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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

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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
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 2,608 277,700 SH   SOLE   277,700 0 0
BANCO MACRO SA SPON ADR B 05961W105 4,836 110,595 SH   SOLE   110,595 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 38,781 1,230,750 SH   SOLE   1,230,750 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 37,182 1,180,000 SH Put SOLE   1,180,000 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 2,132 154,582 SH   SOLE   154,582 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 6,571 413,552 SH   SOLE   413,552 0 0
ISHARES MSCI TURKEY ETF 464286715 15,227 280,373 SH   SOLE   280,373 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 25,828 620,556 SH   SOLE   620,556 0 0