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
ALLISON TRANSMISSION HLDGS I COM 01973R101 9,576 299,811 SH   DFND 1, 2 299,811 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 3,721 70,495 SH   DFND 1, 2 70,495 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 6,371 246,639 SH   DFND 1, 2 246,639 0 0
ANADARKO PETE CORP COM 032511107 11,815 142,677 SH   DFND 1, 2 142,677 0 0
ARCH COAL INC COM 039380100 2,463 2,463,555 SH   DFND 1, 2 2,463,555 0 0
ASBURY AUTOMOTIVE GROUP INC COM 043436104 20,142 242,384 SH   DFND 1, 2 242,384 0 0
ASHLAND INC NEW COM 044209104 5,940 46,657 SH   DFND 1, 2 46,657 0 0
AXALTA COATING SYS LTD COM G0750C108 2,830 102,472 SH   DFND 1, 2 102,472 0 0
BABCOCK & WILCOX CO NEW COM 05615F102 9,268 288,806 SH   DFND 1, 2 288,806 0 0
BERRY PLASTICS GROUP INC COM 08579W103 8,069 222,964 SH   DFND 1, 2 222,964 0 0
CALLON PETE CO DEL COM 13123X102 3,802 508,930 SH   DFND 1, 2 508,930 0 0
CARRIZO OIL & GAS INC COM 144577103 9,108 183,435 SH   DFND 1, 2 183,435 0 0
CF INDS HLDGS INC COM 125269100 16,675 58,782 SH   DFND 1, 2 58,782 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 21,526 436,985 SH   DFND 1, 2 436,985 0 0
CLIFFS NAT RES INC COM 18683K101 4,014 834,516 SH   DFND 1, 2 834,516 0 0
COMSTOCK RES INC COM NEW 205768203 5,762 1,614,006 SH   DFND 1, 2 1,614,006 0 0
CROWN HOLDINGS INC COM 228368106 7,597 140,625 SH   DFND 1, 2 140,625 0 0
D R HORTON INC COM 23331A109 4,719 165,700 SH   DFND 1, 2 165,700 0 0
DEVON ENERGY CORP NEW COM 25179M103 12,163 201,681 SH   DFND 1, 2 201,681 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 2,065 295,774 SH   DFND 1, 2 295,774 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 2,599 97,003 SH   DFND 1, 2 97,003 0 0
DIAMONDBACK ENERGY INC COM 25278X109 23,458 305,285 SH   DFND 1, 2 305,285 0 0
ECOPETROL S A SPONSORED ADS 279158109 12,186 800,685 SH   DFND 1, 2 800,685 0 0
ENERGEN CORP COM 29265N108 27,632 418,660 SH   DFND 1, 2 418,660 0 0
EQT CORP COM 26884L109 19,573 236,185 SH   DFND 1, 2 236,185 0 0
EXCO RESOURCES INC COM 269279402 1,730 945,283 SH   DFND 1, 2 945,283 0 0
EXTERRAN HLDGS INC COM 30225X103 6,429 191,508 SH   DFND 1, 2 191,508 0 0
F M C CORP COM NEW 302491303 6,888 120,308 SH   DFND 1, 2 120,308 0 0
FMSA HLDGS INC COM 30255X106 2,172 300,061 SH   DFND 1, 2 300,061 0 0
GULFPORT ENERGY CORP COM NEW 402635304 26,128 569,122 SH   DFND 1, 2 569,122 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 4,354 231,494 SH   DFND 1, 2 231,494 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 24,526 197,200 SH Put DFND 1, 2 197,200 0 0
ISHARES TR TRANS AVG ETF 464287192 5,404 34,506 SH   DFND 1, 2 34,506 0 0
KB HOME COM 48666K109 9,065 580,375 SH   DFND 1, 2 580,375 0 0
LENNOX INTL INC COM 526107107 10,710 95,890 SH   DFND 1, 2 95,890 0 0
LINNCO LLC COMSHS LTD INT 535782106 5,945 621,249 SH   DFND 1, 2 621,249 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 4,935 56,210 SH   DFND 1, 2 56,210 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 23,862 289,974 SH   DFND 1, 2 289,974 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 6,090 2,280,919 SH   DFND 1, 2 2,280,919 0 0
MEMORIAL RESOURCE DEV CORP COM 58605Q109 10,450 589,091 SH   DFND 1, 2 589,091 0 0
MOHAWK INDS INC COM 608190104 14,287 76,913 SH   DFND 1, 2 76,913 0 0
NABORS INDUSTRIES LTD SHS G6359F103 4,709 344,998 SH   DFND 1, 2 344,998 0 0
NOBLE ENERGY INC COM 655044105 21,959 449,059 SH   DFND 1, 2 449,059 0 0
NOW INC COM 67011P100 4,916 227,178 SH   DFND 1, 2 227,178 0 0
NUCOR CORP COM 670346105 9,025 189,879 SH   DFND 1, 2 189,879 0 0
OWENS CORNING NEW COM 690742101 24,567 566,071 SH   DFND 1, 2 566,071 0 0
PARAGON OFFSHORE PLC SHS G6S01W108 733 563,826 SH   DFND 1, 2 563,826 0 0
PEABODY ENERGY CORP COM 704549104 1,913 388,866 SH   DFND 1, 2 388,866 0 0
PENN VA CORP COM 707882106 6,574 1,014,516 SH   DFND 1, 2 1,014,516 0 0
PENN WEST PETE LTD NEW COM 707887105 5,897 3,577,171 SH   DFND 1, 2 3,577,171 0 0
PIONEER NAT RES CO COM 723787107 22,275 136,233 SH   DFND 1, 2 136,233 0 0
PLATFORM SPECIALTY PRODS COR COM 72766Q105 2,145 83,603 SH   DFND 1, 2 83,603 0 0
POTASH CORP SASK INC COM 73755L107 8,599 266,630 SH   DFND 1, 2 266,630 0 0
PPG INDS INC COM 693506107 14,329 63,531 SH   DFND 1, 2 63,531 0 0
REX ENERGY CORPORATION COM 761565100 1,396 375,394 SH   DFND 1, 2 375,394 0 0
ROCK-TENN CO CL A 772739207 5,844 90,606 SH   DFND 1, 2 90,606 0 0
ROSETTA RESOURCES INC COM 777779307 8,174 480,281 SH   DFND 1, 2 480,281 0 0
RPC INC COM 749660106 892 69,672 SH   DFND 1, 2 69,672 0 0
RYDER SYS INC COM 783549108 16,379 172,606 SH   DFND 1, 2 172,606 0 0
SANCHEZ ENERGY CORP COM 79970Y105 4,469 343,543 SH   DFND 1, 2 343,543 0 0
SANDRIDGE ENERGY INC COM 80007P307 613 344,422 SH   DFND 1, 2 344,422 0 0
SEADRILL LIMITED SHS G7945E105 3,456 369,607 SH   DFND 1, 2 369,607 0 0
SEALED AIR CORP NEW COM 81211K100 11,989 263,137 SH   DFND 1, 2 263,137 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 7,648 98,587 SH   DFND 1, 2 98,587 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 67,845 874,500 SH Put DFND 1, 2 874,500 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 1,246 22,350 SH   DFND 1, 2 22,350 0 0
SEMGROUP CORP CL A 81663A105 7,183 88,306 SH   DFND 1, 2 88,306 0 0
SENSATA TECHNOLOGIES HLDG NV SHS N7902X106 5,583 97,184 SH   DFND 1, 2 97,184 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 82,427 399,300 SH Put DFND 1, 2 399,300 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 35,718 691,400 SH Put DFND 1, 2 691,400 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 19,950 386,170 SH   DFND 1, 2 386,170 0 0
SPIRIT AIRLS INC COM 848577102 9,420 121,763 SH   DFND 1, 2 121,763 0 0
STEEL DYNAMICS INC COM 858119100 10,757 535,152 SH   DFND 1, 2 535,152 0 0
SUMMIT MATLS INC CL A 86614U100 9,378 423,374 SH   DFND 1, 2 423,374 0 0
SUNCOKE ENERGY INC COM 86722A103 1,841 123,235 SH   DFND 1, 2 123,235 0 0
SUNEDISON INC COM 86732Y109 10,690 445,434 SH   DFND 1, 2 445,434 0 0
SUNPOWER CORP COM 867652406 6,023 192,367 SH   DFND 1, 2 192,367 0 0
SWIFT ENERGY CO COM 870738101 4,027 1,864,280 SH   DFND 1, 2 1,864,280 0 0
TEEKAY CORPORATION COM Y8564W103 5,130 110,160 SH   DFND 1, 2 110,160 0 0
TERRAFORM PWR INC CL A COM 88104R100 8,089 221,567 SH   DFND 1, 2 221,567 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 9,584 68,509 SH   DFND 1, 2 68,509 0 0
TRANSOCEAN LTD REG SHS H8817H100 7,857 535,559 SH   DFND 1, 2 535,559 0 0
TRIANGLE PETE CORP COM NEW 89600B201 3,126 621,526 SH   DFND 1, 2 621,526 0 0
TYSON FOODS INC CL A 902494103 3,035 79,239 SH   DFND 1, 2 79,239 0 0
U S CONCRETE INC COM NEW 90333L201 3,032 89,488 SH   DFND 1, 2 89,488 0 0
U S SILICA HLDGS INC COM 90346E103 12,478 350,399 SH   DFND 1, 2 350,399 0 0
VALERO ENERGY CORP NEW COM 91913Y100 9,646 151,624 SH   DFND 1, 2 151,624 0 0
VULCAN MATLS CO COM 929160109 13,326 158,084 SH   DFND 1, 2 158,084 0 0
WABCO HLDGS INC COM 92927K102 18,471 150,318 SH   DFND 1, 2 150,318 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 11,861 964,335 SH   DFND 1, 2 964,335 0 0
WESTERN REFNG INC COM 959319104 9,928 201,009 SH   DFND 1, 2 201,009 0 0
WESTERN REFNG INC COM 959319104 4,870 98,600 SH Call DFND 1, 2 98,600 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 10,820 196,307 SH   DFND 1, 2 196,307 0 0