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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
Expires: July 31, 2015
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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 SPONSORED ADR 399909100 53,911,152 1,069,878 SH SOLE 1,069,878 0 0
LOMA NEGRA C I A S A MTN SPONSORED ADS 54150E104 21,238,315 1,936,036 SH SOLE 1,936,036 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 8,470,532 1,247,501 SH SOLE 1,247,501 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 11,034,583 1,398,553 SH SOLE 1,398,553 0 0
MERCADOLIBRE INC COM 58733R102 26,003,005 9,949 SH SOLE 9,949 0 0
XP INC CL A G98239109 26,393,118 1,306,590 SH SOLE 1,306,590 0 0
NU HLDGS LTD ORD SHS CL A G6683N103 25,576,810 1,864,199 SH SOLE 1,864,199 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 13,219,769 524,178 SH SOLE 524,178 0 0
CREDICORP LTD COM G2519Y108 43,351,033 193,947 SH SOLE 193,947 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 28,295,712 274,769 SH SOLE 274,769 0 0