# EDGAR Filing Document

**Accession Number:** 0000009015
**File Stem:** 0000009015-26-000012
**Filing Date:** 2026-5
**Character Count:** 28447
**Document Hash:** 35e47ba1e5468a5bbb10982126add667
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000009015-26-000012.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0000009015-26-000012

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**EFFECTIVENESS DATE**: 20260506

**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:** 26945793

**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:** 03-31-2026

**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  05-06-2026<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:** 238

**Form 13F Information Table Value Total:** $6193205713

      (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 |
| ACCELERANT HOLDINGS | CL A | G00894108 |  | 46056922 | 3128867 | SH |  | SOLE |  | 3128867 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 207295 | 1019 | SH |  | DFND | 3 | 1019 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 2857586 | 24662 | SH |  | DFND | 3 | 24662 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 9197502 | 45303 | SH |  | DFND | 3 | 45303 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1279065 | 10195 | SH |  | DFND | 3 | 10195 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 839639 | 2927 | SH |  | DFND | 3 | 2927 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3532962 | 12286 | SH |  | DFND | 3 | 12286 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 3610360 | 17335 | SH |  | DFND | 3 | 17335 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1815726 | 621824 | SH |  | DFND | 3 | 621824 | 0 | 0 |
| ANDERSONS INC | COM | 034164103 |  | 1873099 | 26095 | SH |  | DFND | 3 | 26095 | 0 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 41594097 | 428469 | SH |  | DFND | 3 | 428469 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 1224305 | 3793 | SH |  | DFND | 3 | 3793 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 13694264 | 42426 | SH |  | DFND | 5 | 42426 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 9361 | 29 | SH |  | SOLE |  | 29 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3155117 | 12432 | SH |  | DFND | 3 | 12432 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 235152 | 688 | SH |  | DFND | 3 | 688 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 3977088 | 54713 | SH |  | DFND | 3 | 54713 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 1839009 | 9466 | SH |  | DFND | 3 | 9466 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 25930489 | 133473 | SH |  | DFND | 5 | 133473 | 0 | 0 |
| ASTRAZENECA PLC | ORD | G0593M107 |  | 18068 | 93 | SH |  | SOLE |  | 93 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 1071493 | 6454 | SH |  | SOLE |  | 6454 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 394962 | 930 | SH |  | DFND | 3 | 930 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 827119 | 226608 | SH |  | DFND | 3 | 226608 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 251063 | 5150 | SH |  | DFND | 3 | 5150 | 0 | 0 |
| BARINGS PARTN INVS TRUST | SH BEN INT | 06761A103 |  | 4899905 | 285875 | SH |  | SOLE |  | 285875 | 0 | 0 |
| BARINGS CORPORATE INVS | COM | 06759X107 |  | 3787007 | 219664 | SH |  | SOLE |  | 219664 | 0 | 0 |
| BARINGS BDC INC. | COM | 06759L103 |  | 112254575 | 13639681 | SH |  | SOLE |  | 13639681 | 0 | 0 |
| BARINGS GLOBAL SHORT DURATION | COM | 06760L100 |  | 217351 | 15911 | SH |  | SOLE |  | 15911 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 6273177 | 153789 | SH |  | DFND | 3 | 153789 | 0 | 0 |
| BEONE MEDICINES LTD | SPONSORED ADS | 07725L102 |  | 12714771 | 42815 | SH |  | DFND | 1 | 42815 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 412112 | 860 | SH |  | DFND | 3 | 860 | 0 | 0 |
| BIOLIFE SOLUTIONS INC | COM NEW | 09062W204 |  | 1742309 | 91316 | SH |  | SOLE |  | 91316 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 |  | 21652152 | 372158 | SH |  | DFND | 4 | 372158 | 0 | 0 |
| BLACKROCK ETF TRUST | ISHARES US EQUIT | 09290C103 |  | 6429006 | 110502 | SH |  | SOLE | 4 | 110502 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 2039618 | 564991 | SH |  | SOLE |  | 564991 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 863842 | 2791 | SH |  | DFND | 3 | 2791 | 0 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 5313653 | 41774 | SH |  | DFND | 3 | 41774 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 5753799 | 57104 | SH |  | SOLE |  | 57104 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 4845450 | 44548 | SH |  | DFND | 3 | 44548 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 230250 | 325 | SH |  | DFND | 3 | 325 | 0 | 0 |
| CENTRAIS ELET BRAS SA | SPONSORED ADR | 15234Q207 |  | 8164487 | 723802 | SH |  | DFND | 3 | 723802 | 0 | 0 |
| CENTRAIS ELET BRAS SA | SPON ADS PF CL C | 15236F100 |  | 2077443 | 190242 | SH |  | DFND | 3 | 190242 | 0 | 0 |
| CF INDUSTRIES HOLD | COM | 125269100 |  | 8122790 | 62560 | SH |  | DFND | 3 | 62560 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 20782277 | 100446 | SH |  | DFND | 3 | 100446 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 207881 | 1833 | SH |  | DFND | 3 | 1833 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 1682527 | 152957 | SH |  | DFND | 3 | 152957 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 15235572 | 115421 | SH |  | DFND | 3 | 115421 | 0 | 0 |
| CONTANGO SILVER  GOLD INC | COM | 21077F100 |  | 8928563 | 476190 | SH |  | SOLE |  | 476190 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 5471369 | 65361 | SH |  | DFND | 3 | 65361 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 296936 | 298 | SH |  | DFND | 3 | 298 | 0 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 10706771 | 304689 | SH |  | DFND | 3 | 304689 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 9595063 | 28289 | SH |  | DFND | 3 | 28289 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 9568863 | 91028 | SH |  | DFND | 3 | 91028 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 11765241 | 111922 | SH |  | DFND | 5 | 111922 | 0 | 0 |
| CRH PLC | ORD | G25508105 |  | 8830 | 84 | SH |  | SOLE |  | 84 | 0 | 0 |
| CURIOSITYSTREAM INC | COM CL A | 23130Q107 |  | 82673 | 27930 | SH |  | SOLE |  | 27930 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 11737398 | 189772 | SH |  | DFND | 3 | 189772 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 4374025 | 7765 | SH |  | DFND | 3 | 7765 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 7535601 | 38099 | SH |  | DFND | 3 | 38099 | 0 | 0 |
| DOW HLDGS INC | COM | 260557103 |  | 7053886 | 169361 | SH |  | DFND | 3 | 169361 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 1068773 | 1162 | SH |  | DFND | 3 | 1162 | 0 | 0 |
| ELME COMMUNITIES | SH BEN INT | 939653101 |  | 834351 | 49487 | SH |  | SOLE |  | 49487 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 7042427 | 129888 | SH |  | DFND | 3 | 129888 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 10975176 | 75916 | SH |  | DFND | 3 | 75916 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 5973973 | 1204430 | SH |  | SOLE |  | 1204430 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 3586204 | 26486 | SH |  | DFND | 3 | 26486 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 3724022 | 58517 | SH |  | DFND | 3 | 58517 | 0 | 0 |
| EQUITY RESIDENTIAL | SH BEN INT | 29476L107 |  | 3138621 | 52076 | SH |  | SOLE |  | 52076 | 0 | 0 |
| ESSEX PPTY TR INC | COM | 297178105 |  | 746719 | 3019 | SH |  | SOLE |  | 3019 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 17383364 | 102460 | SH |  | DFND | 3 | 102460 | 0 | 0 |
| FABRINET | SHS | G3323L100 |  | 8883050 | 17033 | SH |  | DFND | 3 | 17033 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 795562 | 2382 | SH |  | DFND | 3 | 2382 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 6543512 | 19592 | SH |  | DFND | 5 | 19592 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 8016 | 24 | SH |  | SOLE |  | 24 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 875857 | 18671 | SH |  | DFND | 3 | 18671 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 1094998 | 61690 | SH |  | DFND | 3 | 61690 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 1835812 | 103426 | SH |  | DFND | 4 | 103426 | 0 | 0 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 |  | 10063591 | 90614 | SH |  | DFND | 3 | 90614 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 8411183 | 143096 | SH |  | DFND | 3 | 143096 | 0 | 0 |
| FUTU HLDGS LTD | SPON ADS CL A | 36118L106 |  | 7939465 | 58054 | SH |  | DFND | 1 | 58054 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 749437 | 2641 | SH |  | DFND | 3 | 2641 | 0 | 0 |
| GLOBAL X FDS | X EMERGING MKT | 37954Y350 |  | 14086486 | 607700 | SH |  | DFND | 2 | 607700 | 0 | 0 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 647523 | 12744 | SH |  | DFND | 3 | 12744 | 0 | 0 |
| GRUPO CIBEST SA | SPON ADS | 40090E106 |  | 5934015 | 81500 | SH |  | DFND | 3 | 81500 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 8324604 | 165532 | SH |  | DFND | 1 | 165532 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 31884 | 634 | SH |  | DFND | 3 | 634 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 1127211 | 69239 | SH |  | SOLE |  | 69239 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 681662 | 27398 | SH |  | DFND | 3 | 27398 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 14645313 | 588638 | SH |  | DFND | 5 | 588638 | 0 | 0 |
| HERBALIFE LTD | NOTE  4.250% 6/1 | 42703MAF0 |  | 67763813 | 56825000 | PRN |  | SOLE |  | 56825000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 223645 | 680 | SH |  | DFND | 3 | 680 | 0 | 0 |
| INGREDION INC | COM | 457187102 |  | 1193858 | 10597 | SH |  | DFND | 3 | 10597 | 0 | 0 |
| INTERCORP FINL SVCS INC | SHS | P5626F128 |  | 1349376 | 26880 | SH |  | DFND | 3 | 26880 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 608359 | 1407 | SH |  | DFND | 3 | 1407 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 3223315 | 13565 | SH |  | DFND | 1 | 13565 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 6087587 | 25619 | SH |  | DFND | 3 | 25619 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 490348490 | 878320 | SH |  | DFND | 2 | 878320 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 12219074 | 21887 | SH |  | DFND | 4 | 21887 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 13120758 | 72885 | SH |  | DFND | 1 | 72885 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 34652050 | 192490 | SH |  | DFND | 3 | 192490 | 0 | 0 |
| ISHARES INC | JP MORGAN EM ETF | 464286517 |  | 1048560 | 25700 | SH |  | DFND | 4 | 25700 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 6228859 | 99439 | SH |  | DFND | 3 | 99439 | 0 | 0 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 |  | 2497761 | 108175 | SH |  | DFND | 1 | 108175 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 1251823 | 14825 | SH |  | DFND | 3 | 14825 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 23789281 | 281730 | SH |  | DFND | 4 | 281730 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 3311315 | 39215 | SH |  | SOLE | 4 | 39215 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 11144926 | 17553 | SH |  | DFND | 1 | 17553 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 989398720 | 1558280 | SH |  | DFND | 2 | 1558280 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 20144424 | 31727 | SH |  | DFND | 3 | 31727 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 36960545 | 58212 | SH |  | DFND | 4 | 58212 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 5000074 | 7875 | SH |  | SOLE | 4 | 7875 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 692895 | 12201 | SH |  | DFND | 3 | 12201 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 26924423 | 474105 | SH |  | DFND | 4 | 474105 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 6677595 | 117584 | SH |  | SOLE | 4 | 117584 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 2621536 | 24053 | SH |  | DFND | 1 | 24053 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 4106089 | 37674 | SH |  | DFND | 3 | 37674 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 931933818 | 8550636 | SH |  | SOLE |  | 8550636 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 1532862 | 16061 | SH |  | DFND | 3 | 16061 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 23182376 | 242900 | SH |  | DFND | 4 | 242900 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 2791811 | 29252 | SH |  | SOLE | 4 | 29252 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 2601945 | 32504 | SH |  | DFND | 1 | 32504 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 2401100 | 29995 | SH |  | DFND | 3 | 29995 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 13005643 | 162469 | SH |  | DFND | 4 | 162469 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 1275197 | 15930 | SH |  | SOLE | 4 | 15930 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 484265925 | 1608750 | SH |  | DFND | 2 | 1608750 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 351912 | 1419 | SH |  | DFND | 3 | 1419 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 6851744 | 27628 | SH |  | DFND | 4 | 27628 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1259840 | 5080 | SH |  | SOLE | 4 | 5080 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 1508879 | 22209 | SH |  | DFND | 3 | 22209 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 25585049 | 376583 | SH |  | DFND | 4 | 376583 | 0 | 0 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 4782636 | 70395 | SH |  | SOLE | 4 | 70395 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 4759098 | 34394 | SH |  | DFND | 1 | 34394 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 1879149 | 28047 | SH |  | DFND | 3 | 28047 | 0 | 0 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 |  | 3199652 | 47756 | SH |  | DFND | 4 | 47756 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 359511819 | 6840027 | SH |  | SOLE |  | 6840027 | 0 | 0 |
| ISHARES TR | 10-20 YR TRS ETF | 464288653 |  | 298433 | 2963 | SH |  | DFND | 4 | 2963 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 7316883 | 84745 | SH |  | DFND | 4 | 84745 | 0 | 0 |
| ISHARES TR | GLOB UTILITS ETF | 464288711 |  | 1550839 | 17962 | SH |  | SOLE | 4 | 17962 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 39741000 | 780000 | SH |  | SOLE |  | 780000 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 656774 | 13008 | SH |  | DFND | 1 | 13008 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 1230287 | 17508 | SH |  | DFND | 1 | 17508 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 3978732 | 78600 | SH |  | SOLE |  | 78600 | 0 | 0 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 823091 | 17310 | SH |  | DFND | 4 | 17310 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 45567064 | 1236891 | SH |  | SOLE |  | 1236891 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 7473460 | 891821 | SH |  | DFND | 3 | 891821 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 650235195 | 12909176 | SH |  | SOLE |  | 12909176 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 267417 | 1094 | SH |  | DFND | 3 | 1094 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 1438737 | 4891 | SH |  | DFND | 3 | 4891 | 0 | 0 |
| KASPI KZ JSC | SPONSORED ADS | 48581R205 |  | 6573787 | 88751 | SH |  | DFND | 3 | 88751 | 0 | 0 |
| KORE GROUP HLDGS INC | COM NEW | 50066V305 |  | 445886 | 49433 | SH |  | SOLE |  | 49433 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 1779984 | 24599 | SH |  | DFND | 3 | 24599 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 223488 | 1046 | SH |  | DFND | 3 | 1046 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 4761279 | 9604 | SH |  | DFND | 3 | 9604 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 282808 | 566 | SH |  | DFND | 3 | 566 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2504213 | 4377 | SH |  | DFND | 3 | 4377 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1019601 | 3018 | SH |  | DFND | 3 | 3018 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4441300 | 11998 | SH |  | DFND | 3 | 11998 | 0 | 0 |
| MID-AMER APT CMNTYS INC | COM | 59522J103 |  | 1787283 | 14312 | SH |  | SOLE |  | 14312 | 0 | 0 |
| MOSAIC CO | COM | 61945C103 |  | 2175125 | 85299 | SH |  | DFND | 3 | 85299 | 0 | 0 |
| NETFLIX INC. | COM | 64110L106 |  | 222683 | 2316 | SH |  | DFND | 3 | 2316 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 10980555 | 101437 | SH |  | DFND | 3 | 101437 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 15187035 | 1056857 | SH |  | DFND | 3 | 1056857 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 16323917 | 216325 | SH |  | DFND | 3 | 216325 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 5984362 | 34314 | SH |  | DFND | 3 | 34314 | 0 | 0 |
| OMNICELL COM | NOTE  1.000%12/0 | 68213NAF6 |  | 15272391 | 15735000 | PRN |  | SOLE |  | 15735000 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 686638 | 4694 | SH |  | DFND | 3 | 4694 | 0 | 0 |
| PARSONS CORP DEL | NOTE  2.625% 3/0 | 70202LAD4 |  | 45385032 | 46123000 | PRN |  | SOLE |  | 46123000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 59880648 | 586031 | SH |  | DFND | 1 | 586031 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 6457572 | 63198 | SH |  | DFND | 3 | 63198 | 0 | 0 |
| PETROLEO BRASILEIRO S A | SP ADR NON VTG | 71654V101 |  | 6914888 | 368794 | SH |  | DFND | 3 | 368794 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 218579 | 1322 | SH |  | DFND | 3 | 1322 | 0 | 0 |
| PILGRIMS PRIDE CORP | COM | 72147K108 |  | 729825 | 19328 | SH |  | DFND | 3 | 19328 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 257103 | 1780 | SH |  | DFND | 3 | 1780 | 0 | 0 |
| QIAGEN NV | ORD SHARES | N72482156 |  | 13233062 | 329512 | SH |  | DFND | 3 | 329512 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 250770 | 1300 | SH |  | DFND | 3 | 1300 | 0 | 0 |
| SABRE GLBL INC | NOTE  7.320% 8/0 | 78573NAK8 |  | 22026721 | 22093000 | PRN |  | SOLE |  | 22093000 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 835470 | 10089 | SH |  | DFND | 1 | 10089 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 19477657 | 235209 | SH |  | DFND | 3 | 235209 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 1260158 | 9482 | SH |  | DFND | 4 | 9482 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 7056835 | 87186 | SH |  | DFND | 3 | 87186 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 6028466 | 35037 | SH |  | DFND | 3 | 35037 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 687863 | 1640 | SH |  | DFND | 1 | 1640 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1563244 | 3633 | SH |  | DFND | 3 | 3633 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG INTL | 78464A151 |  | 2448420 | 78778 | SH |  | DFND | 4 | 78778 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 481252 | 740 | SH |  | DFND | 3 | 740 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 46424521 | 71385 | SH |  | DFND | 4 | 71385 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 3823999 | 5880 | SH |  | SOLE | 4 | 5880 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 5767019 | 87175 | SH |  | DFND | 3 | 87175 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 13337277 | 201608 | SH |  | DFND | 5 | 201608 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 5279794 | 102025 | SH |  | DFND | 3 | 102025 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 642384 | 1728 | SH |  | DFND | 3 | 1728 | 0 | 0 |
| TKO GROUP HOLDINGS INC | CL A | 87256C101 |  | 574904 | 2851 | SH |  | DFND | 3 | 2851 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 17654934 | 188812 | SH |  | DFND | 3 | 188812 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 38919361 | 416226 | SH |  | DFND | 5 | 416226 | 0 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 17953 | 192 | SH |  | SOLE |  | 192 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 2372361 | 52370 | SH |  | DFND | 3 | 52370 | 0 | 0 |
| TYSON FOODS INC | CL A | 902494103 |  | 1475404 | 23028 | SH |  | DFND | 3 | 23028 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 872086 | 1197 | SH |  | DFND | 3 | 1197 | 0 | 0 |
| UNITI GROUP LLC | NOTE  7.500%12/0 | 91325VAB4 |  | 32866228 | 27621000 | PRN |  | SOLE |  | 27621000 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 9469298 | 595179 | SH |  | DFND | 3 | 595179 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 6720329 | 27199 | SH |  | DFND | 3 | 27199 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 129304 | 1409 | SH |  | DFND | 1 | 1409 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 283110 | 3085 | SH |  | DFND | 3 | 3085 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 5273380 | 57463 | SH |  | DFND | 4 | 57463 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 966338 | 10530 | SH |  | SOLE | 4 | 10530 | 0 | 0 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 2411215 | 24935 | SH |  | SOLE | 4 | 24935 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3498058 | 5854 | SH |  | DFND | 1 | 5854 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 17594860 | 29445 | SH |  | DFND | 3 | 29445 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 370229 | 1887 | SH |  | DFND | 3 | 1887 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 15073850 | 76829 | SH |  | DFND | 4 | 76829 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 2643599 | 13474 | SH |  | SOLE | 4 | 13474 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 4577700 | 33095 | SH |  | DFND | 3 | 33095 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 97568715 | 705384 | SH |  | DFND | 4 | 705384 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 17685180 | 127857 | SH |  | SOLE | 4 | 127857 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1239907 | 22940 | SH |  | SOLE | 4 | 22940 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 492931 | 5980 | SH |  | DFND | 4 | 5980 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 404952935 | 5108527 | SH |  | SOLE |  | 5108527 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 800358 | 7990 | SH |  | DFND | 1 | 7990 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 776017 | 7747 | SH |  | DFND | 3 | 7747 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 987500 | 13216 | SH |  | DFND | 3 | 13216 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 4045042 | 54136 | SH |  | DFND | 4 | 54136 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 1957141 | 26193 | SH |  | SOLE | 4 | 26193 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 1056231 | 16483 | SH |  | DFND | 4 | 16483 | 0 | 0 |
| VANGUARD WORLD FD | ESG INTL STK ETF | 921910725 |  | 1277440 | 17809 | SH |  | SOLE | 4 | 17809 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 1762441 | 2526 | SH |  | DFND | 3 | 2526 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 12860375 | 18432 | SH |  | DFND | 4 | 18432 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 6296923 | 9025 | SH |  | SOLE | 4 | 9025 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 200248 | 3989 | SH |  | DFND | 3 | 3989 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2089990 | 6915 | SH |  | DFND | 3 | 6915 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 324868 | 2614 | SH |  | DFND | 3 | 2614 | 0 | 0 |
| WEYERHAEUSER CO | COM NEW | 962166104 |  | 3785453 | 154951 | SH |  | DFND | 3 | 154951 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 11176026 | 85126 | SH |  | DFND | 3 | 85126 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 24379664 | 185696 | SH |  | DFND | 5 | 185696 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 15886 | 121 | SH |  | SOLE |  | 121 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 7562643 | 103911 | SH |  | DFND | 3 | 103911 | 0 | 0 |
| WIPRO LTD | SPON ADR 1 SH | 97651M109 |  | 86155 | 40639 | SH |  | DFND | 3 | 40639 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 3821004 | 200683 | SH |  | DFND | 3 | 200683 | 0 | 0 |
| ZIFF DAVIS INC | DEBT  3.625% 3/0 | 48123VAH5 |  | 9800000 | 10000000 | PRN |  | SOLE |  | 10000000 | 0 | 0 |

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