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
AMC ENTMT HLDGS INC CL A COM 00165C104 534 73,711 SH   SOLE   73,711 0 0
AZUL S A SPONSR ADR PFD 05501U106 29,232 682,998 SH   SOLE 2, 3 682,998 0 0
BRASKEM S A SP ADR PFD A 105532105 50,500 3,412,167 SH   SOLE 2, 3 3,412,167 0 0
CAESARS ENTMT CORP COM 127686103 20,448 1,503,546 SH   SOLE 1 1,503,546 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 7,483 4,251,950 SH   SOLE 1 4,251,950 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 15,007 5,247,208 SH   SOLE 1 5,247,208 0 0
CONSTELLIUM SE CL A SHS F21107101 661 49,363 SH   SOLE   49,363 0 0
CORNERSTONE BLDG BRANDS INC COM 21925D109 942 110,698 SH   SOLE   110,698 0 0
CROWN HOLDINGS INC COM 228368106 382 5,266 SH   SOLE   5,266 0 0
DIAMOND S SHIPPING INC COM Y20676105 427 25,490 SH   SOLE   25,490 0 0
GERDAU S A SPON ADR REP PFD 373737105 114,757 23,419,750 SH   SOLE 2, 3 23,419,750 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 126,144 6,980,858 SH   SOLE 2, 3 6,980,858 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 3,004 480,677 SH   SOLE 1 480,677 0 0
IHEARTMEDIA INC COM CL A 45174J509 37,697 2,230,563 SH   SOLE 1 2,230,563 0 0
ISHARES TR PFD AND INCM SEC 464288687 1,063 28,277 SH   SOLE   28,277 0 0
MAGNACHIP SEMICONDUCTOR CORP COM 55933J203 313 26,959 SH   SOLE   26,959 0 0
NII HLDGS INC COM PAR 62913F508 10,850 5,000,000 SH   SOLE 1 5,000,000 0 0
PARTY CITY HOLDCO INC COM 702149105 312 133,389 SH   SOLE   133,389 0 0
PEABODY ENERGY CORP NEW COM 704551100 50,492 5,536,399 SH   SOLE 1,2, 3 5,536,399 0 0
PENN VA CORP NEW COM 70788V102 8,875 292,437 SH   SOLE 1 292,437 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 45,317 2,843,002 SH   SOLE 2,3 2,843,002 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 118,094 7,915,127 SH   SOLE 2, 3 7,915,127 0 0
RENEWABLE ENERGY GROUP INC COM NEW 75972A301 583 21,641 SH   SOLE   21,641 0 0
SEABOARD CORP COM 811543107 727 171 SH   SOLE   171 0 0
SERVICEMASTER GLOBAL HLDGS I COM 81761R109 538 13,913 SH   SOLE   13,913 0 0
STAGE STORES INC COM NEW 85254C305 314 38,683 SH   SOLE   38,683 0 0
TERNIUM SA SPONSORED ADS 880890108 42,126 1,914,832 SH   SOLE 2, 3 1,914,832 0 0
VALE S A SPONSORED ADS 91912E105 128,194 9,711,703 SH   SOLE 2,3 9,711,703 0 0
VENATOR MATLS PLC SHS G9329Z100 149 39,008 SH   SOLE   39,008 0 0
WESTROCK CO COM 96145D105 748 17,432 SH   SOLE   17,432 0 0