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 548 23,850 SH   DFND   0 0 23,850
AGNICO EAGLE MINES LTD COM 008474108 1,019 35,116 SH   DFND   0 0 35,116
AKORN INC COM 009728106 811 22,350 SH   DFND   0 0 22,350
ALEXANDER& BALDWIN INC NEW COM 014491104 315 8,746 SH   DFND   0 0 8,746
AMERIGAS PARTNERS LP COM 030975106 447 9,800 SH   DFND   0 0 9,800
ANGLOGOLD ASHANTI LTD ADR COM 035128206 264 21,980 SH   DFND   0 0 21,980
APPLE INC COM 037833100 7,300 72,456 SH   DFND   0 0 72,456
APPLIED INDUSTRIAL TECHNOLOGIES INC 03820C105 436 9,550 SH   DFND   0 0 9,550
ATLAS ENERGY LP COM 04930A104 845 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 390 6,860 SH   DFND   0 0 6,860
BARRICK GOLD CORP COM 067901108 257 17,550 SH   DFND   0 0 17,550
BELLATRIX EXPLORATION LTD COM 078314101 1,429 232,360 SH   DFND   0 0 232,360
CAL-MAINE FOODS INC COM 128030202 223 2,500 SH   DFND   0 0 2,500
CANADIAN NATURAL RESOURCES COM 136385101 1,202 30,944 SH   DFND   0 0 30,944
CENTRAL FUND OF CANADA LIMITED COM 153501101 2,378 193,150 SH   DFND   0 0 193,150
COCA-COLA COMPANY COM 191216100 449 10,530 SH   DFND   0 0 10,530
COEUR MINING INC COM 192108504 573 115,575 SH   DFND   0 0 115,575
CONOCOPHILLIPS COM 20825C104 207 2,700 SH   DFND   0 0 2,700
CONTAINER STORE GROUP INC COM 210751103 682 31,350 SH   DFND   0 0 31,350
DEVON ENERGY CORP NEW COM 25179M103 890 13,050 SH   DFND   0 0 13,050
DIREXION DAILY GOLD COM 25459Y389 325 14,215 SH   DFND   0 0 14,215
DISNEY WALT CO COM 254687106 210 2,353 SH   DFND   0 0 2,353
DR PEPPER SNAPPLE GRP INC COM 26138E109 225 3,500 SH   DFND   0 0 3,500
EOG RESOURCES INC COM 26875P101 1,639 16,550 SH   DFND   0 0 16,550
ENDEAVOUR SILVER CORP COM 29258Y103 2,501 572,250 SH   DFND   0 0 572,250
ENERPLUS CORP COM 292766102 205 10,800 SH   DFND   0 0 10,800
EXONE COMPANY COM 302104104 328 15,725 SH   DFND   0 0 15,725
FINISAR CORPORATION COM 31787A507 1,198 72,050 SH   DFND   0 0 72,050
FIRST MAJESTIC SILVER CORP COM 32076V103 2,795 358,305 SH   DFND   0 0 358,305
FREEPORT MCMORAN, INC. COM 35671D857 566 17,350 SH   DFND   0 0 17,350
FRESH MARKET INC COM 35804H106 1,850 52,950 SH   DFND   0 0 52,950
GOLD FIELDS LTD ADS COM 38059T106 1,659 425,414 SH   DFND   0 0 425,414
GOLDCORP INC COM 380956409 1,486 64,530 SH   DFND   0 0 64,530
GRIFOLS SA COM 398438408 344 9,800 SH   DFND   0 0 9,800
HCA HLDGS INC COM 40412C101 293 4,150 SH   DFND   0 0 4,150
HARDING INC COM 412324303 445 40,635 SH   DFND   0 0 40,635
HAWAIIAN AIRLINES INC COM 419879101 735 54,650 SH   DFND   0 0 54,650
IAMGOLD CORP COM 450913108 349 126,600 SH   DFND   0 0 126,600
LAREDO PETROLEUM INC COM 516806106 442 19,710 SH   DFND   0 0 19,710
LIFELOCK INC COM 53224V100 1,590 111,250 SH   DFND   0 0 111,250
LITHIA MOTORS INC CL A COM COM 536797103 462 6,100 SH   DFND   0 0 6,100
MKT VECT GOLD MNRS COM 57060U100 571 26,720 SH   DFND   0 0 26,720
MARKET VECTORS JR GOLD MINERS COM 57061R544 220 6,550 SH   DFND   0 0 6,550
MATSON, INC COM 57686G105 219 8,746 SH   DFND   0 0 8,746
MCEWEN MINING INC COM 58039P107 559 285,290 SH   DFND   0 0 285,290
NEW GOLD INC. COM 644535106 1,894 375,075 SH   DFND   0 0 375,075
NEWMONT MINING CORP COM 651639106 734 31,850 SH   DFND   0 0 31,850
NORTHERN OIL AND GAS INC COM 665531109 1,055 74,200 SH   DFND   0 0 74,200
PNM RESOURCES INC COM 69349H107 1,099 44,100 SH   DFND   0 0 44,100
PAN AMERICAN SILVER CORP COM 697900108 2,205 200,775 SH   DFND   0 0 200,775
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 474 526,550 SH   DFND   0 0 526,550
PAREXEL INTL CORP COM 699462107 1,483 23,500 SH   DFND   0 0 23,500
PARKER DRILLING CO COM 701081101 1,420 287,450 SH   DFND   0 0 287,450
PEPSICO INCORPORATED COM 713448108 242 2,600 SH   DFND   0 0 2,600
PHIBRO ANIMAL HEALTH CORP COM 71742Q106 515 23,000 SH   DFND   0 0 23,000
PROSHARES ULTRASHORT FTSE CHINA 25 74348A350 1,307 24,173 SH   DFND   0 0 24,173
RTI INTERNATIONAL METALS INC COM 74973W107 970 39,350 SH   DFND   0 0 39,350
ROYAL GOLD INC COM 780287108 331 5,100 SH   DFND   0 0 5,100
SANCHEZ ENERGY CORPORATION COM 79970Y105 2,189 83,350 SH   DFND   0 0 83,350
SANDERSON FARMS INC COM 800013104 2,124 24,150 SH   DFND   0 0 24,150
SANOFI ADR COM 80105N105 499 8,850 SH   DFND   0 0 8,850
SEABRIDGE GOLD INC COM 811916105 1,475 183,499 SH   DFND   0 0 183,499
SIBANYE GOLD LTD COM 825724206 866 102,105 SH   DFND   0 0 102,105
SILVER SPRING NETWORKS INC COM 82817Q103 934 96,750 SH   DFND   0 0 96,750
SOCIEDAD DE CHILE SC COM 833635105 1,251 47,850 SH   DFND   0 0 47,850
SPROTT PHYSICAL GOLDTR UNITS COM 85207H104 8,527 855,264 SH   DFND   0 0 855,264
SPROTT PHYSICAL SILVER TRUST COM 85207K107 5,450 792,150 SH   DFND   0 0 792,150
SPROUTS FARMERS MARKETS INC COM 85208M102 1,407 48,400 SH   DFND   0 0 48,400
SUNEDISON INC COM 86732Y109 605 32,050 SH   DFND   0 0 32,050
SWIFT ENERGY CO COM 870738101 1,423 148,250 SH   DFND   0 0 148,250
TANZANIAN ROYALTY EXPLORATION CORPORATION 87600U104 264 125,000 SH   DFND   0 0 125,000
TEAM HEALTH HOLDINGD COM 87817A107 792 13,650 SH   DFND   0 0 13,650
TITAN MACHINERY INC. COM 88830R101 1,705 131,242 SH   DFND   0 0 131,242
UNION PACIFIC CORPORATION COM 907818108 2,526 23,300 SH   DFND   0 0 23,300
WHITEWAVE FOODS CO COM 966244105 777 21,400 SH   DFND   0 0 21,400
WHOLE FOODS MARKET INC COM 966837106 2,102 55,156 SH   DFND   0 0 55,156
YAMANA GOLD INC COM 98462Y100 1,749 291,545 SH   DFND   0 0 291,545
MALLINCKRODT PLCS COM G5785G107 1,406 15,594 SH   DFND   0 0 15,594
SEADRILL LTD COM G7945E105 1,723 64,400 SH   DFND   0 0 64,400
PACIFIC DRILLING SA COM L7257P106 923 111,650 SH   DFND   0 0 111,650
NXP SEMICONDUCTORS N V COM N6596X109 1,954 28,550 SH   DFND   0 0 28,550
COPA HOLDINGS S.A. COM P31076105 1,491 13,900 SH   DFND   0 0 13,900