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      <Sole>26385</Sole>
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      <None>0</None>
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      <sshPrnamt>390</sshPrnamt>
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    <nameOfIssuer>BAIDU INC ADR F SPONSORED ADR</nameOfIssuer>
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    <cusip>056752108</cusip>
    <value>588</value>
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      <sshPrnamt>3150</sshPrnamt>
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    <nameOfIssuer>CNOOC LIMITED ADR F SPONSORED</nameOfIssuer>
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    <cusip>126132109</cusip>
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      <sshPrnamt>16505</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>16505</Sole>
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      <None>0</None>
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    <nameOfIssuer>CNOOC LIMITED ADR F SPONSORED</nameOfIssuer>
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    <cusip>126132109</cusip>
    <value>42</value>
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      <sshPrnamt>235</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>CTRIP.COM INTERNATIONAL LTD</nameOfIssuer>
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      <sshPrnamt>34910</sshPrnamt>
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    <nameOfIssuer>CTRIP.COM INTERNATIONAL LTD</nameOfIssuer>
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    <cusip>22943F100</cusip>
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    <nameOfIssuer>CTRIP.COM INTERNATIONAL LTD</nameOfIssuer>
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    <nameOfIssuer>DEUTSCHE BANK NEW F REGISTERED</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
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      <Sole>63592</Sole>
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      <None>0</None>
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    <nameOfIssuer>DIAGEO PLC-SPONSORED ADR NEW</nameOfIssuer>
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      <sshPrnamt>23627</sshPrnamt>
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    <votingAuthority>
      <Sole>23627</Sole>
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    <nameOfIssuer>DIAGEO PLC-SPONSORED ADR NEW</nameOfIssuer>
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      <sshPrnamt>620</sshPrnamt>
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      <Sole>620</Sole>
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    <nameOfIssuer>DIAGEO PLC-SPONSORED ADR NEW</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
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    <value>344</value>
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      <sshPrnamt>2700</sshPrnamt>
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    <nameOfIssuer>DR REDDYS LABS ADR F SPONSORED</nameOfIssuer>
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    <cusip>256135203</cusip>
    <value>1148</value>
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      <sshPrnamt>26615</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>26615</Sole>
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      <None>0</None>
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    <nameOfIssuer>DR REDDYS LABS ADR F SPONSORED</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>256135203</cusip>
    <value>46</value>
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      <sshPrnamt>1070</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DR REDDYS LABS ADR F SPONSORED</nameOfIssuer>
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    <cusip>256135203</cusip>
    <value>173</value>
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      <sshPrnamt>4000</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>ECOPETROL SA ADR F SPONSORED A</nameOfIssuer>
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    <cusip>279158109</cusip>
    <value>1297</value>
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      <sshPrnamt>35980</sshPrnamt>
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      <Sole>35980</Sole>
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    <nameOfIssuer>GUANGSHEN RAILWAY CO LTD.</nameOfIssuer>
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    <votingAuthority>
      <Sole>7000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>GUANGSHEN RAILWAY CO LTD.</nameOfIssuer>
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    <value>56</value>
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      <sshPrnamt>3000</sshPrnamt>
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    <nameOfIssuer>HSBC HLDGS PLC ADR</nameOfIssuer>
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    <cusip>404280406</cusip>
    <value>2857</value>
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      <sshPrnamt>56234</sshPrnamt>
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    <votingAuthority>
      <Sole>56234</Sole>
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  <infoTable>
    <nameOfIssuer>HSBC HLDGS PLC ADR</nameOfIssuer>
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    <value>86</value>
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      <sshPrnamt>1685</sshPrnamt>
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    <nameOfIssuer>HSBC HLDGS PLC ADR</nameOfIssuer>
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    <cusip>404280406</cusip>
    <value>127</value>
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      <sshPrnamt>2500</sshPrnamt>
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  <infoTable>
    <nameOfIssuer>JD.COM, INC.</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>47215P106</cusip>
    <value>456</value>
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      <sshPrnamt>16000</sshPrnamt>
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      <Sole>0</Sole>
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    <nameOfIssuer>KUBOTA CORP ADR</nameOfIssuer>
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    <cusip>501173207</cusip>
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      <sshPrnamt>830</sshPrnamt>
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      <Sole>830</Sole>
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  <infoTable>
    <nameOfIssuer>KUBOTA CORP ADR</nameOfIssuer>
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    <cusip>501173207</cusip>
    <value>192</value>
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      <sshPrnamt>2700</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>KYOCERA LTD ADR F 1 ADR REPS 1</nameOfIssuer>
    <titleOfClass>ADR</titleOfClass>
    <cusip>501556203</cusip>
    <value>900</value>
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      <sshPrnamt>18926</sshPrnamt>
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      <Sole>18926</Sole>
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    <nameOfIssuer>PETROLEO BRASILEIRO ADRF SPONS</nameOfIssuer>
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    <nameOfIssuer>QIHOO 360 TECH CO ADR</nameOfIssuer>
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    <nameOfIssuer>S K TELECOM LTD ADR F SPONSORE</nameOfIssuer>
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      <sshPrnamt>1930</sshPrnamt>
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      <Sole>80996</Sole>
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      <Sole>3956</Sole>
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      <sshPrnamt>6072</sshPrnamt>
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      <Sole>6072</Sole>
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      <None>0</None>
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    <cusip>464287341</cusip>
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      <sshPrnamt>4225</sshPrnamt>
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    <cusip>464287333</cusip>
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      <sshPrnamt>4420</sshPrnamt>
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    <cusip>464287325</cusip>
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      <sshPrnamt>3010</sshPrnamt>
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      <Sole>5025</Sole>
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    <cusip>464287234</cusip>
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    <votingAuthority>
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</informationTable>
