# EDGAR Filing Document

**Accession Number:** 0001442056
**File Stem:** 0001636661-23-000002
**Filing Date:** 2023-1
**Character Count:** 40015
**Document Hash:** 05c01189f45812b6ce4370b9cf1b190c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001636661-23-000002.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001636661-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONFLUENCE INVESTMENT MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001442056
- **IRS NUMBER:** 261764456

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13334
- **FILM NUMBER:** 23504063

**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:** 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:** 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 P. Farmer<br>**Title:** Chief Compliance Officer<br>**Phone:** 314-743-5298

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

Steven P Farmer  Webster Groves, MO  01-03-2023<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:** 368

**Form 13F Information Table Value Total:** $6702063

      (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   |
|:---|---:|:---|
|  |  06487 |  |

### 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 |
| Accenture plc | COM | G1151C101 |  | 964 | 3611 | SH |  | SOLE |  | 3507 | 0 | 104 |
| AGNC Investment Corp. | COM | 00123q104 |  | 20 | 1958 | SH |  | SOLE |  | 1958 | 0 | 0 |
| AGNC Investment Corp. | COM | 00123q104 |  | 1138 | 110000 | SH |  | DFND | 01 | 0 | 110000 | 0 |
| Agnico Eagle Mines Ltd. | COM | 008474108 |  | 999 | 19221 | SH |  | SOLE |  | 18867 | 0 | 354 |
| AIA Group Ltd. | COM | 001317205 |  | 245 | 5513 | SH |  | SOLE |  | 5513 | 0 | 0 |
| Air Products and Chemicals Inc | COM | 009158106 |  | 23657 | 76743 | SH |  | SOLE |  | 76440 | 0 | 303 |
| Albemarle Corp. | COM | 012653101 |  | 353 | 1626 | SH |  | SOLE |  | 1617 | 0 | 9 |
| Alcoa Corp. | COM | 013872106 |  | 389 | 8552 | SH |  | SOLE |  | 8509 | 0 | 43 |
| Allied Motion Technologies Inc | COM | 019330109 |  | 4964 | 142589 | SH |  | SOLE |  | 141542 | 0 | 1047 |
| Allied Motion Technologies Inc | COM | 019330109 |  | 781 | 22425 | SH |  | DFND | 01 | 0 | 22425 | 0 |
| Alphabet Inc. | COM | 02079K107 |  | 46278 | 521563 | SH |  | SOLE |  | 520117 | 0 | 1446 |
| Alphabet Inc. | COM | 02079K305 |  | 259 | 2940 | SH |  | SOLE |  | 2940 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 358 | 2421 | SH |  | SOLE |  | 2421 | 0 | 0 |
| American Outdoor Brands Inc. | COM | 02875D109 |  | 3084 | 307738 | SH |  | SOLE |  | 305610 | 0 | 2128 |
| American Outdoor Brands Inc. | COM | 02875D109 |  | 553 | 55162 | SH |  | DFND | 01 | 0 | 55162 | 0 |
| American Water Works Co. Inc. | COM | 030420103 |  | 20371 | 133649 | SH |  | SOLE |  | 133195 | 0 | 454 |
| Amphenol Corp. | COM | 032095101 |  | 20259 | 266079 | SH |  | SOLE |  | 264981 | 0 | 1098 |
| Analog Devices Inc. | COM | 032654105 |  | 140068 | 853916 | SH |  | SOLE |  | 848289 | 0 | 5627 |
| Annaly Capital Management Inc. | COM | 035710839 |  | 14 | 648 | SH |  | SOLE |  | 648 | 0 | 0 |
| Annaly Capital Management Inc. | COM | 035710839 |  | 870 | 41250 | SH |  | DFND | 01 | 0 | 41250 | 0 |
| Aptiv plc | COM | G6095L109 |  | 541 | 5806 | SH |  | SOLE |  | 5606 | 0 | 200 |
| Ares Capital Corp. | COM | 04010L103 |  | 79032 | 4278922 | SH |  | SOLE |  | 4250713 | 0 | 28209 |
| Ares Capital Corp. | COM | 04010L103 |  | 4617 | 250000 | SH |  | DFND | 01 | 0 | 250000 | 0 |
| Azek Co. Inc. | COM | 05478C105 |  | 9098 | 447745 | SH |  | SOLE |  | 444915 | 0 | 2830 |
| Azek Co. Inc. | COM | 05478C105 |  | 995 | 48986 | SH |  | DFND | 01 | 0 | 48986 | 0 |
| Bank of Marin BanCorp | COM | 063425102 |  | 3313 | 100747 | SH |  | SOLE |  | 100146 | 0 | 601 |
| Bank of Marin BanCorp | COM | 063425102 |  | 819 | 24918 | SH |  | DFND | 01 | 0 | 24918 | 0 |
| Barclays 1-3 Year Treasury Bon | COM | 464287457 |  | 42497 | 523551 | SH |  | SOLE |  | 523551 | 0 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 1226 | 150432 | SH |  | SOLE |  | 150432 | 0 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 3178 | 390000 | SH |  | DFND | 01 | 0 | 390000 | 0 |
| Barrick Gold Corp. | COM | 067901108 |  | 387 | 22528 | SH |  | SOLE |  | 22407 | 0 | 121 |
| Becton Dickinson and Co. | COM | 075887109 |  | 19460 | 76525 | SH |  | SOLE |  | 76217 | 0 | 308 |
| Berkshire Hathaway Inc. - A | COM | 084670108 |  | 2344 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 59938 | 194037 | SH |  | SOLE |  | 193443 | 0 | 594 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 1390 | 4500 | SH |  | DFND | 01 | 0 | 4500 | 0 |
| Black Knight Inc. | COM | 09215C105 |  | 11294 | 182905 | SH |  | SOLE |  | 182250 | 0 | 655 |
| BlackRock TCP Capital Corp. | COM | 09259e108 |  | 1148 | 88740 | SH |  | SOLE |  | 88740 | 0 | 0 |
| BlackRock TCP Capital Corp. | COM | 09259e108 |  | 4296 | 332000 | SH |  | DFND | 01 | 0 | 332000 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 767 | 34318 | SH |  | SOLE |  | 34318 | 0 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 2000 | 89500 | SH |  | DFND | 01 | 0 | 89500 | 0 |
| BNP Paribas S.A. | COM | 05565A202 |  | 591 | 20746 | SH |  | SOLE |  | 20037 | 0 | 709 |
| Booking Holdings Inc. | COM | 09857L108 |  | 35832 | 17780 | SH |  | SOLE |  | 17733 | 0 | 47 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 109547 | 816719 | SH |  | SOLE |  | 811364 | 0 | 5355 |
| Brookfield Asset Management | COM | 113004105 |  | 8319 | 290178 | SH |  | SOLE |  | 289350 | 0 | 828 |
| Brookfield Corp. | COM | 11271J107 |  | 37524 | 1192739 | SH |  | SOLE |  | 1188650 | 0 | 4089 |
| Brookfield Infrastructure Corp | COM | 11275Q107 |  | 100739 | 2589701 | SH |  | SOLE |  | 2571688 | 0 | 18013 |
| Brown  Brown Inc. | COM | 115236101 |  | 33908 | 595193 | SH |  | SOLE |  | 592830 | 0 | 2363 |
| Brown  Brown Inc. | COM | 115236101 |  | 914 | 16043 | SH |  | DFND | 01 | 0 | 16043 | 0 |
| BRP Group Inc. | COM | 05589g102 |  | 10098 | 401666 | SH |  | SOLE |  | 399046 | 0 | 2620 |
| BRP Group Inc. | COM | 05589g102 |  | 940 | 37401 | SH |  | DFND | 01 | 0 | 37401 | 0 |
| CAE Inc. | COM | 124765108 |  | 460 | 23801 | SH |  | SOLE |  | 23041 | 0 | 760 |
| Cameco Corp. | COM | 13321L108 |  | 502 | 22164 | SH |  | SOLE |  | 22052 | 0 | 112 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 5815 | 281595 | SH |  | SOLE |  | 279484 | 0 | 2111 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 576 | 27876 | SH |  | DFND | 01 | 0 | 27876 | 0 |
| Capital Southwest Corp. | COM | 140501107 |  | 712 | 41617 | SH |  | SOLE |  | 41617 | 0 | 0 |
| Capital Southwest Corp. | COM | 140501107 |  | 1214 | 71000 | SH |  | DFND | 01 | 0 | 71000 | 0 |
| CarMax Inc. | COM | 143130102 |  | 8168 | 134143 | SH |  | SOLE |  | 133660 | 0 | 483 |
| Charles Schwab Corp. | COM | 808513105 |  | 22839 | 274315 | SH |  | SOLE |  | 273176 | 0 | 1139 |
| Chesapeake Energy Corp. | COM | 165167735 |  | 598 | 6334 | SH |  | SOLE |  | 6299 | 0 | 35 |
| Chevron Corp. | COM | 166764100 |  | 147296 | 820638 | SH |  | SOLE |  | 815417 | 0 | 5220 |
| China Southern Airlines Co Ltd | COM | 169409109 |  | 289 | 8933 | SH |  | SOLE |  | 8933 | 0 | 0 |
| Chubb Ltd. | COM | H1467J104 |  | 154236 | 699167 | SH |  | SOLE |  | 694097 | 0 | 5070 |
| Cia Brasileira de Distribuicao | COM | 20440T300 |  | 150 | 48474 | SH |  | SOLE |  | 48474 | 0 | 0 |
| Cie Financiere Richemont S.A. | COM | 204319107 |  | 142 | 11007 | SH |  | SOLE |  | 11007 | 0 | 0 |
| Cisco Systems Inc. | COM | 17275R102 |  | 96216 | 2019638 | SH |  | SOLE |  | 2006313 | 0 | 13325 |
| Clarivate plc | COM | G21810109 |  | 26337 | 3157935 | SH |  | SOLE |  | 3145596 | 0 | 12339 |
| Clorox Co. | COM | 189054109 |  | 16477 | 117417 | SH |  | SOLE |  | 116920 | 0 | 496 |
| CNH Industrial N.V. | COM | n20944109 |  | 728 | 45321 | SH |  | SOLE |  | 43876 | 0 | 1445 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 117980 | 1497399 | SH |  | SOLE |  | 1486895 | 0 | 10504 |
| Commerce Bancshares Inc. | COM | 200525103 |  | 20664 | 303571 | SH |  | SOLE |  | 302510 | 0 | 1061 |
| ConocoPhillips | COM | 20825C104 |  | 603 | 5114 | SH |  | SOLE |  | 5083 | 0 | 31 |
| Core Laboratories N.V. | COM | N22717107 |  | 3190 | 157398 | SH |  | SOLE |  | 156252 | 0 | 1146 |
| Core Laboratories N.V. | COM | N22717107 |  | 767 | 37837 | SH |  | DFND | 01 | 0 | 37837 | 0 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 308 | 674 | SH |  | SOLE |  | 659 | 0 | 15 |
| Coterra Energy Inc. | COM | 127097103 |  | 442 | 17975 | SH |  | SOLE |  | 17871 | 0 | 104 |
| Crescent Capital BDC Inc. | COM | 225655109 |  | 300 | 23453 | SH |  | SOLE |  | 23453 | 0 | 0 |
| Crescent Capital BDC Inc. | COM | 225655109 |  | 332 | 26000 | SH |  | DFND | 01 | 0 | 26000 | 0 |
| Cullen/Frost Bankers Inc. | COM | 229899109 |  | 21335 | 159576 | SH |  | SOLE |  | 158857 | 0 | 719 |
| CyberArk Software Ltd. | COM | M2682V108 |  | 834 | 6429 | SH |  | SOLE |  | 6228 | 0 | 201 |
| DBS Group Holdings Ltd. | COM | 23304y100 |  | 863 | 8514 | SH |  | SOLE |  | 8264 | 0 | 250 |
| Denison Mines Corp. | COM | 248356107 |  | 279 | 242449 | SH |  | SOLE |  | 241102 | 0 | 1347 |
| Diageo plc | COM | 25243Q205 |  | 157108 | 881686 | SH |  | SOLE |  | 876084 | 0 | 5601 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 482 | 3522 | SH |  | SOLE |  | 3502 | 0 | 20 |
| Digital Realty Trust Inc. | COM | 253868103 |  | 75212 | 750094 | SH |  | SOLE |  | 744638 | 0 | 5456 |
| Dimensional National Municipal | COM | 25434V849 |  | 11334 | 237073 | SH |  | SOLE |  | 236473 | 0 | 600 |
| Dollar Tree Inc. | COM | 256746108 |  | 19495 | 137835 | SH |  | SOLE |  | 137198 | 0 | 637 |
| Donaldson Co Inc. | COM | 257651109 |  | 19611 | 333125 | SH |  | SOLE |  | 331673 | 0 | 1452 |
| Dow Inc. | COM | 260557103 |  | 89389 | 1773946 | SH |  | SOLE |  | 1761601 | 0 | 12345 |
| Dr Reddy's Laboratories Ltd. | COM | 256135203 |  | 221 | 4279 | SH |  | SOLE |  | 4279 | 0 | 0 |
| DSV A.S. | COM | 26251A108 |  | 789 | 9933 | SH |  | SOLE |  | 9575 | 0 | 358 |
| Dun  Bradstreet Holdings Inc. | COM | 26484T106 |  | 29936 | 2441760 | SH |  | SOLE |  | 2433249 | 0 | 8511 |
| DuPont de Nemours Inc. | COM | 26614N102 |  | 10599 | 154438 | SH |  | SOLE |  | 153897 | 0 | 541 |
| Ecopetrol S.A. | COM | 279158109 |  | 147 | 14069 | SH |  | SOLE |  | 14069 | 0 | 0 |
| Edgewell Personal Care Co. | COM | 28035Q102 |  | 4282 | 111105 | SH |  | SOLE |  | 110376 | 0 | 729 |
| Edgewell Personal Care Co. | COM | 28035Q102 |  | 774 | 20080 | SH |  | DFND | 01 | 0 | 20080 | 0 |
| ENN Energy Holdings Ltd. | COM | 26876F102 |  | 293 | 5268 | SH |  | SOLE |  | 5268 | 0 | 0 |
| Entergy Corp. | COM | 29364G103 |  | 101192 | 899484 | SH |  | SOLE |  | 892723 | 0 | 6761 |
| EOG Resources Inc. | COM | 26875P101 |  | 536 | 4136 | SH |  | SOLE |  | 4112 | 0 | 24 |
| Expeditors International of Wa | COM | 302130109 |  | 19846 | 190978 | SH |  | SOLE |  | 190324 | 0 | 654 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 698 | 6328 | SH |  | SOLE |  | 6294 | 0 | 34 |
| FARO Technologies Inc. | COM | 311642102 |  | 1938 | 65884 | SH |  | SOLE |  | 65494 | 0 | 390 |
| FARO Technologies Inc. | COM | 311642102 |  | 337 | 11454 | SH |  | DFND | 01 | 0 | 11454 | 0 |
| Fastenal Co. | COM | 311900104 |  | 134878 | 2850345 | SH |  | SOLE |  | 2834418 | 0 | 15927 |
| Fidelity National Financial In | COM | 31620R303 |  | 103716 | 2756943 | SH |  | SOLE |  | 2736611 | 0 | 20331 |
| Fidelity National Information | COM | 31620M106 |  | 12570 | 185265 | SH |  | SOLE |  | 184503 | 0 | 762 |
| First Eagle Alternative Capita | COM | 26943B100 |  | 366 | 85960 | SH |  | SOLE |  | 85960 | 0 | 0 |
| First Eagle Alternative Capita | COM | 26943B100 |  | 319 | 75000 | SH |  | DFND | 01 | 0 | 75000 | 0 |
| First Quantum Minerals Ltd. | COM | 335934105 |  | 428 | 20523 | SH |  | SOLE |  | 20399 | 0 | 124 |
| Fomento Economico Mexicano S.A | COM | 344419106 |  | 244 | 3126 | SH |  | SOLE |  | 3126 | 0 | 0 |
| Forward Air Corp. | COM | 349853101 |  | 4838 | 46121 | SH |  | SOLE |  | 45754 | 0 | 367 |
| Forward Air Corp. | COM | 349853101 |  | 841 | 8022 | SH |  | DFND | 01 | 0 | 8022 | 0 |
| Franco-Nevada Corp. | COM | 351858105 |  | 1466 | 10742 | SH |  | SOLE |  | 10523 | 0 | 219 |
| Franklin Street Properties Cor | COM | 35471R106 |  | 1524 | 558066 | SH |  | SOLE |  | 40000 | 0 | 518066 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 427 | 11250 | SH |  | SOLE |  | 11191 | 0 | 59 |
| Frontdoor Inc. | COM | 35905A109 |  | 9677 | 465223 | SH |  | SOLE |  | 463272 | 0 | 1951 |
| Frontdoor Inc. | COM | 35905A109 |  | 553 | 26579 | SH |  | DFND | 01 | 0 | 26579 | 0 |
| FS KKR Capital Corp. | COM | 302635206 |  | 332 | 18977 | SH |  | SOLE |  | 18977 | 0 | 0 |
| FS KKR Capital Corp. | COM | 302635206 |  | 674 | 38500 | SH |  | DFND | 01 | 0 | 38500 | 0 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 15777 | 1382733 | SH |  | SOLE |  | 1375688 | 0 | 7045 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 604 | 52963 | SH |  | DFND | 01 | 0 | 52963 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 21949 | 88467 | SH |  | SOLE |  | 88078 | 0 | 389 |
| Gilead Sciences Inc. | COM | 375558103 |  | 115554 | 1345997 | SH |  | SOLE |  | 1336936 | 0 | 9061 |
| Gladstone Commercial Corp. | COM | 376536108 |  | 1747 | 94456 | SH |  | SOLE |  | 93712 | 0 | 744 |
| Gladstone Commercial Corp. | COM | 376536108 |  | 625 | 33760 | SH |  | DFND | 01 | 0 | 33760 | 0 |
| Glencore plc | COM | 37827X100 |  | 618 | 46423 | SH |  | SOLE |  | 46111 | 0 | 312 |
| Gold Fields Ltd. | COM | 38059t106 |  | 234 | 22586 | SH |  | SOLE |  | 22586 | 0 | 0 |
| Goldman Sachs BDC Inc. | COM | 38147U107 |  | 1020 | 74340 | SH |  | SOLE |  | 74340 | 0 | 0 |
| Goldman Sachs BDC Inc. | COM | 38147U107 |  | 1852 | 135000 | SH |  | DFND | 01 | 0 | 135000 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 1299 | 98738 | SH |  | SOLE |  | 98738 | 0 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 3290 | 250000 | SH |  | DFND | 01 | 0 | 250000 | 0 |
| Graco Inc. | COM | 384109104 |  | 68965 | 1025353 | SH |  | SOLE |  | 1019648 | 0 | 5705 |
| Grupo Financiero Banorte S.A.B | COM | 40052P107 |  | 225 | 6272 | SH |  | SOLE |  | 6272 | 0 | 0 |
| H World Group Ltd. | COM | 44332N106 |  | 240 | 5658 | SH |  | SOLE |  | 5658 | 0 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 3493 | 415338 | SH |  | SOLE |  | 412470 | 0 | 2868 |
| Hagerty Inc. | COM | 405166109 |  | 771 | 91625 | SH |  | DFND | 01 | 0 | 91625 | 0 |
| Hayward Holdings Inc. | COM | 421298100 |  | 2971 | 316033 | SH |  | SOLE |  | 313652 | 0 | 2381 |
| Hayward Holdings Inc. | COM | 421298100 |  | 958 | 101935 | SH |  | DFND | 01 | 0 | 101935 | 0 |
| HDFC Bank Ltd. | COM | 40415F101 |  | 335 | 4894 | SH |  | SOLE |  | 4894 | 0 | 0 |
| Healthcare Services Group Inc. | COM | 421906108 |  | 2579 | 214929 | SH |  | SOLE |  | 213302 | 0 | 1627 |
| Hercules Capital Inc. | COM | 427096508 |  | 822 | 62192 | SH |  | SOLE |  | 62192 | 0 | 0 |
| Hercules Capital Inc. | COM | 427096508 |  | 4495 | 340000 | SH |  | DFND | 01 | 0 | 340000 | 0 |
| Hershey Co. | COM | 427866108 |  | 24886 | 107464 | SH |  | SOLE |  | 107036 | 0 | 428 |
| Hexagon A.B. | COM | 428263107 |  | 9175 | 881364 | SH |  | SOLE |  | 878011 | 0 | 3353 |
| Home Depot Inc. | COM | 437076102 |  | 131459 | 416195 | SH |  | SOLE |  | 413544 | 0 | 2650 |
| Honeywell International Inc. | COM | 438516106 |  | 250 | 1166 | SH |  | SOLE |  | 1166 | 0 | 0 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 4091 | 168078 | SH |  | SOLE |  | 166977 | 0 | 1101 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 861 | 35380 | SH |  | DFND | 01 | 0 | 35380 | 0 |
| ICICI Bank Ltd. | COM | 45104g104 |  | 305 | 13941 | SH |  | SOLE |  | 13941 | 0 | 0 |
| ICON plc | COM | G4705A100 |  | 882 | 4542 | SH |  | SOLE |  | 4426 | 0 | 116 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 61920 | 281073 | SH |  | SOLE |  | 280255 | 0 | 818 |
| Infosys Ltd. | COM | 456788108 |  | 955 | 53020 | SH |  | SOLE |  | 51761 | 0 | 1259 |
| ING Groep N.V. | COM | 456837103 |  | 607 | 49890 | SH |  | SOLE |  | 48284 | 0 | 1606 |
| Invesco BulletShares 2023 Muni | COM | 46138J544 |  | 5654 | 224927 | SH |  | SOLE |  | 224363 | 0 | 564 |
| Invesco BulletShares 2024 Muni | COM | 46138J536 |  | 5657 | 228559 | SH |  | SOLE |  | 227986 | 0 | 573 |
| Invesco BulletShares 2025 Corp | COM | 46138j825 |  | 8665 | 430221 | SH |  | SOLE |  | 429261 | 0 | 960 |
| Invesco BulletShares 2025 Muni | COM | 46138J528 |  | 5685 | 233754 | SH |  | SOLE |  | 233168 | 0 | 586 |
| Invesco BulletShares 2026 Muni | COM | 46138J510 |  | 5716 | 243141 | SH |  | SOLE |  | 242532 | 0 | 609 |
| Invesco BulletShares 2027 Muni | COM | 46138J494 |  | 6317 | 268583 | SH |  | SOLE |  | 267910 | 0 | 673 |
| Invesco BulletShares 2028 Muni | COM | 46138J486 |  | 6942 | 298840 | SH |  | SOLE |  | 298090 | 0 | 750 |
| Invesco BulletShares 2029 Muni | COM | 46138J478 |  | 863 | 37699 | SH |  | SOLE |  | 37699 | 0 | 0 |
| Invesco BulletShares 2030 Muni | COM | 46138J445 |  | 245 | 11309 | SH |  | SOLE |  | 11309 | 0 | 0 |
| Invesco BulletShares 2031 Muni | COM | 46138j411 |  | 242 | 11670 | SH |  | SOLE |  | 11670 | 0 | 0 |
| Invesco Optimum Yield Diversif | COM | 46090F100 |  | 7088 | 479591 | SH |  | SOLE |  | 479591 | 0 | 0 |
| iShares 1-5 Year Investment Gr | COM | 464288646 |  | 5443 | 109249 | SH |  | SOLE |  | 109249 | 0 | 0 |
| iShares Barclays 10-20 Year Tr | COM | 464288653 |  | 10366 | 95825 | SH |  | SOLE |  | 95614 | 0 | 211 |
| iShares BB Rated Corporate Bon | COM | 46435U473 |  | 40724 | 917213 | SH |  | SOLE |  | 917213 | 0 | 0 |
| iShares Core S 500 ETF | COM | 464287200 |  | 436 | 1134 | SH |  | SOLE |  | 1134 | 0 | 0 |
| iShares Core S US Value ETF | COM | 464287663 |  | 15194 | 215125 | SH |  | SOLE |  | 214883 | 0 | 242 |
| iShares Core U.S. Aggregate Bo | COM | 464287226 |  | 1370 | 14126 | SH |  | SOLE |  | 14126 | 0 | 0 |
| iShares Gold Trust ETF | COM | 464285204 |  | 6853 | 198117 | SH |  | SOLE |  | 198023 | 0 | 94 |
| iShares iBonds Dec 2023 Term M | COM | 46435G318 |  | 3071 | 121141 | SH |  | SOLE |  | 121141 | 0 | 0 |
| iShares iBonds Dec 2024 Term C | COM | 46434VBG4 |  | 7450 | 305092 | SH |  | SOLE |  | 305092 | 0 | 0 |
| iShares iBonds Dec 2024 Term M | COM | 46435U697 |  | 865 | 33609 | SH |  | SOLE |  | 33609 | 0 | 0 |
| iShares iBonds Dec 2024 Term T | COM | 46436E874 |  | 13004 | 545228 | SH |  | SOLE |  | 544414 | 0 | 814 |
| iShares iBonds Dec 2025 Term M | COM | 46435U432 |  | 264 | 10002 | SH |  | SOLE |  | 10002 | 0 | 0 |
| iShares iBonds Dec 2025 Term T | COM | 46436E866 |  | 8502 | 365202 | SH |  | SOLE |  | 364382 | 0 | 820 |
| iShares iBonds Dec 2026 Term C | COM | 46435GAA0 |  | 19752 | 845908 | SH |  | SOLE |  | 844288 | 0 | 1620 |
| iShares iBonds Dec 2026 Term M | COM | 46435U259 |  | 263 | 10436 | SH |  | SOLE |  | 10436 | 0 | 0 |
| iShares iBonds Dec 2026 Term T | COM | 46436E858 |  | 20273 | 892501 | SH |  | SOLE |  | 890503 | 0 | 1998 |
| iShares iBonds Dec 2027 Term C | COM | 46435UAA9 |  | 4197 | 179582 | SH |  | SOLE |  | 179181 | 0 | 401 |
| iShares iBonds Dec 2027 Term M | COM | 46435U283 |  | 262 | 10440 | SH |  | SOLE |  | 10440 | 0 | 0 |
| iShares iBonds Dec 2027 Term T | COM | 46436E841 |  | 31139 | 1399777 | SH |  | SOLE |  | 1396705 | 0 | 3072 |
| iShares iBonds Dec 2028 Term M | COM | 46435U325 |  | 644 | 25668 | SH |  | SOLE |  | 25668 | 0 | 0 |
| iShares iBonds Dec 2028 Term T | COM | 46436E833 |  | 10180 | 463987 | SH |  | SOLE |  | 462937 | 0 | 1050 |
| iShares iBonds Dec 2029 Term T | COM | 46436E825 |  | 8091 | 374762 | SH |  | SOLE |  | 373915 | 0 | 847 |
| iShares iBonds December 2030 T | COM | 46436e593 |  | 20332 | 1040289 | SH |  | SOLE |  | 1038421 | 0 | 1868 |
| iShares National Muni Bond ETF | COM | 464288414 |  | 498 | 4716 | SH |  | SOLE |  | 4716 | 0 | 0 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 9055 | 59708 | SH |  | SOLE |  | 59708 | 0 | 0 |
| iShares Russell 2000 Value ETF | COM | 464287630 |  | 1763 | 12711 | SH |  | SOLE |  | 12711 | 0 | 0 |
| iShares Silver Trust ETF | COM | 46428Q109 |  | 333 | 15125 | SH |  | SOLE |  | 15052 | 0 | 73 |
| iShares US Aerospace  Defense | COM | 464288760 |  | 3249 | 29041 | SH |  | SOLE |  | 29041 | 0 | 0 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 11957 | 79867 | SH |  | SOLE |  | 79365 | 0 | 502 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 832 | 5558 | SH |  | DFND | 01 | 0 | 5558 | 0 |
| JBS S.A. | COM | 466110103 |  | 106 | 12484 | SH |  | SOLE |  | 12484 | 0 | 0 |
| John Bean Technologies Corp. | COM | 477839104 |  | 3454 | 37818 | SH |  | SOLE |  | 37553 | 0 | 265 |
| John Bean Technologies Corp. | COM | 477839104 |  | 747 | 8181 | SH |  | DFND | 01 | 0 | 8181 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 251 | 1872 | SH |  | SOLE |  | 1872 | 0 | 0 |
| Kadant Inc. | COM | 48282T104 |  | 4083 | 22984 | SH |  | SOLE |  | 22846 | 0 | 138 |
| Kadant Inc. | COM | 48282T104 |  | 805 | 4530 | SH |  | DFND | 01 | 0 | 4530 | 0 |
| KB Financial Group Inc. | COM | 48241a105 |  | 235 | 6089 | SH |  | SOLE |  | 6089 | 0 | 0 |
| Kemper Corp. | COM | 488401100 |  | 221 | 4499 | SH |  | SOLE |  | 4499 | 0 | 0 |
| Keurig Dr. Pepper Inc. | COM | 49271V100 |  | 13190 | 369874 | SH |  | SOLE |  | 368354 | 0 | 1520 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 100099 | 5536461 | SH |  | SOLE |  | 5502729 | 0 | 33732 |
| Komatsu Ltd. | COM | 500458401 |  | 400 | 18541 | SH |  | SOLE |  | 18051 | 0 | 490 |
| L'Oreal S.A. | COM | 502117203 |  | 848 | 11901 | SH |  | SOLE |  | 11579 | 0 | 322 |
| Leslie's Inc. | COM | 527064109 |  | 17356 | 1421426 | SH |  | SOLE |  | 1417149 | 0 | 4277 |
| Linde plc | COM | G5494J103 |  | 141150 | 432737 | SH |  | SOLE |  | 429968 | 0 | 2768 |
| Localiza Rent a Car S.A. | COM | 53956W300 |  | 244 | 24729 | SH |  | SOLE |  | 24729 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 164507 | 338151 | SH |  | SOLE |  | 335799 | 0 | 2352 |
| Lonza Group | COM | 54338V101 |  | 552 | 11318 | SH |  | SOLE |  | 11003 | 0 | 315 |
| Lowe's Cos. Inc. | COM | 548661107 |  | 58676 | 294501 | SH |  | SOLE |  | 293663 | 0 | 838 |
| LVMH Moet Hennessy Louis Vuitt | COM | 502441306 |  | 1050 | 7248 | SH |  | SOLE |  | 7045 | 0 | 203 |
| M Bank Corp. | COM | 55261F104 |  | 17179 | 118427 | SH |  | SOLE |  | 117898 | 0 | 529 |
| Main Street Capital Corp. | COM | 56035L104 |  | 1101 | 29794 | SH |  | SOLE |  | 29794 | 0 | 0 |
| Main Street Capital Corp. | COM | 56035L104 |  | 4101 | 111000 | SH |  | DFND | 01 | 0 | 111000 | 0 |
| MakeMyTrip Ltd. | COM | V5633W109 |  | 297 | 10785 | SH |  | SOLE |  | 10785 | 0 | 0 |
| Manatuck Hill Mariner Offshore | COM | 562996983 |  | 352 | 1838 | SH |  | SOLE |  | 1838 | 0 | 0 |
| Markel Corp. | COM | 570535104 |  | 62567 | 47489 | SH |  | SOLE |  | 47322 | 0 | 167 |
| Markel Corp. | COM | 570535104 |  | 198 | 150 | SH |  | DFND | 01 | 0 | 150 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 3609 | 182458 | SH |  | SOLE |  | 181235 | 0 | 1223 |
| Marten Transport Ltd. | COM | 573075108 |  | 763 | 38555 | SH |  | DFND | 01 | 0 | 38555 | 0 |
| Masco Corp. | COM | 574599106 |  | 51393 | 1101200 | SH |  | SOLE |  | 1097606 | 0 | 3594 |
| Mastercard Inc. | COM | 57636Q104 |  | 75707 | 217719 | SH |  | SOLE |  | 217062 | 0 | 657 |
| Materion Corp. | COM | 576690101 |  | 423 | 4835 | SH |  | SOLE |  | 4811 | 0 | 24 |
| Mativ Inc. | COM | 808541106 |  | 1951 | 93367 | SH |  | SOLE |  | 92799 | 0 | 568 |
| Mativ Inc. | COM | 808541106 |  | 396 | 18934 | SH |  | DFND | 01 | 0 | 18934 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 22302 | 84627 | SH |  | SOLE |  | 84284 | 0 | 343 |
| Medtronic plc | COM | G5960L103 |  | 14438 | 185772 | SH |  | SOLE |  | 185157 | 0 | 615 |
| MercadoLibre Inc. | COM | 58733R102 |  | 251 | 297 | SH |  | SOLE |  | 297 | 0 | 0 |
| MGP Ingredients Inc. | COM | 55303J106 |  | 4358 | 40966 | SH |  | SOLE |  | 40682 | 0 | 284 |
| MGP Ingredients Inc. | COM | 55303J106 |  | 824 | 7750 | SH |  | DFND | 01 | 0 | 7750 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 128826 | 537177 | SH |  | SOLE |  | 533698 | 0 | 3479 |
| Morningstar Inc. | COM | 617700109 |  | 14765 | 68169 | SH |  | SOLE |  | 67852 | 0 | 317 |
| Morningstar Inc. | COM | 617700109 |  | 771 | 3560 | SH |  | DFND | 01 | 0 | 3560 | 0 |
| Mosaic Co. | COM | 61945C103 |  | 481 | 10957 | SH |  | SOLE |  | 10895 | 0 | 62 |
| Movado Group Inc. | COM | 624580106 |  | 4397 | 136328 | SH |  | SOLE |  | 135388 | 0 | 940 |
| Movado Group Inc. | COM | 624580106 |  | 811 | 25152 | SH |  | DFND | 01 | 0 | 25152 | 0 |
| Nestle S.A. | COM | 641069406 |  | 126073 | 1093055 | SH |  | SOLE |  | 1085958 | 0 | 7097 |
| New Jersey Resources Corp. | COM | 646025106 |  | 21785 | 439040 | SH |  | SOLE |  | 437093 | 0 | 1947 |
| New Mountain Finance Corp. | COM | 647551100 |  | 900 | 72776 | SH |  | SOLE |  | 72776 | 0 | 0 |
| New Mountain Finance Corp. | COM | 647551100 |  | 4057 | 328000 | SH |  | DFND | 01 | 0 | 328000 | 0 |
| NIKE Inc. | COM | 654106103 |  | 19183 | 163947 | SH |  | SOLE |  | 163245 | 0 | 702 |
| Nintendo Co. Ltd. | COM | 654445303 |  | 523 | 50188 | SH |  | SOLE |  | 48663 | 0 | 1525 |
| Nordson Corp. | COM | 655663102 |  | 37835 | 159159 | SH |  | SOLE |  | 158540 | 0 | 619 |
| Northern Trust Corp. | COM | 665859104 |  | 102657 | 1160092 | SH |  | SOLE |  | 1152437 | 0 | 7655 |
| Northwest Natural Holding Co. | COM | 66765N105 |  | 3516 | 73880 | SH |  | SOLE |  | 73427 | 0 | 453 |
| Northwest Natural Holding Co. | COM | 66765N105 |  | 872 | 18320 | SH |  | DFND | 01 | 0 | 18320 | 0 |
| Novo Nordisk A.S. | COM | 670100205 |  | 1164 | 8603 | SH |  | SOLE |  | 8426 | 0 | 177 |
| Nutrien Ltd | COM | 67077M108 |  | 370 | 5069 | SH |  | SOLE |  | 5043 | 0 | 26 |
| NVIDIA Corp. | COM | 67066G104 |  | 232 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| NXP Semiconductors N.V. | COM | N6596X109 |  | 55753 | 352800 | SH |  | SOLE |  | 351638 | 0 | 1162 |
| Oaktree Specialty Lending Corp | COM | 67401P108 |  | 602 | 87563 | SH |  | SOLE |  | 87563 | 0 | 0 |
| OFS Capital Corp. | COM | 67103B100 |  | 517 | 50930 | SH |  | SOLE |  | 50930 | 0 | 0 |
| OFS Capital Corp. | COM | 67103B100 |  | 2720 | 268000 | SH |  | DFND | 01 | 0 | 268000 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 77843 | 952330 | SH |  | SOLE |  | 949418 | 0 | 2912 |
| Owl Rock Capital Corp. | COM | 69121K104 |  | 907 | 78554 | SH |  | SOLE |  | 78554 | 0 | 0 |
| Owl Rock Capital Corp. | COM | 69121K104 |  | 1732 | 150000 | SH |  | DFND | 01 | 0 | 150000 | 0 |
| Pan American Silver Corporatio | COM | 697900108 |  | 441 | 26985 | SH |  | SOLE |  | 26835 | 0 | 150 |
| Paychex Inc. | COM | 704326107 |  | 147893 | 1279791 | SH |  | SOLE |  | 1271582 | 0 | 8209 |
| PennantPark Investment Corp. | COM | 708062104 |  | 375 | 65246 | SH |  | SOLE |  | 65246 | 0 | 0 |
| PennantPark Investment Corp. | COM | 708062104 |  | 3772 | 656000 | SH |  | DFND | 01 | 0 | 656000 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 186468 | 1032149 | SH |  | SOLE |  | 1026194 | 0 | 5954 |
| Perficient Inc. | COM | 71375U101 |  | 4077 | 58388 | SH |  | SOLE |  | 57987 | 0 | 401 |
| Perficient Inc. | COM | 71375U101 |  | 839 | 12009 | SH |  | DFND | 01 | 0 | 12009 | 0 |
| PhenixFIN Corp. | COM | 71742W103 |  | 453 | 14551 | SH |  | DFND | 01 | 0 | 14551 | 0 |
| PIMCO 20 Plus Year Zero Coupon | COM | 72201R882 |  | 7196 | 82404 | SH |  | SOLE |  | 82404 | 0 | 0 |
| PIMCO 20 Plus Year Zero Coupon | COM | 72201R882 |  | 437 | 5000 | SH |  | DFND | 01 | 0 | 5000 | 0 |
| Pioneer Natural Resources Co. | COM | 723787107 |  | 480 | 2101 | SH |  | SOLE |  | 2088 | 0 | 13 |
| Polaris Inc. | COM | 731068102 |  | 113380 | 1122571 | SH |  | SOLE |  | 1114519 | 0 | 8052 |
| Portman Ridge Finance Corp. | COM | 73688F201 |  | 413 | 17938 | SH |  | SOLE |  | 17938 | 0 | 0 |
| Portman Ridge Finance Corp. | COM | 73688F201 |  | 1012 | 44000 | SH |  | DFND | 01 | 0 | 44000 | 0 |
| POSCO Holdings Inc. | COM | 693483109 |  | 733 | 13449 | SH |  | SOLE |  | 13057 | 0 | 392 |
| Powershares Insured National M | COM | 46138E537 |  | 8623 | 375894 | SH |  | SOLE |  | 374951 | 0 | 943 |
| Procter  Gamble Co. | COM | 742718109 |  | 21303 | 140561 | SH |  | SOLE |  | 139998 | 0 | 563 |
| Progressive Corp. | COM | 743315103 |  | 167484 | 1291221 | SH |  | SOLE |  | 1282736 | 0 | 8485 |
| Prudential Financial Inc. | COM | 744320102 |  | 22 | 218 | SH |  | SOLE |  | 218 | 0 | 0 |
| Prudential Financial Inc. | COM | 744320102 |  | 1094 | 11000 | SH |  | DFND | 01 | 0 | 11000 | 0 |
| PT Astra International Tbk | COM | 69367X109 |  | 150 | 21206 | SH |  | SOLE |  | 21206 | 0 | 0 |
| Rayonier Inc. | COM | 754907103 |  | 97391 | 2954826 | SH |  | SOLE |  | 2934680 | 0 | 20146 |
| Rayonier Inc. | COM | 754907103 |  | 318 | 9653 | SH |  | DFND | 01 | 0 | 9653 | 0 |
| Raytheon Technologies Corp. | COM | 75513E101 |  | 64011 | 634278 | SH |  | SOLE |  | 632249 | 0 | 2029 |
| RBC Bearings Inc. | COM | 75524B104 |  | 4707 | 22485 | SH |  | SOLE |  | 22316 | 0 | 169 |
| RBC Bearings Inc. | COM | 75524B104 |  | 738 | 3527 | SH |  | DFND | 01 | 0 | 3527 | 0 |
| RE/MAX Holdings Inc. | COM | 75524W108 |  | 10607 | 569060 | SH |  | SOLE |  | 566510 | 0 | 2550 |
| RE/MAX Holdings Inc. | COM | 75524W108 |  | 324 | 17400 | SH |  | DFND | 01 | 0 | 17400 | 0 |
| Rio Tinto plc | COM | 767204100 |  | 1224 | 17195 | SH |  | SOLE |  | 16824 | 0 | 371 |
| Roche Holding A.G. | COM | 771195104 |  | 477 | 12180 | SH |  | SOLE |  | 11818 | 0 | 362 |
| Rockwell Automation Inc. | COM | 773903109 |  | 19549 | 75900 | SH |  | SOLE |  | 75578 | 0 | 322 |
| Royal Gold Inc. | COM | 780287108 |  | 457 | 4052 | SH |  | SOLE |  | 4028 | 0 | 24 |
| S Global Inc. | COM | 78409V104 |  | 70055 | 209155 | SH |  | SOLE |  | 208475 | 0 | 680 |
| SAP S.E. | COM | 803054204 |  | 485 | 4697 | SH |  | SOLE |  | 4557 | 0 | 140 |
| Sendas Distribuidora S.A. | COM | 81689T104 |  | 227 | 12413 | SH |  | SOLE |  | 12413 | 0 | 0 |
| Shell plc | COM | 780259305 |  | 890 | 15634 | SH |  | SOLE |  | 15210 | 0 | 424 |
| Sherwin-Williams Co. | COM | 824348106 |  | 20124 | 84792 | SH |  | SOLE |  | 84429 | 0 | 363 |
| Shopify Inc. | COM | 82509L107 |  | 311 | 8955 | SH |  | SOLE |  | 8775 | 0 | 180 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 1291 | 72540 | SH |  | SOLE |  | 72540 | 0 | 0 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 2617 | 147000 | SH |  | DFND | 01 | 0 | 147000 | 0 |
| SJW Group | COM | 784305104 |  | 5560 | 68482 | SH |  | SOLE |  | 68012 | 0 | 470 |
| SJW Group | COM | 784305104 |  | 854 | 10514 | SH |  | DFND | 01 | 0 | 10514 | 0 |
| SL Green Realty Corp. | COM | 78440X887 |  | 70145 | 2080208 | SH |  | SOLE |  | 2065044 | 0 | 15164 |
| SLR Investment Corp. | COM | 83413U100 |  | 1036 | 74451 | SH |  | SOLE |  | 74451 | 0 | 0 |
| SLR Investment Corp. | COM | 83413U100 |  | 2240 | 161000 | SH |  | DFND | 01 | 0 | 161000 | 0 |
| SMC Corp. | COM | 78445W306 |  | 466 | 22394 | SH |  | SOLE |  | 21668 | 0 | 726 |
| Snap-on Inc. | COM | 833034101 |  | 149815 | 655676 | SH |  | SOLE |  | 651543 | 0 | 4133 |
| Sociedad Quimica y Minera de C | COM | 833635105 |  | 339 | 4248 | SH |  | SOLE |  | 4225 | 0 | 23 |
| Sony Group Corp. | COM | 835699307 |  | 702 | 9199 | SH |  | SOLE |  | 9005 | 0 | 194 |
| Southern Co. | COM | 842587107 |  | 134453 | 1882833 | SH |  | SOLE |  | 1870111 | 0 | 12722 |
| Southern Copper Corp. | COM | 84265V105 |  | 437 | 7233 | SH |  | SOLE |  | 7194 | 0 | 39 |
| Southwestern Energy Co. | COM | 845467109 |  | 317 | 54224 | SH |  | SOLE |  | 53925 | 0 | 299 |
| SPDR Consumer Staples Select S | COM | 81369Y308 |  | 2795 | 37496 | SH |  | SOLE |  | 37496 | 0 | 0 |
| SPDR Energy Select Sector ETF | COM | 81369Y506 |  | 3216 | 36771 | SH |  | SOLE |  | 36771 | 0 | 0 |
| SPDR Gold Shares ETF | COM | 78463V107 |  | 238 | 1402 | SH |  | SOLE |  | 1402 | 0 | 0 |
| SPDR Health Care Select Sector | COM | 81369Y209 |  | 5056 | 37215 | SH |  | SOLE |  | 37215 | 0 | 0 |
| SPDR Nuveen Barclays Capital S | COM | 78468R739 |  | 6172 | 131369 | SH |  | SOLE |  | 131369 | 0 | 0 |
| SPDR Nuveen S High Yield Mun | COM | 78464A284 |  | 6976 | 142451 | SH |  | SOLE |  | 142451 | 0 | 0 |
| SPDR Portfolio Intermediate Te | COM | 78464A375 |  | 8295 | 260604 | SH |  | SOLE |  | 260026 | 0 | 578 |
| SPDR Portfolio Mortgage Backed | COM | 78464A383 |  | 54184 | 2496970 | SH |  | SOLE |  | 2491812 | 0 | 5158 |
| SPDR Portfolio S 500 Growth | COM | 78464A409 |  | 5861 | 115663 | SH |  | SOLE |  | 115663 | 0 | 0 |
| SPDR Portfolio S 500 Value E | COM | 78464a508 |  | 12028 | 309274 | SH |  | SOLE |  | 309274 | 0 | 0 |
| SPDR S 400 Mid Cap Growth ET | COM | 78464A821 |  | 20193 | 309048 | SH |  | SOLE |  | 309048 | 0 | 0 |
| SPDR S 400 Mid Cap Value ETF | COM | 78464A839 |  | 40223 | 621493 | SH |  | SOLE |  | 621493 | 0 | 0 |
| SPDR S 500 ETF | COM | 78462F103 |  | 11441 | 29916 | SH |  | SOLE |  | 29916 | 0 | 0 |
| SPDR S 600 Small Cap Growth | COM | 78464A201 |  | 8612 | 119211 | SH |  | SOLE |  | 119211 | 0 | 0 |
| SPDR S 600 Small Cap Value E | COM | 78464A300 |  | 16489 | 222159 | SH |  | SOLE |  | 222159 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 10475 | 171941 | SH |  | SOLE |  | 170908 | 0 | 1033 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 1267 | 20798 | SH |  | DFND | 01 | 0 | 20798 | 0 |
| Sprott Physical Uranium Trust | COM | 85210A104 |  | 424 | 36255 | SH |  | SOLE |  | 36059 | 0 | 196 |
| Starbucks Corp. | COM | 855244109 |  | 73107 | 736967 | SH |  | SOLE |  | 734380 | 0 | 2587 |
| Stellus Capital Investment Cor | COM | 858568108 |  | 203 | 15318 | SH |  | SOLE |  | 15318 | 0 | 0 |
| Stellus Capital Investment Cor | COM | 858568108 |  | 2612 | 197000 | SH |  | DFND | 01 | 0 | 197000 | 0 |
| Stewart Information Services | COM | 860372101 |  | 1955 | 45750 | SH |  | SOLE |  | 45417 | 0 | 333 |
| Stewart Information Services | COM | 860372101 |  | 410 | 9587 | SH |  | DFND | 01 | 0 | 9587 | 0 |
| Stryker Corp. | COM | 863667101 |  | 75003 | 306775 | SH |  | SOLE |  | 305826 | 0 | 949 |
| T. Rowe Price Group Inc. | COM | 74144T108 |  | 121075 | 1110166 | SH |  | SOLE |  | 1102606 | 0 | 7560 |
| Taiwan Semiconductor Manufactu | COM | 874039100 |  | 958 | 12865 | SH |  | SOLE |  | 12594 | 0 | 271 |
| Tencent Holdings Ltd. | COM | 88032Q109 |  | 255 | 6031 | SH |  | SOLE |  | 6031 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 53927 | 97926 | SH |  | SOLE |  | 97658 | 0 | 268 |
| TJX Cos. Inc. | COM | 872540109 |  | 83505 | 1049062 | SH |  | SOLE |  | 1045529 | 0 | 3532 |
| TotalEnergies S.E. | COM | 89151E109 |  | 724 | 11663 | SH |  | SOLE |  | 11267 | 0 | 396 |
| Trinity Capital Inc. | COM | 896442308 |  | 387 | 35373 | SH |  | SOLE |  | 35373 | 0 | 0 |
| Trinity Capital Inc. | COM | 896442308 |  | 853 | 78000 | SH |  | DFND | 01 | 0 | 78000 | 0 |
| TriplePoint Venture Growth BDC | COM | 89677Y100 |  | 365 | 35038 | SH |  | SOLE |  | 35038 | 0 | 0 |
| TriplePoint Venture Growth BDC | COM | 89677Y100 |  | 1095 | 105000 | SH |  | DFND | 01 | 0 | 105000 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 86353 | 1980111 | SH |  | SOLE |  | 1967249 | 0 | 12862 |
| United Overseas Bank Ltd. | COM | 911271302 |  | 681 | 14879 | SH |  | SOLE |  | 14474 | 0 | 405 |
| Uranium Energy Corp. | COM | 916896103 |  | 309 | 79628 | SH |  | SOLE |  | 79187 | 0 | 441 |
| Vale S.A. | COM | 91912E105 |  | 239 | 14094 | SH |  | SOLE |  | 14094 | 0 | 0 |
| VanEck Vectors Long Municipal | COM | 92189F536 |  | 1209 | 69245 | SH |  | SOLE |  | 69245 | 0 | 0 |
| Vanguard Emerging Markets Stoc | COM | 922042858 |  | 230 | 5909 | SH |  | SOLE |  | 5909 | 0 | 0 |
| Veritex Holdings Inc. | COM | 923451108 |  | 3746 | 133393 | SH |  | SOLE |  | 132267 | 0 | 1126 |
| Veritex Holdings Inc. | COM | 923451108 |  | 780 | 27772 | SH |  | DFND | 01 | 0 | 27772 | 0 |
| Visa Inc. | COM | 92826C839 |  | 297 | 1430 | SH |  | SOLE |  | 1430 | 0 | 0 |
| Vista Energy S.A.B. de C.V. | COM | 92837L109 |  | 324 | 20661 | SH |  | SOLE |  | 20661 | 0 | 0 |
| Vontier Corp. | COM | 928881101 |  | 5128 | 265276 | SH |  | SOLE |  | 263720 | 0 | 1556 |
| W. R. Berkley Corp. | COM | 084423102 |  | 46881 | 646010 | SH |  | SOLE |  | 644108 | 0 | 1902 |
| Wal-Mart de Mexico S.A.B. de C | COM | 93114W107 |  | 913 | 25971 | SH |  | SOLE |  | 25336 | 0 | 635 |
| Waste Connections Inc. | COM | 94106B101 |  | 890 | 6714 | SH |  | SOLE |  | 6520 | 0 | 194 |
| Weyerhaeuser Co. | COM | 962166104 |  | 91502 | 2951672 | SH |  | SOLE |  | 2930398 | 0 | 21274 |
| Wheaton Precious Metals Corp. | COM | 962879102 |  | 524 | 13403 | SH |  | SOLE |  | 13342 | 0 | 61 |
| Willis Towers Watson plc | COM | G96629103 |  | 870 | 3558 | SH |  | SOLE |  | 3466 | 0 | 92 |
| Winnebago Industries Inc. | COM | 974637100 |  | 3690 | 70023 | SH |  | SOLE |  | 69553 | 0 | 470 |
| Winnebago Industries Inc. | COM | 974637100 |  | 749 | 14208 | SH |  | DFND | 01 | 0 | 14208 | 0 |
| WNS Holdings Ltd. | COM | 92932M101 |  | 276 | 3450 | SH |  | SOLE |  | 3450 | 0 | 0 |
| Woodside Energy Group Ltd. | COM | 980228308 |  | 707 | 29196 | SH |  | SOLE |  | 28335 | 0 | 861 |
| Wuxi Biologics Cayman Inc. | COM | 98260N108 |  | 303 | 20112 | SH |  | SOLE |  | 20112 | 0 | 0 |
| Yum China Holdings Inc. | COM | 98850P109 |  | 259 | 4745 | SH |  | SOLE |  | 4745 | 0 | 0 |
| ZTO Express Cayman Inc. | COM | 98980A105 |  | 302 | 11253 | SH |  | SOLE |  | 11253 | 0 | 0 |
| Zurich Insurance Group A.G. | COM | 989825104 |  | 884 | 18472 | SH |  | SOLE |  | 17948 | 0 | 524 |

---