UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2024
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
Address:
20 ALLEN AVENUE, SUITE 300
ST. LOUIS, MO 63119
Form 13F File Number:
028-13334

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 Farer
Title:
Chief Compliance Officer
Phone:
314-743-5298


Signature, Place, and Date of Signing:

Steven Farmer
                         [Signature]
Naperville, ILLINOIS
                 [City, State]
01-02-2025
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are 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:
359
Form 13F Information table Value Total:
7208869614
          (thousands)

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.Form 13F File NumberNameCIK
1
028-06487
First Trust Advisors LP
 


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Fidelity Investments Money MarMFUND31607A703101,195101,195SHSOLE101,195 0 0
A. O. Smith Corp.COM83186520918,018,518264,162SHSOLE263,461 0 701
Aberdeen Standard Physical PlaCOM003260106201,0642,421SHSOLE2,391 0 30
abrdn Physical Silver Shares ECOM0032641082,684,68497,377SHSOLE97,377 0 0
Accenture plcCOMG1151C1011,136,6333,231SHSOLE3,127 0 104
AerCap Holdings N.V.COMN009851061,080,07011,286SHSOLE10,921 0 365
AGNC Investment Corp.COM00123q10418,0331,958SHSOLE1,958 0 0
AGNC Investment Corp.COM00123q104368,40040,000SHDFND01 0 40,000 0
Agnico Eagle Mines Ltd.COM0084741081,596,11520,408SHSOLE19,980 0 428
Air Products and Chemicals IncCOM00915810626,252,93590,515SHSOLE90,321 0 194
Alcoa Corp.COM013872106528,88213,999SHSOLE13,720 0 279
Alibaba Group Holding Ltd.COM01609W102205,6162,425SHSOLE2,425 0 0
Alphabet Inc.COM02079K10754,830,150287,913SHSOLE287,315 0 598
Altus Group Ltd.COM02215R1072,517,56964,719SHSOLE64,719 0 0
Altus Group Ltd.COM02215R107665,92917,119SHDFND01 0 17,119 0
American Express Co.COM025816109712,2962,400SHSOLE2,400 0 0
American Outdoor Brands Inc.COM02875D1092,336,985153,345SHSOLE153,345 0 0
American Outdoor Brands Inc.COM02875D109579,92838,053SHDFND01 0 38,053 0
American Water Works Co. Inc.COM03042010366,868,339537,138SHSOLE535,146 0 1,992
Ameriprise Financial Inc.COM03076C106255,566480SHSOLE480 0 0
Amphenol Corp.COM03209510125,154,259362,192SHSOLE361,275 0 917
Amplify Cyber Security ETFCOM0321086644,418,82159,321SHSOLE59,321 0 0
Analog Devices Inc.COM032654105136,821,393643,987SHSOLE641,617 0 2,370
Annaly Capital Management Inc.COM03571083911,858648SHSOLE648 0 0
Annaly Capital Management Inc.COM0357108391,098,00060,000SHDFND01 0 60,000 0
Antero Resources Corp.COM03674X106743,72621,219SHSOLE20,965 0 254
Antofagasta plcCOMG0398N128580,83327,593SHSOLE27,253 0 340
Arcos Dorados Holdings Inc.COMG0457F107116,78616,042SHSOLE16,042 0 0
Ares Capital Corp.COM04010L10378,983,9573,608,221SHSOLE3,593,576 0 14,645
Ares Capital Corp.COM04010L1034,487,450205,000SHDFND01 0 205,000 0
Avantis US Mid Cap Equity ETFCOM025072125237,4733,654SHSOLE3,654 0 0
Azek Co. Inc.COM05478C10510,250,506215,936SHSOLE215,289 0 647
Azek Co. Inc.COM05478C105719,21815,151SHDFND01 0 15,151 0
BAE Systems plcCOM05523r107526,3869,209SHSOLE8,837 0 372
Bain Capital Specialty FinanceCOM05684B107348,99819,920SHSOLE19,920 0 0
Bain Capital Specialty FinanceCOM05684B1071,752,000100,000SHDFND01 0 100,000 0
Baldwin Insurance Group Inc.COM05589g10215,789,390407,363SHSOLE406,278 0 1,085
Baldwin Insurance Group Inc.COM05589g102957,48824,703SHDFND01 0 24,703 0
Bank of America Corp.COM06050510425,974591SHSOLE591 0 0
Bank of America Corp.COM060505104439,50010,000SHDFND01 0 10,000 0
Barings BDC Inc.COM06759l1031,222,596127,753SHSOLE127,753 0 0
Barings BDC Inc.COM06759l1033,732,300390,000SHDFND01 0 390,000 0
Barrick Gold Corp.COM067901108461,14029,751SHSOLE29,423 0 328
Becton Dickinson & Co.COM07588710918,398,59381,098SHSOLE80,889 0 209
Berkshire Hathaway Inc. - ACOM0846701083,404,6005SHSOLE5 0 0
Berkshire Hathaway Inc. - BCOM08467070265,021,883143,447SHSOLE143,173 0 274
Berkshire Hathaway Inc. - BCOM0846707022,039,7604,500SHDFND01 0 4,500 0
Betterware de Mexico SAPI de CCOMP1666E105123,95311,087SHSOLE11,087 0 0
Blackstone Group LPCOM09260D1071,896,62011,000SHDFND01 0 11,000 0
Blackstone Secured Lending FunCOM09261X1021,049,10632,470SHSOLE32,470 0 0
Blackstone Secured Lending FunCOM09261X1025,169,600160,000SHDFND01 0 160,000 0
Blue Owl Capital Corp. IIICOM69122G102871,31460,424SHSOLE60,424 0 0
Blue Owl Capital Corp. IIICOM69122G1023,605,000250,000SHDFND01 0 250,000 0
BNP Paribas S.A.COM05565A202586,09419,091SHSOLE18,382 0 709
Booking Holdings Inc.COM09857L10845,992,9019,257SHSOLE9,243 0 14
Broadridge Financial SolutionsCOM11133T103142,937,767632,216SHSOLE629,692 0 2,524
Brookfield Asset ManagementCOM1130041054,628,80185,418SHSOLE85,418 0 0
Brookfield Infrastructure CorpCOM11276h10689,180,6832,228,960SHSOLE2,219,590 0 9,370
Brown-Forman Corp. - BCOM11563720919,227,812506,261SHSOLE504,946 0 1,315
Brown & Brown Inc.COM11523610152,813,853517,681SHSOLE516,318 0 1,363
Brown & Brown Inc.COM115236101684,1466,706SHDFND01 0 6,706 0
Cameco Corp.COM13321L1081,172,46322,815SHSOLE22,621 0 194
Cannae Holdings Inc.COM13765N1071,934,91997,428SHSOLE97,428 0 0
Cannae Holdings Inc.COM13765N107322,84416,256SHDFND01 0 16,256 0
Capital Southwest Corp.COM140501107638,05829,242SHSOLE29,242 0 0
Capital Southwest Corp.COM1405011071,549,22071,000SHDFND01 0 71,000 0
Cavco Industries Inc.COM1495681073,488,6267,818SHSOLE7,818 0 0
Cavco Industries Inc.COM149568107796,5211,785SHDFND01 0 1,785 0
Charles River Laboratories IntCOM15986410717,168,53893,004SHSOLE92,656 0 348
Chevron Corp.COM166764100107,888,219744,879SHSOLE742,066 0 2,813
Chubb Ltd.COMH1467J104159,115,450575,879SHSOLE573,566 0 2,313
Chugai Pharms Co. Ltd.COM171269103847,47138,574SHSOLE37,252 0 1,322
Cisco Systems Inc.COM17275R102106,737,6431,803,001SHSOLE1,796,165 0 6,835
Clorox Co.COM189054109139,735,769860,389SHSOLE857,241 0 3,148
Coca-Cola Femsa SAB de CVCOM191241108226,5822,909SHSOLE2,909 0 0
Colgate-Palmolive Co.COM194162103121,905,4251,340,946SHSOLE1,335,887 0 5,059
CONMED Corp.COM2074101018,865,033129,530SHSOLE129,144 0 386
CONMED Corp.COM207410101730,59710,675SHDFND01 0 10,675 0
ConocoPhillipsCOM20825C104580,3435,852SHSOLE5,768 0 84
Constellation BrandsCOM21036P10827,532,574124,582SHSOLE124,375 0 207
Controladora Vuela Cia de AviaCOM21240E105210,87228,343SHSOLE28,343 0 0
Core Laboratories N.V.COM21867A1051,851,602106,967SHSOLE106,967 0 0
Core Laboratories N.V.COM21867A105508,77629,392SHDFND01 0 29,392 0
Costco Wholesale Corp.COM22160K105226,319247SHSOLE247 0 0
Coterra Energy Inc.COM127097103583,25722,837SHSOLE22,496 0 341
Crescent Capital BDC Inc.COM225655109601,08931,274SHSOLE31,274 0 0
Crescent Capital BDC Inc.COM225655109818,10542,565SHDFND01 0 42,565 0
Curtiss-Wright Corp.COM231561101411,6491,160SHSOLE1,160 0 0
CyberArk Software Ltd.COMM2682V1081,081,0723,245SHSOLE3,145 0 100
DBS Group Holdings Ltd.COM23304y1001,045,8568,168SHSOLE7,893 0 275
Denison Mines Corp.COM248356107480,991267,217SHSOLE263,487 0 3,730
Diageo plcCOM25243Q205149,564,0951,176,466SHSOLE1,172,594 0 3,872
Diamondback Energy Inc.COM25278X109668,0994,078SHSOLE4,022 0 56
Dimensional National MunicipalCOM25434V8498,475,210177,417SHSOLE176,733 0 684
Dollar Tree Inc.COM25674610821,228,066283,267SHSOLE282,202 0 1,065
Donaldson Co. Inc.COM25765110922,121,024328,449SHSOLE327,569 0 880
Dow Inc.COM26055710361,235,1111,525,919SHSOLE1,519,960 0 5,958
Dr Reddy's Laboratories Ltd.COM256135203288,79918,290SHSOLE18,290 0 0
Dun & Bradstreet Holdings Inc.COM26484T10649,305,8623,957,132SHSOLE3,949,042 0 8,090
Ecolab Inc.COM27886510026,608,330113,556SHSOLE113,249 0 307
Ecopetrol S.A.COM279158109121,54815,347SHSOLE15,347 0 0
Edgewell Personal Care Co.COM28035Q1022,205,38865,637SHSOLE65,637 0 0
Edgewell Personal Care Co.COM28035Q102642,93619,135SHDFND01 0 19,135 0
Enovis CorpCOM1940145022,760,49162,910SHSOLE62,910 0 0
Enovis CorpCOM194014502733,32316,712SHDFND01 0 16,712 0
Entergy Corp.COM29364G103121,863,4351,607,273SHSOLE1,601,000 0 6,273
EOG Resources Inc.COM26875P10123,358,796190,560SHSOLE190,029 0 531
Expand Energy Corp.COM165167735793,5137,971SHSOLE7,873 0 98
Expeditors International of WaCOM30213010921,007,915189,653SHSOLE189,207 0 446
Exxon Mobil Corp.COM30231G102640,9185,958SHSOLE5,889 0 69
Fastenal Co.COM311900104122,150,8721,698,663SHSOLE1,692,983 0 5,680
Fidelity National Financial InCOM31620R303128,113,6942,282,039SHSOLE2,272,944 0 9,096
Fomento Economico Mexicano S.ACOM344419106260,9343,052SHSOLE3,052 0 0
Franco-Nevada Corp.COM351858105680,8465,790SHSOLE5,703 0 87
Franklin FTSE Japan ETFCOM35473P7444,983,640174,192SHSOLE174,192 0 0
Franklin Street Properties CorCOM35471R1062,253,9301,231,656SHSOLE40,000 0 1,191,656
Freeport-McMoRan Inc.COM35671D857539,47914,167SHSOLE14,003 0 164
FS KKR Capital Corp.COM302635206316,14514,555SHSOLE14,555 0 0
FS KKR Capital Corp.COM302635206836,22038,500SHDFND01 0 38,500 0
Gates Industrial Corp. plcCOMG3910810820,749,6381,008,733SHSOLE1,005,510 0 3,223
Gates Industrial Corp. plcCOMG39108108737,88735,872SHDFND01 0 35,872 0
General Dynamics Corp.COM36955010822,833,73986,659SHSOLE86,404 0 255
Gilead Sciences Inc.COM375558103108,706,4121,176,858SHSOLE1,172,180 0 4,678
Glencore plcCOM37827X100427,69148,991SHSOLE48,448 0 543
Global X Uranium ETFCOM37954Y87112,597,446470,405SHSOLE470,405 0 0
Gold Fields Ltd.COM38059t106252,64819,140SHSOLE19,140 0 0
Goldman Sachs BDC Inc.COM38147U107691,50357,149SHSOLE57,149 0 0
Goldman Sachs BDC Inc.COM38147U1071,633,500135,000SHDFND01 0 135,000 0
Golub Capital BDC Inc.COM38173M1021,326,31387,488SHSOLE87,488 0 0
Golub Capital BDC Inc.COM38173M1023,941,600260,000SHDFND01 0 260,000 0
Graco Inc.COM38410910459,460,410705,427SHSOLE703,261 0 2,165
Hagerty Inc.COM4051661092,435,071252,339SHSOLE252,339 0 0
Hagerty Inc.COM405166109817,94484,761SHDFND01 0 84,761 0
Haleon plcCOM405552100771,16680,835SHSOLE78,064 0 2,771
Hayward Holdings Inc.COM4212981002,523,400165,036SHSOLE165,036 0 0
Hayward Holdings Inc.COM421298100787,19051,484SHDFND01 0 51,484 0
HDFC Bank Ltd.COM40415F101216,4223,389SHSOLE3,389 0 0
Healthcare Services Group Inc.COM4219061081,961,092168,841SHSOLE168,841 0 0
Hercules Capital Inc.COM4270965081,047,95552,163SHSOLE52,163 0 0
Hercules Capital Inc.COM4270965086,629,700330,000SHDFND01 0 330,000 0
Hershey Co.COM427866108115,501,619682,029SHSOLE679,379 0 2,650
Hess Corp.COM42809H107547,6024,117SHSOLE4,067 0 50
Home Depot Inc.COM437076102141,442,548363,615SHSOLE362,290 0 1,325
i3 Verticals Inc.COM46571Y1075,897,733255,978SHSOLE255,364 0 614
i3 Verticals Inc.COM46571Y107844,43936,651SHDFND01 0 36,651 0
ICICI Bank Ltd.COM45104g104373,25012,500SHSOLE12,500 0 0
ICON plcCOMG4705A100802,9803,829SHSOLE3,713 0 116
Illinois Tool Works Inc.COM45230810959,713,605235,501SHSOLE235,040 0 460
Infosys Ltd.COM456788108228,24910,413SHSOLE10,413 0 0
ING Groep N.V.COM456837103755,88948,238SHSOLE46,632 0 1,606
Invesco BulletShares 2025 MuniCOM46138J5285,039,231205,599SHSOLE204,813 0 786
Invesco BulletShares 2026 MuniCOM46138J5105,084,780215,731SHSOLE214,917 0 814
Invesco BulletShares 2027 MuniCOM46138J4945,676,012240,509SHSOLE239,616 0 893
Invesco BulletShares 2028 MuniCOM46138J4866,243,808267,630SHSOLE266,645 0 985
Invesco BulletShares 2029 MuniCOM46138J4782,533,746110,451SHSOLE110,033 0 418
Invesco BulletShares 2030 MuniCOM46138J4455,516,706253,992SHSOLE253,054 0 938
Invesco BulletShares 2031 MuniCOM46138j4115,373,296256,727SHSOLE255,838 0 889
Invesco BulletShares 2032 MuncCOM46139W833305,69712,184SHSOLE12,184 0 0
Invesco Bulletshares 2033 MuniCOM46139W791304,55311,825SHSOLE11,825 0 0
Invesco S&P MidCap Quality ETFCOM46137V47253,497,820543,291SHSOLE543,291 0 0
Invesco S&P Small Cap Quality COM46138G30018,121,734427,904SHSOLE427,904 0 0
iShares 0-3 Month Treasury BonCOM46436E718142,663,2121,422,081SHSOLE1,417,435 0 4,646
iShares 1-5 Year Investment GrCOM46428864610,045,672194,307SHSOLE194,307 0 0
iShares 3-7 Year Treasury BondCOM4642886615,351,69846,315SHSOLE46,315 0 0
iShares Barclays 10-20 Year TrCOM4642886537,655,18576,906SHSOLE76,687 0 219
iShares BB Rated Corporate BonCOM46435U47333,951,990738,106SHSOLE738,106 0 0
iShares Core MSCI EAFE ETFCOM46432F842284,1424,043SHSOLE4,043 0 0
iShares Core S&P US Value ETFCOM46428766324,389,687263,416SHSOLE262,600 0 816
iShares Core US Aggregate BondCOM464287226483,5314,990SHSOLE4,990 0 0
iShares Gold Trust ETFCOM464285204740,76914,962SHSOLE14,765 0 197
iShares iBonds Dec 2025 Term MCOM46435U432304,23611,431SHSOLE11,431 0 0
iShares iBonds Dec 2026 Term CCOM46435GAA016,170,766671,822SHSOLE669,923 0 1,899
iShares iBonds Dec 2026 Term MCOM46435U2591,921,67075,478SHSOLE75,478 0 0
iShares iBonds Dec 2027 Term CCOM46435UAA93,964,405165,459SHSOLE164,996 0 463
iShares iBonds Dec 2027 Term MCOM46435U2831,026,24040,821SHSOLE40,821 0 0
iShares iBonds Dec 2027 Term TCOM46436E84131,473,6091,417,941SHSOLE1,413,788 0 4,153
iShares iBonds Dec 2028 Term MCOM46435U325837,36133,255SHSOLE33,255 0 0
iShares iBonds Dec 2028 Term TCOM46436E83313,363,040610,084SHSOLE608,804 0 1,280
iShares iBonds Dec 2029 Term CCOM46436E2055,807,984254,736SHSOLE254,736 0 0
iShares iBonds Dec 2029 Term MCOM46436E163303,23212,139SHSOLE12,139 0 0
iShares iBonds Dec 2029 Term TCOM46436E8257,696,686360,901SHSOLE359,886 0 1,015
iShares iBonds Dec 2030 Term TCOM46436e5937,670,000399,627SHSOLE398,484 0 1,143
iShares iBonds Dec 2031 Term CCOM46436E48610,106,091496,614SHSOLE495,201 0 1,413
iShares iBonds Dec 2032 Term CCOM46436E31210,106,598411,172SHSOLE410,006 0 1,166
iShares iBonds Dec 2032 Term TCOM46436E2969,458,521426,060SHSOLE424,803 0 1,257
iShares iBonds Dec 2033 Term CCOM46436E1307,810,369311,170SHSOLE310,283 0 887
iShares MBS ETFCOM46428858826,952,023293,979SHSOLE293,138 0 841
iShares National Muni Bond ETFCOM4642884141,118,88210,501SHSOLE10,501 0 0
iShares Russell 1000 Value ETFCOM4642875985,253,06428,375SHSOLE28,375 0 0
iShares Russell 2000 Value ETFCOM464287630627,4583,822SHSOLE3,822 0 0
iShares Silver Trust ETFCOM46428Q109595,26922,608SHSOLE22,324 0 284
iShares US Aerospace & DefenseCOM4642887605,985,20241,178SHSOLE41,178 0 0
ITOCHU Corp.COM465717106819,2318,312SHSOLE8,026 0 286
J & J Snack Foods Corp.COM4660321092,566,43316,544SHSOLE16,544 0 0
J & J Snack Foods Corp.COM466032109798,7645,149SHDFND01 0 5,149 0
JBS S.A.COM466110103184,66315,544SHSOLE15,544 0 0
John B Sanfilippo & Son Inc.COM8004221071,828,52620,991SHSOLE20,991 0 0
John B Sanfilippo & Son Inc.COM800422107677,6297,779SHDFND01 0 7,779 0
John Bean Technologies Corp.COM47783910412,609,14999,207SHSOLE98,893 0 314
John Bean Technologies Corp.COM477839104822,2106,469SHDFND01 0 6,469 0
JPMorgan Chase & Co.COM46625H100204,233852SHSOLE852 0 0
Kayne Anderson BDCCOM48662X105330,08919,957SHSOLE19,957 0 0
Kayne Anderson BDCCOM48662X1051,488,60090,000SHDFND01 0 90,000 0
KB Financial Group Inc.COM48241a105291,5905,125SHSOLE5,125 0 0
Kemper Corp.COM488401100296,9874,470SHSOLE4,470 0 0
Keysight Technologies Inc.COM49338L10354,293,101338,001SHSOLE337,247 0 754
Kinder Morgan Inc.COM49456B101120,311,8704,390,944SHSOLE4,374,026 0 16,918
Komatsu Ltd.COM500458401480,28617,580SHSOLE17,090 0 490
L'Oreal S.A.COM502117203712,26810,116SHSOLE9,794 0 322
Linde plcCOMG54950103139,501,651333,202SHSOLE331,877 0 1,325
Lockheed Martin Corp.COM539830109149,715,786308,095SHSOLE306,975 0 1,120
Lowe's Co. Inc.COM54866110757,392,757232,548SHSOLE232,104 0 444
Lululemon Athletica Inc.COM55002110911,411,87929,842SHSOLE29,743 0 99
LVMH Moet Hennessy Louis VuittCOM502441306583,5314,465SHSOLE4,331 0 134
Main Street Capital Corp.COM56035L1041,174,11920,043SHSOLE20,043 0 0
Main Street Capital Corp.COM56035L1046,502,380111,000SHDFND01 0 111,000 0
MakeMyTrip Ltd.COMV5633W109713,7646,357SHSOLE6,357 0 0
Markel Corp. Inc.COM57053510457,523,85333,323SHSOLE33,244 0 79
Markel Corp. Inc.COM570535104258,934150SHDFND01 0 150 0
Marten Transport Ltd.COM5730751081,794,766114,975SHSOLE114,975 0 0
Marten Transport Ltd.COM573075108623,47939,941SHDFND01 0 39,941 0
Martin Marietta Materials Inc.COM57328410632,367,84862,668SHSOLE62,574 0 94
Masco Corp.COM57459910666,849,600921,174SHSOLE919,265 0 1,909
Mastercard Inc.COM57636Q10494,281,845179,049SHSOLE178,682 0 367
Materion Corp.COM576690101398,5854,031SHSOLE3,978 0 53
McDonald's Corp.COM58013510124,092,81583,110SHSOLE82,892 0 218
Medtronic plcCOMG5960L10317,207,742215,420SHSOLE214,869 0 550
MercadoLibre Inc.COM58733R102357,092210SHSOLE210 0 0
Microsoft Corp.COM594918104132,959,384315,443SHSOLE314,289 0 1,154
MidCap Financial Investment CoCOM03761U502318,96123,644SHSOLE23,644 0 0
MidCap Financial Investment CoCOM03761U502876,85065,000SHDFND01 0 65,000 0
Mitsubishi UFJ FinancialCOM6068221041,089,94892,999SHSOLE90,039 0 2,960
Mitsui & Co. Ltd.COM606827202717,1441,722SHSOLE1,698 0 24
Morgan Stanley Direct Lending COM61774A103333,49416,142SHSOLE16,142 0 0
Morgan Stanley Direct Lending COM61774A103206,60010,000SHDFND01 0 10,000 0
Morningstar Inc.COM61770010920,572,00761,088SHSOLE60,925 0 163
Morningstar Inc.COM617700109776,2322,305SHDFND01 0 2,305 0
Mosaic Co.COM61945C103357,07414,527SHSOLE14,380 0 147
Movado Group Inc.COM6245801062,741,786139,318SHSOLE139,318 0 0
Movado Group Inc.COM624580106723,02436,739SHDFND01 0 36,739 0
New Jersey Resources Corp.COM64602510621,186,167454,152SHSOLE452,826 0 1,325
New Mountain Finance Corp.COM647551100864,83676,806SHSOLE76,806 0 0
New Mountain Finance Corp.COM6475511003,974,780353,000SHDFND01 0 353,000 0
Newmont Mining Corp.COM651639106438,73911,788SHSOLE11,652 0 136
NIKE Inc.COM65410610318,620,842246,080SHSOLE245,450 0 630
Nintendo Co. Ltd.COM654445303810,03455,368SHSOLE53,843 0 1,525
Nordson Corp.COM65566310232,444,142155,057SHSOLE154,626 0 431
Northern Trust Corp.COM665859104116,855,9621,140,058SHSOLE1,135,973 0 4,085
Novo Nordisk A.S.COM670100205883,76910,274SHSOLE9,984 0 290
Nuveen Churchill Direct LendinCOM67090S108312,14218,602SHSOLE18,602 0 0
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NXP Semiconductors N.V.COMN6596X10944,541,807214,298SHSOLE213,851 0 447
Oaktree Specialty Lending CorpCOM67401P405617,46340,410SHSOLE40,410 0 0
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OFS Capital Corp.COM67103B100790,86098,000SHDFND01 0 98,000 0
Oracle Corp.COM68389X10591,701,875550,299SHSOLE549,068 0 1,232
Palmer Square Capital BDC Inc.COM69702V107304,27420,018SHSOLE20,018 0 0
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Paychex Inc.COM704326107154,558,0881,102,254SHSOLE1,098,269 0 3,985
Paycom Software Inc.COM70432V10274,149,405361,757SHSOLE360,915 0 842
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PepsiCo Inc.COM713448108136,423,678897,170SHSOLE894,354 0 2,816
PIMCO 20 Plus Year Zero CouponCOM72201R88214,155,002206,281SHSOLE206,281 0 0
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Procter & Gamble Co.COM74271810923,635,293140,980SHSOLE140,613 0 367
Progressive Corp.COM743315103208,325,104869,434SHSOLE866,231 0 3,203
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RBC Bearings Inc.COM75524B1043,459,85311,566SHSOLE11,566 0 0
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ResMed Inc.COM76115210728,303,541123,764SHSOLE123,436 0 328
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Roche Holding A.G.COM771195104487,65713,981SHSOLE13,619 0 362
Royal Gold Inc.COM780287108647,2524,909SHSOLE4,848 0 61
Runway Growth Finance CorpCOM78163d100149,28613,621SHSOLE13,621 0 0
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S&P Global Inc.COM78409V10476,217,868153,039SHSOLE152,702 0 336
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Seabridge Gold Inc.COM811916105492,79843,190SHSOLE42,654 0 536
Sendas Distribuidora S.A.COM81689T10449,77311,135SHSOLE11,135 0 0
Shell plcCOM7802593051,378,98922,011SHSOLE21,476 0 535
Sherwin-Williams Co.COM82434810627,258,95480,190SHSOLE79,969 0 220
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Shopify Inc.COM82509L107861,6988,104SHSOLE7,924 0 180
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Southern Copper Corp.COM84265V105526,5425,778SHSOLE5,707 0 71
SPDR Energy Select Sector ETFCOM81369Y5064,423,61151,642SHSOLE51,642 0 0
SPDR Gold MiniShares Trust ETFCOM98149E30332,647,952627,966SHSOLE627,560 0 406
SPDR Nuveen Barclays Capital SCOM78468R7392,310,02648,745SHSOLE48,745 0 0
SPDR Nuveen S&P High Yield MunCOM78464A2843,739,208146,177SHSOLE146,177 0 0
SPDR Portfolio Developed WorldCOM78463X88925,143,668736,703SHSOLE736,703 0 0
SPDR Portfolio High Yield BondCOM78468R60611,642,373496,053SHSOLE496,053 0 0
SPDR Portfolio Mortgage BackedCOM78464A38384,623,5523,926,847SHSOLE3,920,463 0 6,384
SPDR Portfolio S&P 500 Growth COM78464A40917,969,804204,435SHSOLE204,435 0 0
SPDR Portfolio S&P 500 Value ECOM78464a50814,373,730281,066SHSOLE281,066 0 0
SPDR S&P 400 Mid Cap Growth ETCOM78464A82147,678,357548,721SHSOLE548,721 0 0
SPDR S&P 400 Mid Cap Value ETFCOM78464A83920,209,251251,986SHSOLE251,986 0 0
SPDR S&P 500 ETFCOM78462F10313,553,28523,125SHSOLE23,125 0 0
SPDR S&P 600 Small Cap Growth COM78464A20118,650,949206,430SHSOLE206,430 0 0
Spectrum Brands Holdings Inc.COM84790a1052,930,62034,686SHSOLE34,686 0 0
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Starbucks Corp.COM85524410962,033,050679,814SHSOLE678,219 0 1,596
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Stryker Corp.COM86366710188,364,629245,423SHSOLE244,883 0 540
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Techtronic Industries Co. Ltd.COM87873R1011,061,30716,176SHSOLE15,783 0 393
Tencent Holdings Ltd.COM88032Q109276,3765,197SHSOLE5,197 0 0
Thermo Fisher Scientific Inc.COM88355610243,463,87183,547SHSOLE83,390 0 157
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Tokio Marine Holdings Inc.COM889094108890,63124,726SHSOLE24,009 0 717
Toro Co.COM89109210818,393,461229,631SHSOLE229,046 0 585
TotalEnergies S.E.COM89151E109620,64611,388SHSOLE10,992 0 396
Trinity Capital Inc.COM896442308153,65710,619SHSOLE10,619 0 0
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TripAdvisor Inc.COM8969452012,715,007183,819SHSOLE183,819 0 0
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U.S. BancorpCOM90297330493,719,4221,959,428SHSOLE1,952,041 0 7,387
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Unilever plcCOM904767704716,63112,639SHSOLE12,210 0 429
United Parcel Service Inc.COM91131210675,971,754602,472SHSOLE600,175 0 2,297
Uranium Energy Corp.COM916896103564,18884,333SHSOLE83,620 0 713
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Valvoline Inc.COM92047W1018,774,880242,534SHSOLE241,829 0 705
Valvoline Inc.COM92047W101320,4468,857SHDFND01 0 8,857 0
VanEck High Yield Muni ETFCOM92189H4093,451,60066,492SHSOLE66,492 0 0
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Vontier Corp.COM92888110114,185,070388,952SHSOLE387,616 0 1,336
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Weyerhaeuser Co.COM96216610456,420,8102,004,292SHSOLE1,995,148 0 9,144
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Zurich Insurance Group A.G.COM9898251041,033,86534,822SHSOLE33,774 0 1,048