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
ALCOA CORP COM 013872106 168 3,738 SH   SOLE   3,738 0 0
ALCOA CORP COM 013872106 1,866 41,495 SH   DFND 1 0 41,495 0
ALLIANT ENERGY CORP COM 018802108 565 13,828 SH   SOLE   13,828 0 0
AMEREN CORP COM 023608102 12,708 224,396 SH   DFND 1 0 224,396 0
AMEREN CORP COM 023608102 1,013 17,895 SH   SOLE   17,895 0 0
AMERICAN ELEC PWR INC COM 025537101 4,115 60,000 SH   DFND 1 0 60,000 0
AMERICAN ELEC PWR INC COM 025537101 335 4,881 SH   SOLE   4,881 0 0
AVANGRID INC COM 05351W103 2,292 44,830 SH   DFND 1 0 44,830 0
AVANGRID INC COM 05351W103 186 3,647 SH   SOLE   3,647 0 0
BLACK HILLS CORP COM 092113109 88 1,627 SH   SOLE   1,627 0 0
BLACK HILLS CORP COM 092113109 1,086 20,000 SH   DFND 1 0 20,000 0
CMS ENERGY CORP COM 125896100 8,152 180,000 SH   DFND 1 0 180,000 0
CMS ENERGY CORP COM 125896100 663 14,642 SH   SOLE   14,642 0 0
COMMERCIAL METALS CO COM 201723103 4,645 227,013 SH   DFND 1 0 227,013 0
COMMERCIAL METALS CO COM 201723103 378 18,464 SH   SOLE   18,464 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 14,322 1,232,517 SH   DFND 1 0 1,232,517 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 1,171 100,817 SH   SOLE   100,817 0 0
ENTERGY CORP NEW COM 29364G103 3,557 45,150 SH   DFND 1 0 45,150 0
ENTERGY CORP NEW COM 29364G103 289 3,673 SH   SOLE   3,673 0 0
FIRSTENERGY CORP COM 337932107 3,894 114,502 SH   DFND 1 0 114,502 0
FIRSTENERGY CORP COM 337932107 317 9,314 SH   SOLE   9,314 0 0
GREAT PLAINS ENERGY INC COM 391164100 1,034 32,520 SH   SOLE   32,520 0 0
GREAT PLAINS ENERGY INC COM 391164100 12,709 399,793 SH   DFND 1 0 399,793 0
INFRAREIT INC COM 45685L100 1,124 57,843 SH   DFND 1 0 57,843 0
INFRAREIT INC COM 45685L100 79 4,043 SH   SOLE   4,043 0 0
MCDERMOTT INTL INC COM 580037109 3,352 550,367 SH   DFND 1 0 550,367 0
MCDERMOTT INTL INC COM 580037109 178 29,206 SH   SOLE   29,206 0 0
NISOURCE INC COM 65473P105 8,926 373,300 SH   DFND 1 0 373,300 0
NISOURCE INC COM 65473P105 726 30,365 SH   SOLE   30,365 0 0
NUCOR CORP COM 670346105 3,110 50,903 SH   DFND 1 0 50,903 0
NUCOR CORP COM 670346105 253 4,142 SH   SOLE   4,142 0 0
OGE ENERGY CORP COM 670837103 457 13,952 SH   SOLE   13,952 0 0
OGE ENERGY CORP COM 670837103 5,621 171,518 SH   DFND 1 0 171,518 0
PG&E CORP COM 69331C108 6,379 145,200 SH   DFND 1 0 145,200 0
PG&E CORP COM 69331C108 519 11,811 SH   SOLE   11,811 0 0
PNM RES INC COM 69349H107 7,428 194,200 SH   DFND 1 0 194,200 0
PNM RES INC COM 69349H107 604 15,797 SH   SOLE   15,797 0 0
PROSHARES TR ULTRAPRO SHORT S 74348A442 525 47,000 SH   SOLE   47,000 0 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 8,529 169,756 SH   DFND 1 0 169,756 0
PUBLIC SVC ENTERPRISE GROUP COM 744573106 694 13,808 SH   SOLE   13,808 0 0
TECK RESOURCES LTD CL B 878742204 6,615 256,812 SH   DFND 1 0 256,812 0
TECK RESOURCES LTD CL B 878742204 538 20,888 SH   SOLE   20,888 0 0
VISTRA ENERGY CORP COM 92840M102 480 23,028 SH   SOLE   23,028 0 0
VISTRA ENERGY CORP COM 92840M102 5,897 283,100 SH   DFND 1 0 283,100 0