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
iShares Silver Trust ISHARES 46428Q109 19,349 1,160,000 SH   SOLE   1,160,000 0 0
iShares Gold Trust ISHARES 464285105 7,250 500,000 SH   SOLE   500,000 0 0
YPF SA SPON ADR CL D 984245100 12,277 1,060,199 SH   SOLE   1,060,199 0 0
Vista Oil & Gas SAB de CV SPONSORED ADS 92837L109 1,651 210,336 SH   SOLE   210,336 0 0
YPF SA PUT 984245950 710 2,000 SH Put SOLE   2,000 0 0
YPF SA PUT 984245950 4,970 14,000 SH Put SOLE   14,000 0 0
Vale SA SPONSORED ADS 91912E105 12,778 968,000 SH   SOLE   968,000 0 0
Vale SA PUT 91912E955 3,342 12,000 SH Put SOLE   12,000 0 0
Vale SA PUT 91912E955 1,710 4,000 SH Put SOLE   4,000 0 0
Petroleo Brasileiro SA SPONSORED ADR 71654V408 10,042 630,000 SH   SOLE   630,000 0 0
Petroleo Brasileiro SA PUT 71654V951 57 6,000 SH Put SOLE   6,000 0 0
Petroleo Brasileiro SA PUT 71654V951 341 3,000 SH Put SOLE   3,000 0 0
Petroleo Brasileiro SA PUT 71654V951 1,890 4,000 SH Put SOLE   4,000 0 0
MELI 2 08/15/28 NOTE 2.000% 8/1 58733RAD4 7,469 5,000,000 SH   SOLE   5,000,000 0 0
iShares iBoxx $ Investment Gra IBOXX INV CP ETF 464287242 15,074 117,800 SH   SOLE   117,800 0 0
Pagseguro Digital Ltd COM CL A G68707101 15,201 445,000 SH   SOLE   445,000 0 0
Banco BBVA Argentina SA SPONSORED ADS 058934100 9,588 1,721,315 SH   SOLE   1,721,315 0 0
Grupo Financiero Galicia SA PUT 399909950 3,450 2,500 SH Put SOLE   2,500 0 0
Grupo Financiero Galicia SA SPONSORED ADR 399909100 2,277 140,290 SH   SOLE   140,290 0 0
TIM Participacoes SA SPONSORED ADR 88706P205 3,913 204,760 SH   SOLE   204,760 0 0
Adecoagro SA COM L00849106 7,439 888,742 SH   SOLE   888,742 0 0
Enel Chile SA SPONSORED ADR 29278D105 703 148,031 SH   SOLE   148,031 0 0
IRSA Propiedades Comerciales S SPONSORED ADR 463588103 1,126 67,223 SH   SOLE   67,223 0 0
Grupo Aval Acciones y Valores SPONSORED ADS 40053W101 5,723 656,278 SH   SOLE   656,278 0 0
Avianca Holdings SA SPON ADR REP PFD 05367G100 89 20,000 SH   SOLE   20,000 0 0
Avianca Holdings SA SPON ADR REP PFD 05367G100 89 20,000 SH   SOLE   20,000 0 0
Intercorp Financial Services I SHS P5626F128 7,564 183,155 SH   SOLE   183,155 0 0
Nexa Resources SA COM L67359106 1,263 155,162 SH   SOLE   155,162 0 0
CEMEX 3.72 03/15/20 NOTE 3.720% 3/1 151290BT9 9,040 9,000,000 SH   SOLE   9,000,000 0 0
CEMEX 3.72 03/15/20 NOTE 3.720% 3/1 151290BR3 1,003 1,000,000 SH   SOLE   1,000,000 0 0
Ternium SA SPONSORED ADS 880890108 11,301 513,700 SH   SOLE   513,700 0 0
Industrias Bachoco SAB de CV SPON ADR B 456463108 1,817 34,934 SH   SOLE   34,934 0 0
iShares MSCI Emerging Markets PUT 464286953 4 2,000 SH Put SOLE   2,000 0 0
iShares MSCI Emerging Markets PUT 464286953 30 3,000 SH Put SOLE   3,000 0 0
iShares MSCI Emerging Markets PUT 464286953 28 2,000 SH Put SOLE   2,000 0 0
iShares MSCI Emerging Markets PUT 464286953 57 1,000 SH Put SOLE   1,000 0 0
iShares MSCI Emerging Markets PUT 464286953 86 1,500 SH Put SOLE   1,500 0 0
iShares MSCI Emerging Markets PUT 464286953 263 2,000 SH Put SOLE   2,000 0 0
iShares MSCI Emerging Markets PUT 464286953 792 4,000 SH Put SOLE   4,000 0 0
iShares MSCI Mexico ETF PUT 464286952 22 4,000 SH Put SOLE   4,000 0 0
iShares MSCI Mexico ETF PUT 464286952 126 2,000 SH Put SOLE   2,000 0 0
iShares MSCI Mexico ETF PUT 464286952 440 3,000 SH Put SOLE   3,000 0 0