Confluence Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

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

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Company	COM	88579Y101	114,445	550,800	SH		SOLE		550,800	0	0
Accenture PLC	COM	G1151C101	24,457	138,944	SH		SOLE		138,824	0	120
AIA Group Lrd	COM	001317205	1,322	33,020	SH		SOLE		32,515	0	505
Air Products & Chemicals Inc.	COM	009158106	22,232	116,422	SH		SOLE		116,422	0	0
Albemarle Corp	COM	012653101	202	2,464	SH		SOLE		2,464	0	0
Alcentra Capital Corporation	COM	01374T102	1,296	172,787	SH		DFND	1	0	172,787	0
Alibaba Group Holding Ltd	COM	01609W102	1,768	9,690	SH		SOLE		9,641	0	49
Align Technology Inc.	COM	016255101	229	807	SH		SOLE		807	0	0
Allergan Inc.	COM	G0177J108	24,691	168,641	SH		SOLE		168,641	0	0
Allied Motion Technologies Inc	COM	019330109	3,929	114,270	SH		SOLE		114,270	0	0
Allied Motion Technologies Inc	COM	019330109	793	23,055	SH		DFND	1	0	23,055	0
Alphabet Inc. - Class A	COM	02079K305	2,193	1,863	SH		SOLE		1,863	0	0
Alphabet Inc. - Class C	COM	02079K107	35,998	30,681	SH		SOLE		30,681	0	0
Amazon.com, Inc.	COM	023135106	344	193	SH		SOLE		193	0	0
American Express Company	COM	025816109	21,548	197,145	SH		SOLE		197,145	0	0
American International Group I	COM	026874784	43,679	1,014,377	SH		SOLE		1,014,377	0	0
American Water Works Co.	COM	030420103	20,051	192,315	SH		SOLE		192,315	0	0
Analog Devices Inc.	COM	032654105	79,883	758,839	SH		SOLE		758,839	0	0
Annaly Capital Management Inc.	COM	035710409	47	4,674	SH		SOLE		4,674	0	0
Annaly Capital Management Inc.	COM	035710409	6,811	681,782	SH		DFND	1	0	681,782	0
Apollo Investment Corp.	COM	03761U502	1,413	93,319	SH		SOLE		93,319	0	0
Apollo Investment Corp.	COM	03761U502	5,052	333,700	SH		DFND	1	0	333,700	0
Apple Inc.	COM	037833100	346	1,822	SH		SOLE		1,822	0	0
APTIV PLC	COM	G6095L109	1,081	13,602	SH		SOLE		13,412	0	190
Ares Capital Corp.	COM	04010L103	74,847	4,366,811	SH		SOLE		4,366,811	0	0
Ares Capital Corp.	COM	04010L103	12,382	722,412	SH		DFND	1	0	722,412	0
Automatic Data Processing, Inc	COM	053015103	262	1,643	SH		SOLE		1,643	0	0
Axalta Coating Systems LTD	COM	G0750C108	50,020	1,984,144	SH		SOLE		1,984,144	0	0
Baidu Inc. ADS	COM	056752108	273	1,659	SH		SOLE		1,659	0	0
Banco Bradesco S.A.	COM	059460303	373	34,165	SH		SOLE		34,165	0	0
Bank of America Corp.	COM	060505104	378	13,706	SH		SOLE		13,706	0	0
Bank of Marin (CA)	COM	063425102	4,455	109,494	SH		SOLE		109,494	0	0
Bank of Marin (CA)	COM	063425102	711	17,468	SH		DFND	1	0	17,468	0
Barclays 20 Plus Year Treasury	COM	464287432	15,220	120,373	SH		SOLE		120,373	0	0
Barings BDC Inc	COM	06759l103	3,376	344,093	SH		SOLE		344,093	0	0
Barings BDC Inc	COM	06759l103	6,647	677,594	SH		DFND	1	0	677,594	0
Becton Dickinson and Company	COM	075887109	23,201	92,903	SH		SOLE		92,903	0	0
Berkshire Hathaway Inc. - B	COM	084670702	35,618	177,299	SH		SOLE		177,299	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,506	5	SH		SOLE		5	0	0
Black Knight Inc	COM	09215C105	73,768	1,353,546	SH		SOLE		1,353,546	0	0
BlackRock, Inc.	COM	09247X101	242	567	SH		SOLE		567	0	0
BP PLC (Adr 1:6)	COM	055622104	1,225	28,008	SH		SOLE		27,618	0	390
Broadridge Financial Solutions	COM	11133T103	95,485	920,868	SH		SOLE		920,868	0	0
Brookfield Asset Management In	COM	112585104	35,945	771,840	SH		SOLE		771,840	0	0
Brown & Brown Inc.	COM	115236101	32,880	1,114,215	SH		SOLE		1,114,215	0	0
Brown & Brown Inc.	COM	115236101	749	25,390	SH		DFND	1	0	25,390	0
Byd Company Limited Adr	COM	05606L100	234	19,393	SH		SOLE		19,393	0	0
Cambrex Corp	COM	132011107	3,508	90,302	SH		SOLE		90,302	0	0
Cambrex Corp	COM	132011107	675	17,369	SH		DFND	1	0	17,369	0
Cameco Corp.	COM	13321L108	205	17,406	SH		SOLE		17,406	0	0
Canadian National Railway	COM	136375102	1,046	11,686	SH		SOLE		11,512	0	174
Cannae Holdings Inc	COM	13765N107	6,435	265,247	SH		SOLE		265,247	0	0
Cannae Holdings Inc	COM	13765N107	1,021	42,080	SH		DFND	1	0	42,080	0
Capital Southwest Corp.	COM	140501107	2,004	95,268	SH		SOLE		95,268	0	0
Capital Southwest Corp.	COM	140501107	426	20,238	SH		DFND	1	0	20,238	0
Capstead Mortgage Corp.	COM	14067E506	29	3,384	SH		SOLE		3,384	0	0
Capstead Mortgage Corp.	COM	14067E506	932	108,500	SH		DFND	1	0	108,500	0
Cerner Corporation	COM	156782104	26,070	455,691	SH		SOLE		455,691	0	0
Chevron Corp.	COM	166764100	111,158	902,403	SH		SOLE		902,403	0	0
China Mobile Limited	COM	16941M109	304	5,970	SH		SOLE		5,970	0	0
China Southern Airlines Co Ltd	COM	169409109	234	5,371	SH		SOLE		5,371	0	0
Chubb Corp	COM	H1467J104	110,473	788,641	SH		SOLE		788,536	0	105
Cia Brasileira de Distribuicao	COM	20440T201	326	13,988	SH		SOLE		13,988	0	0
Cimarex Energy Co.	COM	171798101	238	3,403	SH		SOLE		3,403	0	0
CM Finance Inc.	COM	12574Q103	855	115,831	SH		SOLE		115,831	0	0
CM Finance Inc.	COM	12574Q103	962	130,340	SH		DFND	1	0	130,340	0
CNOOC Ltd.	COM	126132109	473	2,547	SH		SOLE		2,547	0	0
Colgate-Palmolive Co.	COM	194162103	107,246	1,564,719	SH		SOLE		1,564,719	0	0
Commerce Bancshares Inc.	COM	200525103	20,324	350,058	SH		SOLE		350,058	0	0
Compagnie Financiere Richemont	COM	204319107	44,796	6,149,934	SH		SOLE		6,149,934	0	0
Concho Resources, Inc.	COM	20605P101	242	2,182	SH		SOLE		2,182	0	0
Costco Wholesale Corporation	COM	22160K105	352	1,453	SH		SOLE		1,453	0	0
CREDICORP LTD	COM	G2519Y108	390	1,624	SH		SOLE		1,624	0	0
Cullen Frost Bankers Inc.	COM	229899109	17,352	178,763	SH		SOLE		178,763	0	0
Cyberark Software Ltd	COM	M2682V108	1,610	13,525	SH		SOLE		13,339	0	186
DBS GROUP HOLDINGS-SPON ADR	COM	23304y100	1,165	15,602	SH		SOLE		15,367	0	235
Diageo PLC	COM	25243Q205	151,102	923,549	SH		SOLE		923,434	0	115
Digital Realty Trust Inc.	COM	253868103	95,216	800,139	SH		SOLE		800,139	0	0
Donaldson Inc.	COM	257651109	20,479	409,093	SH		SOLE		409,093	0	0
DowDuPont Inc	COM	26078J100	109,582	2,055,556	SH		SOLE		2,055,556	0	0
DSV A/S-Unsponsored ADR	COM	26251A108	1,295	31,237	SH		SOLE		30,843	0	394
Ecopetrol SA	COM	279158109	1,363	63,574	SH		SOLE		63,345	0	229
Elbit Systems Ltd	COM	M3760D101	1,166	9,040	SH		SOLE		8,895	0	145
Eli Lilly & Co.	COM	532457108	311	2,400	SH		SOLE		2,400	0	0
Energy Select Sector - SPDR	COM	81369Y506	3,979	60,178	SH		SOLE		60,178	0	0
ENN Energy Holdings Ltd	COM	26876F102	302	7,815	SH		SOLE		7,815	0	0
Entergy Corporation	COM	29364G103	90,313	944,395	SH		SOLE		944,395	0	0
Enterprise Products Partner	COM	293792107	219	7,522	SH		SOLE		7,522	0	0
EOG Resources	COM	26875P101	518	5,444	SH		SOLE		5,444	0	0
Equinor ASA	COM	29446M102	836	38,064	SH		SOLE		37,457	0	607
Expeditors International of Wa	COM	302130109	19,096	251,592	SH		SOLE		251,592	0	0
Exxon Mobil Corp.	COM	30231G102	17,516	216,786	SH		SOLE		216,786	0	0
Fanuc Ltd. ADS	COM	307305102	801	47,011	SH		SOLE		46,311	0	700
Fastenal Co.	COM	311900104	116,477	1,811,176	SH		SOLE		1,811,176	0	0
Fidelity National Financial In	COM	31620R303	88,469	2,420,487	SH		SOLE		2,420,487	0	0
Fidelity National Information	COM	31620M106	21,439	189,560	SH		SOLE		189,560	0	0
FOMENTO ECONOMICO MEXICANO, S.	COM	344419106	288	3,118	SH		SOLE		3,118	0	0
Forward Air Corp.	COM	349853101	5,132	79,276	SH		SOLE		79,276	0	0
Forward Air Corp.	COM	349853101	720	11,122	SH		DFND	1	0	11,122	0
Franco-Nevada Corp.	COM	351858105	254	3,387	SH		SOLE		3,387	0	0
Franklin Street Properties Cor	COM	35471R106	575	80,000	SH		SOLE		80,000	0	0
Fresenius Medical Care AG & Co	COM	358029106	842	20,772	SH		SOLE		20,467	0	305
Frontdoor Inc	COM	35905A109	46,411	1,348,383	SH		SOLE		1,348,383	0	0
Frontdoor Inc	COM	35905A109	1,107	32,150	SH		DFND	1	0	32,150	0
Gates Industrial	COM	G39108108	6,730	469,312	SH		SOLE		469,312	0	0
General Dynamics Corp.	COM	369550108	16,738	98,877	SH		SOLE		98,877	0	0
Gilead Sciences	COM	375558103	77,957	1,199,160	SH		SOLE		1,199,160	0	0
Gladstone Commercial Corp.	COM	376536108	5,195	250,113	SH		SOLE		250,113	0	0
Gladstone Commercial Corp.	COM	376536108	806	38,808	SH		DFND	1	0	38,808	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	20,531	491,295	SH		SOLE		491,295	0	0
Gold Shares - SPDR	COM	78463V107	241	1,974	SH		SOLE		1,974	0	0
Goldman Sachs BDC Inc.	COM	38147U107	3,565	173,553	SH		SOLE		173,553	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,220	108,063	SH		DFND	1	0	108,063	0
Golub Capital BDC Inc.	COM	38173M102	4,559	254,975	SH		SOLE		254,975	0	0
Golub Capital BDC Inc.	COM	38173M102	7,684	429,730	SH		DFND	1	0	429,730	0
Graco Inc.	COM	384109104	110,806	2,237,604	SH		SOLE		2,237,604	0	0
Grupo Financiero ADR	COM	40052P107	235	8,649	SH		SOLE		8,649	0	0
HDFC Bank Ltd	COM	40415F101	420	3,626	SH		SOLE		3,626	0	0
Health Care Select Sector - SP	COM	81369Y209	2,738	29,841	SH		SOLE		29,841	0	0
Hercules Technology Growth Cap	COM	427096508	3,097	244,622	SH		SOLE		244,622	0	0
Hercules Technology Growth Cap	COM	427096508	7,414	585,598	SH		DFND	1	0	585,598	0
Hess Corp.	COM	42809H107	270	4,491	SH		SOLE		4,491	0	0
High Yield Corporate Bond Fund	COM	464288513	619	7,160	SH		SOLE		7,160	0	0
Home Depot Inc.	COM	437076102	23,997	125,055	SH		SOLE		125,055	0	0
Honeywell International, Inc.	COM	438516106	345	2,172	SH		SOLE		2,172	0	0
Huazhu Group Ltd.	COM	44332N106	517	12,277	SH		SOLE		12,277	0	0
I3 Verticals Inc	COM	46571Y107	5,476	227,990	SH		SOLE		227,990	0	0
I3 Verticals Inc	COM	46571Y107	883	36,780	SH		DFND	1	0	36,780	0
ICICI Bank Ltd. ADS	COM	45104g104	162	14,147	SH		SOLE		14,147	0	0
Icon PLC	COM	G4705A100	2,109	15,441	SH		SOLE		15,256	0	185
Illinois Tool Works Inc.	COM	452308109	45,238	315,184	SH		SOLE		315,184	0	0
ING Groep NV	COM	456837103	536	44,156	SH		SOLE		43,352	0	804
Innophos Holdings Inc	COM	45774N108	3,723	123,534	SH		SOLE		123,534	0	0
Innophos Holdings Inc	COM	45774N108	645	21,390	SH		DFND	1	0	21,390	0
Invesco BulletShares 2021	COM	46138j700	9,168	435,969	SH		SOLE		435,969	0	0
Invesco BulletShares 2022	COM	46138j882	9,170	434,162	SH		SOLE		434,162	0	0
Invesco BulletShares 2024	COM	46138j841	9,276	447,490	SH		SOLE		447,490	0	0
Invesco BulletShares 2025	COM	46138j825	12,926	628,679	SH		SOLE		628,679	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	28,447	266,685	SH		SOLE		266,685	0	0
iShares Barclays 10-20 Year Tr	COM	464288653	2,975	21,611	SH		SOLE		21,611	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	12,845	486,828	SH		SOLE		486,828	0	0
iShares Corporate ex Financial	COM	46432FAK3	9,089	370,685	SH		SOLE		370,685	0	0
iShares Corporate iBonds ETF 2	COM	46435GAA0	14,675	605,418	SH		SOLE		605,418	0	0
iShares Floating Rate Note Fun	COM	46429B655	242	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	4,987	402,824	SH		SOLE		402,824	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	7,021	273,602	SH		SOLE		273,602	0	0
iShares iBonds Dec 2021 Term C	COM	46434VBK5	2,642	106,892	SH		SOLE		106,892	0	0
iShares iBonds Dec 2022 AMT-Fr	COM	46435G755	7,030	271,022	SH		SOLE		271,022	0	0
iShares iBonds Dec 2023 Term C	COM	46434VAX8	1,930	77,179	SH		SOLE		77,179	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	3,524	135,734	SH		SOLE		135,734	0	0
iShares iBonds Dec 2025 Term C	COM	46434VBD1	1,959	78,789	SH		SOLE		78,789	0	0
iShares iBonds Dec 2025 Term M	COM	46435U432	3,525	133,003	SH		SOLE		133,003	0	0
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,236	458,037	SH		SOLE		458,037	0	0
iShares iBonds Dec 2028 Term C	COM	46435U515	13,037	498,829	SH		SOLE		498,829	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	5,129	201,118	SH		SOLE		201,118	0	0
iShares iBoxx Corporate Bond E	COM	464287242	531	4,459	SH		SOLE		4,459	0	0
iShares Intermediate Term Corp	COM	464288638	7,811	141,650	SH		SOLE		141,650	0	0
iShares Long-Term Corporate Bo	COM	464289511	3,446	57,098	SH		SOLE		57,098	0	0
iShares MBS Bond ETF	COM	464288588	16,364	153,855	SH		SOLE		153,855	0	0
iShares Muni Bond 2023	COM	46435G318	3,516	138,074	SH		SOLE		138,074	0	0
iShares National AMT-Free Muni	COM	464288414	1,859	16,719	SH		SOLE		16,719	0	0
Itau Unibanco Holding S/A ADS	COM	465562106	379	43,041	SH		SOLE		43,041	0	0
Jazz Pharmaceuticals Plc	COM	G50871105	590	4,125	SH		SOLE		4,055	0	70
John Bean Technologies Corp.	COM	477839104	4,718	51,343	SH		SOLE		51,343	0	0
John Bean Technologies Corp.	COM	477839104	840	9,141	SH		DFND	1	0	9,141	0
Johnson & Johnson	COM	478160104	26,854	192,101	SH		SOLE		192,101	0	0
JP Morgan Chase & Company	COM	46625H100	740	7,309	SH		SOLE		7,309	0	0
Kadant Inc	COM	48282T104	4,520	51,388	SH		SOLE		51,388	0	0
Kadant Inc	COM	48282T104	843	9,584	SH		DFND	1	0	9,584	0
KB Financial Group Inc	COM	48241a105	256	6,897	SH		SOLE		6,897	0	0
KCAP Financial Inc	COM	48668E101	1,233	340,472	SH		DFND	1	0	340,472	0
Kemper Corp.	COM	488401100	340	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Inc.	COM	49456B101	112,989	5,646,611	SH		SOLE		5,646,611	0	0
KOMATSU LTD	COM	500458401	695	29,823	SH		SOLE		29,363	0	460
Lam Research Corporation	COM	512807108	268	1,498	SH		SOLE		1,498	0	0
Leagold Mining Corp	COM	52176A205	154	111,335	SH		SOLE		111,335	0	0
Linde PLC	COM	G5494J103	126,621	722,676	SH		SOLE		722,676	0	0
Livent Corp	COM	53814L108	192	15,664	SH		SOLE		15,664	0	0
Localiza Rent a Car SA	COM	53956W300	438	52,121	SH		SOLE		52,121	0	0
Lockheed Martin Corp	COM	539830109	104,616	348,533	SH		SOLE		348,533	0	0
Lowe's Companies Inc.	COM	548661107	39,159	357,711	SH		SOLE		357,711	0	0
Luxoft Holding Inc	COM	G57279104	5,102	86,899	SH		SOLE		86,899	0	0
Luxoft Holding Inc	COM	G57279104	938	15,976	SH		DFND	1	0	15,976	0
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,807	24,513	SH		SOLE		24,243	0	270
M&T Bank Corp.	COM	55261F104	18,409	117,242	SH		SOLE		117,242	0	0
Main Street Capital Corp.	COM	56035L104	1,849	49,695	SH		SOLE		49,695	0	0
Main Street Capital Corp.	COM	56035L104	1,827	49,107	SH		DFND	1	0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	377	2,343	SH		SOLE		2,343	0	0
Markel Corp.	COM	570535104	56,760	56,974	SH		SOLE		56,974	0	0
Martin Marietta Materials Inc.	COM	573284106	90,686	450,770	SH		SOLE		450,770	0	0
Mastercard Inc. - A	COM	57636Q104	63,826	271,079	SH		SOLE		271,079	0	0
Materials Select Sector - SPDR	COM	81369Y100	2,358	42,495	SH		SOLE		42,495	0	0
McDonald's Corp.	COM	580135101	23,117	121,731	SH		SOLE		121,731	0	0
Medley Capital Corp.	COM	58503F106	1,451	466,714	SH		DFND	1	0	466,714	0
Medtronic	COM	G5960L103	20,880	229,251	SH		SOLE		229,251	0	0
Melco Resorts & Entertainment	COM	585464100	874	38,709	SH		SOLE		38,379	0	330
MERCADOLIBRE INC	COM	58733R102	344	678	SH		SOLE		678	0	0
Microsoft Corp.	COM	594918104	136,362	1,156,196	SH		SOLE		1,156,196	0	0
Mitsubishi UFJ Financial	COM	606822104	739	149,232	SH		SOLE		147,032	0	2,200
Monotype Imaging Holdings Inc.	COM	61022P100	4,926	247,668	SH		SOLE		247,668	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	740	37,183	SH		DFND	1	0	37,183	0
Morgan Stanley	COM	617446448	228	5,404	SH		SOLE		5,404	0	0
Morningstar Inc.	COM	617700109	14,993	119,004	SH		SOLE		119,004	0	0
Morningstar Inc.	COM	617700109	881	6,992	SH		DFND	1	0	6,992	0
Movado Group Inc.	COM	624580106	5,365	147,479	SH		SOLE		147,479	0	0
Movado Group Inc.	COM	624580106	861	23,674	SH		DFND	1	0	23,674	0
MSC Industrial Direct Co. Inc.	COM	553530106	29,303	354,281	SH		SOLE		354,281	0	0
MTS Systems Corp.	COM	553777103	4,959	91,053	SH		SOLE		91,053	0	0
MTS Systems Corp.	COM	553777103	798	14,654	SH		DFND	1	0	14,654	0
Nathan's Famous Inc	COM	632347100	1,415	20,692	SH		SOLE		20,692	0	0
Nathan's Famous Inc	COM	632347100	274	4,009	SH		DFND	1	0	4,009	0
Natus Medical Inc.	COM	639050103	7,713	303,914	SH		SOLE		303,914	0	0
Natus Medical Inc.	COM	639050103	542	21,369	SH		DFND	1	0	21,369	0
Neenah Ppaper Inc	COM	640079109	3,889	60,422	SH		SOLE		60,422	0	0
Neenah Ppaper Inc	COM	640079109	799	12,410	SH		DFND	1	0	12,410	0
Nestle SA	COM	641069406	124,257	1,303,971	SH		SOLE		1,303,971	0	0
New Jersey Resources Corp.	COM	646025106	22,198	445,841	SH		SOLE		445,841	0	0
New Mountain Finance Corp.	COM	647551100	4,714	347,393	SH		SOLE		347,393	0	0
New Mountain Finance Corp.	COM	647551100	7,838	577,564	SH		DFND	1	0	577,564	0
Nike Inc. - B	COM	654106103	22,041	261,739	SH		SOLE		261,739	0	0
Nintendo Co. Ltd. ADS	COM	654445303	665	18,530	SH		SOLE		18,245	0	285
Nordson Corporation	COM	655663102	20,866	157,459	SH		SOLE		157,459	0	0
Nordstrom Inc.	COM	655664100	17,155	386,541	SH		SOLE		386,541	0	0
Northern Trust Corporation	COM	665859104	108,867	1,204,146	SH		SOLE		1,204,146	0	0
Northwest Natural Holding Co	COM	66765N105	5,325	81,136	SH		SOLE		81,136	0	0
Northwest Natural Holding Co	COM	66765N105	832	12,680	SH		DFND	1	0	12,680	0
Novartis AG - ADR	COM	66987V109	21,008	218,512	SH		SOLE		218,356	0	156
NVIDIA Corp.	COM	67066G104	315	1,753	SH		SOLE		1,753	0	0
NXP Semiconductors N.V.	COM	N6596X109	133,054	1,505,308	SH		SOLE		1,505,308	0	0
Oaktree Specialty Lending Corp	COM	67401P108	1,645	317,580	SH		SOLE		317,580	0	0
Occidental Petroleum Corp.	COM	674599105	254	3,839	SH		SOLE		3,839	0	0
OFS Capital Corp.	COM	67103B100	3,331	283,501	SH		SOLE		283,501	0	0
OFS Capital Corp.	COM	67103B100	3,197	272,084	SH		DFND	1	0	272,084	0
Oracle Corporation	COM	68389X105	32,099	597,636	SH		SOLE		597,636	0	0
Orix Corp. ADS	COM	686330101	486	6,769	SH		SOLE		6,665	0	104
Pan American Silver Corp	COM	697900108	178	13,462	SH		SOLE		13,462	0	0
Parsley Energy Inc.	COM	701877102	227	11,780	SH		SOLE		11,780	0	0
Patterson Companies Inc.	COM	703395103	7,189	329,031	SH		SOLE		329,031	0	0
Patterson Companies Inc.	COM	703395103	620	28,355	SH		DFND	1	0	28,355	0
Paychex Inc.	COM	704326107	134,799	1,680,785	SH		SOLE		1,680,785	0	0
PayPal Holdings, Inc.	COM	70450Y103	619	5,958	SH		SOLE		5,958	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,803	140,761	SH		SOLE		140,761	0	0
PennantPark Investment Corp.	COM	708062104	1,181	170,945	SH		SOLE		170,945	0	0
PennantPark Investment Corp.	COM	708062104	5,218	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	147,661	1,204,906	SH		SOLE		1,204,906	0	0
Petrobras Petroleo Brasileiro	COM	71654V408	309	19,411	SH		SOLE		19,411	0	0
Pfizer Inc.	COM	717081103	96,738	2,277,806	SH		SOLE		2,277,806	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	3,722	112,796	SH		SOLE		112,796	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	843	25,545	SH		DFND	1	0	25,545	0
Pimco Enhanced Short Maturity	COM	72201R833	263	2,585	SH		SOLE		2,585	0	0
Polaris Industries	COM	731068102	97,400	1,153,620	SH		SOLE		1,153,620	0	0
Potbelly Corp.	COM	73754Y100	3,238	380,440	SH		SOLE		380,440	0	0
Potbelly Corp.	COM	73754Y100	633	74,353	SH		DFND	1	0	74,353	0
PPG Industries Inc.	COM	693506107	20,186	178,842	SH		SOLE		178,842	0	0
Procter & Gamble Company	COM	742718109	20,909	200,955	SH		SOLE		200,955	0	0
Progressive Corp.	COM	743315103	111,302	1,543,926	SH		SOLE		1,543,926	0	0
Proshares Trust-Proshares K-1	COM	74347B417	533	24,288	SH		SOLE		24,288	0	0
Raven Industries Inc.	COM	754212108	5,152	134,282	SH		SOLE		134,282	0	0
Raven Industries Inc.	COM	754212108	756	19,705	SH		DFND	1	0	19,705	0
Rayonier Inc.	COM	754907103	93,412	2,963,565	SH		SOLE		2,963,565	0	0
Rayonier Inc.	COM	754907103	813	25,788	SH		DFND	1	0	25,788	0
RBC Bearings Incorporated	COM	75524B104	4,293	33,761	SH		SOLE		33,761	0	0
RBC Bearings Incorporated	COM	75524B104	791	6,221	SH		DFND	1	0	6,221	0
RE/MAX Holdings Inc.	COM	75524W108	4,575	118,712	SH		SOLE		118,712	0	0
RE/MAX Holdings Inc.	COM	75524W108	831	21,555	SH		DFND	1	0	21,555	0
REIT Index - Vanguard	COM	922908553	1,965	22,606	SH		SOLE		22,606	0	0
Resources Connection Inc	COM	76122Q105	5,137	310,605	SH		SOLE		310,605	0	0
Resources Connection Inc	COM	76122Q105	759	45,904	SH		DFND	1	0	45,904	0
Rio Tinto PLC	COM	767204100	1,436	24,408	SH		SOLE		24,008	0	400
Royal Dutch Shell PLC - Cl A	COM	780259206	1,257	20,084	SH		SOLE		19,834	0	250
Royal Gold, Inc.	COM	780287108	261	2,869	SH		SOLE		2,869	0	0
S&P 500 - SPDR	COM	78462F103	4,629	16,386	SH		SOLE		16,386	0	0
S&P 500 Growth Index - iShares	COM	464287309	19,455	112,876	SH		SOLE		112,876	0	0
S&P 500 Index Fund - iShares	COM	464287200	532	1,868	SH		SOLE		1,868	0	0
S&P 500 Value Index - iShares	COM	464287408	19,019	168,701	SH		SOLE		168,701	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	18,247	83,280	SH		SOLE		83,280	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	17,670	112,567	SH		SOLE		112,567	0	0
S&P SmallCap 600 Growth Index	COM	464287887	9,302	52,123	SH		SOLE		52,123	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	271	3,515	SH		SOLE		3,515	0	0
S&P SmallCap 600 Value Index F	COM	464287879	9,972	67,590	SH		SOLE		67,590	0	0
SAP AG - ADS	COM	803054204	1,003	8,690	SH		SOLE		8,555	0	135
Schlumberger Ltd.	COM	806857108	19,952	457,932	SH		SOLE		457,932	0	0
Seabridge Gold Inc.	COM	811916105	151	12,189	SH		SOLE		12,189	0	0
SEI Investments Company	COM	784117103	17,450	333,970	SH		SOLE		333,970	0	0
Shiseido Co Ltd	COM	824841407	473	6,540	SH		SOLE		6,435	0	105
Shopify Inc	COM	82509L107	2,059	9,963	SH		SOLE		9,855	0	108
SJW Group	COM	784305104	5,571	90,235	SH		SOLE		90,235	0	0
SJW Group	COM	784305104	862	13,963	SH		DFND	1	0	13,963	0
Smith & Nephew (Adr 1:5)	COM	83175M205	517	12,894	SH		SOLE		12,619	0	275
Soc Quimica Y Minera Chile (Ad	COM	833635105	280	7,282	SH		SOLE		7,282	0	0
Solar Capital Ltd.	COM	83413U100	4,080	195,780	SH		SOLE		195,780	0	0
Solar Capital Ltd.	COM	83413U100	6,163	295,709	SH		DFND	1	0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	1,165	67,877	SH		SOLE		67,877	0	0
Sony Corp. ADS	COM	835699307	944	22,344	SH		SOLE		21,989	0	355
Southern Company	COM	842587107	115,541	2,235,695	SH		SOLE		2,235,695	0	0
SPDR KBW REGIONAL BA	COM	78464A698	244	4,749	SH		SOLE		4,749	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	7,269	147,506	SH		SOLE		147,506	0	0
SPDR Portfolio Intermediate Te	COM	78464A375	14,742	431,439	SH		SOLE		431,439	0	0
Spectrum Brands Holdings Inc	COM	84790a105	28,877	527,143	SH		SOLE		527,143	0	0
Starbucks Corporation	COM	855244109	61,249	823,902	SH		SOLE		823,902	0	0
Stellus Capital Investment	COM	858568108	2,571	181,664	SH		SOLE		181,664	0	0
Stellus Capital Investment	COM	858568108	4,049	286,126	SH		DFND	1	0	286,126	0
Stryker Corp.	COM	863667101	62,700	317,434	SH		SOLE		317,434	0	0
Sumitomo Mitsui-Spons ADR	COM	86562M209	1,009	143,474	SH		SOLE		141,649	0	1,825
T. Rowe Price Group Inc.	COM	74144T108	20,012	199,882	SH		SOLE		199,882	0	0
Taiwan Semiconductor Manufactu	COM	874039100	740	18,065	SH		SOLE		17,955	0	110
TCP Capital Corp.	COM	09259e108	4,239	298,962	SH		SOLE		298,962	0	0
TCP Capital Corp.	COM	09259e108	7,896	556,863	SH		DFND	1	0	556,863	0
Teck Resources Limited	COM	878742204	873	37,670	SH		SOLE		37,050	0	620
Tencent Holdings LTD	COM	88032Q109	1,117	24,296	SH		SOLE		24,161	0	135
Tencent Music Entertainment Gr	COM	88034P109	325	17,976	SH		SOLE		17,976	0	0
The Clorox Company	COM	189054109	21,678	135,101	SH		SOLE		135,101	0	0
Thermo Fisher Scientific Inc.	COM	883556102	41,915	153,131	SH		SOLE		153,131	0	0
Thermon Group Holdings Inc.	COM	88362T103	5,445	222,171	SH		SOLE		222,171	0	0
Thermon Group Holdings Inc.	COM	88362T103	773	31,538	SH		DFND	1	0	31,538	0
Tiffany & Co.	COM	886547108	65,111	616,872	SH		SOLE		616,872	0	0
TJX Companies	COM	872540109	55,262	1,038,557	SH		SOLE		1,038,557	0	0
Torex Gold Res Inc	COM	891054603	220	17,405	SH		SOLE		17,405	0	0
Total SA - ADR	COM	89151E109	486	8,742	SH		SOLE		8,621	0	121
TPG Specialty Lending, Inc.	COM	87265K102	3,116	155,785	SH		SOLE		155,785	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,135	206,751	SH		DFND	1	0	206,751	0
TriplePoint Venture Growth BDC	COM	89677Y100	3,144	228,512	SH		SOLE		228,512	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	6,658	483,845	SH		DFND	1	0	483,845	0
Turkcell Iletisim Hizmetleri A	COM	900111204	349	65,184	SH		SOLE		65,184	0	0
Two Harbors Investment Corp.	COM	90187b408	18	1,306	SH		SOLE		1,306	0	0
Two Harbors Investment Corp.	COM	90187b408	5,885	434,949	SH		DFND	1	0	434,949	0
Unilever Plc	COM	904767704	1,023	17,726	SH		SOLE		17,456	0	270
United Overseas Bank Limited	COM	911271302	932	24,909	SH		SOLE		24,529	0	380
United Technologies Corp.	COM	913017109	44,687	346,703	SH		SOLE		346,703	0	0
US Bancorp	COM	902973304	81,175	1,684,478	SH		SOLE		1,684,478	0	0
US Concrete Inc	COM	90333L201	2,547	61,495	SH		SOLE		61,495	0	0
VanEck Vectors BDC Income ETF	COM	92189F411	454	27,747	SH		SOLE		27,747	0	0
VanEck Vectors Long Municipal	COM	92189F536	9,241	455,019	SH		SOLE		455,019	0	0
Varex Imaging Corp	COM	92214x106	4,852	143,210	SH		SOLE		143,210	0	0
Varex Imaging Corp	COM	92214x106	655	19,341	SH		DFND	1	0	19,341	0
Veritex Holdings	COM	923451108	3,944	162,839	SH		SOLE		162,839	0	0
Veritex Holdings	COM	923451108	665	27,469	SH		DFND	1	0	27,469	0
Visa, Inc. - A	COM	92826C839	823	5,272	SH		SOLE		5,272	0	0
W.R. Berkley Corp.	COM	084423102	38,657	456,293	SH		SOLE		456,293	0	0
Walmart De-Mexico-Spon ADR V	COM	93114W107	357	13,338	SH		SOLE		13,338	0	0
Waste Connections, INC.	COM	94106B101	1,768	19,959	SH		SOLE		19,727	0	232
Weyerhaeuser Co.	COM	962166104	77,258	2,933,106	SH		SOLE		2,933,106	0	0
WNS Holdings Ltd	COM	92932M101	229	4,303	SH		SOLE		4,303	0	0
Woori Bank	COM	981064108	253	7,046	SH		SOLE		7,046	0	0
Xechem International Inc	COM	983895301	0	32,353	SH		SOLE		32,353	0	0
Yandex NV	COM	N97284108	369	10,755	SH		SOLE		10,755	0	0
ZTO Express Cayman Inc	COM	98980A105	986	53,951	SH		SOLE		53,636	0	315