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
ADVENT CLAY CONV SEC INC FD COM 007639107 223 41,100 SH   DFND 1 41,100 0 0
ADVENT CLAYMORE CV SECS & IN COM 00764C109 1,777 134,500 SH   DFND 1 134,500 0 0
AFFILIATED MANAGERS GROUP COM 008252108 146 900 SH   DFND   900 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,266 35,000 SH   DFND   35,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,190 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP INC COM 011659109 410 5,000 SH   DFND 1 5,000 0 0
ALPHABET INC CAP STK CL A 02079K305 1,754 2,300 SH   DFND   2,300 0 0
ALPINE GLOBAL PREMIER PPTYS COM SBI 02083A103 1,006 179,998 SH   DFND 1 179,998 0 0
AMERICAN EXPRESS CO COM 025816109 122 2,000 SH   DFND   2,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,105 18,000 SH   DFND 1 18,000 0 0
AMERIPRISE FINL INC COM 03076C106 254 2,700 SH   DFND   2,700 0 0
AMERIPRISE FINL INC COM 03076C106 902 9,600 SH   DFND 1 9,600 0 0
AMGEN INC COM 031162100 1,814 12,100 SH   DFND 1 12,100 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 753 55,000 SH   DFND   55,000 0 0
ANTHEM INC COM 036752103 2,377 17,100 SH   DFND 1 17,100 0 0
APPLE INC COM 037833100 393 3,600 SH   DFND   3,600 0 0
APPLE INC COM 037833100 1,362 12,500 SH   DFND 1 12,500 0 0
ASSURED GUARANTY LTD COM G0585R106 1,265 50,000 SH   DFND 1 50,000 0 0
AUTONATION INC COM 05329W102 107 2,300 SH   DFND   2,300 0 0
AVNET INC COM 053807103 399 9,000 SH   DFND   9,000 0 0
AVNET INC COM 053807103 1,418 32,000 SH   DFND 1 32,000 0 0
B2GOLD CORP COM 11777Q209 332 200,000 SH   DFND   200,000 0 0
BANK AMER CORP COM 060505104 730 54,000 SH   DFND 1 54,000 0 0
BANK N S HALIFAX COM 064149107 1,187 24,300 SH   DFND 1 24,300 0 0
BAXALTA INC COM 07177M103 1,091 27,000 SH   DFND 1 27,000 0 0
BAXTER INTL INC COM 071813109 1,109 27,000 SH   DFND 1 27,000 0 0
BED BATH & BEYOND INC COM 075896100 372 7,500 SH   DFND   7,500 0 0
BERKLEY W R CORP COM 084423102 393 7,000 SH   DFND   7,000 0 0
BERKLEY W R CORP COM 084423102 3,934 70,000 SH   DFND 1 70,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,916 13,500 SH   DFND   13,500 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 539 20,800 SH   DFND   20,800 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,543 55,000 SH   DFND 1 55,000 0 0
BORGWARNER INC COM 099724106 332 8,650 SH   DFND 1 8,650 0 0
BUCKLE INC COM 118440106 428 12,650 SH   DFND 1 12,650 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,194 23,000 SH   DFND 1 23,000 0 0
CALPINE CORP COM NEW 131347304 1,062 70,000 SH   DFND 1 70,000 0 0
CAMPBELL SOUP CO COM 134429109 1,595 25,000 SH   DFND 1 25,000 0 0
CAPELLA EDUCATION COMPANY COM 139594105 264 5,000 SH   DFND   5,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,400 20,200 SH   DFND 1 20,200 0 0
CARTER INC COM 146229109 875 8,300 SH   DFND 1 8,300 0 0
CATERPILLAR INC DEL COM 149123101 1,607 21,000 SH   DFND 1 21,000 0 0
CENTRAL SECS CORP COM 155123102 178 9,293 SH   DFND 1 9,293 0 0
CHUBB LIMITED COM H1467J104 2,383 20,000 SH   DFND 1 20,000 0 0
CISCO SYS INC COM 17275R102 825 29,000 SH   DFND   29,000 0 0
CISCO SYS INC COM 17275R102 2,420 85,000 SH   DFND 1 85,000 0 0
CITIGROUP INC COM NEW 172967424 710 17,000 SH   DFND 1 17,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 331 45,000 SH   DFND   45,000 0 0
COMPASS MINERALS INTL INC COM 20451N101 276 3,900 SH   DFND   3,900 0 0
CSX CORP COM 126408103 2,794 108,500 SH   DFND 1 108,500 0 0
CUMMINS INC COM 231021106 374 3,400 SH   DFND 1 3,400 0 0
CUSHING RENAISSANCE FD COM 231647108 174 12,400 SH   DFND 1 12,400 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 389 8,000 SH   DFND 1 8,000 0 0
DELUXE CORP COM 248019101 1,125 18,000 SH   DFND 1 18,000 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 186 1,050 SH   DFND   1,050 0 0
DICKS SPORTING GOODS INC COM 253393102 519 11,100 SH   DFND   11,100 0 0
DICKS SPORTING GOODS INC COM 253393102 1,847 39,500 SH   DFND 1 39,500 0 0
DILLARDS INC CL A 254067101 1,172 13,800 SH   DFND 1 13,800 0 0
DISCOVER FINL SVCS COM 254709108 1,120 22,000 SH   DFND 1 22,000 0 0
DOVER CORP COM 260003108 868 13,500 SH   DFND 1 13,500 0 0
DST SYS INC DEL COM 233326107 1,066 9,450 SH   DFND 1 9,450 0 0
EATON CORP PLC SHS G29183103 1,126 18,000 SH   DFND 1 18,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 711 225,000 SH   DFND   225,000 0 0
EMERSON ELEC CO COM 291011104 54 1,000 SH   DFND   1,000 0 0
EMERSON ELEC CO COM 291011104 1,414 26,000 SH   DFND 1 26,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 985 40,000 SH   DFND 1 40,000 0 0
EXELON CORP COM 30161N101 1,847 51,500 SH   DFND 1 51,500 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 447 6,500 SH   DFND   6,500 0 0
EXXON MOBIL CORP COM 30231G102 419 5,000 SH   DFND   5,000 0 0
EXXON MOBIL CORP COM 30231G102 1,421 17,000 SH   DFND 1 17,000 0 0
FIRST AMERN FINL CORP COM 31847R102 2,477 65,000 SH   DFND 1 65,000 0 0
FLOWSERVE CORP COM 34354P105 1,021 23,000 SH   DFND 1 23,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,620 120,000 SH   DFND 1 120,000 0 0
FRANCO NEVADA CORP COM 351858105 614 10,000 SH   DFND   10,000 0 0
FRANKLIN RES INC COM 354613101 585 15,000 SH   DFND   15,000 0 0
FRANKLIN RES INC COM 354613101 847 21,700 SH   DFND 1 21,700 0 0
GAMESTOP CORP NEW CL A 36467W109 365 11,500 SH   DFND   11,500 0 0
GAMESTOP CORP NEW CL A 36467W109 1,269 40,000 SH   DFND 1 40,000 0 0
GAP INC DEL COM 364760108 334 11,350 SH   DFND   11,350 0 0
GAP INC DEL COM 364760108 1,176 40,000 SH   DFND 1 40,000 0 0
GENERAL MTRS CO COM 37045V100 1,304 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 134 4,250 SH   DFND   4,250 0 0
GILEAD SCIENCES INC COM 375558103 1,155 12,570 SH   DFND 1 12,570 0 0
GLOBALSCAPE INC COM 37940G109 42 11,069 SH   DFND   11,069 0 0
GOLDCORP INC NEW COM 380956409 893 55,000 SH   DFND   55,000 0 0
GREENBRIER COS INC COM 393657101 502 18,150 SH   DFND   18,150 0 0
GREENBRIER COS INC COM 393657101 1,783 64,500 SH   DFND 1 64,500 0 0
HCP INC COM 40414L109 1,124 34,500 SH   DFND 1 34,500 0 0
HEXCEL CORP NEW COM 428291108 1,027 23,500 SH   DFND 1 23,500 0 0
HIBBETT SPORTS INC COM 428567101 438 12,200 SH   DFND   12,200 0 0
HONEYWELL INTL INC COM 438516106 2,801 25,000 SH   DFND 1 25,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 347 11,150 SH   DFND 1 11,150 0 0
ICONIX BRAND GROUP INC COM 451055107 470 58,400 SH   DFND   58,400 0 0
INGRAM MICRO INC CL A 457153104 108 3,000 SH   DFND   3,000 0 0
INTEL CORP COM 458140100 1,035 32,000 SH   DFND 1 32,000 0 0
INTELIQUENT INC COM 45825N107 322 20,000 SH   DFND   20,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 364 2,400 SH   DFND   2,400 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,363 9,000 SH   DFND 1 9,000 0 0
INVESCO LTD SHS G491BT108 62 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 1,138 37,000 SH   DFND 1 37,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 362 24,643 SH   DFND   24,643 0 0
JOHNSON & JOHNSON COM 478160104 1,190 11,000 SH   DFND   11,000 0 0
JOHNSON & JOHNSON COM 478160104 2,499 23,100 SH   DFND 1 23,100 0 0
JPMORGAN CHASE & CO COM 46625H100 888 15,000 SH   DFND   15,000 0 0
JPMORGAN CHASE & CO COM 46625H100 711 12,000 SH   DFND 1 12,000 0 0
KIMBALL ELECTRONICS INC COM 49428J109 293 26,250 SH   DFND   26,250 0 0
KIMBALL ELECTRONICS INC COM 49428J109 922 82,500 SH   DFND 1 82,500 0 0
KOHLS CORP COM 500255104 1,333 28,600 SH   DFND 1 28,600 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 480 4,100 SH   DFND   4,100 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,640 14,000 SH   DFND 1 14,000 0 0
LAM RESEARCH CORP COM 512807108 1,156 14,000 SH   DFND 1 14,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,499 29,000 SH   DFND 1 29,000 0 0
LEAR CORP COM NEW 521865204 778 7,000 SH   DFND 1 7,000 0 0
LMP CORPORATE LN FD INC COM 50208B100 121 12,400 SH   DFND 1 12,400 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 685 8,000 SH   DFND 1 8,000 0 0
MASTERCARD INC CL A 57636Q104 1,418 15,000 SH   DFND   15,000 0 0
MATTEL INC COM 577081102 841 25,000 SH   DFND 1 25,000 0 0
MCCORMICK & CO INC COM NON VTG 579780206 1,990 20,000 SH   DFND 1 20,000 0 0
MCDONALDS CORP COM 580135101 377 3,000 SH   DFND   3,000 0 0
MCDONALDS CORP COM 580135101 2,325 18,500 SH   DFND 1 18,500 0 0
MCKESSON CORP COM 58155Q103 298 1,895 SH   DFND   1,895 0 0
METHODE ELECTRS INC COM 591520200 731 25,000 SH   DFND 1 25,000 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 470 8,250 SH   DFND   8,250 0 0
MINERALS TECHNOLOGIES INC COM 603158106 455 8,000 SH   DFND   8,000 0 0
MONSANTO CO NEW COM 61166W101 1,316 15,000 SH   DFND 1 15,000 0 0
MOSAIC CO NEW COM 61945C103 945 35,000 SH   DFND 1 35,000 0 0
MSC INDL DIRECT INC CL A 553530106 76 1,000 SH   DFND   1,000 0 0
MSC INDL DIRECT INC CL A 553530106 1,526 20,000 SH   DFND 1 20,000 0 0
MYRIAD GENETICS INC COM 62855J104 225 6,000 SH   DFND   6,000 0 0
NEW GOLD INC CDA COM 644535106 466 125,000 SH   DFND   125,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,163 100,000 SH   DFND 1 100,000 0 0
NEWMONT MINING CORP COM 651639106 1,196 45,000 SH   DFND   45,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,249 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 160 500,000 SH   DFND   500,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 171 15,000 SH   DFND   15,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 568 50,000 SH   DFND 1 50,000 0 0
NUCOR CORP COM 670346105 166 3,519 SH   DFND   3,519 0 0
OMNICOM GROUP INC COM 681919106 369 4,425 SH   DFND   4,425 0 0
OMNICOM GROUP INC COM 681919106 766 9,200 SH   DFND 1 9,200 0 0
ORACLE CORP COM 68389X105 1,841 45,000 SH   DFND 1 45,000 0 0
PACCAR INC COM 693718108 345 6,300 SH   DFND   6,300 0 0
PACCAR INC COM 693718108 1,094 20,000 SH   DFND 1 20,000 0 0
PANERA BREAD CO CL A 69840W108 82 400 SH   DFND   400 0 0
PEPSICO INC COM 713448108 1,845 18,000 SH   DFND 1 18,000 0 0
PHILIP MORRIS INTL INC COM 718172109 588 6,000 SH   DFND   6,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,747 28,000 SH   DFND 1 28,000 0 0
PHILLIPS 66 COM 718546104 1,775 20,500 SH   DFND 1 20,500 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 127 5,000 SH   DFND   5,000 0 0
PJT PARTNERS INC COM CL A 69343T107 33 1,375 SH   DFND 1 1,375 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 570 150,000 SH   DFND   150,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 677 8,000 SH   DFND 1 8,000 0 0
POLARIS INDS INC COM 731068102 581 5,900 SH   DFND   5,900 0 0
POLARIS INDS INC COM 731068102 2,058 20,900 SH   DFND 1 20,900 0 0
POTASH CORP SASK INC COM 73755L107 1,362 80,000 SH   DFND 1 80,000 0 0
PRAXAIR INC COM 74005P104 515 4,500 SH   DFND   4,500 0 0
PRAXAIR INC COM 74005P104 1,145 10,000 SH   DFND 1 10,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 1,286 17,500 SH   DFND 1 17,500 0 0
QUALCOMM INC COM 747525103 1,023 20,000 SH   DFND 1 20,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 2,001 28,000 SH   DFND 1 28,000 0 0
RALPH LAUREN CORP CL A 751212101 96 1,000 SH   DFND   1,000 0 0
RALPH LAUREN CORP CL A 751212101 1,059 11,000 SH   DFND 1 11,000 0 0
RANDGOLD RES LTD ADR 752344309 1,362 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 841 29,749 SH   DFND   29,749 0 0
RIO TINTO PLC SPONSORED ADR 767204100 989 35,000 SH   DFND 1 35,000 0 0
RMR REAL ESTATE INCOME FUND COM 76970B101 166 8,600 SH   DFND 1 8,600 0 0
ROBERT HALF INTL INC COM 770323103 1,165 25,000 SH   DFND 1 25,000 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,172 10,300 SH   DFND 1 10,300 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,301 32,500 SH   DFND 1 32,500 0 0
SANOFI SPONSORED ADR 80105N105 200 5,000 SH   DFND   5,000 0 0
SANOFI SPONSORED ADR 80105N105 1,723 42,900 SH   DFND 1 42,900 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 894 25,950 SH   DFND 1 25,950 0 0
SEASPAN CORP SHS Y75638109 841 45,875 SH   DFND 1 45,875 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 1,169 15,000 SH   DFND 1 15,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 55 2,694 SH   DFND   2,694 0 0
SOUTHERN CO COM 842587107 2,457 47,500 SH   DFND 1 47,500 0 0
SOUTHWEST AIRLS CO COM 844741108 403 9,000 SH   DFND 1 9,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,364 11,600 SH   DFND   11,600 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 96 2,000 SH   DFND   2,000 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 1,174 24,400 SH   DFND 1 24,400 0 0
SPROTT FOCUS TR INC COM 85208J109 122 20,100 SH   DFND 1 20,100 0 0
SYNGENTA AG SPONSORED ADR 87160A100 222 2,678 SH   DFND   2,678 0 0
SYNTEL INC COM 87162H103 687 13,754 SH   DFND 1 13,754 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 437 12,000 SH   DFND   12,000 0 0
TANGER FACTORY OUTLET CTRS I COM 875465106 1,528 42,000 SH   DFND 1 42,000 0 0
TEXAS INSTRS INC COM 882508104 1,062 18,500 SH   DFND 1 18,500 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 934 21,650 SH   DFND 1 21,650 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 206 7,400 SH   DFND   7,400 0 0
UNION PAC CORP COM 907818108 1,006 12,650 SH   DFND 1 12,650 0 0
UNITED TECHNOLOGIES CORP COM 913017109 398 3,980 SH   DFND 1 3,980 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 75 675 SH   DFND   675 0 0
US BANCORP DEL COM NEW 902973304 1,583 39,000 SH   DFND 1 39,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,190 22,000 SH   DFND 1 22,000 0 0
WAL-MART STORES INC COM 931142103 486 7,100 SH   DFND   7,100 0 0
WAL-MART STORES INC COM 931142103 2,442 35,650 SH   DFND 1 35,650 0 0
WELLS FARGO & CO NEW COM 949746101 580 12,000 SH   DFND   12,000 0 0
WELLS FARGO & CO NEW COM 949746101 1,451 30,000 SH   DFND 1 30,000 0 0
WELLTOWER INC COM 95040Q104 1,560 22,500 SH   DFND 1 22,500 0 0
WESTERN ASSET EMRG MKT DEBT COM 95766A101 980 67,500 SH   DFND 1 67,500 0 0
WESTERN ASSET EMRG MKT INCM COM 95766E103 693 67,500 SH   DFND 1 67,500 0 0
WESTERN REFNG INC COM 959319104 1,164 40,000 SH   DFND 1 40,000 0 0
WESTERN UN CO COM 959802109 1,601 83,000 SH   DFND 1 83,000 0 0
WESTERN UN CO COM 959802109 135 7,000 SH   DFND   7,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,396 60,000 SH   DFND 1 60,000 0 0
WILLIAMS SONOMA INC COM 969904101 599 10,951 SH   DFND 1 10,951 0 0
YAMANA GOLD INC COM 98462Y100 350 115,000 SH   DFND   115,000 0 0