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
ALLETE INC COM NEW 018522300 259 3,459 SH   SOLE   3,459 0 0
ALLETE INC COM NEW 018522300 3,090 41,192 SH   DFND 1 0 41,192 0
AMERICAN ELEC PWR INC COM 025537101 15,857 223,720 SH   DFND 1 0 223,720 0
AMERICAN ELEC PWR INC COM 025537101 1,332 18,788 SH   SOLE   18,788 0 0
AVANGRID INC COM 05351W103 20,369 424,971 SH   DFND 1 0 424,971 0
AVANGRID INC COM 05351W103 1,391 29,027 SH   SOLE   29,027 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 933 18,727 SH   DFND 1 0 18,727 0
BHP BILLITON LTD SPONSORED ADR 088606108 78 1,573 SH   SOLE   1,573 0 0
CENTERPOINT ENERGY INC COM 15189T107 9,678 350,000 SH   DFND 1 0 350,000 0
CENTERPOINT ENERGY INC COM 15189T107 813 29,392 SH   SOLE   29,392 0 0
CMS ENERGY CORP COM 125896100 9,065 185,000 SH   DFND 1 0 185,000 0
CMS ENERGY CORP COM 125896100 844 17,215 SH   SOLE   17,215 0 0
COMMERCIAL METALS CO COM 201723103 178 8,678 SH   SOLE   8,678 0 0
COMMERCIAL METALS CO COM 201723103 2,190 106,708 SH   DFND 1 0 106,708 0
EDISON INTL COM 281020107 4,871 71,974 SH   DFND 1 0 71,974 0
EDISON INTL COM 281020107 409 6,044 SH   SOLE   6,044 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 5,466 707,121 SH   DFND 1 0 707,121 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 449 58,074 SH   SOLE   58,074 0 0
ENTERGY CORP NEW COM 29364G103 13,816 170,291 SH   DFND 1 0 170,291 0
ENTERGY CORP NEW COM 29364G103 1,160 14,301 SH   SOLE   14,301 0 0
EVERGY INC COM 30034W106 13,795 251,191 SH   DFND 1 0 251,191 0
EVERGY INC COM 30034W106 1,068 19,449 SH   SOLE   19,449 0 0
FIRSTENERGY CORP COM 337932107 858 23,073 SH   SOLE   23,073 0 0
FIRSTENERGY CORP COM 337932107 9,283 249,752 SH   DFND 1 0 249,752 0
NISOURCE INC COM 65473P105 13,688 549,278 SH   DFND 1 0 549,278 0
NISOURCE INC COM 65473P105 931 37,370 SH   SOLE   37,370 0 0
PG&E CORP COM 69331C108 5,061 110,000 SH   DFND 1 0 110,000 0
PG&E CORP COM 69331C108 468 10,168 SH   SOLE   10,168 0 0
PHILIP MORRIS INTL INC COM 718172109 787 9,650 SH   SOLE   9,650 0 0
PROSHARES TR ULTRAPRO SHORT S 74347B268 1,152 35,750 SH   SOLE   35,750 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 7,919 150,000 SH   DFND 1 0 150,000 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 931 17,635 SH   SOLE   17,635 0 0
RIO TINTO PLC SPONSORED ADR 767204100 77 1,513 SH   SOLE   1,513 0 0
RIO TINTO PLC SPONSORED ADR 767204100 919 18,010 SH   DFND 1 0 18,010 0
SCANA CORP NEW COM 80589M102 9,041 232,472 SH   DFND 1 0 232,472 0
SCANA CORP NEW COM 80589M102 857 22,042 SH   SOLE   22,042 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 27,506 522,425 SH   DFND 1 0 522,425 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 399 7,577 SH   SOLE   7,577 0 0
SEMPRA ENERGY COM 816851109 9,100 80,000 SH   DFND 1 0 80,000 0
SEMPRA ENERGY COM 816851109 764 6,718 SH   SOLE   6,718 0 0
TECK RESOURCES LTD CL B 878742204 8,758 363,383 SH   DFND 1 0 363,383 0
TECK RESOURCES LTD CL B 878742204 677 28,087 SH   SOLE   28,087 0 0
TRILOGY METALS INC NEW COM 89621C105 293 146,482 SH   DFND 1 0 146,482 0
TRILOGY METALS INC NEW COM 89621C105 25 12,301 SH   SOLE   12,301 0 0
UNITED STATES STL CORP NEW COM 912909108 148 4,855 SH   SOLE   4,855 0 0
UNITED STATES STL CORP NEW COM 912909108 2,516 82,550 SH   DFND 1 0 82,550 0