# EDGAR Filing Document

**Accession Number:** 0000009015
**File Stem:** 0000009015-25-000030
**Filing Date:** 2025-11
**Character Count:** 26656
**Document Hash:** 028574f4a5a2840bbeb2ae2a6b93fded
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000009015-25-000030.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0000009015-25-000030

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARINGS LLC
- **CENTRAL INDEX KEY:** 0000009015

**ORGANIZATION NAME:**
- **EIN:** 041054788
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-00060
- **FILM NUMBER:** 251464846

**BUSINESS ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-805-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Barings LLC
- **DATE OF NAME CHANGE:** 20160915

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20040707

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON DAVID L & CO INC
- **DATE OF NAME CHANGE:** 19920929

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** BARINGS LLC<br>**Address:** 300 SOUTH TRYON STREET<br>SUITE 2500<br>CHARLOTTE, NC 28202

**Form 13F File Number:** 028-00060

**CRD Number (if applicable):** 000106006

**SEC File Number (if applicable):** 801-241

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Christina Coone<br>**Title:** Director Regulatory Solutions<br>**Phone:** 00353 14869717

**Signature, Place, and Date of Signing:**

Christina Coone  Dublin, L2  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 5

**Form 13F Information Table Entry Total:** 221

**Form 13F Information Table Value Total:** $5252079500

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                                | Form 13F File Number   |
|:---|:---|:---|
|  | BARING ASSET MANAGEMENT (ASIA) Ltd  | 028-16290              |
|  | Baring Asset Management Korea Ltd   |  |
|  | BARING ASSET MANAGEMENT Ltd         | 028-16289              |
|  | Baring SICE (Taiwan) LTD            |  |
|  | Baring International Investment Ltd | 028-15112              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 225421 | 1683 | SH |  | DFND | 3 | 1683 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 223205 | 964 | SH |  | DFND | 3 | 964 | 0 | 0 |
| ACCELERANT HOLDINGS | CL A | G00894108 |  | 46369809 | 3128867 | SH |  | SOLE |  | 3128867 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 1972015 | 18418 | SH |  | DFND | 3 | 18418 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 7582421 | 45029 | SH |  | DFND | 3 | 45029 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 707026 | 2903 | SH |  | DFND | 3 | 2903 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3655009 | 15035 | SH |  | DFND | 3 | 15035 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 5226644 | 23804 | SH |  | DFND | 3 | 23804 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1386668 | 621824 | SH |  | DFND | 3 | 621824 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 47015553 | 668860 | SH |  | DFND | 3 | 668860 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 1851363 | 5192 | SH |  | DFND | 3 | 5192 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 19399735 | 54405 | SH |  | DFND | 5 | 54405 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 12837 | 36 | SH |  | SOLE |  | 36 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3479010 | 13663 | SH |  | DFND | 3 | 13663 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 7891953 | 132105 | SH |  | DFND | 3 | 132105 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 1260176 | 1756 | SH |  | DFND | 3 | 1756 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 271570 | 5264 | SH |  | DFND | 3 | 5264 | 0 | 0 |
| BBB FOODS INC | CL A COM | G0896C103 |  | 1958887 | 72659 | SH |  | DFND | 3 | 72659 | 0 | 0 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 |  | 18944283 | 55604 | SH |  | DFND | 1 | 55604 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 411241 | 818 | SH |  | DFND | 3 | 818 | 0 | 0 |
| BIOLIFE SOLUTIONS INC | COM NEW | 09062W204 |  | 2329471 | 91316 | SH |  | SOLE |  | 91316 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 |  | 18607093 | 314309 | SH |  | DFND | 4 | 314309 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 |  | 6541718 | 110502 | SH |  | SOLE | 4 | 110502 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 925398 | 2805 | SH |  | DFND | 3 | 2805 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 3115288 | 38342 | SH |  | DFND | 3 | 38342 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 1025868 | 6454 | SH |  | SOLE |  | 6454 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2540384 | 30276 | SH |  | DFND | 3 | 30276 | 0 | 0 |
| CENTRAIS ELETRICAS BRASILEIR | SPONSORED ADR | 15234Q207 |  | 6689899 | 674385 | SH |  | DFND | 3 | 674385 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1332404 | 14854 | SH |  | DFND | 3 | 14854 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 14349572 | 92405 | SH |  | DFND | 3 | 92405 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 713512 | 3325 | SH |  | DFND | 3 | 3325 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 1527723 | 140804 | SH |  | DFND | 3 | 140804 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 10670792 | 112811 | SH |  | DFND | 3 | 112811 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 215212 | 654 | SH |  | DFND | 3 | 654 | 0 | 0 |
| BARINGS BDC INC. | COM | 06759L103 |  | 119483606 | 13639681 | SH |  | SOLE |  | 13639681 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 7961606 | 117723 | SH |  | DFND | 3 | 117723 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 2018007 | 85328 | SH |  | DFND | 3 | 85328 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 701638 | 21790 | SH |  | DFND | 3 | 21790 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 8177991 | 30712 | SH |  | DFND | 3 | 30712 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 12711079 | 106014 | SH |  | DFND | 3 | 106014 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 20665844 | 172359 | SH |  | DFND | 5 | 172359 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 14988 | 125 | SH |  | SOLE |  | 125 | 0 | 0 |
| CURIOSITYSTREAM INC | COM CL A | 23130Q107 |  | 148029 | 27930 | SH |  | SOLE |  | 27930 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 7520333 | 243613 | SH |  | DFND | 3 | 243613 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 3377780 | 7387 | SH |  | DFND | 3 | 7387 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 433384 | 568 | SH |  | DFND | 3 | 568 | 0 | 0 |
| BARINGS CORPORATE INVS | COM | 06759X107 |  | 4560225 | 219664 | SH |  | SOLE |  | 219664 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 9378523 | 185942 | SH |  | DFND | 3 | 185942 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 7808373 | 69643 | SH |  | DFND | 3 | 69643 | 0 | 0 |
| BARINGS GLOBAL SHORT DURATION | COM | 06760L100 |  | 234291 | 15155 | SH |  | SOLE |  | 15155 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 6900962 | 126786 | SH |  | DFND | 3 | 126786 | 0 | 0 |
| BARINGS PARTN INVS TRUST | COM | 06761A103 |  | 5648862 | 280341 | SH |  | SOLE |  | 280341 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 2977996 | 480322 | SH |  | SOLE |  | 480322 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 11510309 | 102087 | SH |  | DFND | 3 | 102087 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 6210572 | 17033 | SH |  | DFND | 3 | 17033 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3083113 | 6382 | SH |  | DFND | 3 | 6382 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 1562910 | 23702 | SH |  | DFND | 3 | 23702 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 2069638 | 113467 | SH |  | DFND | 3 | 113467 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 2953311 | 161914 | SH |  | DFND | 4 | 161914 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 7162215 | 72617 | SH |  | DFND | 3 | 72617 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 4709538 | 120080 | SH |  | DFND | 3 | 120080 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 266952 | 1535 | SH |  | DFND | 1 | 1535 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 25043 | 144 | SH |  | DFND | 3 | 144 | 0 | 0 |
| GLOBAL X FDS | X EMERGING MKT | 37954Y350 |  | 16275032 | 684400 | SH |  | DFND | 2 | 684400 | 0 | 0 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 606997 | 12744 | SH |  | DFND | 3 | 12744 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 728885 | 37245 | SH |  | DFND | 3 | 37245 | 0 | 0 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 |  | 5084562 | 97893 | SH |  | DFND | 3 | 97893 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 1355007 | 69239 | SH |  | SOLE |  | 69239 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 318849 | 9334 | SH |  | DFND | 3 | 9334 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 20035660 | 586524 | SH |  | DFND | 5 | 586524 | 0 | 0 |
| HERBALIFE LTD | NOTE  4.250% 6/1 | 42703MAF0 |  | 57195117 | 61866000 | PRN |  | SOLE |  | 61866000 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 301212 | 9964 | SH |  | DFND | 3 | 9964 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 1803687 | 14771 | SH |  | DFND | 3 | 14771 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1884832 | 2760 | SH |  | DFND | 3 | 2760 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 3815533 | 15440 | SH |  | DFND | 1 | 15440 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 5341746 | 21616 | SH |  | DFND | 3 | 21616 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 331975 | 1750 | SH |  | DFND | 1 | 1750 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 522403900 | 872520 | SH |  | DFND | 2 | 872520 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 13104404 | 21887 | SH |  | DFND | 4 | 21887 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 13775502 | 75873 | SH |  | DFND | 1 | 75873 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 42709811 | 235238 | SH |  | DFND | 3 | 235238 | 0 | 0 |
| ISHARES INC | MSCI EM ASIA ETF | 464286426 |  | 325713 | 3550 | SH |  | DFND | 1 | 3550 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 6159252 | 99439 | SH |  | DFND | 3 | 99439 | 0 | 0 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 |  | 3534049 | 163993 | SH |  | DFND | 1 | 163993 | 0 | 0 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 182682 | 2706 | SH |  | DFND | 1 | 2706 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 1064146 | 13267 | SH |  | DFND | 3 | 13267 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 12877956 | 160553 | SH |  | DFND | 4 | 160553 | 0 | 0 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 1992898 | 24846 | SH |  | SOLE | 4 | 24846 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 7769088 | 11652 | SH |  | DFND | 1 | 11652 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1033931397 | 1550680 | SH |  | DFND | 2 | 1550680 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 13598570 | 20395 | SH |  | DFND | 3 | 20395 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 12303056 | 18452 | SH |  | DFND | 4 | 18452 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1382860 | 2074 | SH |  | SOLE | 4 | 2074 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 427948 | 8014 | SH |  | DFND | 3 | 8014 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 24132475 | 451919 | SH |  | DFND | 4 | 451919 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 3778103 | 70751 | SH |  | SOLE | 4 | 70751 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 2681188 | 24053 | SH |  | DFND | 1 | 24053 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 4199521 | 37674 | SH |  | DFND | 3 | 37674 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 302083700 | 2710000 | SH |  | SOLE |  | 2710000 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 970951 | 8043 | SH |  | DFND | 3 | 8043 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 36475548 | 302150 | SH |  | DFND | 4 | 302150 | 0 | 0 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 7365852 | 61016 | SH |  | SOLE | 4 | 61016 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 2698565 | 27976 | SH |  | DFND | 3 | 27976 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 54000816 | 559826 | SH |  | DFND | 4 | 559826 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 4248195 | 44041 | SH |  | SOLE | 4 | 44041 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 4004763 | 34821 | SH |  | DFND | 1 | 34821 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 6671730 | 58010 | SH |  | DFND | 3 | 58010 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 19486834 | 169436 | SH |  | DFND | 4 | 169436 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 1020254 | 8871 | SH |  | SOLE | 4 | 8871 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 519612822 | 1624450 | SH |  | DFND | 2 | 1624450 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 1843589 | 28155 | SH |  | DFND | 3 | 28155 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 29817300 | 455365 | SH |  | DFND | 4 | 455365 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 5421940 | 82803 | SH |  | SOLE | 4 | 82803 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 3998177 | 28922 | SH |  | DFND | 1 | 28922 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 1042952 | 17064 | SH |  | DFND | 3 | 17064 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 1997768 | 32686 | SH |  | DFND | 4 | 32686 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 1583205 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 362726632 | 6840027 | SH |  | SOLE |  | 6840027 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 6581297 | 84745 | SH |  | DFND | 4 | 84745 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 1394929 | 17962 | SH |  | SOLE | 4 | 17962 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 39850200 | 780000 | SH |  | SOLE |  | 780000 | 0 | 0 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 193862 | 2944 | SH |  | DFND | 1 | 2944 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 1113736 | 21911 | SH |  | DFND | 1 | 21911 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 1192645 | 17508 | SH |  | DFND | 1 | 17508 | 0 | 0 |
| ISHARES TR | ESG AWRE USD ETF | 46435G193 |  | 2860938 | 121432 | SH |  | DFND | 4 | 121432 | 0 | 0 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 831399 | 17310 | SH |  | DFND | 4 | 17310 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 44693740 | 1183000 | SH |  | SOLE |  | 1183000 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 8325953 | 1134326 | SH |  | DFND | 3 | 1134326 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 304680000 | 6000000 | SH |  | SOLE |  | 6000000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 370840 | 2000 | SH |  | DFND | 3 | 2000 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1802052 | 5713 | SH |  | DFND | 3 | 5713 | 0 | 0 |
| KORE GROUP HLDGS INC | COM NEW | 50066V305 |  | 119628 | 49433 | SH |  | SOLE |  | 49433 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 1498120 | 22224 | SH |  | DFND | 3 | 22224 | 0 | 0 |
| LIFE360 INC | COM | 532206109 |  | 821380 | 7727 | SH |  | DFND | 3 | 7727 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 13775475 | 29001 | SH |  | DFND | 3 | 29001 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 308864 | 543 | SH |  | DFND | 3 | 543 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 812602 | 2674 | SH |  | DFND | 3 | 2674 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2059202 | 2804 | SH |  | DFND | 3 | 2804 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6983002 | 13482 | SH |  | DFND | 3 | 13482 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 5686531 | 57104 | SH |  | SOLE |  | 57104 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 2562679 | 73895 | SH |  | DFND | 3 | 73895 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 8685978 | 212527 | SH |  | SOLE |  | 212527 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 0 | 90661 | SH |  | DFND | 3 | 90661 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 340493 | 284 | SH |  | DFND | 3 | 284 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 9592455 | 113776 | SH |  | DFND | 3 | 113776 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 331779 | 4395 | SH |  | DFND | 3 | 4395 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 25396135 | 1586267 | SH |  | DFND | 3 | 1586267 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 6046408 | 44646 | SH |  | DFND | 3 | 44646 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 4796259 | 81694 | SH |  | DFND | 3 | 81694 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6690386 | 35858 | SH |  | DFND | 3 | 35858 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 305145 | 1085 | SH |  | DFND | 3 | 1085 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 243531 | 1335 | SH |  | DFND | 3 | 1335 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 6512759 | 168158 | SH |  | DFND | 3 | 168158 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 34298040 | 30086000 | PRN |  | SOLE |  | 30086000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 66582752 | 503766 | SH |  | DFND | 1 | 503766 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 4656878 | 35234 | SH |  | DFND | 3 | 35234 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 5066596 | 428646 | SH |  | DFND | 3 | 428646 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 931080 | 73545 | SH |  | DFND | 3 | 73545 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 1335494 | 32797 | SH |  | DFND | 3 | 32797 | 0 | 0 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 3921413 | 96231 | SH |  | DFND | 3 | 96231 | 0 | 0 |
| QIAGEN NV | COM SHS | N72482206 |  | 18020606 | 407259 | SH |  | DFND | 3 | 407259 | 0 | 0 |
| SABRE GLBL INC | NOTE  7.320% 8/0 | 78573NAK8 |  | 22901483 | 22731000 | PRN |  | SOLE |  | 22731000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 762192 | 3216 | SH |  | DFND | 3 | 3216 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 1403031 | 7850 | SH |  | DFND | 1 | 7850 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 36020351 | 201535 | SH |  | DFND | 3 | 201535 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2455330 | 7091 | SH |  | DFND | 3 | 7091 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 932652 | 7685 | SH |  | DFND | 3 | 7685 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2023781 | 5725 | SH |  | DFND | 1 | 5725 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 4147624 | 11668 | SH |  | DFND | 3 | 11668 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 888684 | 1334 | SH |  | DFND | 3 | 1334 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 70275994 | 105491 | SH |  | DFND | 4 | 105491 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5302793 | 7960 | SH |  | SOLE | 4 | 7960 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG INTL | 78464A151 |  | 3056442 | 94656 | SH |  | DFND | 4 | 94656 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 3647298 | 87175 | SH |  | DFND | 3 | 87175 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 11149891 | 266680 | SH |  | DFND | 5 | 266680 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 4195072 | 95582 | SH |  | DFND | 3 | 95582 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 770255 | 1732 | SH |  | DFND | 3 | 1732 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 201768 | 416 | SH |  | DFND | 3 | 416 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 629905 | 4358 | SH |  | DFND | 3 | 4358 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 2074331 | 10271 | SH |  | DFND | 3 | 10271 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 3092591 | 54380 | SH |  | DFND | 3 | 54380 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 1237388 | 22788 | SH |  | DFND | 3 | 22788 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 2394287 | 2508 | SH |  | DFND | 3 | 2508 | 0 | 0 |
| UNITI GROUP LLC | NOTE  7.500%12/0 | 91325VAB4 |  | 18038657 | 16735000 | PRN |  | SOLE |  | 16735000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 8608179 | 792650 | SH |  | DFND | 3 | 792650 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 3388685 | 19903 | SH |  | DFND | 3 | 19903 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 619833 | 8113 | SH |  | DFND | 1 | 8113 | 0 | 0 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 584841 | 39146 | SH |  | DFND | 3 | 39146 | 0 | 0 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 843751 | 56476 | SH |  | SOLE | 4 | 56476 | 0 | 0 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 2471308 | 24935 | SH |  | SOLE | 4 | 24935 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3584873 | 5854 | SH |  | DFND | 1 | 5854 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 18031529 | 29445 | SH |  | DFND | 3 | 29445 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 4560491 | 33095 | SH |  | DFND | 3 | 33095 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 91623496 | 664902 | SH |  | DFND | 4 | 664902 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 15642367 | 113515 | SH |  | SOLE | 4 | 113515 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 2208160 | 40756 | SH |  | SOLE | 4 | 40756 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 408324563 | 5108527 | SH |  | SOLE |  | 5108527 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 1203497 | 15499 | SH |  | DFND | 3 | 15499 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 2053843 | 26450 | SH |  | SOLE | 4 | 26450 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 3726501 | 47991 | SH |  | DFND | 4 | 47991 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1311082 | 1756 | SH |  | DFND | 3 | 1756 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 2416095 | 3236 | SH |  | DFND | 4 | 3236 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 7779138 | 10419 | SH |  | SOLE | 4 | 10419 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2578102 | 7552 | SH |  | DFND | 3 | 7552 | 0 | 0 |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 |  | 8595355 | 832077 | SH |  | DFND | 1 | 832077 | 0 | 0 |
| WAYFAIR INC | NOTE  3.250% 9/1 | 94419LAP6 |  | 1554276 | 1020000 | PRN |  | SOLE |  | 1020000 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 2666065 | 107546 | SH |  | DFND | 3 | 107546 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 17564606 | 156993 | SH |  | DFND | 3 | 156993 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 32392256 | 289523 | SH |  | DFND | 5 | 289523 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 19803 | 177 | SH |  | SOLE |  | 177 | 0 | 0 |
| WIPRO LTD | SPON ADR 1 SH | 97651M109 |  | 90380 | 34365 | SH |  | DFND | 3 | 34365 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 37859 | 864 | SH |  | DFND | 1 | 864 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 43336 | 989 | SH |  | DFND | 3 | 989 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 11057651 | 257634 | SH |  | DFND | 5 | 257634 | 0 | 0 |
| ZIFF DAVIS INC | DEBT  3.625% 3/0 | 48123VAH5 |  | 9638000 | 10000000 | PRN |  | SOLE |  | 10000000 | 0 | 0 |
| CONTANGO ORE INC | COM | 21077F100 |  | 11871417 | 476190 | SH |  | SOLE |  | 476190 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 |  | 763757 | 49487 | SH |  | SOLE |  | 49487 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 13718458 | 1204430 | SH |  | SOLE |  | 1204430 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 3067125 | 52076 | SH |  | SOLE |  | 52076 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 635153 | 3019 | SH |  | SOLE |  | 3019 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1737124 | 14312 | SH |  | SOLE |  | 14312 | 0 | 0 |

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