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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AFFILIATED MANAGERS GROUP COM 008252108 130 900 SH   DFND   900 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,896 35,000 SH   DFND   35,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,845 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP INC COM 011659109 329 5,000 SH   DFND 1 5,000 0 0
ALLEGIANT TRAVEL CO COM 01748X102 1,453 11,000 SH   DFND 1 11,000 0 0
ALPHABET INC CAP STK CL A 02079K305 1,769 2,200 SH   DFND   2,200 0 0
AMERICAN EXPRESS CO COM 025816109 64 1,000 SH   DFND   1,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,537 24,000 SH   DFND 1 24,000 0 0
AMERIPRISE FINL INC COM 03076C106 958 9,600 SH   DFND 1 9,600 0 0
AMERISOURCEBERGEN CORP COM 03073E105 1,091 13,500 SH   DFND 1 13,500 0 0
AMGEN INC COM 031162100 2,018 12,100 SH   DFND 1 12,100 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 876 55,000 SH   DFND   55,000 0 0
APPLE INC COM 037833100 407 3,600 SH   DFND   3,600 0 0
APPLE INC COM 037833100 1,413 12,500 SH   DFND 1 12,500 0 0
ASSURED GUARANTY LTD COM G0585R106 1,388 50,000 SH   DFND 1 50,000 0 0
AUTONATION INC COM 05329W102 112 2,300 SH   DFND   2,300 0 0
AVNET INC COM 053807103 82 2,000 SH   DFND   2,000 0 0
AVNET INC COM 053807103 1,314 32,000 SH   DFND 1 32,000 0 0
B2GOLD CORP COM 11777Q209 526 200,000 SH   DFND   200,000 0 0
BED BATH & BEYOND INC COM 075896100 324 7,500 SH   DFND   7,500 0 0
BERKLEY W R CORP COM 084423102 4,043 70,000 SH   DFND 1 70,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,777 12,300 SH   DFND   12,300 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 721 20,800 SH   DFND   20,800 0 0
BIOGEN INC COM 09062X103 439 1,400 SH   DFND   1,400 0 0
BLOCK H & R INC COM 093671105 1,016 43,900 SH   DFND 1 43,900 0 0
BORGWARNER INC COM 099724106 304 8,650 SH   DFND 1 8,650 0 0
BUCKLE INC COM 118440106 304 12,650 SH   DFND 1 12,650 0 0
CAL MAINE FOODS INC COM NEW 128030202 886 23,000 SH   DFND 1 23,000 0 0
CAPELLA EDUCATION COMPANY COM 139594105 290 5,000 SH   DFND   5,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,451 20,200 SH   DFND 1 20,200 0 0
CARTER INC COM 146229109 720 8,300 SH   DFND 1 8,300 0 0
CINER RES LP COM UNIT LTD 172464109 841 27,000 SH   DFND   27,000 0 0
CISCO SYS INC COM 17275R102 919 29,000 SH   DFND   29,000 0 0
CISCO SYS INC COM 17275R102 2,696 85,000 SH   DFND 1 85,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 623 45,000 SH   DFND   45,000 0 0
COMPASS MINERALS INTL INC COM 20451N101 287 3,900 SH   DFND   3,900 0 0
COSTAMARE INC SHS Y1771G102 1,005 110,000 SH   DFND 1 110,000 0 0
CSX CORP COM 126408103 3,309 108,500 SH   DFND 1 108,500 0 0
CUMMINS INC COM 231021106 436 3,400 SH   DFND 1 3,400 0 0
DELUXE CORP COM 248019101 1,203 18,000 SH   DFND 1 18,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 587 140,000 SH   DFND 1 140,000 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 194 1,050 SH   DFND   1,050 0 0
DICKS SPORTING GOODS INC COM 253393102 629 11,100 SH   DFND   11,100 0 0
DICKS SPORTING GOODS INC COM 253393102 2,240 39,500 SH   DFND 1 39,500 0 0
DILLARDS INC CL A 254067101 870 13,800 SH   DFND 1 13,800 0 0
DISCOVER FINL SVCS COM 254709108 1,244 22,000 SH   DFND 1 22,000 0 0
DOVER CORP COM 260003108 994 13,500 SH   DFND 1 13,500 0 0
DST SYS INC DEL COM 233326107 1,114 9,450 SH   DFND 1 9,450 0 0
EATON CORP PLC SHS G29183103 1,183 18,000 SH   DFND 1 18,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 884 225,000 SH   DFND   225,000 0 0
EMERSON ELEC CO COM 291011104 55 1,000 SH   DFND   1,000 0 0
EMERSON ELEC CO COM 291011104 1,417 26,000 SH   DFND 1 26,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,105 40,000 SH   DFND 1 40,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 458 6,500 SH   DFND   6,500 0 0
FIRST AMERN FINL CORP COM 31847R102 2,553 65,000 SH   DFND 1 65,000 0 0
FLOWSERVE CORP COM 34354P105 1,110 23,000 SH   DFND 1 23,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,448 120,000 SH   DFND 1 120,000 0 0
FRANCO NEVADA CORP COM 351858105 699 10,000 SH   DFND   10,000 0 0
FRANKLIN RES INC COM 354613101 533 15,000 SH   DFND   15,000 0 0
FRANKLIN RES INC COM 354613101 772 21,700 SH   DFND 1 21,700 0 0
GAMESTOP CORP NEW CL A 36467W109 317 11,500 SH   DFND   11,500 0 0
GAMESTOP CORP NEW CL A 36467W109 1,104 40,000 SH   DFND 1 40,000 0 0
GAP INC DEL COM 364760108 80 3,600 SH   DFND   3,600 0 0
GAP INC DEL COM 364760108 890 40,000 SH   DFND 1 40,000 0 0
GENERAL MTRS CO COM 37045V100 1,318 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 135 4,250 SH   DFND   4,250 0 0
GILEAD SCIENCES INC COM 375558103 995 12,570 SH   DFND 1 12,570 0 0
GLOBALSCAPE INC COM 37940G109 40 11,069 SH   DFND   11,069 0 0
GOLDCORP INC NEW COM 380956409 909 55,000 SH   DFND   55,000 0 0
GRAND CANYON ED INC COM 38526M106 707 17,500 SH   DFND 1 17,500 0 0
GREENBRIER COS INC COM 393657101 641 18,150 SH   DFND   18,150 0 0
GREENBRIER COS INC COM 393657101 2,277 64,500 SH   DFND 1 64,500 0 0
HEXCEL CORP NEW COM 428291108 1,041 23,500 SH   DFND 1 23,500 0 0
HIBBETT SPORTS INC COM 428567101 487 12,200 SH   DFND   12,200 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 721 4,700 SH   DFND 1 4,700 0 0
ICONIX BRAND GROUP INC COM 451055107 474 58,400 SH   DFND   58,400 0 0
INGRAM MICRO INC CL A 457153104 107 3,000 SH   DFND   3,000 0 0
INTEL CORP COM 458140100 1,208 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 64 400 SH   DFND   400 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,430 9,000 SH   DFND 1 9,000 0 0
INVESCO LTD SHS G491BT108 63 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 1,157 37,000 SH   DFND 1 37,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 449 24,643 SH   DFND   24,643 0 0
JOHNSON & JOHNSON COM 478160104 1,299 11,000 SH   DFND   11,000 0 0
JPMORGAN CHASE & CO COM 46625H100 666 10,000 SH   DFND   10,000 0 0
KOHLS CORP COM 500255104 1,251 28,600 SH   DFND 1 28,600 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 179 1,300 SH   DFND   1,300 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,925 14,000 SH   DFND 1 14,000 0 0
LAM RESEARCH CORP COM 512807108 1,326 14,000 SH   DFND 1 14,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,669 29,000 SH   DFND 1 29,000 0 0
LAZARD LTD SHS A G54050102 1,509 41,500 SH   DFND 1 41,500 0 0
LEAR CORP COM NEW 521865204 849 7,000 SH   DFND 1 7,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 126 44,100 SH   DFND   44,100 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 699 243,700 SH   DFND 1 243,700 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 645 8,000 SH   DFND 1 8,000 0 0
MARCUS & MILLICHAP INC COM 566324109 393 15,000 SH   DFND   15,000 0 0
MASTERCARD INC CL A 57636Q104 1,527 15,000 SH   DFND   15,000 0 0
MCKESSON CORP COM 58155Q103 316 1,895 SH   DFND   1,895 0 0
METHODE ELECTRS INC COM 591520200 874 25,000 SH   DFND 1 25,000 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 386 8,250 SH   DFND   8,250 0 0
MINERALS TECHNOLOGIES INC COM 603158106 566 8,000 SH   DFND   8,000 0 0
MONSANTO CO NEW COM 61166W101 1,533 15,000 SH   DFND 1 15,000 0 0
MSC INDL DIRECT INC CL A 553530106 73 1,000 SH   DFND   1,000 0 0
MSC INDL DIRECT INC CL A 553530106 1,468 20,000 SH   DFND 1 20,000 0 0
NEW GOLD INC CDA COM 644535106 544 125,000 SH   DFND   125,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 1,381 100,000 SH   DFND 1 100,000 0 0
NEWMONT MINING CORP COM 651639106 1,768 45,000 SH   DFND   45,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,456 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 355 500,000 SH   DFND   500,000 0 0
NUCOR CORP COM 670346105 174 3,519 SH   DFND   3,519 0 0
OMNICOM GROUP INC COM 681919106 376 4,425 SH   DFND   4,425 0 0
OMNICOM GROUP INC COM 681919106 782 9,200 SH   DFND 1 9,200 0 0
ORACLE CORP COM 68389X105 1,768 45,000 SH   DFND 1 45,000 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 191 17,500 SH   DFND   17,500 0 0
PACCAR INC COM 693718108 370 6,300 SH   DFND   6,300 0 0
PACCAR INC COM 693718108 1,176 20,000 SH   DFND 1 20,000 0 0
PEPSICO INC COM 713448108 1,958 18,000 SH   DFND 1 18,000 0 0
PHILIP MORRIS INTL INC COM 718172109 97 1,000 SH   DFND   1,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,722 28,000 SH   DFND 1 28,000 0 0
PHILLIPS 66 COM 718546104 1,651 20,500 SH   DFND 1 20,500 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 106 5,000 SH   DFND   5,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 411 150,000 SH   DFND   150,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 721 8,000 SH   DFND 1 8,000 0 0
POLARIS INDS INC COM 731068102 147 1,900 SH   DFND   1,900 0 0
POLARIS INDS INC COM 731068102 1,618 20,900 SH   DFND 1 20,900 0 0
POTASH CORP SASK INC COM 73755L107 1,306 80,000 SH   DFND 1 80,000 0 0
PRAXAIR INC COM 74005P104 181 1,500 SH   DFND   1,500 0 0
PRAXAIR INC COM 74005P104 1,208 10,000 SH   DFND 1 10,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 1,164 17,500 SH   DFND 1 17,500 0 0
QUALCOMM INC COM 747525103 1,370 20,000 SH   DFND 1 20,000 0 0
QUEST DIAGNOSTICS INC COM 74834L100 2,370 28,000 SH   DFND 1 28,000 0 0
RANDGOLD RES LTD ADR 752344309 1,501 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 994 29,749 SH   DFND   29,749 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,169 35,000 SH   DFND 1 35,000 0 0
ROBERT HALF INTL INC COM 770323103 1,389 36,700 SH   DFND 1 36,700 0 0
ROBERT HALF INTL INC COM 770323103 371 9,800 SH   DFND   9,800 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,260 10,300 SH   DFND 1 10,300 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,379 32,500 SH   DFND 1 32,500 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 119 25,600 SH   DFND   25,600 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 658 141,200 SH   DFND 1 141,200 0 0
SHIRE PLC SPONSORED ADR 82481R106 776 4,001 SH   DFND 1 4,001 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 2,056 27,000 SH   DFND 1 27,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 72 2,694 SH   DFND   2,694 0 0
SOUTHERN CO COM 842587107 2,437 47,500 SH   DFND 1 47,500 0 0
SOUTHWEST AIRLS CO COM 844741108 350 9,000 SH   DFND 1 9,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,457 11,600 SH   DFND   11,600 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 87 2,000 SH   DFND   2,000 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 1,066 24,400 SH   DFND 1 24,400 0 0
SYNGENTA AG SPONSORED ADR 87160A100 235 2,678 SH   DFND   2,678 0 0
SYNTEL INC COM 87162H103 576 13,754 SH   DFND 1 13,754 0 0
TAHOE RES INC COM 873868103 577 45,000 SH   DFND   45,000 0 0
TEXAS INSTRS INC COM 882508104 1,298 18,500 SH   DFND 1 18,500 0 0
TRANSOCEAN LTD REG SHS H8817H100 395 37,000 SH   DFND   37,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,066 100,000 SH   DFND 1 100,000 0 0
UBIQUITI NETWORKS INC COM 90347A100 532 9,950 SH   DFND   9,950 0 0
UBIQUITI NETWORKS INC COM 90347A100 1,980 37,000 SH   DFND 1 37,000 0 0
UNION PAC CORP COM 907818108 1,234 12,650 SH   DFND 1 12,650 0 0
UNITED TECHNOLOGIES CORP COM 913017109 404 3,980 SH   DFND 1 3,980 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 80 675 SH   DFND   675 0 0
US BANCORP DEL COM NEW 902973304 1,673 39,000 SH   DFND 1 39,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,144 22,000 SH   DFND 1 22,000 0 0
WAL-MART STORES INC COM 931142103 274 3,800 SH   DFND   3,800 0 0
WAL-MART STORES INC COM 931142103 2,571 35,650 SH   DFND 1 35,650 0 0
WESTERN REFNG INC COM 959319104 1,058 40,000 SH   DFND 1 40,000 0 0
WESTERN UN CO COM 959802109 1,728 83,000 SH   DFND 1 83,000 0 0
WESTERN UN CO COM 959802109 146 7,000 SH   DFND   7,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,364 60,000 SH   DFND 1 60,000 0 0
WILLIAMS SONOMA INC COM 969904101 559 10,951 SH   DFND 1 10,951 0 0
YAMANA GOLD INC COM 98462Y100 496 115,000 SH   DFND   115,000 0 0