Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COP	CONOCOPHILLIPS	1,089,900	$47.52M	7.1%	$30.77	+6.6%	COM	20825C104
—	PARSLEY ENERGY INC	1,473,284	$39.87M	5.9%	$18.35	—	CL A	701877102
—	CIMAREX ENERGY CO	275,600	$32.88M	4.9%	$97.27	—	COM	171798101
—	NABORS INDUSTRIES LTD	3,087,067	$31.02M	4.6%	$8.51	—	SHS	G6359F103
—	NEWFIELD EXPL CO	676,101	$29.87M	4.5%	$32.86	—	COM	651290108
—	QEP RES INC	1,614,480	$28.46M	4.2%	$13.63	—	COM	74733V100
—	GULFPORT ENERGY CORP	806,419	$25.21M	3.8%	$32.82	—	COM NEW	402635304
—	HESS CORP	405,926	$24.4M	3.6%	$60.33	—	COM	42809H107
DVN	DEVON ENERGY CORP NEW	625,540	$22.68M	3.4%	$23.84	0.0%	COM	25179M103
—	RSP PERMIAN INC	589,612	$20.57M	3.1%	$27.69	—	COM	74978Q105
—	BAKER HUGHES INC	453,257	$20.45M	3.1%	$45.13	—	COM	057224107
—	U S SILICA HLDGS INC	583,013	$20.1M	3.0%	$18.73	—	COM	90346E103
—	ENERGEN CORP	403,991	$19.48M	2.9%	$44.14	—	COM	29265N108
—	CONTINENTAL RESOURCES INC	406,752	$18.41M	2.7%	$45.27	—	COM	212015101
—	SOUTHWESTERN ENERGY CO	1,388,283	$17.46M	2.6%	$12.58	—	COM	845467109
—	BERRY PLASTICS GROUP INC	421,835	$16.39M	2.4%	$34.61	—	COM	08579W103
—	CALLON PETE CO DEL	1,376,370	$15.46M	2.3%	$9.85	—	COM	13123X102
—	SUPERIOR ENERGY SVCS INC	684,142	$12.6M	1.9%	$17.87	—	COM	868157108
—	OASIS PETE INC NEW	1,345,600	$12.57M	1.9%	$9.34	—	COM	674215108
CE	CELANESE CORP DEL	181,500	$11.88M	1.8%	$52.01	+11.1%	COM SER A	150870103
SM	SM ENERGY CO	435,569	$11.76M	1.8%	$30.33	-17.4%	COM	78454L100
—	TRINSEO S A	271,612	$11.66M	1.7%	$31.21	—	SHS	L9340P101
HAL	HALLIBURTON CO	248,204	$11.24M	1.7%	$29.89	+14.2%	COM	406216101
SEE	SEALED AIR CORP NEW	229,004	$10.53M	1.6%	$41.28	-2.0%	COM	81211K100
EMN	EASTMAN CHEM CO	149,300	$10.14M	1.5%	$51.28	+4.4%	COM	277432100
SHW	SHERWIN WILLIAMS CO	33,065	$9.71M	1.4%	$80.28	+11.1%	COM	824348106
—	ENSCO PLC	909,568	$8.832M	1.3%	$9.71	—	SHS CLASS A	G3157S106
VLO	VALERO ENERGY CORP NEW	167,100	$8.522M	1.3%	$42.95	-10.4%	COM	91913Y100
—	WHITING PETE CORP NEW	899,461	$8.329M	1.2%	$17.24	—	COM	966387102
MPC	MARATHON PETE CORP	215,000	$8.161M	1.2%	$27.21	0.0%	COM	56585A102
ALB	ALBEMARLE CORP	98,799	$7.836M	1.2%	$64.37	0.0%	COM	012653101
OIS	OIL STS INTL INC	224,898	$7.395M	1.1%	$30.65	+5.8%	COM	678026105
—	TRANSCANADA CORP	161,000	$7.28M	1.1%	$39.31	—	COM	89353D107
E	ENI S P A	220,400	$7.13M	1.1%	$31.47	—	SPONSORED ADR	26874R108
CTRA	CABOT OIL & GAS CORP	268,800	$6.919M	1.0%	$17.47	0.0%	COM	127097103
LYB	LYONDELLBASELL INDUSTRIES N	91,500	$6.809M	1.0%	$50.58	-6.0%	SHS - A -	N53745100
—	DOW CHEM CO	134,242	$6.673M	1.0%	$49.71	—	COM	260543103
—	BARRETT BILL CORP	1,004,751	$6.42M	1.0%	$6.39	—	COM	06846N104
—	MONSANTO CO NEW	61,700	$6.38M	1.0%	$93.61	—	COM	61166W101
—	ENERPLUS RES FD	854,328	$5.627M	0.8%	$6.59	—	COM	292766102
TRGP	TARGA RES CORP	120,387	$5.073M	0.8%	$27.03	-5.9%	COM	87612G101
—	WEATHERFORD INTL PLC	880,341	$4.886M	0.7%	$5.55	—	ORD SHS	G48833100
—	HOLLYFRONTIER CORP	204,457	$4.86M	0.7%	$36.64	—	COM	436106108
—	RICE ENERGY INC	201,413	$4.439M	0.7%	$14.25	—	COM	762760106
PBA	PEMBINA PIPELINE CORP	132,400	$4.023M	0.6%	$17.60	0.0%	COM	706327103
—	GCP APPLIED TECHNOLOGIES INC	113,102	$2.945M	0.4%	$19.94	—	COM	36164Y101
TS	TENARIS S A	89,690	$2.587M	0.4%	$23.89	—	SPONSORED ADR	88031M109
—	KRATON PERFORMANCE POLYMERS	72,231	$2.017M	0.3%	$27.92	—	COM	50077C106
—	FAIRMOUNT SANTROL HLDGS INC	175,330	$1.352M	0.2%	$7.71	—	COM	30555Q108
—	ECLIPSE RES CORP	400,000	$1.336M	0.2%	$3.34	—	COM	27890G100
—	PENN WEST PETE LTD	811,700	$1.131M	0.2%	$1.39	—	COM	707887105
—	CARRIZO OIL & GAS INC	28,100	$1.007M	0.2%	$35.84	—	COM	144577103
—	NOBLE CORP PLC	28,881	$238K	0.0%	$8.24	—	SHS USD	G65431101