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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
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
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100 53,306,515 1,065,491 SH SOLE 1,065,491 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 6,397,821 783,087 SH SOLE 783,087 0 0
ARCOS DORADOS HLDGS INC SHS CLASS -A - G0457F107 5,274,400 654,392 SH SOLE 654,392 0 0
MERCADOLIBRE INC COM 58733R102 14,969,282 8,819 SH SOLE 8,819 0 0
NU HLDGS LTD ORD SHS CL A G6683N103 32,309,209 2,418,354 SH SOLE 2,418,354 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 63,981,969 1,942,969 SH SOLE 1,942,969 0 0
LATAM AIRLINES GROUP SA SPONSORED ADR 51817R205 47,028,493 807,079 SH SOLE 807,079 0 0
COPA HOLDINGS SA CL A P31076105 36,903,382 237,214 SH SOLE 237,214 0 0
CREDICORP LTD COM G2519Y108 61,150,035 156,964 SH SOLE 156,964 0 0
AMERICA MOVIL SAB DE CV SPON ADS RP CL B 02390A101 32,040,186 1,232,789 SH SOLE 1,232,789 0 0