# EDGAR Filing Document

**Accession Number:** 0001442056
**File Stem:** 0001636661-25-000005
**Filing Date:** 2025-7
**Character Count:** 48929
**Document Hash:** 799d16f9cfad15fab8b4385c3bc19b8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001636661-25-000005.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001636661-25-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**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:** 251096649

**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:** 06-30-2025

**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 Farmer  Naperville, IL  07-01-2025<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:** 451

**Form 13F Information Table Value Total:** $7077479565

      (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 |  | 21747309 | 331666 | SH |  | SOLE |  | 330978 | 0 | 688 |
| Aberdeen Standard Physical Pla | COM | 003260106 |  | 833427 | 6783 | SH |  | SOLE |  | 6697 | 0 | 86 |
| Accenture plc | COM | G1151C101 |  | 931939 | 3118 | SH |  | SOLE |  | 3036 | 0 | 82 |
| AerCap Holdings N.V. | COM | N00985106 |  | 1360359 | 11627 | SH |  | SOLE |  | 11322 | 0 | 305 |
| Agnico Eagle Mines Ltd. | COM | 008474108 |  | 2424992 | 20390 | SH |  | SOLE |  | 19962 | 0 | 428 |
| Air Products and Chemicals Inc | COM | 009158106 |  | 58035966 | 205758 | SH |  | SOLE |  | 205388 | 0 | 370 |
| Air Products and Chemicals Inc | COM | 009158106 |  | 56976 | 202 | SH |  | DFND | 02 | 202 | 0 | 0 |
| Alamos Gold Inc. | COM | 011532108 |  | 716828 | 26989 | SH |  | SOLE |  | 26650 | 0 | 339 |
| Alibaba Group Holding Ltd. | COM | 01609W102 |  | 237140 | 2091 | SH |  | SOLE |  | 2091 | 0 | 0 |
| Alphabet Inc. | COM | 02079K107 |  | 49943062 | 281544 | SH |  | SOLE |  | 280996 | 0 | 548 |
| Alphabet Inc. | COM | 02079K107 |  | 148872 | 839 | SH |  | DFND | 02 | 839 | 0 | 0 |
| Altus Group Ltd. | COM | 02215R107 |  | 2188422 | 56563 | SH |  | SOLE |  | 56563 | 0 | 0 |
| Altus Group Ltd. | COM | 02215R107 |  | 99665 | 2576 | SH |  | DFND | 02 | 2576 | 0 | 0 |
| Altus Group Ltd. | COM | 02215R107 |  | 508077 | 13132 | SH |  | DFND | 01 | 0 | 13132 | 0 |
| American Express Co. | COM | 025816109 |  | 765552 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| American Outdoor Brands Inc. | COM | 02875D109 |  | 1378569 | 131920 | SH |  | SOLE |  | 131920 | 0 | 0 |
| American Outdoor Brands Inc. | COM | 02875D109 |  | 55406 | 5302 | SH |  | DFND | 02 | 5302 | 0 | 0 |
| American Outdoor Brands Inc. | COM | 02875D109 |  | 197014 | 18853 | SH |  | DFND | 01 | 0 | 18853 | 0 |
| American Water Works Co. Inc. | COM | 030420103 |  | 121360448 | 872406 | SH |  | SOLE |  | 869564 | 0 | 2842 |
| American Water Works Co. Inc. | COM | 030420103 |  | 428041 | 3077 | SH |  | DFND | 02 | 3077 | 0 | 0 |
| Ameriprise Financial Inc. | COM | 03076C106 |  | 256190 | 480 | SH |  | SOLE |  | 480 | 0 | 0 |
| Amphenol Corp. | COM | 032095101 |  | 32852229 | 332681 | SH |  | SOLE |  | 331801 | 0 | 880 |
| Analog Devices Inc. | COM | 032654105 |  | 148483932 | 623830 | SH |  | SOLE |  | 621890 | 0 | 1940 |
| Analog Devices Inc. | COM | 032654105 |  | 491511 | 2065 | SH |  | DFND | 02 | 2065 | 0 | 0 |
| Antero Resources Corp. | COM | 03674X106 |  | 788562 | 19577 | SH |  | SOLE |  | 19323 | 0 | 254 |
| Antofagasta plc | COM | G0398N128 |  | 711182 | 27694 | SH |  | SOLE |  | 27354 | 0 | 340 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 36029304 | 395709 | SH |  | SOLE |  | 395101 | 0 | 608 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 62733 | 689 | SH |  | DFND | 02 | 689 | 0 | 0 |
| Arcos Dorados Holdings Inc. | COM | G0457F107 |  | 116401 | 14753 | SH |  | SOLE |  | 14753 | 0 | 0 |
| Ares Capital Corp. | COM | 04010L103 |  | 77031527 | 3507811 | SH |  | SOLE |  | 3495841 | 0 | 11970 |
| Ares Capital Corp. | COM | 04010L103 |  | 307001 | 13980 | SH |  | DFND | 02 | 13980 | 0 | 0 |
| Ares Capital Corp. | COM | 04010L103 |  | 6039000 | 275000 | SH |  | DFND | 01 | 0 | 275000 | 0 |
| ASE Technology Holding Co. Ltd | COM | 00215W100 |  | 186591 | 18063 | SH |  | SOLE |  | 18063 | 0 | 0 |
| ASML Holding N.V. | COM | N07059210 |  | 944839 | 1179 | SH |  | SOLE |  | 1145 | 0 | 34 |
| Azek Co. Inc. | COM | 05478C105 |  | 2829760 | 52065 | SH |  | SOLE |  | 52065 | 0 | 0 |
| Azek Co. Inc. | COM | 05478C105 |  | 115765 | 2130 | SH |  | DFND | 02 | 2130 | 0 | 0 |
| Azek Co. Inc. | COM | 05478C105 |  | 338546 | 6229 | SH |  | DFND | 01 | 0 | 6229 | 0 |
| BAE Systems plc | COM | 05523r107 |  | 1199164 | 11413 | SH |  | SOLE |  | 11041 | 0 | 372 |
| Bain Capital Specialty Finance | COM | 05684B107 |  | 314789 | 20930 | SH |  | SOLE |  | 20930 | 0 | 0 |
| Bain Capital Specialty Finance | COM | 05684B107 |  | 1504000 | 100000 | SH |  | DFND | 01 | 0 | 100000 | 0 |
| Baldwin Insurance Group Inc. | COM | 05589g102 |  | 16904599 | 394875 | SH |  | SOLE |  | 393938 | 0 | 937 |
| Baldwin Insurance Group Inc. | COM | 05589g102 |  | 223725 | 5226 | SH |  | DFND | 02 | 5226 | 0 | 0 |
| Baldwin Insurance Group Inc. | COM | 05589g102 |  | 561967 | 13127 | SH |  | DFND | 01 | 0 | 13127 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 1214632 | 132892 | SH |  | SOLE |  | 132892 | 0 | 0 |
| Barings BDC Inc. | COM | 06759l103 |  | 2650600 | 290000 | SH |  | DFND | 01 | 0 | 290000 | 0 |
| Becton Dickinson  Co. | COM | 075887109 |  | 13885725 | 80614 | SH |  | SOLE |  | 80408 | 0 | 206 |
| Berkshire Hathaway Inc. - A | COM | 084670108 |  | 3644000 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 49391879 | 101677 | SH |  | SOLE |  | 101479 | 0 | 198 |
| Berkshire Hathaway Inc. - B | COM | 084670702 |  | 141359 | 291 | SH |  | DFND | 02 | 291 | 0 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 805650 | 26200 | SH |  | SOLE |  | 26200 | 0 | 0 |
| Blackstone Secured Lending Fun | COM | 09261X102 |  | 4904625 | 159500 | SH |  | DFND | 01 | 0 | 159500 | 0 |
| Blue Owl Capital Corp. | COM | 69121K104 |  | 884027 | 61648 | SH |  | SOLE |  | 61648 | 0 | 0 |
| Blue Owl Capital Corp. | COM | 69121K104 |  | 3585000 | 250000 | SH |  | DFND | 01 | 0 | 250000 | 0 |
| BNP Paribas S.A. | COM | 05565A202 |  | 973038 | 21556 | SH |  | SOLE |  | 20847 | 0 | 709 |
| Booking Holdings Inc. | COM | 09857L108 |  | 48861585 | 8440 | SH |  | SOLE |  | 8427 | 0 | 13 |
| Booking Holdings Inc. | COM | 09857L108 |  | 92628 | 16 | SH |  | DFND | 02 | 16 | 0 | 0 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 144595631 | 594970 | SH |  | SOLE |  | 592911 | 0 | 2059 |
| Broadridge Financial Solutions | COM | 11133T103 |  | 625751 | 2575 | SH |  | DFND | 02 | 2575 | 0 | 0 |
| Brown-Forman Corp. - B | COM | 115637209 |  | 37102205 | 1378752 | SH |  | SOLE |  | 1374934 | 0 | 3818 |
| Brown-Forman Corp. - B | COM | 115637209 |  | 86489 | 3214 | SH |  | DFND | 02 | 3214 | 0 | 0 |
| Brown  Brown Inc. | COM | 115236101 |  | 33164247 | 299127 | SH |  | SOLE |  | 298320 | 0 | 807 |
| Brown  Brown Inc. | COM | 115236101 |  | 75135 | 678 | SH |  | DFND | 02 | 678 | 0 | 0 |
| Cameco Corp. | COM | 13321L108 |  | 515527 | 6945 | SH |  | SOLE |  | 6858 | 0 | 87 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 1795175 | 86099 | SH |  | SOLE |  | 86099 | 0 | 0 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 91135 | 4371 | SH |  | DFND | 02 | 4371 | 0 | 0 |
| Cannae Holdings Inc. | COM | 13765N107 |  | 294277 | 14114 | SH |  | DFND | 01 | 0 | 14114 | 0 |
| Capital Southwest Corp. | COM | 140501107 |  | 685596 | 31107 | SH |  | SOLE |  | 31107 | 0 | 0 |
| Capital Southwest Corp. | COM | 140501107 |  | 1564840 | 71000 | SH |  | DFND | 01 | 0 | 71000 | 0 |
| Carrier Global Corp. | COM | 14448c104 |  | 17197052 | 234965 | SH |  | SOLE |  | 234266 | 0 | 699 |
| Carrier Global Corp. | COM | 14448c104 |  | 96452 | 1318 | SH |  | DFND | 02 | 1318 | 0 | 0 |
| Cavco Industries Inc. | COM | 149568107 |  | 2726048 | 6275 | SH |  | SOLE |  | 6275 | 0 | 0 |
| Cavco Industries Inc. | COM | 149568107 |  | 129026 | 297 | SH |  | DFND | 02 | 297 | 0 | 0 |
| Cavco Industries Inc. | COM | 149568107 |  | 428348 | 986 | SH |  | DFND | 01 | 0 | 986 | 0 |
| Charles River Laboratories Int | COM | 159864107 |  | 14620551 | 96359 | SH |  | SOLE |  | 96042 | 0 | 317 |
| Charles River Laboratories Int | COM | 159864107 |  | 131550 | 867 | SH |  | DFND | 02 | 867 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 120691758 | 842878 | SH |  | SOLE |  | 840025 | 0 | 2853 |
| Chevron Corp. | COM | 166764100 |  | 394775 | 2757 | SH |  | DFND | 02 | 2757 | 0 | 0 |
| Chubb Ltd. | COM | H1467J104 |  | 158299676 | 546389 | SH |  | SOLE |  | 544503 | 0 | 1886 |
| Chubb Ltd. | COM | H1467J104 |  | 560898 | 1936 | SH |  | DFND | 02 | 1936 | 0 | 0 |
| Chugai Pharms Co. Ltd. | COM | 171269103 |  | 1030782 | 39539 | SH |  | SOLE |  | 38217 | 0 | 1322 |
| Cisco Systems Inc. | COM | 17275R102 |  | 120166774 | 1732009 | SH |  | SOLE |  | 1726547 | 0 | 5462 |
| Cisco Systems Inc. | COM | 17275R102 |  | 481220 | 6936 | SH |  | DFND | 02 | 6936 | 0 | 0 |
| Clorox Co. | COM | 189054109 |  | 112659932 | 938285 | SH |  | SOLE |  | 935202 | 0 | 3083 |
| Clorox Co. | COM | 189054109 |  | 387226 | 3225 | SH |  | DFND | 02 | 3225 | 0 | 0 |
| Coca-Cola Femsa S.A.B. de C.V. | COM | 191241108 |  | 253723 | 2623 | SH |  | SOLE |  | 2623 | 0 | 0 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 118614860 | 1304894 | SH |  | SOLE |  | 1300674 | 0 | 4220 |
| Colgate-Palmolive Co. | COM | 194162103 |  | 373144 | 4105 | SH |  | DFND | 02 | 4105 | 0 | 0 |
| CONMED Corp. | COM | 207410101 |  | 6154971 | 118183 | SH |  | SOLE |  | 117797 | 0 | 386 |
| CONMED Corp. | COM | 207410101 |  | 125929 | 2418 | SH |  | DFND | 02 | 2418 | 0 | 0 |
| CONMED Corp. | COM | 207410101 |  | 438045 | 8411 | SH |  | DFND | 01 | 0 | 8411 | 0 |
| Constellation Brands | COM | 21036P108 |  | 23298832 | 143219 | SH |  | SOLE |  | 143012 | 0 | 207 |
| Constellation Brands | COM | 21036P108 |  | 47015 | 289 | SH |  | DFND | 02 | 289 | 0 | 0 |
| Controladora Vuela Cia de Avia | COM | 21240E105 |  | 120222 | 25310 | SH |  | SOLE |  | 25310 | 0 | 0 |
| Core Natural Resources Inc. | COM | 218937100 |  | 1054748 | 15124 | SH |  | SOLE |  | 14934 | 0 | 190 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 218777 | 221 | SH |  | SOLE |  | 221 | 0 | 0 |
| Coterra Energy Inc. | COM | 127097103 |  | 598917 | 23598 | SH |  | SOLE |  | 23257 | 0 | 341 |
| Credicorp Ltd. | COM | G2519Y108 |  | 200721 | 898 | SH |  | SOLE |  | 898 | 0 | 0 |
| Crescent Capital BDC Inc. | COM | 225655109 |  | 472291 | 33496 | SH |  | SOLE |  | 33496 | 0 | 0 |
| Crescent Capital BDC Inc. | COM | 225655109 |  | 600170 | 42565 | SH |  | DFND | 01 | 0 | 42565 | 0 |
| Curtiss-Wright Corp. | COM | 231561101 |  | 566718 | 1160 | SH |  | SOLE |  | 1160 | 0 | 0 |
| CyberArk Software Ltd. | COM | M2682V108 |  | 1357759 | 3337 | SH |  | SOLE |  | 3253 | 0 | 84 |
| DBS Group Holdings Ltd. | COM | 23304y100 |  | 1166349 | 8241 | SH |  | SOLE |  | 8013 | 0 | 228 |
| Denison Mines Corp. | COM | 248356107 |  | 485722 | 266880 | SH |  | SOLE |  | 263150 | 0 | 3730 |
| Diageo plc | COM | 25243Q205 |  | 135663609 | 1345335 | SH |  | SOLE |  | 1341146 | 0 | 4189 |
| Diageo plc | COM | 25243Q205 |  | 553723 | 5491 | SH |  | DFND | 02 | 5491 | 0 | 0 |
| Dimensional National Municipal | COM | 25434V849 |  | 7963250 | 167895 | SH |  | SOLE |  | 167211 | 0 | 684 |
| Dollar Tree Inc. | COM | 256746108 |  | 28011731 | 282832 | SH |  | SOLE |  | 281866 | 0 | 966 |
| Dollar Tree Inc. | COM | 256746108 |  | 224227 | 2264 | SH |  | DFND | 02 | 2264 | 0 | 0 |
| Donaldson Co. Inc. | COM | 257651109 |  | 21684307 | 312679 | SH |  | SOLE |  | 311815 | 0 | 864 |
| Dow Inc. | COM | 260557103 |  | 46669336 | 1762437 | SH |  | SOLE |  | 1756735 | 0 | 5702 |
| Dow Inc. | COM | 260557103 |  | 196852 | 7434 | SH |  | DFND | 02 | 7434 | 0 | 0 |
| Dr Reddy's Laboratories Ltd. | COM | 256135203 |  | 231237 | 15385 | SH |  | SOLE |  | 15385 | 0 | 0 |
| Ecolab Inc. | COM | 278865100 |  | 28467392 | 105654 | SH |  | SOLE |  | 105376 | 0 | 278 |
| Ecopetrol S.A. | COM | 279158109 |  | 114581 | 12947 | SH |  | SOLE |  | 12947 | 0 | 0 |
| Edgewell Personal Care Co. | COM | 28035Q102 |  | 1281370 | 54736 | SH |  | SOLE |  | 54736 | 0 | 0 |
| Edgewell Personal Care Co. | COM | 28035Q102 |  | 63020 | 2692 | SH |  | DFND | 02 | 2692 | 0 | 0 |
| Edgewell Personal Care Co. | COM | 28035Q102 |  | 392843 | 16781 | SH |  | DFND | 01 | 0 | 16781 | 0 |
| Enovis Corp. | COM | 194014502 |  | 1624134 | 51790 | SH |  | SOLE |  | 51790 | 0 | 0 |
| Enovis Corp. | COM | 194014502 |  | 76079 | 2426 | SH |  | DFND | 02 | 2426 | 0 | 0 |
| Enovis Corp. | COM | 194014502 |  | 455159 | 14514 | SH |  | DFND | 01 | 0 | 14514 | 0 |
| Entergy Corp. | COM | 29364G103 |  | 113822425 | 1369375 | SH |  | SOLE |  | 1364971 | 0 | 4404 |
| Entergy Corp. | COM | 29364G103 |  | 467550 | 5625 | SH |  | DFND | 02 | 5625 | 0 | 0 |
| EOG Resources Inc. | COM | 26875P101 |  | 21704474 | 181460 | SH |  | SOLE |  | 180938 | 0 | 522 |
| Expand Energy Corp. | COM | 165167735 |  | 820334 | 7015 | SH |  | SOLE |  | 6917 | 0 | 98 |
| Expeditors International of Wa | COM | 302130109 |  | 20723974 | 181391 | SH |  | SOLE |  | 180954 | 0 | 437 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 668052 | 6197 | SH |  | SOLE |  | 6128 | 0 | 69 |
| Fastenal Co. | COM | 311900104 |  | 137296185 | 3268957 | SH |  | SOLE |  | 3259701 | 0 | 9256 |
| Fastenal Co. | COM | 311900104 |  | 464184 | 11052 | SH |  | DFND | 02 | 11052 | 0 | 0 |
| Fidelity National Financial In | COM | 31620R303 |  | 121659395 | 2170164 | SH |  | SOLE |  | 2162838 | 0 | 7326 |
| Fidelity National Financial In | COM | 31620R303 |  | 497532 | 8875 | SH |  | DFND | 02 | 8875 | 0 | 0 |
| Fomento Economico Mexicano S.A | COM | 344419106 |  | 279510 | 2714 | SH |  | SOLE |  | 2714 | 0 | 0 |
| Franco-Nevada Corp. | COM | 351858105 |  | 924837 | 5642 | SH |  | SOLE |  | 5555 | 0 | 87 |
| Franklin Street Properties Cor | COM | 35471R106 |  | 2019916 | 1231656 | SH |  | SOLE |  | 40000 | 0 | 1191656 |
| Freeport-McMoRan Inc. | COM | 35671D857 |  | 641450 | 14797 | SH |  | SOLE |  | 14633 | 0 | 164 |
| FS KKR Capital Corp. | COM | 302635206 |  | 679521 | 32748 | SH |  | SOLE |  | 32748 | 0 | 0 |
| FS KKR Capital Corp. | COM | 302635206 |  | 3423750 | 165000 | SH |  | DFND | 01 | 0 | 165000 | 0 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 21841214 | 948381 | SH |  | SOLE |  | 945532 | 0 | 2849 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 256485 | 11137 | SH |  | DFND | 02 | 11137 | 0 | 0 |
| Gates Industrial Corp. plc | COM | G39108108 |  | 539086 | 23408 | SH |  | DFND | 01 | 0 | 23408 | 0 |
| General Dynamics Corp. | COM | 369550108 |  | 24006678 | 82310 | SH |  | SOLE |  | 82079 | 0 | 231 |
| Gilead Sciences Inc. | COM | 375558103 |  | 107118991 | 966168 | SH |  | SOLE |  | 963021 | 0 | 3146 |
| Gilead Sciences Inc. | COM | 375558103 |  | 403456 | 3639 | SH |  | DFND | 02 | 3639 | 0 | 0 |
| Glencore plc | COM | 37827X100 |  | 1200104 | 154255 | SH |  | SOLE |  | 152312 | 0 | 1943 |
| Global X Defense Tech ETF | COM | 37960A529 |  | 9678439 | 160638 | SH |  | SOLE |  | 160638 | 0 | 0 |
| Global X Defense Tech ETF | COM | 37960A529 |  | 7290 | 121 | SH |  | DFND | 02 | 121 | 0 | 0 |
| Gold Fields Ltd. | COM | 38059t106 |  | 379596 | 16037 | SH |  | SOLE |  | 16037 | 0 | 0 |
| Goldman Sachs BDC Inc. | COM | 38147U107 |  | 626749 | 55711 | SH |  | SOLE |  | 55711 | 0 | 0 |
| Goldman Sachs BDC Inc. | COM | 38147U107 |  | 1226250 | 109000 | SH |  | DFND | 01 | 0 | 109000 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 1335944 | 91191 | SH |  | SOLE |  | 91191 | 0 | 0 |
| Golub Capital BDC Inc. | COM | 38173M102 |  | 5274000 | 360000 | SH |  | DFND | 01 | 0 | 360000 | 0 |
| Graco Inc. | COM | 384109104 |  | 57459881 | 668371 | SH |  | SOLE |  | 666452 | 0 | 1919 |
| Graco Inc. | COM | 384109104 |  | 144015 | 1675 | SH |  | DFND | 02 | 1675 | 0 | 0 |
| Grupo Financiero Banorte S.A.B | COM | 40052P107 |  | 225061 | 4914 | SH |  | SOLE |  | 4914 | 0 | 0 |
| H2O America | COM | 784305104 |  | 1892350 | 36412 | SH |  | SOLE |  | 36412 | 0 | 0 |
| H2O America | COM | 784305104 |  | 92714 | 1784 | SH |  | DFND | 02 | 1784 | 0 | 0 |
| H2O America | COM | 784305104 |  | 499588 | 9613 | SH |  | DFND | 01 | 0 | 9613 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 2317909 | 31067 | SH |  | SOLE |  | 31067 | 0 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 106991 | 1434 | SH |  | DFND | 02 | 1434 | 0 | 0 |
| Haemonetics Corp. | COM | 405024100 |  | 548831 | 7356 | SH |  | DFND | 01 | 0 | 7356 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 2234613 | 221030 | SH |  | SOLE |  | 221030 | 0 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 97187 | 9613 | SH |  | DFND | 02 | 9613 | 0 | 0 |
| Hagerty Inc. | COM | 405166109 |  | 498180 | 49276 | SH |  | DFND | 01 | 0 | 49276 | 0 |
| Haleon plc | COM | 405552100 |  | 875363 | 84413 | SH |  | SOLE |  | 81642 | 0 | 2771 |
| Hayward Holdings Inc. | COM | 421298100 |  | 1986427 | 143944 | SH |  | SOLE |  | 143944 | 0 | 0 |
| Hayward Holdings Inc. | COM | 421298100 |  | 88610 | 6421 | SH |  | DFND | 02 | 6421 | 0 | 0 |
| Hayward Holdings Inc. | COM | 421298100 |  | 458464 | 33222 | SH |  | DFND | 01 | 0 | 33222 | 0 |
| HDFC Bank Ltd. | COM | 40415F101 |  | 221116 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| Hercules Capital Inc. | COM | 427096508 |  | 983058 | 53778 | SH |  | SOLE |  | 53778 | 0 | 0 |
| Hercules Capital Inc. | COM | 427096508 |  | 6032400 | 330000 | SH |  | DFND | 01 | 0 | 330000 | 0 |
| Hershey Co. | COM | 427866108 |  | 126373382 | 761515 | SH |  | SOLE |  | 758988 | 0 | 2527 |
| Hershey Co. | COM | 427866108 |  | 477402 | 2877 | SH |  | DFND | 02 | 2877 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 128306322 | 349952 | SH |  | SOLE |  | 348865 | 0 | 1086 |
| Home Depot Inc. | COM | 437076102 |  | 435935 | 1189 | SH |  | DFND | 02 | 1189 | 0 | 0 |
| Hong Kong Exchanges and Cleari | COM | 43858F109 |  | 207969 | 3862 | SH |  | SOLE |  | 3862 | 0 | 0 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 6233618 | 226842 | SH |  | SOLE |  | 226228 | 0 | 614 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 155289 | 5651 | SH |  | DFND | 02 | 5651 | 0 | 0 |
| i3 Verticals Inc. | COM | 46571Y107 |  | 554931 | 20194 | SH |  | DFND | 01 | 0 | 20194 | 0 |
| ICICI Bank Ltd. | COM | 45104g104 |  | 367988 | 10939 | SH |  | SOLE |  | 10939 | 0 | 0 |
| ICON plc | COM | G4705A100 |  | 600999 | 4132 | SH |  | SOLE |  | 4016 | 0 | 116 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 56249605 | 227501 | SH |  | SOLE |  | 227049 | 0 | 452 |
| Illinois Tool Works Inc. | COM | 452308109 |  | 57115 | 231 | SH |  | DFND | 02 | 231 | 0 | 0 |
| ING Groep N.V. | COM | 456837103 |  | 1076726 | 49233 | SH |  | SOLE |  | 47627 | 0 | 1606 |
| Invesco BulletShares 2025 Muni | COM | 46138J528 |  | 2616748 | 106632 | SH |  | SOLE |  | 106184 | 0 | 448 |
| Invesco BulletShares 2026 Muni | COM | 46138J510 |  | 2611345 | 110838 | SH |  | SOLE |  | 110372 | 0 | 466 |
| Invesco BulletShares 2027 Muni | COM | 46138J494 |  | 6223249 | 265158 | SH |  | SOLE |  | 264040 | 0 | 1118 |
| Invesco BulletShares 2028 Muni | COM | 46138J486 |  | 2608685 | 112298 | SH |  | SOLE |  | 111825 | 0 | 473 |
| Invesco BulletShares 2029 Muni | COM | 46138J478 |  | 5161672 | 227286 | SH |  | SOLE |  | 226326 | 0 | 960 |
| Invesco BulletShares 2030 Muni | COM | 46138J445 |  | 5197678 | 241752 | SH |  | SOLE |  | 240814 | 0 | 938 |
| Invesco BulletShares 2031 Muni | COM | 46138j411 |  | 2885570 | 139940 | SH |  | SOLE |  | 139414 | 0 | 526 |
| Invesco BulletShares 2032 Munc | COM | 46139W833 |  | 3044148 | 124352 | SH |  | SOLE |  | 123824 | 0 | 528 |
| Invesco Bulletshares 2033 Muni | COM | 46139W791 |  | 5366344 | 214054 | SH |  | SOLE |  | 213198 | 0 | 856 |
| Invesco BulletShares 2034 Muni | COM | 46139W767 |  | 298279 | 12577 | SH |  | SOLE |  | 12577 | 0 | 0 |
| Invesco CurrencyShares Swiss F | COM | 46138R108 |  | 16014679 | 143244 | SH |  | SOLE |  | 143244 | 0 | 0 |
| Invesco CurrencyShares Swiss F | COM | 46138R108 |  | 10621 | 95 | SH |  | DFND | 02 | 95 | 0 | 0 |
| iShares 0-3 Month Treasury Bon | COM | 46436E718 |  | 237881284 | 2362512 | SH |  | SOLE |  | 2353714 | 0 | 8798 |
| iShares 0-3 Month Treasury Bon | COM | 46436E718 |  | 758021 | 7528 | SH |  | DFND | 02 | 7528 | 0 | 0 |
| iShares 20Plus Year Treasury B | COM | 464287432 |  | 4063586 | 46046 | SH |  | SOLE |  | 46046 | 0 | 0 |
| iShares 20Plus Year Treasury B | COM | 464287432 |  | 4501 | 51 | SH |  | DFND | 02 | 51 | 0 | 0 |
| iShares 3-7 Year Treasury Bond | COM | 464288661 |  | 29699855 | 249390 | SH |  | SOLE |  | 249390 | 0 | 0 |
| iShares Barclays 10-20 Year Tr | COM | 464288653 |  | 57094416 | 561953 | SH |  | SOLE |  | 561751 | 0 | 202 |
| iShares Barclays 10-20 Year Tr | COM | 464288653 |  | 20625 | 203 | SH |  | DFND | 02 | 203 | 0 | 0 |
| iShares BB Rated Corporate Bon | COM | 46435U473 |  | 3751822 | 79826 | SH |  | SOLE |  | 79826 | 0 | 0 |
| iShares Core S US Value ETF | COM | 464287663 |  | 11882027 | 125563 | SH |  | SOLE |  | 125563 | 0 | 0 |
| iShares Gold Trust ETF | COM | 464285204 |  | 898171 | 14403 | SH |  | SOLE |  | 14206 | 0 | 197 |
| iShares iBonds Dec 2025 Term M | COM | 46435U432 |  | 310002 | 11583 | SH |  | SOLE |  | 11583 | 0 | 0 |
| iShares iBonds Dec 2026 Term M | COM | 46435U259 |  | 1866584 | 72848 | SH |  | SOLE |  | 72848 | 0 | 0 |
| iShares iBonds Dec 2027 Term C | COM | 46435UAA9 |  | 3950357 | 162767 | SH |  | SOLE |  | 162341 | 0 | 426 |
| iShares iBonds Dec 2027 Term M | COM | 46435U283 |  | 1009361 | 39817 | SH |  | SOLE |  | 39817 | 0 | 0 |
| iShares iBonds Dec 2027 Term T | COM | 46436E841 |  | 10505416 | 467115 | SH |  | SOLE |  | 465874 | 0 | 1241 |
| iShares iBonds Dec 2028 Term M | COM | 46435U325 |  | 2513252 | 98908 | SH |  | SOLE |  | 98908 | 0 | 0 |
| iShares iBonds Dec 2028 Term T | COM | 46436E833 |  | 9759673 | 436479 | SH |  | SOLE |  | 435299 | 0 | 1180 |
| iShares iBonds Dec 2029 Term M | COM | 46436E163 |  | 2002480 | 79369 | SH |  | SOLE |  | 79369 | 0 | 0 |
| iShares iBonds Dec 2029 Term T | COM | 46436E825 |  | 11657274 | 531810 | SH |  | SOLE |  | 530876 | 0 | 934 |
| iShares iBonds Dec 2030 Term T | COM | 46436e593 |  | 7807171 | 393507 | SH |  | SOLE |  | 392453 | 0 | 1054 |
| iShares iBonds Dec 2031 Term C | COM | 46436E486 |  | 10257045 | 487502 | SH |  | SOLE |  | 486196 | 0 | 1306 |
| iShares iBonds Dec 2031 Term T | COM | 46436e460 |  | 6250473 | 304901 | SH |  | SOLE |  | 304068 | 0 | 833 |
| iShares iBonds Dec 2032 Term C | COM | 46436E312 |  | 10152009 | 401503 | SH |  | SOLE |  | 400425 | 0 | 1078 |
| iShares iBonds Dec 2032 Term T | COM | 46436E296 |  | 9868134 | 428490 | SH |  | SOLE |  | 427329 | 0 | 1161 |
| iShares iBonds Dec 2033 Term C | COM | 46436E130 |  | 7960785 | 307307 | SH |  | SOLE |  | 306489 | 0 | 818 |
| iShares iBonds Dec 2033 Term T | COM | 46436E148 |  | 17026389 | 694671 | SH |  | SOLE |  | 692814 | 0 | 1857 |
| iShares iBonds Dec 2034 Term T | COM | 46438G646 |  | 16943787 | 659143 | SH |  | SOLE |  | 657374 | 0 | 1769 |
| iShares MBS ETF | COM | 464288588 |  | 27074185 | 288361 | SH |  | SOLE |  | 287583 | 0 | 778 |
| iShares National Muni Bond ETF | COM | 464288414 |  | 6065795 | 58057 | SH |  | SOLE |  | 58057 | 0 | 0 |
| iShares Russell 1000 Value ETF | COM | 464287598 |  | 563850 | 2903 | SH |  | SOLE |  | 2903 | 0 | 0 |
| iShares Russell 2000 Value ETF | COM | 464287630 |  | 885822 | 5615 | SH |  | SOLE |  | 5615 | 0 | 0 |
| iShares Silver Trust ETF | COM | 46428Q109 |  | 734517 | 22387 | SH |  | SOLE |  | 22103 | 0 | 284 |
| ITOCHU Corp. | COM | 465717106 |  | 904448 | 8636 | SH |  | SOLE |  | 8350 | 0 | 286 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 1571155 | 13854 | SH |  | SOLE |  | 13854 | 0 | 0 |
| J  J Snack Foods Corp. | COM | 466032109 |  | 78593 | 693 | SH |  | DFND | 02 | 693 | 0 | 0 |
| J amp; J Snack Foods Corp. | COM | 466032109 |  | 544822 | 4804 | SH |  | DFND | 01 | 0 | 4804 | 0 |
| JBS N.V. | COM | N4732M103 |  | 183005 | 12526 | SH |  | SOLE |  | 12526 | 0 | 0 |
| JBT Marel Corp. | COM | 477839104 |  | 10691898 | 88907 | SH |  | SOLE |  | 88593 | 0 | 314 |
| JBT Marel Corp. | COM | 477839104 |  | 182555 | 1518 | SH |  | DFND | 02 | 1518 | 0 | 0 |
| JBT Marel Corp. | COM | 477839104 |  | 517719 | 4305 | SH |  | DFND | 01 | 0 | 4305 | 0 |
| John B Sanfilippo  Son Inc. | COM | 800422107 |  | 1312167 | 20749 | SH |  | SOLE |  | 20749 | 0 | 0 |
| John B Sanfilippo  Son Inc. | COM | 800422107 |  | 68995 | 1091 | SH |  | DFND | 02 | 1091 | 0 | 0 |
| John B Sanfilippo amp; Son Inc. | COM | 800422107 |  | 509208 | 8052 | SH |  | DFND | 01 | 0 | 8052 | 0 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 210185 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| Kayne Anderson BDC | COM | 48662X105 |  | 321986 | 21100 | SH |  | SOLE |  | 21100 | 0 | 0 |
| Kayne Anderson BDC | COM | 48662X105 |  | 534100 | 35000 | SH |  | DFND | 01 | 0 | 35000 | 0 |
| KB Financial Group Inc. | COM | 48241a105 |  | 390783 | 4732 | SH |  | SOLE |  | 4732 | 0 | 0 |
| Kemper Corp. | COM | 488401100 |  | 288494 | 4470 | SH |  | SOLE |  | 4470 | 0 | 0 |
| Keysight Technologies Inc. | COM | 49338L103 |  | 54394802 | 331959 | SH |  | SOLE |  | 331260 | 0 | 699 |
| Keysight Technologies Inc. | COM | 49338L103 |  | 231043 | 1410 | SH |  | DFND | 02 | 1410 | 0 | 0 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 112482902 | 3825949 | SH |  | SOLE |  | 3813467 | 0 | 12482 |
| Kinder Morgan Inc. | COM | 49456B101 |  | 454730 | 15467 | SH |  | DFND | 02 | 15467 | 0 | 0 |
| Knowles Corp. | COM | 49926D109 |  | 2074544 | 117738 | SH |  | SOLE |  | 117738 | 0 | 0 |
| Knowles Corp. | COM | 49926D109 |  | 98108 | 5568 | SH |  | DFND | 02 | 5568 | 0 | 0 |
| Knowles Corp. | COM | 49926D109 |  | 528794 | 30011 | SH |  | DFND | 01 | 0 | 30011 | 0 |
| Komatsu Ltd. | COM | 500458401 |  | 642246 | 19462 | SH |  | SOLE |  | 18972 | 0 | 490 |
| L'Oreal S.A. | COM | 502117203 |  | 902130 | 10550 | SH |  | SOLE |  | 10228 | 0 | 322 |
| Linde plc | COM | G54950103 |  | 147953805 | 315346 | SH |  | SOLE |  | 314257 | 0 | 1088 |
| Linde plc | COM | G54950103 |  | 513283 | 1094 | SH |  | DFND | 02 | 1094 | 0 | 0 |
| Lockheed Martin Corp. | COM | 539830109 |  | 138536967 | 299125 | SH |  | SOLE |  | 298194 | 0 | 932 |
| Lockheed Martin Corp. | COM | 539830109 |  | 450720 | 973 | SH |  | DFND | 02 | 973 | 0 | 0 |
| Lowe's Co. Inc. | COM | 548661107 |  | 50264185 | 226548 | SH |  | SOLE |  | 226136 | 0 | 412 |
| Lowes Co. Inc. | COM | 548661107 |  | 129887 | 585 | SH |  | DFND | 02 | 585 | 0 | 0 |
| Lundin Gold Inc. | COM | 550371108 |  | 465917 | 8838 | SH |  | SOLE |  | 8727 | 0 | 111 |
| LVMH Moet Hennessy Louis Vuitt | COM | 502441306 |  | 513113 | 4884 | SH |  | SOLE |  | 4750 | 0 | 134 |
| Main Street Capital Corp. | COM | 56035L104 |  | 1122013 | 18985 | SH |  | SOLE |  | 18985 | 0 | 0 |
| Main Street Capital Corp. | COM | 56035L104 |  | 6560100 | 111000 | SH |  | DFND | 01 | 0 | 111000 | 0 |
| MakeMyTrip Ltd. | COM | V5633W109 |  | 536071 | 5469 | SH |  | SOLE |  | 5469 | 0 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 1269869 | 97757 | SH |  | SOLE |  | 97757 | 0 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 63066 | 4855 | SH |  | DFND | 02 | 4855 | 0 | 0 |
| Marten Transport Ltd. | COM | 573075108 |  | 518834 | 39941 | SH |  | DFND | 01 | 0 | 39941 | 0 |
| Martin Marietta Materials Inc. | COM | 573284106 |  | 34225340 | 62346 | SH |  | SOLE |  | 62253 | 0 | 93 |
| Martin Marietta Materials Inc. | COM | 573284106 |  | 61484 | 112 | SH |  | DFND | 02 | 112 | 0 | 0 |
| Masco Corp. | COM | 574599106 |  | 56972985 | 885224 | SH |  | SOLE |  | 883342 | 0 | 1882 |
| Masco Corp. | COM | 574599106 |  | 53741 | 835 | SH |  | DFND | 02 | 835 | 0 | 0 |
| Mastercard Inc. | COM | 57636Q104 |  | 93471144 | 166337 | SH |  | SOLE |  | 166001 | 0 | 336 |
| Mastercard Inc. | COM | 57636Q104 |  | 172801 | 308 | SH |  | DFND | 02 | 308 | 0 | 0 |
| McDonald's Corp. | COM | 580135101 |  | 22848187 | 78202 | SH |  | SOLE |  | 77988 | 0 | 214 |
| Medtronic plc | COM | G5960L103 |  | 18255508 | 209424 | SH |  | SOLE |  | 208881 | 0 | 543 |
| MercadoLibre Inc. | COM | 58733R102 |  | 496590 | 190 | SH |  | SOLE |  | 190 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 81870093 | 164593 | SH |  | SOLE |  | 164063 | 0 | 530 |
| Microsoft Corp. | COM | 594918104 |  | 295276 | 594 | SH |  | DFND | 02 | 594 | 0 | 0 |
| MidCap Financial Investment Co | COM | 03761U502 |  | 317452 | 25155 | SH |  | SOLE |  | 25155 | 0 | 0 |
| MidCap Financial Investment Co | COM | 03761U502 |  | 1766800 | 140000 | SH |  | DFND | 01 | 0 | 140000 | 0 |
| Mitsubishi UFJ Financial | COM | 606822104 |  | 1320097 | 96217 | SH |  | SOLE |  | 93257 | 0 | 2960 |
| Mitsui  Co. Ltd. | COM | 606827202 |  | 694342 | 1706 | SH |  | SOLE |  | 1682 | 0 | 24 |
| Mondelez International Inc. | COM | 609207105 |  | 35271592 | 523007 | SH |  | SOLE |  | 522217 | 0 | 790 |
| Mondelez International Inc. | COM | 609207105 |  | 62517 | 927 | SH |  | DFND | 02 | 927 | 0 | 0 |
| Morgan Stanley Direct Lending | COM | 61774A103 |  | 317173 | 16943 | SH |  | SOLE |  | 16943 | 0 | 0 |
| Morgan Stanley Direct Lending | COM | 61774A103 |  | 1310400 | 70000 | SH |  | DFND | 01 | 0 | 70000 | 0 |
| Morningstar Inc. | COM | 617700109 |  | 18419479 | 58674 | SH |  | SOLE |  | 58534 | 0 | 140 |
| Morningstar Inc. | COM | 617700109 |  | 207135 | 660 | SH |  | DFND | 02 | 660 | 0 | 0 |
| Morningstar Inc. | COM | 617700109 |  | 516729 | 1646 | SH |  | DFND | 01 | 0 | 1646 | 0 |
| Movado Group Inc. | COM | 624580106 |  | 1790051 | 117380 | SH |  | SOLE |  | 117380 | 0 | 0 |
| Movado Group Inc. | COM | 624580106 |  | 84988 | 5573 | SH |  | DFND | 02 | 5573 | 0 | 0 |
| Movado Group Inc. | COM | 624580106 |  | 452864 | 29696 | SH |  | DFND | 01 | 0 | 29696 | 0 |
| MSC Income Fund | COM | 55374X208 |  | 174191 | 10602 | SH |  | SOLE |  | 10602 | 0 | 0 |
| Nebius Group N.V. | COM | N97284108 |  | 289376 | 5230 | SH |  | SOLE |  | 5230 | 0 | 0 |
| New Jersey Resources Corp. | COM | 646025106 |  | 19358083 | 431907 | SH |  | SOLE |  | 430605 | 0 | 1302 |
| New Mountain Finance Corp. | COM | 647551100 |  | 908998 | 86161 | SH |  | SOLE |  | 86161 | 0 | 0 |
| New Mountain Finance Corp. | COM | 647551100 |  | 2985650 | 283000 | SH |  | DFND | 01 | 0 | 283000 | 0 |
| Newmont Mining Corp. | COM | 651639106 |  | 735649 | 12627 | SH |  | SOLE |  | 12491 | 0 | 136 |
| NexGen Energy Ltd | COM | 65340P106 |  | 483364 | 69649 | SH |  | SOLE |  | 68773 | 0 | 876 |
| NIKE Inc. | COM | 654106103 |  | 17628842 | 248154 | SH |  | SOLE |  | 247536 | 0 | 618 |
| Nintendo Co. Ltd. | COM | 654445303 |  | 1347042 | 56080 | SH |  | SOLE |  | 54555 | 0 | 1525 |
| Nordson Corp. | COM | 655663102 |  | 71903503 | 335418 | SH |  | SOLE |  | 334731 | 0 | 687 |
| Nordson Corp. | COM | 655663102 |  | 144032 | 672 | SH |  | DFND | 02 | 672 | 0 | 0 |
| Northern Trust Corp. | COM | 665859104 |  | 149723269 | 1180876 | SH |  | SOLE |  | 1177160 | 0 | 3716 |
| Northern Trust Corp. | COM | 665859104 |  | 473434 | 3734 | SH |  | DFND | 02 | 3734 | 0 | 0 |
| Novo Nordisk A.S. | COM | 670100205 |  | 785172 | 11376 | SH |  | SOLE |  | 11086 | 0 | 290 |
| Nuveen Churchill Direct Lendin | COM | 67090S108 |  | 317146 | 19589 | SH |  | SOLE |  | 19589 | 0 | 0 |
| Nuveen Churchill Direct Lendin | COM | 67090S108 |  | 1214250 | 75000 | SH |  | DFND | 01 | 0 | 75000 | 0 |
| NXP Semiconductors N.V. | COM | N6596X109 |  | 46398352 | 212359 | SH |  | SOLE |  | 211943 | 0 | 416 |
| NXP Semiconductors N.V. | COM | N6596X109 |  | 139720 | 639 | SH |  | DFND | 02 | 639 | 0 | 0 |
| Oaktree Specialty Lending Corp | COM | 67401P405 |  | 642589 | 47042 | SH |  | SOLE |  | 47042 | 0 | 0 |
| Oaktree Specialty Lending Corp | COM | 67401P405 |  | 1229400 | 90000 | SH |  | DFND | 01 | 0 | 90000 | 0 |
| Oracle Corp. | COM | 68389X105 |  | 114235973 | 522508 | SH |  | SOLE |  | 521349 | 0 | 1159 |
| Oracle Corp. | COM | 68389X105 |  | 231978 | 1061 | SH |  | DFND | 02 | 1061 | 0 | 0 |
| Palmer Square Capital BDC Inc. | COM | 69702V107 |  | 302904 | 21698 | SH |  | SOLE |  | 21698 | 0 | 0 |
| Paychex Inc. | COM | 704326107 |  | 151435248 | 1041078 | SH |  | SOLE |  | 1037751 | 0 | 3327 |
| Paychex Inc. | COM | 704326107 |  | 516092 | 3548 | SH |  | DFND | 02 | 3548 | 0 | 0 |
| Paycom Software Inc. | COM | 70432V102 |  | 78884382 | 340901 | SH |  | SOLE |  | 340123 | 0 | 778 |
| Paycom Software Inc. | COM | 70432V102 |  | 286496 | 1238 | SH |  | DFND | 02 | 1238 | 0 | 0 |
| PennantPark Investment Corp. | COM | 708062104 |  | 168421 | 24623 | SH |  | SOLE |  | 24623 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 93596455 | 708849 | SH |  | SOLE |  | 706709 | 0 | 2140 |
| PepsiCo Inc. | COM | 713448108 |  | 317424 | 2404 | SH |  | DFND | 02 | 2404 | 0 | 0 |
| Polaris Inc. | COM | 731068102 |  | 33358834 | 820636 | SH |  | SOLE |  | 817863 | 0 | 2773 |
| Polaris Inc. | COM | 731068102 |  | 169510 | 4170 | SH |  | DFND | 02 | 4170 | 0 | 0 |
| Portman Ridge Finance Corp. | COM | 73688F201 |  | 262099 | 20934 | SH |  | SOLE |  | 20934 | 0 | 0 |
| Powershares Insured National M | COM | 46138E537 |  | 7101280 | 317163 | SH |  | SOLE |  | 315933 | 0 | 1230 |
| Procter  Gamble Co. | COM | 742718109 |  | 21305993 | 133731 | SH |  | SOLE |  | 133370 | 0 | 361 |
| Progressive Corp. | COM | 743315103 |  | 149276407 | 559381 | SH |  | SOLE |  | 557701 | 0 | 1679 |
| Progressive Corp. | COM | 743315103 |  | 596321 | 2235 | SH |  | DFND | 02 | 2235 | 0 | 0 |
| ProShares S MidCap 400 Divid | COM | 74347B680 |  | 24454874 | 299931 | SH |  | SOLE |  | 299931 | 0 | 0 |
| ProShares SP MidCap 400 Divid | COM | 74347B680 |  | 20384 | 250 | SH |  | DFND | 02 | 250 | 0 | 0 |
| PT Astra International Tbk | COM | 69367X109 |  | 107675 | 19595 | SH |  | SOLE |  | 19595 | 0 | 0 |
| RBC Bearings Inc. | COM | 75524B104 |  | 2951801 | 7671 | SH |  | SOLE |  | 7671 | 0 | 0 |
| RBC Bearings Inc. | COM | 75524B104 |  | 131602 | 342 | SH |  | DFND | 02 | 342 | 0 | 0 |
| RBC Bearings Inc. | COM | 75524B104 |  | 489850 | 1273 | SH |  | DFND | 01 | 0 | 1273 | 0 |
| ResMed Inc. | COM | 761152107 |  | 29686246 | 115063 | SH |  | SOLE |  | 114766 | 0 | 297 |
| Rheinmetall AG | COM | 76206K107 |  | 2122590 | 5024 | SH |  | SOLE |  | 4866 | 0 | 158 |
| RLI Corp. | COM | 749607107 |  | 1981139 | 27432 | SH |  | SOLE |  | 27432 | 0 | 0 |
| RLI Corp. | COM | 749607107 |  | 91647 | 1269 | SH |  | DFND | 02 | 1269 | 0 | 0 |
| RLI Corp. | COM | 749607107 |  | 448631 | 6212 | SH |  | DFND | 01 | 0 | 6212 | 0 |
| Roche Holding A.G. | COM | 771195104 |  | 620571 | 15225 | SH |  | SOLE |  | 14863 | 0 | 362 |
| Royal Gold Inc. | COM | 780287108 |  | 855766 | 4812 | SH |  | SOLE |  | 4751 | 0 | 61 |
| Runway Growth Finance Corp | COM | 78163d100 |  | 173375 | 16158 | SH |  | SOLE |  | 16158 | 0 | 0 |
| S Global Inc. | COM | 78409V104 |  | 77937943 | 147808 | SH |  | SOLE |  | 147489 | 0 | 319 |
| SP Global Inc. | COM | 78409V104 |  | 154352 | 293 | SH |  | DFND | 02 | 293 | 0 | 0 |
| Safran S.A. | COM | 786584102 |  | 1245304 | 15248 | SH |  | SOLE |  | 14807 | 0 | 441 |
| Sandoz Group | COM | 799926100 |  | 1459009 | 26690 | SH |  | SOLE |  | 26011 | 0 | 679 |
| SAP S.E. | COM | 803054204 |  | 1441130 | 4739 | SH |  | SOLE |  | 4599 | 0 | 140 |
| Sapiens International Corp. N. | COM | G7T16G103 |  | 1228237 | 41991 | SH |  | SOLE |  | 41991 | 0 | 0 |
| Sapiens International Corp. N. | COM | G7T16G103 |  | 55165 | 1886 | SH |  | DFND | 02 | 1886 | 0 | 0 |
| Sapiens International Corp. N. | COM | G7T16G103 |  | 182403 | 6236 | SH |  | DFND | 01 | 0 | 6236 | 0 |
| Sendas Distribuidora S.A. | COM | 81689T104 |  | 118340 | 11456 | SH |  | SOLE |  | 11456 | 0 | 0 |
| Shell plc | COM | 780259305 |  | 984965 | 13989 | SH |  | SOLE |  | 13565 | 0 | 424 |
| Sherwin-Williams Co. | COM | 824348106 |  | 25748334 | 74989 | SH |  | SOLE |  | 74793 | 0 | 196 |
| Shinhan Financial Group Co. Lt | COM | 824596100 |  | 265161 | 5869 | SH |  | SOLE |  | 5869 | 0 | 0 |
| Shopify Inc. | COM | 82509L107 |  | 965018 | 8366 | SH |  | SOLE |  | 8186 | 0 | 180 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 1453983 | 61066 | SH |  | SOLE |  | 61066 | 0 | 0 |
| Sixth Street Specialty Lending | COM | 83012A109 |  | 5404870 | 227000 | SH |  | DFND | 01 | 0 | 227000 | 0 |
| SLR Investment Corp. | COM | 83413U100 |  | 428684 | 26560 | SH |  | SOLE |  | 26560 | 0 | 0 |
| SLR Investment Corp. | COM | 83413U100 |  | 984540 | 61000 | SH |  | DFND | 01 | 0 | 61000 | 0 |
| Snap-on Inc. | COM | 833034101 |  | 155538698 | 499835 | SH |  | SOLE |  | 498273 | 0 | 1562 |
| Snap-on Inc. | COM | 833034101 |  | 527761 | 1696 | SH |  | DFND | 02 | 1696 | 0 | 0 |
| Sony Group Corp. | COM | 835699307 |  | 1166560 | 44816 | SH |  | SOLE |  | 43846 | 0 | 970 |
| Southern Co. | COM | 842587107 |  | 144546763 | 1574069 | SH |  | SOLE |  | 1569137 | 0 | 4932 |
| Southern Co. | COM | 842587107 |  | 494505 | 5385 | SH |  | DFND | 02 | 5385 | 0 | 0 |
| Southern Copper Corp. | COM | 84265V105 |  | 605227 | 5982 | SH |  | SOLE |  | 5911 | 0 | 71 |
| SPDR Consumer Staples Select S | COM | 81369Y308 |  | 8022589 | 99081 | SH |  | SOLE |  | 99081 | 0 | 0 |
| SPDR Consumer Staples Select S | COM | 81369Y308 |  | 6154 | 76 | SH |  | DFND | 02 | 76 | 0 | 0 |
| SPDR Gold MiniShares Trust ETF | COM | 98149E303 |  | 34412513 | 525221 | SH |  | SOLE |  | 524483 | 0 | 738 |
| SPDR Gold MiniShares Trust ETF | COM | 98149E303 |  | 25225 | 385 | SH |  | DFND | 02 | 385 | 0 | 0 |
| SPDR Gold Shares ETF | COM | 78463V107 |  | 242340 | 795 | SH |  | SOLE |  | 795 | 0 | 0 |
| SPDR Nuveen Barclays Capital S | COM | 78468R739 |  | 3092305 | 64652 | SH |  | SOLE |  | 64652 | 0 | 0 |
| SPDR Nuveen S High Yield Mun | COM | 78464A284 |  | 1019870 | 41157 | SH |  | SOLE |  | 41157 | 0 | 0 |
| SPDR Portfolio Developed World | COM | 78463X889 |  | 51663944 | 1275968 | SH |  | SOLE |  | 1275968 | 0 | 0 |
| SPDR Portfolio Developed World | COM | 78463X889 |  | 32959 | 814 | SH |  | DFND | 02 | 814 | 0 | 0 |
| SPDR Portfolio Mortgage Backed | COM | 78464A383 |  | 104480316 | 4727616 | SH |  | SOLE |  | 4721709 | 0 | 5907 |
| SPDR Portfolio S 500 Growth | COM | 78464A409 |  | 25963615 | 272384 | SH |  | SOLE |  | 272384 | 0 | 0 |
| SPDR Portfolio SP 500 Growth | COM | 78464A409 |  | 19985 | 210 | SH |  | DFND | 02 | 210 | 0 | 0 |
| SPDR Portfolio S 500 Value E | COM | 78464a508 |  | 35868976 | 685307 | SH |  | SOLE |  | 685307 | 0 | 0 |
| SPDR Portfolio SP 500 Value E | COM | 78464a508 |  | 27262 | 521 | SH |  | DFND | 02 | 521 | 0 | 0 |
| SPDR S 400 Mid Cap Growth ET | COM | 78464A821 |  | 18024966 | 207494 | SH |  | SOLE |  | 207494 | 0 | 0 |
| SPDR SP 400 Mid Cap Growth ET | COM | 78464A821 |  | 15087 | 174 | SH |  | DFND | 02 | 174 | 0 | 0 |
| SPDR S 400 Mid Cap Value ETF | COM | 78464A839 |  | 24457500 | 307913 | SH |  | SOLE |  | 307913 | 0 | 0 |
| SPDR SP 400 Mid Cap Value ETF | COM | 78464A839 |  | 20497 | 258 | SH |  | DFND | 02 | 258 | 0 | 0 |
| SPDR S 500 ETF | COM | 78462F103 |  | 11876313 | 19222 | SH |  | SOLE |  | 19222 | 0 | 0 |
| SPDR S Dividend ETF | COM | 78464A763 |  | 10208660 | 75213 | SH |  | SOLE |  | 75213 | 0 | 0 |
| SPDR SP Dividend ETF | COM | 78464A763 |  | 7737 | 57 | SH |  | DFND | 02 | 57 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 1573623 | 29691 | SH |  | SOLE |  | 29691 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 78546 | 1482 | SH |  | DFND | 02 | 1482 | 0 | 0 |
| Spectrum Brands Holdings Inc. | COM | 84790a105 |  | 429565 | 8105 | SH |  | DFND | 01 | 0 | 8105 | 0 |
| Starbucks Corp. | COM | 855244109 |  | 31138099 | 339824 | SH |  | SOLE |  | 338782 | 0 | 1042 |
| Starbucks Corp. | COM | 855244109 |  | 80594 | 880 | SH |  | DFND | 02 | 880 | 0 | 0 |
| Stewart Information Services C | COM | 860372101 |  | 2528451 | 38839 | SH |  | SOLE |  | 38839 | 0 | 0 |
| Stewart Information Services C | COM | 860372101 |  | 110410 | 1696 | SH |  | DFND | 02 | 1696 | 0 | 0 |
| Stewart Information Services C | COM | 860372101 |  | 503093 | 7728 | SH |  | DFND | 01 | 0 | 7728 | 0 |
| Stryker Corp. | COM | 863667101 |  | 91850000 | 232161 | SH |  | SOLE |  | 231667 | 0 | 494 |
| Stryker Corp. | COM | 863667101 |  | 166619 | 421 | SH |  | DFND | 02 | 421 | 0 | 0 |
| T. Rowe Price Group Inc. | COM | 74144T108 |  | 91222572 | 945312 | SH |  | SOLE |  | 942148 | 0 | 3164 |
| T. Rowe Price Group Inc. | COM | 74144T108 |  | 303106 | 3141 | SH |  | DFND | 02 | 3141 | 0 | 0 |
| Taiwan Semiconductor Manufactu | COM | 874039100 |  | 2166603 | 9566 | SH |  | SOLE |  | 9356 | 0 | 210 |
| Techtronic Industries Co. Ltd. | COM | 87873R101 |  | 940704 | 17014 | SH |  | SOLE |  | 16621 | 0 | 393 |
| Tencent Holdings Ltd. | COM | 88032Q109 |  | 278962 | 4325 | SH |  | SOLE |  | 4325 | 0 | 0 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 33750711 | 83241 | SH |  | SOLE |  | 83094 | 0 | 147 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 95358 | 235 | SH |  | DFND | 02 | 235 | 0 | 0 |
| TJX Co. Inc. | COM | 872540109 |  | 76062340 | 615939 | SH |  | SOLE |  | 614599 | 0 | 1340 |
| TJX Co. Inc. | COM | 872540109 |  | 150703 | 1220 | SH |  | DFND | 02 | 1220 | 0 | 0 |
| Tokio Marine Holdings Inc. | COM | 889094108 |  | 1080520 | 25502 | SH |  | SOLE |  | 24785 | 0 | 717 |
| Toro Co. | COM | 891092108 |  | 16010260 | 226518 | SH |  | SOLE |  | 225944 | 0 | 574 |
| TotalEnergies S.E. | COM | 89151E109 |  | 779346 | 12695 | SH |  | SOLE |  | 12299 | 0 | 396 |
| Trinity Capital Inc. | COM | 896442308 |  | 155502 | 11052 | SH |  | SOLE |  | 11052 | 0 | 0 |
| Trinity Capital Inc. | COM | 896442308 |  | 675360 | 48000 | SH |  | DFND | 01 | 0 | 48000 | 0 |
| TripAdvisor Inc. | COM | 896945201 |  | 7933995 | 607969 | SH |  | SOLE |  | 605934 | 0 | 2035 |
| TripAdvisor Inc. | COM | 896945201 |  | 160802 | 12322 | SH |  | DFND | 02 | 12322 | 0 | 0 |
| TripAdvisor Inc. | COM | 896945201 |  | 447967 | 34327 | SH |  | DFND | 01 | 0 | 34327 | 0 |
| U.S. Bancorp | COM | 902973304 |  | 88035484 | 1945536 | SH |  | SOLE |  | 1939327 | 0 | 6209 |
| U.S. Bancorp | COM | 902973304 |  | 336615 | 7439 | SH |  | DFND | 02 | 7439 | 0 | 0 |
| UFP Industries Inc | COM | 90278Q108 |  | 990619 | 9970 | SH |  | SOLE |  | 9970 | 0 | 0 |
| UFP Industries Inc | COM | 90278Q108 |  | 45408 | 457 | SH |  | DFND | 02 | 457 | 0 | 0 |
| UFP Industries Inc | COM | 90278Q108 |  | 224454 | 2259 | SH |  | DFND | 01 | 0 | 2259 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 1858058 | 7610 | SH |  | SOLE |  | 7610 | 0 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 89607 | 367 | SH |  | DFND | 02 | 367 | 0 | 0 |
| UFP Technologies Inc. | COM | 902673102 |  | 499796 | 2047 | SH |  | DFND | 01 | 0 | 2047 | 0 |
| Unilever plc | COM | 904767704 |  | 840061 | 13733 | SH |  | SOLE |  | 13304 | 0 | 429 |
| United Parcel Service Inc. | COM | 911312106 |  | 67549621 | 669206 | SH |  | SOLE |  | 667191 | 0 | 2015 |
| United Parcel Service Inc. | COM | 911312106 |  | 258911 | 2565 | SH |  | DFND | 02 | 2565 | 0 | 0 |
| Uranium Energy Corp. | COM | 916896103 |  | 475823 | 69974 | SH |  | SOLE |  | 69261 | 0 | 713 |
| Vale S.A. | COM | 91912E105 |  | 113403 | 11679 | SH |  | SOLE |  | 11679 | 0 | 0 |
| Valvoline Inc. | COM | 92047W101 |  | 18146963 | 479191 | SH |  | SOLE |  | 477947 | 0 | 1244 |
| Valvoline Inc. | COM | 92047W101 |  | 194993 | 5149 | SH |  | DFND | 02 | 5149 | 0 | 0 |
| Valvoline Inc. | COM | 92047W101 |  | 549948 | 14522 | SH |  | DFND | 01 | 0 | 14522 | 0 |
| VanEck Vectors Long Municipal | COM | 92189F536 |  | 4232262 | 250578 | SH |  | SOLE |  | 250578 | 0 | 0 |
| Visa Inc. | COM | 92826C839 |  | 209479 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| Vista Energy S.A.B. de C.V. | COM | 92837L109 |  | 410592 | 8588 | SH |  | SOLE |  | 8588 | 0 | 0 |
| Vontier Corp. | COM | 928881101 |  | 16304715 | 441862 | SH |  | SOLE |  | 440700 | 0 | 1162 |
| Vontier Corp. | COM | 928881101 |  | 171299 | 4642 | SH |  | DFND | 02 | 4642 | 0 | 0 |
| Vontier Corp. | COM | 928881101 |  | 459405 | 12450 | SH |  | DFND | 01 | 0 | 12450 | 0 |
| Vulcan Materials Co. | COM | 929160109 |  | 699522 | 2682 | SH |  | SOLE |  | 2648 | 0 | 34 |
| W. R. Berkley Corp. | COM | 084423102 |  | 92717418 | 1261977 | SH |  | SOLE |  | 1259211 | 0 | 2766 |
| W. R. Berkley Corp. | COM | 084423102 |  | 169869 | 2312 | SH |  | DFND | 02 | 2312 | 0 | 0 |
| Wal-Mart de Mexico S.A.B. de C | COM | 93114W107 |  | 791446 | 23760 | SH |  | SOLE |  | 23125 | 0 | 635 |
| Walt Disney Co. | COM | 254687106 |  | 17009832 | 137165 | SH |  | SOLE |  | 136745 | 0 | 420 |
| Walt Disney Co. | COM | 254687106 |  | 102928 | 830 | SH |  | DFND | 02 | 830 | 0 | 0 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 147352869 | 1414135 | SH |  | SOLE |  | 1409570 | 0 | 4565 |
| WEC Energy Group Inc. | COM | 92939U106 |  | 514748 | 4940 | SH |  | DFND | 02 | 4940 | 0 | 0 |
| Weyerhaeuser Co. | COM | 962166104 |  | 48978108 | 1906505 | SH |  | SOLE |  | 1899565 | 0 | 6940 |
| Weyerhaeuser Co. | COM | 962166104 |  | 230722 | 8981 | SH |  | DFND | 02 | 8981 | 0 | 0 |
| Wheaton Precious Metals Corp. | COM | 962879102 |  | 1081641 | 12045 | SH |  | SOLE |  | 11878 | 0 | 167 |
| Willis Towers Watson plc | COM | G96629103 |  | 1038422 | 3388 | SH |  | SOLE |  | 3296 | 0 | 92 |
| Winnebago Industries Inc. | COM | 974637100 |  | 1025919 | 35377 | SH |  | SOLE |  | 35377 | 0 | 0 |
| Winnebago Industries Inc. | COM | 974637100 |  | 47212 | 1628 | SH |  | DFND | 02 | 1628 | 0 | 0 |
| Winnebago Industries Inc. | COM | 974637100 |  | 400577 | 13813 | SH |  | DFND | 01 | 0 | 13813 | 0 |
| Zoetis Inc. | COM | 98978V103 |  | 21369834 | 137030 | SH |  | SOLE |  | 136654 | 0 | 376 |
| Zurich Insurance Group A.G. | COM | 989825104 |  | 1244301 | 35521 | SH |  | SOLE |  | 34603 | 0 | 918 |

---