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 INC COM 013817101 23,721 1,593,100 SH Put SOLE   1,593,100 0 0
CABOT OIL & GAS CORP COM 127097103 17,291 506,477 SH   SOLE   506,477 0 0
CF INDS HLDGS INC COM 125269100 17,557 72,995 SH   SOLE   72,995 0 0
CHESAPEAKE ENERGY CORP COM 165167107 33,616 1,081,600 SH Put SOLE   1,081,600 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 5,904 320,524 SH   SOLE   320,524 0 0
DRESSER-RAND GROUP INC COM 261608103 12,330 193,467 SH   SOLE   193,467 0 0
DYNEGY INC NEW DEL COM 26817R108 17,890 514,083 SH   SOLE   514,083 0 0
ENCANA CORP COM 292505104 23,757 1,002,000 SH Put SOLE   1,002,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 17,452 478,127 SH   SOLE   478,127 0 0
GRAN TIERRA ENERGY INC COM 38500T101 6,658 819,956 SH   SOLE   819,956 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 9,454 808,018 SH   SOLE   808,018 0 0
GREEN PLAINS INC COM 393222104 6,660 202,604 SH   SOLE   202,604 0 0
ISHARES CHINA LG-CAP ETF 464287184 21,680 585,300 SH Put SOLE   585,300 0 0
ISHARES MSCI EMG MKT ETF 464287234 21,256 491,700 SH Put SOLE   491,700 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 11,612 118,913 SH   SOLE   118,913 0 0
MARATHON PETE CORP COM 56585A102 10,523 134,793 SH   SOLE   134,793 0 0
NATIONAL OILWELL VARCO INC COM 637071101 5,955 72,311 SH   SOLE   72,311 0 0
NRG ENERGY INC COM NEW 629377508 18,538 498,323 SH   SOLE   498,323 0 0
ROCK-TENN CO CL A 772739207 18,562 175,791 SH   SOLE   175,791 0 0
SIBANYE GOLD LTD SPONSORED ADR 825724206 17,266 1,565,362 SH   SOLE   1,565,362 0 0
TAMINCO CORP COM 87509U106 3,229 138,837 SH   SOLE   138,837 0 0
TESORO CORP COM 881609101 12,048 205,344 SH   SOLE   205,344 0 0
THOMPSON CREEK METALS CO INC COM 884768102 1,939 654,994 SH   SOLE   654,994 0 0
TRANSOCEAN LTD REG SHS H8817H100 54,464 1,209,500 SH Put SOLE   1,209,500 0 0
UNITED STATES STL CORP NEW COM 912909108 13,541 520,000 SH Put SOLE   520,000 0 0