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
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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 5,869 170,597 SH   SOLE 1 170,597 0 0
ARCHROCK INC COM 03957W106 3,999 322,477 SH   SOLE 1 322,477 0 0
ARCHROCK PARTNERS L P COM UNITS REPSTG 03957U100 1,831 106,729 SH   SOLE 1 106,729 0 0
BARCLAYS PLC ADR 06738E204 10,577 941,044 SH   SOLE 1 941,044 0 0
BRASKEM S A SP ADR PFD A 105532105 42,151 2,071,317 SH   SOLE 1 2,071,317 0 0
COMSTOCK RES INC COM 205768302 1,838 199,101 SH   SOLE 1 199,101 0 0
COMSTOCK RES INC NOTE 7.750% 4/0 205768AM6 15,381 18,175,000 SH   SOLE 1 18,175,000 0 0
COMSTOCK RES INC NOTE 9.500% 6/1 205768AN4 12,695 14,826,559 SH   SOLE 1 14,826,559 0 0
CONNS INC COM 208242107 3,160 361,142 SH   SOLE 1 361,142 0 0
CONSTELLIUM NV CL A N22035104 2,429 373,630 SH   SOLE 1 373,630 0 0
COTT CORP QUE COM 22163N106 2,116 171,195 SH   SOLE 1 171,195 0 0
EASTMAN KODAK CO *W EXP 09/03/201 277461133 36 26,051 SH   SOLE 1 26,051 0 0
GERDAU S A SPON ADR REP PFD 373737105 24,570 7,121,624 SH   SOLE 1 7,121,624 0 0
GOL LINHAS AEREAS INTLG S A GOL LINHAS AEREAS INTLG S A 38045R206 20,015 755,270 SH   SOLE 1 755,270 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 12,785 668,646 SH   SOLE 1 668,646 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 51,800 2,376,930 SH   SOLE 1 2,376,930 0 0
KRATON CORPORATION COM 50077C106 5,056 163,512 SH   SOLE 1 163,512 0 0
LOUISIANA PAC CORP COM 546347105 1,810 72,911 SH   SOLE 1 72,911 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 7,744 2,006,139 SH   SOLE 1 2,006,139 0 0
PENN VA CORP NEW COM 70788V102 47,696 1,054,058 SH   SOLE 1 1,054,058 0 0
SERVICE CORP INTL COM 817565104 485 15,697 SH   SOLE 1 15,697 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,815 1,373,128 SH   SOLE 1 1,373,128 0 0
TERNIUM SA SPON ADR 880890108 26,828 1,027,103 SH   SOLE 1 1,027,103 0 0
VALE S A ADR 91912E105 24,465 2,575,284 SH   SOLE 1 2,575,284 0 0
VALE S A ADR REPSTG PFD 91912E204 32,281 3,594,738 SH   SOLE 1 3,594,738 0 0