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
AZZ INCORPORATED COM 002474104 742 19,250 SH   DFND   0 0 19,250
ALEXANDER& BALDWIN INC NEW COM 014491104 362 9,102 SH   DFND   0 0 9,102
ANGLOGOLD ASHANTI LTD ADR COM 035128206 612 42,830 SH   DFND   0 0 42,830
APPLE INC COM 037833100 5,085 12,825 SH   DFND   0 0 12,825
AVIS BUDGET GROUP INC COM 053774105 1,757 61,100 SH   DFND   0 0 61,100
BANK OF HAWAII CORP COM 062540109 359 7,133 SH   DFND   0 0 7,133
BOSTON SCIENTIFIC CORP COM 101137107 219 23,608 SH   DFND   0 0 23,608
BURGER KING WORLDWIDE INC COM 121220107 2,239 114,750 SH   DFND   0 0 114,750
CAESARS ENTMT CORP COM 127686103 1,150 83,950 SH   DFND   0 0 83,950
CENTRAL FUND OF CANADA LIMITED COM 153501101 4,193 308,312 SH   DFND   0 0 308,312
CHEVRON CORP NEW COM 166764100 361 3,050 SH   DFND   0 0 3,050
COCA-COLA COMPANY COM 191216100 454 11,314 SH   DFND   0 0 11,314
COEUR MINING INC COM 192108504 3,602 270,810 SH   DFND   0 0 270,810
EDWARDS LIFESCIENCES CORP COM 28176E108 4,108 61,130 SH   DFND   0 0 61,130
ENDEAVOUR SILVER CORP COM 29258Y103 3,146 917,300 SH   DFND   0 0 917,300
EXXON MOBIL CORP (NEW) COM 30231G102 242 2,678 SH   DFND   0 0 2,678
FIRST MAJESTIC SILVER CORP COM 32076V103 5,570 525,960 SH   DFND   0 0 525,960
GENERAL MOLY INC COM 370373102 537 287,150 SH   DFND   0 0 287,150
GOLD FIELDS LTD ADS COM 38059T106 4,328 824,364 SH   DFND   0 0 824,364
HALCON RESOURCES CORP COM 40537Q209 1,211 213,543 SH   DFND   0 0 213,543
HANSEN MEDICAL INC COM 411307101 256 178,323 SH   DFND   0 0 178,323
HARDING INC COM 412324303 1,898 128,435 SH   DFND   0 0 128,435
HAWAIIAN ELECTRIC IND. INC. COM 419870100 207 8,176 SH   DFND   0 0 8,176
HERSHEY CO COM 427866108 223 2,500 SH   DFND   0 0 2,500
IAMGOLD CORP COM 450913108 1,104 254,900 SH   DFND   0 0 254,900
INTERACTIVE BROKERS GROUP INC COM 45841N107 1,786 111,855 SH   DFND   0 0 111,855
ISHARES COMEX GOLD TRUST COM 464285105 212 17,700 SH   DFND   0 0 17,700
K12 INC COM 48273U102 1,631 62,100 SH   DFND   0 0 62,100
KODIAK OIL& GAS CORP COM 50015Q100 6,170 694,050 SH   DFND   0 0 694,050
LIONS GATE ENTERTAINMENT COM 535919203 1,711 62,300 SH   DFND   0 0 62,300
MAGELLAN MIDSTREAM PTNRS COM 559080106 218 4,000 SH   DFND   0 0 4,000
MATSON, INC COM 57686G105 228 9,102 SH   DFND   0 0 9,102
MATTEL INC COM 577081102 276 6,100 SH   DFND   0 0 6,100
MCEWEN MINING INC COM 58039P107 1,133 674,510 SH   DFND   0 0 674,510
NATIONAL OILWELL VARCO INC COM 637071101 1,282 18,600 SH   DFND   0 0 18,600
NEW GOLD INC. COM 644535106 3,980 619,915 SH   DFND   0 0 619,915
NORTHERN OIL AND GAS INC COM 665531109 2,300 172,400 SH   DFND   0 0 172,400
OSISKO MINING CORP COM 688278100 302 89,300 SH   DFND   0 0 89,300
PACKAGING CORP OF AMERICA COM 695156109 1,870 38,200 SH   DFND   0 0 38,200
PAN AMERICAN SILVER CORP COM 697900108 3,884 333,700 SH   DFND   0 0 333,700
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 662 556,450 SH   DFND   0 0 556,450
PARKER DRILLING CO COM 701081101 515 103,350 SH   DFND   0 0 103,350
PRAXAIR INC COM 74005P104 1,589 13,800 SH   DFND   0 0 13,800
PROSHARES TRUST COM 74347B300 7,420 181,650 SH   DFND   0 0 181,650
ULTRASHORT FTSE/XINHUA CHINA 25 PROSHARES 74347X567 9,777 413,250 SH   DFND   0 0 413,250
QUALCOMM INC COM 747525103 342 5,593 SH   DFND   0 0 5,593
RARE ELEMENT RESOURCES LTD COM 75381M102 445 227,020 SH   DFND   0 0 227,020
SANDISK CORP COM 80004C101 2,117 34,650 SH   DFND   0 0 34,650
SASOL LTD SPON ADR COM 803866300 470 10,850 SH   DFND   0 0 10,850
SEABRIDGE GOLD INC COM 811916105 2,523 267,520 SH   DFND   0 0 267,520
SIBANYE GOLD LTD COM 825724206 547 186,024 SH   DFND   0 0 186,024
SILVER SPRING NETWORKS INC COM 82817Q103 545 21,850 SH   DFND   0 0 21,850
SPROTT PHYSICAL GOLDTR UNITS COM 85207H104 15,396 1,503,489 SH   DFND   0 0 1,503,489
SPROTT PHYSICAL SILVER TRUST COM 85207K107 10,255 1,328,350 SH   DFND   0 0 1,328,350
STATOILHYDRO ASA - SPON ADR COM 85771P102 3,291 159,050 SH   DFND   0 0 159,050
SUNEDISON INC COM 86732Y109 3,941 482,400 SH   DFND   0 0 482,400
SWIFT ENERGY CO COM 870738101 3,286 274,100 SH   DFND   0 0 274,100
TANZANIAN ROYALTY EXPLORATION CORPORATION 87600U104 546 202,300 SH   DFND   0 0 202,300
TASEKO MINES LTD COM 876511106 232 123,300 SH   DFND   0 0 123,300
TESLA MOTORS INC COM 88160R101 278 2,592 SH   DFND   0 0 2,592
THOR INDUSTRIES INC COM 885160101 4,274 86,900 SH   DFND   0 0 86,900
TITAN MACHINERY INC. COM 88830R101 4,810 245,056 SH   DFND   0 0 245,056
YAMANA GOLD INC COM 98462Y100 3,969 417,300 SH   DFND   0 0 417,300
AMBARELLA INC COM G037AX101 1,395 82,900 SH   DFND   0 0 82,900
COVIDIEN PLC COM G2554F113 402 6,397 SH   DFND   0 0 6,397
EATON CORP PLC COM G29183103 290 4,400 SH   DFND   0 0 4,400
TYCO INTERNATIONAL LTD COM H89128104 251 7,617 SH   DFND   0 0 7,617
COPA HOLDINGS S.A. COM P31076105 328 2,500 SH   DFND   0 0 2,500