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
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,083 104,658 SH   SOLE   104,658 0 0
ATENTO S A SHS L0427L105 19,175 1,889,169 SH   DFND   1,889,169 0 0
ATENTO S A SHS L0427L105 4,471 440,455 SH   SOLE   440,455 0 0
AZUL S A SPONSR ADR PFD 05501U106 1,492 62,618 SH   SOLE   62,618 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 307 30,000 SH Call SOLE   30,000 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 647 20,700 SH Call SOLE   20,700 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 1,160 37,100 SH Put SOLE   37,100 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 2,492 332,300 SH   SOLE   332,300 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 3,024 382,135 SH   SOLE   382,135 0 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP 10 21240e105 321 40,000 SH   SOLE   40,000 0 0
COSAN LTD SHS A G25343107 251 25,860 SH   SOLE   25,860 0 0
CREDICORP LTD COM G2519Y108 1,805 8,700 SH Put SOLE   8,700 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 37,165 1,682,429 SH   DFND   1,682,429 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 16,514 747,572 SH   SOLE   747,572 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 36,450 733,408 SH   DFND   733,408 0 0
EMPRESA DIST Y COMERCIAL NOR SPON ADR 29244A102 5,011 100,831 SH   SOLE   100,831 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 12,710 1,137,847 SH   DFND   1,137,847 0 0
ENEL AMERICAS S A SPONSORED ADR 29274F104 10,669 955,156 SH   SOLE   955,156 0 0
ESTRE AMBIENTAL INC SHS G3206V100 627 72,604 SH   SOLE   72,604 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 6,503 221,803 SH   DFND   221,803 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 3,146 107,311 SH   SOLE   107,311 0 0
IRSA PROPIEDADES COMERCIALES SPONSORED ADR 463588103 8,759 155,033 SH   SOLE   155,033 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 15,359 379,700 SH Call SOLE   379,700 0 0
ISHARES INC MSCI BRAZIL ETF 464286400 73,621 1,820,000 SH Put SOLE   1,820,000 0 0
ISHARES INC MSCI CHILE ETF 464286640 6,478 124,200 SH Call SOLE   124,200 0 0
ISHARES INC MSCI MEXICO ETF 464286822 1,827,880 37,084,200 SH Put SOLE   37,084,200 0 0
ISHARES INC MSCI MEXICO ETF 464286822 5,718 126,000 SH Call SOLE   126,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 2,356 50,000 SH Put SOLE   50,000 0 0
NEXA RES S A COM l67359106 1,120 57,096 SH   SOLE   57,096 0 0
PAN AMERICAN SILVER CORP COM 697900108 156 10,000 SH   SOLE   10,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,991 290,700 SH   SOLE   290,700 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,555 151,100 SH Call SOLE   151,100 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 36 600 SH   SOLE   600 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 3,622 61,000 SH Call SOLE   61,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 119 2,000 SH Put SOLE   2,000 0 0
TRANSPORTADORA DE GAS SUR SPON ADR B 893870204 765 34,435 SH   SOLE   34,435 0 0