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 674 125,800 SH   DFND 1,2 125,800 0 0
ANADARKO PETE CORP COM 032511107 16,225 195,934 SH   DFND 1,2 195,934 0 0
ASANKO GOLD INC COM 04341Y105 617 425,200 SH   DFND 1,2 425,200 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 12,572 270,550 SH   DFND 1,2 270,550 0 0
CABOT OIL & GAS CORP COM 127097103 8,112 274,700 SH   DFND 1,2 274,700 0 0
CAMECO CORP COM 13321L108 7,294 523,587 SH   DFND 1,2 523,587 0 0
CANADIAN NAT RES LTD COM 136385101 13,494 439,400 SH   DFND 1,2 439,400 0 0
CHEVRON CORP NEW COM 166764100 6,273 59,757 SH   DFND 1,2 59,757 0 0
CONCHO RES INC COM 20605P101 12,445 107,362 SH   DFND 1,2 107,362 0 0
CRESCENT PT ENERGY CORP COM 22576C101 6,730 301,253 SH   DFND 1,2 301,253 0 0
DIAMONDBACK ENERGY INC COM 25278X109 5,544 72,150 SH   DFND 1,2 72,150 0 0
DOMINION DIAMOND CORP COM 257287102 4,147 242,650 SH   DFND 1,2 242,650 0 0
EOG RES INC COM 26875P101 14,602 159,250 SH   DFND 1,2 159,250 0 0
EQT CORP COM 26884L109 8,251 99,568 SH   DFND 1,2 99,568 0 0
FRANCO NEVADA CORP COM 351858105 4,825 99,400 SH   DFND 1,2 99,400 0 0
FREEPORT-MCMORAN INC CL B 35671D857 6,319 333,456 SH   DFND 1,2 333,456 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 3,352 100,715 SH   DFND 1,2 100,715 0 0
GRAN TIERRA ENERGY INC COM 38500T101 1,682 616,199 SH   DFND 1,2 616,199 0 0
HALLIBURTON CO COM 406216101 7,150 162,944 SH   DFND 1,2 162,944 0 0
HUDBAY MINERALS INC COM 443628102 739 90,400 SH   DFND 1,2 90,400 0 0
IMPERIAL OIL LTD COM NEW 453038408 12,945 324,604 SH   DFND 1,2 324,604 0 0
INTEROIL CORP COM 460951106 1,273 27,600 SH   DFND 1,2 27,600 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 2,029 127,400 SH   DFND 1,2 127,400 0 0
LAREDO PETROLEUM INC COM 516806106 6,069 465,400 SH   DFND 1,2 465,400 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 7,275 82,855 SH   DFND 1,2 82,855 0 0
NATIONAL OILWELL VARCO INC COM 637071101 4,083 81,675 SH   DFND 1,2 81,675 0 0
NEW GOLD INC CDA COM 644535106 2,363 697,146 SH   DFND 1,2 697,146 0 0
NOBLE ENERGY INC COM 655044105 1,438 29,400 SH   DFND 1,2 29,400 0 0
OASIS PETE INC NEW COM 674215108 5,529 388,804 SH   DFND 1,2 388,804 0 0
OCEANEERING INTL INC COM 675232102 6,358 117,886 SH   DFND 1,2 117,886 0 0
PDC ENERGY INC COM 69327R101 1,673 30,959 SH   DFND 1,2 30,959 0 0
PHILLIPS 66 COM 718546104 5,930 75,442 SH   DFND 1,2 75,442 0 0
PIONEER NAT RES CO COM 723787107 23,705 144,973 SH   DFND 1,2 144,973 0 0
RANGE RES CORP COM 75281A109 10,766 206,888 SH   DFND 1,2 206,888 0 0
RIO TINTO PLC SPONSORED ADR 767204100 4,490 108,450 SH   DFND 1,2 108,450 0 0
ROYAL GOLD INC COM 780287108 2,215 35,100 SH   DFND 1,2 35,100 0 0
RSP PERMIAN INC COM 74978Q105 2,612 103,700 SH   DFND 1,2 103,700 0 0
SCHLUMBERGER LTD COM 806857108 8,728 104,600 SH   DFND 1,2 104,600 0 0
SILVER WHEATON CORP COM 828336107 5,095 267,850 SH   DFND 1,2 267,850 0 0
SOLAZYME INC COM 83415T101 488 170,750 SH   DFND 1,2 170,750 0 0
SOUTHWESTERN ENERGY CO COM 845467109 7,253 312,750 SH   DFND 1,2 312,750 0 0
SUNCOR ENERGY INC NEW COM 867224107 8,538 291,882 SH   DFND 1,2 291,882 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 3,023 20,869 SH   DFND 1,2 20,869 0 0
TURQUOISE HILL RES LTD COM 900435108 1,396 447,350 SH   DFND 1,2 447,350 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 2,462 200,187 SH   DFND 1,2 200,187 0 0