# EDGAR Filing Document

**Accession Number:** 0001859918
**File Stem:** 0001398344-23-003226
**Filing Date:** 2023-2
**Character Count:** 37130
**Document Hash:** f206327db1cdba905ab1745db8902140
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003226.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003226

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TECTONIC ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001859918
- **IRS NUMBER:** 202925399
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21254
- **FILM NUMBER:** 23625015

**BUSINESS ADDRESS:**
- **STREET 1:** 6900 NORTH DALLAS PARKWAY
- **STREET 2:** SUITE 625
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
- **BUSINESS PHONE:** 713-250-4200

**MAIL ADDRESS:**
- **STREET 1:** 6900 NORTH DALLAS PARKWAY
- **STREET 2:** SUITE 625
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024

### 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:** TECTONIC ADVISORS LLC<br>**Address:** 6900 NORTH DALLAS PARKWAY<br>SUITE 625<br>PLANO, TX 75024

**Form 13F File Number:** 028-21254

**CRD Number (if applicable):** 000139713

**SEC File Number (if applicable):** 801-66385

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:** Stephen Michael Mangold<br>**Title:** Chief Compliance Officer<br>**Phone:** 713-250-4200

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

/s/ Stephen Michael Mangold  Plano, TX  02-09-2023<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:** 1

**Form 13F Information Table Entry Total:** 347

**Form 13F Information Table Value Total:** $645036194

      (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   |
|:---|:---|:---|
|  | CAIN WATTERS  ASSOCIATES LLC | 028-21257              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 4501 | 41 | SH |  | DFND | 1 | 0 | 0 | 41 |
| ABBOTT LABS | COM | 002824100 |  | 1654535 | 15070 | SH |  | SOLE |  | 0 | 0 | 15070 |
| ABBVIE INC | COM | 00287Y109 |  | 2668642 | 16513 | SH |  | DFND | 1 | 0 | 0 | 16513 |
| ABBVIE INC | COM | 00287Y109 |  | 99067 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3202 | 12 | SH |  | DFND | 1 | 0 | 0 | 12 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 731675 | 2742 | SH |  | SOLE |  | 0 | 0 | 2742 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 6058 | 18 | SH |  | DFND | 1 | 0 | 0 | 18 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 833585 | 2477 | SH |  | SOLE |  | 0 | 0 | 2477 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1181057 | 22717 | SH |  | DFND | 1 | 0 | 0 | 22717 |
| AIRBNB INC | COM CL A | 009066101 |  | 1454 | 17 | SH |  | DFND | 1 | 0 | 0 | 17 |
| AIRBNB INC | COM CL A | 009066101 |  | 423225 | 4950 | SH |  | SOLE |  | 0 | 0 | 4950 |
| ALLSTATE CORP | COM | 020002101 |  | 427140 | 3150 | SH |  | DFND | 1 | 0 | 0 | 3150 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 15971 | 180 | SH |  | DFND | 1 | 0 | 0 | 180 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 649726 | 7364 | SH |  | DFND | 1 | 0 | 0 | 7364 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2284620 | 25748 | SH |  | SOLE |  | 0 | 0 | 25748 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 66051 | 1735 | SH |  | DFND | 1 | 0 | 0 | 1735 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 8697092 | 228450 | SH |  | SOLE |  | 0 | 0 | 228450 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2432554 | 53217 | SH |  | DFND | 1 | 0 | 0 | 53217 |
| AMAZON COM INC | COM | 023135106 |  | 665952 | 7928 | SH |  | DFND | 1 | 0 | 0 | 7928 |
| AMAZON COM INC | COM | 023135106 |  | 1553664 | 18496 | SH |  | SOLE |  | 0 | 0 | 18496 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 2283346 | 75758 | SH |  | DFND | 1 | 0 | 0 | 75758 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 398242 | 1279 | SH |  | DFND | 1 | 0 | 0 | 1279 |
| AON PLC | SHS CL A | G0403H108 |  | 638398 | 2127 | SH |  | SOLE |  | 0 | 0 | 2127 |
| APPLE INC | COM | 037833100 |  | 1473796 | 11343 | SH |  | DFND | 1 | 0 | 0 | 11343 |
| APPLE INC | COM | 037833100 |  | 1972467 | 15181 | SH |  | SOLE |  | 0 | 0 | 15181 |
| APTIV PLC | SHS | G6095L109 |  | 596218 | 6402 | SH |  | DFND | 1 | 0 | 0 | 6402 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 2661084 | 144076 | SH |  | DFND | 1 | 0 | 0 | 144076 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 67102 | 3633 | SH |  | SOLE |  | 0 | 0 | 3633 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 223478 | 409 | SH |  | SOLE |  | 0 | 0 | 409 |
| AT INC | COM | 00206R102 |  | 2455103 | 133357 | SH |  | DFND | 1 | 0 | 0 | 133357 |
| AT INC | COM | 00206R102 |  | 66276 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| AUTODESK INC | COM | 052769106 |  | 560984 | 3002 | SH |  | SOLE |  | 0 | 0 | 3002 |
| AUTOZONE INC | COM | 053332102 |  | 2537699 | 1029 | SH |  | DFND | 1 | 0 | 0 | 1029 |
| AVIAT NETWORKS INC | COM NEW | 05366Y201 |  | 489714 | 15701 | SH |  | DFND | 1 | 0 | 0 | 15701 |
| AZZ INC | COM | 002474104 |  | 529555 | 13173 | SH |  | DFND | 1 | 0 | 0 | 13173 |
| BANCFIRST CORP | COM | 05945F103 |  | 577138 | 6545 | SH |  | DFND | 1 | 0 | 0 | 6545 |
| BANK AMERICA CORP | COM | 060505104 |  | 364022 | 10991 | SH |  | DFND | 1 | 0 | 0 | 10991 |
| BANK AMERICA CORP | COM | 060505104 |  | 3265498 | 98596 | SH |  | SOLE |  | 0 | 0 | 98596 |
| BARRICK GOLD CORP | COM | 067901108 |  | 890817 | 51852 | SH |  | DFND | 1 | 0 | 0 | 51852 |
| BAUSCH PLUS LOMB CORP | COMMON SHARES | 071705107 |  | 445711 | 28737 | SH |  | DFND | 1 | 0 | 0 | 28737 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2192881 | 7099 | SH |  | DFND | 1 | 0 | 0 | 7099 |
| BERRY GLOBAL GROUP INC | COM | 08579W103 |  | 6716553 | 111146 | SH |  | DFND | 1 | 0 | 0 | 111146 |
| BK OF AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 53360 | 46 | SH |  | SOLE |  | 0 | 0 | 46 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254G108 |  | 358589 | 35087 | SH |  | SOLE |  | 0 | 0 | 35087 |
| BLACKSTONE INC | COM | 09260D107 |  | 579646 | 7813 | SH |  | SOLE |  | 0 | 0 | 7813 |
| BLOCK H  R INC | COM | 093671105 |  | 2100633 | 57536 | SH |  | DFND | 1 | 0 | 0 | 57536 |
| BLOCK H  R INC | COM | 093671105 |  | 88646 | 2428 | SH |  | SOLE |  | 0 | 0 | 2428 |
| BROADCOM INC | COM | 11135F101 |  | 2490506 | 4454 | SH |  | DFND | 1 | 0 | 0 | 4454 |
| BROADCOM INC | COM | 11135F101 |  | 55913 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| BRUNSWICK CORP | COM | 117043109 |  | 625582 | 8679 | SH |  | DFND | 1 | 0 | 0 | 8679 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 576913 | 8892 | SH |  | DFND | 1 | 0 | 0 | 8892 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 200265 | 1790 | SH |  | SOLE |  | 0 | 0 | 1790 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 337352 | 3629 | SH |  | DFND | 1 | 0 | 0 | 3629 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 2503245 | 146389 | SH |  | DFND | 1 | 0 | 0 | 146389 |
| CAPITAL SOUTHWEST CORP | COM | 140501107 |  | 56772 | 3320 | SH |  | SOLE |  | 0 | 0 | 3320 |
| CARPARTS COM INC | COM | 14427M107 |  | 474533 | 75804 | SH |  | DFND | 1 | 0 | 0 | 75804 |
| CATERPILLAR INC | COM | 149123101 |  | 353830 | 1477 | SH |  | SOLE |  | 0 | 0 | 1477 |
| CELANESE CORP DEL | COM | 150870103 |  | 297416 | 2909 | SH |  | DFND | 1 | 0 | 0 | 2909 |
| CF INDS HLDGS INC | COM | 125269100 |  | 281245 | 3301 | SH |  | DFND | 1 | 0 | 0 | 3301 |
| CHESAPEAKE ENERGY CORP | COM | 165167735 |  | 846310 | 8968 | SH |  | DFND | 1 | 0 | 0 | 8968 |
| CHEVRON CORP NEW | COM | 166764100 |  | 299748 | 1670 | SH |  | DFND | 1 | 0 | 0 | 1670 |
| CHEVRON CORP NEW | COM | 166764100 |  | 458417 | 2554 | SH |  | SOLE |  | 0 | 0 | 2554 |
| CHORD ENERGY CORPORATION | COM NEW | 674215207 |  | 835088 | 6104 | SH |  | DFND | 1 | 0 | 0 | 6104 |
| CHUBB LIMITED | COM | H1467J104 |  | 2206 | 10 | SH |  | DFND | 1 | 0 | 0 | 10 |
| CHUBB LIMITED | COM | H1467J104 |  | 308840 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| CINEMARK HLDGS INC | COM | 17243V102 |  | 266555 | 30780 | SH |  | DFND | 1 | 0 | 0 | 30780 |
| CISCO SYS INC | COM | 17275R102 |  | 3709216 | 77859 | SH |  | DFND | 1 | 0 | 0 | 77859 |
| CISCO SYS INC | COM | 17275R102 |  | 48450 | 1017 | SH |  | SOLE |  | 0 | 0 | 1017 |
| CLEAN HARBORS INC | COM | 184496107 |  | 5544634 | 48586 | SH |  | DFND | 1 | 0 | 0 | 48586 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 744846 | 46235 | SH |  | DFND | 1 | 0 | 0 | 46235 |
| COCA COLA CO | COM | 191216100 |  | 2094627 | 32929 | SH |  | DFND | 1 | 0 | 0 | 32929 |
| COCA COLA CO | COM | 191216100 |  | 1363226 | 21431 | SH |  | SOLE |  | 0 | 0 | 21431 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 674886 | 19299 | SH |  | DFND | 1 | 0 | 0 | 19299 |
| COMMERCIAL METALS CO | COM | 201723103 |  | 543617 | 11255 | SH |  | DFND | 1 | 0 | 0 | 11255 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 258892 | 2194 | SH |  | DFND | 1 | 0 | 0 | 2194 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 6726 | 57 | SH |  | SOLE |  | 0 | 0 | 57 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 2246897 | 23575 | SH |  | DFND | 1 | 0 | 0 | 23575 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 44700 | 469 | SH |  | SOLE |  | 0 | 0 | 469 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 371495 | 1603 | SH |  | DFND | 1 | 0 | 0 | 1603 |
| CORTEVA INC | COM | 22052L104 |  | 678145 | 11537 | SH |  | DFND | 1 | 0 | 0 | 11537 |
| CROWN HLDGS INC | COM | 228368106 |  | 2993431 | 36412 | SH |  | DFND | 1 | 0 | 0 | 36412 |
| CUMMINS INC | COM | 231021106 |  | 352047 | 1453 | SH |  | DFND | 1 | 0 | 0 | 1453 |
| CVS HEALTH CORP | COM | 126650100 |  | 399040 | 4282 | SH |  | DFND | 1 | 0 | 0 | 4282 |
| DANAHER CORPORATION | COM | 235851102 |  | 385655 | 1453 | SH |  | DFND | 1 | 0 | 0 | 1453 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 645863 | 4669 | SH |  | DFND | 1 | 0 | 0 | 4669 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 59344 | 429 | SH |  | SOLE |  | 0 | 0 | 429 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 426794 | 17578 | SH |  | DFND | 1 | 0 | 0 | 17578 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 94916 | 2835 | SH |  | DFND | 1 | 0 | 0 | 2835 |
| DIODES INC | COM | 254543101 |  | 484174 | 6359 | SH |  | DFND | 1 | 0 | 0 | 6359 |
| DISNEY WALT CO | COM | 254687106 |  | 646648 | 7443 | SH |  | DFND | 1 | 0 | 0 | 7443 |
| DISNEY WALT CO | COM | 254687106 |  | 26933 | 310 | SH |  | SOLE |  | 0 | 0 | 310 |
| DOCUSIGN INC | COM | 256163106 |  | 5542 | 100 | SH |  | DFND | 1 | 0 | 0 | 100 |
| DOCUSIGN INC | COM | 256163106 |  | 196741 | 3550 | SH |  | SOLE |  | 0 | 0 | 3550 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 6143691 | 24949 | SH |  | DFND | 1 | 0 | 0 | 24949 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 4433 | 18 | SH |  | SOLE |  | 0 | 0 | 18 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 755830 | 12326 | SH |  | DFND | 1 | 0 | 0 | 12326 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 25877 | 422 | SH |  | SOLE |  | 0 | 0 | 422 |
| DTE ENERGY CO | COM | 233331107 |  | 294530 | 2506 | SH |  | DFND | 1 | 0 | 0 | 2506 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 2246856 | 21816 | SH |  | DFND | 1 | 0 | 0 | 21816 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 45316 | 440 | SH |  | SOLE |  | 0 | 0 | 440 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 1052853 | 15341 | SH |  | DFND | 1 | 0 | 0 | 15341 |
| DZS INC | COM | 268211109 |  | 567874 | 44785 | SH |  | DFND | 1 | 0 | 0 | 44785 |
| EAGLE MATLS INC | COM | 26969P108 |  | 998368 | 7515 | SH |  | DFND | 1 | 0 | 0 | 7515 |
| ENBRIDGE INC | COM | 29250N105 |  | 3781822 | 96722 | SH |  | DFND | 1 | 0 | 0 | 96722 |
| ENBRIDGE INC | COM | 29250N105 |  | 19081 | 488 | SH |  | SOLE |  | 0 | 0 | 488 |
| ENCORE WIRE CORP | COM | 292562105 |  | 745163 | 5417 | SH |  | DFND | 1 | 0 | 0 | 5417 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 141075 | 11885 | SH |  | SOLE |  | 0 | 0 | 11885 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 2830164 | 117337 | SH |  | DFND | 1 | 0 | 0 | 117337 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 6695230 | 277580 | SH |  | SOLE |  | 0 | 0 | 277580 |
| EOG RES INC | COM | 26875P101 |  | 614313 | 4743 | SH |  | DFND | 1 | 0 | 0 | 4743 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 846458 | 33899 | SH |  | DFND | 1 | 0 | 0 | 33899 |
| ETHAN ALLEN INTERIORS INC | COM | 297602104 |  | 681293 | 25787 | SH |  | DFND | 1 | 0 | 0 | 25787 |
| EUROPEAN WAX CTR INC | CLASS A COM | 29882P106 |  | 260043 | 20887 | SH |  | DFND | 1 | 0 | 0 | 20887 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 579737 | 5256 | SH |  | SOLE |  | 0 | 0 | 5256 |
| FARMER BROS CO | COM | 307675108 |  | 426914 | 92606 | SH |  | DFND | 1 | 0 | 0 | 92606 |
| FEDEX CORP | COM | 31428X106 |  | 3010043 | 17379 | SH |  | DFND | 1 | 0 | 0 | 17379 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 |  | 1526668 | 57200 | SH |  | SOLE |  | 0 | 0 | 57200 |
| FISERV INC | COM | 337738108 |  | 831705 | 8229 | SH |  | DFND | 1 | 0 | 0 | 8229 |
| FLUOR CORP NEW | COM | 343412102 |  | 2113913 | 60990 | SH |  | SOLE |  | 0 | 0 | 60990 |
| GARTNER INC | COM | 366651107 |  | 405721 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| GENERAL MLS INC | COM | 370334104 |  | 404744 | 4827 | SH |  | SOLE |  | 0 | 0 | 4827 |
| GEO GROUP INC NEW | COM | 36162J106 |  | 252058 | 23019 | SH |  | DFND | 1 | 0 | 0 | 23019 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 2523182 | 29391 | SH |  | DFND | 1 | 0 | 0 | 29391 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 73831 | 860 | SH |  | SOLE |  | 0 | 0 | 860 |
| GLOBAL X FDS | GLBL X MLP ETF | 37954Y343 |  | 8135080 | 197023 | SH |  | SOLE |  | 0 | 0 | 197023 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 5064456 | 227616 | SH |  | DFND | 1 | 0 | 0 | 227616 |
| HASBRO INC | COM | 418056107 |  | 2017080 | 33061 | SH |  | DFND | 1 | 0 | 0 | 33061 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 2589091 | 195847 | SH |  | DFND | 1 | 0 | 0 | 195847 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 54837 | 4148 | SH |  | SOLE |  | 0 | 0 | 4148 |
| HIGHPEAK ENERGY INC | COM | 43114Q105 |  | 546296 | 23887 | SH |  | DFND | 1 | 0 | 0 | 23887 |
| HILLTOP HOLDINGS INC | COM | 432748101 |  | 654608 | 21813 | SH |  | DFND | 1 | 0 | 0 | 21813 |
| HOME BANCSHARES INC | COM | 436893200 |  | 807472 | 35431 | SH |  | DFND | 1 | 0 | 0 | 35431 |
| HORACE MANN EDUCATORS CORP N | COM | 440327104 |  | 613017 | 16404 | SH |  | DFND | 1 | 0 | 0 | 16404 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 569502 | 35483 | SH |  | DFND | 1 | 0 | 0 | 35483 |
| HP INC | COM | 40434L105 |  | 761550 | 28342 | SH |  | DFND | 1 | 0 | 0 | 28342 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1374306 | 7882 | SH |  | DFND | 1 | 0 | 0 | 7882 |
| ICHOR HOLDINGS | SHS | G4740B105 |  | 390231 | 14550 | SH |  | DFND | 1 | 0 | 0 | 14550 |
| ICON PLC | SHS | G4705A100 |  | 540792 | 2784 | SH |  | SOLE |  | 0 | 0 | 2784 |
| ILLUMINA INC | COM | 452327109 |  | 410062 | 2028 | SH |  | SOLE |  | 0 | 0 | 2028 |
| INGREDION INC | COM | 457187102 |  | 736532 | 7521 | SH |  | DFND | 1 | 0 | 0 | 7521 |
| INTEL CORP | COM | 458140100 |  | 2758397 | 104366 | SH |  | DFND | 1 | 0 | 0 | 104366 |
| INTEL CORP | COM | 458140100 |  | 24844 | 940 | SH |  | SOLE |  | 0 | 0 | 940 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 871546 | 6186 | SH |  | DFND | 1 | 0 | 0 | 6186 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 230066 | 864 | SH |  | DFND | 1 | 0 | 0 | 864 |
| INVESCO QUALITY MUN INCOME T | COM | 46133G107 |  | 400350 | 42500 | SH |  | SOLE |  | 0 | 0 | 42500 |
| IRON MTN INC DEL | COM | 46284V101 |  | 2747816 | 55122 | SH |  | DFND | 1 | 0 | 0 | 55122 |
| IRON MTN INC DEL | COM | 46284V101 |  | 107227 | 2151 | SH |  | SOLE |  | 0 | 0 | 2151 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 250816 | 2586 | SH |  | DFND | 1 | 0 | 0 | 2586 |
| ISHARES TR | GLOBAL TECH ETF | 464287291 |  | 159505 | 3558 | SH |  | DFND | 1 | 0 | 0 | 3558 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 847 | 17 | SH |  | DFND | 1 | 0 | 0 | 17 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 7950 | 84 | SH |  | DFND | 1 | 0 | 0 | 84 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 9268 | 202 | SH |  | DFND | 1 | 0 | 0 | 202 |
| ISHARES TR | CORE S ETF | 464287200 |  | 99510 | 259 | SH |  | DFND | 1 | 0 | 0 | 259 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 49173 | 428 | SH |  | DFND | 1 | 0 | 0 | 428 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 2088 | 6 | SH |  | DFND | 1 | 0 | 0 | 6 |
| ISHARES TR | US HLTHCARE ETF | 464287762 |  | 284 | 1 | SH |  | DFND | 1 | 0 | 0 | 1 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 13129 | 100 | SH |  | DFND | 1 | 0 | 0 | 100 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 13497 | 89 | SH |  | DFND | 1 | 0 | 0 | 89 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 7521230 | 92660 | SH |  | DFND | 1 | 0 | 0 | 92660 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 76490 | 902 | SH |  | DFND | 1 | 0 | 0 | 902 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 505251 | 4847 | SH |  | DFND | 1 | 0 | 0 | 4847 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 42612 | 428 | SH |  | DFND | 1 | 0 | 0 | 428 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 158790 | 6989 | SH |  | DFND | 1 | 0 | 0 | 6989 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 66431 | 381 | SH |  | DFND | 1 | 0 | 0 | 381 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 58910 | 1007 | SH |  | DFND | 1 | 0 | 0 | 1007 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 55840 | 490 | SH |  | DFND | 1 | 0 | 0 | 490 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 15099 | 300 | SH |  | DFND | 1 | 0 | 0 | 300 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 85479 | 1626 | SH |  | DFND | 1 | 0 | 0 | 1626 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 186625 | 1753 | SH |  | SOLE |  | 0 | 0 | 1753 |
| ISHARES TR | CORE S ETF | 464287200 |  | 26608848 | 69256 | SH |  | SOLE |  | 0 | 0 | 69256 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 42172 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| ISHARES TR | CORE INTL AGGR | 46435G672 |  | 3985070 | 83808 | SH |  | SOLE |  | 0 | 0 | 83808 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 19722432 | 203345 | SH |  | SOLE |  | 0 | 0 | 203345 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 567054 | 6986 | SH |  | SOLE |  | 0 | 0 | 6986 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 3409027 | 36021 | SH |  | SOLE |  | 0 | 0 | 36021 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 44136 | 200 | SH |  | SOLE |  | 0 | 0 | 200 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 1697000 | 17045 | SH |  | SOLE |  | 0 | 0 | 17045 |
| ISHARES TR | CRE U S REIT ETF | 464288521 |  | 7977126 | 161317 | SH |  | SOLE |  | 0 | 0 | 161317 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 36616 | 210 | SH |  | SOLE |  | 0 | 0 | 210 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 35064 | 319 | SH |  | SOLE |  | 0 | 0 | 319 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 4634612 | 19160 | SH |  | SOLE |  | 0 | 0 | 19160 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 6721904 | 109051 | SH |  | SOLE |  | 0 | 0 | 109051 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 48225 | 273 | SH |  | DFND | 1 | 0 | 0 | 273 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 603613 | 3417 | SH |  | SOLE |  | 0 | 0 | 3417 |
| JONES LANG LASALLE INC | COM | 48020Q107 |  | 292763 | 1837 | SH |  | DFND | 1 | 0 | 0 | 1837 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 442530 | 3300 | SH |  | DFND | 1 | 0 | 0 | 3300 |
| JPMORGAN CHASE  CO | ALERIAN ML ETN | 46625H365 |  | 82607 | 3798 | SH |  | SOLE |  | 0 | 0 | 3798 |
| KIMBALL ELECTRONICS INC | COM | 49428J109 |  | 542747 | 24026 | SH |  | DFND | 1 | 0 | 0 | 24026 |
| KLA CORP | COM NEW | 482480100 |  | 900348 | 2388 | SH |  | DFND | 1 | 0 | 0 | 2388 |
| KNIGHT-SWIFT TRANSN HLDGS IN | CL A | 499049104 |  | 3697316 | 70546 | SH |  | DFND | 1 | 0 | 0 | 70546 |
| LEGATO MERGER CORP II | UNIT 09/01/2026 | 52473Y203 |  | 214747 | 21241 | SH |  | DFND | 1 | 0 | 0 | 21241 |
| LILLY ELI  CO | COM | 532457108 |  | 5122 | 14 | SH |  | DFND | 1 | 0 | 0 | 14 |
| LILLY ELI  CO | COM | 532457108 |  | 1099349 | 3005 | SH |  | SOLE |  | 0 | 0 | 3005 |
| LKQ CORP | COM | 501889208 |  | 5383434 | 100795 | SH |  | DFND | 1 | 0 | 0 | 100795 |
| LOEWS CORP | COM | 540424108 |  | 1188240 | 20371 | SH |  | DFND | 1 | 0 | 0 | 20371 |
| LOWES COS INC | COM | 548661107 |  | 664864 | 3337 | SH |  | DFND | 1 | 0 | 0 | 3337 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 2844980 | 56662 | SH |  | DFND | 1 | 0 | 0 | 56662 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 117240 | 2335 | SH |  | SOLE |  | 0 | 0 | 2335 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 2655722 | 71873 | SH |  | DFND | 1 | 0 | 0 | 71873 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 74048 | 2004 | SH |  | SOLE |  | 0 | 0 | 2004 |
| MASCO CORP | COM | 574599106 |  | 2370696 | 50797 | SH |  | DFND | 1 | 0 | 0 | 50797 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 858893 | 2470 | SH |  | DFND | 1 | 0 | 0 | 2470 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 700328 | 2014 | SH |  | SOLE |  | 0 | 0 | 2014 |
| MATSON INC | COM | 57686G105 |  | 336804 | 5388 | SH |  | DFND | 1 | 0 | 0 | 5388 |
| MCDONALDS CORP | COM | 580135101 |  | 3953 | 15 | SH |  | DFND | 1 | 0 | 0 | 15 |
| MCDONALDS CORP | COM | 580135101 |  | 898901 | 3411 | SH |  | SOLE |  | 0 | 0 | 3411 |
| MCKESSON CORP | COM | 58155Q103 |  | 396127 | 1056 | SH |  | DFND | 1 | 0 | 0 | 1056 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 2070335 | 185847 | SH |  | DFND | 1 | 0 | 0 | 185847 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 682071 | 8776 | SH |  | DFND | 1 | 0 | 0 | 8776 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 280880 | 3614 | SH |  | SOLE |  | 0 | 0 | 3614 |
| MERCK  CO INC | COM | 58933Y105 |  | 3954502 | 35642 | SH |  | DFND | 1 | 0 | 0 | 35642 |
| MERCK  CO INC | COM | 58933Y105 |  | 138466 | 1248 | SH |  | SOLE |  | 0 | 0 | 1248 |
| META PLATFORMS INC | CL A | 30303M102 |  | 786422 | 6535 | SH |  | DFND | 1 | 0 | 0 | 6535 |
| META PLATFORMS INC | CL A | 30303M102 |  | 65224 | 542 | SH |  | SOLE |  | 0 | 0 | 542 |
| METLIFE INC | COM | 59156R108 |  | 425608 | 5881 | SH |  | DFND | 1 | 0 | 0 | 5881 |
| MICROSOFT CORP | COM | 594918104 |  | 584921 | 2439 | SH |  | DFND | 1 | 0 | 0 | 2439 |
| MICROSOFT CORP | COM | 594918104 |  | 2056217 | 8574 | SH |  | SOLE |  | 0 | 0 | 8574 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 2874398 | 87527 | SH |  | DFND | 1 | 0 | 0 | 87527 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 21970 | 669 | SH |  | SOLE |  | 0 | 0 | 669 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 2014696 | 24660 | SH |  | DFND | 1 | 0 | 0 | 24660 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 54249 | 664 | SH |  | SOLE |  | 0 | 0 | 664 |
| NCR CORP NEW | COM | 62886E108 |  | 632491 | 27018 | SH |  | DFND | 1 | 0 | 0 | 27018 |
| NETFLIX INC | COM | 64110L106 |  | 8846 | 30 | SH |  | DFND | 1 | 0 | 0 | 30 |
| NETFLIX INC | COM | 64110L106 |  | 1012913 | 3435 | SH |  | SOLE |  | 0 | 0 | 3435 |
| NIKE INC | CL B | 654106103 |  | 3627 | 31 | SH |  | DFND | 1 | 0 | 0 | 31 |
| NIKE INC | CL B | 654106103 |  | 756587 | 6466 | SH |  | SOLE |  | 0 | 0 | 6466 |
| NOV INC | COM | 62955J103 |  | 581703 | 27846 | SH |  | SOLE |  | 0 | 0 | 27846 |
| NUVEEN AMT FREE MUN CR INC F | COM | 67071L106 |  | 667700 | 55000 | SH |  | SOLE |  | 0 | 0 | 55000 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 1000560 | 88000 | SH |  | SOLE |  | 0 | 0 | 88000 |
| ONEOK INC NEW | COM | 682680103 |  | 2945920 | 44839 | SH |  | DFND | 1 | 0 | 0 | 44839 |
| ONEOK INC NEW | COM | 682680103 |  | 22469 | 342 | SH |  | SOLE |  | 0 | 0 | 342 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 252655 | 9046 | SH |  | DFND | 1 | 0 | 0 | 9046 |
| OWL ROCK CAPITAL CORPORATION | COM | 69121K104 |  | 2501860 | 216611 | SH |  | DFND | 1 | 0 | 0 | 216611 |
| OWL ROCK CAPITAL CORPORATION | COM | 69121K104 |  | 59344 | 5138 | SH |  | SOLE |  | 0 | 0 | 5138 |
| PAYCHEX INC | COM | 704326107 |  | 2069606 | 17909 | SH |  | DFND | 1 | 0 | 0 | 17909 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 365928 | 5138 | SH |  | SOLE |  | 0 | 0 | 5138 |
| PEPSICO INC | COM | 713448108 |  | 2082263 | 11526 | SH |  | DFND | 1 | 0 | 0 | 11526 |
| PEPSICO INC | COM | 713448108 |  | 1568671 | 8683 | SH |  | SOLE |  | 0 | 0 | 8683 |
| PFIZER INC | COM | 717081103 |  | 2467587 | 48157 | SH |  | DFND | 1 | 0 | 0 | 48157 |
| PFIZER INC | COM | 717081103 |  | 484748 | 9460 | SH |  | SOLE |  | 0 | 0 | 9460 |
| PHOTRONICS INC | COM | 719405102 |  | 410501 | 24391 | SH |  | DFND | 1 | 0 | 0 | 24391 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 |  | 383100 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 2587203 | 35248 | SH |  | DFND | 1 | 0 | 0 | 35248 |
| PIONEER NAT RES CO | COM | 723787107 |  | 3173479 | 13895 | SH |  | DFND | 1 | 0 | 0 | 13895 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2049535 | 13523 | SH |  | DFND | 1 | 0 | 0 | 13523 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1478316 | 9754 | SH |  | SOLE |  | 0 | 0 | 9754 |
| PROGRESSIVE CORP | COM | 743315103 |  | 2615472 | 20164 | SH |  | DFND | 1 | 0 | 0 | 20164 |
| PROPETRO HLDG CORP | COM | 74347M108 |  | 854519 | 82403 | SH |  | DFND | 1 | 0 | 0 | 82403 |
| PROSHARES TR | BITCOIN STRATE | 74347G440 |  | 107773 | 10333 | SH |  | DFND | 1 | 0 | 0 | 10333 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 304083 | 4963 | SH |  | DFND | 1 | 0 | 0 | 4963 |
| PUTNAM MUN OPPORTUNITIES TR | SH BEN INT | 746922103 |  | 409685 | 37759 | SH |  | SOLE |  | 0 | 0 | 37759 |
| QUANTA SVCS INC | COM | 74762E102 |  | 357533 | 2509 | SH |  | DFND | 1 | 0 | 0 | 2509 |
| REALTY INCOME CORP | COM | 756109104 |  | 2107631 | 33228 | SH |  | DFND | 1 | 0 | 0 | 33228 |
| REALTY INCOME CORP | COM | 756109104 |  | 58863 | 928 | SH |  | SOLE |  | 0 | 0 | 928 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 378782 | 525 | SH |  | DFND | 1 | 0 | 0 | 525 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 3607 | 5 | SH |  | SOLE |  | 0 | 0 | 5 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 330981 | 766 | SH |  | DFND | 1 | 0 | 0 | 766 |
| SALESFORCE INC | COM | 79466L302 |  | 4508 | 34 | SH |  | DFND | 1 | 0 | 0 | 34 |
| SALESFORCE INC | COM | 79466L302 |  | 597716 | 4508 | SH |  | SOLE |  | 0 | 0 | 4508 |
| SANFILIPPO JOHN B  SON INC | COM | 800422107 |  | 509795 | 6269 | SH |  | DFND | 1 | 0 | 0 | 6269 |
| SAP SE | SPON ADR | 803054204 |  | 326080 | 3160 | SH |  | SOLE |  | 0 | 0 | 3160 |
| SERVICENOW INC | COM | 81762P102 |  | 683743 | 1761 | SH |  | SOLE |  | 0 | 0 | 1761 |
| SHOE CARNIVAL INC | COM | 824889109 |  | 563463 | 23566 | SH |  | DFND | 1 | 0 | 0 | 23566 |
| SOLO BRANDS INC | COM CL A | 83425V104 |  | 258454 | 69477 | SH |  | DFND | 1 | 0 | 0 | 69477 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 200175 | 1180 | SH |  | DFND | 1 | 0 | 0 | 1180 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 233255 | 1375 | SH |  | SOLE |  | 0 | 0 | 1375 |
| SPDR SER TR | S SEMICNDCTR | 78464A862 |  | 2174 | 13 | SH |  | DFND | 1 | 0 | 0 | 13 |
| SPDR SER TR | S OILGAS EXP | 78468R556 |  | 5707 | 42 | SH |  | DFND | 1 | 0 | 0 | 42 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 8521254 | 93159 | SH |  | DFND | 1 | 0 | 0 | 93159 |
| SPDR SER TR | PORTFOLIO S | 78464A854 |  | 19036212 | 423215 | SH |  | DFND | 1 | 0 | 0 | 423215 |
| SPDR SER TR | PORTFOLIO LN TSR | 78464A664 |  | 2409 | 83 | SH |  | DFND | 1 | 0 | 0 | 83 |
| SPDR SER TR | BLOOMBERG INVT | 78468R200 |  | 1094 | 36 | SH |  | DFND | 1 | 0 | 0 | 36 |
| SPDR SER TR | BLOOMBERG INTL T | 78464A516 |  | 4302635 | 191825 | SH |  | SOLE |  | 0 | 0 | 191825 |
| SPDR SER TR | BLOOMBERG HIGH Y | 78468R622 |  | 64080 | 712 | SH |  | SOLE |  | 0 | 0 | 712 |
| SPDR SER TR | S 600 SMCP VAL | 78464A300 |  | 74220 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 345356 | 10669 | SH |  | DFND | 1 | 0 | 0 | 10669 |
| STARBUCKS CORP | COM | 855244109 |  | 463859 | 4676 | SH |  | DFND | 1 | 0 | 0 | 4676 |
| STARBUCKS CORP | COM | 855244109 |  | 958173 | 9659 | SH |  | SOLE |  | 0 | 0 | 9659 |
| STRATUS PPTYS INC | COM NEW | 863167201 |  | 606343 | 31433 | SH |  | DFND | 1 | 0 | 0 | 31433 |
| STRYKER CORPORATION | COM | 863667101 |  | 403409 | 1650 | SH |  | DFND | 1 | 0 | 0 | 1650 |
| SUNOPTA INC | COM | 8676EP108 |  | 789089 | 93494 | SH |  | DFND | 1 | 0 | 0 | 93494 |
| TARGET CORP | COM | 87612E106 |  | 569780 | 3823 | SH |  | DFND | 1 | 0 | 0 | 3823 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 598806 | 19730 | SH |  | DFND | 1 | 0 | 0 | 19730 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 770762 | 12780 | SH |  | DFND | 1 | 0 | 0 | 12780 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 378875 | 688 | SH |  | DFND | 1 | 0 | 0 | 688 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 616773 | 1120 | SH |  | SOLE |  | 0 | 0 | 1120 |
| TIPTREE INC | COM | 88822Q103 |  | 419587 | 30317 | SH |  | DFND | 1 | 0 | 0 | 30317 |
| TJX COS INC NEW | COM | 872540109 |  | 348409 | 4377 | SH |  | DFND | 1 | 0 | 0 | 4377 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 219347 | 1606 | SH |  | SOLE |  | 0 | 0 | 1606 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1098504 | 5859 | SH |  | DFND | 1 | 0 | 0 | 5859 |
| TREEHOUSE FOODS INC | COM | 89469A104 |  | 624311 | 12643 | SH |  | DFND | 1 | 0 | 0 | 12643 |
| TRIUMPH FINANCIAL INC | COM | 89679E300 |  | 809776 | 16570 | SH |  | DFND | 1 | 0 | 0 | 16570 |
| TYSON FOODS INC | CL A | 902494103 |  | 350468 | 5630 | SH |  | DFND | 1 | 0 | 0 | 5630 |
| UNIFIED SER TR | ABSLUTE SELCT VL | 90470L568 |  | 18100441 | 650475 | SH |  | DFND | 1 | 0 | 0 | 650475 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 893864 | 17753 | SH |  | DFND | 1 | 0 | 0 | 17753 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 360204 | 7154 | SH |  | SOLE |  | 0 | 0 | 7154 |
| UNION PAC CORP | COM | 907818108 |  | 352226 | 1701 | SH |  | DFND | 1 | 0 | 0 | 1701 |
| UNITED RENTALS INC | COM | 911363109 |  | 355775 | 1001 | SH |  | DFND | 1 | 0 | 0 | 1001 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 35522 | 67 | SH |  | DFND | 1 | 0 | 0 | 67 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 594862 | 1122 | SH |  | SOLE |  | 0 | 0 | 1122 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 235706 | 1858 | SH |  | DFND | 1 | 0 | 0 | 1858 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 8977270 | 124962 | SH |  | DFND | 1 | 0 | 0 | 124962 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 19701330 | 274239 | SH |  | SOLE |  | 0 | 0 | 274239 |
| VANGUARD CHARLOTTE FDS | TOTAL INT BD ETF | 92203J407 |  | 1327044 | 27979 | SH |  | DFND | 1 | 0 | 0 | 27979 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 51052 | 284 | SH |  | DFND | 1 | 0 | 0 | 284 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7579154 | 39642 | SH |  | DFND | 1 | 0 | 0 | 39642 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 24065 | 120 | SH |  | DFND | 1 | 0 | 0 | 120 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 420892 | 1975 | SH |  | DFND | 1 | 0 | 0 | 1975 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 3522948 | 19194 | SH |  | DFND | 1 | 0 | 0 | 19194 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 15742264 | 44806 | SH |  | DFND | 1 | 0 | 0 | 44806 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 14781426 | 179212 | SH |  | DFND | 1 | 0 | 0 | 179212 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 1742 | 10 | SH |  | DFND | 1 | 0 | 0 | 10 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 5223291 | 25628 | SH |  | DFND | 1 | 0 | 0 | 25628 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 2520004 | 13730 | SH |  | SOLE |  | 0 | 0 | 13730 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 7921214 | 96038 | SH |  | SOLE |  | 0 | 0 | 96038 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 4085371 | 20045 | SH |  | SOLE |  | 0 | 0 | 20045 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 26636491 | 75814 | SH |  | SOLE |  | 0 | 0 | 75814 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 1029496 | 10014 | SH |  | DFND | 1 | 0 | 0 | 10014 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 22319446 | 572587 | SH |  | DFND | 1 | 0 | 0 | 572587 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 28884 | 521 | SH |  | DFND | 1 | 0 | 0 | 521 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 3155782 | 80959 | SH |  | SOLE |  | 0 | 0 | 80959 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 |  | 6904 | 167 | SH |  | SOLE |  | 0 | 0 | 167 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 70852256 | 1688164 | SH |  | DFND | 1 | 0 | 0 | 1688164 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 8479073 | 202027 | SH |  | SOLE |  | 0 | 0 | 202027 |
| VANGUARD WELLINGTON FD | US MOMENTUM | 921935508 |  | 420881 | 3690 | SH |  | SOLE |  | 0 | 0 | 3690 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 25754 | 238 | SH |  | DFND | 1 | 0 | 0 | 238 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 86568 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 974820 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| VANGUARD WORLD FD | EXTENDED DUR | 921910709 |  | 2596224 | 31344 | SH |  | DFND | 1 | 0 | 0 | 31344 |
| VANGUARD WORLD FD | EXTENDED DUR | 921910709 |  | 41415 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3705776 | 94055 | SH |  | DFND | 1 | 0 | 0 | 94055 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 32860 | 834 | SH |  | SOLE |  | 0 | 0 | 834 |
| VICI PPTYS INC | COM | 925652109 |  | 2237014 | 69044 | SH |  | DFND | 1 | 0 | 0 | 69044 |
| VICI PPTYS INC | COM | 925652109 |  | 76561 | 2363 | SH |  | SOLE |  | 0 | 0 | 2363 |
| VIKING THERAPEUTICS INC | COM | 92686J106 |  | 188000 | 20000 | SH |  | DFND | 1 | 0 | 0 | 20000 |
| VISA INC | COM CL A | 92826C839 |  | 156236 | 752 | SH |  | DFND | 1 | 0 | 0 | 752 |
| VISA INC | COM CL A | 92826C839 |  | 648627 | 3122 | SH |  | SOLE |  | 0 | 0 | 3122 |
| VISTA OUTDOOR INC | COM | 928377100 |  | 802139 | 32915 | SH |  | DFND | 1 | 0 | 0 | 32915 |
| WABTEC | COM | 929740108 |  | 379378 | 3801 | SH |  | DFND | 1 | 0 | 0 | 3801 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 369752 | 9897 | SH |  | DFND | 1 | 0 | 0 | 9897 |
| WALMART INC | COM | 931142103 |  | 406937 | 2870 | SH |  | DFND | 1 | 0 | 0 | 2870 |
| WALMART INC | COM | 931142103 |  | 599063 | 4225 | SH |  | SOLE |  | 0 | 0 | 4225 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 3110250 | 115838 | SH |  | SOLE |  | 0 | 0 | 115838 |
| WISDOMTREE TR | GLB US QTLY DIV | 97717W844 |  | 966750 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| WP CAREY INC | COM | 92936U109 |  | 2701027 | 34562 | SH |  | DFND | 1 | 0 | 0 | 34562 |
| WP CAREY INC | COM | 92936U109 |  | 94640 | 1211 | SH |  | SOLE |  | 0 | 0 | 1211 |
| ZOETIS INC | CL A | 98978V103 |  | 342048 | 2334 | SH |  | SOLE |  | 0 | 0 | 2334 |

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