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
ABBVIE INC COM 00287Y109 3,835 58,600 SH   DFND 01,02 58,600 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 2,554 28,600 SH   DFND 01,02 28,600 0 0
ALTRIA GROUP INC COM 02209S103 3,089 62,700 SH   DFND 01,02 62,700 0 0
AMERICAN ELEC PWR INC COM 025537101 2,736 45,064 SH   DFND 01,02 45,064 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 1,523 27,200 SH   DFND 01,02 27,200 0 0
AMERICAN RAILCAR INDS INC COM 02916P103 52 1,000 SH   DFND 01,02 1,000 0 0
AMERIPRISE FINL INC COM 03076C106 1,452 10,980 SH   DFND 01,02 10,980 0 0
APPLE INC COM 037833100 4,879 44,200 SH   DFND 01,02 44,200 0 0
AT&T INC COM 00206R102 2,570 76,500 SH   DFND 01,02 76,500 0 0
BANK AMER CORP COM 060505104 1,547 86,500 SH   DFND 01,02 86,500 0 0
BOEING CO COM 097023105 1,942 14,940 SH   DFND 01,02 14,940 0 0
COLGATE PALMOLIVE CO COM 194162103 2,750 39,740 SH   DFND 01,02 39,740 0 0
CONOCOPHILLIPS COM 20825C104 1,885 27,300 SH   DFND 01,02 27,300 0 0
CRANE CO COM 224399105 6 100 SH   DFND 01,02 100 0 0
CSX CORP COM 126408103 141 3,900 SH   DFND 01,02 3,900 0 0
FIRSTENERGY CORP COM 337932107 1,591 40,800 SH   DFND 01,02 40,800 0 0
FOSTER L B CO COM 350060109 29 600 SH   DFND 01,02 600 0 0
FREIGHTCAR AMER INC COM 357023100 8 300 SH   DFND 01,02 300 0 0
GATX CORP COM 361448103 40 700 SH   DFND 01,02 700 0 0
GENERAL DYNAMICS CORP COM 369550108 2,821 20,500 SH   DFND 01,02 20,500 0 0
GENERAL ELECTRIC CO COM 369604103 3,765 149,000 SH   DFND 01,02 149,000 0 0
GENESEE & WYO INC CL A 371559105 72 800 SH   DFND 01,02 800 0 0
GREENBRIER COS INC COM 393657101 140 2,600 SH   DFND 01,02 2,600 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 134 5,500 SH   DFND 01,02 5,500 0 0
HORMEL FOODS CORP COM 440452100 995 19,100 SH   DFND 01,02 19,100 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 116 7,690 SH   DFND 01,02 7,690 0 0
JOHNSON & JOHNSON COM 478160104 2,572 24,600 SH   DFND 01,02 24,600 0 0
JPMORGAN CHASE & CO COM 46625H100 2,038 32,568 SH   DFND 01,02 32,568 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 1,246 15,700 SH   DFND 01,02 15,700 0 0
MDU RES GROUP INC COM 552690109 1,586 67,500 SH   DFND 01,02 67,500 0 0
MERCK & CO INC NEW COM 58933Y105 3,706 65,251 SH   DFND 01,02 65,251 0 0
MICROSOFT CORP COM 594918104 3,480 74,927 SH   DFND 01,02 74,927 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,836 16,745 SH   DFND 01,02 16,745 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 2,068 25,660 SH   DFND 01,02 25,660 0 0
PEPSICO INC COM 713448108 2,024 21,400 SH   DFND 01,02 21,400 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 114 1,000 SH   DFND 01,02 1,000 0 0
TIME WARNER CABLE INC COM 88732J207 2,372 15,600 SH   DFND 01,02 15,600 0 0
TRINITY INDS INC COM 896522109 81 2,900 SH   DFND 01,02 2,900 0 0
UNION PAC CORP COM 907818108 286 2,400 SH   DFND 01,02 2,400 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,403 12,200 SH   DFND 01,02 12,200 0 0
WABTEC CORP COM 929740108 235 2,700 SH   DFND 01,02 2,700 0 0