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
3M CO COM 88579Y101 510 2,431 SH   DFND   0 0 2,431
ABBOTT LABS COM 002824100 280 5,250 SH   DFND   0 0 5,250
ABBVIE INC COM 00287Y109 1,112 12,516 SH   DFND   0 0 12,516
ADECOAGRO S A COM L00849106 39,327 3,641,379 SH   SOLE   3,641,379 0 0
ADECOAGRO S A COM L00849106 15,120 1,400,000 SH Call SOLE   1,400,000 0 0
ADECOAGRO S A COM L00849106 7,034 651,293 SH   DFND   0 0 651,293
Adobe SYS Inc COM 00724F101 362 2,429 SH   DFND   0 0 2,429
Aflac Inc COM 001055102 680 8,352 SH   DFND   0 0 8,352
ALBEMARLE CORP COM 012653101 922 6,750 SH   DFND   0 0 6,750
ALEXION PHARMACEUTICALS INC COM 015351109 482 3,434 SH   DFND   0 0 3,434
ALLERGAN PLC SHS G0177J108 350 1,697 SH   DFND   0 0 1,697
ALPHABET INC CAP STK CL C 02079K107 1,058 1,103 SH   DFND   0 0 1,103
Altria Group Inc COM 02209S103 558 8,715 SH   DFND   0 0 8,715
AMERICAN ELEC PWR INC COM 025537101 265 3,770 SH   DFND   0 0 3,770
Amgen Inc COM 031162100 370 1,986 SH   DFND   0 0 1,986
ANADARKO PETE CORP COM 032511107 297 6,087 SH   DFND   0 0 6,087
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 244 2,044 SH   DFND   0 0 2,044
Apple Inc COM 037833100 3,951 25,633 SH   DFND   0 0 25,633
AT&T Inc COM 00206R102 676 17,269 SH   DFND   0 0 17,269
AZUL S A SPONSR ADR PFD 05501U106 3,641 132,632 SH   SOLE   132,632 0 0
AZUL S A SPONSR ADR PFD 05501U106 3,442 125,399 SH   DFND   0 0 125,399
BANCO MACRO SA SPON ADR B 05961W105 15,690 133,700 SH   SOLE   133,700 0 0
Banco Macro SA SPON ADR B 05961W105 2,297 19,572 SH   DFND   0 0 19,572
Baxter Intl Inc COM 071813109 318 5,049 SH   DFND   0 0 5,049
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 15,468 758,605 SH   SOLE   758,605 0 0
BBVA BANCO FRANCES S A SPONSORED ADR 07329M100 1,223 60,000 SH   DFND   0 0 60,000
BECTON DICKINSON & CO COM 075887109 220 1,121 SH   DFND   0 0 1,121
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 2,016 10,995 SH   DFND   0 0 10,995
BIOGEN INC COM 09062X103 276 880 SH   DFND   0 0 880
BLACKROCK 2022 GBL INCM OPP COM 09258P104 251 25,000 SH   DFND   0 0 25,000
BROADCOM LTD SHS Y09827109 426 1,756 SH   DFND   0 0 1,756
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 640 15,500 SH   DFND   0 0 15,500
CANADIAN PAC RY LTD COM 13645T100 303 1,800 SH   DFND   0 0 1,800
CATERPILLAR INC DEL COM 149123101 399 3,200 SH   DFND   0 0 3,200
CBL & ASSOC PPTYS INC COM 124830100 346 40,000 SH   DFND   0 0 40,000
CENTENE CORP DEL COM 15135B101 232 2,400 SH   DFND   0 0 2,400
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 552 89,106 SH   SOLE   89,106 0 0
CHESAPEAKE ENERGY CORP COM 165167107 645 150,000 SH   DFND   0 0 150,000
Chevron Corp New COM 166764100 605 5,148 SH   DFND   0 0 5,148
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 581 11,418 SH   DFND   0 0 11,418
CHIPOTLE MEXICAN GRILL INC COM 169656105 433 1,408 SH   DFND   0 0 1,408
CINCINNATI FINL CORP COM 172062101 405 5,250 SH   DFND   0 0 5,250
CISCO SYS INC COM 17275R102 289 8,590 SH   DFND   0 0 8,590
CME GROUP INC COM CL A 12572Q105 303 2,230 SH   DFND   0 0 2,230
Coca Cola Co COM 191216100 741 16,327 SH   DFND   0 0 16,327
Comcast Corp New CL A 20030N101 616 16,019 SH   DFND   0 0 16,019
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 2,262 95,569 SH   DFND   0 0 95,569
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 1,037 43,800 SH   SOLE   43,800 0 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 32 12,970 SH   DFND   0 0 12,970
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 3,460 390,544 SH   SOLE   390,544 0 0
COMPANHIA PARANAENSE ENERG C SPON ADR PFD 20441B407 3,086 348,327 SH   DFND   0 0 348,327
Coupa Software Inc COM 22266L106 343 11,000 SH   DFND   0 0 11,000
CRESUD S A C I F Y A SPONSORED ADR 226406106 9,001 482,128 SH   SOLE   482,128 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 415 22,250 SH   DFND   0 0 22,250
DANAHER CORP DEL COM 235851102 241 2,804 SH   DFND   0 0 2,804
DESPEGAR COM CORP ORD SHS G27358103 4,072 127,260 SH   SOLE   127,260 0 0
DESPEGAR COM CORP ORD SHS G27358103 579 18,107 SH   DFND   0 0 18,107
Disney Walt Co COM DISNEY 254687106 1,069 10,845 SH   DFND   0 0 10,845
Dowdupont Inc COM 26078J100 337 4,861 SH   DFND   0 0 4,861
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 9,105 5,912,611 SH   SOLE   5,912,611 0 0
ECO STIM ENERGY SOLUTIONS IN COM 27888D101 409 265,650 SH   DFND   0 0 265,650
EMERSON ELEC CO COM 291011104 437 6,950 SH   DFND   0 0 6,950
ENBRIDGE INC COM 29250N105 241 5,769 SH   DFND   0 0 5,769
ENTERPRISE PRODS PARTNERS L COM 293792107 467 17,924 SH   DFND   0 0 17,924
EQUINIX INC COM PAR $0.001 29444U700 221 496 SH   DFND   0 0 496
EXTREME NETWORKS INC COM 30226D106 119 10,000 SH   DFND   0 0 10,000
Exxon Mobil Corp COM 30231G102 292 3,562 SH   DFND   0 0 3,562
FACEBOOK INC CL A 30303M102 500 2,929 SH   DFND   0 0 2,929
Fedex Corp COM 31428X106 226 1,000 SH   DFND   0 0 1,000
FIREEYE INC COM 31816Q101 252 15,000 SH   DFND   0 0 15,000
FREEPORT-MCMORAN INC CL B 35671D857 159 11,337 SH   DFND   0 0 11,337
General Electric Co COM 369604103 200 8,200 SH   DFND   0 0 8,200
GENERAL MLS INC COM 370334104 224 4,330 SH   DFND   0 0 4,330
GERDAU S A SPON ADR REP PFD 373737105 1,544 450,000 SH   SOLE   450,000 0 0
Gilead Sciences Inc COM 375558103 634 7,831 SH   DFND   0 0 7,831
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 368 8,964 SH   DFND   0 0 8,964
GLOBAL X FDS MSCI GREECE ETF 37950E366 18,444 1,949,748 SH   DFND   0 0 1,949,748
GLOBALSTAR INC COM 378973408 65 40,047 SH   DFND   0 0 40,047
GRANITE PT MTG TR INC COM 38741L107 192 10,100 SH   DFND   0 0 10,100
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 2,063 40,029 SH   SOLE   40,029 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 717 13,909 SH   DFND   0 0 13,909
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 13,995 566,814 SH   SOLE   566,814 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 6,252 253,230 SH   DFND   0 0 253,230
Halliburton Co COM 406216101 239 5,194 SH   DFND   0 0 5,194
HANNON ARMSTRONG SUST INFR C COM 41068X100 285 11,683 SH   DFND   0 0 11,683
Hasbro Inc COM 418056107 314 3,214 SH   DFND   0 0 3,214
HCP INC COM 40414L109 459 16,500 SH   DFND   0 0 16,500
Hershey Co COM 427866108 386 3,532 SH   DFND   0 0 3,532
Home Depot Inc COM 437076102 850 5,197 SH   DFND   0 0 5,197
Honeywell Intl Inc COM 438516106 491 3,465 SH   DFND   0 0 3,465
IDACORP INC COM 451107106 211 2,400 SH   DFND   0 0 2,400
ILLINOIS TOOL WKS INC COM 452308109 677 4,552 SH   DFND   0 0 4,552
INGERSOLL-RAND PLC SHS G47791101 450 5,047 SH   DFND   0 0 5,047
Intel Corp COM 458140100 651 17,100 SH   DFND   0 0 17,100
INTERCONTINENTAL EXCHANGE IN COM 45866F104 310 4,516 SH   DFND   0 0 4,516
INTERNATIONAL BUSINESS MACHS COM 459200101 526 3,627 SH   DFND   0 0 3,627
Intrepid Potash Inc COM 46121Y102 10,729 2,460,728 SH   DFND   0 0 2,460,728
INVESCO HIGH INCOME 2023 TAR COM 46135X108 103 10,180 SH   DFND   0 0 10,180
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 6,082 247,749 SH   SOLE   247,749 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 386 15,720 SH   DFND   0 0 15,720
ISHARES INC MSCI BRZ CAP ETF 464286400 89,925 2,507,000 SH Put SOLE   2,507,000 0 0
ISHARES INC MSCI BRZ CAP ETF 464286400 14,592 350,000 SH Call SOLE   350,000 0 0
ISHARES INC CORE MSCI EMKT 46434G103 3,026 56,012 SH   DFND   0 0 56,012
ISHARES INC MSCI BRZ CAP ETF 464286400 84 2,012 SH   DFND   0 0 2,012
ISHARES TR CORE MSCI EAFE 46432F842 3,823 59,580 SH   DFND   0 0 59,580
ISHARES TR IBONDS DEC21 ETF 46435G789 207 8,000 SH   DFND   0 0 8,000
ISHARES TR MSCI ACWI ETF 464288257 231 3,350 SH   DFND   0 0 3,350
ISHARES TR RUS 1000 VAL ETF 464287598 393 3,315 SH   DFND   0 0 3,315
Johnson & Johnson COM 478160104 921 7,086 SH   DFND   0 0 7,086
Johnson CTLS Intl PLC SHS G51502105 311 7,714 SH   DFND   0 0 7,714
JPMorgan Chase & Co COM 46625H100 771 8,077 SH   DFND   0 0 8,077
KKR & Co L P Del COM UNITS 48248M102 264 13,000 SH   DFND   0 0 13,000
KRAFT HEINZ CO COM 500754106 201 2,581 SH   DFND   0 0 2,581
L3 TECHNOLOGIES INC COM 502413107 280 1,484 SH   DFND   0 0 1,484
Lockheed Martin Corp COM 539830109 1,281 4,128 SH   DFND   0 0 4,128
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 598 8,414 SH   DFND   0 0 8,414
McDonalds Corp COM 580135101 396 2,526 SH   DFND   0 0 2,526
MERCADOLIBRE INC COM 58733R102 2,589 10,000 SH Put SOLE   10,000 0 0
MERCK & CO INC COM 58933Y105 447 6,945 SH   DFND   0 0 6,945
MICROSOFT CORP COM 594918104 721 9,676 SH   DFND   0 0 9,676
MID AMER APT CMNTYS INC COM 59522J103 2,001 18,723 SH   DFND   0 0 18,723
MONDELEZ INTL INC CL A 609207105 343 8,383 SH   DFND   0 0 8,383
MOTOROLA SOLUTIONS INC COM NEW 620076307 36,494 430,000 SH Put DFND   0 0 430,000
MOTOROLA SOLUTIONS INC COM NEW 620076307 1 13 SH   DFND   0 0 13
MUELLER WTR PRODS INC COM SER A 624758108 289 22,605 SH   DFND   0 0 22,605
MULESOFT INC CL A 625207105 242 12,000 SH   DFND   0 0 12,000
NIKE INC CL B 654106103 239 4,600 SH   DFND   0 0 4,600
NORFOLK SOUTHERN CORP COM 655844108 1,346 10,175 SH   DFND   0 0 10,175
NORTEL INVERSORA S A SPON ADR PFD B 656567401 2,480 63,600 SH   SOLE   63,600 0 0
Nucor Corp COM 670346105 363 6,427 SH   DFND   0 0 6,427
NUVEEN CONNECTICUT QLTY MUN COM 67060D107 147 12,000 SH   DFND   0 0 12,000
NUVEEN HIGH INCOME DECMBR 20 COM 67076E107 711 70,000 SH   DFND   0 0 70,000
NUVEEN HIGH INCOME NOVEMBER COM 67077N106 364 36,000 SH   DFND   0 0 36,000
Nvidia Corp COM 67066G104 483 2,700 SH   DFND   0 0 2,700
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 14,400 221,202 SH   SOLE   221,202 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 10,950 168,207 SH   DFND   0 0 168,207
PATTERN ENERGY GROUP INC CL A 70338P100 583 24,000 SH   DFND   0 0 24,000
Pepsico Inc COM 713448108 477 4,282 SH   DFND   0 0 4,282
Pfizer Inc COM 717081103 285 7,991 SH   DFND   0 0 7,991
PHILIP MORRIS INTL INC COM 718172109 540 4,816 SH   DFND   0 0 4,816
PIONEER NAT RES CO COM 723787107 347 2,348 SH   DFND   0 0 2,348
POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 358 22,160 SH   DFND   0 0 22,160
PROCTER AND GAMBLE CO COM 742718109 923 10,140 SH   DFND   0 0 10,140
PROSHARES TR PSHS LC COR PLUS 74347R248 565 9,000 SH   DFND   0 0 9,000
Quinstreet Inc COM 74874Q100 123 16,725 SH   DFND   0 0 16,725
RAYTHEON CO COM NEW 755111507 412 2,207 SH   DFND   0 0 2,207
REGIONS FINL CORP NEW COM 7591EP100 363 23,802 SH   DFND   0 0 23,802
SALIENT MIDSTREAM & MLP FD SH BEN INT 79471V105 150 13,000 SH   DFND   0 0 13,000
Schlumberger LTD COM 806857108 279 3,965 SH   DFND   0 0 3,965
SEAGATE TECHNOLOGY PLC SHS G7945M107 201 5,949 SH   DFND   0 0 5,949
Shiftpixy Inc COM 82452L104 89 30,023 SH   DFND   0 0 30,023
SHIRE PLC SPONSORED ADR 82481R106 375 2,444 SH   DFND   0 0 2,444
Southern Co COM 842587107 525 10,687 SH   DFND   0 0 10,687
SOUTHWEST AIRLS CO COM 844741108 208 3,717 SH   DFND   0 0 3,717
SPDR GOLD TRUST GOLD SHS 78463V107 24,316 200,000 SH Call SOLE   200,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 11 91 SH   DFND   0 0 91
SPDR S&P 500 ETF TR TR UNIT 78462F103 50,598 210,000 SH Put SOLE   210,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 60 239 SH   DFND   0 0 239
Stericycle Inc COM 858912108 226 3,150 SH   DFND   0 0 3,150
STEWART INFORMATION SVCS COR COM 860372101 366 9,700 SH Put SOLE   9,700 0 0
Te Connectivity LTD REG SHS H84989104 467 5,626 SH   DFND   0 0 5,626
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,778 122,518 SH   SOLE   122,518 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 723 23,431 SH   DFND   0 0 23,431
TERNIUM SA SPON ADR 880890108 1,227 39,656 SH   DFND   0 0 39,656
TESLA INC COM 88160R101 554 1,625 SH   DFND   0 0 1,625
THERMO FISHER SCIENTIFIC INC COM 883556102 354 1,868 SH   DFND   0 0 1,868
TIFFANY & CO NEW COM 886547108 256 2,775 SH   DFND   0 0 2,775
Torchmark Corp COM 891027104 7,301 91,158 SH   DFND   0 0 91,158
Tpi Composites Inc COM 87266J104 494 22,122 SH   DFND   0 0 22,122
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 230 35,000 SH   DFND   0 0 35,000
UNITEDHEALTH GROUP INC COM 91324P102 1,312 6,697 SH   DFND   0 0 6,697
V F Corp COM 918204108 479 7,540 SH   DFND   0 0 7,540
VALE S A ADR 91912E105 2,039 202,482 SH   DFND   0 0 202,482
VANECK VECTORS ETF TR AGRIBUSINESS ETF 92189F700 265 4,500 SH   DFND   0 0 4,500
VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 226 2,760 SH   DFND   0 0 2,760
VANGUARD INDEX FDS MID CAP ETF 922908629 313 2,130 SH   DFND   0 0 2,130
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 991 18,793 SH   DFND   0 0 18,793
VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 230 3,235 SH   DFND   0 0 3,235
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 584 6,165 SH   DFND   0 0 6,165
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 207 4,770 SH   DFND   0 0 4,770
VANGUARD WORLD FDS INF TECH ETF 92204A702 514 3,370 SH   DFND   0 0 3,370
VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 273 1,900 SH   DFND   0 0 1,900
VERIZON COMMUNICATIONS INC COM 92343V104 653 13,196 SH   DFND   0 0 13,196
VISA INC COM CL A 92826C839 456 4,329 SH   DFND   0 0 4,329
VULCAN MATLS CO COM 929160109 586 4,900 SH   DFND   0 0 4,900
WALGREENS BOOTS ALLIANCE INC COM 931427108 531 6,882 SH   DFND   0 0 6,882
WASTE MGMT INC DEL COM 94106L109 552 7,050 SH   DFND   0 0 7,050
WATERS CORP COM 941848103 242 1,350 SH   DFND   0 0 1,350
WEATHERFORD INTL PLC ORD SHS G48833100 178 38,918 SH   DFND   0 0 38,918
Western Digital Corp COM 958102105 237 2,731 SH   DFND   0 0 2,731
Weyerhaeuser Co COM 962166104 222 6,538 SH   DFND   0 0 6,538
WISDOMTREE TR JAPN HEDGE EQT 97717W851 19,966 365,005 SH   DFND   0 0 365,005
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 22,413 1,005,961 SH   SOLE   1,005,961 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 9,019 404,800 SH Call SOLE   404,800 0 0
YPF Sociedad Anonima SPON ADR CL D 984245100 8,007 359,390 SH   DFND   0 0 359,390