BKH · Black Hills Corp /Sd/

$73.19 +0.04 (+0.05%) At close · Aug 19

Market Cap

$5.58B

76.25M

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Quarter:

Holders: 474

Total Value: $5,831,502,790

Total Shares: 79,120,524

Institutional Ownership Trend

26 quarters

Superinvestors Holding BKH

All superinvestors →

Mario Gabelli $15,362,707

Holder Concentration

Across 474 13F filers · Δ vs Mar 31, 2026

Top Holder

15.9%

+0.3 pts

Top 5

34.9%

+0.3 pts

Top 10

48.1%

−0.1 pts

HHI

433

Broadly held+7

Quarterly Activity

vs Mar 31, 2026

New

Increased

200

Decreased

133

Sold Out

Unchanged

Holder count: -1

Institutional value: +8.4%

Shares held: +2.1%

Top Buyers

vs Mar 31, 2026

Institution	Added	Now Holds
Large Corient Private Wealth LLC	+741,469	789,711
Mega AQR CAPITAL MANAGEMENT LLC	+636,408	2,232,003
Mega FRANKLIN RESOURCES INC	+386,820	1,963,191
Mid Engineers Gate Manager LP	+379,211	1,442,064
Mega BlackRock, Inc.	+352,531	12,482,189

Top Sellers

vs Mar 31, 2026

Institution	Sold	Now Holds
Large ADAGE CAPITAL PARTNERS GP, L.L.C.	−884,803	1,185,024
Mid Zimmer Partners, LP	−672,500	193,534
Mega TWO SIGMA INVESTMENTS, LP	−552,825	1,663,178
Mega Capital Research Global Investors	−449,961	1,825,961
Mega BANK OF AMERICA CORP /DE/	−327,205	572,758

Top New Positions

vs Mar 31, 2026

Institution	Acquired	Value (USD)
Mid Merewether Investment Management, LP	455,327	$33,876,328
Mega Jupiter Topco LLC	316,064	$23,515,161
Mid EVENTIDE ASSET MANAGEMENT, LLC	230,351	$17,138,114
Small Verbena Value LP	178,800	$13,302,720
Mid Ceredex Value Advisors LLC	135,300	$10,066,320

Top Sold-Out Positions

vs Mar 31, 2026

Institution	Previously Held	Last Value (USD)
Small Think Investments LP	537,500	$37,307,875
Mega JANUS HENDERSON GROUP PLC	373,694	$25,938,099
Large CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	89,470	$6,210,112
Mega ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	81,807	$5,678,223
Mid Edgestream Partners, L.P.	81,492	$5,656,359

Filter: New 59 Increased 200 Reduced 133 Sold out 60 Unchanged 82

Showing 100 of 481

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

BlackRock, Inc.

$928,674,856

15.93%

12,482,189

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BLACKROCK FINANCIAL MANAGEMENT INC/DE	166,526	$12,389,534	1.3%	Sole
BlackRock Investment Management (Australia) Ltd	34,792	$2,588,524	0.3%	Sole
BlackRock Asset Management Canada Ltd	14,655	$1,090,332	0.1%	Sole
BlackRock Investment Management, LLC	393,474	$29,274,465	3.2%	Sole
BLACKROCK ADVISORS LLC	418,441	$31,132,010	3.4%	Sole
BlackRock Fund Advisors	7,903,436	$588,015,638	63.3%	Sole
BlackRock Institutional Trust Company, N.A.	2,976,257	$221,433,520	23.8%	Sole
BlackRock Japan Co. Ltd	4,778	$355,483	0.0%	Sole
BlackRock Investment Management (UK) Ltd.	18,100	$1,346,640	0.1%	Sole
BlackRock (Netherlands) B.V.	1,120	$83,328	0.0%	Sole
BlackRock Asset Management Ireland Ltd	117,327	$8,729,128	0.9%	Sole
BlackRock Asset Management Deutschland AG	29,528	$2,196,883	0.2%	Sole
BlackRock Life Ltd	1,806	$134,366	0.0%	Sole
Aperio Group, LLC	401,949	$29,905,005	3.2%	Sole

VANGUARD PORTFOLIO MANAGEMENT LLC

$382,498,063

6.56%

5,141,103

STATE STREET CORP

$284,171,544

4.87%

3,819,510

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STATE STREET GLOBAL ADVISORS SINGAPORE LIMITED joint	3,819,510	$284,171,544	100.0%	Defined

VANGUARD CAPITAL MANAGEMENT LLC

$255,076,084

4.37%

3,428,442

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

$185,774,344

3.19%

2,496,967

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NOMURA HOLDINGS INC joint	2,496,967	$185,774,344	100.0%	Defined

AQR CAPITAL MANAGEMENT LLC

$166,061,019

2.85%

2,232,003

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Petros Family Wealth, LLC	217	$16,144	0.0%	Other
RF&L WEALTH MANAGEMENT, LLC	53	$3,943	0.0%	Other
Prism Planning Partners LLC	384	$28,569	0.0%	Other
Compound Planning, Inc.	51	$3,794	0.0%	Other
DOPKINS WEALTH MANAGEMENT, LLC	59	$4,389	0.0%	Other
Arax Advisory Partners	10,683	$794,815	0.5%	Other
HALBERT HARGROVE GLOBAL ADVISORS, LLC	6,917	$514,624	0.3%	Other
Stokes Family Office, LLC	651	$48,434	0.0%	Other
Held directly	2,212,988	$164,646,307	99.1%	Defined

Point72 Asset Management, L.P.

$160,793,056

2.76%

2,161,197

GEODE CAPITAL MANAGEMENT, LLC

$158,575,118

2.72%

2,131,386

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	380,490	$28,308,456	17.9%	Defined
Held directly	1,750,896	$130,266,662	82.1%	Defined

FRANKLIN RESOURCES INC

$146,061,408

2.50%

1,963,191

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Brandywine Global Investment Management, LLC	234,217	$17,425,744	11.9%	Defined
FIDUCIARY TRUST CO INTERNATIONAL	114	$8,481	0.0%	Defined
FIDUCIARY TRUST INTERNATIONAL LLC	1,311	$97,538	0.1%	Defined
FRANKLIN ADVISERS INC	788,928	$58,696,243	40.2%	Defined
FRANKLIN MUTUAL ADVISERS LLC	936,945	$69,708,708	47.7%	Defined
PUTNAM ADVISORY CO LLC	1,676	$124,694	0.1%	Defined

Capital Research Global Investors

$135,851,498

2.33%

1,825,961

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CAPITAL GROUP COMPANIES INC joint	1,825,961	$135,851,498	100.0%	Defined

TWO SIGMA INVESTMENTS, LP

$123,740,443

2.12%

1,663,178

COHEN & STEERS, INC.

$119,633,786

2.05%

1,607,981

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Cohen & Steers Capital Management Inc joint	1,607,981	$119,633,786	100.0%	Sole

Covalis Capital LLP

$110,216,457

1.89%

1,481,404

Engineers Gate Manager LP

$107,289,561

1.84%

1,442,064

GOLDMAN SACHS GROUP INC

$106,482,543

1.83%

1,431,217

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	1,053,723	$78,396,991	73.6%	Defined
GOLDMAN SACHS ASSET MANAGEMENT, L.P.	374,712	$27,878,572	26.2%	Defined
Goldman Sachs Trust Company, N.A.	2,782	$206,980	0.2%	Defined

CITADEL ADVISORS LLC

$93,721,158

1.61%

1,259,693

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	264,287	$19,662,952	21.0%	Defined
Held directly	995,406	$74,058,206	79.0%	Defined

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

$90,309,770

1.55%

1,213,841

ADAGE CAPITAL PARTNERS GP, L.L.C.

$88,165,785

1.51%

1,185,024

DIMENSIONAL FUND ADVISORS LP

$87,132,665

1.49%

1,171,138

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Dimensional Fund Advisors Ltd.	3,743	$278,479	0.3%	Defined
DFA Australia Ltd.	48,076	$3,576,854	4.1%	Defined
Dimensional Fund Advisors Pte. Ltd.	294	$21,873	0.0%	Defined
Dimensional Ireland Ltd	41,688	$3,101,587	3.6%	Defined
Held directly	1,077,337	$80,153,872	92.0%	Sole

Invesco Ltd.

$87,075,302

1.49%

1,170,367

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Invesco Advisers, Inc. joint	50,435	$3,752,363	4.3%	Defined
Invesco Trust Co joint	31,012	$2,307,292	2.6%	Defined
Invesco Investment Advisers LLC	21,284	$1,583,529	1.8%	Defined
Invesco Capital Management LLC	1,067,636	$79,432,118	91.2%	Defined

MORGAN STANLEY

$83,863,153

1.44%

1,127,193

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO INTERNATIONAL PLC	288	$21,427	0.0%	Defined
MORGAN STANLEY & CO. LLC	118,711	$8,832,098	10.5%	Defined
MORGAN STANLEY CAPITAL SERVICES, LLC	328,646	$24,451,262	29.2%	Defined
MORGAN STANLEY AIP GP LP	461	$34,297	0.0%	Defined
MORGAN STANLEY INVESTMENT MANAGEMENT INC	1,239	$92,181	0.1%	Defined
Morgan Stanley Investment Management LTD	7,052	$524,668	0.6%	Defined
MORGAN STANLEY SMITH BARNEY LLC	143,637	$10,686,592	12.7%	Defined
PARAMETRIC PORTFOLIO ASSOCIATES LLC	526,376	$39,162,373	46.7%	Defined
BOSTON MANAGEMENT & RESEARCH	783	$58,255	0.1%	Defined

Nuveen, LLC

$72,851,438

1.25%

979,186

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Nuveen Asset Management, LLC joint	327,808	$24,388,915	33.5%	Defined
TIAA CREF INVESTMENT MANAGEMENT LLC joint	260,670	$19,393,848	26.6%	Defined
TEACHERS ADVISORS, LLC joint	390,708	$29,068,675	39.9%	Defined

VICTORY CAPITAL MANAGEMENT INC

$69,879,381

1.20%

939,239

NORTHERN TRUST CORP

$68,804,076

1.18%

924,786

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	857,260	$63,780,143	92.7%	Defined
NORTHERN TRUST GLOBAL INVESTMENTS LTD	20,115	$1,496,556	2.2%	Defined
MASON STREET ADVISORS, LLC joint	35,337	$2,629,072	3.8%	Other
DWS INVESTMENT MANAGEMENT AMERICAS, INC joint	12,074	$898,305	1.3%	Other

Pictet Asset Management Holding SA

$62,142,748

1.07%

835,252

Bank of New York Mellon Corp

$56,840,851

0.97%

763,990

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BNY Mellon Trust of Delaware joint	445	$33,108	0.1%	Defined
Mellon Investments Corporation joint	449,220	$33,421,967	58.8%	Other
BNY Mellon Investment Adviser, Inc.	28,349	$2,109,165	3.7%	Defined
The Bank of New York Mellon	232,287	$17,282,152	30.4%	Defined
BNY Mellon, NA joint	50,357	$3,746,560	6.6%	Defined
BNY Mellon Advisors, Inc. joint	3,331	$247,825	0.4%	Defined
Held directly	1	$74	0.0%	Defined

FULLER & THALER ASSET MANAGEMENT, INC.

$55,636,915

0.95%

747,808

FIRST TRUST ADVISORS LP

$50,358,904

0.86%

676,867

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Horizon Investments, LLC	1,933	$143,815	0.3%	Other
Held directly	674,934	$50,215,089	99.7%	Sole

BANK OF AMERICA CORP /DE/

$42,613,194

0.73%

572,758

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BANK OF AMERICA NA	114,940	$8,551,536	20.1%	Defined
MERRILL LYNCH, PIERCE, FENNER & SMITH INC.	69,208	$5,149,075	12.1%	Defined
BOFA SECURITIES, INC.	102,370	$7,616,328	17.9%	Defined
MANAGED ACCOUNT ADVISORS LLC joint	286,240	$21,296,255	50.0%	Defined

GABELLI FUNDS LLC

$38,611,740

0.66%

518,975

CRAWFORD INVESTMENT COUNSEL INC

$38,434,221

0.66%

516,589

VANGUARD FIDUCIARY TRUST CO

$37,554,739

0.64%

504,768

ProShare Advisors LLC

$34,534,471

0.59%

464,173

DUFF & PHELPS INVESTMENT MANAGEMENT CO

$34,189,776

0.59%

459,540

Yaupon Capital Management LP

$34,107,192

0.58%

458,430

Merewether Investment Management, LP

$33,876,328

0.58%

455,327

UBS Group AG

$31,365,103

0.54%

421,574

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Financial Services Inc	88,207	$6,562,600	20.9%	Defined
UBS AG	329,939	$24,547,461	78.3%	Defined
UBS Switzerland AG	3,119	$232,053	0.7%	Defined
UBS Securities LLC	309	$22,989	0.1%	Defined

JPMORGAN CHASE & CO

$31,334,673

0.54%

421,165

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
J.P. Morgan Trust Co of Delaware	44	$3,273	0.0%	Other
JPMorgan Chase Bank, N.A.	110,830	$8,245,752	26.3%	Defined
J.P. Morgan Investment Management Inc.	271,197	$20,177,056	64.4%	Defined
J.P. Morgan Securities LLC	20,126	$1,497,373	4.8%	Defined
JPMorgan Asset Management (Taiwan) Ltd	18,968	$1,411,219	4.5%	Defined

OLD REPUBLIC INTERNATIONAL CORP

$30,950,400

0.53%

416,000

MANUFACTURERS LIFE INSURANCE COMPANY, THE

$29,412,626

0.50%

395,331

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MANULIFE FINANCIAL CORP joint	395,331	$29,412,626	100.0%	Defined

HighTower Advisors, LLC

$29,356,156

0.50%

394,572

HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

$26,392,879

0.45%

354,743

PRINCIPAL FINANCIAL GROUP INC

$25,343,987

0.43%

340,645

Connor, Clark & Lunn Investment Management Ltd.

$25,097,723

0.43%

337,335

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manager 1	337,332	$25,097,500	100.0%	Sole
Held directly	3	$223	0.0%	Sole

D. E. Shaw & Co., Inc.

$24,963,804

0.43%

335,535

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
D. E. SHAW & CO, L.P.	335,535	$24,963,804	100.0%	Defined

Legal & General Group Plc

$23,950,178

0.41%

321,911

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Legal & General Investment Management America Inc	93,185	$6,932,964	28.9%	Defined
Legal & General Investment Management Ltd	228,726	$17,017,214	71.1%	Defined

Jupiter Topco LLC

$23,515,161

0.40%

316,064

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JANUS HENDERSON INVESTORS UK Ltd	3,414	$254,001	1.1%	Defined
JANUS HENDERSON INVESTORS US LLC	312,650	$23,261,160	98.9%	Defined

Freestone Grove Partners LP

$22,493,277

0.39%

302,329

Resolution Capital Ltd

$19,193,935

0.33%

257,983

RENAISSANCE TECHNOLOGIES LLC

$18,436,320

0.32%

247,800

RHUMBLINE ADVISERS

$17,998,401

0.31%

241,914

EVENTIDE ASSET MANAGEMENT, LLC

$17,138,114

0.29%

230,351

CONGRESS ASSET MANAGEMENT CO

$16,347,019

0.28%

219,718

Paradiem, LLC

$16,323,732

0.28%

219,405

BW Gestao de Investimentos Ltda.

$16,025,834

0.27%

215,401

GAMCO INVESTORS, INC. ET AL

$15,362,707

0.26%

206,488

Zimmer Partners, LP

$14,398,929

0.25%

193,534

Squarepoint Ops LLC

$14,180,491

0.24%

190,598

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Squarepoint Capital LLP	190,598	$14,180,491	100.0%	Defined

Verbena Value LP

$13,302,720

0.23%

178,800

First Eagle Investment Management, LLC

$13,242,456

0.23%

177,990

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
FIRST EAGLE SEPARATE ACCOUNT MANAGEMENT, LLC	55	$4,092	0.0%	Sole
Held directly	177,935	$13,238,364	100.0%	Sole

GLENMEDE TRUST CO NA

$12,440,795

0.21%

167,215

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Glenmede Investment Management, LP	157,516	$11,719,190	94.2%	Sole
Held directly	9,699	$721,605	5.8%	Sole

Russell Investments Group, Ltd.

$11,936,212

0.20%

160,433

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Russell Investment Management Limited	1,606	$119,486	1.0%	Defined
Russell Investment Management, LLC	72,977	$5,429,488	45.5%	Defined
Russell Investments Canada Limited	18,781	$1,397,306	11.7%	Defined
Russell Investments Capital, LLC	17,107	$1,272,760	10.7%	Defined
Russell Investments France SAS	4,580	$340,752	2.9%	Defined
Russell Investments Limited joint	1,696	$126,182	1.1%	Other
Russell Investments Trust Company	43,686	$3,250,238	27.2%	Defined

ALLIANCEBERNSTEIN L.P.

$11,584,898

0.20%

155,711

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Equitable Holdings, Inc.	155,711	$11,584,898	100.0%	Defined

Swiss National Bank

$11,351,877

0.19%

152,579

California Public Employees Retirement System

$11,071,240

0.19%

148,807

Hunter Perkins Capital Management, LLC

$10,431,847

0.18%

140,213

Leeward Investments, LLC - MA

$10,073,016

0.17%

135,390

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SEI INVESTMENTS CO	135,390	$10,073,016	100.0%	Sole

Ceredex Value Advisors LLC

$10,066,320

0.17%

135,300

AMERIPRISE FINANCIAL INC

$10,023,018

0.17%

134,718

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Columbia Management Investment Advisers, LLC	98,606	$7,336,286	73.2%	Defined
Ameriprise Financial Services, LLC joint	36,112	$2,686,732	26.8%	Defined

ROYAL BANK OF CANADA

$9,851,005

0.17%

132,406

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC CMA LTD.	3,013	$224,167	2.3%	Defined
RBC Capital Markets, LLC	127,946	$9,519,182	96.6%	Defined
RBC Dominion Securities Inc.	50	$3,720	0.0%	Defined
RBC Private Counsel (USA) Inc.	1,000	$74,400	0.8%	Defined
RBC Trust Co (Delaware) Ltd	395	$29,388	0.3%	Defined
Held directly	2	$148	0.0%	Sole

Lighthouse Investment Partners, LLC

$9,604,816

0.16%

129,097

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
North Rock Capital Management, LLC	81,997	$6,100,576	63.5%	Defined
North Rock Capital Management (UK) LLP	47,100	$3,504,240	36.5%	Defined

Martin Capital Partners, LLC

$9,158,937

0.16%

123,104

VOYA INVESTMENT MANAGEMENT LLC

$9,134,681

0.16%

122,778

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Voya Investment Management Co. LLC joint	122,778	$9,134,681	100.0%	Defined

STIFEL FINANCIAL CORP

$8,718,266

0.15%

117,181

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STIFEL NICOLAUS & CO INC \MO\	116,731	$8,684,786	99.6%	Defined
Held directly	450	$33,480	0.4%	Defined

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

$8,605,176

0.15%

115,661

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Group AG	4,329	$322,077	3.7%	Defined
UBS Asset Management Switzerland AG	93,028	$6,921,282	80.4%	Sole
Held directly	18,304	$1,361,817	15.8%	Other

MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC

$8,540,450

0.15%

114,791

Phocas Financial Corp.

$8,472,969

0.15%

113,884

Cerity Partners LLC

$8,391,873

0.14%

112,794

HITE Hedge Asset Management LLC

$8,072,400

0.14%

108,500

Verition Fund Management LLC

$7,812,000

0.13%

105,000

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

$7,793,846

0.13%

104,756

PRICE T ROWE ASSOCIATES INC /MD/

$7,714,982

0.13%

103,696

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
T. Rowe Price International Ltd	103,696	$7,714,982	100.0%	Defined

SEI INVESTMENTS CO

$7,329,367

0.13%

98,513

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SEI INVESTMENTS MANAGEMENT CORP	6,388	$475,267	6.5%	Sole
SEI TRUST CO	92,125	$6,854,100	93.5%	Sole

MAIRS & POWER INC

$7,312,404

0.13%

98,285

Thrivent Financial for Lutherans

$7,155,940

0.12%

96,182

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Thrivent Asset Management, LLC	64,987	$4,835,032	67.6%	Defined
Held directly	31,195	$2,320,908	32.4%	Sole

TUDOR INVESTMENT CORP ET AL

$7,081,689

0.12%

95,184

IEQ CAPITAL, LLC

$6,870,914

0.12%

92,351

WELLS FARGO & COMPANY/MN

$6,816,898

0.12%

91,625

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WELLS FARGO BANK N A	68,812	$5,119,612	75.1%	Defined
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	5,538	$412,027	6.0%	Defined
WELLS FARGO CLEARING SERVICES, LLC	17,238	$1,282,507	18.8%	Defined
WELLS FARGO INVESTMENT INSTITUTE, INC.	37	$2,752	0.0%	Defined

VOLORIDGE INVESTMENT MANAGEMENT, LLC

$6,581,200

0.11%

88,457

Magellan Asset Management Ltd

$6,346,840

0.11%

85,307

Hudson Bay Capital Management LP

$6,331,514

0.11%

85,101

SG Americas Securities, LLC

$6,330,249

0.11%

85,084

Mariner, LLC

$6,310,161

0.11%

84,814

MetLife Investment Management, LLC

$5,999,095

0.10%

80,633

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
METLIFE INC	80,633	$5,999,095	100.0%	Defined

Retirement Systems of Alabama

$5,858,181

0.10%

78,739

DEUTSCHE BANK AG\

$5,833,926

0.10%

78,413

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Deutsche Bank Trust Co Americas	952	$70,828	1.2%	Defined
DWS Investments UK Ltd	77,353	$5,755,063	98.6%	Defined
DBX Advisors LLC	108	$8,035	0.1%	Defined

Sagefield Capital LP

$5,735,719

0.10%

77,093

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Sagefield Investment Group, LP	73,320	$5,455,008	95.1%	Other
Held directly	3,773	$280,711	4.9%	Sole

CITIGROUP INC

$5,680,737

0.10%

76,354

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citibank, N.A. joint	6,203	$461,503	8.1%	Defined
Citigroup Financial Products Inc. joint	70,151	$5,219,234	91.9%	Defined

ALTA CAPITAL MANAGEMENT LLC/

$5,530,598

0.09%

74,336

BARCLAYS PLC

$5,506,566

0.09%

74,013

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS BANK PLC	70,682	$5,258,740	95.5%	Defined
BARCLAYS CAPITAL INC.	2,923	$217,471	3.9%	Defined
BARCLAYS CAPITAL SECURITIES LTD	408	$30,355	0.6%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	73,300	$5,453,520	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CREATIVE PLANNING TRUST Co LLC	900	$66,960	1.3%	Defined
Held directly	67,701	$5,036,954	98.7%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RAYMOND JAMES & ASSOCIATES	38,242	$2,845,204	70.0%	Defined
Raymond James Financial Services Advisors, Inc.	16,393	$1,219,639	30.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Macquarie Investment Management Australia Limited	51,311	$3,817,538	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
EATON VANCE MANAGEMENT	21,073	$1,567,831	44.4%	Other
Held directly	26,403	$1,964,383	55.6%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Inspire Investing, LLC	38,938	$2,896,987	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Universal-Investment-Gesellschaft mbH	36,766	$2,735,390	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Blue Trust, Inc.	2,139	$159,141	5.9%	Defined
Acuitas Investments, LLC	6,108	$454,435	16.7%	Defined
CresAlta Investment Management, Inc.	28,228	$2,100,163	77.4%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Global X Management CO LLC joint	35,833	$2,665,975	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
HSBC BANK PLC	34,238	$2,547,307	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
VanEck Investments Limited	32,336	$2,405,798	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PEAK6 Investments LLC joint	32,248	$2,399,251	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
XTX EXECUTION SERVICES LLC joint	31,753	$2,362,423	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fifth Third Bank, National Association	30,387	$2,260,792	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
DC Funds, LP	29,900	$2,224,560	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	29,400	$2,187,360	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Strive Asset Management, LLC	2,968	$220,819	11.5%	Other
The Burney Company	22,744	$1,692,153	88.5%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Quadrature US Inc.	24,778	$1,843,483	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
INTERNAL MGMT S&P400 INDEX	21,134	$1,572,369	90.7%	Sole
MED S&P 400 STOCK INDEX	2,164	$161,001	9.3%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Mellon Capital	22,949	$1,707,405	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CresAlta Investment Management, Inc.	10,373	$771,750	46.3%	Other
Held directly	12,054	$896,817	53.7%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fidelity Management & Research Co LLC	12,755	$948,972	58.9%	Defined
STRATEGIC ADVISERS LLC	8,885	$661,044	41.1%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	21,400	$1,592,160	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
OSAIC WEALTH, INC.	19,176	$1,426,694	96.5%	Defined
Osaic Advisory Services, LLC	702	$52,228	3.5%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Amova Asset Management Co., Ltd.	18,941	$1,409,210	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BMO Asset Management Inc.	5,543	$412,399	29.5%	Defined
BMO Bank N.A.	11,963	$890,047	63.7%	Defined
BMO Family Office, LLC	1,106	$82,286	5.9%	Defined
BMO NESBITT BURNS INC.	56	$4,166	0.3%	Defined
BMO NESBITT BURNS SECURITIES LTD.	22	$1,636	0.1%	Defined
Stoker Ostler Wealth Advisors, Inc.	100	$7,440	0.5%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	17,900	$1,331,760	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ADVISOR PARTNERS II, LLC	15,743	$1,171,279	89.0%	Defined
Willow Street Trust Co of Wyoming, LLC	10	$744	0.1%	Other
Held directly	1,938	$144,187	11.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHWESTERN MUTUAL LIFE INSURANCE CO	17,125	$1,274,100	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AHL Partners LLP	16,967	$1,262,344	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GUGGENHEIM FUNDS DISTRIBUTORS, LLC	9,733	$724,135	61.7%	Defined
SECURITY INVESTORS LLC	6,029	$448,557	38.3%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	15,600	$1,160,640	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Natixis Investment Managers, L.P.	15,421	$1,147,322	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PGIM Quantitative Solutions LLC	14,152	$1,052,908	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Madison Avenue Financial Solutions, LLC	10,819	$804,933	81.1%	Other
First Eagle Investment Management, LLC	657	$48,880	4.9%	Other
Horizon Investments, LLC	1,859	$138,309	13.9%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PNC Bank, National Association	12,755	$948,970	96.6%	Defined
PNC Delaware Trust Company	450	$33,480	3.4%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	13,100	$974,640	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manager 1	12,741	$947,930	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CIBC Private Wealth Advisors, Inc.	3,848	$286,291	33.2%	Defined
CIBC National Trust Co	3,443	$256,159	29.7%	Defined
CIBC WORLD MARKETS CORP	4,296	$319,622	37.1%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Orion Custom Indexing	116	$8,630	1.2%	Other
AQR Capital Management	5,441	$404,810	58.3%	Other
Dimensional Fund Advisors	1	$74	0.0%	Other
Held directly	3,772	$280,636	40.4%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
US BANK NATIONAL ASSOCIATION	9,317	$693,184	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jupiter Investment Management Limited	9,294	$691,473	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Brevan Howard US Investment Management, LP	9,047	$673,096	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	8,089	$601,821	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Pinnacle Bank	7,519	$559,413	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
United Capital Financial Partners, LLC	6,946	$516,782	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Daiwa Asset Management Co. Ltd	6,718	$499,819	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Hilltop Securities Holdings LLC joint	6,681	$497,066	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Latour Trading LLC (Latour)	6,586	$489,998	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Edward D. Jones & Co., L.P.	6,435	$478,764	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BAIRD TRUST Co	5,979	$444,837	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ROCKEFELLER & CO. LLC	753	$56,023	13.2%	Defined
ROCKEFELLER TRUST COMPANY, N.A.	225	$16,740	4.0%	Defined
Rockefeller Trust Co (Delaware)	316	$23,510	5.6%	Defined
ROCKEFELLER FINANCIAL LLC	4,397	$327,136	77.3%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
EVOKE WEALTH, LLC	3,445	$256,308	60.8%	Defined
Held directly	2,224	$165,465	39.2%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Aperio Group, LLC	5,083	$378,175	99.8%	Other
Held directly	9	$669	0.2%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
DNB FUND	4,950	$368,280	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manufacturers & Traders Trust Company joint	342	$25,443	7.0%	Defined
Wilmington Trust Investment Advisors, Inc. joint	123	$9,150	2.5%	Defined
Wilmington Trust National Association joint	3,759	$279,669	77.1%	Defined
Wilmington Trust Company	652	$48,508	13.4%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Frec Advisers LLC	4,776	$355,334	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	81	$6,026	1.7%	Defined
Jane Street Global Trading, LLC	4,670	$347,448	98.3%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
First Sentier Investors RQI Pty Ltd	2,977	$221,488	66.4%	Defined
First Sentier Investors (Australia) IM Ltd	1,505	$111,972	33.6%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Concurrent Asset Management, LLC	37	$2,752	0.8%	Sole
Held directly	4,361	$324,458	99.2%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Aperio Group, LLC	4,045	$300,948	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
FEDERATED EQUITY MANAGEMENT CO OF PENNSYLVANIA	3,989	$296,781	99.2%	Defined
FEDERATED MDTA LLC	34	$2,529	0.8%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BMSS Wesson Wealth Solutions, LLC	663	$49,325	16.7%	Sole
Held directly	3,299	$245,444	83.3%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Salzhauer Henry	3,900	$290,160	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CITIZENS PRIVATE WEALTH, LLC	3,400	$252,960	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
CHEVY CHASE TRUST Co	3,280	$244,032	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TRUIST BANK /NC/	1,715	$127,596	56.9%	Defined
Truist Advisory Services, Inc.	1,301	$96,794	43.1%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Dimensional Fund Advisors	4	$297	0.1%	Sole
Held directly	3,000	$223,200	99.9%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AQR Flex	3,000	$223,200	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
KBC Bank NV joint	2,538	$188,827	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JOHNSON BANK	1,000	$74,400	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AXA INVESTMENT MANAGERS US INC.	829	$61,677	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BESSEMER TRUST Co NATIONAL ASSOCIATION	548	$40,770	82.7%	Other
Bessemer Trust CO of Delaware, N.A.	115	$8,556	17.3%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Optiver VOF	580	$43,152	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TORONTO DOMINION BANK	550	$40,920	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Manager 1	525	$39,060	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MITSUBISHI UFJ FINANCIAL GROUP INC	456	$33,926	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
O'SHAUGHNESSY ASSET MANAGEMENT, LLC	42	$3,124	82.4%	Defined
Held directly	9	$669	17.6%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
TORONTO DOMINION BANK	26	$1,934	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
DIMENSIONAL FUND ADVISORS LP	14	$1,041	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Rakuten Group, Inc. joint	11	$818	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
JANUS HENDERSON INVESTORS UK Ltd	3,414	$236,965	0.9%	Defined
JANUS HENDERSON INVESTORS US LLC	370,280	$25,701,134	99.1%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Blackstone Alternative Asset Management L.P.	48,233	$3,347,852	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Pacific Investment Management Company LLC	45,173	$3,135,457	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ALLSTATE INVESTMENTS LLC	16,213	$1,125,344	100.0%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Landscape High Leverage Fund, LP	1,846	$128,130	22.3%	Defined
LANDSCAPE OFFSHORE HL FUND LTD.	5,079	$352,533	61.4%	Defined
Held directly	1,341	$93,078	16.2%	Sole

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
HANTZ FINANCIAL SERVICES, INC. joint	3,939	$273,405	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
LOS ANGELES CAPITAL MANAGEMENT LLC	3,225	$223,847	100.0%	Defined

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
DRW Securities, LLC joint	3,051	$211,769	100.0%	Other

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ZACKS INVESTMENT MANAGEMENT	411	$28,527	56.8%	Sole
Fidelity Institutional Asset Management Trust Co	25	$1,735	3.5%	Sole
SEI INVESTMENTS MANAGEMENT CORP	174	$12,077	24.0%	Sole
Held directly	114	$7,912	15.7%	Sole

Key facts CIK 1130464 CUSIP 092113109 13F (30d) 433 filings 414 filers Visit website Investor relations