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 3,418 817,750 SH   DFND 1,2 817,750 0 0
ANADARKO PETE CORP COM 032511107 28,402 305,434 SH   DFND 1,2 305,434 0 0
APPROACH RESOURCES INC COM 03834A103 4,422 168,258 SH   DFND 1,2 168,258 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 4,523 330,900 SH   DFND 1,2 330,900 0 0
BARRETT BILL CORP COM 06846N104 7,001 278,800 SH   DFND 1,2 278,800 0 0
BARRICK GOLD CORP COM 067901108 6,465 347,200 SH   DFND 1,2 347,200 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 11,950 179,700 SH   DFND 1,2 179,700 0 0
CABOT OIL & GAS CORP COM 127097103 19,639 526,245 SH   DFND 1,2 526,245 0 0
CAMECO CORP COM 13321L108 4,808 266,082 SH   DFND 1,2 266,082 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 6,706 114,894 SH   DFND 1,2 114,894 0 0
CENOVUS ENERGY INC COM 15135U109 12,490 418,428 SH   DFND 1,2 418,428 0 0
CHEVRON CORP NEW COM 166764100 4,782 39,357 SH   DFND 1,2 39,357 0 0
COBALT INTL ENERGY INC COM 19075F106 1,805 72,600 SH   DFND 1,2 72,600 0 0
CONCHO RES INC COM 20605P101 15,153 139,262 SH   DFND 1,2 139,262 0 0
CONSOL ENERGY INC COM 20854P109 4,766 141,642 SH   DFND 1,2 141,642 0 0
DRESSER-RAND GROUP INC COM 261608103 4,013 64,306 SH   DFND 1,2 64,306 0 0
EMERALD OIL INC COM NEW 29101U209 2,896 402,847 SH   DFND 1,2 402,847 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 609 20,150 SH   DFND 1,2 20,150 0 0
ENI S P A SPONSORED ADR 26874R108 3,349 72,755 SH   DFND 1,2 72,755 0 0
EQT CORP COM 26884L109 3,981 44,868 SH   DFND 1,2 44,868 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 3,145 22,900 SH   DFND 1,2 22,900 0 0
FRANCO NEVADA CORP COM 351858105 5,714 126,250 SH   DFND 1,2 126,250 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 25,991 785,706 SH   DFND 1,2 785,706 0 0
GRAN TIERRA ENERGY INC COM 38500T101 5,607 790,899 SH   DFND 1,2 790,899 0 0
GULFPORT ENERGY CORP COM NEW 402635304 3,217 50,000 SH Put DFND 1,2 50,000 0 0
HALLIBURTON CO COM 406216101 15,261 316,944 SH   DFND 1,2 316,944 0 0
IMPERIAL OIL LTD COM NEW 453038408 9,914 225,525 SH   DFND 1,2 225,525 0 0
INTREPID POTASH INC COM 46121Y102 2,787 177,750 SH   DFND 1,2 177,750 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 3,316 158,650 SH   DFND 1,2 158,650 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 13,586 185,519 SH   DFND 1,2 185,519 0 0
MOLYCORP INC DEL COM 608753109 5,347 815,100 SH   DFND 1,2 815,100 0 0
MOSAIC CO NEW COM 61945C103 8,230 191,300 SH   DFND 1,2 191,300 0 0
NATIONAL OILWELL VARCO INC COM 637071101 15,753 201,675 SH   DFND 1,2 201,675 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 20,190 215,844 SH   DFND 1,2 215,844 0 0
OCEANEERING INTL INC COM 675232102 12,835 157,986 SH   DFND 1,2 157,986 0 0
PDC ENERGY INC COM 69327R101 2,326 39,059 SH   DFND 1,2 39,059 0 0
PEABODY ENERGY CORP COM 704549104 863 50,000 SH   DFND 1,2 50,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 3,536 211,377 SH   DFND 1,2 211,377 0 0
PHILLIPS 66 COM 718546104 7,369 127,442 SH   DFND 1,2 127,442 0 0
PIONEER NAT RES CO COM 723787107 33,180 175,744 SH   DFND 1,2 175,744 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,782 1,665,085 SH   DFND 1,2 1,665,085 0 0
RANGE RES CORP COM 75281A109 3,832 50,488 SH   DFND 1,2 50,488 0 0
RIO TINTO PLC SPONSORED ADR 767204100 21,069 432,100 SH   DFND 1,2 432,100 0 0
SCHLUMBERGER LTD COM 806857108 12,909 146,100 SH   DFND 1,2 146,100 0 0
SILVER WHEATON CORP COM 828336107 11,736 473,800 SH   DFND 1,2 473,800 0 0
SOUTHWESTERN ENERGY CO COM 845467109 3,797 104,367 SH   DFND 1,2 104,367 0 0
SUNCOR ENERGY INC NEW COM 867224107 15,236 425,832 SH   DFND 1,2 425,832 0 0
TALISMAN ENERGY INC COM 87425E103 5,566 484,005 SH   DFND 1,2 484,005 0 0
TALISMAN ENERGY INC COM 87425E103 1,139 99,000 SH Call DFND 1,2 99,000 0 0
TRIANGLE PETE CORP COM NEW 89600B201 4,533 461,606 SH   DFND 1,2 461,606 0 0
TRONOX LTD SHS CL A Q9235V101 4,912 200,740 SH   DFND 1,2 200,740 0 0
VALERO ENERGY CORP NEW COM 91913Y100 6,605 193,401 SH   DFND 1,2 193,401 0 0
WALTER ENERGY INC COM 93317Q105 5,615 400,190 SH   DFND 1,2 400,190 0 0
WALTER ENERGY INC COM 93317Q105 4,069 290,000 SH Call DFND 1,2 290,000 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 4,005 261,237 SH   DFND 1,2 261,237 0 0
YAMANA GOLD INC COM 98462Y100 2,904 279,201 SH   DFND 1,2 279,201 0 0