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 131 900 SH   DFND   900 0 0
AGNICO EAGLE MINES LTD COM 008474108 1,470 35,000 SH   DFND   35,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,539 225,000 SH   DFND   225,000 0 0
ALASKA AIR GROUP INC COM 011659109 2,396 27,000 SH   DFND 1 27,000 0 0
ALLEGIANT TRAVEL CO COM 01748X102 2,280 13,700 SH   DFND 1 13,700 0 0
ALPHABET INC CAP STK CL A 02079K305 1,743 2,200 SH   DFND   2,200 0 0
AMERICAN EXPRESS CO COM 025816109 74 1,000 SH   DFND   1,000 0 0
AMERICAN EXPRESS CO COM 025816109 1,778 24,000 SH   DFND 1 24,000 0 0
AMERIPRISE FINL INC COM 03076C106 1,065 9,600 SH   DFND 1 9,600 0 0
AMERISOURCEBERGEN CORP COM 03073E105 1,056 13,500 SH   DFND 1 13,500 0 0
AMGEN INC COM 031162100 1,974 13,500 SH   DFND 1 13,500 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 578 55,000 SH   DFND   55,000 0 0
APPLE INC COM 037833100 417 3,600 SH   DFND   3,600 0 0
APPLE INC COM 037833100 2,374 20,500 SH   DFND 1 20,500 0 0
ASSURED GUARANTY LTD COM G0585R106 1,889 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 95 2,000 SH   DFND   2,000 0 0
AVNET INC COM 053807103 1,524 32,000 SH   DFND 1 32,000 0 0
B2GOLD CORP COM 11777Q209 474 200,000 SH   DFND   200,000 0 0
BED BATH & BEYOND INC COM 075896100 305 7,500 SH   DFND   7,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,004 12,300 SH   DFND   12,300 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 744 20,800 SH   DFND   20,800 0 0
BIG LOTS INC COM 089302103 1,506 30,000 SH   DFND 1 30,000 0 0
BIOGEN INC COM 09062X103 397 1,400 SH   DFND   1,400 0 0
BLOCK H & R INC COM 093671105 1,009 43,900 SH   DFND 1 43,900 0 0
BORGWARNER INC COM 099724106 868 22,000 SH   DFND 1 22,000 0 0
BUCKLE INC COM 118440106 288 12,650 SH   DFND 1 12,650 0 0
CAL MAINE FOODS INC COM NEW 128030202 1,016 23,000 SH   DFND 1 23,000 0 0
CAPELLA EDUCATION COMPANY COM 139594105 440 5,000 SH   DFND   5,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,762 20,200 SH   DFND 1 20,200 0 0
CARDINAL HEALTH INC COM 14149Y108 2,231 31,000 SH   DFND 1 31,000 0 0
CARTER INC COM 146229109 2,099 24,300 SH   DFND 1 24,300 0 0
CARTER INC COM 146229109 190 2,200 SH   DFND   2,200 0 0
CINER RES LP COM UNIT LTD 172464109 785 27,000 SH   DFND   27,000 0 0
CINER RES LP COM UNIT LTD 172464109 937 32,238 SH   DFND 1 32,238 0 0
CISCO SYS INC COM 17275R102 876 29,000 SH   DFND   29,000 0 0
COHEN & STEERS INC COM 19247A100 2,184 65,000 SH   DFND 1 65,000 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 508 45,000 SH   DFND   45,000 0 0
COMPASS MINERALS INTL INC COM 20451N101 306 3,900 SH   DFND   3,900 0 0
COSTAMARE INC SHS Y1771G102 728 130,000 SH   DFND 1 130,000 0 0
CREDIT ACCEP CORP MICH COM 225310101 2,501 11,500 SH   DFND 1 11,500 0 0
CUMMINS INC COM 231021106 465 3,400 SH   DFND 1 3,400 0 0
DELUXE CORP COM 248019101 1,933 27,000 SH   DFND 1 27,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 580 140,000 SH   DFND 1 140,000 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 399 1,897 SH   DFND   1,897 0 0
DICKS SPORTING GOODS INC COM 253393102 400 7,521 SH   DFND   7,521 0 0
DICKS SPORTING GOODS INC COM 253393102 1,421 26,764 SH   DFND 1 26,764 0 0
DILLARDS INC CL A 254067101 865 13,800 SH   DFND 1 13,800 0 0
DISCOVER FINL SVCS COM 254709108 1,586 22,000 SH   DFND 1 22,000 0 0
DISNEY WALT CO COM DISNEY 254687106 104 1,000 SH   DFND   1,000 0 0
DISNEY WALT CO COM DISNEY 254687106 1,563 15,000 SH   DFND 1 15,000 0 0
DOLLAR GEN CORP NEW COM 256677105 1,526 20,600 SH   DFND 1 20,600 0 0
DOVER CORP COM 260003108 1,012 13,500 SH   DFND 1 13,500 0 0
DOW CHEM CO COM 260543103 2,289 40,000 SH   DFND 1 40,000 0 0
DST SYS INC DEL COM 233326107 2,357 22,000 SH   DFND 1 22,000 0 0
DST SYS INC DEL COM 233326107 418 3,900 SH   DFND   3,900 0 0
EATON CORP PLC SHS G29183103 1,208 18,000 SH   DFND 1 18,000 0 0
ELDORADO GOLD CORP NEW COM 284902103 725 225,000 SH   DFND   225,000 0 0
EMERSON ELEC CO COM 291011104 56 1,000 SH   DFND   1,000 0 0
EMERSON ELEC CO COM 291011104 1,450 26,000 SH   DFND 1 26,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 1,082 40,000 SH   DFND 1 40,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 447 6,500 SH   DFND   6,500 0 0
FEDERATED INVS INC PA CL B 314211103 480 17,000 SH   DFND   17,000 0 0
FEDERATED INVS INC PA CL B 314211103 2,291 81,000 SH   DFND 1 81,000 0 0
FIRST AMERN FINL CORP COM 31847R102 2,381 65,000 SH   DFND 1 65,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,941 160,000 SH   DFND 1 160,000 0 0
FRANCO NEVADA CORP COM 351858105 598 10,000 SH   DFND   10,000 0 0
FRANKLIN RES INC COM 354613101 593 15,000 SH   DFND   15,000 0 0
FRANKLIN RES INC COM 354613101 859 21,700 SH   DFND 1 21,700 0 0
FUTUREFUEL CORPORATION COM 36116M106 410 29,500 SH   DFND   29,500 0 0
GAMCO INVESTORS INC CL A COM 361438104 300 9,700 SH   DFND   9,700 0 0
GAMCO INVESTORS INC CL A COM 361438104 2,193 71,000 SH   DFND 1 71,000 0 0
GAMESTOP CORP NEW CL A 36467W109 291 11,500 SH   DFND   11,500 0 0
GAMESTOP CORP NEW CL A 36467W109 1,010 40,000 SH   DFND 1 40,000 0 0
GAP INC DEL COM 364760108 81 3,600 SH   DFND   3,600 0 0
GAP INC DEL COM 364760108 898 40,000 SH   DFND 1 40,000 0 0
GENERAL MTRS CO COM 37045V100 1,446 41,500 SH   DFND 1 41,500 0 0
GENERAL MTRS CO COM 37045V100 148 4,250 SH   DFND   4,250 0 0
GENTHERM INC COM 37253A103 294 8,700 SH   DFND   8,700 0 0
GILEAD SCIENCES INC COM 375558103 2,005 28,000 SH   DFND 1 28,000 0 0
GILEAD SCIENCES INC COM 375558103 358 5,000 SH   DFND   5,000 0 0
GLOBALSCAPE INC COM 37940G109 45 11,069 SH   DFND   11,069 0 0
GOLDCORP INC NEW COM 380956409 748 55,000 SH   DFND   55,000 0 0
GRAND CANYON ED INC COM 38526M106 1,023 17,500 SH   DFND 1 17,500 0 0
GREENBRIER COS INC COM 393657101 754 18,150 SH   DFND   18,150 0 0
HENNESSY ADVISORS INC COM 425885100 95 3,000 SH   DFND   3,000 0 0
HEXCEL CORP NEW COM 428291108 1,209 23,500 SH   DFND 1 23,500 0 0
HFF INC CL A 40418F108 929 30,724 SH   DFND 1 30,724 0 0
HIBBETT SPORTS INC COM 428567101 455 12,200 SH   DFND   12,200 0 0
HOME DEPOT INC COM 437076102 2,279 17,000 SH   DFND 1 17,000 0 0
HONEYWELL INTL INC COM 438516106 1,564 13,500 SH   DFND 1 13,500 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 866 4,700 SH   DFND 1 4,700 0 0
ICONIX BRAND GROUP INC COM 451055107 545 58,400 SH   DFND   58,400 0 0
ILG INC COM 44967H101 2,253 124,000 SH   DFND 1 124,000 0 0
INTEL CORP COM 458140100 2,358 65,000 SH   DFND 1 65,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,494 9,000 SH   DFND 1 9,000 0 0
INVESCO LTD SHS G491BT108 61 2,000 SH   DFND   2,000 0 0
INVESCO LTD SHS G491BT108 1,123 37,000 SH   DFND 1 37,000 0 0
IPG PHOTONICS CORP COM 44980X109 148 1,500 SH   DFND   1,500 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 372 24,643 SH   DFND   24,643 0 0
JOHNSON & JOHNSON COM 478160104 1,267 11,000 SH   DFND   11,000 0 0
JPMORGAN CHASE & CO COM 46625H100 863 10,000 SH   DFND   10,000 0 0
KOHLS CORP COM 500255104 1,412 28,600 SH   DFND 1 28,600 0 0
KROGER CO COM 501044101 1,035 30,000 SH   DFND 1 30,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 167 1,300 SH   DFND   1,300 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 1,797 14,000 SH   DFND 1 14,000 0 0
LAM RESEARCH CORP COM 512807108 1,480 14,000 SH   DFND 1 14,000 0 0
LAZARD LTD SHS A G54050102 1,705 41,500 SH   DFND 1 41,500 0 0
LEAR CORP COM NEW 521865204 927 7,000 SH   DFND 1 7,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 137 44,100 SH   DFND   44,100 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 755 243,700 SH   DFND 1 243,700 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 2,359 27,500 SH   DFND 1 27,500 0 0
MAGNA INTL INC COM 559222401 2,300 53,000 SH   DFND 1 53,000 0 0
MARCUS & MILLICHAP INC COM 566324109 401 15,000 SH   DFND   15,000 0 0
MASTERCARD INC CL A 57636Q104 1,549 15,000 SH   DFND   15,000 0 0
MCKESSON CORP COM 58155Q103 266 1,895 SH   DFND   1,895 0 0
METHODE ELECTRS INC COM 591520200 1,034 25,000 SH   DFND 1 25,000 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 355 8,250 SH   DFND   8,250 0 0
MINERALS TECHNOLOGIES INC COM 603158106 618 8,000 SH   DFND   8,000 0 0
MONSANTO CO NEW COM 61166W101 1,578 15,000 SH   DFND 1 15,000 0 0
MSC INDL DIRECT INC CL A 553530106 92 1,000 SH   DFND   1,000 0 0
MSC INDL DIRECT INC CL A 553530106 1,848 20,000 SH   DFND 1 20,000 0 0
NEUBERGER BERMAN RE ES SEC F COM 64190A103 1,611 300,000 SH   DFND 1 300,000 0 0
NEW GOLD INC CDA COM 644535106 438 125,000 SH   DFND   125,000 0 0
NEWMONT MINING CORP COM 651639106 1,533 45,000 SH   DFND   45,000 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,621 15,000 SH   DFND 1 15,000 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 1,035 500,000 SH   DFND   500,000 0 0
NUCOR CORP COM 670346105 209 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 783 9,200 SH   DFND 1 9,200 0 0
ORACLE CORP COM 68389X105 1,730 45,000 SH   DFND 1 45,000 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 171 17,500 SH   DFND   17,500 0 0
PACCAR INC COM 693718108 403 6,300 SH   DFND   6,300 0 0
PACCAR INC COM 693718108 1,278 20,000 SH   DFND 1 20,000 0 0
PACKAGING CORP AMER COM 695156109 2,205 26,000 SH   DFND 1 26,000 0 0
PHILIP MORRIS INTL INC COM 718172109 91 1,000 SH   DFND   1,000 0 0
PHILIP MORRIS INTL INC COM 718172109 2,562 28,000 SH   DFND 1 28,000 0 0
PHILLIPS 66 COM 718546104 1,771 20,500 SH   DFND 1 20,500 0 0
PILGRIMS PRIDE CORP NEW COM 72147K108 95 5,000 SH   DFND   5,000 0 0
PLATINUM GROUP METALS LTD COM 72765Q601 215 150,000 SH   DFND   150,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 936 8,000 SH   DFND 1 8,000 0 0
POLARIS INDS INC COM 731068102 157 1,900 SH   DFND   1,900 0 0
POLARIS INDS INC COM 731068102 1,722 20,900 SH   DFND 1 20,900 0 0
POTASH CORP SASK INC COM 73755L107 1,447 80,000 SH   DFND 1 80,000 0 0
PRAXAIR INC COM 74005P104 176 1,500 SH   DFND   1,500 0 0
PRAXAIR INC COM 74005P104 1,172 10,000 SH   DFND 1 10,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 2,326 30,900 SH   DFND 1 30,900 0 0
PRICE T ROWE GROUP INC COM 74144T108 421 5,600 SH   DFND   5,600 0 0
PRUDENTIAL FINL INC COM 744320102 1,374 13,200 SH   DFND 1 13,200 0 0
QUALCOMM INC COM 747525103 1,304 20,000 SH   DFND 1 20,000 0 0
RANDGOLD RES LTD ADR 752344309 1,145 15,000 SH   DFND   15,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,144 29,749 SH   DFND   29,749 0 0
RIO TINTO PLC SPONSORED ADR 767204100 1,346 35,000 SH   DFND 1 35,000 0 0
ROBERT HALF INTL INC COM 770323103 1,790 36,700 SH   DFND 1 36,700 0 0
ROBERT HALF INTL INC COM 770323103 478 9,800 SH   DFND   9,800 0 0
ROCKWELL AUTOMATION INC COM 773903109 1,384 10,300 SH   DFND 1 10,300 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 1,254 32,500 SH   DFND 1 32,500 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 142 25,600 SH   DFND   25,600 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 2 ORD 780097689 781 141,200 SH   DFND 1 141,200 0 0
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 2,355 33,000 SH   DFND 1 33,000 0 0
SHERWIN WILLIAMS CO COM 824348106 2,284 8,500 SH   DFND 1 8,500 0 0
SHIRE PLC SPONSORED ADR 82481R106 682 4,001 SH   DFND 1 4,001 0 0
SIGNET JEWELERS LIMITED SHS G81276100 306 3,250 SH   DFND   3,250 0 0
SIGNET JEWELERS LIMITED SHS G81276100 1,263 13,400 SH   DFND 1 13,400 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 2,016 27,000 SH   DFND 1 27,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 77 2,694 SH   DFND   2,694 0 0
SOUTHERN CO COM 842587107 2,337 47,500 SH   DFND 1 47,500 0 0
SOUTHWEST AIRLS CO COM 844741108 1,445 29,000 SH   DFND 1 29,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,271 11,600 SH   DFND   11,600 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 92 2,000 SH   DFND   2,000 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 1,118 24,400 SH   DFND 1 24,400 0 0
STURM RUGER & CO INC COM 864159108 520 9,850 SH   DFND   9,850 0 0
STURM RUGER & CO INC COM 864159108 2,266 43,000 SH   DFND 1 43,000 0 0
SYNGENTA AG SPONSORED ADR 87160A100 212 2,678 SH   DFND   2,678 0 0
SYNTEL INC COM 87162H103 272 13,754 SH   DFND 1 13,754 0 0
TAHOE RES INC COM 873868103 424 45,000 SH   DFND   45,000 0 0
TE CONNECTIVITY LTD REG SHS H84989104 2,217 32,000 SH   DFND 1 32,000 0 0
TEXAS INSTRS INC COM 882508104 1,350 18,500 SH   DFND 1 18,500 0 0
TRANSOCEAN LTD REG SHS H8817H100 546 37,000 SH   DFND   37,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 1,474 100,000 SH   DFND 1 100,000 0 0
UBIQUITI NETWORKS INC COM 90347A100 575 9,950 SH   DFND   9,950 0 0
UBIQUITI NETWORKS INC COM 90347A100 2,139 37,000 SH   DFND 1 37,000 0 0
UNION PAC CORP COM 907818108 1,312 12,650 SH   DFND 1 12,650 0 0
UNITED TECHNOLOGIES CORP COM 913017109 436 3,980 SH   DFND 1 3,980 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 577 4,025 SH   DFND   4,025 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,402 45,000 SH   DFND 1 45,000 0 0
WAL-MART STORES INC COM 931142103 263 3,800 SH   DFND   3,800 0 0
WAL-MART STORES INC COM 931142103 2,464 35,650 SH   DFND 1 35,650 0 0
WESTERN REFNG INC COM 959319104 1,514 40,000 SH   DFND 1 40,000 0 0
WESTERN UN CO COM 959802109 1,803 83,000 SH   DFND 1 83,000 0 0
WESTERN UN CO COM 959802109 152 7,000 SH   DFND   7,000 0 0
WESTPAC BKG CORP SPONSORED ADR 961214301 1,409 60,000 SH   DFND 1 60,000 0 0
WILLIAMS SONOMA INC COM 969904101 1,984 41,000 SH   DFND 1 41,000 0 0
WILLIAMS SONOMA INC COM 969904101 363 7,500 SH   DFND   7,500 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 145 1,900 SH   DFND   1,900 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 2,291 30,000 SH   DFND 1 30,000 0 0