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
Vanguard Equity-Income Admiral	MFUND	921921300	277	4,379	SH		SOLE		4,379	0	0
Guggenheim BulletShares C	COM	18383M563	1,432	65,429	SH		SOLE		65,429	0	0
Guggenheim BulletShares C	COM	18383M555	1,499	66,997	SH		SOLE		66,997	0	0
Guggenheim BulletShares C	COM	18383M548	2,160	94,691	SH		SOLE		94,691	0	0
Guggenheim BulletShares C	COM	18383M530	2,133	101,271	SH		SOLE		101,271	0	0
Guggenheim BulletShares C	COM	18383M522	2,129	101,914	SH		SOLE		101,914	0	0
Guggenheim BulletShares C	COM	18383M514	2,122	101,630	SH		SOLE		101,630	0	0
3M Company	COM	88579Y101	36,508	269,115	SH		SOLE		269,115	0	0
ACE Limited	COM	h0023r105	4,726	47,711	SH		SOLE		47,711	0	0
Affiliated Managers Group Inc.	COM	008252108	386	1,928	SH		SOLE		1,928	0	0
Air Products & Chemicals Inc.	COM	009158106	4,997	41,981	SH		SOLE		41,981	0	0
American Capital Ltd.	COM	02503Y103	2,020	127,906	SH		DFND		0	127,906	0
American Capital Senior Floati	COM	02504D108	553	39,380	SH		SOLE		39,380	0	0
American Express Company	COM	025816109	18,375	204,102	SH		SOLE		204,102	0	0
Analog Devices, Inc.	COM	032654105	5,061	95,244	SH		SOLE		95,244	0	0
Annaly Capital Management Inc.	COM	035710409	4,034	367,717	SH		DFND		0	367,717	0
Apollo Investment Corp.	COM	03761U106	4,453	535,883	SH		DFND		0	535,883	0
Ares Capital Corp.	COM	04010L103	42,463	2,409,932	SH		DFND		0	2,409,932	0
Ares Commercial Real Estate	COM	04013V108	268	20,000	SH		DFND		0	20,000	0
Bank of Marin (CA)	COM	063425102	1,475	32,735	SH		DFND		0	32,735	0
Barclays 20+ Year Treasury Bon	COM	464287432	443	4,058	SH		SOLE		4,058	0	0
Barclays 3-7 Year Treasury Bon	COM	464288661	1,176	9,743	SH		SOLE		9,743	0	0
Barclays Capital High Yield Bo	COM	78464A417	5,891	142,579	SH		SOLE		142,579	0	0
Barrick Gold Corp.	COM	067901108	305	17,101	SH		SOLE		17,101	0	0
Becton, Dickinson and Company	COM	075887109	5,089	43,467	SH		SOLE		43,467	0	0
Bed Bath & Beyond Inc	COM	075896100	12,672	184,189	SH		SOLE		184,189	0	0
Berkshire Hathaway Inc. - B	COM	084670702	12,411	99,313	SH		SOLE		99,313	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	937	5	SH		SOLE		5	0	0
BHP Billiton Limited - ADR	COM	088606108	377	5,557	SH		SOLE		5,557	0	0
BlackRock Kelso Capital Corp.	COM	092533108	3,064	334,119	SH		DFND		0	334,119	0
Broadridge Financial Solutions	COM	11133T103	27,536	741,403	SH		SOLE		741,403	0	0
Brown-Forman Corp. - B	COM	115637209	5,074	56,574	SH		SOLE		56,574	0	0
Brown & Brown Inc.	COM	115236101	10,128	329,249	SH		DFND		0	329,249	0
C & J Energy Services Inc	COM	12467B304	1,752	60,075	SH		DFND		0	60,075	0
C.H. Robinson Worldwide Inc.	COM	12541W209	26,854	512,575	SH		SOLE		512,575	0	0
CABOT OIL & GAS CORP.	COM	127097103	286	8,438	SH		SOLE		8,438	0	0
CF Industries Holdings Inc.	COM	125269100	558	2,141	SH		SOLE		2,141	0	0
Chevron Corp.	COM	166764100	43,200	363,303	SH		SOLE		363,303	0	0
Cimarex Energy Co.	COM	171798101	398	3,341	SH		SOLE		3,341	0	0
CM Finance Inc	COM	12574Q103	312	20,000	SH		DFND		0	20,000	0
Colgate-Palmolive Co.	COM	194162103	19,263	296,952	SH		SOLE		296,952	0	0
Commerce Bancshares, Inc.	COM	200525103	5,248	113,046	SH		SOLE		113,046	0	0
Compass Diversified Holdings	COM	20451Q104	3,538	187,109	SH		DFND		0	187,109	0
Concho Resources, Inc.	COM	20605P101	389	3,175	SH		SOLE		3,175	0	0
ConocoPhillips	COM	20825C104	5,365	76,262	SH		SOLE		76,262	0	0
Consumer Discret Select Sector	COM	81369Y407	5,848	90,353	SH		SOLE		90,353	0	0
Consumer Staples Select Sector	COM	81369Y308	2,558	59,403	SH		SOLE		59,403	0	0
Continental Resources, Inc.	COM	212015101	367	2,957	SH		SOLE		2,957	0	0
Cubic Corp	COM	229669106	1,293	25,317	SH		DFND		0	25,317	0
Cullen Frost Bankers, Inc.	COM	229899109	4,966	64,052	SH		SOLE		64,052	0	0
Culp Inc.	COM	230215105	1,461	74,012	SH		DFND		0	74,012	0
CYS Investments Inc	COM	12673A108	5,756	696,880	SH		DFND		0	696,880	0
Diageo (Adr 1:4)	COM	25243Q205	38,223	306,788	SH		SOLE		306,788	0	0
Digital Realty Trust Inc.	COM	253868103	27,967	526,885	SH		SOLE		526,885	0	0
Discovery Communications, Inc.	COM	25470F302	12,308	159,725	SH		SOLE		159,725	0	0
Donaldson Inc	COM	257651109	4,701	110,879	SH		SOLE		110,879	0	0
Douglas Dynamics, Inc.	COM	25960R105	1,701	97,664	SH		DFND		0	97,664	0
Dow Jones U.S. Aerospace & Def	COM	464288760	218	1,994	SH		SOLE		1,994	0	0
Dow Jones US Financial Sector	COM	464287788	6,760	82,682	SH		SOLE		82,682	0	0
Dow Jones US Technology - iSha	COM	464287721	8,161	89,621	SH		SOLE		89,621	0	0
Dow Jones US Utilities - iShar	COM	464287697	1,818	17,448	SH		SOLE		17,448	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	30,625	456,410	SH		SOLE		456,410	0	0
Eldorado Gold Corp.	COM	284902103	286	51,166	SH		SOLE		51,166	0	0
Emerson Electric Company	COM	291011104	39,450	590,574	SH		SOLE		590,574	0	0
Energy Select Sector - SPDR	COM	81369Y506	5,214	58,542	SH		SOLE		58,542	0	0
Energy XXI Limited - (Bermuda	COM	G10082140	324	13,758	SH		SOLE		13,758	0	0
ENI S.p.A. ADS	COM	26874R108	364	7,251	SH		SOLE		7,251	0	0
EOG Resources	COM	26875P101	385	1,962	SH		SOLE		1,962	0	0
European ETF - Vanguard	COM	922042874	1,894	32,129	SH		SOLE		32,129	0	0
Expeditors International of Wa	COM	302130109	14,209	358,533	SH		SOLE		358,533	0	0
Express Scripts Inc.	COM	30219G108	15,388	204,924	SH		SOLE		204,924	0	0
Exxon Mobil Corp.	COM	30231G102	6,361	65,119	SH		SOLE		65,119	0	0
Fidelity National Financial In	COM	31620R105	26,278	835,805	SH		SOLE		835,805	0	0
Fifth Street Finance Corp.	COM	31678A103	1,173	124,014	SH		DFND		0	124,014	0
Forward Air Corp.	COM	349853101	1,629	35,320	SH		DFND		0	35,320	0
Franco-Nevada Corp.	COM	351858105	323	7,032	SH		SOLE		7,032	0	0
Franklin Electric Co. Inc.	COM	353514102	1,472	34,617	SH		DFND		0	34,617	0
Franklin Street Properties Cor	COM	35471R106	139	11,000	SH		SOLE		11,000	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	342	10,351	SH		SOLE		10,351	0	0
General Dynamics Corp.	COM	369550108	5,274	48,421	SH		SOLE		48,421	0	0
Gladstone Capital Corporation	COM	376535100	3,168	314,304	SH		DFND		0	314,304	0
Gladstone Commercial Corp.	COM	376536108	1,667	96,144	SH		DFND		0	96,144	0
Gladstone Investment Corp.	COM	376546107	2,357	284,979	SH		DFND		0	284,979	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	32,690	611,824	SH		SOLE		611,824	0	0
Gold Trust - iShares	COM	464285105	3,656	293,907	SH		SOLE		293,907	0	0
Golub Capital BDC Inc	COM	38173M102	26,396	1,479,606	SH		DFND		0	1,479,606	0
Google Inc. - A	COM	38259P508	12,972	11,639	SH		SOLE		11,639	0	0
Graco inc.	COM	384109104	28,049	375,287	SH		DFND		0	375,287	0
Graftech International Ltd.	COM	384313102	701	64,167	SH		SOLE		64,167	0	0
Guggenheim BulletShares Invest	COM	18383M266	2,221	107,729	SH		SOLE		107,729	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,215	108,401	SH		SOLE		108,401	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	530	173,865	SH		SOLE		173,865	0	0
Haemonetics Corporation	COM	405024100	1,498	45,952	SH		DFND		0	45,952	0
Hallador Energy Company	COM	40609P105	367	42,926	SH		SOLE		42,926	0	0
Halliburton Co.	COM	406216101	11,924	202,479	SH		SOLE		202,479	0	0
Harvest Capital Credit Corp	COM	41753F109	295	20,000	SH		SOLE		20,000	0	0
Hatteras Financial Corp.	COM	41902R103	3,662	194,282	SH		DFND		0	194,282	0
Health Care Select Sector - SP	COM	81369Y209	3,835	65,574	SH		SOLE		65,574	0	0
Hercules Technology Growth Cap	COM	427096508	7,583	538,932	SH		DFND		0	538,932	0
Hess Corp.	COM	42809H107	361	4,353	SH		SOLE		4,353	0	0
High Yield Corporate Bond Fund	COM	464288513	5,875	62,246	SH		SOLE		62,246	0	0
Hittite Microwave Corp	COM	43365Y104	1,441	22,862	SH		DFND		0	22,862	0
Home Depot Inc.	COM	437076102	4,984	62,987	SH		SOLE		62,987	0	0
Horizon Technology	COM	44045A102	4,011	320,594	SH		DFND		0	320,594	0
Illinois Tool Works Inc.	COM	452308109	15,339	188,602	SH		SOLE		188,602	0	0
Industrial Select Sector - SPD	COM	81369Y704	5,271	100,727	SH		SOLE		100,727	0	0
International Business Machine	COM	459200101	4,405	22,883	SH		SOLE		22,883	0	0
Iron Mountain	COM	462846106	29,168	1,057,947	SH		SOLE		1,057,947	0	0
iShares 10+ Year Credit Bond E	COM	464289511	9,737	167,530	SH		SOLE		167,530	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	4,811	47,290	SH		SOLE		47,290	0	0
iShares CMBS Bond ETF	COM	46429B366	2,106	41,193	SH		SOLE		41,193	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	3,605	35,016	SH		SOLE		35,016	0	0
iShares Corporate ex Financial	COM	46432FAD9	2,124	21,198	SH		SOLE		21,198	0	0
iShares Corporate ex Financial	COM	46432FAG2	5,661	57,343	SH		SOLE		57,343	0	0
iShares Corporate ex Financial	COM	46432FAK3	3,514	36,128	SH		SOLE		36,128	0	0
iShares Corporate ex Financial	COM	46432FAN7	3,493	36,944	SH		SOLE		36,944	0	0
iShares GNMA Bond ETF	COM	46429B333	2,121	43,373	SH		SOLE		43,373	0	0
iShares iBoxx Corporate Bond E	COM	464287242	28,321	242,188	SH		SOLE		242,188	0	0
iShares Interm. Term Corporate	COM	464288638	3,166	29,032	SH		SOLE		29,032	0	0
iShares MBS Bond ETF	COM	464288588	3,487	32,854	SH		SOLE		32,854	0	0
iShares National AMT-Free Muni	COM	464288414	827	7,724	SH		SOLE		7,724	0	0
iShares Residential Real Estat	COM	464288562	8,084	161,526	SH		SOLE		161,526	0	0
iShares S&P AMT-Free Municipal	COM	464289339	808	15,233	SH		SOLE		15,233	0	0
iShares S&P AMT-Free Municipal	COM	464289313	810	15,115	SH		SOLE		15,115	0	0
iShares S&P AMT-Free Municipal	COM	464289271	1,218	22,085	SH		SOLE		22,085	0	0
iShares S&P AMT-Free Municipal	COM	46429B580	1,230	48,445	SH		SOLE		48,445	0	0
Johnson & Johnson	COM	478160104	47,576	484,329	SH		SOLE		484,329	0	0
KCAP Financial Inc	COM	48668E101	4,677	540,055	SH		DFND		0	540,055	0
Kinder Morgan Inc.	COM	49456B101	29,570	910,115	SH		SOLE		910,115	0	0
Kohl's Corp.	COM	500255104	30,007	528,294	SH		SOLE		528,294	0	0
Kraft Foods Group, Inc.	COM	50076Q106	28,758	512,614	SH		SOLE		512,614	0	0
Landauer Inc.	COM	51476K103	2,374	52,382	SH		SOLE		52,382	0	0
Landstar System Inc.	COM	515098101	4,489	75,797	SH		DFND		0	75,797	0
Linear Technology Corp	COM	535678106	31,242	641,653	SH		SOLE		641,653	0	0
Lockheed Martin Corp	COM	539830109	36,239	221,997	SH		SOLE		221,997	0	0
Lowe's Companies Inc.	COM	548661107	12,318	251,906	SH		SOLE		251,906	0	0
M&T Bank Corp.	COM	55261F104	4,932	40,657	SH		SOLE		40,657	0	0
Main Street Capital Corp.	COM	56035L104	2,462	74,934	SH		DFND		0	74,934	0
Manatuck Hill Mariner Offshore	COM	562996983	464	3,182	SH		SOLE		3,182	0	0
Marathon Oil Corp.	COM	565849106	4,703	132,401	SH		SOLE		132,401	0	0
Markel Corp.	COM	570535104	15,468	25,948	SH		SOLE		25,948	0	0
Martin Marietta Materials Inc.	COM	573284106	32,392	252,370	SH		SOLE		252,370	0	0
Mastercard Inc. - A	COM	57636Q104	10,177	136,232	SH		SOLE		136,232	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,915	40,494	SH		SOLE		40,494	0	0
Mattel Inc	COM	577081102	14,414	359,361	SH		SOLE		359,361	0	0
McDonald's Corp.	COM	580135101	4,799	48,957	SH		SOLE		48,957	0	0
MCG Capital Corp.	COM	58047P107	2,379	627,656	SH		DFND		0	627,656	0
MDU Resources Group Inc.	COM	552690109	5,330	155,338	SH		SOLE		155,338	0	0
Medallion Financial Corp	COM	583928106	3,959	299,721	SH		DFND		0	299,721	0
Medley Capital Corp.	COM	58503F106	10,057	738,972	SH		DFND		0	738,972	0
Microsoft Corp.	COM	594918104	38,317	934,800	SH		SOLE		934,800	0	0
Mohawk Industries Inc.	COM	608190104	764	5,617	SH		SOLE		5,617	0	0
Monroe Capital Corp.	COM	610335101	515	38,034	SH		SOLE		38,034	0	0
Morningstar Inc.	COM	617700109	1,453	18,384	SH		DFND		0	18,384	0
MSC Industrial Direct Co. Inc	COM	553530106	1,045	12,074	SH		SOLE		12,074	0	0
MSCI All Country World Index F	COM	464288257	3,737	64,282	SH		SOLE		64,282	0	0
Mueller Industries Inc.	COM	624756102	1,495	49,847	SH		DFND		0	49,847	0
Murphy Oil Corp.	COM	626717102	338	5,384	SH		SOLE		5,384	0	0
MVC Capital, Inc.	COM	553829102	4,193	309,461	SH		DFND		0	309,461	0
New Gold, Inc.	COM	644535106	304	62,198	SH		SOLE		62,198	0	0
New Jersey Resources Corp.	COM	646025106	4,635	93,078	SH		SOLE		93,078	0	0
New Mountain Finance Corp.	COM	647551100	9,060	622,669	SH		DFND		0	622,669	0
NextEra Energy, Inc.	COM	65339F101	5,286	55,286	SH		SOLE		55,286	0	0
NGP Capital Ressources Company	COM	62912R107	2,558	378,341	SH		DFND		0	378,341	0
Nike Inc. - B	COM	654106103	4,831	65,414	SH		SOLE		65,414	0	0
Nordstrom Inc.	COM	655664100	4,818	77,156	SH		SOLE		77,156	0	0
Northern Trust Corporation	COM	665859104	20,966	319,796	SH		SOLE		319,796	0	0
Novartis AG - ADR	COM	66987V109	5,096	59,935	SH		SOLE		59,935	0	0
NXP Semiconductors	COM	N6596X109	20,496	348,515	SH		SOLE		348,515	0	0
Occidental Petroleum Corp	COM	674599105	5,049	52,989	SH		SOLE		52,989	0	0
OFS Capital Corp.	COM	67103B100	3,542	283,147	SH		DFND		0	283,147	0
Onebeacon Insurance Group Ltd	COM	G67742109	1,472	95,200	SH		DFND		0	95,200	0
Patterson Companies, Inc.	COM	703395103	2,435	58,316	SH		DFND		0	58,316	0
Paychex, Inc.	COM	704326107	17,754	416,761	SH		SOLE		416,761	0	0
PennantPark Floating Rate Capi	COM	70806A106	3,420	247,433	SH		DFND		0	247,433	0
PennantPark Investment Corp.	COM	708062104	9,434	853,753	SH		DFND		0	853,753	0
Pepco Holdings, Inc.	COM	713291102	26,973	1,317,041	SH		SOLE		1,317,041	0	0
Pepsico, Inc	COM	713448108	43,272	518,231	SH		SOLE		518,231	0	0
Pfizer Inc.	COM	717081103	29,657	923,325	SH		SOLE		923,325	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	4,525	127,873	SH		SOLE		127,873	0	0
PIMCO Intermediate Muni Bond E	COM	72201R866	577	10,967	SH		SOLE		10,967	0	0
Pioneer Natural Resources Co.	COM	723787107	342	1,825	SH		SOLE		1,825	0	0
Plum Creek Timber Co. Inc.	COM	729251108	27,737	659,776	SH		SOLE		659,776	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	598	16,523	SH		SOLE		16,523	0	0
Potlatch Corp.	COM	737630103	338	8,745	SH		SOLE		8,745	0	0
Powershares short MSCI Emergin	COM	74347R396	201	7,613	SH		SOLE		7,613	0	0
Praxair Inc.	COM	74005P104	33,648	256,917	SH		SOLE		256,917	0	0
Procter & Gamble Company	COM	742718109	4,884	60,599	SH		SOLE		60,599	0	0
Progressive Corp.	COM	743315103	26,568	1,096,946	SH		SOLE		1,096,946	0	0
Range Resources Corporation	COM	75281A109	376	4,528	SH		SOLE		4,528	0	0
Rayonier Inc.	COM	754907103	35,800	779,790	SH		DFND		0	779,790	0
RE/Max Holdings	COM	75524W108	1,429	49,568	SH		DFND		0	49,568	0
REIT ETF- DJ Wilshire	COM	78464A607	11,290	144,685	SH		SOLE		144,685	0	0
REIT Index - Vanguard	COM	922908553	11,352	160,752	SH		SOLE		160,752	0	0
Repsol S.A. - ADR	COM	76026T205	360	14,060	SH		SOLE		14,060	0	0
Ritchie Brothers Auctioneers I	COM	767744105	2,677	110,926	SH		DFND		0	110,926	0
RLI Corp.	COM	749607107	685	15,483	SH		DFND		0	15,483	0
Royal Gold, Inc.	COM	780287108	347	5,548	SH		SOLE		5,548	0	0
Russell 2000 Growth Index - iS	COM	464287648	434	3,188	SH		SOLE		3,188	0	0
Russell 2000 Value Index - iSh	COM	464287630	449	4,453	SH		SOLE		4,453	0	0
S&P 500 - SPDR	COM	78462F103	1,224	6,544	SH		SOLE		6,544	0	0
S&P 500 Growth Index - iShares	COM	464287309	410	4,104	SH		SOLE		4,104	0	0
S&P 500 Value Index - iShares	COM	464287408	443	5,100	SH		SOLE		5,100	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	16,871	110,324	SH		SOLE		110,324	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	17,163	142,530	SH		SOLE		142,530	0	0
Safeguard Scientifics New	COM	786449207	2,162	97,467	SH		DFND		0	97,467	0
Saratoga Investment Corporatio	COM	80349A208	230	14,936	SH		DFND		0	14,936	0
Select Comfort Corporation	COM	81616X103	3,115	172,307	SH		DFND		0	172,307	0
Sigma-Aldrich Corp	COM	826552101	13,097	140,250	SH		SOLE		140,250	0	0
Silver Wheaton Corp.	COM	828336107	388	17,089	SH		SOLE		17,089	0	0
Snyders-Lance Inc	COM	833551104	1,326	47,047	SH		DFND		0	47,047	0
Solar Capital, LTD.	COM	83413U100	9,054	415,693	SH		DFND		0	415,693	0
Solar Senior Capital Ltd.	COM	83416M105	1,864	108,963	SH		DFND		0	108,963	0
Southern Company	COM	842587107	31,867	725,249	SH		SOLE		725,249	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	5,562	163,597	SH		SOLE		163,597	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	3,713	159,678	SH		SOLE		159,678	0	0
SPDR Nuveen Barclays Capital S	COM	78464A425	2,890	119,139	SH		SOLE		119,139	0	0
Statoil ASA ADS	COM	85771p102	421	14,902	SH		SOLE		14,902	0	0
Stellus Capital Investment	COM	858568108	3,481	242,081	SH		DFND		0	242,081	0
Stonecastle Financial Corporat	COM	861780104	4,394	178,762	SH		DFND		0	178,762	0
Stryker Corp.	COM	863667101	8,913	109,401	SH		SOLE		109,401	0	0
T. Rowe Price Group, Inc.	COM	74144T108	4,898	59,483	SH		SOLE		59,483	0	0
TCP Capital Corp	COM	87238Q103	9,105	550,135	SH		DFND		0	550,135	0
Techne Corp.	COM	878377100	1,498	17,550	SH		DFND		0	17,550	0
The Clorox Company	COM	189054109	4,616	52,443	SH		SOLE		52,443	0	0
The Coca-Cola Company	COM	191216100	253	6,544	SH		SOLE		6,544	0	0
The Scotts Miracle-Gro Company	COM	810186106	547	8,920	SH		SOLE		8,920	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	11,963	99,497	SH		SOLE		99,497	0	0
Thermon Group Holdings Inc	COM	88362T103	1,468	63,311	SH		DFND		0	63,311	0
THL Credit	COM	872438106	9,518	689,730	SH		DFND		0	689,730	0
TICC Capital Corp.	COM	87244T109	1,026	104,903	SH		DFND		0	104,903	0
TJX Companies	COM	872540109	12,256	202,074	SH		SOLE		202,074	0	0
Total SA - ADR	COM	89151E109	420	6,403	SH		SOLE		6,403	0	0
TPG Specialty Lending Inc Com	COM	87265K102	1,273	76,716	SH		DFND		0	76,716	0
Triangle Capital Corp	COM	895848109	5,523	213,312	SH		DFND		0	213,312	0
Triplepoint Venture Growth BDC	COM	89677Y100	4,112	253,222	SH		DFND		0	253,222	0
UltraShort DJ-UBS Natural Gas	COM	74347W387	225	5,139	SH		SOLE		5,139	0	0
United Technologies Corp.	COM	913017109	16,980	145,324	SH		SOLE		145,324	0	0
Vanguard Interm. Term Corporat	COM	92206C870	5,678	66,811	SH		SOLE		66,811	0	0
Varian Medical Systems Inc.	COM	92220P105	1,083	12,895	SH		SOLE		12,895	0	0
VCA Antech Inc.	COM	918194101	1,625	50,423	SH		DFND		0	50,423	0
Vocera Communications Inc.	COM	92857F107	1,453	88,952	SH		DFND		0	88,952	0
W.R. Berkley Corp	COM	084423102	10,928	262,563	SH		SOLE		262,563	0	0
W.W. Grainger, Inc.	COM	384802104	4,744	18,776	SH		SOLE		18,776	0	0
Waters Corp.	COM	941848103	13,210	121,850	SH		SOLE		121,850	0	0
Wells Fargo & Company	COM	949746101	12,492	251,151	SH		SOLE		251,151	0	0
West Pharmaceutical Services,	COM	955306105	1,429	32,447	SH		DFND		0	32,447	0
Weyerhaeuser Co.	COM	962166104	479	16,315	SH		SOLE		16,315	0	0
Whiting Petroleum Corp.	COM	966387102	368	5,309	SH		SOLE		5,309	0	0
Willis Group Hldg	COM	G96666105	19,306	437,482	SH		SOLE		437,482	0	0
Yamana Gold, Inc.	COM	98462Y100	328	37,400	SH		SOLE		37,400	0	0
Zebra Technologies Corp.	COM	989207105	2,473	35,628	SH		DFND		0	35,628	0