13F HOLDINGS REPORT
CONFLUENCE INVESTMENT MANAGEMENT LLC
Quarter ended Q2 2025 · Filed July 1, 2025 · Accession 0001636661-25-000005
Total Value
$7.08B
Positions
451
Other Managers
2
Confidential Omitted
No
Holdings (451)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | iShares 0-3 Month Treasury Bon | 46436E718 | 2,362,512 | $237.9M | 3.36% |
| 2 | Chubb Ltd. | CB | 546,389 | $158.3M | 2.24% |
| 3 | Snap-on Inc. | SNA | 499,835 | $155.5M | 2.20% |
| 4 | Paychex Inc. | PAYX | 1,041,078 | $151.4M | 2.14% |
| 5 | Northern Trust Corp. | NTRSO | 1,180,876 | $149.7M | 2.12% |
| 6 | Progressive Corp. | 743315103 | 559,381 | $149.3M | 2.11% |
| 7 | Analog Devices Inc. | ADI | 623,830 | $148.5M | 2.10% |
| 8 | Linde plc | LIN | 315,346 | $148.0M | 2.09% |
| 9 | WEC Energy Group Inc. | WEC | 1,414,135 | $147.4M | 2.08% |
| 10 | Broadridge Financial Solutions | 11133T103 | 594,970 | $144.6M | 2.04% |
| 11 | Southern Co. | SOMN | 1,574,069 | $144.5M | 2.04% |
| 12 | Lockheed Martin Corp. | LMT | 299,125 | $138.5M | 1.96% |
| 13 | Fastenal Co. | FAST | 3,268,957 | $137.3M | 1.94% |
| 14 | Diageo plc | DGEAF | 1,345,335 | $135.7M | 1.92% |
| 15 | Home Depot Inc. | HD | 349,952 | $128.3M | 1.81% |
| 16 | Hershey Co. | HSY | 761,515 | $126.4M | 1.79% |
| 17 | Fidelity National Financial In | FNF | 2,170,164 | $121.7M | 1.72% |
| 18 | American Water Works Co. Inc. | 030420103 | 872,406 | $121.4M | 1.71% |
| 19 | Chevron Corp. | CVX | 842,878 | $120.7M | 1.71% |
| 20 | Cisco Systems Inc. | CSCO | 1,732,009 | $120.2M | 1.70% |
| 21 | Colgate-Palmolive Co. | CL | 1,304,894 | $118.6M | 1.68% |
| 22 | Oracle Corp. | ORCL-PD | 522,508 | $114.2M | 1.61% |
| 23 | Entergy Corp. | ENO | 1,369,375 | $113.8M | 1.61% |
| 24 | Clorox Co. | CLX | 938,285 | $112.7M | 1.59% |
| 25 | Kinder Morgan Inc. | EP-PC | 3,825,949 | $112.5M | 1.59% |
| 26 | Gilead Sciences Inc. | GILD | 966,168 | $107.1M | 1.51% |
| 27 | SPDR Portfolio Mortgage Backed | 78464A383 | 4,727,616 | $104.5M | 1.48% |
| 28 | PepsiCo Inc. | PEP | 708,849 | $93.6M | 1.32% |
| 29 | Mastercard Inc. | MA | 166,337 | $93.5M | 1.32% |
| 30 | W. R. Berkley Corp. | WRB-PH | 1,261,977 | $92.7M | 1.31% |
| 31 | Stryker Corp. | SYK | 232,161 | $91.8M | 1.30% |
| 32 | T. Rowe Price Group Inc. | TROW | 945,312 | $91.2M | 1.29% |
| 33 | U.S. Bancorp | USB-PS | 1,945,536 | $88.0M | 1.24% |
| 34 | Microsoft Corp. | MSFT | 164,593 | $81.9M | 1.16% |
| 35 | Paycom Software Inc. | PAYC | 340,901 | $78.9M | 1.11% |
| 36 | S&P Global Inc. | SPGI | 147,808 | $77.9M | 1.10% |
| 37 | Ares Capital Corp. | ARCC | 3,507,811 | $77.0M | 1.09% |
| 38 | TJX Co. Inc. | 872540109 | 615,939 | $76.1M | 1.07% |
| 39 | Nordson Corp. | NDSN | 335,418 | $71.9M | 1.02% |
| 40 | United Parcel Service Inc. | UPS | 669,206 | $67.5M | 0.95% |
| 41 | Air Products and Chemicals Inc | AIIR | 205,758 | $58.0M | 0.82% |
| 42 | Graco Inc. | GGG | 668,371 | $57.5M | 0.81% |
| 43 | iShares Barclays 10-20 Year Tr | 464288653 | 561,953 | $57.1M | 0.81% |
| 44 | Masco Corp. | MAS | 885,224 | $57.0M | 0.80% |
| 45 | Illinois Tool Works Inc. | 452308109 | 227,501 | $56.2M | 0.79% |
| 46 | Keysight Technologies Inc. | KEYS | 331,959 | $54.4M | 0.77% |
| 47 | SPDR Portfolio Developed World | 78463X889 | 1,275,968 | $51.7M | 0.73% |
| 48 | Lowe's Co. Inc. | 548661107 | 226,548 | $50.3M | 0.71% |
| 49 | Alphabet Inc. | GOOG | 281,544 | $49.9M | 0.71% |
| 50 | Berkshire Hathaway Inc. - B | BRK-A | 101,677 | $49.4M | 0.70% |
| 51 | Weyerhaeuser Co. | WY | 1,906,505 | $49.0M | 0.69% |
| 52 | Booking Holdings Inc. | BKNG | 8,440 | $48.9M | 0.69% |
| 53 | Dow Inc. | DOW | 1,762,437 | $46.7M | 0.66% |
| 54 | NXP Semiconductors N.V. | NXPI | 212,359 | $46.4M | 0.66% |
| 55 | Brown-Forman Corp. - B | BF-B | 1,378,752 | $37.1M | 0.52% |
| 56 | Arch Capital Group Ltd. | G0450A105 | 395,709 | $36.0M | 0.51% |
| 57 | SPDR Portfolio S&P 500 Value E | 78464a508 | 685,307 | $35.9M | 0.51% |
| 58 | Mondelez International Inc. | 609207105 | 523,007 | $35.3M | 0.50% |
| 59 | SPDR Gold MiniShares Trust ETF | GLDW | 525,221 | $34.4M | 0.49% |
| 60 | Martin Marietta Materials Inc. | 573284106 | 62,346 | $34.2M | 0.48% |
| 61 | Thermo Fisher Scientific Inc. | TMO | 83,241 | $33.8M | 0.48% |
| 62 | Polaris Inc. | PII | 820,636 | $33.4M | 0.47% |
| 63 | Brown & Brown Inc. | BRO | 299,127 | $33.2M | 0.47% |
| 64 | Amphenol Corp. | 032095101 | 332,681 | $32.9M | 0.46% |
| 65 | Starbucks Corp. | SBUX | 339,824 | $31.1M | 0.44% |
| 66 | iShares 3-7 Year Treasury Bond | 464288661 | 249,390 | $29.7M | 0.42% |
| 67 | ResMed Inc. | RSMDF | 115,063 | $29.7M | 0.42% |
| 68 | Ecolab Inc. | ECL | 105,654 | $28.5M | 0.40% |
| 69 | Dollar Tree Inc. | DLTR | 282,832 | $28.0M | 0.40% |
| 70 | iShares MBS ETF | 464288588 | 288,361 | $27.1M | 0.38% |
| 71 | SPDR Portfolio S&P 500 Growth | 78464A409 | 272,384 | $26.0M | 0.37% |
| 72 | Sherwin-Williams Co. | SHW | 74,989 | $25.7M | 0.36% |
| 73 | SPDR S&P 400 Mid Cap Value ETF | 78464A839 | 307,913 | $24.5M | 0.35% |
| 74 | ProShares S&P MidCap 400 Divid | 74347B680 | 299,931 | $24.5M | 0.35% |
| 75 | General Dynamics Corp. | GD | 82,310 | $24.0M | 0.34% |
| 76 | Constellation Brands | STZ | 143,219 | $23.3M | 0.33% |
| 77 | McDonald's Corp. | MCD | 78,202 | $22.8M | 0.32% |
| 78 | Gates Industrial Corp. plc | G39108108 | 948,381 | $21.8M | 0.31% |
| 79 | A. O. Smith Corp. | AOS | 331,666 | $21.7M | 0.31% |
| 80 | EOG Resources Inc. | EOG | 181,460 | $21.7M | 0.31% |
| 81 | Donaldson Co. Inc. | DCI | 312,679 | $21.7M | 0.31% |
| 82 | Zoetis Inc. | ZTS | 137,030 | $21.4M | 0.30% |
| 83 | Procter & Gamble Co. | 742718109 | 133,731 | $21.3M | 0.30% |
| 84 | Expeditors International of Wa | 302130109 | 181,391 | $20.7M | 0.29% |
| 85 | New Jersey Resources Corp. | NJR | 431,907 | $19.4M | 0.27% |
| 86 | Morningstar Inc. | MORN | 58,674 | $18.4M | 0.26% |
| 87 | Medtronic plc | MDT | 209,424 | $18.3M | 0.26% |
| 88 | Valvoline Inc. | VVV | 479,191 | $18.1M | 0.26% |
| 89 | SPDR S&P 400 Mid Cap Growth ET | 78464A821 | 207,494 | $18.0M | 0.25% |
| 90 | NIKE Inc. | NKE | 248,154 | $17.6M | 0.25% |
| 91 | Carrier Global Corp. | CARR | 234,965 | $17.2M | 0.24% |
| 92 | iShares iBonds Dec 2033 Term T | 46436E148 | 694,671 | $17.0M | 0.24% |
| 93 | Walt Disney Co. | 254687106 | 137,165 | $17.0M | 0.24% |
| 94 | iShares iBonds Dec 2034 Term T | 46438G646 | 659,143 | $16.9M | 0.24% |
| 95 | Baldwin Insurance Group Inc. | BWIN | 394,875 | $16.9M | 0.24% |
| 96 | Vontier Corp. | VNT | 441,862 | $16.3M | 0.23% |
| 97 | Invesco CurrencyShares Swiss F | 46138R108 | 143,244 | $16.0M | 0.23% |
| 98 | Toro Co. | TORO | 226,518 | $16.0M | 0.23% |
| 99 | Charles River Laboratories Int | 159864107 | 96,359 | $14.6M | 0.21% |
| 100 | Becton Dickinson & Co. | BDX | 80,614 | $13.9M | 0.20% |
| 101 | iShares Core S&P US Value ETF | 464287663 | 125,563 | $11.9M | 0.17% |
| 102 | SPDR S&P 500 ETF | SPY | 19,222 | $11.9M | 0.17% |
| 103 | iShares iBonds Dec 2029 Term T | 46436E825 | 531,810 | $11.7M | 0.16% |
| 104 | JBT Marel Corp. | JBTM | 88,907 | $10.7M | 0.15% |
| 105 | iShares iBonds Dec 2027 Term T | 46436E841 | 467,115 | $10.5M | 0.15% |
| 106 | iShares iBonds Dec 2031 Term C | 46436E486 | 487,502 | $10.3M | 0.14% |
| 107 | SPDR S&P Dividend ETF | 78464A763 | 75,213 | $10.2M | 0.14% |
| 108 | iShares iBonds Dec 2032 Term C | 46436E312 | 401,503 | $10.2M | 0.14% |
| 109 | iShares iBonds Dec 2032 Term T | 46436E296 | 428,490 | $9.9M | 0.14% |
| 110 | iShares iBonds Dec 2028 Term T | 46436E833 | 436,479 | $9.8M | 0.14% |
| 111 | Global X Defense Tech ETF | 37960A529 | 160,638 | $9.7M | 0.14% |
| 112 | SPDR Consumer Staples Select S | 81369Y308 | 99,081 | $8.0M | 0.11% |
| 113 | Dimensional National Municipal | 25434V849 | 167,895 | $8.0M | 0.11% |
| 114 | iShares iBonds Dec 2033 Term C | 46436E130 | 307,307 | $8.0M | 0.11% |
| 115 | TripAdvisor Inc. | TRIP | 607,969 | $7.9M | 0.11% |
| 116 | iShares iBonds Dec 2030 Term T | 46436e593 | 393,507 | $7.8M | 0.11% |
| 117 | Powershares Insured National M | IVZ | 317,163 | $7.1M | 0.10% |
| 118 | Main Street Capital Corp. | 56035L104 | 111,000 | $6.6M | 0.09% |
| 119 | iShares iBonds Dec 2031 Term T | 46436e460 | 304,901 | $6.3M | 0.09% |
| 120 | i3 Verticals Inc. | IIIV | 226,842 | $6.2M | 0.09% |
| 121 | Invesco BulletShares 2027 Muni | IVZ | 265,158 | $6.2M | 0.09% |
| 122 | CONMED Corp. | CNMD | 118,183 | $6.2M | 0.09% |
| 123 | iShares National Muni Bond ETF | 464288414 | 58,057 | $6.1M | 0.09% |
| 124 | Ares Capital Corp. | ARCC | 275,000 | $6.0M | 0.09% |
| 125 | Hercules Capital Inc. | HCXY | 330,000 | $6.0M | 0.09% |
| 126 | Sixth Street Specialty Lending | TSLX | 227,000 | $5.4M | 0.08% |
| 127 | Invesco Bulletshares 2033 Muni | IVZ | 214,054 | $5.4M | 0.08% |
| 128 | Golub Capital BDC Inc. | 38173M102 | 360,000 | $5.3M | 0.07% |
| 129 | Invesco BulletShares 2030 Muni | IVZ | 241,752 | $5.2M | 0.07% |
| 130 | Invesco BulletShares 2029 Muni | IVZ | 227,286 | $5.2M | 0.07% |
| 131 | Blackstone Secured Lending Fun | BX | 159,500 | $4.9M | 0.07% |
| 132 | VanEck Vectors Long Municipal | 92189F536 | 250,578 | $4.2M | 0.06% |
| 133 | iShares 20Plus Year Treasury B | 464287432 | 46,046 | $4.1M | 0.06% |
| 134 | iShares iBonds Dec 2027 Term C | 46435UAA9 | 162,767 | $4.0M | 0.06% |
| 135 | iShares BB Rated Corporate Bon | 46435U473 | 79,826 | $3.8M | 0.05% |
| 136 | Berkshire Hathaway Inc. - A | BRK-A | 5 | $3.6M | 0.05% |
| 137 | Blue Owl Capital Corp. | OWL | 250,000 | $3.6M | 0.05% |
| 138 | FS KKR Capital Corp. | FSK | 165,000 | $3.4M | 0.05% |
| 139 | SPDR Nuveen Barclays Capital S | 78468R739 | 64,652 | $3.1M | 0.04% |
| 140 | Invesco BulletShares 2032 Munc | IVZ | 124,352 | $3.0M | 0.04% |
| 141 | New Mountain Finance Corp. | 647551100 | 283,000 | $3.0M | 0.04% |
| 142 | RBC Bearings Inc. | RBC | 7,671 | $3.0M | 0.04% |
| 143 | Invesco BulletShares 2031 Muni | IVZ | 139,940 | $2.9M | 0.04% |
| 144 | Azek Co. Inc. | 05478C105 | 52,065 | $2.8M | 0.04% |
| 145 | Cavco Industries Inc. | 149568107 | 6,275 | $2.7M | 0.04% |
| 146 | Barings BDC Inc. | BBDC | 290,000 | $2.7M | 0.04% |
| 147 | Invesco BulletShares 2025 Muni | IVZ | 106,632 | $2.6M | 0.04% |
| 148 | Invesco BulletShares 2026 Muni | IVZ | 110,838 | $2.6M | 0.04% |
| 149 | Invesco BulletShares 2028 Muni | IVZ | 112,298 | $2.6M | 0.04% |
| 150 | Stewart Information Services C | 860372101 | 38,839 | $2.5M | 0.04% |
| 151 | iShares iBonds Dec 2028 Term M | 46435U325 | 98,908 | $2.5M | 0.04% |
| 152 | Agnico Eagle Mines Ltd. | AEM | 20,390 | $2.4M | 0.03% |
| 153 | Haemonetics Corp. | HAE | 31,067 | $2.3M | 0.03% |
| 154 | Hagerty Inc. | HGTY | 221,030 | $2.2M | 0.03% |
| 155 | Altus Group Ltd. | 02215R107 | 56,563 | $2.2M | 0.03% |
| 156 | Taiwan Semiconductor Manufactu | 874039100 | 9,566 | $2.2M | 0.03% |
| 157 | Rheinmetall AG | RH | 5,024 | $2.1M | 0.03% |
| 158 | Knowles Corp. | KN | 117,738 | $2.1M | 0.03% |
| 159 | Franklin Street Properties Cor | 35471R106 | 1,231,656 | $2.0M | 0.03% |
| 160 | iShares iBonds Dec 2029 Term M | 46436E163 | 79,369 | $2.0M | 0.03% |
| 161 | Hayward Holdings Inc. | HAYW | 143,944 | $2.0M | 0.03% |
| 162 | RLI Corp. | RLI | 27,432 | $2.0M | 0.03% |
| 163 | H2O America | HTO | 36,412 | $1.9M | 0.03% |
| 164 | iShares iBonds Dec 2026 Term M | 46435U259 | 72,848 | $1.9M | 0.03% |
| 165 | UFP Technologies Inc. | UFPT | 7,610 | $1.9M | 0.03% |
| 166 | Cannae Holdings Inc. | CNNE | 86,099 | $1.8M | 0.03% |
| 167 | Movado Group Inc. | MOVAA | 117,380 | $1.8M | 0.03% |
| 168 | MidCap Financial Investment Co | 03761U502 | 140,000 | $1.8M | 0.02% |
| 169 | Enovis Corp. | ENOV | 51,790 | $1.6M | 0.02% |
| 170 | Spectrum Brands Holdings Inc. | SPB | 29,691 | $1.6M | 0.02% |
| 171 | J & J Snack Foods Corp. | JJSF | 13,854 | $1.6M | 0.02% |
| 172 | Capital Southwest Corp. | CSWC | 71,000 | $1.6M | 0.02% |
| 173 | Bain Capital Specialty Finance | 05684B107 | 100,000 | $1.5M | 0.02% |
| 174 | Sandoz Group | 799926100 | 26,690 | $1.5M | 0.02% |
| 175 | Sixth Street Specialty Lending | TSLX | 61,066 | $1.5M | 0.02% |
| 176 | SAP S.E. | SAPGF | 4,739 | $1.4M | 0.02% |
| 177 | American Outdoor Brands Inc. | AOUT | 131,920 | $1.4M | 0.02% |
| 178 | AerCap Holdings N.V. | AER | 11,627 | $1.4M | 0.02% |
| 179 | CyberArk Software Ltd. | M2682V108 | 3,337 | $1.4M | 0.02% |
| 180 | Nintendo Co. Ltd. | NODK | 56,080 | $1.3M | 0.02% |
| 181 | Golub Capital BDC Inc. | 38173M102 | 91,191 | $1.3M | 0.02% |
| 182 | Mitsubishi UFJ Financial | 606822104 | 96,217 | $1.3M | 0.02% |
| 183 | John B Sanfilippo & Son Inc. | JBSS | 20,749 | $1.3M | 0.02% |
| 184 | Morgan Stanley Direct Lending | 61774A103 | 70,000 | $1.3M | 0.02% |
| 185 | Edgewell Personal Care Co. | 28035Q102 | 54,736 | $1.3M | 0.02% |
| 186 | Marten Transport Ltd. | MRTN | 97,757 | $1.3M | 0.02% |
| 187 | Safran S.A. | 786584102 | 15,248 | $1.2M | 0.02% |
| 188 | Zurich Insurance Group A.G. | 989825104 | 35,521 | $1.2M | 0.02% |
| 189 | Oaktree Specialty Lending Corp | OCSL | 90,000 | $1.2M | 0.02% |
| 190 | Sapiens International Corp. N. | G7T16G103 | 41,991 | $1.2M | 0.02% |
| 191 | Goldman Sachs BDC Inc. | GSBD | 109,000 | $1.2M | 0.02% |
| 192 | Barings BDC Inc. | BBDC | 132,892 | $1.2M | 0.02% |
| 193 | Nuveen Churchill Direct Lendin | 67090S108 | 75,000 | $1.2M | 0.02% |
| 194 | Glencore plc | GLCNF | 154,255 | $1.2M | 0.02% |
| 195 | BAE Systems plc | BAESF | 11,413 | $1.2M | 0.02% |
| 196 | Sony Group Corp. | SNEJF | 44,816 | $1.2M | 0.02% |
| 197 | DBS Group Holdings Ltd. | 23304y100 | 8,241 | $1.2M | 0.02% |
| 198 | Main Street Capital Corp. | 56035L104 | 18,985 | $1.1M | 0.02% |
| 199 | Wheaton Precious Metals Corp. | WPM | 12,045 | $1.1M | 0.02% |
| 200 | Tokio Marine Holdings Inc. | 889094108 | 25,502 | $1.1M | 0.02% |
| 201 | ING Groep N.V. | INGVF | 49,233 | $1.1M | 0.02% |
| 202 | Core Natural Resources Inc. | CNR | 15,124 | $1.1M | 0.01% |
| 203 | Willis Towers Watson plc | WTW | 3,388 | $1.0M | 0.01% |
| 204 | Chugai Pharms Co. Ltd. | 171269103 | 39,539 | $1.0M | 0.01% |
| 205 | Winnebago Industries Inc. | 974637100 | 35,377 | $1.0M | 0.01% |
| 206 | SPDR Nuveen S&P High Yield Mun | 78464A284 | 41,157 | $1.0M | 0.01% |
| 207 | iShares iBonds Dec 2027 Term M | 46435U283 | 39,817 | $1.0M | 0.01% |
| 208 | UFP Industries Inc | UFPI | 9,970 | $990,619 | 0.01% |
| 209 | Shell plc | RYDAF | 13,989 | $984,965 | 0.01% |
| 210 | SLR Investment Corp. | SLRC | 61,000 | $984,540 | 0.01% |
| 211 | Hercules Capital Inc. | HCXY | 53,778 | $983,058 | 0.01% |
| 212 | BNP Paribas S.A. | 05565A202 | 21,556 | $973,038 | 0.01% |
| 213 | Shopify Inc. | SHOP | 8,366 | $965,018 | 0.01% |
| 214 | ASML Holding N.V. | ASMLF | 1,179 | $944,839 | 0.01% |
| 215 | Techtronic Industries Co. Ltd. | 87873R101 | 17,014 | $940,704 | 0.01% |
| 216 | Accenture plc | ACN | 3,118 | $931,939 | 0.01% |
| 217 | Franco-Nevada Corp. | FNV | 5,642 | $924,837 | 0.01% |
| 218 | New Mountain Finance Corp. | 647551100 | 86,161 | $908,998 | 0.01% |
| 219 | ITOCHU Corp. | ITOCF | 8,636 | $904,448 | 0.01% |
| 220 | L'Oreal S.A. | 502117203 | 10,550 | $902,130 | 0.01% |
| 221 | iShares Gold Trust ETF | IAU | 14,403 | $898,171 | 0.01% |
| 222 | iShares Russell 2000 Value ETF | 464287630 | 5,615 | $885,822 | 0.01% |
| 223 | Blue Owl Capital Corp. | OWL | 61,648 | $884,027 | 0.01% |
| 224 | Haleon plc | HLNCF | 84,413 | $875,363 | 0.01% |
| 225 | Royal Gold Inc. | RGLD | 4,812 | $855,766 | 0.01% |
| 226 | Unilever plc | UNLYF | 13,733 | $840,061 | 0.01% |
| 227 | Aberdeen Standard Physical Pla | PPLT | 6,783 | $833,427 | 0.01% |
| 228 | Expand Energy Corp. | EXE | 7,015 | $820,334 | 0.01% |
| 229 | Blackstone Secured Lending Fun | BX | 26,200 | $805,650 | 0.01% |
| 230 | Wal-Mart de Mexico S.A.B. de C | 93114W107 | 23,760 | $791,446 | 0.01% |
| 231 | Antero Resources Corp. | AR | 19,577 | $788,562 | 0.01% |
| 232 | Novo Nordisk A.S. | NONOF | 11,376 | $785,172 | 0.01% |
| 233 | TotalEnergies S.E. | TTE | 12,695 | $779,346 | 0.01% |
| 234 | American Express Co. | AXP | 2,400 | $765,552 | 0.01% |
| 235 | iShares 0-3 Month Treasury Bon | 46436E718 | 7,528 | $758,021 | 0.01% |
| 236 | Newmont Mining Corp. | NEMCL | 12,627 | $735,649 | 0.01% |
| 237 | iShares Silver Trust ETF | SLV | 22,387 | $734,517 | 0.01% |
| 238 | Alamos Gold Inc. | AGI | 26,989 | $716,828 | 0.01% |
| 239 | Antofagasta plc | G0398N128 | 27,694 | $711,182 | 0.01% |
| 240 | Vulcan Materials Co. | 929160109 | 2,682 | $699,522 | 0.01% |
| 241 | Mitsui & Co. Ltd. | 606827202 | 1,706 | $694,342 | 0.01% |
| 242 | Capital Southwest Corp. | CSWC | 31,107 | $685,596 | 0.01% |
| 243 | FS KKR Capital Corp. | FSK | 32,748 | $679,521 | 0.01% |
| 244 | Trinity Capital Inc. | TRINZ | 48,000 | $675,360 | 0.01% |
| 245 | Exxon Mobil Corp. | XOM | 6,197 | $668,052 | 0.01% |
| 246 | Oaktree Specialty Lending Corp | OCSL | 47,042 | $642,589 | 0.01% |
| 247 | Komatsu Ltd. | 500458401 | 19,462 | $642,246 | 0.01% |
| 248 | Freeport-McMoRan Inc. | FCX | 14,797 | $641,450 | 0.01% |
| 249 | Goldman Sachs BDC Inc. | GSBD | 55,711 | $626,749 | 0.01% |
| 250 | Broadridge Financial Solutions | 11133T103 | 2,575 | $625,751 | 0.01% |
| 251 | Roche Holding A.G. | 771195104 | 15,225 | $620,571 | 0.01% |
| 252 | Southern Copper Corp. | SCCO | 5,982 | $605,227 | 0.01% |
| 253 | ICON plc | ICLR | 4,132 | $600,999 | 0.01% |
| 254 | Crescent Capital BDC Inc. | 225655109 | 42,565 | $600,170 | 0.01% |
| 255 | Coterra Energy Inc. | CTRA | 23,598 | $598,917 | 0.01% |
| 256 | Progressive Corp. | 743315103 | 2,235 | $596,321 | 0.01% |
| 257 | Curtiss-Wright Corp. | CW | 1,160 | $566,718 | 0.01% |
| 258 | iShares Russell 1000 Value ETF | 464287598 | 2,903 | $563,850 | 0.01% |
| 259 | Baldwin Insurance Group Inc. | BWIN | 13,127 | $561,967 | 0.01% |
| 260 | Chubb Ltd. | CB | 1,936 | $560,898 | 0.01% |
| 261 | i3 Verticals Inc. | IIIV | 20,194 | $554,931 | 0.01% |
| 262 | Diageo plc | DGEAF | 5,491 | $553,723 | 0.01% |
| 263 | Valvoline Inc. | VVV | 14,522 | $549,948 | 0.01% |
| 264 | Haemonetics Corp. | HAE | 7,356 | $548,831 | 0.01% |
| 265 | J & J Snack Foods Corp. | JJSF | 4,804 | $544,822 | 0.01% |
| 266 | Gates Industrial Corp. plc | G39108108 | 23,408 | $539,086 | 0.01% |
| 267 | MakeMyTrip Ltd. | MMYT | 5,469 | $536,071 | 0.01% |
| 268 | Kayne Anderson BDC | KBDC | 35,000 | $534,100 | 0.01% |
| 269 | Knowles Corp. | KN | 30,011 | $528,794 | 0.01% |
| 270 | Snap-on Inc. | SNA | 1,696 | $527,761 | 0.01% |
| 271 | Marten Transport Ltd. | MRTN | 39,941 | $518,834 | 0.01% |
| 272 | JBT Marel Corp. | JBTM | 4,305 | $517,719 | 0.01% |
| 273 | Morningstar Inc. | MORN | 1,646 | $516,729 | 0.01% |
| 274 | Paychex Inc. | PAYX | 3,548 | $516,092 | 0.01% |
| 275 | Cameco Corp. | CCJ | 6,945 | $515,527 | 0.01% |
| 276 | WEC Energy Group Inc. | WEC | 4,940 | $514,748 | 0.01% |
| 277 | Linde plc | LIN | 1,094 | $513,283 | 0.01% |
| 278 | LVMH Moet Hennessy Louis Vuitt | 502441306 | 4,884 | $513,113 | 0.01% |
| 279 | John B Sanfilippo & Son Inc. | JBSS | 8,052 | $509,208 | 0.01% |
| 280 | Altus Group Ltd. | 02215R107 | 13,132 | $508,077 | 0.01% |
| 281 | Stewart Information Services C | 860372101 | 7,728 | $503,093 | 0.01% |
| 282 | UFP Technologies Inc. | UFPT | 2,047 | $499,796 | 0.01% |
| 283 | H2O America | HTO | 9,613 | $499,588 | 0.01% |
| 284 | Hagerty Inc. | HGTY | 49,276 | $498,180 | 0.01% |
| 285 | Fidelity National Financial In | FNF | 8,875 | $497,532 | 0.01% |
| 286 | MercadoLibre Inc. | MELI | 190 | $496,590 | 0.01% |
| 287 | Southern Co. | SOMN | 5,385 | $494,505 | 0.01% |
| 288 | Analog Devices Inc. | ADI | 2,065 | $491,511 | 0.01% |
| 289 | RBC Bearings Inc. | RBC | 1,273 | $489,850 | 0.01% |
| 290 | Denison Mines Corp. | DNN | 266,880 | $485,722 | 0.01% |
| 291 | NexGen Energy Ltd | NXE | 69,649 | $483,364 | 0.01% |
| 292 | Cisco Systems Inc. | CSCO | 6,936 | $481,220 | 0.01% |
| 293 | Hershey Co. | HSY | 2,877 | $477,402 | 0.01% |
| 294 | Uranium Energy Corp. | UEC | 69,974 | $475,823 | 0.01% |
| 295 | Northern Trust Corp. | NTRSO | 3,734 | $473,434 | 0.01% |
| 296 | Crescent Capital BDC Inc. | 225655109 | 33,496 | $472,291 | 0.01% |
| 297 | Entergy Corp. | ENO | 5,625 | $467,550 | 0.01% |
| 298 | Lundin Gold Inc. | 550371108 | 8,838 | $465,917 | 0.01% |
| 299 | Fastenal Co. | FAST | 11,052 | $464,184 | 0.01% |
| 300 | Vontier Corp. | VNT | 12,450 | $459,405 | 0.01% |
| 301 | Hayward Holdings Inc. | HAYW | 33,222 | $458,464 | 0.01% |
| 302 | Enovis Corp. | ENOV | 14,514 | $455,159 | 0.01% |
| 303 | Kinder Morgan Inc. | EP-PC | 15,467 | $454,730 | 0.01% |
| 304 | Movado Group Inc. | MOVAA | 29,696 | $452,864 | 0.01% |
| 305 | Lockheed Martin Corp. | LMT | 973 | $450,720 | 0.01% |
| 306 | RLI Corp. | RLI | 6,212 | $448,631 | 0.01% |
| 307 | TripAdvisor Inc. | TRIP | 34,327 | $447,967 | 0.01% |
| 308 | CONMED Corp. | CNMD | 8,411 | $438,045 | 0.01% |
| 309 | Home Depot Inc. | HD | 1,189 | $435,935 | 0.01% |
| 310 | Spectrum Brands Holdings Inc. | SPB | 8,105 | $429,565 | 0.01% |
| 311 | SLR Investment Corp. | SLRC | 26,560 | $428,684 | 0.01% |
| 312 | Cavco Industries Inc. | 149568107 | 986 | $428,348 | 0.01% |
| 313 | American Water Works Co. Inc. | 030420103 | 3,077 | $428,041 | 0.01% |
| 314 | Vista Energy S.A.B. de C.V. | VSOGF | 8,588 | $410,592 | 0.01% |
| 315 | Gilead Sciences Inc. | GILD | 3,639 | $403,456 | 0.01% |
| 316 | Winnebago Industries Inc. | 974637100 | 13,813 | $400,577 | 0.01% |
| 317 | Chevron Corp. | CVX | 2,757 | $394,775 | 0.01% |
| 318 | Edgewell Personal Care Co. | 28035Q102 | 16,781 | $392,843 | 0.01% |
| 319 | KB Financial Group Inc. | KB | 4,732 | $390,783 | 0.01% |
| 320 | Clorox Co. | CLX | 3,225 | $387,226 | 0.01% |
| 321 | Gold Fields Ltd. | GFIOF | 16,037 | $379,596 | 0.01% |
| 322 | Colgate-Palmolive Co. | CL | 4,105 | $373,144 | 0.01% |
| 323 | ICICI Bank Ltd. | IBN | 10,939 | $367,988 | 0.01% |
| 324 | Azek Co. Inc. | 05478C105 | 6,229 | $338,546 | 0.00% |
| 325 | U.S. Bancorp | USB-PS | 7,439 | $336,615 | 0.00% |
| 326 | Kayne Anderson BDC | KBDC | 21,100 | $321,986 | 0.00% |
| 327 | MidCap Financial Investment Co | 03761U502 | 25,155 | $317,452 | 0.00% |
| 328 | PepsiCo Inc. | PEP | 2,404 | $317,424 | 0.00% |
| 329 | Morgan Stanley Direct Lending | 61774A103 | 16,943 | $317,173 | 0.00% |
| 330 | Nuveen Churchill Direct Lendin | 67090S108 | 19,589 | $317,146 | 0.00% |
| 331 | Bain Capital Specialty Finance | 05684B107 | 20,930 | $314,789 | 0.00% |
| 332 | iShares iBonds Dec 2025 Term M | 46435U432 | 11,583 | $310,002 | 0.00% |
| 333 | Ares Capital Corp. | ARCC | 13,980 | $307,001 | 0.00% |
| 334 | T. Rowe Price Group Inc. | TROW | 3,141 | $303,106 | 0.00% |
| 335 | Palmer Square Capital BDC Inc. | PSBD | 21,698 | $302,904 | 0.00% |
| 336 | Invesco BulletShares 2034 Muni | IVZ | 12,577 | $298,279 | 0.00% |
| 337 | Microsoft Corp. | MSFT | 594 | $295,276 | 0.00% |
| 338 | Cannae Holdings Inc. | CNNE | 14,114 | $294,277 | 0.00% |
| 339 | Nebius Group N.V. | NBIS | 5,230 | $289,376 | 0.00% |
| 340 | Kemper Corp. | KMPB | 4,470 | $288,494 | 0.00% |
| 341 | Paycom Software Inc. | PAYC | 1,238 | $286,496 | 0.00% |
| 342 | Fomento Economico Mexicano S.A | 344419106 | 2,714 | $279,510 | 0.00% |
| 343 | Tencent Holdings Ltd. | XHLD | 4,325 | $278,962 | 0.00% |
| 344 | Shinhan Financial Group Co. Lt | SHG | 5,869 | $265,161 | 0.00% |
| 345 | Portman Ridge Finance Corp. | BCIC | 20,934 | $262,099 | 0.00% |
| 346 | United Parcel Service Inc. | UPS | 2,565 | $258,911 | 0.00% |
| 347 | Gates Industrial Corp. plc | G39108108 | 11,137 | $256,485 | 0.00% |
| 348 | Ameriprise Financial Inc. | 03076C106 | 480 | $256,190 | 0.00% |
| 349 | Coca-Cola Femsa S.A.B. de C.V. | COCSF | 2,623 | $253,723 | 0.00% |
| 350 | SPDR Gold Shares ETF | GLD | 795 | $242,340 | 0.00% |
| 351 | Alibaba Group Holding Ltd. | BBAAY | 2,091 | $237,140 | 0.00% |
| 352 | Oracle Corp. | ORCL-PD | 1,061 | $231,978 | 0.00% |
| 353 | Dr Reddy's Laboratories Ltd. | 256135203 | 15,385 | $231,237 | 0.00% |
| 354 | Keysight Technologies Inc. | KEYS | 1,410 | $231,043 | 0.00% |
| 355 | Weyerhaeuser Co. | WY | 8,981 | $230,722 | 0.00% |
| 356 | Grupo Financiero Banorte S.A.B | 40052P107 | 4,914 | $225,061 | 0.00% |
| 357 | UFP Industries Inc | UFPI | 2,259 | $224,454 | 0.00% |
| 358 | Dollar Tree Inc. | DLTR | 2,264 | $224,227 | 0.00% |
| 359 | Baldwin Insurance Group Inc. | BWIN | 5,226 | $223,725 | 0.00% |
| 360 | HDFC Bank Ltd. | HDB | 2,884 | $221,116 | 0.00% |
| 361 | Costco Wholesale Corp. | 22160K105 | 221 | $218,777 | 0.00% |
| 362 | JPMorgan Chase & Co. | VYLD | 725 | $210,185 | 0.00% |
| 363 | Visa Inc. | V | 590 | $209,479 | 0.00% |
| 364 | Hong Kong Exchanges and Cleari | 43858F109 | 3,862 | $207,969 | 0.00% |
| 365 | Morningstar Inc. | MORN | 660 | $207,135 | 0.00% |
| 366 | Credicorp Ltd. | BAP | 898 | $200,721 | 0.00% |
| 367 | American Outdoor Brands Inc. | AOUT | 18,853 | $197,014 | 0.00% |
| 368 | Dow Inc. | DOW | 7,434 | $196,852 | 0.00% |
| 369 | Valvoline Inc. | VVV | 5,149 | $194,993 | 0.00% |
| 370 | ASE Technology Holding Co. Ltd | ASX | 18,063 | $186,591 | 0.00% |
| 371 | JBS N.V. | JBS | 12,526 | $183,005 | 0.00% |
| 372 | JBT Marel Corp. | JBTM | 1,518 | $182,555 | 0.00% |
| 373 | Sapiens International Corp. N. | G7T16G103 | 6,236 | $182,403 | 0.00% |
| 374 | MSC Income Fund | MSIF | 10,602 | $174,191 | 0.00% |
| 375 | Runway Growth Finance Corp | RWAYL | 16,158 | $173,375 | 0.00% |
| 376 | Mastercard Inc. | MA | 308 | $172,801 | 0.00% |
| 377 | Vontier Corp. | VNT | 4,642 | $171,299 | 0.00% |
| 378 | W. R. Berkley Corp. | WRB-PH | 2,312 | $169,869 | 0.00% |
| 379 | Polaris Inc. | PII | 4,170 | $169,510 | 0.00% |
| 380 | PennantPark Investment Corp. | 708062104 | 24,623 | $168,421 | 0.00% |
| 381 | Stryker Corp. | SYK | 421 | $166,619 | 0.00% |
| 382 | TripAdvisor Inc. | TRIP | 12,322 | $160,802 | 0.00% |
| 383 | Trinity Capital Inc. | TRINZ | 11,052 | $155,502 | 0.00% |
| 384 | i3 Verticals Inc. | IIIV | 5,651 | $155,289 | 0.00% |
| 385 | S&P Global Inc. | SPGI | 293 | $154,352 | 0.00% |
| 386 | TJX Co. Inc. | 872540109 | 1,220 | $150,703 | 0.00% |
| 387 | Alphabet Inc. | GOOG | 839 | $148,872 | 0.00% |
| 388 | Nordson Corp. | NDSN | 672 | $144,032 | 0.00% |
| 389 | Graco Inc. | GGG | 1,675 | $144,015 | 0.00% |
| 390 | Berkshire Hathaway Inc. - B | BRK-A | 291 | $141,359 | 0.00% |
| 391 | NXP Semiconductors N.V. | NXPI | 639 | $139,720 | 0.00% |
| 392 | RBC Bearings Inc. | RBC | 342 | $131,602 | 0.00% |
| 393 | Charles River Laboratories Int | 159864107 | 867 | $131,550 | 0.00% |
| 394 | Lowe's Co. Inc. | 548661107 | 585 | $129,887 | 0.00% |
| 395 | Cavco Industries Inc. | 149568107 | 297 | $129,026 | 0.00% |
| 396 | CONMED Corp. | CNMD | 2,418 | $125,929 | 0.00% |
| 397 | Controladora Vuela Cia de Avia | 21240E105 | 25,310 | $120,222 | 0.00% |
| 398 | Sendas Distribuidora S.A. | 81689T104 | 11,456 | $118,340 | 0.00% |
| 399 | Arcos Dorados Holdings Inc. | ARCO | 14,753 | $116,401 | 0.00% |
| 400 | Azek Co. Inc. | 05478C105 | 2,130 | $115,765 | 0.00% |
| 401 | Ecopetrol S.A. | EC | 12,947 | $114,581 | 0.00% |
| 402 | Vale S.A. | VALE | 11,679 | $113,403 | 0.00% |
| 403 | Stewart Information Services C | 860372101 | 1,696 | $110,410 | 0.00% |
| 404 | PT Astra International Tbk | 69367X109 | 19,595 | $107,675 | 0.00% |
| 405 | Haemonetics Corp. | HAE | 1,434 | $106,991 | 0.00% |
| 406 | Walt Disney Co. | 254687106 | 830 | $102,928 | 0.00% |
| 407 | Altus Group Ltd. | 02215R107 | 2,576 | $99,665 | 0.00% |
| 408 | Knowles Corp. | KN | 5,568 | $98,108 | 0.00% |
| 409 | Hagerty Inc. | HGTY | 9,613 | $97,187 | 0.00% |
| 410 | Carrier Global Corp. | CARR | 1,318 | $96,452 | 0.00% |
| 411 | Thermo Fisher Scientific Inc. | TMO | 235 | $95,358 | 0.00% |
| 412 | H2O America | HTO | 1,784 | $92,714 | 0.00% |
| 413 | Booking Holdings Inc. | BKNG | 16 | $92,628 | 0.00% |
| 414 | RLI Corp. | RLI | 1,269 | $91,647 | 0.00% |
| 415 | Cannae Holdings Inc. | CNNE | 4,371 | $91,135 | 0.00% |
| 416 | UFP Technologies Inc. | UFPT | 367 | $89,607 | 0.00% |
| 417 | Hayward Holdings Inc. | HAYW | 6,421 | $88,610 | 0.00% |
| 418 | Brown-Forman Corp. - B | BF-B | 3,214 | $86,489 | 0.00% |
| 419 | Movado Group Inc. | MOVAA | 5,573 | $84,988 | 0.00% |
| 420 | Starbucks Corp. | SBUX | 880 | $80,594 | 0.00% |
| 421 | J & J Snack Foods Corp. | JJSF | 693 | $78,593 | 0.00% |
| 422 | Spectrum Brands Holdings Inc. | SPB | 1,482 | $78,546 | 0.00% |
| 423 | Enovis Corp. | ENOV | 2,426 | $76,079 | 0.00% |
| 424 | Brown & Brown Inc. | BRO | 678 | $75,135 | 0.00% |
| 425 | John B Sanfilippo & Son Inc. | JBSS | 1,091 | $68,995 | 0.00% |
| 426 | Marten Transport Ltd. | MRTN | 4,855 | $63,066 | 0.00% |
| 427 | Edgewell Personal Care Co. | 28035Q102 | 2,692 | $63,020 | 0.00% |
| 428 | Arch Capital Group Ltd. | G0450A105 | 689 | $62,733 | 0.00% |
| 429 | Mondelez International Inc. | 609207105 | 927 | $62,517 | 0.00% |
| 430 | Martin Marietta Materials Inc. | 573284106 | 112 | $61,484 | 0.00% |
| 431 | Illinois Tool Works Inc. | 452308109 | 231 | $57,115 | 0.00% |
| 432 | Air Products and Chemicals Inc | AIIR | 202 | $56,976 | 0.00% |
| 433 | American Outdoor Brands Inc. | AOUT | 5,302 | $55,406 | 0.00% |
| 434 | Sapiens International Corp. N. | G7T16G103 | 1,886 | $55,165 | 0.00% |
| 435 | Masco Corp. | MAS | 835 | $53,741 | 0.00% |
| 436 | Winnebago Industries Inc. | 974637100 | 1,628 | $47,212 | 0.00% |
| 437 | Constellation Brands | STZ | 289 | $47,015 | 0.00% |
| 438 | UFP Industries Inc | UFPI | 457 | $45,408 | 0.00% |
| 439 | SPDR Portfolio Developed World | 78463X889 | 814 | $32,959 | 0.00% |
| 440 | SPDR Portfolio S&P 500 Value E | 78464a508 | 521 | $27,262 | 0.00% |
| 441 | SPDR Gold MiniShares Trust ETF | GLDW | 385 | $25,225 | 0.00% |
| 442 | iShares Barclays 10-20 Year Tr | 464288653 | 203 | $20,625 | 0.00% |
| 443 | SPDR S&P 400 Mid Cap Value ETF | 78464A839 | 258 | $20,497 | 0.00% |
| 444 | ProShares S&P MidCap 400 Divid | 74347B680 | 250 | $20,384 | 0.00% |
| 445 | SPDR Portfolio S&P 500 Growth | 78464A409 | 210 | $19,985 | 0.00% |
| 446 | SPDR S&P 400 Mid Cap Growth ET | 78464A821 | 174 | $15,087 | 0.00% |
| 447 | Invesco CurrencyShares Swiss F | 46138R108 | 95 | $10,621 | 0.00% |
| 448 | SPDR S&P Dividend ETF | 78464A763 | 57 | $7,737 | 0.00% |
| 449 | Global X Defense Tech ETF | 37960A529 | 121 | $7,290 | 0.00% |
| 450 | SPDR Consumer Staples Select S | 81369Y308 | 76 | $6,154 | 0.00% |
| 451 | iShares 20Plus Year Treasury B | 464287432 | 51 | $4,501 | 0.00% |