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 6,721 205,853 SH   SOLE 1 205,853 0 0
ARCHROCK INC COM 03957W106 4,174 366,098 SH   SOLE 1 366,098 0 0
BARCLAYS PLC ADR 06738E204 9,353 883,202 SH   SOLE 1 883,202 0 0
BRASKEM S A SP ADR PFD A 105532105 44,741 2,159,309 SH   SOLE 1 2,159,309 0 0
COMMSCOPE HLDG CO INC COM 20337X109 1,568 41,229 SH   SOLE 1 41,229 0 0
COMSTOCK RES INC COM 205768302 1,598 225,969 SH   SOLE 1 225,969 0 0
COMSTOCK RES INC NOTE 7.750% 4/0 205768AM6 14,615 18,981,006 SH   SOLE 1 18,981,006 0 0
COMSTOCK RES INC NOTE 9.500% 6/1 205768AN4 11,007 14,483,318 SH   SOLE 1 14,483,318 0 0
CONNS INC COM 208242107 764 40,000 SH   SOLE 1 40,000 0 0
CONSTELLIUM NV CL A N22035104 3,366 487,825 SH   SOLE 1 487,825 0 0
COTT CORP QUE COM 22163N106 2,916 201,956 SH   SOLE 1 201,956 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 6,972 643,807 SH   SOLE 1 643,807 0 0
ENSCO PLC SHS CLASS A G3157S106 10,672 2,068,198 SH   SOLE 1 2,068,198 0 0
GERDAU S A SPON ADR REP PFD 373737105 31,459 10,314,320 SH   SOLE 1 10,314,320 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 18,073 1,590,934 SH   SOLE 1 1,590,934 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 14,490 668,646 SH   SOLE 1 668,646 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 45,732 2,376,930 SH   SOLE 1 2,376,930 0 0
KRATON CORPORATION COM 50077C106 5,125 148,796 SH   SOLE 1 148,796 0 0
KRATON CORPORATION COM 50077C106 1,953 56,700 SH Call SOLE 1 56,700 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 5,336 2,006,139 SH   SOLE 1 2,006,139 0 0
PEABODY ENERGY CORP NEW COM 704551100 108,943 4,455,748 SH   SOLE 1 4,455,748 0 0
PENN VA CORP NEW COM 70788V102 39,024 1,061,876 SH   SOLE 1 1,061,876 0 0
TEEKAY TANKERS LTD CL A Y8565N102 2,581 1,373,128 SH   SOLE 1 1,373,128 0 0
TERNIUM SA SPON ADR 880890108 31,804 1,132,233 SH   SOLE 1 1,132,233 0 0
VALE S A ADR 91912E105 21,176 2,420,115 SH   SOLE 1 2,420,115 0 0
VALE S A ADR REPSTG PFD 91912E204 28,464 3,492,473 SH   SOLE 1 3,492,473 0 0
VISTRA ENERGY CORP COM 92840M102 42,624 2,538,657 SH   SOLE 1 2,538,657 0 0