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
ALCOA CORP COM 013872106 11,553 256,958 SH   SOLE   256,958 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 22,560 709,225 SH   SOLE   709,225 0 0
BANK AMER CORP COM 060505104 4,858 162,000 SH   SOLE   162,000 0 0
BOYD GAMING CORP COM 103304101 5,014 157,389 SH   SOLE   157,389 0 0
CAESARS ENTMT CORP COM 127686103 12,537 1,114,419 SH   SOLE   1,114,419 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 2,941 1,722,266 PRN   SOLE   1,722,266 0 0
CENTURY ALUM CO COM 156431108 1,623 98,150 SH   SOLE   98,150 0 0
CHENIERE ENERGY INC COM NEW 16411R208 15,415 288,400 SH   SOLE   288,400 0 0
DISH NETWORK CORP NOTE 3.375% 8/1 25470MAB5 7,679 8,000,000 PRN   SOLE   8,000,000 0 0
DOWDUPONT INC COM 26078J100 24,753 388,530 SH   SOLE   388,530 0 0
EOG RES INC COM 26875P101 3,032 28,800 SH   SOLE   28,800 0 0
FREEPORT-MCMORAN INC CL B 35671D857 10,538 599,800 SH   SOLE   599,800 0 0
HUNTSMAN CORP COM 447011107 9,455 323,250 SH   SOLE   323,250 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 25,205 238,500 SH   SOLE   238,500 0 0
MGM RESORTS INTERNATIONAL COM 552953101 15,052 429,800 SH   SOLE   429,800 0 0
NUCOR CORP COM 670346105 16,458 269,400 SH   SOLE   269,400 0 0
PIONEER NAT RES CO COM 723787107 2,955 17,200 SH   SOLE   17,200 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 29,354 460,025 SH   SOLE   460,025 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 159,206 605,000 SH Put SOLE   605,000 0 0
STEEL DYNAMICS INC COM 858119100 8,230 186,105 SH   SOLE   186,105 0 0
SUNCOR ENERGY INC NEW COM 867224107 21,083 610,400 SH   SOLE   610,400 0 0
T MOBILE US INC COM 872590104 7,947 130,200 SH   SOLE   130,200 0 0
TECK RESOURCES LTD CL B 878742204 20,495 795,600 SH   SOLE   795,600 0 0
TURQUOISE HILL RES LTD COM 900435108 4,351 1,417,300 SH   SOLE   1,417,300 0 0
UNITED STATES STL CORP NEW COM 912909108 8,727 248,000 SH   SOLE   248,000 0 0
WESTLAKE CHEM CORP COM 960413102 27,287 245,500 SH   SOLE   245,500 0 0