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
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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
Alcoa Inc. COM 013817101 85,528 5,744,000 SH   DFND   5,744,000 0 0
Allegheny Tech Inc. COM 01741R102 23,001 510,000 SH   DFND   510,000 0 0
American Air Group Inc. COM 02376R102 10,340 240,700 SH   DFND   240,700 0 0
Astrazeneca PLC SPON ADR 046353108 15,523 208,900 SH   DFND   208,900 0 0
Baidu.com Inc. SPON ADR REP A 056752108 23,538 126,000 SH   DFND   126,000 0 0
Biogen Idec Inc. COM 09062X103 32,729 103,800 SH   DFND   103,800 0 0
Cameco Corp COM 13321L108 28,007 1,428,200 SH   DFND   1,428,200 0 0
Canadian Pac Railway Ltd. COM 13645T100 16,665 92,000 SH   DFND   92,000 0 0
Celgene Corp COM 151020104 23,703 276,000 SH   DFND   276,000 0 0
D.R. Horton Inc. COM 23331A109 12,153 494,429 SH   DFND   494,429 0 0
Devon Energy Corp COM 25179M103 16,476 207,500 SH   DFND   207,500 0 0
DISH Network Corp CL A 25470M109 26,976 414,500 SH   DFND   414,500 0 0
EOG Resources Inc. COM 26875P101 33,679 288,200 SH   DFND   288,200 0 0
EQT Corp COM 26884L109 18,804 175,900 SH   DFND   175,900 0 0
Expeditors Int'l of Wash Inc. COM 302130109 9,715 220,000 SH   DFND   220,000 0 0
Facebook Inc CL A 30303M102 63,825 948,500 SH   DFND   948,500 0 0
Fluor Corp COM 343412102 14,826 192,800 SH   DFND   192,800 0 0
Google Inc CL A 38259P508 151,786 259,610 SH   DFND   259,610 0 0
Google Inc CL C 38259P706 74,159 128,910 SH   DFND   128,910 0 0
HCA Hldgs Inc. COM 40412C101 10,972 194,600 SH   DFND   194,600 0 0
Halliburton Co COM 406216101 26,181 368,700 SH   DFND   368,700 0 0
Humana Inc. COM 444859102 10,716 83,900 SH   DFND   83,900 0 0
Illumina Inc. COM 452327109 73,219 410,100 SH   DFND   410,100 0 0
IShares FTSE China 25 Idx Fnd CHINA LG-CAP ETF 464287184 10,412 281,100 SH   DFND   281,100 0 0
Lennar Corp CL A 526057104 15,549 370,400 SH   DFND   370,400 0 0
Marathon Pete Corp COM 56585A102 9,634 123,400 SH   DFND   123,400 0 0
Mkt Vectors Gld Miners ETF GOLD MINER ETF 57060U100 103,023 3,895,000 SH   DFND   3,895,000 0 0
McDermott Int'l Inc. COM 580037109 26,697 3,300,000 SH   DFND   3,300,000 0 0
Occidental Pete Corp COM 674599105 10,612 103,400 SH   DFND   103,400 0 0
Petroleo Brasileiro SA SPON ADR 71654V408 25,120 1,717,000 SH   DFND   1,717,000 0 0
Phillips 66 COM 718546104 24,386 303,200 SH   DFND   303,200 0 0
Pioneer Nat'l Res's Co COM 723787107 22,935 99,800 SH   DFND   99,800 0 0
Range Res's Corp COM 75281A109 31,598 363,400 SH   DFND   363,400 0 0
SPDR S&P 500 ETF Trust TR UNIT 78462F103 10,001 51,100 SH   DFND   51,100 0 0
SanDisk Corp COM 80004C101 34,525 330,600 SH   DFND   330,600 0 0
Mat's Select Sctr SPDR Trust SBI MATERIALS 81369Y100 10,057 202,600 SH   DFND   202,600 0 0
Hlth Care Select Sctr SPDR SBI HEALTHCARE 81369Y209 10,481 172,300 SH   DFND   172,300 0 0
Fin'l Select Sctr SPDR Fnd SBI INT-FINL 81369Y605 10,040 441,500 SH   DFND   441,500 0 0
Ind'l Select Sctr SPDR SBI INT-INDS 81369Y704 9,909 183,300 SH   DFND   183,300 0 0
Tech Select Sctr SPDR Fnd TECHNOLOGY 81369Y803 15,125 394,400 SH   DFND   394,400 0 0
Sunpower Corp COM 867652406 10,278 250,800 SH   DFND   250,800 0 0
Teva Pharm Ind's Ltd ADR 881624209 65,053 1,241,000 SH   DFND   1,241,000 0 0
Valero Energy Corporation COM 91913Y100 9,945 198,500 SH   DFND   198,500 0 0
Walgreen Co COM 931422109 91,921 1,240,000 SH   DFND   1,240,000 0 0
Workday Inc. CL A 98138H101 20,010 222,679 SH   DFND   222,679 0 0
NXP Semiconductors NV COM N6596X109 21,469 324,400 SH   DFND   324,400 0 0