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
ALLIED NEVADA GOLD CORP COM 019344100 5,658 873,100 SH   DFND 1,2 873,100 0 0
ANADARKO PETE CORP COM 032511107 28,318 329,549 SH   DFND 1,2 329,549 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 2,240 200,000 SH Call DFND 1,2 200,000 0 0
BARRETT BILL CORP COM 06846N104 8,991 444,650 SH   DFND 1,2 444,650 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,362 179,700 SH   DFND 1,2 179,700 0 0
CABOT OIL & GAS CORP COM 127097103 22,106 311,271 SH   DFND 1,2 311,271 0 0
CAMECO CORP COM 13321L108 6,614 320,150 SH   DFND 1,2 320,150 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 8,388 137,150 SH   DFND 1,2 137,150 0 0
CENOVUS ENERGY INC COM 15135U109 14,136 495,650 SH   DFND 1,2 495,650 0 0
CHEVRON CORP NEW COM 166764100 5,479 46,300 SH   DFND 1,2 46,300 0 0
CONCHO RES INC COM 20605P101 12,504 149,350 SH   DFND 1,2 149,350 0 0
CONSOL ENERGY INC COM 20854P109 5,527 203,957 SH   DFND 1,2 203,957 0 0
DRESSER-RAND GROUP INC COM 261608103 4,163 69,400 SH   DFND 1,2 69,400 0 0
EMERALD OIL INC COM NEW 29101U209 3,259 475,011 SH   DFND 1,2 475,011 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 530 23,900 SH   DFND 1,2 23,900 0 0
ENI S P A SPONSORED ADR 26874R108 3,788 92,300 SH   DFND 1,2 92,300 0 0
ENSCO PLC SHS CLASS A G3157S106 3,442 59,214 SH   DFND 1,2 59,214 0 0
EQT CORP COM 26884L109 4,238 53,400 SH   DFND 1,2 53,400 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 3,526 26,900 SH   DFND 1,2 26,900 0 0
FRANCO NEVADA CORP COM 351858105 5,108 142,800 SH   DFND 1,2 142,800 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 22,556 816,956 SH   DFND 1,2 816,956 0 0
GRAN TIERRA ENERGY INC COM 38500T101 5,054 840,893 SH   DFND 1,2 840,893 0 0
GREEN PLAINS RENEWABLE ENERG COM 393222104 3,061 229,800 SH   DFND 1,2 229,800 0 0
GULFPORT ENERGY CORP COM NEW 402635304 2,355 50,000 SH Put DFND 1,2 50,000 0 0
HALLIBURTON CO COM 406216101 17,414 417,400 SH   DFND 1,2 417,400 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 3,279 172,850 SH   DFND 1,2 172,850 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 18,188 274,500 SH   DFND 1,2 274,500 0 0
MOLYCORP INC DEL COM 608753109 5,400 870,900 SH   DFND 1,2 870,900 0 0
MOSAIC CO NEW COM 61945C103 11,448 212,750 SH   DFND 1,2 212,750 0 0
NATIONAL OILWELL VARCO INC COM 637071101 16,572 240,528 SH   DFND 1,2 240,528 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 23,191 259,900 SH   DFND 1,2 259,900 0 0
OCEANEERING INTL INC COM 675232102 13,913 192,700 SH   DFND 1,2 192,700 0 0
PBF ENERGY INC CL A 69318G106 2,461 95,000 SH   DFND 1,2 95,000 0 0
PDC ENERGY INC COM 69327R101 2,553 49,600 SH   DFND 1,2 49,600 0 0
PEABODY ENERGY CORP COM 704549104 5,703 389,580 SH   DFND 1,2 389,580 0 0
PHILLIPS 66 COM 718546104 12,239 207,750 SH   DFND 1,2 207,750 0 0
PIONEER NAT RES CO COM 723787107 30,845 213,094 SH   DFND 1,2 213,094 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,569 1,742,835 SH   DFND 1,2 1,742,835 0 0
RANGE RES CORP COM 75281A109 4,678 60,500 SH   DFND 1,2 60,500 0 0
RIO TINTO PLC SPONSORED ADR 767204100 17,751 432,100 SH   DFND 1,2 432,100 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 11,851 185,750 SH   DFND 1,2 185,750 0 0
SCHLUMBERGER LTD COM 806857108 12,481 174,167 SH   DFND 1,2 174,167 0 0
SILVER WHEATON CORP COM 828336107 9,320 473,800 SH   DFND 1,2 473,800 0 0
SOUTHWESTERN ENERGY CO COM 845467109 7,803 213,600 SH   DFND 1,2 213,600 0 0
SUNCOR ENERGY INC NEW COM 867224107 14,809 502,186 SH   DFND 1,2 502,186 0 0
TALISMAN ENERGY INC COM 87425E103 6,436 563,100 SH   DFND 1,2 563,100 0 0
TALISMAN ENERGY INC COM 87425E103 1,132 99,000 SH Call DFND 1,2 99,000 0 0
TRIANGLE PETE CORP COM NEW 89600B201 3,938 561,745 SH   DFND 1,2 561,745 0 0
TRONOX LTD SHS CL A Q9235V101 4,590 227,790 SH   DFND 1,2 227,790 0 0
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 7,580 400,000 SH Put DFND 1,2 400,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 10,895 313,350 SH   DFND 1,2 313,350 0 0
WALTER ENERGY INC COM 93317Q105 2,547 244,900 SH   DFND 1,2 244,900 0 0
WALTER ENERGY INC COM 93317Q105 3,016 290,000 SH Call DFND 1,2 290,000 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 4,267 311,450 SH   DFND 1,2 311,450 0 0
YAMANA GOLD INC COM 98462Y100 2,977 313,051 SH   DFND 1,2 313,051 0 0