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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
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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
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 35,099 2,699,900 SH   SOLE 0 2,699,900 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 74,189 8,821,500 SH   SOLE 0 8,821,500 0 0
BRF SA SPONSORED ADR 10552T107 52,130 5,691,000 SH   SOLE 0 5,691,000 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 36,097 5,371,556 SH   SOLE 0 5,371,556 0 0
BANCO BRADESCO S.A. SP ADR PFD NEW 059460303 51,063 6,273,132 SH   SOLE 0 6,273,132 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 39,410 1,407,500 SH   SOLE 0 1,407,500 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 9,391 189,900 SH   SOLE 0 189,900 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240E105 57,225 5,716,798 SH   SOLE 0 5,716,798 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 23,927 394,711 SH   SOLE   394,711 0 0
COPA HOLDINGS SA CL A P31076105 76,976 779,500 SH   SOLE 0 779,500 0 0
CREDICORP LTD COM G2519Y108 71,036 340,799 SH   SOLE 0 340,799 0 0