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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
AK STL HLDG CORP COM 001547108 2,726 660,000 SH Call SOLE   660,000 0 0
CABOT OIL & GAS CORP COM 127097103 9,270 408,187 SH   SOLE   408,187 0 0
CHESAPEAKE ENERGY CORP COM 165167107 1,192 289,306 SH   SOLE   289,306 0 0
DYNEGY INC NEW DEL *W EXP 10/02/201 26817R116 99 240,752 SH   SOLE   240,752 0 0
DYNEGY INC NEW DEL COM 26817R108 22,421 1,560,260 SH   SOLE   1,560,260 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101 5,834 453,988 SH   SOLE   453,988 0 0
KINROSS GOLD CORP COM NO PAR 496902404 13,060 3,841,046 SH   SOLE   3,841,046 0 0
NRG ENERGY INC COM NEW 629377508 14,117 1,085,072 SH   SOLE   1,085,072 0 0
PBF ENERGY INC CL A 69318G106 9,386 282,709 SH   SOLE   282,709 0 0
RANGE RES CORP COM 75281A109 4,518 139,524 SH   SOLE   139,524 0 0
TESORO CORP COM 881609101 13,191 153,364 SH   SOLE   153,364 0 0
UNITED STATES STL CORP NEW COM 912909108 14,642 912,283 SH   SOLE   912,283 0 0
VALE S A ADR 91912E105 4,919 1,168,300 SH   SOLE   1,168,300 0 0
WESTROCK CO COM 96145D105 18,827 482,383 SH   SOLE   482,383 0 0