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
3M CO COM 88579Y101 239 2,000 SH   DFND   2,000 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 390 5,300 SH   DFND   5,300 0 0
AGNICO EAGLE MINES LTD COM 008474108 344 13,000 SH   DFND   13,000 0 0
ALAMOS GOLD INC COM 011527108 1,557 100,000 SH   DFND   100,000 0 0
AMAZON COM INC COM 023135106 469 1,500 SH   DFND   1,500 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 398 30,000 SH   DFND   30,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 415 8,000 SH   DFND   8,000 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 217 3,000 SH   DFND   3,000 0 0
AVALONBAY CMNTYS INC COM 053484101 286 2,250 SH   DFND   2,250 0 0
B2GOLD CORP COM 11777Q209 1,101 444,000 SH   DFND   444,000 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 148 10,639 SH   DFND   10,639 0 0
BARRICK GOLD CORP COM 067901108 745 40,000 SH   DFND   40,000 0 0
BECTON DICKINSON & CO COM 075887109 300 3,000 SH   DFND   3,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,235 28,500 SH   DFND   28,500 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 1,383 20,800 SH   DFND   20,800 0 0
CANADIAN NATL RY CO COM 136375102 213 2,100 SH   DFND   2,100 0 0
CERNER CORP COM 156782104 294 5,600 SH   DFND   5,600 0 0
CHESAPEAKE ENERGY CORP COM 165167107 259 10,000 SH   DFND   10,000 0 0
CHEVRON CORP NEW COM 166764100 352 2,900 SH   DFND   2,900 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 222 3,935 SH   DFND   3,935 0 0
CHURCH & DWIGHT INC COM 171340102 318 5,300 SH   DFND   5,300 0 0
CLIFFS NAT RES INC COM 18683K101 513 25,000 SH   DFND   25,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 1,151 10,000 SH   DFND   10,000 0 0
ECOLAB INC COM 278865100 504 5,100 SH   DFND   5,100 0 0
ELDORADO GOLD CORP NEW COM 284902103 839 125,000 SH   DFND   125,000 0 0
EXXON MOBIL CORP COM 30231G102 618 7,179 SH   DFND   7,179 0 0
FRANCO NEVADA CORP COM 351858105 394 8,700 SH   DFND   8,700 0 0
FRANKLIN RES INC COM 354613101 758 15,000 SH   DFND   15,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 1,654 50,000 SH   DFND   50,000 0 0
GENERAL ELECTRIC CO COM 369604103 860 36,000 SH   DFND   36,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 283 62,000 SH   DFND   62,000 0 0
GOLDCORP INC NEW COM 380956409 1,431 55,000 SH   DFND   55,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 301 1,900 SH   DFND   1,900 0 0
GOOGLE INC CL A 38259P508 2,015 2,300 SH   DFND   2,300 0 0
HECLA MNG CO COM 422704106 422 134,366 SH   DFND   134,366 0 0
HOME DEPOT INC COM 437076102 531 7,000 SH   DFND   7,000 0 0
HUDBAY MINERALS INC COM 443628102 1,440 175,000 SH   DFND   175,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 685 3,700 SH   DFND   3,700 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 515 24,643 SH   DFND   24,643 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 144 10,230 SH   DFND   10,230 0 0
JOHNSON & JOHNSON COM 478160104 954 11,000 SH   DFND   11,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,003 19,400 SH   DFND   19,400 0 0
KINROSS GOLD CORP COM NO PAR 496902404 1,613 319,369 SH   DFND   319,369 0 0
MASTERCARD INC CL A 57636Q104 3,683 5,475 SH   DFND   5,475 0 0
MCDONALDS CORP COM 580135101 289 3,000 SH   DFND   3,000 0 0
MCKESSON CORP COM 58155Q103 488 3,800 SH   DFND   3,800 0 0
MICROSOFT CORP COM 594918104 433 12,994 SH   DFND   12,994 0 0
NEWMONT MINING CORP COM 651639106 1,405 50,000 SH   DFND   50,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 730 500,000 SH   DFND   500,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 230 3,000 SH   DFND   3,000 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,605 1,500,000 SH   DFND   1,500,000 0 0
PROCTER & GAMBLE CO COM 742718109 302 4,000 SH   DFND   4,000 0 0
PS BUSINESS PKS INC CALIF COM 69360J107 211 2,825 SH   DFND   2,825 0 0
RANDGOLD RES LTD ADR 752344309 1,073 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,451 29,749 SH   DFND   29,749 0 0
SILVER WHEATON CORP COM 828336107 842 34,000 SH   DFND   34,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,162 16,871 SH   DFND   16,871 0 0
SYNGENTA AG SPONSORED ADR 87160A100 218 2,678 SH   DFND   2,678 0 0
UNITED PARCEL SERVICE INC CL B 911312106 274 3,000 SH   DFND   3,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 251 3,500 SH   DFND   3,500 0 0
WAL-MART STORES INC COM 931142103 525 7,100 SH   DFND   7,100 0 0
WELLS FARGO & CO NEW COM 949746101 750 18,140 SH   DFND   18,140 0 0
YAMANA GOLD INC COM 98462Y100 374 36,000 SH   DFND   36,000 0 0
3M CO COM 88579Y101 2,388 20,000 SH   DFND 1 20,000 0 0
ABBOTT LABS COM 002824100 996 30,000 SH   DFND 1 30,000 0 0
ABBVIE INC COM 00287Y109 1,342 30,000 SH   DFND 1 30,000 0 0
ACE LTD SHS H0023R105 1,871 20,000 SH   DFND 1 20,000 0 0
ALTRIA GROUP INC COM 02209S103 1,031 30,000 SH   DFND 1 30,000 0 0
AMGEN INC COM 031162100 1,354 12,100 SH   DFND 1 12,100 0 0
ANALOG DEVICES INC COM 032654105 1,082 23,000 SH   DFND 1 23,000 0 0
AT&T INC COM 00206R102 1,522 45,000 SH   DFND 1 45,000 0 0
AVALONBAY CMNTYS INC COM 053484101 1,347 10,600 SH   DFND 1 10,600 0 0
BAXTER INTL INC COM 071813109 1,031 15,700 SH   DFND 1 15,700 0 0
BECTON DICKINSON & CO COM 075887109 1,070 10,700 SH   DFND 1 10,700 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 2,545 55,000 SH   DFND 1 55,000 0 0
CAMPBELL SOUP CO COM 134429109 1,018 25,000 SH   DFND 1 25,000 0 0
CARNIVAL CORP PAIRED CTF 143658300 777 23,800 SH   DFND 1 23,800 0 0
CENTURYLINK INC COM 156700106 785 25,000 SH   DFND 1 25,000 0 0
CHEVRON CORP NEW COM 166764100 875 7,200 SH   DFND 1 7,200 0 0
CISCO SYS INC COM 17275R102 967 41,300 SH   DFND 1 41,300 0 0
CLOROX CO DEL COM 189054109 956 11,700 SH   DFND 1 11,700 0 0
COCA COLA CO COM 191216100 1,136 30,000 SH   DFND 1 30,000 0 0
CONOCOPHILLIPS COM 20825C104 765 11,000 SH   DFND 1 11,000 0 0
CSX CORP COM 126408103 878 34,100 SH   DFND 1 34,100 0 0
DOVER CORP COM 260003108 1,213 13,500 SH   DFND 1 13,500 0 0
DOW CHEM CO COM 260543103 768 20,000 SH   DFND 1 20,000 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 1,171 20,000 SH   DFND 1 20,000 0 0
EMERSON ELEC CO COM 291011104 1,294 20,000 SH   DFND 1 20,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 2,031 39,000 SH   DFND 1 39,000 0 0
ENTERGY CORP NEW COM 29364G103 695 11,000 SH   DFND 1 11,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,221 20,000 SH   DFND 1 20,000 0 0
EXELON CORP COM 30161N101 504 17,000 SH   DFND 1 17,000 0 0
EXXON MOBIL CORP COM 30231G102 860 10,000 SH   DFND 1 10,000 0 0
FIRSTENERGY CORP COM 337932107 678 18,600 SH   DFND 1 18,600 0 0
GENERAL ELECTRIC CO COM 369604103 2,673 111,900 SH   DFND 1 111,900 0 0
GENERAL MLS INC COM 370334104 1,198 25,000 SH   DFND 1 25,000 0 0
HONEYWELL INTL INC COM 438516106 2,076 25,000 SH   DFND 1 25,000 0 0
INTEL CORP COM 458140100 2,750 120,000 SH   DFND 1 120,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 370 2,000 SH   DFND 1 2,000 0 0
INVESCO LTD SHS G491BT108 638 20,000 SH   DFND 1 20,000 0 0
JOHNSON & JOHNSON COM 478160104 2,003 23,100 SH   DFND 1 23,100 0 0
JPMORGAN CHASE & CO COM 46625H100 1,902 36,800 SH   DFND 1 36,800 0 0
KIMBERLY CLARK CORP COM 494368103 1,178 12,500 SH   DFND 1 12,500 0 0
KINDER MORGAN INC DEL COM 49456B101 889 25,000 SH   DFND 1 25,000 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 1,335 41,400 SH   DFND 1 41,400 0 0
KRAFT FOODS GROUP INC COM 50076Q106 1,154 22,000 SH   DFND 1 22,000 0 0
KROGER CO COM 501044101 1,303 32,300 SH   DFND 1 32,300 0 0
L BRANDS INC COM 501797104 3,299 54,000 SH   DFND 1 54,000 0 0
LENDER PROCESSING SVCS INC COM 52602E102 1,331 40,000 SH   DFND 1 40,000 0 0
MATTEL INC COM 577081102 1,047 25,000 SH   DFND 1 25,000 0 0
MCDONALDS CORP COM 580135101 866 9,000 SH   DFND 1 9,000 0 0
MEDTRONIC INC COM 585055106 1,076 20,200 SH   DFND 1 20,200 0 0
MERCK & CO INC NEW COM 58933Y105 1,919 40,300 SH   DFND 1 40,300 0 0
METLIFE INC COM 59156R108 1,878 40,000 SH   DFND 1 40,000 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 1,410 35,000 SH   DFND 1 35,000 0 0
MICROSOFT CORP COM 594918104 999 30,000 SH   DFND 1 30,000 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,416 22,650 SH   DFND 1 22,650 0 0
MOLSON COORS BREWING CO CL B 60871R209 802 16,000 SH   DFND 1 16,000 0 0
MONDELEZ INTL INC CL A 609207105 314 10,000 SH   DFND 1 10,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 1,324 200,000 SH   DFND 1 200,000 0 0
NEWCASTLE INVT CORP COM 65105M108 1,124 200,000 SH   DFND 1 200,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,160 15,000 SH   DFND 1 15,000 0 0
NYSE EURONEXT COM 629491101 630 15,000 SH   DFND 1 15,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 763 8,160 SH   DFND 1 8,160 0 0
OLD REP INTL CORP COM 680223104 1,540 100,000 SH   DFND 1 100,000 0 0
PACCAR INC COM 693718108 1,091 19,600 SH   DFND 1 19,600 0 0
PARKER HANNIFIN CORP COM 701094104 1,098 10,100 SH   DFND 1 10,100 0 0
PAYCHEX INC COM 704326107 406 10,000 SH   DFND 1 10,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 863 60,000 SH   DFND 1 60,000 0 0
PEPSICO INC COM 713448108 795 10,000 SH   DFND 1 10,000 0 0
PFIZER INC COM 717081103 1,089 37,924 SH   DFND 1 37,924 0 0
PG&E CORP COM 69331C108 782 19,100 SH   DFND 1 19,100 0 0
PHILIP MORRIS INTL INC COM 718172109 866 10,000 SH   DFND 1 10,000 0 0
PHILLIPS 66 COM 718546104 318 5,500 SH   DFND 1 5,500 0 0
PPG INDS INC COM 693506107 1,420 8,501 SH   DFND 1 8,501 0 0
PROCTER & GAMBLE CO COM 742718109 907 12,000 SH   DFND 1 12,000 0 0
QUALCOMM INC COM 747525103 674 10,000 SH   DFND 1 10,000 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,144 10,700 SH   DFND 1 10,700 0 0
SANOFI SPONSORED ADR 80105N105 1,109 21,900 SH   DFND 1 21,900 0 0
SEASPAN CORP SHS Y75638109 1,224 50,000 SH   DFND 1 50,000 0 0
SOUTHERN CO COM 842587107 1,235 30,000 SH   DFND 1 30,000 0 0
SPECTRA ENERGY CORP COM 847560109 1,027 30,000 SH   DFND 1 30,000 0 0
STMICROELECTRONICS N V NY REGISTRY 861012102 1,171 127,300 SH   DFND 1 127,300 0 0
SYSCO CORP COM 871829107 875 27,500 SH   DFND 1 27,500 0 0
TARGET CORP COM 87612E106 1,024 16,000 SH   DFND 1 16,000 0 0
TIME WARNER INC COM 887317303 1,408 21,400 SH   DFND 1 21,400 0 0
UNITED PARCEL SERVICE INC CL B 911312106 1,096 12,000 SH   DFND 1 12,000 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,078 10,000 SH   DFND 1 10,000 0 0
US BANCORP DEL COM 902973304 988 27,000 SH   DFND 1 27,000 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 1,633 35,000 SH   DFND 1 35,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 704 20,000 SH   DFND 1 20,000 0 0
WASTE MGMT INC DEL COM 94106L109 619 15,000 SH   DFND 1 15,000 0 0
WELLS FARGO & CO NEW COM 949746101 1,240 30,000 SH   DFND 1 30,000 0 0
WESTERN UN CO COM 959802109 801 42,900 SH   DFND 1 42,900 0 0
ZOETIS INC CL A 98978V103 372 11,952 SH   DFND 1 11,952 0 0