# EDGAR Filing Document

**Accession Number:** 0001442056
**File Stem:** 0001442056-26-000004
**Filing Date:** 2026-4
**Character Count:** 45146
**Document Hash:** 97a59e1a415876ed014f1b6602a614a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001442056-26-000004.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001442056-26-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONFLUENCE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001442056

**ORGANIZATION NAME:**
- **EIN:** 261764456

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13334
- **FILM NUMBER:** 26825771

**BUSINESS ADDRESS:**
- **STREET 1:** 20 ALLEN AVENUE, SUITE 300
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63119
- **BUSINESS PHONE:** 314-743-5090

**MAIL ADDRESS:**
- **STREET 1:** 20 ALLEN AVENUE, SUITE 300
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63119

### 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:** CONFLUENCE INVESTMENT MANAGEMENT LLC<br>**Address:** 20 ALLEN AVENUE SUITE 300<br>ST. LOUIS, MO 63119

**Form 13F File Number:** 028-13334

**CRD Number (if applicable):** 000146019

**SEC File Number (if applicable):** 801-68723

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:** Steven Farmer<br>**Title:** Chief Compliance Officer<br>**Phone:** 3147435298

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

Steven Farmer  Naperville, IL  04-01-2026<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:** 2

**Form 13F Information Table Entry Total:** 414

**Form 13F Information Table Value Total:** $6440688053

      (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   |
|:---|:---|:---|
|  | First Trust Advisors LP            | 028-06487              |
|  | Brown Miller Wealth Management LLC | 028-20464              |

### 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 |
| A. O. Smith Corp. | COM | 831865209 |  | 21039789 | 319075 | SH |  | SOLE |  | 318387 | 0 | 688 |
| Aberdeen Physical Platinum Sha | COM | 003260106 |  | 965828 | 5419 | SH |  | SOLE |  | 5419 | 0 | 0 |
| Aberdeen Physical Platinum Sha | COM | 003260106 |  | 3743 | 21 | SH |  | DFND | 02 | 21 | 0 | 0 |
| Accenture plc | COM | G1151C101 |  | 67292929 | 339366 | SH |  | SOLE |  | 338293 | 0 | 1073 |
| Accenture plc | COM | G1151C101 |  | 286727 | 1446 | SH |  | DFND | 02 | 1446 | 0 | 0 |
| AerCap Holdings N.V. | COM | N00985106 |  | 1867431 | 13613 | SH |  | SOLE |  | 13308 | 0 | 305 |
| Agnico Eagle Mines Ltd. | COM | 008474108 |  | 4728637 | 23296 | SH |  | SOLE |  | 22997 | 0 | 299 |
| Air Products and Chemicals Inc | COM | 009158106 |  | 63102326 | 217227 | SH |  | SOLE |  | 216797 | 0 | 430 |
| Air Products and Chemicals Inc | COM | 009158106 |  | 75527 | 260 | SH |  | DFND | 02 | 260 | 0 | 0 |
| Airbus SE | COM | 009279100 |  | 293044 | 6202 | SH |  | SOLE |  | 6202 | 0 | 0 |
| Alamos Gold Inc. | COM | 011532108 |  | 1565091 | 35226 | SH |  | SOLE |  | 35074 | 0 | 152 |
| Alibaba Group Holding Ltd. | COM | 01609W102 |  | 964787 | 7690 | SH |  | SOLE |  | 7519 | 0 | 171 |
| Alphabet Inc. | COM | 02079K107 |  | 49401132 | 172213 | SH |  | SOLE |  | 171901 | 0 | 312 |
| Alphabet Inc. | COM | 02079K107 |  | 191116 | 666 | SH |  | DFND | 02 | 666 | 0 | 0 |
| Altus Group Ltd. | COM | 02215R107 |  | 1226728 | 35820 | SH |  | SOLE |  | 35820 | 0 | 0 |
| Altus Group Ltd. | COM | 02215R107 |  | 23836 | 696 | SH |  | DFND | 02 | 696 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 725952 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| American Water Works Co. Inc. | COM | 030420103 |  | 109828450 | 807028 | SH |  | SOLE |  | 804680 | 0 | 2348 |
| American Water Works Co. Inc. | COM | 030420103 |  | 398744 | 2930 | SH |  | DFND | 02 | 2930 | 0 | 0 |
| Ameriprise Financial Inc. | COM | 03076C106 |  | 213312 | 480 | SH |  | SOLE |  | 480 | 0 | 0 |
| Amglo Am PLC ADR | COM | 03485P409 |  | 1368892 | 63316 | SH |  | SOLE |  | 63034 | 0 | 282 |
| Amphenol Corp. | COM | 032095101 |  | 23451905 | 185611 | SH |  | SOLE |  | 185052 | 0 | 559 |
| Analog Devices Inc. | COM | 032654105 |  | 171378792 | 538690 | SH |  | SOLE |  | 537145 | 0 | 1545 |
| Analog Devices Inc. | COM | 032654105 |  | 620373 | 1950 | SH |  | DFND | 02 | 1950 | 0 | 0 |
| Antofagasta plc | COM | G0398N128 |  | 1523170 | 34178 | SH |  | SOLE |  | 34052 | 0 | 126 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 34882478 | 363397 | SH |  | SOLE |  | 362789 | 0 | 608 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 66137 | 689 | SH |  | DFND | 02 | 689 | 0 | 0 |
| Arcos Dorados Holdings Inc. | COM | G0457F107 |  | 148624 | 18015 | SH |  | SOLE |  | 18015 | 0 | 0 |
| Ares Capital Corp. | COM | 04010L103 |  | 58305637 | 3235607 | SH |  | SOLE |  | 3226369 | 0 | 9238 |
| Ares Capital Corp. | COM | 04010L103 |  | 237792 | 13196 | SH |  | DFND | 02 | 13196 | 0 | 0 |
| Ares Capital Corp. | COM | 04010L103 |  | 3360478 | 186486 | SH |  | DFND | 01 | 0 | 186486 | 0 |
| ASE Technology Holding Co. Ltd | COM | 00215W100 |  | 467052 | 21543 | SH |  | SOLE |  | 21543 | 0 | 0 |
| ASML Holding N.V. | COM | N07059210 |  | 1901995 | 1440 | SH |  | SOLE |  | 1406 | 0 | 34 |
| Avantis International Small Ca | COM | 025072802 |  | 12059094 | 120760 | SH |  | SOLE |  | 120760 | 0 | 0 |
| Avantis International Small Ca | COM | 025072802 |  | 7689 | 77 | SH |  | DFND | 02 | 77 | 0 | 0 |
| BAE Systems plc | COM | 05523r107 |  | 1550032 | 13305 | SH |  | SOLE |  | 12998 | 0 | 307 |
| Baidu Inc. | COM | 056752108 |  | 202450 | 1817 | SH |  | SOLE |  | 1817 | 0 | 0 |
| Bain Capital Specialty Finance | COM | 05684B107 |  | 233963 | 18868 | SH |  | SOLE |  | 18868 | 0 | 0 |
| Bain Capital Specialty Finance | COM | 05684B107 |  | 840918 | 67816 | SH |  | DFND | 01 | 0 | 67816 | 0 |
| Baldwin Insurance Group Inc. | COM | 05589g102 |  | 13859476 | 631699 | SH |  | SOLE |  | 630567 | 0 | 1132 |
| Baldwin Insurance Group Inc. | COM | 05589g102 |  | 152220 | 6938 | SH |  | DFND | 02 | 6938 | 0 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 915143 | 111196 | SH |  | SOLE |  | 111196 | 0 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 1618643 | 196676 | SH |  | DFND | 01 | 0 | 196676 | 0 |
| Becton Dickinson  Co. | COM | 075887109 |  | 14700755 | 93498 | SH |  | SOLE |  | 93247 | 0 | 251 |
| Berkshire Hathaway Inc. - A | COM | 084670108 |  | 3590700 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 44518399 | 92901 | SH |  | SOLE |  | 92737 | 0 | 164 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 172512 | 360 | SH |  | DFND | 02 | 360 | 0 | 0 |
| Betterware de Mexico S.A.P.I. | COM | P1666E105 |  | 174130 | 10328 | SH |  | SOLE |  | 10328 | 0 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 715912 | 30220 | SH |  | SOLE |  | 30220 | 0 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 2696562 | 113827 | SH |  | DFND | 01 | 0 | 113827 | 0 |
| Blue Owl Capital Corp. | COM | 69121K104 |  | 606422 | 54830 | SH |  | SOLE |  | 54830 | 0 | 0 |
| Blue Owl Capital Corp. | COM | 69121K104 |  | 1875057 | 169535 | SH |  | DFND | 01 | 0 | 169535 | 0 |
| BNP Paribas S.A. | COM | 05565A202 |  | 1292068 | 27150 | SH |  | SOLE |  | 26441 | 0 | 709 |
| Booking Holdings Inc. | COM | 09857L108 |  | 25818137 | 6132 | SH |  | SOLE |  | 6122 | 0 | 10 |
| Booking Holdings Inc. | COM | 09857L108 |  | 46314 | 11 | SH |  | DFND | 02 | 11 | 0 | 0 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 86395827 | 531732 | SH |  | SOLE |  | 530190 | 0 | 1542 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 432325 | 2661 | SH |  | DFND | 02 | 2661 | 0 | 0 |
| Brown-Forman Corp. - B | COM | 115637209 |  | 32599561 | 1232964 | SH |  | SOLE |  | 1229739 | 0 | 3225 |
| Brown-Forman Corp. - B | COM | 115637209 |  | 123131 | 4657 | SH |  | DFND | 02 | 4657 | 0 | 0 |
| Brown  Brown Inc. | COM | 115236101 |  | 26283532 | 403060 | SH |  | SOLE |  | 402013 | 0 | 1046 |
| Brown  Brown Inc. | COM | 115236101 |  | 103338 | 1585 | SH |  | DFND | 02 | 1585 | 0 | 0 |
| Cameco Corp. | COM | 13321L108 |  | 979879 | 9022 | SH |  | SOLE |  | 8985 | 0 | 37 |
| Canadian Natural Resources Ltd | COM | 136385101 |  | 1479930 | 30370 | SH |  | SOLE |  | 30241 | 0 | 129 |
| Capital Southwest Corp. | COM | 140501107 |  | 663357 | 29989 | SH |  | SOLE |  | 29989 | 0 | 0 |
| Capital Southwest Corp. | COM | 140501107 |  | 1445542 | 65350 | SH |  | DFND | 01 | 0 | 65350 | 0 |
| Carrier Global Corp. | COM | 14448c104 |  | 28639028 | 508596 | SH |  | SOLE |  | 507657 | 0 | 939 |
| Carrier Global Corp. | COM | 14448c104 |  | 143074 | 2541 | SH |  | DFND | 02 | 2541 | 0 | 0 |
| Cavco Industries Inc. | COM | 149568107 |  | 3798771 | 7844 | SH |  | SOLE |  | 7811 | 0 | 33 |
| Cavco Industries Inc. | COM | 149568107 |  | 70706 | 146 | SH |  | DFND | 02 | 146 | 0 | 0 |
| Cenovus Energy Inc. | COM | 15135U109 |  | 1690677 | 63727 | SH |  | SOLE |  | 62354 | 0 | 1373 |
| Charles River Laboratories Int | COM | 159864107 |  | 17121660 | 99256 | SH |  | SOLE |  | 98964 | 0 | 292 |
| Charles River Laboratories Int | COM | 159864107 |  | 220455 | 1278 | SH |  | DFND | 02 | 1278 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 159233272 | 769615 | SH |  | SOLE |  | 767276 | 0 | 2338 |
| Chevron Corp. | COM | 166764100 |  | 543733 | 2628 | SH |  | DFND | 02 | 2628 | 0 | 0 |
| Chubb Ltd. | COM | H1467J104 |  | 156498941 | 480161 | SH |  | SOLE |  | 478669 | 0 | 1493 |
| Chubb Ltd. | COM | H1467J104 |  | 613400 | 1882 | SH |  | DFND | 02 | 1882 | 0 | 0 |
| Chugai Pharms Co. Ltd. | COM | 171269103 |  | 1296192 | 47100 | SH |  | SOLE |  | 45778 | 0 | 1322 |
| Cisco Systems Inc. | COM | 17275R102 |  | 119048505 | 1534328 | SH |  | SOLE |  | 1530132 | 0 | 4196 |
| Cisco Systems Inc. | COM | 17275R102 |  | 513491 | 6618 | SH |  | DFND | 02 | 6618 | 0 | 0 |
| Clorox Co. | COM | 189054109 |  | 96308558 | 929350 | SH |  | SOLE |  | 926536 | 0 | 2814 |
| Clorox Co. | COM | 189054109 |  | 334207 | 3225 | SH |  | DFND | 02 | 3225 | 0 | 0 |
| Coca-Cola Femsa S.A.B. de C.V. | COM | 191241108 |  | 340254 | 3488 | SH |  | SOLE |  | 3488 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 106215412 | 1246221 | SH |  | SOLE |  | 1242724 | 0 | 3497 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 329755 | 3869 | SH |  | DFND | 02 | 3869 | 0 | 0 |
| CONMED Corp. | COM | 207410101 |  | 3230614 | 91364 | SH |  | SOLE |  | 90978 | 0 | 386 |
| CONMED Corp. | COM | 207410101 |  | 76590 | 2166 | SH |  | DFND | 02 | 2166 | 0 | 0 |
| Constellation Brands | COM | 21036P108 |  | 25691496 | 171277 | SH |  | SOLE |  | 171070 | 0 | 207 |
| Constellation Brands | COM | 21036P108 |  | 55500 | 370 | SH |  | DFND | 02 | 370 | 0 | 0 |
| Controladora Vuela Cia de Avia | COM | 21240E105 |  | 189319 | 26149 | SH |  | SOLE |  | 26149 | 0 | 0 |
| Copa Holdings SA | COM | P31076105 |  | 222676 | 1960 | SH |  | SOLE |  | 1960 | 0 | 0 |
| Copart Inc. | COM | 217204106 |  | 10325964 | 311023 | SH |  | SOLE |  | 310321 | 0 | 702 |
| Copart Inc. | COM | 217204106 |  | 97674 | 2942 | SH |  | DFND | 02 | 2942 | 0 | 0 |
| Core Natural Resources Inc. | COM | 218937100 |  | 2322492 | 22176 | SH |  | SOLE |  | 22071 | 0 | 105 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 209250 | 210 | SH |  | SOLE |  | 210 | 0 | 0 |
| Coterra Energy Inc. | COM | 127097103 |  | 1381248 | 39307 | SH |  | SOLE |  | 39068 | 0 | 239 |
| Credicorp Ltd. | COM | G2519Y108 |  | 300174 | 885 | SH |  | SOLE |  | 885 | 0 | 0 |
| Crescent Capital BDC Inc. | COM | 225655109 |  | 391509 | 32223 | SH |  | SOLE |  | 32223 | 0 | 0 |
| Curtiss-Wright Corp. | COM | 231561101 |  | 790099 | 1160 | SH |  | SOLE |  | 1160 | 0 | 0 |
| DBS Group Holdings Ltd. | COM | 23304y100 |  | 1753798 | 9783 | SH |  | SOLE |  | 9555 | 0 | 228 |
| Denison Mines Corp. | COM | 248356107 |  | 1105194 | 313086 | SH |  | SOLE |  | 311902 | 0 | 1184 |
| Diageo plc | COM | 25243Q205 |  | 100291766 | 1347102 | SH |  | SOLE |  | 1343382 | 0 | 3720 |
| Diageo plc | COM | 25243Q205 |  | 471425 | 6332 | SH |  | DFND | 02 | 6332 | 0 | 0 |
| Dimensional National Municipal | COM | 25434V849 |  | 9843001 | 205362 | SH |  | SOLE |  | 204402 | 0 | 960 |
| Disco Corp. | COM | 25461D100 |  | 1739739 | 42798 | SH |  | SOLE |  | 41756 | 0 | 1042 |
| Dollar Tree Inc. | COM | 256746108 |  | 15826549 | 144521 | SH |  | SOLE |  | 144079 | 0 | 442 |
| Dollar Tree Inc. | COM | 256746108 |  | 174340 | 1592 | SH |  | DFND | 02 | 1592 | 0 | 0 |
| Donaldson Co. Inc. | COM | 257651109 |  | 22551913 | 265723 | SH |  | SOLE |  | 264859 | 0 | 864 |
| Dow Inc. | COM | 260557103 |  | 77529802 | 1861460 | SH |  | SOLE |  | 1856009 | 0 | 5451 |
| Dow Inc. | COM | 260557103 |  | 370185 | 8888 | SH |  | DFND | 02 | 8888 | 0 | 0 |
| Dr Reddy's Laboratories Ltd. | COM | 256135203 |  | 214620 | 15496 | SH |  | SOLE |  | 15496 | 0 | 0 |
| Ecolab Inc. | COM | 278865100 |  | 23796559 | 89454 | SH |  | SOLE |  | 89176 | 0 | 278 |
| Ecopetrol S.A. | COM | 279158109 |  | 201436 | 13438 | SH |  | SOLE |  | 13438 | 0 | 0 |
| Elme Communities | COM | 939653101 |  | 44427 | 22103 | SH |  | SOLE |  | 22103 | 0 | 0 |
| Enovis Corp. | COM | 194014502 |  | 888911 | 39073 | SH |  | SOLE |  | 39073 | 0 | 0 |
| Enovis Corp. | COM | 194014502 |  | 19633 | 863 | SH |  | DFND | 02 | 863 | 0 | 0 |
| Entergy Corp. | COM | 29364G103 |  | 137531201 | 1224023 | SH |  | SOLE |  | 1220638 | 0 | 3385 |
| Entergy Corp. | COM | 29364G103 |  | 591463 | 5264 | SH |  | DFND | 02 | 5264 | 0 | 0 |
| EOG Resources Inc. | COM | 26875P101 |  | 23951634 | 165675 | SH |  | SOLE |  | 165209 | 0 | 466 |
| EQT Corp. | COM | 26884L109 |  | 1358969 | 21354 | SH |  | SOLE |  | 21234 | 0 | 120 |
| ESAB Corp. | COM | 29605J106 |  | 1119226 | 11579 | SH |  | SOLE |  | 11579 | 0 | 0 |
| ESAB Corp. | COM | 29605J106 |  | 23005 | 238 | SH |  | DFND | 02 | 238 | 0 | 0 |
| Expand Energy Corp. | COM | 165167735 |  | 1157301 | 10542 | SH |  | SOLE |  | 10482 | 0 | 60 |
| Expeditors International of Wa | COM | 302130109 |  | 23017480 | 160703 | SH |  | SOLE |  | 160266 | 0 | 437 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 1583122 | 9331 | SH |  | SOLE |  | 9284 | 0 | 47 |
| Fastenal Co. | COM | 311900104 |  | 137163327 | 2956106 | SH |  | SOLE |  | 2948592 | 0 | 7514 |
| Fastenal Co. | COM | 311900104 |  | 492582 | 10616 | SH |  | DFND | 02 | 10616 | 0 | 0 |
| Fidelity National Financial In | COM | 31620R303 |  | 90376985 | 1948620 | SH |  | SOLE |  | 1943158 | 0 | 5461 |
| Fidelity National Financial In | COM | 31620R303 |  | 388989 | 8387 | SH |  | DFND | 02 | 8387 | 0 | 0 |
| First Quantum Minerals Ltd. | COM | 335934105 |  | 1339924 | 56146 | SH |  | SOLE |  | 55938 | 0 | 208 |
| Fomento Economico Mexicano S.A | COM | 344419106 |  | 302885 | 2727 | SH |  | SOLE |  | 2727 | 0 | 0 |
| Franco-Nevada Corp. | COM | 351858105 |  | 1448454 | 5863 | SH |  | SOLE |  | 5837 | 0 | 26 |
| Franklin Electric Co. Inc. | COM | 353514102 |  | 635143 | 6891 | SH |  | SOLE |  | 6891 | 0 | 0 |
| Franklin Electric Co. Inc. | COM | 353514102 |  | 13088 | 142 | SH |  | DFND | 02 | 142 | 0 | 0 |
| Franklin Street Properties Cor | COM | 35471R106 |  | 818435 | 1231656 | SH |  | SOLE |  | 40000 | 0 | 1191656 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 1344299 | 22870 | SH |  | SOLE |  | 22768 | 0 | 102 |
| FS KKR Capital Corp. | COM | 302635206 |  | 363395 | 35697 | SH |  | SOLE |  | 35697 | 0 | 0 |
| FS KKR Capital Corp. | COM | 302635206 |  | 1139223 | 111908 | SH |  | DFND | 01 | 0 | 111908 | 0 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 1593756 | 70489 | SH |  | SOLE |  | 70489 | 0 | 0 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 32445 | 1435 | SH |  | DFND | 02 | 1435 | 0 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 24332167 | 70894 | SH |  | SOLE |  | 70663 | 0 | 231 |
| Gilead Sciences Inc. | COM | 375558103 |  | 119519987 | 857573 | SH |  | SOLE |  | 855144 | 0 | 2429 |
| Gilead Sciences Inc. | COM | 375558103 |  | 480826 | 3450 | SH |  | DFND | 02 | 3450 | 0 | 0 |
| Glencore plc | COM | 37827X100 |  | 1778474 | 117159 | SH |  | SOLE |  | 116690 | 0 | 469 |
| Global X Defense Tech ETF | COM | 37960A529 |  | 8725646 | 123174 | SH |  | SOLE |  | 123174 | 0 | 0 |
| Global X Defense Tech ETF | COM | 37960A529 |  | 7226 | 102 | SH |  | DFND | 02 | 102 | 0 | 0 |
| Gold Fields Ltd. | COM | 38059t106 |  | 674462 | 14856 | SH |  | SOLE |  | 14856 | 0 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 1047691 | 82756 | SH |  | SOLE |  | 82756 | 0 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 3090585 | 244122 | SH |  | DFND | 01 | 0 | 244122 | 0 |
| Graco Inc. | COM | 384109104 |  | 49404618 | 583634 | SH |  | SOLE |  | 582006 | 0 | 1628 |
| Graco Inc. | COM | 384109104 |  | 176087 | 2080 | SH |  | DFND | 02 | 2080 | 0 | 0 |
| Grupo Financiero Banorte S.A.B | COM | 40052P107 |  | 273861 | 4938 | SH |  | SOLE |  | 4938 | 0 | 0 |
| H World Group Ltd. | COM | 44332N106 |  | 307875 | 6122 | SH |  | SOLE |  | 6122 | 0 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 1138134 | 20194 | SH |  | SOLE |  | 20194 | 0 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 24235 | 430 | SH |  | DFND | 02 | 430 | 0 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 1454140 | 138095 | SH |  | SOLE |  | 138095 | 0 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 28915 | 2746 | SH |  | DFND | 02 | 2746 | 0 | 0 |
| Haleon plc | COM | 405552100 |  | 1044934 | 104389 | SH |  | SOLE |  | 101618 | 0 | 2771 |
| Hayward Holdings Inc. | COM | 421298100 |  | 1224096 | 91487 | SH |  | SOLE |  | 91487 | 0 | 0 |
| Hayward Holdings Inc. | COM | 421298100 |  | 25703 | 1921 | SH |  | DFND | 02 | 1921 | 0 | 0 |
| Hercules Capital Inc. | COM | 427096508 |  | 731647 | 49536 | SH |  | SOLE |  | 49536 | 0 | 0 |
| Hercules Capital Inc. | COM | 427096508 |  | 3305629 | 223807 | SH |  | DFND | 01 | 0 | 223807 | 0 |
| Hershey Co. | COM | 427866108 |  | 142909321 | 687428 | SH |  | SOLE |  | 685441 | 0 | 1987 |
| Hershey Co. | COM | 427866108 |  | 607202 | 2921 | SH |  | DFND | 02 | 2921 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 104847026 | 318791 | SH |  | SOLE |  | 317915 | 0 | 875 |
| Home Depot Inc. | COM | 437076102 |  | 372303 | 1132 | SH |  | DFND | 02 | 1132 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 112470866 | 497593 | SH |  | SOLE |  | 496126 | 0 | 1467 |
| Honeywell International Inc. | COM | 438516106 |  | 512862 | 2269 | SH |  | DFND | 02 | 2269 | 0 | 0 |
| Hong Kong Exchanges and Cleari | COM | 43858F109 |  | 1497366 | 29563 | SH |  | SOLE |  | 29054 | 0 | 509 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 2636311 | 117903 | SH |  | SOLE |  | 117512 | 0 | 391 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 53910 | 2411 | SH |  | DFND | 02 | 2411 | 0 | 0 |
| ICICI Bank Ltd. | COM | 45104g104 |  | 283786 | 10957 | SH |  | SOLE |  | 10957 | 0 | 0 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 53861320 | 206928 | SH |  | SOLE |  | 206476 | 0 | 452 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 60127 | 231 | SH |  | DFND | 02 | 231 | 0 | 0 |
| Infineon Technologies A.G. | COM | 45662n103 |  | 236041 | 5221 | SH |  | SOLE |  | 5221 | 0 | 0 |
| Infosys Ltd. | COM | 456788108 |  | 200081 | 14810 | SH |  | SOLE |  | 14810 | 0 | 0 |
| ING Groep N.V. | COM | 456837103 |  | 1537028 | 59003 | SH |  | SOLE |  | 57718 | 0 | 1285 |
| Invesco BulletShares 2029 Muni | COM | 46138J478 |  | 2403178 | 104378 | SH |  | SOLE |  | 103884 | 0 | 494 |
| Invesco BulletShares 2030 Muni | COM | 46138J445 |  | 2684182 | 123052 | SH |  | SOLE |  | 122549 | 0 | 503 |
| Invesco BulletShares 2031 Muni | COM | 46138j411 |  | 6501583 | 311374 | SH |  | SOLE |  | 310184 | 0 | 1190 |
| Invesco BulletShares 2032 Munc | COM | 46139W833 |  | 5285558 | 212666 | SH |  | SOLE |  | 212227 | 0 | 439 |
| Invesco Bulletshares 2033 Muni | COM | 46139W791 |  | 6046121 | 237863 | SH |  | SOLE |  | 236798 | 0 | 1065 |
| Invesco BulletShares 2034 Muni | COM | 46139W767 |  | 7949499 | 327709 | SH |  | SOLE |  | 326221 | 0 | 1488 |
| Invesco BulletShares 2035 Muni | COM | 46138J353 |  | 5607176 | 223117 | SH |  | SOLE |  | 221319 | 0 | 1798 |
| iShares 0-3 Month Treasury Bon | COM | 46436E718 |  | 175960110 | 1748064 | SH |  | SOLE |  | 1742716 | 0 | 5348 |
| iShares 0-3 Month Treasury Bon | COM | 46436E718 |  | 548624 | 5450 | SH |  | DFND | 02 | 5450 | 0 | 0 |
| iShares 1-5 Year Investment Gr | COM | 464288646 |  | 11832623 | 225126 | SH |  | SOLE |  | 225126 | 0 | 0 |
| iShares 3-7 Year Treasury Bond | COM | 464288661 |  | 14875524 | 125426 | SH |  | SOLE |  | 125426 | 0 | 0 |
| iShares 3-7 Year Treasury Bond | COM | 464288661 |  | 4744 | 40 | SH |  | DFND | 02 | 40 | 0 | 0 |
| iShares Barclays 10-20 Year Tr | COM | 464288653 |  | 20735025 | 205868 | SH |  | SOLE |  | 205868 | 0 | 0 |
| iShares BB Rated Corporate Bon | COM | 46435U473 |  | 16291212 | 350424 | SH |  | SOLE |  | 350424 | 0 | 0 |
| iShares Core MSCI Europe ETF | COM | 46434V738 |  | 15266509 | 217255 | SH |  | SOLE |  | 217255 | 0 | 0 |
| iShares Core MSCI Europe ETF | COM | 46434V738 |  | 9908 | 141 | SH |  | DFND | 02 | 141 | 0 | 0 |
| iShares iBonds Dec 2026 Term M | COM | 46435U259 |  | 337034 | 13150 | SH |  | SOLE |  | 13150 | 0 | 0 |
| iShares iBonds Dec 2027 Term M | COM | 46435U283 |  | 819321 | 32206 | SH |  | SOLE |  | 32206 | 0 | 0 |
| iShares iBonds Dec 2028 Term M | COM | 46435U325 |  | 2530049 | 99101 | SH |  | SOLE |  | 99101 | 0 | 0 |
| iShares iBonds Dec 2029 Term M | COM | 46436E163 |  | 2198073 | 86709 | SH |  | SOLE |  | 86709 | 0 | 0 |
| iShares iBonds Dec 2029 Term T | COM | 46436E825 |  | 4003197 | 183271 | SH |  | SOLE |  | 183271 | 0 | 0 |
| iShares iBonds Dec 2030 Term T | COM | 46436e593 |  | 6973671 | 353634 | SH |  | SOLE |  | 352580 | 0 | 1054 |
| iShares iBonds Dec 2031 Term T | COM | 46436e460 |  | 24536085 | 1202814 | SH |  | SOLE |  | 1199107 | 0 | 3707 |
| iShares iBonds Dec 2032 Term T | COM | 46436E296 |  | 18438196 | 804094 | SH |  | SOLE |  | 801558 | 0 | 2536 |
| iShares iBonds Dec 2033 Term T | COM | 46436E148 |  | 26387229 | 1081896 | SH |  | SOLE |  | 1078561 | 0 | 3335 |
| iShares iBonds Dec 2034 Term T | COM | 46438G646 |  | 23558521 | 919178 | SH |  | SOLE |  | 916686 | 0 | 2492 |
| iShares iBonds Dec 2035 Term T | COM | 46438G422 |  | 20442424 | 807886 | SH |  | SOLE |  | 805428 | 0 | 2458 |
| iShares MBS ETF | COM | 464288588 |  | 31612060 | 332934 | SH |  | SOLE |  | 331916 | 0 | 1018 |
| iShares MSCI Global Metals  M | COM | 46434G848 |  | 8139962 | 143841 | SH |  | SOLE |  | 143841 | 0 | 0 |
| iShares MSCI Global Metals  M | COM | 46434G848 |  | 7413 | 131 | SH |  | DFND | 02 | 131 | 0 | 0 |
| iShares National Muni Bond ETF | COM | 464288414 |  | 3360921 | 31662 | SH |  | SOLE |  | 31662 | 0 | 0 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 3867213 | 18099 | SH |  | SOLE |  | 18099 | 0 | 0 |
| ITOCHU Corp. | COM | 465717106 |  | 1299276 | 101904 | SH |  | SOLE |  | 99426 | 0 | 2478 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 884239 | 11155 | SH |  | SOLE |  | 11155 | 0 | 0 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 18549 | 234 | SH |  | DFND | 02 | 234 | 0 | 0 |
| JBS N.V. | COM | N4732M103 |  | 295999 | 16481 | SH |  | SOLE |  | 16481 | 0 | 0 |
| JBT Marel Corp. | COM | 477839104 |  | 6951086 | 54361 | SH |  | SOLE |  | 54086 | 0 | 275 |
| JBT Marel Corp. | COM | 477839104 |  | 97565 | 763 | SH |  | DFND | 02 | 763 | 0 | 0 |
| John B Sanfilippo  Son Inc. | COM | 800422107 |  | 1166384 | 14703 | SH |  | SOLE |  | 14703 | 0 | 0 |
| John B Sanfilippo  Son Inc. | COM | 800422107 |  | 23640 | 298 | SH |  | DFND | 02 | 298 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 201500 | 685 | SH |  | SOLE |  | 685 | 0 | 0 |
| Kayne Anderson BDC | COM | 48662X105 |  | 361069 | 26317 | SH |  | SOLE |  | 26317 | 0 | 0 |
| Kayne Anderson BDC | COM | 48662X105 |  | 667478 | 48650 | SH |  | DFND | 01 | 0 | 48650 | 0 |
| KB Financial Group Inc. | COM | 48241a105 |  | 464104 | 4654 | SH |  | SOLE |  | 4654 | 0 | 0 |
| Keysight Technologies Inc. | COM | 49338L103 |  | 50426199 | 178582 | SH |  | SOLE |  | 178188 | 0 | 394 |
| Keysight Technologies Inc. | COM | 49338L103 |  | 260345 | 922 | SH |  | DFND | 02 | 922 | 0 | 0 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 116492944 | 3474290 | SH |  | SOLE |  | 3464558 | 0 | 9732 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 493427 | 14716 | SH |  | DFND | 02 | 14716 | 0 | 0 |
| Knowles Corp. | COM | 49926D109 |  | 1934603 | 75335 | SH |  | SOLE |  | 75335 | 0 | 0 |
| Knowles Corp. | COM | 49926D109 |  | 40754 | 1587 | SH |  | DFND | 02 | 1587 | 0 | 0 |
| Komatsu Ltd. | COM | 500458401 |  | 1056369 | 26907 | SH |  | SOLE |  | 26417 | 0 | 490 |
| L'Oreal S.A. | COM | 502117203 |  | 1066565 | 13018 | SH |  | SOLE |  | 12696 | 0 | 322 |
| Linde plc | COM | G54950103 |  | 139816039 | 282024 | SH |  | SOLE |  | 281162 | 0 | 861 |
| Linde plc | COM | G54950103 |  | 519556 | 1048 | SH |  | DFND | 02 | 1048 | 0 | 0 |
| Littelfuse Inc. | COM | 537008104 |  | 1658064 | 4886 | SH |  | SOLE |  | 4886 | 0 | 0 |
| Littelfuse Inc. | COM | 537008104 |  | 35632 | 105 | SH |  | DFND | 02 | 105 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 162373204 | 268656 | SH |  | SOLE |  | 267925 | 0 | 732 |
| Lockheed Martin Corp. | COM | 539830109 |  | 594830 | 984 | SH |  | DFND | 02 | 984 | 0 | 0 |
| Lowe's Co. Inc. | COM | 548661107 |  | 49453869 | 209302 | SH |  | SOLE |  | 208959 | 0 | 343 |
| Lowes Co. Inc. | COM | 548661107 |  | 180144 | 762 | SH |  | DFND | 02 | 762 | 0 | 0 |
| Lundin Gold Inc. | COM | 550371108 |  | 883006 | 11588 | SH |  | SOLE |  | 11541 | 0 | 47 |
| Lundin Mining Corp. | COM | 550372106 |  | 1696022 | 68086 | SH |  | SOLE |  | 67841 | 0 | 245 |
| LunR Royalties Corp. | COM | 550428106 |  | 919622 | 41801 | SH |  | SOLE |  | 41801 | 0 | 0 |
| LVMH Moet Hennessy Louis Vuitt | COM | 502441306 |  | 780192 | 7142 | SH |  | SOLE |  | 7008 | 0 | 134 |
| Lynas Rare Earths Ltd. | COM | 551073307 |  | 1335949 | 99106 | SH |  | SOLE |  | 98709 | 0 | 397 |
| Main Street Capital Corp. | COM | 56035L104 |  | 829724 | 15667 | SH |  | SOLE |  | 15667 | 0 | 0 |
| Main Street Capital Corp. | COM | 56035L104 |  | 3987411 | 75291 | SH |  | DFND | 01 | 0 | 75291 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 1034912 | 78820 | SH |  | SOLE |  | 78820 | 0 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 23542 | 1793 | SH |  | DFND | 02 | 1793 | 0 | 0 |
| Martin Marietta Materials Inc. | COM | 573284106 |  | 33403485 | 56743 | SH |  | SOLE |  | 56650 | 0 | 93 |
| Martin Marietta Materials Inc. | COM | 573284106 |  | 65932 | 112 | SH |  | DFND | 02 | 112 | 0 | 0 |
| Masco Corp. | COM | 574599106 |  | 49963915 | 827628 | SH |  | SOLE |  | 825730 | 0 | 1898 |
| Masco Corp. | COM | 574599106 |  | 58921 | 976 | SH |  | DFND | 02 | 976 | 0 | 0 |
| Mastercard Inc. | COM | 57636Q104 |  | 73029366 | 146158 | SH |  | SOLE |  | 145862 | 0 | 296 |
| Mastercard Inc. | COM | 57636Q104 |  | 187626 | 376 | SH |  | DFND | 02 | 376 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 21724868 | 69902 | SH |  | SOLE |  | 69688 | 0 | 214 |
| Medtronic plc | COM | G5960L103 |  | 17797958 | 205401 | SH |  | SOLE |  | 204797 | 0 | 604 |
| MercadoLibre Inc. | COM | 58733R102 |  | 224773 | 130 | SH |  | SOLE |  | 130 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 54784184 | 147997 | SH |  | SOLE |  | 147582 | 0 | 416 |
| Microsoft Corp. | COM | 594918104 |  | 227146 | 614 | SH |  | DFND | 02 | 614 | 0 | 0 |
| MidCap Financial Investment Co | COM | 03761U502 |  | 249865 | 22230 | SH |  | SOLE |  | 22230 | 0 | 0 |
| MidCap Financial Investment Co | COM | 03761U502 |  | 1067260 | 94952 | SH |  | DFND | 01 | 0 | 94952 | 0 |
| Mitsubishi UFJ Financial | COM | 606822104 |  | 1891001 | 111432 | SH |  | SOLE |  | 109056 | 0 | 2376 |
| Mitsui  Co. Ltd. | COM | 606827202 |  | 1746773 | 2253 | SH |  | SOLE |  | 2243 | 0 | 10 |
| Mondelez International Inc. | COM | 609207105 |  | 121349901 | 2105307 | SH |  | SOLE |  | 2100130 | 0 | 5177 |
| Mondelez International Inc. | COM | 609207105 |  | 435124 | 7549 | SH |  | DFND | 02 | 7549 | 0 | 0 |
| Morgan Stanley Direct Lending | COM | 61774A103 |  | 277399 | 19871 | SH |  | SOLE |  | 19871 | 0 | 0 |
| Morgan Stanley Direct Lending | COM | 61774A103 |  | 662402 | 47450 | SH |  | DFND | 01 | 0 | 47450 | 0 |
| Morningstar Inc. | COM | 617700109 |  | 29887684 | 176798 | SH |  | SOLE |  | 176358 | 0 | 440 |
| Morningstar Inc. | COM | 617700109 |  | 130137 | 770 | SH |  | DFND | 02 | 770 | 0 | 0 |
| Movado Group Inc. | COM | 624580106 |  | 1787645 | 73204 | SH |  | SOLE |  | 73204 | 0 | 0 |
| Movado Group Inc. | COM | 624580106 |  | 32991 | 1351 | SH |  | DFND | 02 | 1351 | 0 | 0 |
| MSC Income Fund | COM | 55374X208 |  | 345461 | 28363 | SH |  | SOLE |  | 28363 | 0 | 0 |
| MSC Income Fund | COM | 55374X208 |  | 322673 | 26492 | SH |  | DFND | 01 | 0 | 26492 | 0 |
| Nebius Group N.V. | COM | N97284108 |  | 251826 | 2427 | SH |  | SOLE |  | 2427 | 0 | 0 |
| New Jersey Resources Corp. | COM | 646025106 |  | 22899346 | 416958 | SH |  | SOLE |  | 415656 | 0 | 1302 |
| New Mountain Finance Corp. | COM | 647551100 |  | 664791 | 85669 | SH |  | SOLE |  | 85669 | 0 | 0 |
| New Mountain Finance Corp. | COM | 647551100 |  | 1489160 | 191902 | SH |  | DFND | 01 | 0 | 191902 | 0 |
| Newmont Mining Corp. | COM | 651639106 |  | 1631003 | 15067 | SH |  | SOLE |  | 15014 | 0 | 53 |
| NexGen Energy Ltd | COM | 65340P106 |  | 1046668 | 90230 | SH |  | SOLE |  | 89868 | 0 | 362 |
| NIKE Inc. | COM | 654106103 |  | 14913954 | 282354 | SH |  | SOLE |  | 281463 | 0 | 891 |
| Nintendo Co. Ltd. | COM | 654445303 |  | 1007131 | 70478 | SH |  | SOLE |  | 68953 | 0 | 1525 |
| Nordson Corp. | COM | 655663102 |  | 81807448 | 307477 | SH |  | SOLE |  | 306836 | 0 | 641 |
| Nordson Corp. | COM | 655663102 |  | 210157 | 790 | SH |  | DFND | 02 | 790 | 0 | 0 |
| Northern Trust Corp. | COM | 665859104 |  | 94551410 | 677448 | SH |  | SOLE |  | 675555 | 0 | 1893 |
| Northern Trust Corp. | COM | 665859104 |  | 392471 | 2812 | SH |  | DFND | 02 | 2812 | 0 | 0 |
| Novo Nordisk A.S. | COM | 670100205 |  | 576460 | 15686 | SH |  | SOLE |  | 15396 | 0 | 290 |
| Nuveen Churchill Direct Lendin | COM | 67090S108 |  | 227484 | 17884 | SH |  | SOLE |  | 17884 | 0 | 0 |
| Nuveen Churchill Direct Lendin | COM | 67090S108 |  | 646926 | 50859 | SH |  | DFND | 01 | 0 | 50859 | 0 |
| NXP Semiconductors N.V. | COM | N6596X109 |  | 43102768 | 218951 | SH |  | SOLE |  | 218549 | 0 | 402 |
| NXP Semiconductors N.V. | COM | N6596X109 |  | 171953 | 873 | SH |  | DFND | 02 | 873 | 0 | 0 |
| Oaktree Specialty Lending Corp | COM | 67401P405 |  | 517608 | 45806 | SH |  | SOLE |  | 45806 | 0 | 0 |
| Oaktree Specialty Lending Corp | COM | 67401P405 |  | 689808 | 61045 | SH |  | DFND | 01 | 0 | 61045 | 0 |
| Palmer Square Capital BDC Inc. | COM | 69702V107 |  | 202053 | 20681 | SH |  | SOLE |  | 20681 | 0 | 0 |
| Paychex Inc. | COM | 704326107 |  | 89026773 | 966422 | SH |  | SOLE |  | 963746 | 0 | 2675 |
| Paychex Inc. | COM | 704326107 |  | 312010 | 3387 | SH |  | DFND | 02 | 3387 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 49319459 | 405788 | SH |  | SOLE |  | 404936 | 0 | 852 |
| Paycom Software Inc. | COM | 70432V102 |  | 238109 | 1959 | SH |  | DFND | 02 | 1959 | 0 | 0 |
| Powershares Insured National M | COM | 46138E537 |  | 4797787 | 208781 | SH |  | SOLE |  | 207799 | 0 | 982 |
| Procter  Gamble Co. | COM | 742718109 |  | 17818353 | 123362 | SH |  | SOLE |  | 123000 | 0 | 361 |
| Progressive Corp. | COM | 743315103 |  | 114587926 | 578026 | SH |  | SOLE |  | 576663 | 0 | 1363 |
| Progressive Corp. | COM | 743315103 |  | 442588 | 2233 | SH |  | DFND | 02 | 2233 | 0 | 0 |
| ProShares S MidCap 400 Divid | COM | 74347B680 |  | 1234021 | 14281 | SH |  | SOLE |  | 14281 | 0 | 0 |
| ProShares SP MidCap 400 Divid | COM | 74347B680 |  | 6826 | 79 | SH |  | DFND | 02 | 79 | 0 | 0 |
| PT Astra International Tbk | COM | 69367X109 |  | 154354 | 20177 | SH |  | SOLE |  | 20177 | 0 | 0 |
| RBC Bearings Inc. | COM | 75524B104 |  | 1448501 | 2667 | SH |  | SOLE |  | 2667 | 0 | 0 |
| RBC Bearings Inc. | COM | 75524B104 |  | 29872 | 55 | SH |  | DFND | 02 | 55 | 0 | 0 |
| ResMed Inc. | COM | 761152107 |  | 22413122 | 99845 | SH |  | SOLE |  | 99548 | 0 | 297 |
| Rheinmetall AG | COM | 76206K107 |  | 1074896 | 3199 | SH |  | SOLE |  | 3116 | 0 | 83 |
| RLI Corp. | COM | 749607107 |  | 21771381 | 381686 | SH |  | SOLE |  | 380610 | 0 | 1076 |
| RLI Corp. | COM | 749607107 |  | 26410 | 463 | SH |  | DFND | 02 | 463 | 0 | 0 |
| Roche Holding A.G. | COM | 771195104 |  | 1027357 | 20667 | SH |  | SOLE |  | 20305 | 0 | 362 |
| Royal Gold Inc. | COM | 780287108 |  | 1495638 | 5877 | SH |  | SOLE |  | 5853 | 0 | 24 |
| Runway Growth Finance Corp. | COM | 78163d100 |  | 97664 | 14216 | SH |  | SOLE |  | 14216 | 0 | 0 |
| S Global Inc. | COM | 78409V104 |  | 56955896 | 133907 | SH |  | SOLE |  | 133622 | 0 | 285 |
| SP Global Inc. | COM | 78409V104 |  | 158536 | 373 | SH |  | DFND | 02 | 373 | 0 | 0 |
| Safran S.A. | COM | 786584102 |  | 1483020 | 18079 | SH |  | SOLE |  | 17691 | 0 | 388 |
| Sandoz Group | COM | 799926100 |  | 2227058 | 28479 | SH |  | SOLE |  | 27956 | 0 | 523 |
| SAP S.E. | COM | 803054204 |  | 928472 | 5423 | SH |  | SOLE |  | 5283 | 0 | 140 |
| Sea Ltd. | COM | 81141r100 |  | 681692 | 8232 | SH |  | SOLE |  | 8059 | 0 | 173 |
| Sendas Distribuidora S.A. | COM | 81689T104 |  | 123116 | 13574 | SH |  | SOLE |  | 13574 | 0 | 0 |
| Shell plc | COM | 780259305 |  | 1528455 | 16435 | SH |  | SOLE |  | 16365 | 0 | 70 |
| Sherwin-Williams Co. | COM | 824348106 |  | 21300624 | 66450 | SH |  | SOLE |  | 66254 | 0 | 196 |
| Shinhan Financial Group Co. Lt | COM | 824596100 |  | 355595 | 5799 | SH |  | SOLE |  | 5799 | 0 | 0 |
| Shopify Inc. | COM | 82509L107 |  | 1102929 | 9298 | SH |  | SOLE |  | 9118 | 0 | 180 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 989855 | 53855 | SH |  | SOLE |  | 53855 | 0 | 0 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 2829325 | 153935 | SH |  | DFND | 01 | 0 | 153935 | 0 |
| SLR Investment Corp. | COM | 83413U100 |  | 323154 | 22582 | SH |  | SOLE |  | 22582 | 0 | 0 |
| SLR Investment Corp. | COM | 83413U100 |  | 592205 | 41384 | SH |  | DFND | 01 | 0 | 41384 | 0 |
| Snap-on Inc. | COM | 833034101 |  | 157745960 | 434299 | SH |  | SOLE |  | 433035 | 0 | 1263 |
| Snap-on Inc. | COM | 833034101 |  | 580062 | 1597 | SH |  | DFND | 02 | 1597 | 0 | 0 |
| Sony Group Corp. | COM | 835699307 |  | 1220182 | 58946 | SH |  | SOLE |  | 57976 | 0 | 970 |
| Southern Co. | COM | 842587107 |  | 136748295 | 1416787 | SH |  | SOLE |  | 1412839 | 0 | 3948 |
| Southern Co. | COM | 842587107 |  | 490708 | 5084 | SH |  | DFND | 02 | 5084 | 0 | 0 |
| Southern Copper Corp. | COM | 84265V105 |  | 1603998 | 9322 | SH |  | SOLE |  | 9288 | 0 | 34 |
| SPDR Gold MiniShares Trust ETF | COM | 98149E303 |  | 30839261 | 332714 | SH |  | SOLE |  | 332578 | 0 | 136 |
| SPDR Gold MiniShares Trust ETF | COM | 98149E303 |  | 24099 | 260 | SH |  | DFND | 02 | 260 | 0 | 0 |
| SPDR Gold Shares ETF | COM | 78463V107 |  | 308948 | 718 | SH |  | SOLE |  | 718 | 0 | 0 |
| SPDR Nuveen Barclays Capital S | COM | 78468R739 |  | 2931596 | 61292 | SH |  | SOLE |  | 61292 | 0 | 0 |
| SPDR Nuveen S High Yield Mun | COM | 78464A284 |  | 3097644 | 124905 | SH |  | SOLE |  | 124905 | 0 | 0 |
| SPDR Portfolio Developed World | COM | 78463X889 |  | 72643758 | 1591320 | SH |  | SOLE |  | 1591320 | 0 | 0 |
| SPDR Portfolio Developed World | COM | 78463X889 |  | 53547 | 1173 | SH |  | DFND | 02 | 1173 | 0 | 0 |
| SPDR Portfolio Mortgage Backed | COM | 78464A383 |  | 86271972 | 3853147 | SH |  | SOLE |  | 3848222 | 0 | 4925 |
| SPDR Portfolio Mortgage Backed | COM | 78464A383 |  | 7747 | 346 | SH |  | DFND | 02 | 346 | 0 | 0 |
| SPDR Portfolio S 500 Growth | COM | 78464A409 |  | 51678840 | 527820 | SH |  | SOLE |  | 527820 | 0 | 0 |
| SPDR Portfolio SP 500 Growth | COM | 78464A409 |  | 52153 | 533 | SH |  | DFND | 02 | 533 | 0 | 0 |
| SPDR Portfolio S 500 Value E | COM | 78464a508 |  | 44697596 | 789989 | SH |  | SOLE |  | 789989 | 0 | 0 |
| SPDR Portfolio SP 500 Value E | COM | 78464a508 |  | 23473 | 415 | SH |  | DFND | 02 | 415 | 0 | 0 |
| SPDR S 400 Mid Cap Growth ET | COM | 78464A821 |  | 1284329 | 13384 | SH |  | SOLE |  | 13384 | 0 | 0 |
| SPDR SP 400 Mid Cap Growth ET | COM | 78464A821 |  | 7070 | 74 | SH |  | DFND | 02 | 74 | 0 | 0 |
| SPDR S 400 Mid Cap Value ETF | COM | 78464A839 |  | 675069 | 7928 | SH |  | SOLE |  | 7928 | 0 | 0 |
| SPDR SP 400 Mid Cap Value ETF | COM | 78464A839 |  | 3751 | 44 | SH |  | DFND | 02 | 44 | 0 | 0 |
| SPDR S 500 ETF | COM | 78462F103 |  | 7753353 | 11922 | SH |  | SOLE |  | 11922 | 0 | 0 |
| SPDR S Dividend ETF | COM | 78464A763 |  | 10018197 | 68646 | SH |  | SOLE |  | 68646 | 0 | 0 |
| SPDR SP Dividend ETF | COM | 78464A763 |  | 9340 | 64 | SH |  | DFND | 02 | 64 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 1472107 | 19974 | SH |  | SOLE |  | 19974 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 31175 | 423 | SH |  | DFND | 02 | 423 | 0 | 0 |
| Starbucks Corp. | COM | 855244109 |  | 28121450 | 313891 | SH |  | SOLE |  | 313042 | 0 | 848 |
| Starbucks Corp. | COM | 855244109 |  | 111052 | 1240 | SH |  | DFND | 02 | 1240 | 0 | 0 |
| State Street Communication Ser | COM | 81369Y852 |  | 1779746 | 16054 | SH |  | SOLE |  | 16054 | 0 | 0 |
| State Street Communication Ser | COM | 81369Y852 |  | 7317 | 66 | SH |  | DFND | 02 | 66 | 0 | 0 |
| Stewart Information Services C | COM | 860372101 |  | 1539027 | 24992 | SH |  | SOLE |  | 24992 | 0 | 0 |
| Stewart Information Services C | COM | 860372101 |  | 28881 | 469 | SH |  | DFND | 02 | 469 | 0 | 0 |
| Stryker Corp. | COM | 863667101 |  | 68194597 | 207537 | SH |  | SOLE |  | 207097 | 0 | 440 |
| Stryker Corp. | COM | 863667101 |  | 171573 | 522 | SH |  | DFND | 02 | 522 | 0 | 0 |
| T. Rowe Price Group Inc. | COM | 74144T108 |  | 86534741 | 960004 | SH |  | SOLE |  | 957202 | 0 | 2802 |
| T. Rowe Price Group Inc. | COM | 74144T108 |  | 285113 | 3163 | SH |  | DFND | 02 | 3163 | 0 | 0 |
| Taiwan Semiconductor Manufactu | COM | 874039100 |  | 2905356 | 8597 | SH |  | SOLE |  | 8419 | 0 | 178 |
| Techtronic Industries Co. Ltd. | COM | 87873R101 |  | 1433040 | 21543 | SH |  | SOLE |  | 21150 | 0 | 393 |
| Tencent Holdings Ltd. | COM | 88032Q109 |  | 269760 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 44143373 | 89808 | SH |  | SOLE |  | 89650 | 0 | 158 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 168686 | 343 | SH |  | DFND | 02 | 343 | 0 | 0 |
| TJX Co. Inc. | COM | 872540109 |  | 71110524 | 445276 | SH |  | SOLE |  | 444251 | 0 | 1024 |
| TJX Co. Inc. | COM | 872540109 |  | 199684 | 1250 | SH |  | DFND | 02 | 1250 | 0 | 0 |
| Tokio Marine Holdings Inc. | COM | 889094108 |  | 1439373 | 30534 | SH |  | SOLE |  | 29817 | 0 | 717 |
| Toro Co. | COM | 891092108 |  | 23448152 | 250943 | SH |  | SOLE |  | 250135 | 0 | 808 |
| Trex Company Inc. | COM | 89531P105 |  | 14088239 | 386827 | SH |  | SOLE |  | 386097 | 0 | 730 |
| Trex Company Inc. | COM | 89531P105 |  | 138906 | 3814 | SH |  | DFND | 02 | 3814 | 0 | 0 |
| Trinity Capital Inc. | COM | 896442308 |  | 136376 | 9271 | SH |  | SOLE |  | 9271 | 0 | 0 |
| Trinity Capital Inc. | COM | 896442308 |  | 478855 | 32553 | SH |  | DFND | 01 | 0 | 32553 | 0 |
| TripAdvisor Inc. | COM | 896945201 |  | 4297579 | 403150 | SH |  | SOLE |  | 401115 | 0 | 2035 |
| TripAdvisor Inc. | COM | 896945201 |  | 81453 | 7641 | SH |  | DFND | 02 | 7641 | 0 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 92437108 | 1777295 | SH |  | SOLE |  | 1772359 | 0 | 4936 |
| U.S. Bancorp | COM | 902973304 |  | 369687 | 7108 | SH |  | DFND | 02 | 7108 | 0 | 0 |
| UFP Industries Inc | COM | 90278Q108 |  | 1163858 | 12634 | SH |  | SOLE |  | 12634 | 0 | 0 |
| UFP Industries Inc | COM | 90278Q108 |  | 24504 | 266 | SH |  | DFND | 02 | 266 | 0 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 966838 | 4994 | SH |  | SOLE |  | 4994 | 0 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 19941 | 103 | SH |  | DFND | 02 | 103 | 0 | 0 |
| Unilever plc | COM | 904767803 |  | 877984 | 15411 | SH |  | SOLE |  | 15030 | 0 | 381 |
| Uranium Energy Corp. | COM | 916896103 |  | 1036813 | 76801 | SH |  | SOLE |  | 76548 | 0 | 253 |
| Vail Resorts Inc. | COM | 91879Q109 |  | 4685861 | 36517 | SH |  | SOLE |  | 36328 | 0 | 189 |
| Vail Resorts Inc. | COM | 91879Q109 |  | 88028 | 686 | SH |  | DFND | 02 | 686 | 0 | 0 |
| Vale S.A. | COM | 91912E105 |  | 190888 | 11998 | SH |  | SOLE |  | 11998 | 0 | 0 |
| Valvoline Inc. | COM | 92047W101 |  | 14393956 | 427374 | SH |  | SOLE |  | 426497 | 0 | 877 |
| Valvoline Inc. | COM | 92047W101 |  | 140951 | 4185 | SH |  | DFND | 02 | 4185 | 0 | 0 |
| VanEck Gold Miners ETF | COM | 92189F106 |  | 5844923 | 63691 | SH |  | SOLE |  | 63691 | 0 | 0 |
| VanEck Junior Gold Miners ETF | COM | 92189F791 |  | 1492937 | 12437 | SH |  | SOLE |  | 12437 | 0 | 0 |
| VanEck Junior Gold Miners ETF | COM | 92189F791 |  | 6482 | 54 | SH |  | DFND | 02 | 54 | 0 | 0 |
| VanEck Vectors Long Municipal | COM | 92189F536 |  | 2963980 | 169953 | SH |  | SOLE |  | 169953 | 0 | 0 |
| Vista Energy S.A.B. de C.V. | COM | 92837L109 |  | 2024634 | 26827 | SH |  | SOLE |  | 26243 | 0 | 584 |
| Vontier Corp. | COM | 928881101 |  | 13494180 | 380439 | SH |  | SOLE |  | 379739 | 0 | 700 |
| Vontier Corp. | COM | 928881101 |  | 136745 | 3855 | SH |  | DFND | 02 | 3855 | 0 | 0 |
| Vulcan Materials Co. | COM | 929160109 |  | 1065510 | 3913 | SH |  | SOLE |  | 3893 | 0 | 20 |
| W. R. Berkley Corp. | COM | 084423102 |  | 73610345 | 1110597 | SH |  | SOLE |  | 1108111 | 0 | 2486 |
| W. R. Berkley Corp. | COM | 084423102 |  | 185789 | 2803 | SH |  | DFND | 02 | 2803 | 0 | 0 |
| Wal-Mart de Mexico S.A.B. de C | COM | 93114W107 |  | 926227 | 28473 | SH |  | SOLE |  | 27838 | 0 | 635 |
| Walt Disney Co. | COM | 254687106 |  | 11757995 | 121996 | SH |  | SOLE |  | 121740 | 0 | 256 |
| Walt Disney Co. | COM | 254687106 |  | 111801 | 1160 | SH |  | DFND | 02 | 1160 | 0 | 0 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 142685164 | 1232488 | SH |  | SOLE |  | 1228892 | 0 | 3596 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 524207 | 4528 | SH |  | DFND | 02 | 4528 | 0 | 0 |
| Wheaton Precious Metals Corp. | COM | 962879102 |  | 1390933 | 10617 | SH |  | SOLE |  | 10571 | 0 | 46 |
| Winnebago Industries Inc. | COM | 974637100 |  | 808049 | 26074 | SH |  | SOLE |  | 26074 | 0 | 0 |
| Winnebago Industries Inc. | COM | 974637100 |  | 15836 | 511 | SH |  | DFND | 02 | 511 | 0 | 0 |
| Woodside Energy Group Ltd. | COM | 980228308 |  | 2081046 | 87146 | SH |  | SOLE |  | 86863 | 0 | 283 |
| Yum China Holdings Inc. | COM | 98850P109 |  | 274436 | 5626 | SH |  | SOLE |  | 5626 | 0 | 0 |
| Zoetis Inc. | COM | 98978V103 |  | 16769611 | 141863 | SH |  | SOLE |  | 141399 | 0 | 464 |
| ZTO Express Cayman Inc. | COM | 98980A105 |  | 315632 | 12540 | SH |  | SOLE |  | 12540 | 0 | 0 |
| Zurich Insurance Group A.G. | COM | 989825104 |  | 1525154 | 42950 | SH |  | SOLE |  | 42032 | 0 | 918 |

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