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
AZUL S A SPONSR ADR PFD 05501U106 12,378 447,012 SH   SOLE 2,3 447,012 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 2,466 642,176 SH   SOLE 1 642,176 0 0
BRASKEM S A SP ADR PFD A 105532105 81,825 3,345,269 SH   SOLE 2,3 3,345,269 0 0
CAESARS ENTMT CORP COM 127686103 27,564 4,059,569 SH   SOLE 1 4,059,569 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 18,667 15,038,531 SH   SOLE 1 15,038,531 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 18,651 3,790,800 SH   SOLE 1 3,790,800 0 0
CLEVELAND CLIFFS INC COM 185899101 63,655 8,277,574 SH   SOLE 1,2,3 8,277,574 0 0
CONSTELLIUM NV CL A N22035104 812 116,191 SH   SOLE   116,191 0 0
CROWN HOLDINGS INC COM 228368106 1,068 25,684 SH   SOLE   25,684 0 0
FALCON MINERALS CORP *W EXP 07/21/202 30607B208 60,150 70,765 SH   SOLE   70,765 0 0
GERDAU S A SPON ADR REP PFD 373737105 60,416 16,068,012 SH   SOLE 2,3 16,068,012 0 0
GERDAU S A SPON ADR REP PFD 373737105 28,054 74,611 SH Call SOLE 2,3 74,611 0 0
GILDAN ACTIVEWEAR INC COM 375916103 944 31,102 SH   SOLE   31,102 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 94,591 6,980,858 SH   SOLE 2,3 6,980,858 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 4,017 300 SH Call SOLE   300 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 3,734 1,803,736 SH   SOLE 1 1,803,736 0 0
KRATON CORPORATION COM 50077C106 347 15,906 SH   SOLE   15,906 0 0
ORION ENGINEERED CARBONS S A COM L72967109 353 13,966 SH   SOLE   13,966 0 0
PEABODY ENERGY CORP NEW COM 704551100 252,133 8,272,095 SH   SOLE 1,2,3 8,272,095 0 0
PENN VA CORP NEW COM 70788V102 42,348 783,350 SH   SOLE 1 783,350 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 71,271 6,149,325 SH   SOLE 2,3 6,149,325 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 38,962 2,994,807 SH   SOLE 2,3 2,994,807 0 0
TERNIUM SA SPON ADR 880890108 51,699 1,907,703 SH   SOLE 2,3 1,907,703 0 0
VALE S A ADR 91912E105 110,996 8,415,129 SH   SOLE 2,3 8,415,129 0 0
VISTRA ENERGY CORP COM 92840M102 25,132 1,097,962 SH   SOLE 1 1,097,962 0 0