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
ABERCROMBIE & FITCH CO CL A 002896207 2,528 175,081 SH   SOLE 1 175,081 0 0
ALCOA CORP COM 013872106 3,399 72,908 SH   SOLE 1 72,908 0 0
ARCHROCK INC COM 03957W106 4,303 342,877 SH   SOLE 1 342,877 0 0
BARCLAYS PLC ADR 06738E204 9,141 883,202 SH   SOLE 1 883,202 0 0
BRASKEM S A SP ADR PFD A 105532105 68,353 2,556,204 SH   SOLE 1 2,556,204 0 0
BRUNSWICK CORP COM 117043109 1,373 24,532 SH   SOLE 1 24,532 0 0
COMMSCOPE HLDG CO INC COM 20337X109 3,863 116,310 SH   SOLE 1 116,310 0 0
COMSTOCK RES INC NOTE 7.750% 4/0 205768AM6 15,185 18,981,006 SH   SOLE 1 18,981,006 0 0
COMSTOCK RES INC COM 205768302 1,374 225,969 SH   SOLE 1 225,969 0 0
COMSTOCK RES INC NOTE 9.500% 6/1 205768AN4 9,862 12,483,318 SH   SOLE 1 12,483,318 0 0
CONSTELLIUM NV CL A N22035104 4,696 458,107 SH   SOLE 1 458,107 0 0
DOUBLE EAGLE ACQUISITION COR COM G28195124 2,677 265,031 SH   SOLE 1 265,031 0 0
GERDAU S A SPON ADR REP PFD 373737105 36,886 10,754,018 SH   SOLE 1 10,754,018 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 44,559 2,107,821 SH   SOLE 1 2,107,821 0 0
PENNEY J C INC COM 708160106 21,044 5,523,313 SH   SOLE 1 5,523,313 0 0
JONES ENERGY INC COM CL A 48019R108 1,430 744,887 SH   SOLE 1 744,887 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 31,304 2,376,930 SH   SOLE 1 2,376,930 0 0
KRATON CORPORATION COM 50077C106 5,915 146,272 SH   SOLE 1 146,272 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 5,276 2,006,139 SH   SOLE 1 2,006,139 0 0
PEABODY ENERGY CORP NEW COM 704551100 11,604 400,000 SH Call SOLE 1 400,000 0 0
PEABODY ENERGY CORP NEW COM 704551100 139,621 4,812,852 SH   SOLE 1 4,812,852 0 0
PEABODY ENERGY CORP NEW 8.5% PFD CONV A 704551407 147,340 2,587,576 SH   SOLE 1 2,587,576 0 0
PENN VA CORP NEW COM 70788V102 42,454 1,061,876 SH   SOLE 1 1,061,876 0 0
TERNIUM SA SPON ADR 880890108 36,262 1,172,400 SH   SOLE 1 1,172,400 0 0
VALE S A ADR 91912E105 72,045 7,154,428 SH   SOLE 1 7,154,428 0 0
VALE S A ADR 91912E105 45,315 4,500,000 SH Call SOLE 1 4,500,000 0 0
VISTRA ENERGY CORP COM 92840M102 47,448 2,538,657 SH   SOLE 1 2,538,657 0 0