The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 244 3,000 SH   DFND 0 3,000 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 187 2,300 SH   DFND 0 2,300 0 0
ACE LTD SHS H0023R105 2,097 20,000 SH   DFND 1 20,000 0 0
AGCO CORP COM 001084102 1,137 25,000 SH   DFND 1 25,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 746 25,712 SH   DFND 0 25,712 0 0
ALAMOS GOLD INC COM 011527108 799 100,000 SH   DFND 0 100,000 0 0
AMGEN INC COM 031162100 1,700 12,100 SH   DFND 1 12,100 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 660 55,000 SH   DFND 0 55,000 0 0
APACHE CORP COM 037411105 282 3,000 SH   DFND 0 3,000 0 0
APACHE CORP COM 037411105 141 1,500 SH   DFND 0 1,500 0 0
APACHE CORP COM 037411105 1,502 16,000 SH   DFND 1 16,000 0 0
B2GOLD CORP COM 11777Q209 406 200,000 SH   DFND 0 200,000 0 0
BANCO SANTANDER BRASIL S A ADS REP 1 UNIT 05967A107 974 149,000 SH   DFND 1 149,000 0 0
BAXTER INTL INC COM 071813109 1,938 27,000 SH   DFND 1 27,000 0 0
BECTON DICKINSON & CO COM 075887109 341 3,000 SH   DFND 0 3,000 0 0
BECTON DICKINSON & CO COM 075887109 1,218 10,700 SH   DFND 1 10,700 0 0
BERKLEY W R CORP COM 084423102 1,912 40,000 SH   DFND 1 40,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,763 20,000 SH   DFND 0 20,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 483 3,500 SH   DFND 0 3,500 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 1,119 19,000 SH   DFND 0 19,000 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 106 1,800 SH   DFND 0 1,800 0 0
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 249 3,750 SH   DFND 0 3,750 0 0
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 159 2,400 SH   DFND 0 2,400 0 0
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 1,658 25,000 SH   DFND 1 25,000 0 0
CAMPBELL SOUP CO COM 134429109 1,068 25,000 SH   DFND 1 25,000 0 0
CANADIAN NAT RES LTD COM 136385101 777 20,000 SH   DFND 0 20,000 0 0
CANADIAN NAT RES LTD COM 136385101 2,136 55,000 SH   DFND 1 55,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,649 20,200 SH   DFND 1 20,200 0 0
CARNIVAL CORP PAIRED CTF 143658300 956 23,800 SH   DFND 1 23,800 0 0
CENTURYLINK INC COM 156700106 1,758 43,000 SH   DFND 1 43,000 0 0
CERNER CORP COM 156782104 334 5,600 SH   DFND 0 5,600 0 0
CHESAPEAKE ENERGY CORP COM 165167107 230 10,000 SH   DFND 0 10,000 0 0
CHEVRON CORP NEW COM 166764100 239 2,000 SH   DFND 0 2,000 0 0
CHEVRON CORP NEW COM 166764100 107 900 SH   DFND 0 900 0 0
CHEVRON CORP NEW COM 166764100 1,790 15,000 SH   DFND 1 15,000 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 231 3,935 SH   DFND 0 3,935 0 0
CISCO SYS INC COM 17275R102 503 20,000 SH   DFND 0 20,000 0 0
CISCO SYS INC COM 17275R102 227 9,000 SH   DFND 0 9,000 0 0
CISCO SYS INC COM 17275R102 2,139 85,000 SH   DFND 1 85,000 0 0
CLOROX CO DEL COM 189054109 1,633 17,000 SH   DFND 1 17,000 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 316 25,000 SH   DFND 0 25,000 0 0
CNOOC LTD SPONSORED ADR 126132109 129 750 SH   DFND 0 750 0 0
COACH INC COM 189754104 214 6,000 SH   DFND 0 6,000 0 0
COACH INC COM 189754104 107 3,000 SH   DFND 0 3,000 0 0
COACH INC COM 189754104 1,068 30,000 SH   DFND 1 30,000 0 0
COCA COLA CO COM 191216100 1,920 45,000 SH   DFND 1 45,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 521 45,000 SH   DFND 0 45,000 0 0
CONOCOPHILLIPS COM 20825C104 842 11,000 SH   DFND 1 11,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 1,253 10,000 SH   DFND 0 10,000 0 0
CSX CORP COM 126408103 3,479 108,500 SH   DFND 1 108,500 0 0
DEERE & CO COM 244199105 1,435 17,500 SH   DFND 1 17,500 0 0
DEVON ENERGY CORP NEW COM 25179M103 2,045 30,000 SH   DFND 1 30,000 0 0
DOVER CORP COM 260003108 1,084 13,500 SH   DFND 1 13,500 0 0
ELDORADO GOLD CORP NEW COM 284902103 843 125,000 SH   DFND 0 125,000 0 0
ENBRIDGE INC COM 29250N105 2,155 45,000 SH   DFND 1 45,000 0 0
ENTERGY CORP NEW COM 29364G103 851 11,000 SH   DFND 1 11,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,612 40,000 SH   DFND 1 40,000 0 0
EXELON CORP COM 30161N101 1,756 51,500 SH   DFND 1 51,500 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 283 4,000 SH   DFND 0 4,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 177 2,500 SH   DFND 0 2,500 0 0
EXXON MOBIL CORP COM 30231G102 245 2,600 SH   DFND 0 2,600 0 0
EXXON MOBIL CORP COM 30231G102 235 2,500 SH   DFND 0 2,500 0 0
EXXON MOBIL CORP COM 30231G102 1,552 16,500 SH   DFND 1 16,500 0 0
FIRST AMERN FINL CORP COM 31847R102 1,763 65,000 SH   DFND 1 65,000 0 0
FIRSTENERGY CORP COM 337932107 624 18,600 SH   DFND 1 18,600 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,775 120,000 SH   DFND 1 120,000 0 0
FRANCO NEVADA CORP COM 351858105 425 8,700 SH   DFND 0 8,700 0 0
FRANKLIN RES INC COM 354613101 328 6,000 SH   DFND 0 6,000 0 0
FRANKLIN RES INC COM 354613101 491 9,000 SH   DFND 0 9,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 816 25,000 SH   DFND 0 25,000 0 0
GENERAL ELECTRIC CO COM 369604103 922 36,000 SH   DFND 0 36,000 0 0
GENERAL ELECTRIC CO COM 369604103 2,867 111,900 SH   DFND 1 111,900 0 0
GENERAL MTRS CO COM 37045V100 1,326 41,500 SH   DFND 1 41,500 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 454 116,521 SH   DFND 0 116,521 0 0
GOLDCORP INC NEW COM 380956409 1,267 55,000 SH   DFND 0 55,000 0 0
GOOGLE INC CL A 38259P508 1,059 1,800 SH   DFND 0 1,800 0 0
GOOGLE INC CL A 38259P508 294 500 SH   DFND 0 500 0 0
HCP INC COM 40414L109 1,370 34,500 SH   DFND 1 34,500 0 0
HEALTH CARE REIT INC COM 42217K106 1,403 22,500 SH   DFND 1 22,500 0 0
HOME DEPOT INC COM 437076102 642 7,000 SH   DFND 0 7,000 0 0
HONEYWELL INTL INC COM 438516106 2,328 25,000 SH   DFND 1 25,000 0 0
IAMGOLD CORP COM 450913108 58 20,874 SH   DFND 0 20,874 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 403 24,643 SH   DFND 0 24,643 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 156 11,253 SH   DFND 0 11,253 0 0
JOHNSON & JOHNSON COM 478160104 1,172 11,000 SH   DFND 0 11,000 0 0
JOHNSON & JOHNSON COM 478160104 2,462 23,100 SH   DFND 1 23,100 0 0
JOY GLOBAL INC COM 481165108 1,500 27,500 SH   DFND 1 27,500 0 0
JPMORGAN CHASE & CO COM 46625H100 1,169 19,400 SH   DFND 0 19,400 0 0
KIMBALL INTL INC CL B 494274103 339 22,500 SH   DFND 0 22,500 0 0
KIMBALL INTL INC CL B 494274103 188 12,500 SH   DFND 0 12,500 0 0
KIMBALL INTL INC CL B 494274103 1,656 110,000 SH   DFND 1 110,000 0 0
KINDER MORGAN INC DEL COM 49456B101 1,610 42,000 SH   DFND 1 42,000 0 0
KINROSS GOLD CORP COM NO PAR 496902404 330 100,000 SH   DFND 0 100,000 0 0
KNOWLES CORP COM 49926D109 179 6,750 SH   DFND 1 6,750 0 0
KOHLS CORP COM 500255104 1,745 28,600 SH   DFND 1 28,600 0 0
MASTERCARD INC CL A 57636Q104 2,218 30,000 SH   DFND 0 30,000 0 0
MATTEL INC COM 577081102 766 25,000 SH   DFND 1 25,000 0 0
MCCORMICK & CO INC COM NON VTG 579780206 1,338 20,000 SH   DFND 1 20,000 0 0
MCDONALDS CORP COM 580135101 284 3,000 SH   DFND 0 3,000 0 0
MCDONALDS CORP COM 580135101 1,754 18,500 SH   DFND 1 18,500 0 0
MEDTRONIC INC COM 585055106 1,251 20,200 SH   DFND 1 20,200 0 0
MERCK & CO INC NEW COM 58933Y105 2,389 40,300 SH   DFND 1 40,300 0 0
METLIFE INC COM 59156R108 2,149 40,000 SH   DFND 1 40,000 0 0
MICROSOFT CORP COM 594918104 324 6,994 SH   DFND 0 6,994 0 0
MICROSOFT CORP COM 594918104 278 6,000 SH   DFND 0 6,000 0 0
MICROSOFT CORP COM 594918104 1,391 30,000 SH   DFND 1 30,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,487 22,650 SH   DFND 1 22,650 0 0
MYRIAD GENETICS INC COM 62855J104 231 6,000 SH   DFND 0 6,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 1,461 19,200 SH   DFND 1 19,200 0 0
NEW GOLD INC CDA COM 644535106 631 125,000 SH   DFND 0 125,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 1,166 200,000 SH   DFND 1 200,000 0 0
NEWMONT MINING CORP COM 651639106 1,153 50,000 SH   DFND 0 50,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,674 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 273 500,000 SH   DFND 0 500,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 184 10,000 SH   DFND 0 10,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 92 5,000 SH   DFND 0 5,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 921 50,000 SH   DFND 1 50,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 177 10,000 SH   DFND 0 10,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 88 5,000 SH   DFND 0 5,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 884 50,000 SH   DFND 1 5,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 282 3,000 SH   DFND 0 3,000 0 0
NOW INC COM 67011P100 146 4,800 SH   DFND 1 4,800 0 0
NTT DOCOMO INC SPONS ADR 62942M201 763 45,600 SH   DFND 1 45,600 0 0
NUCOR CORP COM 670346105 191 3,519 SH   DFND 0 3,519 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 135 1,400 SH   DFND 0 1,400 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 1,923 20,000 SH   DFND 1 20,000 0 0
OLD REP INTL CORP COM 680223104 1,428 100,000 SH   DFND 1 100,000 0 0
ORACLE CORP COM 68389X105 1,723 45,000 SH   DFND 1 45,000 0 0
ORANGE SPONSORED ADR 684060106 2,211 150,000 SH   DFND 1 150,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 868 60,000 SH   DFND 1 60,000 0 0
PEPSICO INC COM 713448108 1,676 18,000 SH   DFND 1 18,000 0 0
PFIZER INC COM 717081103 1,121 37,924 SH   DFND 1 37,924 0 0
PG&E CORP COM 69331C108 1,576 35,000 SH   DFND 1 35,000 0 0
PHILIP MORRIS INTL INC COM 718172109 834 10,000 SH   DFND 1 10,000 0 0
PHILLIPS 66 COM 718546104 447 5,500 SH   DFND 1 5,500 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,335 1,500,000 SH   DFND 0 1,500,000 0 0
POTASH CORP SASK INC COM 73755L107 1,555 45,000 SH   DFND 1 45,000 0 0
PROCTER & GAMBLE CO COM 742718109 335 4,000 SH   DFND 0 4,000 0 0
PROCTER & GAMBLE CO COM 742718109 1,507 18,000 SH   DFND 1 18,000 0 0
QUALCOMM INC COM 747525103 748 10,000 SH   DFND 1 10,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 1,699 28,000 SH   DFND 1 28,000 0 0
RANDGOLD RES LTD ADR 752344309 1,014 15,000 SH   DFND 0 15,000 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 329 10,000 SH   DFND 0 10,000 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 161 4,900 SH   DFND 0 4,900 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 1,646 50,000 SH   DFND 1 50,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,352 27,500 SH   DFND 0 27,500 0 0
RIO TINTO PLC SPONSORED ADR 767204100 111 2,249 SH   DFND 0 2,249 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,721 35,000 SH   DFND 1 35,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,216 32,500 SH   DFND 1 32,500 0 0
SANOFI SPONSORED ADR 80105N105 1,574 27,900 SH   DFND 1 27,900 0 0
SEASPAN CORP SHS Y75638109 1,075 50,000 SH   DFND 1 50,000 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 468 19,714 SH   DFND 0 19,714 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 202 8,500 SH   DFND 0 8,500 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 70 2,694 SH   DFND 0 2,694 0 0
SOUTHERN CO COM 842587107 2,073 47,500 SH   DFND 1 47,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,691 14,550 SH   DFND 0 14,550 0 0
SPECTRA ENERGY CORP COM 847560109 1,610 41,000 SH   DFND 1 41,000 0 0
SUNCOR ENERGY INC NEW COM 867224107 788 21,800 SH   DFND 1 21,800 0 0
SYNGENTA AG SPONSORED ADR 87160A100 170 2,678 SH   DFND 0 2,678 0 0
SYSCO CORP COM 871829107 1,708 45,000 SH   DFND 1 45,000 0 0
TARGET CORP COM 87612E106 1,003 16,000 SH   DFND 1 16,000 0 0
TIME INC NEW COM 887228104 63 2,675 SH   DFND 1 2,675 0 0
TIME WARNER INC COM NEW 887317303 1,609 21,400 SH   DFND 1 21,400 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,077 33,700 SH   DFND 1 33,700 0 0
ULTRA PETROLEUM CORP COM 903914109 233 10,000 SH   DFND 0 10,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 295 3,000 SH   DFND 0 3,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 302 3,500 SH   DFND 0 3,500 0 0
US BANCORP DEL COM NEW 902973304 1,631 39,000 SH   DFND 1 39,000 0 0
VALE S A ADR 91912E105 61 5,500 SH   DFND 0 5,500 0 0
WAL-MART STORES INC COM 931142103 252 3,300 SH   DFND 0 3,300 0 0
WAL-MART STORES INC COM 931142103 291 3,800 SH   DFND 0 3,800 0 0
WAL-MART STORES INC COM 931142103 1,484 19,400 SH   DFND 1 19,400 0 0
WELLPOINT INC COM 94973V107 2,046 17,100 SH   DFND 1 17,100 0 0
WELLS FARGO & CO NEW COM 949746101 311 6,000 SH   DFND 0 6,000 0 0
WELLS FARGO & CO NEW COM 949746101 311 6,000 SH   DFND 0 6,000 0 0
WELLS FARGO & CO NEW COM 949746101 1,556 30,000 SH   DFND 1 30,000 0 0
WESTERN UN CO COM 959802109 1,331 83,000 SH   DFND 1 83,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,687 60,000 SH   DFND 1 60,000 0 0
XEROX CORP COM 984121103 1,786 135,000 SH   DFND 1 135,000 0 0
YAMANA GOLD INC COM 98462Y100 690 115,000 SH   DFND 0 115,000 0 0