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
BRASKEM S A SP ADR PFD A 105532105 20,816 3,134,871 SH   SOLE 2,3 3,134,871 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 1,929 4,103,270 SH   SOLE 1 4,103,270 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 3,358 5,247,208 SH   SOLE 1 5,247,208 0 0
GERDAU SA SPON ADR REP PFD 373737105 40,388 21,145,425 SH   SOLE 2,3 21,145,425 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 24,173 5,661,059 SH   SOLE 2,3 5,661,059 0 0
IHEARTMEDIA INC COM CL A 45174J509 14,843 2,030,563 SH   SOLE 1 2,030,563 0 0
PEABODY ENERGY CORP NEW COM 704551100 3,510 1,210,238 SH   SOLE 1,2,3 1,210,238 0 0
PENN VA CORP COM 70788V102 929 300,583 SH   SOLE 1 300,583 0 0
TERNIUM SA SPONSORED ADS 880890108 15,912 1,337,158 SH   SOLE 2,3 1,337,158 0 0
VALE S A SPONSORED ADS 91912E105 64,995 7,840,170 SH   SOLE 2,3 7,840,170 0 0