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
AMERICAN EAGLE ENERGY CORP COM NEW 02554F300 409 68,222 SH   DFND 1,2 68,222 0 0
ANADARKO PETE CORP COM 032511107 28,116 256,834 SH   DFND 1,2 256,834 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 2,997 200,720 SH   DFND 1,2 200,720 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 13,303 194,350 SH   DFND 1,2 194,350 0 0
CABOT OIL & GAS CORP COM 127097103 10,348 303,100 SH   DFND 1,2 303,100 0 0
CAMECO CORP COM 13321L108 5,613 286,247 SH   DFND 1,2 286,247 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 5,782 85,394 SH   DFND 1,2 85,394 0 0
CHEVRON CORP NEW COM 166764100 13,441 102,957 SH   DFND 1,2 102,957 0 0
COBALT INTL ENERGY INC COM 19075F106 3,159 172,150 SH   DFND 1,2 172,150 0 0
CONCHO RES INC COM 20605P101 17,717 122,612 SH   DFND 1,2 122,612 0 0
CONSOL ENERGY INC COM 20854P109 5,489 119,142 SH   DFND 1,2 119,142 0 0
CRESCENT PT ENERGY CORP COM 22576C101 14,339 323,603 SH   DFND 1,2 323,603 0 0
EOG RES INC COM 26875P101 15,408 131,850 SH   DFND 1,2 131,850 0 0
EQT CORP COM 26884L109 9,842 92,068 SH   DFND 1,2 92,068 0 0
ETFS PLATINUM TR SH BEN INT 26922V101 1,591 11,000 SH   DFND 1,2 11,000 0 0
FRANCO NEVADA CORP COM 351858105 5,837 101,800 SH   DFND 1,2 101,800 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 22,422 614,306 SH   DFND 1,2 614,306 0 0
GASLOG LTD SHS G37585109 3,704 116,150 SH   DFND 1,2 116,150 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 7,011 116,650 SH   DFND 1,2 116,650 0 0
GOODRICH PETE CORP COM NEW 382410405 4,154 150,500 SH   DFND 1,2 150,500 0 0
GRAN TIERRA ENERGY INC COM 38500T101 3,214 395,849 SH   DFND 1,2 395,849 0 0
HALLIBURTON CO COM 406216101 15,583 219,444 SH   DFND 1,2 219,444 0 0
IMPERIAL OIL LTD COM NEW 453038408 14,511 275,725 SH   DFND 1,2 275,725 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,580 127,400 SH   DFND 1,2 127,400 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 10,538 107,919 SH   DFND 1,2 107,919 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E 57061R544 4,226 100,000 SH Put DFND 1,2 100,000 0 0
MOLYCORP INC DEL COM 608753109 1,859 723,250 SH   DFND 1,2 723,250 0 0
NATIONAL OILWELL VARCO INC COM 637071101 11,799 143,275 SH   DFND 1,2 143,275 0 0
OASIS PETE INC NEW COM 674215108 10,398 186,050 SH   DFND 1,2 186,050 0 0
OCEANEERING INTL INC COM 675232102 12,261 156,936 SH   DFND 1,2 156,936 0 0
PDC ENERGY INC COM 69327R101 2,211 35,009 SH   DFND 1,2 35,009 0 0
PEABODY ENERGY CORP COM 704549104 8,421 515,050 SH   DFND 1,2 515,050 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 3,140 200,777 SH   DFND 1,2 200,777 0 0
PHILLIPS 66 COM 718546104 6,406 79,642 SH   DFND 1,2 79,642 0 0
PIONEER NAT RES CO COM 723787107 17,993 78,294 SH   DFND 1,2 78,294 0 0
PLATINUM GROUP METALS LTD COM NEW 72765Q205 1,617 1,369,635 SH   DFND 1,2 1,369,635 0 0
RANGE RES CORP COM 75281A109 3,742 43,038 SH   DFND 1,2 43,038 0 0
RIO TINTO PLC SPONSORED ADR 767204100 6,050 111,450 SH   DFND 1,2 111,450 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 3,137 98,250 SH   DFND 1,2 98,250 0 0
RSP PERMIAN INC COM 74978Q105 3,012 92,850 SH   DFND 1,2 92,850 0 0
SCHLUMBERGER LTD COM 806857108 14,997 127,150 SH   DFND 1,2 127,150 0 0
SILVER WHEATON CORP COM 828336107 7,244 275,750 SH   DFND 1,2 275,750 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 1,584 54,050 SH   DFND 1,2 54,050 0 0
SOLAZYME INC COM 83415T101 816 69,300 SH   DFND 1,2 69,300 0 0
SUNCOR ENERGY INC NEW COM 867224107 13,385 313,982 SH   DFND 1,2 313,982 0 0
SUNEDISON INC COM 86732Y109 1,811 80,150 SH   DFND 1,2 80,150 0 0
TALISMAN ENERGY INC COM 87425E103 6,678 630,000 SH Call DFND 1,2 630,000 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 2,594 16,200 SH   DFND 1,2 16,200 0 0
TRONOX LTD SHS CL A Q9235V101 3,221 119,740 SH   DFND 1,2 119,740 0 0
TURQUOISE HILL RES LTD COM 900435108 3,073 920,200 SH   DFND 1,2 920,200 0 0
WALTER ENERGY INC COM 93317Q105 2,916 535,040 SH   DFND 1,2 535,040 0 0
WEATHERFORD INTERNATIONAL LT REG SHS H27013103 5,111 222,237 SH   DFND 1,2 222,237 0 0