Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TRUST	2,900,000	$346M	22.8%	$119.15	—	Call	78463V107
SPY	SPDR S&P 500 ETF TR	1,500,000	$240M	15.8%	—	—	Put	78462F103
—	KNIGHT CAP GROUP INC	66,000,000	$65.99M	4.3%	$1.00	—	Note	499005AE6
—	MARATHON OIL CORP	1,760,084	$60.86M	4.0%	$34.58	—	COM	565849106
HYG	ISHARES TR	625,000	$56.79M	3.7%	—	—	Put	464288513
—	ROYAL DUTCH SHELL PLC	885,586	$56.5M	3.7%	$63.80	—	SPONS ADR A	780259206
—	ANADARKO PETE CORP	553,040	$47.52M	3.1%	$85.93	—	COM	32511107
—	APACHE CORP	527,000	$44.18M	2.9%	$83.83	—	Call	37411105
FCX	FREEPORT-MCMORAN COPPER & GO	1,594,213	$44.02M	2.9%	$24.45	0.0%	COM	35671D857
XLE	SELECT SECTOR SPDR TR	502,214	$39.35M	2.6%	$78.36	—	SBI INT-ENERGY	81369Y506
—	MARKET VECTORS ETF TR	1,518,675	$37.07M	2.4%	$24.41	—	GOLD MINER ETF	57060U100
—	TOTAL S A	748,905	$36.47M	2.4%	$48.70	—	SPONSORED ADR	89151E109
—	APPLE INC	64,309	$25.47M	1.7%	$396.09	—	COM	37833100
GLD	SPDR GOLD TRUST	200,000	$23.83M	1.6%	$119.15	—	Put	78463V107
—	RADIAN GROUP INC	17,600,000	$22.61M	1.5%	$1.28	—	Note	750236AN1
—	POWERSHARES ETF TRUST II	835,000	$20.67M	1.4%	$24.75	—	SENIOR LN PORT	73936Q769
—	APACHE CORP	239,490	$20.08M	1.3%	$83.83	—	COM	37411105
—	U S AIRWAYS GROUP INC	1,079,218	$17.72M	1.2%	$16.42	—	COM	90341W108
EWZ	ISHARES INC	400,000	$17.54M	1.2%	$43.86	—	Put	464286400
—	ENERGY XXI (BERMUDA) LTD	740,960	$16.43M	1.1%	$22.18	—	USD UNRS SHS	G10082140
—	NATIONAL OILWELL VARCO INC	237,912	$16.39M	1.1%	$68.90	—	COM	637071101
—	BANK OF AMERICA CORPORATION	1,197,251	$15.4M	1.0%	$12.86	—	COM	60505104
SU	SUNCOR ENERGY INC NEW	508,342	$14.99M	1.0%	$19.64	0.0%	COM	867224107
—	NORTHERN OIL & GAS INC NEV	1,093,242	$14.58M	1.0%	$13.34	—	COM	665531109
—	SANDRIDGE ENERGY INC	2,760,000	$13.14M	0.9%	—	—	Put	80007P307
—	SPDR SERIES TRUST	204,704	$11.91M	0.8%	$58.18	—	S&P OILGAS EXP	78464A730
EEM	ISHARES TR	302,600	$11.67M	0.8%	$38.57	—	MSCI EMERG MKT	464287234
—	BARRICK GOLD CORP	713,960	$11.24M	0.7%	$15.74	—	COM	67901108
EWY	ISHARES INC	198,701	$10.57M	0.7%	$53.20	—	MSCI STH KOR CAP	464286772
FXI	ISHARES TR	320,000	$10.41M	0.7%	$32.52	—	FTSE CHINA25 IDX	464287184
—	GOODRICH PETE CORP	10,000,000	$9.932M	0.7%	$0.99	—	Note	382410AC2
—	NEWFIELD EXPL CO	388,459	$9.28M	0.6%	$23.89	—	COM	651290108
CTRA	CABOT OIL & GAS CORP	128,503	$9.126M	0.6%	$24.86	0.0%	COM	127097103
—	ULTRA PETROLEUM CORP	406,058	$8.048M	0.5%	$19.82	—	COM	903914109
—	RITE AID CORP	5,000,000	$7.101M	0.5%	$1.42	—	Note	767754BU7
EWL	ISHARES INC	242,262	$6.941M	0.5%	$28.65	—	MSCI SWITZ CAPP	464286749
EOG	EOG RES INC	49,498	$6.518M	0.4%	$46.52	0.0%	COM	26875P101
—	ISTAR FINL INC	5,000,000	$6.015M	0.4%	$1.20	—	Note	45031UBR1
—	SANCHEZ ENERGY CORP	246,249	$5.654M	0.4%	$22.96	—	COM	79970Y105
—	MARKET VECTORS ETF TR	190,000	$4.78M	0.3%	$25.16	—	RUSSIA ETF	57060U506
GLD	SPDR GOLD TRUST	40,100	$4.778M	0.3%	$119.15	—	GOLD SHS	78463V107
—	QUICKSILVER RESOURCES INC	2,606,249	$4.378M	0.3%	$1.68	—	COM	74837R104
—	BARRETT BILL CORP	194,119	$3.925M	0.3%	$20.22	—	COM	06846N104
—	STONE ENERGY CORP	174,601	$3.846M	0.3%	$22.03	—	COM	861642106
—	GULFPORT ENERGY CORP	66,700	$3.14M	0.2%	$47.08	—	COM	402635304
SLB	SCHLUMBERGER LTD	42,200	$3.024M	0.2%	$52.90	0.0%	COM	806857108
EWZ	ISHARES INC	68,223	$2.992M	0.2%	$43.86	—	MSCI BRAZIL CAPP	464286400
—	NOBLE ENERGY INC	49,200	$2.954M	0.2%	$60.04	—	COM	655044105
—	PIONEER NAT RES CO	20,000	$2.895M	0.2%	$144.75	—	COM	723787107
XLY	SELECT SECTOR SPDR TR	50,690	$2.859M	0.2%	$56.40	—	SBI CONS DISCR	81369Y407
—	SILVER STD RES INC	395,000	$2.504M	0.2%	—	—	Put	82823L106
—	ALLIED NEVADA GOLD CORP	375,000	$2.43M	0.2%	—	—	Put	19344100
—	MANNKIND CORP	2,000,000	$2.304M	0.2%	$1.15	—	Note	56400PAC6
CME	CME GROUP INC	30,100	$2.287M	0.2%	$39.16	0.0%	COM	12572Q105
—	ARCH COAL INC	594,324	$2.247M	0.1%	$3.78	—	COM	39380100
—	HORNBECK OFFSHORE SVCS INC N	38,000	$2.033M	0.1%	$53.50	—	COM	440543106
—	BAKER HUGHES INC	43,300	$1.997M	0.1%	$46.12	—	COM	57224107
—	BONANZA CREEK ENERGY INC	56,000	$1.986M	0.1%	$35.46	—	COM	97793103
—	CONTINENTAL RESOURCES INC	23,000	$1.979M	0.1%	$86.04	—	COM	212015101
DVN	DEVON ENERGY CORP NEW	38,151	$1.979M	0.1%	$37.00	0.0%	COM	25179M103
—	DRESSER-RAND GROUP INC	33,000	$1.979M	0.1%	$59.97	—	COM	261608103
RCI	ROGERS COMMUNICATIONS INC	50,000	$1.96M	0.1%	$47.39	0.0%	CL B	775109200
—	ENDEAVOUR INTL CORP	475,000	$1.824M	0.1%	—	—	Put	29259G200
—	CORE LABORATORIES N V	11,000	$1.668M	0.1%	$151.64	—	COM	N22717107
—	COBALT INTL ENERGY INC	60,075	$1.596M	0.1%	$26.57	—	COM	19075F106
—	KODIAK OIL & GAS CORP	160,000	$1.422M	0.1%	$8.89	—	COM	50015Q100
—	ROSETTA RESOURCES INC	32,000	$1.361M	0.1%	$42.53	—	COM	777779307
—	FRANCE TELECOM	140,000	$1.323M	0.1%	$9.45	—	SPONSORED ADR	35177Q105
—	OASIS PETE INC NEW	33,405	$1.298M	0.1%	$38.86	—	COM	674215108
—	REX ENERGY CORPORATION	56,000	$984K	0.1%	$17.57	—	COM	761565100
—	CHESAPEAKE ENERGY CORP	39,900	$813K	0.1%	$20.38	—	COM	165167107
EWH	ISHARES INC	40,000	$732K	0.0%	$18.30	—	MSCI HONG KONG	464286871
—	SUPERIOR ENERGY SVCS INC	25,000	$649K	0.0%	$25.96	—	COM	868157108
XME	SPDR SERIES TRUST	16,807	$557K	0.0%	$33.14	—	S&P METALS MNG	78464A755
—	HERCULES OFFSHORE INC	70,000	$493K	0.0%	$7.04	—	COM	427093109
RRC	RANGE RES CORP	4,200	$325K	0.0%	$76.33	0.0%	COM	75281A109
—	MANNKIND CORP	22,600	$147K	0.0%	$6.50	—	COM	56400P201