Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAC	BANK OF AMERICA CORP COM STK	1,158,744	$32.66T	22.3%	$24.85	0.0%	—	060505104
EBAY	EBAY INC COM STK	820,399	$29.75T	20.3%	$34.63	0.0%	—	278642103
VALE	VALE SA ADR	1,920,287	$24.62T	16.8%	$4819900.00	—	—	91912E105
—	FIBRIA CELULOSE SASPON ADR	581,267	$10.81T	7.4%	$19.50	—	—	31573A109
BBD	BANCO BRADESCO SA BRAD ADR	1,221,116	$8.377T	5.7%	$2241856.50	—	—	059460303
—	ROYAL DUTCH SHELL PLC ADR	96,973	$6.713T	4.6%	$63.81	—	—	780259206
BMA	BANCO MACRO BANSUD S A SPON ADR B	80,479	$4.731T	3.2%	$107.97	—	—	05961W105
LOMA	LOMA NGR ARG SCD	450,000	$4.617T	3.1%	$23.04	—	—	54150E104
—	IRSA PROPIEDADES COMERCIALES S ADR	114,829	$3.559T	2.4%	$54.81	—	—	463588103
SBS	CIA SANEAMENTO BASICO DO ESTAD ADR	470,000	$2.825T	1.9%	$10.59	—	—	20441A102
CEPU	CENTRAL PUERTO	230,000	$2.277T	1.6%	$17.00	—	—	155038201
—	BRF BRASIL FOODS SA ADR	390,789	$1.829T	1.2%	$4680000.00	—	—	10552T107
GGB	GERDAU SA COSG ADR	450,000	$1.593T	1.1%	$3.60	—	—	373737105
TV	GRUPO TELEVISA SA ADR	70,000	$1.327T	0.9%	$17.39	—	—	40049J206
PBR/A	PETROLEO BRASILEIRO SA PETROBR ADR	149,145	$1.318T	0.9%	$8840000.00	—	—	71654V101
—	AZUL SA	79,811	$1.306T	0.9%	$16360000.00	—	—	05501U106
TEO	TELECOM ARGENTINA SA ADR	62,702	$1.112T	0.8%	$17740000.00	—	—	879273209
CX	CEMEX SAB DE CV ADR	150,000	$984B	0.7%	$7.18	—	—	151290889
ENIC	ENEL CHILE SA	177,595	$866.7B	0.6%	$4880000.00	—	—	29278D105
CPA	COPA HOLDINGS SA COM STK	8,900	$842.1B	0.6%	$104.71	-14.4%	—	P31076105
CCU	CIA CERVECERIAS UNIDAS SA CERV ADR	30,000	$748.2B	0.5%	$24940000.00	—	—	204429104
CIG	CIA ENERGETICA DE MINAS GERAIS ADR	400,000	$736B	0.5%	$2.58	—	—	204409601
—	GRUPO FINANCIERO SANTANDER MEX ADR	100,000	$669B	0.5%	$6690000.00	—	—	05969B103
YPF	YPF ADR CL D	40,000	$543.2B	0.4%	$13580000.00	—	—	984245100
ABEV	COMPANHIA DE BEBIDAS DAS AMERICAS AMBEV	88,925	$411.7B	0.3%	$7.27	—	—	02319V103
—	PUT ERJ 100 @ 25 EXP 10192018	1,419	$380.1B	0.3%	$267859970.00	—	—	99OXVHTP7
—	PUT AAPL 100 @ 180EXP 07062018	6,000	$266B	0.2%	$44339984.00	—	—	99OYMZKL3
—	PUT GGAL 100 @ 50 EXP 07202018	152	$258.7B	0.2%	$1702000000.00	—	—	99V79JLN0
—	PUT TEO 100 @ 20 EXP 07202018	625	$177.4B	0.1%	$283819840.00	—	—	99V7B8756
BAK	BRASKEM SA ADR	5,397	$140.3B	0.1%	$26000000.00	—	—	105532105
—	PUT ERJ 100@22 12EXP 01182019	391	$76.11B	0.1%	$194649870.00	—	—	99OYLQQP9
—	PUT ERJ 100 @ 25 EXP 01182019	169	$50.21B	0.0%	$297108300.00	—	—	99OYLQQQ7
—	PUT ERJ 100@22 12EXP 10192018	184	$28.83B	0.0%	$156679890.00	—	—	99OXVHTN2
—	PUT ERJ 100 @ 20 EXP 01182019	120	$12.49B	0.0%	$104049170.00	—	—	99OYLQQN4
—	PUT BAP 100 @ 220 EXP 07202018	41	$9.077B	0.0%	$221385360.00	—	—	99OYLD4X5
—	CALL TEO 100 @ 20 EXP 07202018	380	$7.604B	0.0%	$20009474.00	—	—	99V79ZR65
TX	TERNIUM SA ADR	200	$6.964B	0.0%	$34820000.00	—	—	880890108
—	CALL TEO 100@22 12EXP 08172018	125	$2.533B	0.0%	$20260000.00	—	—	99VBNFMP7
CIG/C	COMPNHIA ENRG C	600	$1.032B	0.0%	$1720000.00	—	—	204409882
—	PUT ERJ 100@22 12EXP 07202018	11	$550M	0.0%	$50000000.00	—	—	99V78JPN7
—	CALL YPF 100 @ 16 EXP 07202018	98	$379M	0.0%	$3868367.20	—	—	99V7B9MH1
—	PUT ERJ 100 @ 20 EXP 10192018	3	$338M	0.0%	$112766664.00	—	—	99OXVHTM4
—	CALL TEO 100@22 12EXP 07202018	21	$327M	0.0%	$15557143.00	—	—	99V78SQH9
—	CALL GGAL 100 @ 50 EXP 07202018	114	$228M	0.0%	$2000000.00	—	—	99OX4KNV3
—	CALL GGAL 100 @ 55 EXP 07202018	280	$97.9M	0.0%	$349642.84	—	—	99V78NB60
—	CALL YPF 100@16 12EXP 07202018	11	$20.9M	0.0%	$1900000.00	—	—	99VBMMWZ0