LSP Investment Advisors, LLC Activity Q4 2017-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GPOR	Sell	GULFPORT ENERGY CORP	$36,271,040	-18.9%	305,672	-28.2%	17.88%	-28.7%
CRWD	New	CROWDSTRIKE HLDGS INCcl a	$227,637	–	1,360	–	0.11%	–
	Exit	TOAST INCcl a	$0	–	-9,207	–	-0.12%	–

Q2 2023

			Value		Shares		↓ Weighting
ARCH	New	ARCH RESOURCES INCcl a	$65,834,249	–	583,844	–	36.90%	–
GPOR	New	GULFPORT ENERGY CORP	$44,725,777	–	425,676	–	25.07%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$32,004,816	–	72,200	–	17.94%	–
BATL	New	BATTALION OIL CORP	$13,531,381	–	2,369,769	–	7.58%	–
EEM	New	ISHARES TRmsci emg mkt etf	$4,305,315	–	108,830	–	2.41%	–
IWM	New	ISHARES TRrussell 2000 etf	$2,902,685	–	15,500	–	1.63%	–
MSFT	New	MICROSOFT CORP	$2,819,671	–	8,280	–	1.58%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,588,758	–	21,400	–	1.45%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$2,122,755	–	70,500	–	1.19%	–
AMZN	New	AMAZON COM INC	$1,851,112	–	14,200	–	1.04%	–
XBI	New	SPDR SER TRs&p biotech	$1,289,600	–	15,500	–	0.72%	–
EXC	New	EXELON CORP	$540,783	–	13,274	–	0.30%	–
TECK	New	TECK RESOURCES LTDcl b	$505,200	–	12,000	–	0.28%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$484,405	–	13,584	–	0.27%	–
CNP	New	CENTERPOINT ENERGY INC	$473,688	–	16,250	–	0.27%	–
BX	New	BLACKSTONE INC	$464,850	–	5,000	–	0.26%	–
	New	APOLLO GLOBAL MGMT INC	$460,860	–	6,000	–	0.26%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$334,964	–	5,350	–	0.19%	–
OTLY	New	OATLY GROUP ABsponsored ads	$331,417	–	161,667	–	0.19%	–
DUK	New	DUKE ENERGY CORP NEW	$274,604	–	3,060	–	0.15%	–
	New	TOAST INCcl a	$207,802	–	9,207	–	0.12%	–
	New	CONSTELLATION ENERGY CORP	$202,142	–	2,208	–	0.11%	–
	New	ROBINHOOD MKTS INC	$153,333	–	15,364	–	0.09%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	ROBINHOOD MKTS INC	$0	–	-15,364	–	-0.07%	–
CRWD	Exit	CROWDSTRIKE HLDGS INCcl a	$0	–	-1,360	–	-0.10%	–
D	Exit	DOMINION ENERGY INC	$0	–	-3,350	–	-0.10%	–
	Exit	APOLLO GLOBAL MGMT INC	$0	–	-6,000	–	-0.12%	–
OI	Exit	O-I GLASS INC	$0	–	-22,065	–	-0.12%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,060	–	-0.12%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GRP IN	$0	–	-5,350	–	-0.13%	–
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-6,500	–	-0.14%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-12,000	–	-0.16%	–
	Exit	CONSTELLATION ENERGY CORP	$0	–	-4,424	–	-0.16%	–
GDXJ	Exit	VANECK ETF TRUSTjunior gold mine	$0	–	-13,584	–	-0.17%	–
BX	Exit	BLACKSTONE INC	$0	–	-5,000	–	-0.18%	–
OTLY	Exit	OATLY GROUP ABsponsored ads	$0	–	-161,667	–	-0.18%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-16,250	–	-0.19%	–
EXC	Exit	EXELON CORP	$0	–	-13,274	–	-0.21%	–
XBI	Exit	SPDR SER TRs&p biotech	$0	–	-15,500	–	-0.52%	–
AMZN	Exit	AMAZON COM INC	$0	–	-14,200	–	-0.68%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-70,500	–	-0.72%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-8,280	–	-0.82%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-21,400	–	-0.87%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-52,200	–	-0.94%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-15,500	–	-1.08%	–
CEIX	Exit	CONSOL ENERGY INC NEW	$0	–	-53,900	–	-1.47%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-108,830	–	-1.61%	–
EQT	Exit	EQT CORP	$0	–	-527,792	–	-9.10%	–
GPOR	Exit	GULFPORT ENERGY CORP	$0	–	-245,672	–	-9.18%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-72,200	–	-10.92%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-2,369,769	–	-11.94%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-371,877	–	-14.83%	–
ARCH	Exit	ARCH RESOURCES INCcl a	$0	–	-661,395	–	-33.20%	–

Q3 2022

			Value		Shares		↓ Weighting
ARCH	Buy	ARCH RESOURCES INCcl a	$78,441,000	-6.1%	661,395	+13.3%	33.20%	+0.7%
CHK	Buy	CHESAPEAKE ENERGY CORP	$35,035,000	+75.4%	371,877	+51.0%	14.83%	+88.1%
GPOR	Buy	GULFPORT ENERGY CORP	$21,690,000	+77.3%	245,672	+59.7%	9.18%	+90.2%
EQT	Sell	EQT CORP	$21,508,000	-40.2%	527,792	-49.5%	9.10%	-35.8%
CEIX	New	CONSOL ENERGY INC NEW	$3,467,000	–	53,900	–	1.47%	–
GOOG	Buy	ALPHABET INCcap stk cl c	$2,058,000	-12.1%	21,400	+1900.0%	0.87%	-5.7%
APLS	Exit	APELLIS PHARMACEUTICALS INC	$0	–	-5,500	–	-0.10%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-95,047	–	-0.97%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-303,597	–	-10.76%	–

Q2 2022

			Value		Shares		↓ Weighting
ARCH	New	ARCH RESOURCES INCcl a	$83,542,000	–	583,844	–	32.97%	–
EQT	New	EQT CORP	$35,949,000	–	1,045,023	–	14.19%	–
COP	New	CONOCOPHILLIPS	$27,266,000	–	303,597	–	10.76%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$27,237,000	–	72,200	–	10.75%	–
BATL	New	BATTALION OIL CORP	$20,214,000	–	2,369,769	–	7.98%	–
CHK	New	CHESAPEAKE ENERGY CORP	$19,974,000	–	246,288	–	7.88%	–
GPOR	New	GULFPORT ENERGY CORP	$12,233,000	–	153,853	–	4.83%	–
EEM	New	ISHARES TRmsci emg mkt etf	$4,364,000	–	108,830	–	1.72%	–
MCHI	New	ISHARES TRmsci china etf	$2,913,000	–	52,200	–	1.15%	–
IWM	New	ISHARES TRrussell 2000 etf	$2,625,000	–	15,500	–	1.04%	–
COG	New	COTERRA ENERGY INC	$2,451,000	–	95,047	–	0.97%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,341,000	–	1,070	–	0.92%	–
MSFT	New	MICROSOFT CORP	$2,127,000	–	8,280	–	0.84%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$1,930,000	–	70,500	–	0.76%	–
AMZN	New	AMAZON COM INC	$1,508,000	–	14,200	–	0.60%	–
XBI	New	SPDR SER TRs&p biotech	$1,151,000	–	15,500	–	0.45%	–
EXC	New	EXELON CORP	$602,000	–	13,274	–	0.24%	–
OTLY	New	OATLY GROUP ABsponsored ads	$559,000	–	161,667	–	0.22%	–
CNP	New	CENTERPOINT ENERGY INC	$481,000	–	16,250	–	0.19%	–
BX	New	BLACKSTONE INC	$456,000	–	5,000	–	0.18%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$435,000	–	13,584	–	0.17%	–
TECK	New	TECK RESOURCES LTDcl b	$367,000	–	12,000	–	0.14%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$339,000	–	5,350	–	0.13%	–
DUK	New	DUKE ENERGY CORP NEW	$328,000	–	3,060	–	0.13%	–
OI	New	O-I GLASS INC	$309,000	–	22,065	–	0.12%	–
	New	APOLLO GLOBAL MGMT INC	$291,000	–	6,000	–	0.12%	–
D	New	DOMINION ENERGY INC	$267,000	–	3,350	–	0.10%	–
PTCT	New	PTC THERAPEUTICS INC	$260,000	–	6,500	–	0.10%	–
	New	CONSTELLATION ENERGY CORP	$253,000	–	4,424	–	0.10%	–
APLS	New	APELLIS PHARMACEUTICALS INC	$249,000	–	5,500	–	0.10%	–
CRWD	New	CROWDSTRIKE HLDGS INCcl a	$229,000	–	1,360	–	0.09%	–
	New	ROBINHOOD MKTS INC	$126,000	–	15,364	–	0.05%	–

Q4 2021

			Value		Shares		↓ Weighting
PTCT	Exit	PTC THERAPEUTICS INC	$0	–	-6,500	–	-0.10%	–
D	Exit	DOMINION ENERGY INC	$0	–	-3,350	–	-0.10%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-12,000	–	-0.12%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,060	–	-0.12%	–
OI	Exit	O-I GLASS INC	$0	–	-22,065	–	-0.13%	–
PEG	Exit	PUBLIC SVC ENTERPRISE GRP IN	$0	–	-5,350	–	-0.13%	–
CRWD	Exit	CROWDSTRIKE HLDGS INCcl a	$0	–	-1,360	–	-0.13%	–
APO	Exit	APOLLO GLOBAL MGMT INC	$0	–	-6,000	–	-0.15%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-16,250	–	-0.16%	–
GDXJ	Exit	VANECK ETF TRUSTjunior gold mine	$0	–	-13,584	–	-0.21%	–
BX	Exit	BLACKSTONE INC	$0	–	-5,000	–	-0.23%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-70,500	–	-0.84%	–
AMZN	Exit	AMAZON COM INC	$0	–	-710	–	-0.94%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-8,280	–	-0.94%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,070	–	-1.15%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-15,500	–	-1.36%	–
MCHI	Exit	ISHARES TRmsci china etf	$0	–	-52,200	–	-1.42%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-108,830	–	-2.20%	–
XEC	Exit	CIMAREX ENERGY CO	$0	–	-144,725	–	-5.07%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-500,000	–	-7.16%	–
EXC	Exit	EXELON CORP	$0	–	-456,725	–	-8.87%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-333,406	–	-9.08%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-2,369,769	–	-9.26%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-72,200	–	-12.45%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-1,838,510	–	-17.48%	–
EQT	Exit	EQT CORP	$0	–	-2,460,833	–	-20.23%	–

Q3 2021

			Value		Shares		↓ Weighting
EQT	New	EQT CORP	$50,349,000	–	2,460,833	–	20.23%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$30,984,000	–	72,200	–	12.45%	–
COP	New	CONOCOPHILLIPS	$22,595,000	–	333,406	–	9.08%	–
EXC	Buy	EXELON CORP	$22,078,000	+10.7%	456,725	+1.5%	8.87%	-27.9%
EEM	New	ISHARES TRmsci emg mkt etf	$5,483,000	–	108,830	–	2.20%	–
MCHI	New	ISHARES TRmsci china etf	$3,525,000	–	52,200	–	1.42%	–
IWM	New	ISHARES TRrussell 2000 etf	$3,391,000	–	15,500	–	1.36%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,852,000	–	1,070	–	1.15%	–
MSFT	New	MICROSOFT CORP	$2,334,000	–	8,280	–	0.94%	–
AMZN	New	AMAZON COM INC	$2,332,000	–	710	–	0.94%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$2,078,000	–	70,500	–	0.84%	–
BX	New	BLACKSTONE INC	$582,000	–	5,000	–	0.23%	–
GDXJ	New	VANECK ETF TRUSTjunior gold mine	$521,000	–	13,584	–	0.21%	–
CNP	New	CENTERPOINT ENERGY INC	$400,000	–	16,250	–	0.16%	–
APO	New	APOLLO GLOBAL MGMT INC	$370,000	–	6,000	–	0.15%	–
CRWD	New	CROWDSTRIKE HLDGS INCcl a	$334,000	–	1,360	–	0.13%	–
PEG	New	PUBLIC SVC ENTERPRISE GRP IN	$326,000	–	5,350	–	0.13%	–
OI	New	O-I GLASS INC	$315,000	–	22,065	–	0.13%	–
DUK	New	DUKE ENERGY CORP NEW	$299,000	–	3,060	–	0.12%	–
TECK	New	TECK RESOURCES LTDcl b	$299,000	–	12,000	–	0.12%	–
D	New	DOMINION ENERGY INC	$245,000	–	3,350	–	0.10%	–
PTCT	New	PTC THERAPEUTICS INC	$242,000	–	6,500	–	0.10%	–
EQT	Exit	EQT CORPcall	$0	–	-671,700	–	-9.22%	–
TTE	Exit	TOTALENERGIES SEsponsored ads	$0	–	-427,023	–	-11.92%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-378,095	–	-12.11%	–

Q2 2021

			Value		Shares		↓ Weighting
BATL	New	BATTALION OIL CORP	$31,755,000	–	2,369,769	–	19.58%	–
GDP	New	GOODRICH PETE CORP	$27,449,000	–	1,838,510	–	16.93%	–
EXC	New	EXELON CORP	$19,944,000	–	450,100	–	12.30%	–
CHK	New	CHESAPEAKE ENERGY CORP	$19,631,000	–	378,095	–	12.11%	–
TTE	New	TOTALENERGIES SEsponsored ads	$19,327,000	–	427,023	–	11.92%	–
FE	New	FIRSTENERGY CORP	$18,605,000	–	500,000	–	11.47%	–
EQT	New	EQT CORPcall	$14,952,000	–	671,700	–	9.22%	–
XEC	New	CIMAREX ENERGY CO	$10,485,000	–	144,725	–	6.47%	–

Q4 2020

			Value		Shares		↓ Weighting
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-2,670,525	–	-0.37%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-129,441	–	-1.03%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-930,827	–	-2.43%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-575,965	–	-2.87%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-1,838,510	–	-3.75%	–
EXC	Exit	EXELON CORP	$0	–	-450,100	–	-4.27%	–
BATL	Exit	BATTALION OIL CORP	$0	–	-2,369,769	–	-4.96%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-1,540,109	–	-7.09%	–
CXO	Exit	CONCHO RES INCcall	$0	–	-625,000	–	-7.31%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-1,592,166	–	-8.30%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-447,185	–	-10.20%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-1,393,446	–	-10.61%	–
TTE	Exit	TOTAL SEsponsored ads	$0	–	-1,170,307	–	-10.65%	–
CXO	Exit	CONCHO RES INC	$0	–	-1,048,263	–	-12.27%	–
EQT	Exit	EQT CORP	$0	–	-4,047,946	–	-13.88%	–

Q3 2020

			Value		Shares		↓ Weighting
EQT	Buy	EQT CORP	$52,340,000	+15.3%	4,047,946	+6.1%	13.88%	-7.1%
CXO	Buy	CONCHO RES INC	$46,249,000	-9.9%	1,048,263	+5.2%	12.27%	-27.4%
TTE	New	TOTAL SEsponsored ads	$40,142,000	–	1,170,307	–	10.65%	–
FE	New	FIRSTENERGY CORP	$40,006,000	–	1,393,446	–	10.61%	–
PXD	Buy	PIONEER NAT RES CO	$38,453,000	-9.6%	447,185	+2.7%	10.20%	-27.2%
WMB	Buy	WILLIAMS COS INC	$31,286,000	+184.7%	1,592,166	+175.6%	8.30%	+129.4%
COG	Buy	CABOT OIL & GAS CORP	$26,736,000	+82.1%	1,540,109	+80.2%	7.09%	+46.7%
BCEI	Sell	BONANZA CREEK ENERGY INC	$10,828,000	-32.7%	575,965	-47.0%	2.87%	-45.8%
TS	New	TENARIS S Asponsored ads	$9,169,000	–	930,827	–	2.43%	–
FANG	New	DIAMONDBACK ENERGY INC	$3,899,000	–	129,441	–	1.03%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-1,957,489	–	-11.71%	–

Q2 2020

			Value		Shares		↓ Weighting
CXO	New	CONCHO RES INC	$51,323,000	–	996,560	–	16.89%	–
EQT	New	EQT CORP	$45,397,000	–	3,814,839	–	14.94%	–
PXD	New	PIONEER NAT RES CO	$42,549,000	–	435,510	–	14.01%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$35,568,000	–	1,957,489	–	11.71%	–
CXO	New	CONCHO RES INCcall	$32,188,000	–	625,000	–	10.60%	–
BATL	New	BATTALION OIL CORP	$22,513,000	–	2,369,769	–	7.41%	–
EXC	New	EXELON CORP	$16,334,000	–	450,100	–	5.38%	–
BCEI	New	BONANZA CREEK ENERGY INC	$16,097,000	–	1,086,173	–	5.30%	–
COG	New	CABOT OIL & GAS CORP	$14,686,000	–	854,839	–	4.83%	–
GDP	New	GOODRICH PETE CORP	$13,237,000	–	1,838,510	–	4.36%	–
WMB	New	WILLIAMS COS INC	$10,989,000	–	577,746	–	3.62%	–
GPORQ	New	GULFPORT ENERGY CORP	$2,911,000	–	2,670,525	–	0.96%	–

Q4 2019

			Value		Shares		↓ Weighting
TAC	Exit	TRANSALTA CORP	$0	–	-111,400	–	-0.18%	–
WPX	Exit	WPX ENERGY INC	$0	–	-1,501,436	–	-4.06%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-1,838,510	–	-5.00%	–
EXC	Exit	EXELON CORP	$0	–	-450,100	–	-5.56%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-1,281,724	–	-7.34%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-1,465,984	–	-9.02%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-1,329,497	–	-9.71%	–
CXO	Exit	CONCHO RES INCcall	$0	–	-625,000	–	-10.85%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-486,068	–	-15.63%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-4,858,525	–	-16.25%	–
CXO	Exit	CONCHO RES INC	$0	–	-944,786	–	-16.40%	–

Q3 2019

			Value		Shares		↓ Weighting
CXO	Buy	CONCHO RES INC	$64,151,000	+16.7%	944,786	+77.3%	16.40%	+115.7%
ET	Buy	ENERGY TRANSFER LP	$63,550,000	-5.7%	4,858,525	+1.5%	16.25%	+74.4%
PXD	Buy	PIONEER NAT RES CO	$61,133,000	+9.8%	486,068	+34.3%	15.63%	+103.0%
CXO	New	CONCHO RES INCcall	$42,438,000	–	625,000	–	10.85%	–
WMB	Sell	WILLIAMS COS INC DEL	$35,272,000	-45.6%	1,465,984	-36.6%	9.02%	+0.6%
WPX	Sell	WPX ENERGY INC	$15,900,000	-36.9%	1,501,436	-31.4%	4.06%	+16.7%
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,800	–	-0.03%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-3,874	–	-0.03%	–
CB	Exit	CHUBB LIMITED	$0	–	-2,319	–	-0.05%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,779	–	-0.05%	–
WMT	Exit	WALMART INC	$0	–	-4,222	–	-0.06%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-12,987	–	-0.09%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,809	–	-0.11%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-10,680,169	–	-0.26%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-67,293	–	-0.34%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-190,000	–	-0.36%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-73,580	–	-0.39%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-130,651	–	-0.56%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-163,400	–	-0.94%	–
OKE	Exit	ONEOK INC NEW	$0	–	-393,222	–	-3.74%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-40.52%	–

Q2 2019

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$293,000,000	–	1,000,000	–	40.52%	–
ET	New	ENERGY TRANSFER LP	$67,383,000	–	4,785,692	–	9.32%	–
WMB	New	WILLIAMS COS INC DEL	$64,850,000	–	2,312,764	–	8.97%	–
PXD	New	PIONEER NAT RES CO	$55,666,000	–	361,799	–	7.70%	–
CXO	New	CONCHO RES INC	$54,983,000	–	532,886	–	7.60%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$38,383,000	–	1,329,497	–	5.31%	–
OKE	New	ONEOK INC NEW	$27,058,000	–	393,222	–	3.74%	–
BCEI	New	BONANZA CREEK ENERGY INC	$26,762,000	–	1,281,724	–	3.70%	–
WPX	New	WPX ENERGY INC	$25,191,000	–	2,188,581	–	3.48%	–
GDP	New	GOODRICH PETE CORP	$23,882,000	–	1,838,510	–	3.30%	–
EXC	New	EXELON CORP	$21,578,000	–	450,100	–	2.98%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$6,811,000	–	163,400	–	0.94%	–
PPBI	New	PACIFIC PREMIER BANCORP	$4,035,000	–	130,651	–	0.56%	–
ITB	New	ISHARES TRus home cons etf	$2,812,000	–	73,580	–	0.39%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$2,605,000	–	190,000	–	0.36%	–
TOL	New	TOLL BROTHERS INC	$2,464,000	–	67,293	–	0.34%	–
HKRSQ	New	HALCON RES CORP	$1,888,000	–	10,680,169	–	0.26%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$823,000	–	2,809	–	0.11%	–
TAC	New	TRANSALTA CORP	$725,000	–	111,400	–	0.10%	–
LEN	New	LENNAR CORPcl a	$629,000	–	12,987	–	0.09%	–
WMT	New	WALMART INC	$466,000	–	4,222	–	0.06%	–
CVX	New	CHEVRON CORP NEW	$346,000	–	2,779	–	0.05%	–
CB	New	CHUBB LIMITED	$342,000	–	2,319	–	0.05%	–
COP	New	CONOCOPHILLIPS	$236,000	–	3,874	–	0.03%	–
XOM	New	EXXON MOBIL CORP	$215,000	–	2,800	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,800	–	-0.06%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-3,874	–	-0.08%	–
CB	Exit	CHUBB LIMITED	$0	–	-2,319	–	-0.08%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-2,779	–	-0.09%	–
WMT	Exit	WALMART INC	$0	–	-4,222	–	-0.10%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-12,987	–	-0.15%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,809	–	-0.21%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-67,293	–	-0.56%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-73,580	–	-0.66%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-130,651	–	-1.22%	–
NOG	Exit	NORTHERN OIL & GAS INC NEV	$0	–	-1,509,032	–	-1.52%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-163,400	–	-1.58%	–
KMI	Exit	KINDER MORGAN INC DELcall	$0	–	-6,000	–	-2.68%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-3,461,432	–	-3.90%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-924,602	–	-4.34%	–
EXC	Exit	EXELON CORP	$0	–	-450,100	–	-4.95%	–
GDP	Exit	GOODRICH PETE CORP	$0	–	-1,838,510	–	-6.51%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-1,485,700	–	-6.53%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-1,143,112	–	-7.21%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-1,973,781	–	-8.18%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-2,017,449	–	-9.02%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-1,281,724	–	-9.62%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-2,049,079	–	-14.04%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-2,978,148	–	-16.71%	–

Q3 2018

			Value		Shares		↓ Weighting
WMB	Buy	WILLIAMS COS INC DEL	$55,714,000	+128.8%	2,049,079	+128.1%	14.04%	+139.4%
BCEI	Sell	BONANZA CREEK ENERGY INC	$38,170,000	-23.3%	1,281,724	-2.5%	9.62%	-19.8%
KMI	Buy	KINDER MORGAN INC DEL	$35,769,000	+65.6%	2,017,449	+65.0%	9.02%	+73.2%
ENLK	Sell	ENLINK MIDSTREAM PARTNERS LP	$17,235,000	-14.2%	924,602	-28.6%	4.34%	-10.3%
HKRSQ	New	HALCON RES CORP	$15,473,000	–	3,461,432	–	3.90%	–
NOG	Sell	NORTHERN OIL & GAS INC NEV	$6,036,000	-65.0%	1,509,032	-72.4%	1.52%	-63.3%
PPBI	New	PACIFIC PREMIER BANCORP	$4,860,000	–	130,651	–	1.22%	–
WES	Exit	WESTERN GAS PARTNERS LP	$0	–	-184,420	–	-2.15%	–
WPX	Exit	WPX ENERGY INC	$0	–	-878,402	–	-3.82%	–
WPZ	Exit	WILLIAMS PARTNERS L P NEW	$0	–	-1,188,334	–	-11.62%	–

Q2 2018

			Value		Shares		↓ Weighting
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$56,704,000	–	2,978,148	–	13.66%	–
BCEI	New	BONANZA CREEK ENERGY INC	$49,794,000	–	1,314,858	–	12.00%	–
WPZ	New	WILLIAMS PARTNERS L P NEW	$48,234,000	–	1,188,334	–	11.62%	–
ENLC	New	ENLINK MIDSTREAM LLC	$32,469,000	–	1,973,781	–	7.82%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$27,023,000	–	1,143,112	–	6.51%	–
ET	New	ENERGY TRANSFER EQUITY L P	$25,628,000	–	1,485,700	–	6.17%	–
WMB	New	WILLIAMS COS INC DEL	$24,353,000	–	898,310	–	5.87%	–
GDP	New	GOODRICH PETE CORP	$22,742,000	–	1,838,510	–	5.48%	–
KMI	New	KINDER MORGAN INC DEL	$21,606,000	–	1,222,776	–	5.20%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$20,099,000	–	1,294,211	–	4.84%	–
EXC	New	EXELON CORP	$19,174,000	–	450,100	–	4.62%	–
NOG	New	NORTHERN OIL & GAS INC NEV	$17,223,000	–	5,467,667	–	4.15%	–
WPX	New	WPX ENERGY INC	$15,838,000	–	878,402	–	3.82%	–
KMI	New	KINDER MORGAN INC DELcall	$10,602,000	–	6,000	–	2.55%	–
WES	New	WESTERN GAS PARTNERS LP	$8,924,000	–	184,420	–	2.15%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$6,462,000	–	163,400	–	1.56%	–
ITB	New	ISHARES TRus home cons etf	$2,807,000	–	73,580	–	0.68%	–
TOL	New	TOLL BROTHERS INC	$2,489,000	–	67,293	–	0.60%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$762,000	–	2,809	–	0.18%	–
LEN	New	LENNAR CORPcl a	$682,000	–	12,987	–	0.16%	–
WMT	New	WALMART INC	$362,000	–	4,222	–	0.09%	–
CVX	New	CHEVRON CORP NEW	$351,000	–	2,779	–	0.08%	–
CB	New	CHUBB LIMITED	$295,000	–	2,319	–	0.07%	–
COP	New	CONOCOPHILLIPS	$270,000	–	3,874	–	0.06%	–
XOM	New	EXXON MOBIL CORP	$232,000	–	2,800	–	0.06%	–

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