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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AZUL S ASPONSR ADR PFD05501U10612,378447,012SH SOLE2,3447,01200
BASIC ENERGY SVCS INC NEWCOM NEW06985P2092,466642,176SH SOLE1642,17600
BRASKEM S ASP ADR PFD A10553210581,8253,345,269SH SOLE2,33,345,26900
CAESARS ENTMT CORPCOM12768610327,5644,059,569SH SOLE14,059,56900
CAESARS ENTMT CORPNOTE 5.000%10/0127686AA118,66715,038,531SH SOLE115,038,53100
CHAPARRAL ENERGY INCCOM CL A15942R20818,6513,790,800SH SOLE13,790,80000
CLEVELAND CLIFFS INCCOM18589910163,6558,277,574SH SOLE1,2,38,277,57400
CONSTELLIUM NVCL AN22035104812116,191SH SOLE 116,19100
CROWN HOLDINGS INCCOM2283681061,06825,684SH SOLE 25,68400
FALCON MINERALS CORP*W EXP 07/21/20230607B20860,15070,765SH SOLE 70,76500
GERDAU S ASPON ADR REP PFD37373710560,41616,068,012SH SOLE2,316,068,01200
GERDAU S ASPON ADR REP PFD37373710528,05474,611SHCallSOLE2,374,61100
GILDAN ACTIVEWEAR INCCOM37591610394431,102SH SOLE 31,10200
GOL LINHAS AEREAS INTLG S ASPON ADR PFD NEW38045R20694,5916,980,858SH SOLE2,36,980,85800
ISHARES TRRUSSELL 2000 ETF4642876554,017300SHCallSOLE 30000
KEY ENERGY SVCS INC DELCOM49309J1033,7341,803,736SH SOLE11,803,73600
KRATON CORPORATIONCOM50077C10634715,906SH SOLE 15,90600
ORION ENGINEERED CARBONS S ACOML7296710935313,966SH SOLE 13,96600
PEABODY ENERGY CORP NEWCOM704551100252,1338,272,095SH SOLE1,2,38,272,09500
PENN VA CORP NEWCOM70788V10242,348783,350SH SOLE1783,35000
PETROLEO BRASILEIRO SA PETROSP ADR NON VTG71654V10171,2716,149,325SH SOLE2,36,149,32500
PETROLEO BRASILEIRO SA PETROSPONSORED ADR71654V40838,9622,994,807SH SOLE2,32,994,80700
TERNIUM SASPON ADR88089010851,6991,907,703SH SOLE2,31,907,70300
VALE S AADR91912E105110,9968,415,129SH SOLE2,38,415,12900
VISTRA ENERGY CORPCOM92840M10225,1321,097,962SH SOLE11,097,96200