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 561 158,000 SH Call DFND 1,2 158,000 0 0
ANADARKO PETE CORP COM 032511107 21,272 268,184 SH   DFND 1,2 268,184 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,018 281,300 SH   DFND 1,2 281,300 0 0
BARRETT BILL CORP COM 06846N104 6,611 246,850 SH   DFND 1,2 246,850 0 0
BARRICK GOLD CORP COM 067901108 5,171 293,300 SH   DFND 1,2 293,300 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 10,356 151,850 SH   DFND 1,2 151,850 0 0
CAMECO CORP COM 13321L108 10,734 516,787 SH   DFND 1,2 516,787 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 6,104 102,544 SH   DFND 1,2 102,544 0 0
CHEVRON CORP NEW COM 166764100 7,520 60,207 SH   DFND 1,2 60,207 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 3,960 220,000 SH Call DFND 1,2 220,000 0 0
COBALT INTL ENERGY INC COM 19075F106 1,949 118,500 SH   DFND 1,2 118,500 0 0
CONCHO RES INC COM 20605P101 14,543 134,662 SH   DFND 1,2 134,662 0 0
CONSOL ENERGY INC COM 20854P109 4,734 124,442 SH   DFND 1,2 124,442 0 0
EMERALD OIL INC COM NEW 29101U209 2,741 357,897 SH   DFND 1,2 357,897 0 0
ENI S P A SPONSORED ADR 26874R108 3,140 64,755 SH   DFND 1,2 64,755 0 0
EOG RES INC COM 26875P101 6,848 40,800 SH   DFND 1,2 40,800 0 0
EQT CORP COM 26884L109 7,247 80,718 SH   DFND 1,2 80,718 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 2,577 19,250 SH   DFND 1,2 19,250 0 0
FRANCO NEVADA CORP COM 351858105 4,335 106,400 SH   DFND 1,2 106,400 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 25,048 663,706 SH   DFND 1,2 663,706 0 0
GASLOG LTD SHS G37585109 3,266 191,100 SH   DFND 1,2 191,100 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 4,819 132,800 SH   DFND 1,2 132,800 0 0
GRAN TIERRA ENERGY INC COM 38500T101 5,162 706,199 SH   DFND 1,2 706,199 0 0
HALLIBURTON CO COM 406216101 14,329 282,344 SH   DFND 1,2 282,344 0 0
IMPERIAL OIL LTD COM NEW 453038408 8,407 190,075 SH   DFND 1,2 190,075 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,491 133,150 SH   DFND 1,2 133,150 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 12,915 160,869 SH   DFND 1,2 160,869 0 0
MOLYCORP INC DEL COM 608753109 4,847 862,450 SH   DFND 1,2 862,450 0 0
MOSAIC CO NEW COM 61945C103 7,658 162,000 SH   DFND 1,2 162,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 14,290 179,675 SH   DFND 1,2 179,675 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 13,499 141,944 SH   DFND 1,2 141,944 0 0
OCEANEERING INTL INC COM 675232102 10,490 132,986 SH   DFND 1,2 132,986 0 0
PDC ENERGY INC COM 69327R101 1,863 35,009 SH   DFND 1,2 35,009 0 0
PEABODY ENERGY CORP COM 704549104 854 43,750 SH   DFND 1,2 43,750 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 2,753 187,377 SH   DFND 1,2 187,377 0 0
PHILLIPS 66 COM 718546104 9,506 123,242 SH   DFND 1,2 123,242 0 0
PIONEER NAT RES CO COM 723787107 28,309 153,794 SH   DFND 1,2 153,794 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,674 1,431,085 SH   DFND 1,2 1,431,085 0 0
RANGE RES CORP COM 75281A109 3,789 44,938 SH   DFND 1,2 44,938 0 0
RIO TINTO PLC SPONSORED ADR 767204100 20,594 364,950 SH   DFND 1,2 364,950 0 0
SCHLUMBERGER LTD COM 806857108 11,809 131,050 SH   DFND 1,2 131,050 0 0
SILVER WHEATON CORP COM 828336107 8,098 401,100 SH   DFND 1,2 401,100 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,461 56,450 SH   DFND 1,2 56,450 0 0
SOUTHWESTERN ENERGY CO COM 845467109 3,647 92,717 SH   DFND 1,2 92,717 0 0
SUNCOR ENERGY INC NEW COM 867224107 12,337 351,982 SH   DFND 1,2 351,982 0 0
TALISMAN ENERGY INC COM 87425E103 5,043 432,855 SH   DFND 1,2 432,855 0 0
TALISMAN ENERGY INC COM 87425E103 2,342 201,000 SH Call DFND 1,2 201,000 0 0
TRIANGLE PETE CORP COM NEW 89600B201 3,362 404,056 SH   DFND 1,2 404,056 0 0
TRONOX LTD SHS CL A Q9235V101 3,912 169,590 SH   DFND 1,2 169,590 0 0
VALERO ENERGY CORP NEW COM 91913Y100 7,724 153,251 SH   DFND 1,2 153,251 0 0
WALTER ENERGY INC COM 93317Q105 5,815 349,640 SH   DFND 1,2 349,640 0 0
WALTER ENERGY INC COM 93317Q105 4,823 290,000 SH Call DFND 1,2 290,000 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 3,594 232,037 SH   DFND 1,2 232,037 0 0
YAMANA GOLD INC COM 98462Y100 2,022 234,551 SH   DFND 1,2 234,551 0 0