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
ADVANTAGE OIL & GAS LTD COM 00765F101 795 125,800 SH   DFND 1,2 125,800 0 0
ANADARKO PETE CORP COM 032511107 10,796 138,302 SH   DFND 1,2 138,302 0 0
ASANKO GOLD INC COM 04341Y105 727 425,200 SH   DFND 1,2 425,200 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 7,639 187,650 SH   DFND 1,2 187,650 0 0
CABOT OIL & GAS CORP COM 127097103 8,664 274,700 SH   DFND 1,2 274,700 0 0
CAMECO CORP COM 13321L108 5,462 382,469 SH   DFND 1,2 382,469 0 0
CONCHO RES INC COM 20605P101 12,224 107,362 SH   DFND 1,2 107,362 0 0
CRESCENT PT ENERGY CORP COM 22576C101 5,091 248,602 SH   DFND 1,2 248,602 0 0
DIAMONDBACK ENERGY INC COM 25278X109 5,439 72,150 SH   DFND 1,2 72,150 0 0
DOMINION DIAMOND CORP COM 257287102 3,400 242,650 SH   DFND 1,2 242,650 0 0
ENCANA CORP COM 292505104 4,950 449,150 SH   DFND 1,2 449,150 0 0
EOG RES INC COM 26875P101 10,418 119,000 SH   DFND 1,2 119,000 0 0
EQT CORP COM 26884L109 8,099 99,568 SH   DFND 1,2 99,568 0 0
FRANCO NEVADA CORP COM 351858105 4,736 99,400 SH   DFND 1,2 99,400 0 0
FREEPORT-MCMORAN INC CL B 35671D857 4,657 250,106 SH   DFND 1,2 250,106 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 4,713 100,715 SH   DFND 1,2 100,715 0 0
GRAN TIERRA ENERGY INC COM 38500T101 1,180 395,849 SH   DFND 1,2 395,849 0 0
HALLIBURTON CO COM 406216101 6,525 151,501 SH   DFND 1,2 151,501 0 0
HUDBAY MINERALS INC COM 443628102 753 90,400 SH   DFND 1,2 90,400 0 0
IMPERIAL OIL LTD COM NEW 453038408 5,229 135,404 SH   DFND 1,2 135,404 0 0
INTEROIL CORP COM 460951106 5,343 88,750 SH   DFND 1,2 88,750 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,915 127,400 SH   DFND 1,2 127,400 0 0
LAREDO PETROLEUM INC COM 516806106 5,187 412,322 SH   DFND 1,2 412,322 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 8,577 82,855 SH   DFND 1,2 82,855 0 0
NEWFIELD EXPL CO COM 651290108 5,848 161,900 SH   DFND 1,2 161,900 0 0
OASIS PETE INC NEW COM 674215108 5,166 325,925 SH   DFND 1,2 325,925 0 0
OCEANEERING INTL INC COM 675232102 5,492 117,886 SH   DFND 1,2 117,886 0 0
PDC ENERGY INC COM 69327R101 1,661 30,959 SH   DFND 1,2 30,959 0 0
PHILLIPS 66 COM 718546104 6,078 75,442 SH   DFND 1,2 75,442 0 0
PIONEER NAT RES CO COM 723787107 14,025 101,123 SH   DFND 1,2 101,123 0 0
RANGE RES CORP COM 75281A109 5,108 103,438 SH   DFND 1,2 103,438 0 0
RIO TINTO PLC SPONSORED ADR 767204100 3,233 78,450 SH   DFND 1,2 78,450 0 0
ROYAL GOLD INC COM 780287108 1,378 22,378 SH   DFND 1,2 22,378 0 0
RSP PERMIAN INC COM 74978Q105 2,915 103,700 SH   DFND 1,2 103,700 0 0
SANCHEZ ENERGY CORP COM 79970Y105 3,779 385,650 SH   DFND 1,2 385,650 0 0
SCHLUMBERGER LTD COM 806857108 7,654 88,800 SH   DFND 1,2 88,800 0 0
SILVER WHEATON CORP COM 828336107 4,645 267,850 SH   DFND 1,2 267,850 0 0
SOLAZYME INC COM 83415T101 536 170,750 SH   DFND 1,2 170,750 0 0
SOUTHWESTERN ENERGY CO COM 845467109 7,109 312,750 SH   DFND 1,2 312,750 0 0
SUNCOR ENERGY INC NEW COM 867224107 5,121 186,082 SH   DFND 1,2 186,082 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 3,140 20,869 SH   DFND 1,2 20,869 0 0
TURQUOISE HILL RES LTD COM 900435108 1,695 447,350 SH   DFND 1,2 447,350 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 2,183 177,937 SH   DFND 1,2 177,937 0 0