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
AMC ENTERTAINMENT HOLDINGS INC COM 00165C104 615 23,500 SH   DFND   0 0 23,500
ALEXANDER& BALDWIN INC NEW COM 014491104 343 8,746 SH   DFND   0 0 8,746
AMERIGAS PARTNERS LP COM 030975106 460 9,600 SH   DFND   0 0 9,600
AMGEN INC COM 031162100 219 1,375 SH   DFND   0 0 1,375
APPLE INC COM 037833100 8,541 77,381 SH   DFND   0 0 77,381
APPLIED INDUSTRIAL TECHNOLOGIES INC 03820C105 431 9,450 SH   DFND   0 0 9,450
ATLAS ENERGY LP COM 04930A104 598 19,200 SH   DFND   0 0 19,200
AUTOMATIC DATA PROCESSING INC COM 053015103 208 2,500 SH   DFND   0 0 2,500
BANK OF HAWAII CORP COM 062540109 407 6,860 SH   DFND   0 0 6,860
BELLATRIX EXPLORATION LTD COM 078314101 839 230,460 SH   DFND   0 0 230,460
CVS HEALTH CORPORATION COM 126650100 693 7,200 SH   DFND   0 0 7,200
CANADIAN NATURAL RESOURCES COM 136385101 956 30,943 SH   DFND   0 0 30,943
CENTRAL FUND OF CANADA LIMITED COM 153501101 2,152 185,850 SH   DFND   0 0 185,850
CHEVRON CORP NEW COM 166764100 1,571 14,000 SH   DFND   0 0 14,000
COCA-COLA COMPANY COM 191216100 445 10,530 SH   DFND   0 0 10,530
COEUR MINING INC COM 192108504 591 115,575 SH   DFND   0 0 115,575
CONOCOPHILLIPS COM 20825C104 1,934 28,000 SH   DFND   0 0 28,000
CONTAINER STORE GROUP INC COM 210751103 598 31,250 SH   DFND   0 0 31,250
DISNEY WALT CO COM 254687106 222 2,353 SH   DFND   0 0 2,353
DR PEPPER SNAPPLE GRP INC COM 26138E109 251 3,500 SH   DFND   0 0 3,500
EOG RESOURCES INC COM 26875P101 1,517 16,475 SH   DFND   0 0 16,475
ENDEAVOUR SILVER CORP COM 29258Y103 1,183 547,550 SH   DFND   0 0 547,550
EXONE COMPANY COM 302104104 260 15,475 SH   DFND   0 0 15,475
FINISAR CORPORATION COM 31787A507 1,362 70,150 SH   DFND   0 0 70,150
FIRST MAJESTIC SILVER CORP COM 32076V103 1,748 348,305 SH   DFND   0 0 348,305
FREEPORT MCMORAN, INC. COM 35671D857 392 16,800 SH   DFND   0 0 16,800
FRESH MARKET INC COM 35804H106 2,136 51,850 SH   DFND   0 0 51,850
GILEAD SCIENCES INC COM 375558103 245 2,600 SH   DFND   0 0 2,600
GOLD FIELDS LTD ADS COM 38059T106 1,912 422,114 SH   DFND   0 0 422,114
GOLDCORP INC COM 380956409 1,185 63,980 SH   DFND   0 0 63,980
HARDING INC COM 412324303 434 36,435 SH   DFND   0 0 36,435
HAWAIIAN ELECTRIC IND. INC. COM 419870100 221 6,615 SH   DFND   0 0 6,615
IAMGOLD CORP COM 450913108 340 125,950 SH   DFND   0 0 125,950
ISHARES TRUST DOW JONES SEL DIVIDEND INDEX FU 464287168 202 2,550 SH   DFND   0 0 2,550
KNIGHT TRANSPORTATION INC COM 499064103 981 29,150 SH   DFND   0 0 29,150
LAREDO PETROLEUM INC COM 516806106 204 19,710 SH   DFND   0 0 19,710
LIFELOCK INC COM 53224V100 1,672 90,350 SH   DFND   0 0 90,350
LITHIA MOTORS INC CL A COM COM 536797103 529 6,100 SH   DFND   0 0 6,100
MKT VECT GOLD MNRS COM 57060U100 492 26,776 SH   DFND   0 0 26,776
MATSON, INC COM 57686G105 302 8,746 SH   DFND   0 0 8,746
MCEWEN MINING INC COM 58039P107 313 281,750 SH   DFND   0 0 281,750
NATIONAL OILWELL VARCO INC COM 637071101 1,304 19,900 SH   DFND   0 0 19,900
NEW GOLD INC. COM 644535106 1,489 346,375 SH   DFND   0 0 346,375
NORTHERN OIL AND GAS INC COM 665531109 403 71,350 SH   DFND   0 0 71,350
OASIS PETROLEUM COM 674215108 201 12,150 SH   DFND   0 0 12,150
PNM RESOURCES INC COM 69349H107 1,307 44,100 SH   DFND   0 0 44,100
PAN AMERICAN SILVER CORP COM 697900108 1,825 198,325 SH   DFND   0 0 198,325
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 537 526,550 SH   DFND   0 0 526,550
PAREXEL INTL CORP COM 699462107 1,303 23,450 SH   DFND   0 0 23,450
PARKER DRILLING CO COM 701081101 873 284,250 SH   DFND   0 0 284,250
PAYCHEX INC COM 704326107 208 4,500 SH   DFND   0 0 4,500
PEPSICO INCORPORATED COM 713448108 246 2,600 SH   DFND   0 0 2,600
PHIBRO ANIMAL HEALTH CORP COM 71742Q106 694 22,000 SH   DFND   0 0 22,000
PROSHARES ULTRASHORT FTSE CHINA 25 74348A350 963 22,786 SH   DFND   0 0 22,786
RTI INTERNATIONAL METALS INC COM 74973W107 980 38,800 SH   DFND   0 0 38,800
ROYAL GOLD INC COM 780287108 314 5,000 SH   DFND   0 0 5,000
SANCHEZ ENERGY CORPORATION COM 79970Y105 772 83,100 SH   DFND   0 0 83,100
SANDERSON FARMS INC COM 800013104 2,021 24,050 SH   DFND   0 0 24,050
SCHLUMBERGER LIMITED COM 806857108 1,717 20,105 SH   DFND   0 0 20,105
SEABRIDGE GOLD INC COM 811916105 1,341 177,599 SH   DFND   0 0 177,599
UTILITIES SELECT SECTOR SPDR FUND 81369Y886 1,325 28,050 SH   DFND   0 0 28,050
SIBANYE GOLD LTD COM 825724206 768 101,455 SH   DFND   0 0 101,455
SILVER SPRING NETWORKS INC COM 82817Q103 808 95,850 SH   DFND   0 0 95,850
SILVER WHEATON CORP COM 828336107 204 10,050 SH   DFND   0 0 10,050
SKYWORKS SOLUTIONS INC COM 83088M102 633 8,700 SH   DFND   0 0 8,700
SOCIEDAD DE CHILE SC COM 833635105 1,377 57,650 SH   DFND   0 0 57,650
SPROTT PHYSICAL GOLDTR UNITS COM 85207H104 8,139 833,064 SH   DFND   0 0 833,064
SPROTT PHYSICAL SILVER TRUST COM 85207K107 4,689 762,450 SH   DFND   0 0 762,450
SPROUTS FARMERS MARKETS INC COM 85208M102 1,626 47,850 SH   DFND   0 0 47,850
STERIS CORP COM 859152100 1,044 16,100 SH   DFND   0 0 16,100
SWIFT ENERGY CO COM 870738101 588 145,250 SH   DFND   0 0 145,250
TEAM HEALTH HOLDINGD COM 87817A107 780 13,550 SH   DFND   0 0 13,550
3M CO COM 88579Y101 214 1,300 SH   DFND   0 0 1,300
TITAN MACHINERY INC. COM 88830R101 1,743 125,042 SH   DFND   0 0 125,042
VERIZON COMMUNICATIONS COM 92343V104 844 18,050 SH   DFND   0 0 18,050
WHOLE FOODS MARKET INC COM 966837106 2,564 50,856 SH   DFND   0 0 50,856
YAMANA GOLD INC COM 98462Y100 1,129 280,934 SH   DFND   0 0 280,934
SEADRILL LTD COM G7945E105 755 63,200 SH   DFND   0 0 63,200
PACIFIC DRILLING SA COM L7257P106 510 109,950 SH   DFND   0 0 109,950
COPA HOLDINGS S.A. COM P31076105 1,467 14,150 SH   DFND   0 0 14,150