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
ACE LTD SHS H0023R105 2,034 20,000 SH   DFND 1 20,000 0 0
AGCO CORP COM 001084102 2,101 37,000 SH   DFND 1 37,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 729 25,712 SH   DFND   25,712 0 0
ALAMOS GOLD INC COM 011527108 566 100,000 SH   DFND   100,000 0 0
ALTERA CORP COM 021441100 102 2,000 SH   DFND   2,000 0 0
ALTERA CORP COM 021441100 2,048 40,000 SH   DFND 1 40,000 0 0
AMERICAN EXPRESS CO COM 025816109 156 2,000 SH   DFND   2,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,399 18,000 SH   DFND 1 18,000 0 0
AMGEN INC COM 031162100 1,858 12,100 SH   DFND 1 12,100 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 492 55,000 SH   DFND   55,000 0 0
ANTHEM INC COM 036752103 2,807 17,100 SH   DFND 1 17,100 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 354 16,000 SH   DFND   16,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 1,418 64,000 SH   DFND 1 64,000 0 0
AVNET INC COM 053807103 370 9,000 SH   DFND   9,000 0 0
AVNET INC COM 053807103 1,316 32,000 SH   DFND 1 32,000 0 0
B2GOLD CORP COM 11777Q209 306 200,000 SH   DFND   200,000 0 0
BAXTER INTL INC COM 071813109 1,888 27,000 SH   DFND 1 27,000 0 0
BECTON DICKINSON & CO COM 075887109 425 3,000 SH   DFND   3,000 0 0
BECTON DICKINSON & CO COM 075887109 1,516 10,700 SH   DFND 1 10,700 0 0
BERKLEY W R CORP COM 084423102 364 7,000 SH   DFND   7,000 0 0
BERKLEY W R CORP COM 084423102 3,635 70,000 SH   DFND 1 70,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,198 23,500 SH   DFND   23,500 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 846 20,800 SH   DFND   20,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,248 55,000 SH   DFND 1 55,000 0 0
CA INC COM 12673P105 432 14,750 SH   DFND   14,750 0 0
CA INC COM 12673P105 1,611 55,000 SH   DFND 1 55,000 0 0
CALPINE CORP COM NEW 131347304 1,259 70,000 SH   DFND 1 70,000 0 0
CAMBRIA ETF TR SHSHLD YIELD ETF 132061201 141 4,500 SH   DFND   4,500 0 0
CAMPBELL SOUP CO COM 134429109 1,191 25,000 SH   DFND 1 25,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,777 20,200 SH   DFND 1 20,200 0 0
CARNIVAL CORP PAIRED CTF 143658300 1,175 23,800 SH   DFND 1 23,800 0 0
CATAMARAN CORP COM 148887102 1,985 32,500 SH   DFND 1 32,500 0 0
CENTURYLINK INC COM 156700106 1,263 43,000 SH   DFND 1 43,000 0 0
CISCO SYS INC COM 17275R102 796 29,000 SH   DFND   29,000 0 0
CISCO SYS INC COM 17275R102 2,334 85,000 SH   DFND 1 85,000 0 0
CLAYMORE EXCHANGE TRD FD TR GUGG SPINOFF ETF 18383M605 138 3,000 SH   DFND   3,000 0 0
CLOROX CO DEL COM 189054109 1,768 17,000 SH   DFND 1 17,000 0 0
COACH INC COM 189754104 312 9,000 SH   DFND   9,000 0 0
COACH INC COM 189754104 1,038 30,000 SH   DFND 1 30,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 467 45,000 SH   DFND   45,000 0 0
CSX CORP COM 126408103 3,543 108,500 SH   DFND 1 108,500 0 0
DEERE & CO COM 244199105 1,698 17,500 SH   DFND 1 17,500 0 0
DOVER CORP COM 260003108 947 13,500 SH   DFND 1 13,500 0 0
ELDORADO GOLD CORP NEW COM 284902103 518 125,000 SH   DFND   125,000 0 0
EMERSON ELEC CO COM 291011104 55 1,000 SH   DFND   1,000 0 0
EMERSON ELEC CO COM 291011104 1,441 26,000 SH   DFND 1 26,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,196 40,000 SH   DFND 1 40,000 0 0
EXELON CORP COM 30161N101 1,618 51,500 SH   DFND 1 51,500 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 578 6,500 SH   DFND   6,500 0 0
EXXON MOBIL CORP COM 30231G102 416 5,000 SH   DFND   5,000 0 0
EXXON MOBIL CORP COM 30231G102 1,414 17,000 SH   DFND 1 17,000 0 0
FIRST AMERN FINL CORP COM 31847R102 2,419 65,000 SH   DFND 1 65,000 0 0
FIRST TR US IPO INDEX FD SHS 336920103 158 2,900 SH   DFND   2,900 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,801 120,000 SH   DFND 1 120,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 438 60,000 SH   DFND   60,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 1,460 200,000 SH   DFND 1 200,000 0 0
FRANKLIN RES INC COM 354613101 735 15,000 SH   DFND   15,000 0 0
GAP INC DEL COM 364760108 433 11,350 SH   DFND   11,350 0 0
GAP INC DEL COM 364760108 1,527 40,000 SH   DFND 1 40,000 0 0
GENERAL ELECTRIC CO COM 369604103 957 36,000 SH   DFND   36,000 0 0
GENERAL ELECTRIC CO COM 369604103 2,973 111,900 SH   DFND 1 111,900 0 0
GENERAL MTRS CO COM 37045V100 1,383 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 142 4,250 SH   DFND   4,250 0 0
GOLDCORP INC NEW COM 380956409 891 55,000 SH   DFND   55,000 0 0
GOOGLE INC CL A 38259P508 1,242 2,300 SH   DFND   2,300 0 0
HCP INC COM 40414L109 1,258 34,500 SH   DFND 1 34,500 0 0
HEALTH CARE REIT INC COM 42217K106 1,477 22,500 SH   DFND 1 22,500 0 0
HONEYWELL INTL INC COM 438516106 2,549 25,000 SH   DFND 1 25,000 0 0
INGRAM MICRO INC CL A 457153104 75 3,000 SH   DFND   3,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 707 4,350 SH   DFND   4,350 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,464 9,000 SH   DFND 1 9,000 0 0
INVESCO LTD SHS G491BT108 75 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 1,387 37,000 SH   DFND 1 37,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 370 24,643 SH   DFND   24,643 0 0
JOHNSON & JOHNSON COM 478160104 1,072 11,000 SH   DFND   11,000 0 0
JOHNSON & JOHNSON COM 478160104 2,251 23,100 SH   DFND 1 23,100 0 0
JOY GLOBAL INC COM 481165108 996 27,500 SH   DFND 1 27,500 0 0
JPMORGAN CHASE & CO COM 46625H100 1,315 19,400 SH   DFND   19,400 0 0
JUNIPER NETWORKS INC COM 48203R104 539 20,750 SH   DFND   20,750 0 0
JUNIPER NETWORKS INC COM 48203R104 1,818 70,000 SH   DFND 1 70,000 0 0
KIMBALL ELECTRONICS INC COM 49428J109 383 26,250 SH   DFND   26,250 0 0
KIMBALL ELECTRONICS INC COM 49428J109 1,204 82,500 SH   DFND 1 82,500 0 0
KIMBALL INTL INC CL B 494274103 426 35,000 SH   DFND   35,000 0 0
KIMBALL INTL INC CL B 494274103 1,338 110,000 SH   DFND 1 110,000 0 0
KOHLS CORP COM 500255104 1,791 28,600 SH   DFND 1 28,600 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 152 6,000 SH   DFND   6,000 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 2,037 80,000 SH   DFND 1 80,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 497 4,100 SH   DFND   4,100 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,697 14,000 SH   DFND 1 14,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,525 29,000 SH   DFND 1 29,000 0 0
LINNCO LLC COMSHS LTD INT 535782106 709 75,000 SH   DFND 1 75,000 0 0
LOEWS CORP COM 540424108 231 6,000 SH   DFND   6,000 0 0
LOEWS CORP COM 540424108 1,348 35,000 SH   DFND 1 35,000 0 0
MASTERCARD INC CL A 57636Q104 2,804 30,000 SH   DFND   30,000 0 0
MATTEL INC COM 577081102 642 25,000 SH   DFND 1 25,000 0 0
MCCORMICK & CO INC COM NON VTG 579780206 1,619 20,000 SH   DFND 1 20,000 0 0
MCDONALDS CORP COM 580135101 285 3,000 SH   DFND   3,000 0 0
MCDONALDS CORP COM 580135101 1,759 18,500 SH   DFND 1 18,500 0 0
MELCO CROWN ENTMT LTD ADR 585464100 393 20,000 SH   DFND 1 20,000 0 0
MERCK & CO INC NEW COM 58933Y105 2,294 40,300 SH   DFND 1 40,300 0 0
MERCK & CO INC NEW COM 58933Y105 256 4,500 SH   DFND   4,500 0 0
MINERALS TECHNOLOGIES INC COM 603158106 545 8,000 SH   DFND   8,000 0 0
MONSANTO CO NEW COM 61166W101 1,599 15,000 SH   DFND 1 15,000 0 0
MOSAIC CO NEW COM 61945C103 1,640 35,000 SH   DFND 1 35,000 0 0
MSC INDL DIRECT INC CL A 553530106 70 1,000 SH   DFND   1,000 0 0
MSC INDL DIRECT INC CL A 553530106 1,395 20,000 SH   DFND 1 20,000 0 0
MYRIAD GENETICS INC COM 62855J104 204 6,000 SH   DFND   6,000 0 0
NEW GOLD INC CDA COM 644535106 336 125,000 SH   DFND   125,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,524 100,000 SH   DFND 1 100,000 0 0
NEWMONT MINING CORP COM 651639106 725 31,050 SH   DFND   31,050 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,310 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 170 500,000 SH   DFND   500,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 277 15,000 SH   DFND   15,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 925 50,000 SH   DFND 1 50,000 0 0
NUCOR CORP COM 670346105 155 3,519 SH   DFND   3,519 0 0
ORACLE CORP COM 68389X105 1,814 45,000 SH   DFND 1 45,000 0 0
ORANGE SPONSORED ADR 684060106 2,304 150,000 SH   DFND 1 150,000 0 0
PANERA BREAD CO CL A 69840W108 70 400 SH   DFND   400 0 0
PEPSICO INC COM 713448108 1,680 18,000 SH   DFND 1 18,000 0 0
PFIZER INC COM 717081103 1,272 37,924 SH   DFND 1 37,924 0 0
PHILIP MORRIS INTL INC COM 718172109 481 6,000 SH   DFND   6,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,245 28,000 SH   DFND 1 28,000 0 0
PHILLIPS 66 COM 718546104 1,651 20,500 SH   DFND 1 20,500 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 600 1,500,000 SH   DFND   1,500,000 0 0
POTASH CORP SASK INC COM 73755L107 1,394 45,000 SH   DFND 1 45,000 0 0
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 148 3,050 SH   DFND   3,050 0 0
PROCTER & GAMBLE CO COM 742718109 540 6,900 SH   DFND   6,900 0 0
PROCTER & GAMBLE CO COM 742718109 1,408 18,000 SH   DFND 1 18,000 0 0
QUALCOMM INC COM 747525103 1,253 20,000 SH   DFND 1 20,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 2,031 28,000 SH   DFND 1 28,000 0 0
RALPH LAUREN CORP CL A 751212101 132 1,000 SH   DFND   1,000 0 0
RALPH LAUREN CORP CL A 751212101 1,456 11,000 SH   DFND 1 11,000 0 0
RANDGOLD RES LTD ADR 752344309 1,004 15,000 SH   DFND   15,000 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 80 4,900 SH   DFND   4,900 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 813 50,000 SH   DFND 1 50,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,226 29,749 SH   DFND   29,749 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,442 35,000 SH   DFND 1 35,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,155 32,500 SH   DFND 1 32,500 0 0
SANOFI SPONSORED ADR 80105N105 249 5,000 SH   DFND   5,000 0 0
SANOFI SPONSORED ADR 80105N105 2,125 42,900 SH   DFND 1 42,900 0 0
SEASPAN CORP SHS Y75638109 944 50,000 SH   DFND 1 50,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 43 2,694 SH   DFND   2,694 0 0
SOUTHERN CO COM 842587107 1,990 47,500 SH   DFND 1 47,500 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,303 11,600 SH   DFND   11,600 0 0
SYNGENTA AG SPONSORED ADR 87160A100 219 2,678 SH   DFND   2,678 0 0
SYSCO CORP COM 871829107 1,625 45,000 SH   DFND 1 45,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 380 12,000 SH   DFND   12,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,331 42,000 SH   DFND 1 42,000 0 0
TIME WARNER INC COM NEW 887317303 1,871 21,400 SH   DFND 1 21,400 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 241 7,400 SH   DFND   7,400 0 0
UNILEVER N V N Y SHS NEW 904784709 1,569 37,500 SH   DFND 1 37,500 0 0
US BANCORP DEL COM NEW 902973304 1,693 39,000 SH   DFND 1 39,000 0 0
VIACOM INC NEW CL B 92553P201 388 6,000 SH   DFND   6,000 0 0
VIACOM INC NEW CL B 92553P201 1,293 20,000 SH   DFND 1 20,000 0 0
WADDELL & REED FINL INC CL A 930059100 1,561 33,000 SH   DFND 1 33,000 0 0
WAL-MART STORES INC COM 931142103 504 7,100 SH   DFND   7,100 0 0
WAL-MART STORES INC COM 931142103 1,376 19,400 SH   DFND 1 19,400 0 0
WELLS FARGO & CO NEW COM 949746101 674 12,000 SH   DFND   12,000 0 0
WELLS FARGO & CO NEW COM 949746101 1,687 30,000 SH   DFND 1 30,000 0 0
WESTERN REFNG INC COM 959319104 1,418 32,500 SH   DFND 1 32,500 0 0
WESTERN UN CO COM 959802109 1,687 83,000 SH   DFND 1 83,000 0 0
WESTERN UN CO COM 959802109 142 7,000 SH   DFND   7,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,484 60,000 SH   DFND 1 60,000 0 0
YAMANA GOLD INC COM 98462Y100 345 115,000 SH   DFND   115,000 0 0