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
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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
CORPBANCA SPONSORED ADR CMN COM 45033E105 15,528 1,165,767 SH   SOLE   1,165,767 0 0
PETROBRAS ENERGIA SA SPONSORED ADR CMN COM 71646J109 42,919 6,522,586 SH   SOLE   6,522,586 0 0
TRANSPORTADORA DE GAS DEL SUR SPONSORED ADR REP 5 CL B COM 893870204 35,727 5,230,952 SH   SOLE   5,230,952 0 0
COSAN LIMITED CMN CLASS A COM G25343107 24,698 3,454,360 SH   SOLE   3,454,360 0 0
EMPRESA DISTRIBUIDORA Y COMERCIAL NORTE SPON ADR 29244A102 7,407 374,112 SH   SOLE   374,112 0 0
ISH MSCI USA QTY ETF 46432F339 7,755 114,900 SH   SOLE   114,900 0 0
EMBRAER S A ADR ADR 29082A107 4,774 276,577 SH   SOLE   276,577 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 12,572 1,098,910 SH   SOLE   1,098,910 0 0
CALL EWZ 100 @ 30 EXP 12162016 CALL 99OS5QDK5 4,548 10,050 SH   SOLE   10,050 0 0
PUT EEM 100 @ 35 EXP 01202017 PUT 99OM52W95 1,020 10,000 SH   SOLE   10,000 0 0
ISHARES MSCI EMERGING MARKETS ETF ETF 464287234 1,562 41,700 SH   SOLE   41,700 0 0
PAMPA ENERGIA SA GDR REG S SPONS ADR LVL I 697660207 3,028 93,450 SH   SOLE   93,450 0 0
IRSA PROPIEDADES COMERCIALES S ADR ADR 463588103 1,220 27,836 SH   SOLE   27,836 0 0
ISHARES MSCI MEXICO ETF ETF 464286822 1,972 40,680 SH   SOLE   40,680 0 0
PUT FXI 100 @ 36 EXP 11182016 PUT 99OR92921 1,118 21,089 SH   SOLE   21,089 0 0
CALL FXI 100 @ 36 EXP 11182016 CALL 99OR926Y4 1,670 6,550 SH   SOLE   6,550 0 0
TELECOM ARGENTINA SA ADR ADR 879273209 2,928 160,000 SH   SOLE   160,000 0 0
PUT SPY 100 @ 205 EXP 11182016 PUT 99A86GNJ7 2,035 13,475 SH   SOLE   13,475 0 0
PUT SPY 100 @ 210 EXP 12162016 PUT 99OJRD8F7 1,496 4,000 SH   SOLE   4,000 0 0
VALE SA ADR ADR 91912E105 2,749 499,762 SH   SOLE   499,762 0 0
COCA COLA FEMSA SAB DE CV ADR ADR 191241108 2,534 33,793 SH   SOLE   33,793 0 0
ENERGY SELECT SECTOR SPDR ETF 81369Y506 7,061 100,000 SH   SOLE   100,000 0 0