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
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 355 20,000 SH   SOLE   20,000 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 851 84,628 SH   SOLE   84,628 0 0
ATENTO S A SHS L0427L105 9,304 802,046 SH   DFND   802,046 0 0
AZUL S A SPONSR ADR PFD 05501U106 2,389 87,026 SH   SOLE   87,026 0 0
BOULEVARD ACQUISITION CL A 10157Q102 713 71,300 SH   SOLE   71,300 0 0
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 219 35,302 SH   SOLE   35,302 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 270 30,434 SH   SOLE   30,434 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 13,501 723,158 SH   DFND   723,158 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 14,122 756,407 SH   SOLE   756,407 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 9,951 250,341 SH   SOLE   250,341 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 11,835 297,745 SH   DFND   297,745 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 4,042 395,484 SH   DFND   395,484 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 9,499 929,497 SH   SOLE   929,497 0 0
ENEL CHILE S A SPONSORED ADR 29278D105 101 16,779 SH   SOLE   16,779 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 1,716 33,299 SH   SOLE   33,299 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 1,517 61,435 SH   SOLE   61,435 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 8,283 335,470 SH   DFND   335,470 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 285 11,600 SH   SOLE   11,600 0 0
ISHARES INC MSCI BRZ CAP ETF 464286400 3,210 77,000 SH Call SOLE   77,000 0 0
ISHARES INC MSCI BRZ CAP ETF 464286400 34,340 823,700 SH Put SOLE   823,700 0 0
ISHARES INC MSCI CH CAP ETF 464286640 243 5,000 SH Put SOLE   5,000 0 0
ISHARES INC MSCI MEX CAP ETF 464286822 156,228 2,860,800 SH Put SOLE   2,860,800 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 2,391 54,300 SH Put SOLE   54,300 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 53,427 1,192,300 SH Put SOLE   1,192,300 0 0
ISHARES TR MSCI EAFE ETF 464287465 1,096 16,000 SH Put SOLE   16,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,187 35,000 SH Put SOLE   35,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 3,594 45,000 SH Put SOLE   45,000 0 0
ITAU CORPBANCA SPONSORED ADR 45033E105 140 10,106 SH   SOLE   10,106 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 738 11,336 SH   SOLE   11,336 0 0
PAN AMERICAN SILVER CORP COM 697900108 171 10,000 SH   SOLE   10,000 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 4,800 33,000 SH Put SOLE   33,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,332 128,800 SH Put SOLE   128,800 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 612 11,000 SH   SOLE   11,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 44,897 178,700 SH Put SOLE   178,700 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 796 39,215 SH   SOLE   39,215 0 0