# EDGAR Filing Document

**Accession Number:** 0000009015
**File Stem:** 0000009015-23-000001
**Filing Date:** 2023-2
**Character Count:** 27286
**Document Hash:** a0f740e479f87911133937832170ca5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000009015-23-000001.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000009015-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARINGS LLC
- **CENTRAL INDEX KEY:** 0000009015
- **IRS NUMBER:** 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:** 23615954

**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:** 12-31-2022

**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:** Head of Regulatory Solutions<br>**Phone:** 00353 1 4869717

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

Christina Coone  Dublin, L2  02-13-2023<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:** 4

**Form 13F Information Table Entry Total:** 229

**Form 13F Information Table Value Total:** $2820321303

      (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  | 028-19111              |
|  | BARING ASSET MANAGEMENT Ltd        | 028-16289              |
|  | Baring SICE (Taiwan) LTD           |  |

### 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 |
| AON PLC | SHS CL A | G0403H108 |  | 288735 | 962 | SH |  | SOLE |  | 962 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 21086244 | 288734 | SH |  | DFND | _ | 288734 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 38546937 | 1214842 | SH |  | DFND | _ | 1214842 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 15552953 | 284592 | SH |  | DFND | _ | 284592 | 0 | 0 |
| H WORLD GROUP LTD | SPONSORED ADS | 44332N106 |  | 36697033 | 865088 | SH |  | DFND | 1 | 865088 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SOLAR ETF | 46138G706 |  | 2828030 | 38772 | SH |  | DFND | 1 | 38772 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 2774841 | 25399 | SH |  | DFND | 1 | 25399 | 0 | 0 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 |  | 8824746 | 420026 | SH |  | DFND | 1 | 420026 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 3163533 | 30006 | SH |  | DFND | 1 | 30006 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 2380684 | 9305 | SH |  | DFND | 1 | 9305 | 0 | 0 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 |  | 3491598 | 53891 | SH |  | DFND | 1 | 53891 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 3154820 | 158933 | SH |  | DFND | 1 | 158933 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 2596479 | 30590 | SH |  | DFND | 1 | 30590 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 10205802 | 89556 | SH |  | DFND | 1 | 89556 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 4467109 | 93337 | SH |  | DFND | 1 | 93337 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 1612783 | 39442 | SH |  | DFND | 1 | 39442 | 0 | 0 |
| ISHARES TR | CORE MSCI EURO | 46434V738 |  | 510910 | 10756 | SH |  | DFND | 1 | 10756 | 0 | 0 |
| KE HLDGS INC | SPONSORED ADS | 482497104 |  | 10185621 | 729629 | SH |  | DFND | 1 | 729629 | 0 | 0 |
| PINDUODUO INC | SPONSORED ADS | 722304102 |  | 39287691 | 481762 | SH |  | DFND | 1 | 481762 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 1023430 | 19670 | SH |  | DFND | 1 | 19670 | 0 | 0 |
| ZHIHU INC | ADS | 98955N108 |  | 2454934 | 1888411 | SH |  | DFND | 1 | 1888411 | 0 | 0 |
| ZTO EXPRESS CAYMAN INC | SPONSORED ADS A | 98980A105 |  | 30622584 | 1139657 | SH |  | DFND | 1 | 1139657 | 0 | 0 |
| GLOBAL X FDS | X EMERGING MKT | 37954Y350 |  | 4038432 | 188800 | SH |  | DFND | 2 | 188800 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 292593790 | 1098820 | SH |  | DFND | 2 | 1098820 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 598668338 | 1558180 | SH |  | DFND | 2 | 1558180 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 298214978 | 1390150 | SH |  | DFND | 2 | 1390150 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 242478 | 2022 | SH |  | DFND | 3 | 2022 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 336287 | 3063 | SH |  | DFND | 3 | 3063 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 387185 | 1451 | SH |  | DFND | 3 | 1451 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 585899 | 1741 | SH |  | DFND | 3 | 1741 | 0 | 0 |
| AGCO CORP | COM | 001084102 |  | 9640342 | 69510 | SH |  | DFND | 3 | 69510 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 8655633 | 28079 | SH |  | DFND | 3 | 28079 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 4279082 | 19732 | SH |  | DFND | 3 | 19732 | 0 | 0 |
| ALLIANT ENERGY CORP | COM | 018802108 |  | 221061 | 4004 | SH |  | DFND | 3 | 4004 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 946217 | 10664 | SH |  | DFND | 3 | 10664 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 684400 | 7757 | SH |  | DFND | 3 | 7757 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2486652 | 29603 | SH |  | DFND | 3 | 29603 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 3182452 | 1170019 | SH |  | DFND | 3 | 1170019 | 0 | 0 |
| AMCOR PLC | ORD | G0250X107 |  | 6041419 | 507256 | SH |  | DFND | 3 | 507256 | 0 | 0 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 252255 | 1655 | SH |  | DFND | 3 | 1655 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 371373 | 1414 | SH |  | DFND | 3 | 1414 | 0 | 0 |
| ANGLOGOLD ASHANTI LIMITED | SPONSORED ADR | 035128206 |  | 6714912 | 345773 | SH |  | DFND | 3 | 345773 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 3863102 | 12871 | SH |  | DFND | 3 | 12871 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2065887 | 15900 | SH |  | DFND | 3 | 15900 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 8471263 | 91236 | SH |  | DFND | 3 | 91236 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 173228 | 927 | SH |  | DFND | 3 | 927 | 0 | 0 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 9873613 | 3428338 | SH |  | DFND | 3 | 3428338 | 0 | 0 |
| BANCOLOMBIA S A | SPON ADR PREF | 05968L102 |  | 4750683 | 166457 | SH |  | DFND | 3 | 166457 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 321628 | 9711 | SH |  | DFND | 3 | 9711 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 679490 | 2672 | SH |  | DFND | 3 | 2672 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 312298 | 1011 | SH |  | DFND | 3 | 1011 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 437933 | 618 | SH |  | DFND | 3 | 618 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 220297 | 394 | SH |  | DFND | 3 | 394 | 0 | 0 |
| BUNGE LIMITED | COM | G16962105 |  | 9206177 | 92274 | SH |  | DFND | 3 | 92274 | 0 | 0 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 201443 | 1254 | SH |  | DFND | 3 | 1254 | 0 | 0 |
| CENTRAIS ELETRICAS BRASILEIR | SPONSORED ADR | 15234Q207 |  | 5154302 | 649975 | SH |  | DFND | 3 | 649975 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 13344280 | 156623 | SH |  | DFND | 3 | 156623 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 12543300 | 69883 | SH |  | DFND | 3 | 69883 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 391887 | 8226 | SH |  | DFND | 3 | 8226 | 0 | 0 |
| CNH INDL N V | SHS | N20944109 |  | 12434391 | 774246 | SH |  | DFND | 3 | 774246 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 355707 | 5592 | SH |  | DFND | 3 | 5592 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 385362 | 4891 | SH |  | DFND | 3 | 4891 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 1190754 | 111703 | SH |  | DFND | 3 | 111703 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 18901358 | 160181 | SH |  | DFND | 3 | 160181 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 8348641 | 142032 | SH |  | DFND | 3 | 142032 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 638187 | 1398 | SH |  | DFND | 3 | 1398 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 1810111 | 13343 | SH |  | DFND | 3 | 13343 | 0 | 0 |
| D MARKET ELECTR SVCS  TRADI | SPONSORED ADS | 23292B104 |  | 525252 | 795836 | SH |  | DFND | 3 | 795836 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 225342 | 849 | SH |  | DFND | 3 | 849 | 0 | 0 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 13273586 | 212072 | SH |  | DFND | 3 | 212072 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 23011978 | 53671 | SH |  | DFND | 3 | 53671 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1268448 | 14600 | SH |  | DFND | 3 | 14600 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 6351710 | 126051 | SH |  | DFND | 3 | 126051 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 12173067 | 93986 | SH |  | DFND | 3 | 93986 | 0 | 0 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 231347 | 4847 | SH |  | DFND | 3 | 4847 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 23117556 | 209588 | SH |  | DFND | 3 | 209588 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 2058569 | 30340 | SH |  | DFND | 3 | 30340 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 780830 | 46478 | SH |  | DFND | 3 | 46478 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 3833731 | 30719 | SH |  | DFND | 3 | 30719 | 0 | 0 |
| GERDAU SA | SPON ADR REP PFD | 373737105 |  | 1590556 | 287104 | SH |  | DFND | 3 | 287104 | 0 | 0 |
| GRAB HOLDINGS LIMITED | CLASS A ORD | G4124C109 |  | 10700627 | 3323176 | SH |  | DFND | 3 | 3323176 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 12637297 | 89108 | SH |  | DFND | 3 | 89108 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 227419 | 720 | SH |  | DFND | 3 | 720 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 231976 | 1053 | SH |  | DFND | 3 | 1053 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 621806 | 5931 | SH |  | DFND | 3 | 5931 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 375597 | 965 | SH |  | DFND | 3 | 965 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | SOLAR ETF | 46138G706 |  | 5713171 | 78327 | SH |  | DFND | 3 | 78327 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 20277346 | 185605 | SH |  | DFND | 3 | 185605 | 0 | 0 |
| ISHARES INC | MSCI EURZONE ETF | 464286608 |  | 1633160 | 41372 | SH |  | DFND | 3 | 41372 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1946792 | 5067 | SH |  | DFND | 3 | 5067 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 4388207 | 41622 | SH |  | DFND | 3 | 41622 | 0 | 0 |
| ISHARES TR | US HLTHCARE ETF | 464287762 |  | 9496625 | 33473 | SH |  | DFND | 3 | 33473 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 6124082 | 308518 | SH |  | DFND | 3 | 308518 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 1782133 | 16213 | SH |  | DFND | 3 | 16213 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 1489567 | 29596 | SH |  | DFND | 3 | 29596 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 1677222 | 16090 | SH |  | DFND | 3 | 16090 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 12750870 | 111889 | SH |  | DFND | 3 | 111889 | 0 | 0 |
| ISHARES TR | 0-5YR INVT GR CP | 46434V100 |  | 3053277 | 63796 | SH |  | DFND | 3 | 63796 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 4009796 | 98063 | SH |  | DFND | 3 | 98063 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 7030471 | 1492669 | SH |  | DFND | 3 | 1492669 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 994716 | 5631 | SH |  | DFND | 3 | 5631 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 423622 | 3159 | SH |  | DFND | 3 | 3159 | 0 | 0 |
| LI AUTO INC | SPONSORED ADS | 50202M102 |  | 4876722 | 239055 | SH |  | DFND | 3 | 239055 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 691072 | 1889 | SH |  | DFND | 3 | 1889 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 16815231 | 51552 | SH |  | DFND | 3 | 51552 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 294813 | 606 | SH |  | DFND | 3 | 606 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 290393 | 2495 | SH |  | DFND | 3 | 2495 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1351627 | 3887 | SH |  | DFND | 3 | 3887 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 2207327 | 8376 | SH |  | DFND | 3 | 8376 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 378561 | 3412 | SH |  | DFND | 3 | 3412 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 546705 | 4543 | SH |  | DFND | 3 | 4543 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 158886 | 3179 | SH |  | DFND | 3 | 3179 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4835970 | 20165 | SH |  | DFND | 3 | 20165 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 8730964 | 199019 | SH |  | DFND | 3 | 199019 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 485123 | 4146 | SH |  | DFND | 3 | 4146 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 15395162 | 210806 | SH |  | DFND | 3 | 210806 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 585729 | 4008 | SH |  | DFND | 3 | 4008 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 442213 | 5410 | SH |  | DFND | 3 | 5410 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 957317 | 5299 | SH |  | DFND | 3 | 5299 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 71654V101 |  | 4241229 | 456537 | SH |  | DFND | 3 | 456537 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 2279238 | 214013 | SH |  | DFND | 3 | 214013 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 297807 | 5812 | SH |  | DFND | 3 | 5812 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 662317 | 4370 | SH |  | DFND | 3 | 4370 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 317141 | 2445 | SH |  | DFND | 3 | 2445 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 217681 | 1980 | SH |  | DFND | 3 | 1980 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 456507 | 3443 | SH |  | DFND | 3 | 3443 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 416079 | 7783 | SH |  | DFND | 3 | 7783 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 217558 | 2613 | SH |  | DFND | 3 | 2613 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 20759814 | 398997 | SH |  | DFND | 3 | 398997 | 0 | 0 |
| SENDAS DISTRIBUIDORA S A | SPON ADS | 81689T104 |  | 732400 | 40000 | SH |  | DFND | 3 | 40000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 176275 | 454 | SH |  | DFND | 3 | 454 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 6353561 | 26771 | SH |  | DFND | 3 | 26771 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 6671191 | 83557 | SH |  | DFND | 3 | 83557 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5941050 | 15535 | SH |  | DFND | 3 | 15535 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 924661 | 3782 | SH |  | DFND | 3 | 3782 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 1285192 | 40504 | SH |  | DFND | 3 | 40504 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 204984 | 642 | SH |  | DFND | 3 | 642 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 1064313 | 10221 | SH |  | DFND | 3 | 10221 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 205526 | 1379 | SH |  | DFND | 3 | 1379 | 0 | 0 |
| TDCX INC | ADS | 87190U100 |  | 4469725 | 361044 | SH |  | DFND | 3 | 361044 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 307805 | 1863 | SH |  | DFND | 3 | 1863 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 996749 | 1810 | SH |  | DFND | 3 | 1810 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1862640 | 23400 | SH |  | DFND | 3 | 23400 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 12166828 | 54082 | SH |  | DFND | 3 | 54082 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3695885 | 6971 | SH |  | DFND | 3 | 6971 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 9279722 | 546831 | SH |  | DFND | 3 | 546831 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 8734818 | 68854 | SH |  | DFND | 3 | 68854 | 0 | 0 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 |  | 313635 | 22165 | SH |  | DFND | 3 | 22165 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 1395046 | 9187 | SH |  | DFND | 3 | 9187 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1085455 | 10031 | SH |  | DFND | 3 | 10031 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1605569 | 7728 | SH |  | DFND | 3 | 7728 | 0 | 0 |
| VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 92837L109 |  | 3157134 | 201605 | SH |  | DFND | 3 | 201605 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 295490 | 2084 | SH |  | DFND | 3 | 2084 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 2804303 | 71758 | SH |  | DFND | 3 | 71758 | 0 | 0 |
| WILLSCOT MOBIL MINI HLDNG CO | COM CL A | 971378104 |  | 893192 | 19774 | SH |  | DFND | 3 | 19774 | 0 | 0 |
| YANDEX N V | SHS CLASS A | N97284108 |  | 0 | 1002695 | SH |  | DFND | 3 | 1002695 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 8662735 | 158513 | SH |  | DFND | 3 | 158513 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 310833 | 2121 | SH |  | DFND | 3 | 2121 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 4520426 | 269073 | SH |  | DFND | 4 | 269073 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NAS CLNEDG GREEN | 33733E500 |  | 5717446 | 121158 | SH |  | DFND | 4 | 121158 | 0 | 0 |
| FIRST TR MORNINGSTAR DIVID L | SHS | 336917109 |  | 26640541 | 728680 | SH |  | DFND | 4 | 728680 | 0 | 0 |
| ISHARES INC | JP MRG EM CRP BD | 464286251 |  | 4383755 | 102520 | SH |  | DFND | 4 | 102520 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 23750710 | 61817 | SH |  | DFND | 4 | 61817 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 33348751 | 343837 | SH |  | DFND | 4 | 343837 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 699212 | 6632 | SH |  | DFND | 4 | 6632 | 0 | 0 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 12643385 | 148956 | SH |  | DFND | 4 | 148956 | 0 | 0 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 21184908 | 221183 | SH |  | DFND | 4 | 221183 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 19388185 | 238859 | SH |  | DFND | 4 | 238859 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 41081940 | 373744 | SH |  | DFND | 4 | 373744 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 30599231 | 607972 | SH |  | DFND | 4 | 607972 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 79025803 | 758114 | SH |  | DFND | 4 | 758114 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 17608301 | 154513 | SH |  | DFND | 4 | 154513 | 0 | 0 |
| ISHARES TR | ESG AWR US AGRGT | 46435U549 |  | 4242356 | 90765 | SH |  | DFND | 4 | 90765 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 1574502 | 11590 | SH |  | DFND | 4 | 11590 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 745365 | 5310 | SH |  | DFND | 4 | 5310 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 24656546 | 286072 | SH |  | DFND | 4 | 286072 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 19964114 | 512163 | SH |  | DFND | 4 | 512163 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 17380093 | 231149 | SH |  | DFND | 4 | 231149 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 2934994 | 50188 | SH |  | DFND | 4 | 50188 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 87210492 | 574320 | SH |  | DFND | 4 | 574320 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 7099875 | 65612 | SH |  | DFND | 4 | 65612 | 0 | 0 |
| WISDOMTREE TR | EMER MKT HIGH FD | 97717W315 |  | 12053056 | 338189 | SH |  | DFND | 4 | 338189 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 375860 | 4260 | SH |  | SOLE |  | 4260 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 159600 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| ANGLOGOLD ASHANTI LIMITED | SPONSORED ADR | 035128206 |  | 149631 | 7705 | SH |  | SOLE |  | 7705 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 140900 | 754 | SH |  | SOLE |  | 754 | 0 | 0 |
| BARINGS BDC INC. | COM | 06759L103 |  | 111163400 | 13639681 | SH |  | SOLE |  | 13639681 | 0 | 0 |
| BARINGS CORPORATE INVS | COM | 05617K109 |  | 3066509 | 219664 | SH |  | SOLE |  | 219664 | 0 | 0 |
| BARINGS GLOBAL SHORT DURATION | COM | 06760L100 |  | 143061 | 11282 | SH |  | SOLE |  | 11282 | 0 | 0 |
| BARINGS PARTN INVS | SH BEN INT | 06761A103 |  | 1061098 | 86128 | SH |  | SOLE |  | 86128 | 0 | 0 |
| BARINGS PARTN INVS TRUST | COM | 05616B100 |  | 1766737 | 143404 | SH |  | SOLE |  | 143404 | 0 | 0 |
| BIOLIFE SOLUTIONS INC | COM NEW | 09062W204 |  | 1661951 | 91316 | SH |  | SOLE |  | 91316 | 0 | 0 |
| BLACKROCK TCP CAPITAL CORP | COM | 09259E108 |  | 20747634 | 1603372 | SH |  | SOLE |  | 1603372 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST IN | NOTE  4.750% 3/1 | 09257WAC4 |  | 5963880 | 6000000 | PRN |  | SOLE |  | 6000000 | 0 | 0 |
| BM TECHNOLOGIES INC | CL A COM | 05591L107 |  | 165626 | 31790 | SH |  | SOLE |  | 31790 | 0 | 0 |
| CURIOSITYSTREAM INC | COM CL A | 23130Q107 |  | 31841 | 27931 | SH |  | SOLE |  | 27931 | 0 | 0 |
| DIGITALBRIDGE GROUP INC | NOTE  5.000% 4/1 | 19624RAA4 |  | 21188250 | 21500000 | PRN |  | SOLE |  | 21500000 | 0 | 0 |
| DISH NETWORK CORPORATION | NOTE  3.375% 8/1 | 25470MAB5 |  | 35735394 | 56889000 | PRN |  | SOLE |  | 56889000 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 1782556 | 1204430 | SH |  | SOLE |  | 1204430 | 0 | 0 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 63575 | 937 | SH |  | SOLE |  | 937 | 0 | 0 |
| GARRETT MOTION INC | PFD CONV SER A | 366505204 |  | 20499810 | 2356300 | SH |  | SOLE |  | 2356300 | 0 | 0 |
| GREEN PLAINS INC | COM | 393222104 |  | 14872288 | 487616 | SH |  | SOLE |  | 487616 | 0 | 0 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 691698 | 69239 | SH |  | SOLE |  | 69239 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 395410 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 228763 | 12702 | SH |  | SOLE |  | 12702 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 7791277 | 73900 | SH |  | SOLE |  | 73900 | 0 | 0 |
| ISHARES TR | MBS ETF | 464288588 |  | 751275 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 3826176 | 76800 | SH |  | SOLE |  | 76800 | 0 | 0 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 51890230 | 1031000 | SH |  | SOLE |  | 1031000 | 0 | 0 |
| ISHARES TR | MSCI QATAR ETF | 46434V779 |  | 93324 | 5087 | SH |  | SOLE |  | 5087 | 0 | 0 |
| LI AUTO INC | SPONSORED ADS | 50202M102 |  | 107467 | 5268 | SH |  | SOLE |  | 5268 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 225758 | 1876 | SH |  | SOLE |  | 1876 | 0 | 0 |
| MFA FINL INC | NOTE  6.250% 6/1 | 55272XAA0 |  | 13875000 | 15000000 | PRN |  | SOLE |  | 15000000 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 120752 | 2416 | SH |  | SOLE |  | 2416 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 441988 | 1843 | SH |  | SOLE |  | 1843 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 167476 | 1146 | SH |  | SOLE |  | 1146 | 0 | 0 |
| ORBITAL INFRASTRUCTURE GRP I | COM | 68559A109 |  | 528352 | 2681988 | SH |  | SOLE |  | 2681988 | 0 | 0 |
| PENNYMAC CORP | NOTE  5.500%11/0 | 70932AAD5 |  | 15399280 | 17000000 | PRN |  | SOLE |  | 17000000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 109940 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | NOTE  4.250% 6/1 | 780153BB7 |  | 4976627 | 4989000 | PRN |  | SOLE |  | 4989000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 137761 | 1039 | SH |  | SOLE |  | 1039 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 112987 | 291 | SH |  | SOLE |  | 291 | 0 | 0 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 9000000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 127716 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 81846 | 786 | SH |  | SOLE |  | 786 | 0 | 0 |
| VALARIS LIMITED | CL A | G9460G101 |  | 1341243 | 19835 | SH |  | SOLE |  | 19835 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 242248 | 1166 | SH |  | SOLE |  | 1166 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833118 |  | 1367762 | 26861 | SH |  | SOLE |  | 26861 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 185701 | 3398 | SH |  | SOLE |  | 3398 | 0 | 0 |

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