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 594 23,900 SH   DFND   0 0 23,900
AGNICO EAGLE MINES LTD COM 008474108 525 13,716 SH   DFND   0 0 13,716
AIR LEASE CORP COM 00912X302 1,339 34,700 SH   DFND   0 0 34,700
AKORN INC COM 009728106 743 22,350 SH   DFND   0 0 22,350
ALASKA AIR GROUP INC COM 011659109 803 8,450 SH   DFND   0 0 8,450
ALEXANDER& BALDWIN INC NEW COM 014491104 363 8,746 SH   DFND   0 0 8,746
AMERIGAS PARTNERS LP COM 030975106 440 9,700 SH   DFND   0 0 9,700
AMGEN INC COM 031162100 2,575 21,756 SH   DFND   0 0 21,756
ANGLOGOLD ASHANTI LTD ADR COM 035128206 402 23,380 SH   DFND   0 0 23,380
APPLE INC COM 037833100 6,756 72,705 SH   DFND   0 0 72,705
APPLIED INDUSTRIAL TECHNOLOGIES INC 03820C105 484 9,550 SH   DFND   0 0 9,550
ATHLON ENERGY INC COM 047477104 2,416 50,650 SH   DFND   0 0 50,650
BANK OF HAWAII CORP COM 062540109 403 6,860 SH   DFND   0 0 6,860
BELLATRIX EXPLORATION LTD COM 078314101 2,067 237,260 SH   DFND   0 0 237,260
CANADIAN NATURAL RESOURCES COM 136385101 1,425 31,035 SH   DFND   0 0 31,035
CENTRAL FUND OF CANADA LIMITED COM 153501101 2,887 198,550 SH   DFND   0 0 198,550
COCA-COLA COMPANY COM 191216100 446 10,530 SH   DFND   0 0 10,530
COEUR MINING INC COM 192108504 1,109 120,775 SH   DFND   0 0 120,775
CONOCOPHILLIPS COM 20825C104 231 2,700 SH   DFND   0 0 2,700
CONTAINER STORE GROUP INC COM 210751103 870 31,300 SH   DFND   0 0 31,300
CONTINENTAL RESOURCES INC COM 212015101 632 4,000 SH   DFND   0 0 4,000
DEVON ENERGY CORP NEW COM 25179M103 1,036 13,050 SH   DFND   0 0 13,050
DIREXION DAILY GOLD COM 25459Y389 656 14,195 SH   DFND   0 0 14,195
DISNEY WALT CO COM 254687106 202 2,353 SH   DFND   0 0 2,353
DR PEPPER SNAPPLE GRP INC COM 26138E109 205 3,500 SH   DFND   0 0 3,500
ETFS SILVER TRUST COM 26922X107 229 11,000 SH   DFND   0 0 11,000
EAGLE MATERIALS INC COM 26969P108 2,272 24,100 SH   DFND   0 0 24,100
ENDEAVOUR SILVER CORP COM 29258Y103 3,094 566,600 SH   DFND   0 0 566,600
ENERPLUS CORP COM 292766102 272 10,800 SH   DFND   0 0 10,800
EXONE COMPANY COM 302104104 643 16,225 SH   DFND   0 0 16,225
EXXON MOBIL CORP (NEW) COM 30231G102 201 2,000 SH   DFND   0 0 2,000
FINISAR CORPORATION COM 31787A507 1,420 71,900 SH   DFND   0 0 71,900
FIRST MAJESTIC SILVER CORP COM 32076V103 3,949 365,355 SH   DFND   0 0 365,355
FREEPORT MCMORAN, INC. COM 35671D857 325 8,900 SH   DFND   0 0 8,900
FRESH MARKET INC COM 35804H106 1,853 55,350 SH   DFND   0 0 55,350
GLOBAL X SILVER MINERS ETF COM 37950E853 214 15,100 SH   DFND   0 0 15,100
GOLD FIELDS LTD ADS COM 38059T106 1,614 433,914 SH   DFND   0 0 433,914
GOLDCORP INC COM 380956409 1,798 64,430 SH   DFND   0 0 64,430
GRIFOLS SA COM 398438408 429 9,750 SH   DFND   0 0 9,750
HARDING INC COM 412324303 512 40,435 SH   DFND   0 0 40,435
HAWAIIAN AIRLINES INC COM 419879101 1,030 75,159 SH   DFND   0 0 75,159
HI CRUSH PARTNERS LP COM 428337109 977 14,900 SH   DFND   0 0 14,900
IAMGOLD CORP COM 450913108 544 131,950 SH   DFND   0 0 131,950
KAPSTONE PAPER AND PACKAGING CORPORATION 48562P103 1,854 55,950 SH   DFND   0 0 55,950
LAREDO PETROLEUM INC COM 516806106 611 19,710 SH   DFND   0 0 19,710
LIFELOCK INC COM 53224V100 1,619 115,950 SH   DFND   0 0 115,950
LITHIA MOTORS INC CL A COM COM 536797103 579 6,150 SH   DFND   0 0 6,150
MKT VECT GOLD MNRS COM 57060U100 705 26,670 SH   DFND   0 0 26,670
MARKET VECTORS JR GOLD MINERS COM 57061R544 277 6,550 SH   DFND   0 0 6,550
MATSON, INC COM 57686G105 235 8,746 SH   DFND   0 0 8,746
MINERA ANDES INC COM 580394104 244 90,000 SH   DFND   0 0 90,000
MCEWEN MINING INC COM 58039P107 819 284,350 SH   DFND   0 0 284,350
NEW GOLD INC. COM 644535106 2,486 390,225 SH   DFND   0 0 390,225
NEWMONT MINING CORP COM 651639106 805 31,650 SH   DFND   0 0 31,650
NORTHERN OIL AND GAS INC COM 665531109 1,287 79,000 SH   DFND   0 0 79,000
NOVO-NORDISK A S ADR COM 670100205 268 5,800 SH   DFND   0 0 5,800
OASIS PETROLEUM COM 674215108 931 16,650 SH   DFND   0 0 16,650
PNM RESOURCES INC COM 69349H107 1,293 44,100 SH   DFND   0 0 44,100
PAN AMERICAN SILVER CORP COM 697900108 3,271 213,075 SH   DFND   0 0 213,075
PARAMOUNT GOLD AND SILVER CORP COM 69924P102 503 524,050 SH   DFND   0 0 524,050
PARKER DRILLING CO COM 701081101 1,895 290,650 SH   DFND   0 0 290,650
PEPSICO INCORPORATED COM 713448108 232 2,600 SH   DFND   0 0 2,600
PHIBRO ANIMAL HEALTH CORP COM 71742Q106 505 23,000 SH   DFND   0 0 23,000
POWERSHARES DB AGRIC COM 73936B408 249 9,050 SH   DFND   0 0 9,050
PRETIUM RES INC FUND 74139C102 283 34,200 SH   DFND   0 0 34,200
PROSHARES ULTRASHORT FTSE CHINA 25 74348A350 1,465 24,673 SH   DFND   0 0 24,673
ROYAL GOLD INC COM 780287108 388 5,100 SH   DFND   0 0 5,100
SANCHEZ ENERGY CORPORATION COM 79970Y105 3,129 83,250 SH   DFND   0 0 83,250
SANDERSON FARMS INC COM 800013104 1,614 16,600 SH   DFND   0 0 16,600
SANOFI ADR COM 80105N105 476 8,950 SH   DFND   0 0 8,950
SEABRIDGE GOLD INC COM 811916105 1,465 156,149 SH   DFND   0 0 156,149
SIBANYE GOLD LTD COM 825724206 1,134 102,780 SH   DFND   0 0 102,780
SILVER SPRING NETWORKS INC COM 82817Q103 1,344 100,800 SH   DFND   0 0 100,800
SILVER WHEATON CORP COM 828336107 261 9,950 SH   DFND   0 0 9,950
SOCIEDAD DE CHILE SC COM 833635105 1,470 50,150 SH   DFND   0 0 50,150
SOUTHWEST AIRLINES CO COM 844741108 1,140 42,450 SH   DFND   0 0 42,450
SPROTT PHYSICAL GOLDTR UNITS COM 85207H104 9,725 883,264 SH   DFND   0 0 883,264
SPROTT PHYSICAL SILVER TRUST COM 85207K107 6,932 818,450 SH   DFND   0 0 818,450
SPROUTS FARMERS MARKETS INC COM 85208M102 1,670 51,050 SH   DFND   0 0 51,050
SUNEDISON INC COM 86732Y109 381 16,850 SH   DFND   0 0 16,850
SWIFT ENERGY CO COM 870738101 1,944 149,750 SH   DFND   0 0 149,750
TANZANIAN ROYALTY EXPLORATION CORPORATION 87600U104 283 125,000 SH   DFND   0 0 125,000
3M CO COM 88579Y101 201 1,400 SH   DFND   0 0 1,400
TIME WARNER INC COM 887317303 204 2,900 SH   DFND   0 0 2,900
TITAN MACHINERY INC. COM 88830R101 2,216 134,642 SH   DFND   0 0 134,642
UNION PACIFIC CORPORATION COM 907818108 2,364 23,700 SH   DFND   0 0 23,700
WHITEWAVE FOODS CO COM 966244105 693 21,400 SH   DFND   0 0 21,400
WHOLE FOODS MARKET INC COM 966837106 2,179 56,406 SH   DFND   0 0 56,406
YAMANA GOLD INC COM 98462Y100 2,365 287,745 SH   DFND   0 0 287,745
SEADRILL LTD COM G7945E105 2,493 62,400 SH   DFND   0 0 62,400
PACIFIC DRILLING SA COM L7257P106 1,114 111,350 SH   DFND   0 0 111,350