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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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	4,176	SH		SOLE		4,176	0	0
3M Company	COM	88579Y101	40,065	279,708	SH		SOLE		279,708	0	0
ACE Limited	COM	h0023r105	6,141	59,215	SH		SOLE		59,215	0	0
Air Products & Chemicals Inc.	COM	009158106	5,809	45,164	SH		SOLE		45,164	0	0
American Capital Ltd.	COM	02503Y103	3,895	254,756	SH		DFND		0	254,756	0
American Capital Senior Floati	COM	02504D108	675	48,218	SH		SOLE		48,218	0	0
American Express Company	COM	025816109	21,684	228,566	SH		SOLE		228,566	0	0
Analog Devices, Inc.	COM	032654105	5,564	102,906	SH		SOLE		102,906	0	0
Annaly Capital Management Inc.	COM	035710409	4,203	367,717	SH		DFND		0	367,717	0
Apollo Investment Corp.	COM	03761U106	5,807	674,495	SH		DFND		0	674,495	0
Ares Capital Corp.	COM	04010L103	45,499	2,547,524	SH		DFND		0	2,547,524	0
Ares Commercial Real Estate	COM	04013V108	248	20,000	SH		DFND		0	20,000	0
Bank of Marin (CA)	COM	063425102	1,522	33,374	SH		DFND		0	33,374	0
Barclays 20+ Year Treasury Bon	COM	464287432	421	3,713	SH		SOLE		3,713	0	0
Barclays 3-7 Year Treasury Bon	COM	464288661	1,217	9,994	SH		SOLE		9,994	0	0
Barclays Capital High Yield Bo	COM	78464A417	3,439	82,413	SH		SOLE		82,413	0	0
Baxter International Inc	COM	071813109	331	4,578	SH		SOLE		4,578	0	0
Becton, Dickinson and Company	COM	075887109	5,549	46,904	SH		SOLE		46,904	0	0
Bed Bath & Beyond Inc	COM	075896100	14,101	245,743	SH		SOLE		245,743	0	0
Berkshire Hathaway Inc. - B	COM	084670702	14,644	115,705	SH		SOLE		115,705	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	950	5	SH		SOLE		5	0	0
BHP Billiton Limited - ADR	COM	088606108	373	5,454	SH		SOLE		5,454	0	0
BlackRock Kelso Capital Corp.	COM	092533108	3,106	340,915	SH		DFND		0	340,915	0
Broadridge Financial Solutions	COM	11133T103	31,595	758,754	SH		SOLE		758,754	0	0
Brown-Forman Corp. - B	COM	115637209	5,698	60,505	SH		SOLE		60,505	0	0
Brown & Brown Inc.	COM	115236101	10,744	349,848	SH		DFND		0	349,848	0
C & J Energy Services Inc	COM	12467B304	1,946	57,615	SH		DFND		0	57,615	0
C.H. Robinson Worldwide Inc.	COM	12541W209	34,521	541,168	SH		SOLE		541,168	0	0
CABOT OIL & GAS CORP.	COM	127097103	288	8,444	SH		SOLE		8,444	0	0
Cameco Corp.	COM	13321L108	362	18,474	SH		SOLE		18,474	0	0
CF Industries Holdings Inc.	COM	125269100	504	2,096	SH		SOLE		2,096	0	0
Chevron Corp.	COM	166764100	51,512	394,579	SH		SOLE		394,579	0	0
Cimarex Energy Co.	COM	171798101	371	2,587	SH		SOLE		2,587	0	0
Cloud Peak Energy Inc	COM	18911Q102	336	18,229	SH		SOLE		18,229	0	0
CM Finance Inc	COM	12574Q103	1,170	80,329	SH		DFND		0	80,329	0
Colgate-Palmolive Co.	COM	194162103	21,611	316,966	SH		SOLE		316,966	0	0
Commerce Bancshares, Inc.	COM	200525103	5,719	122,984	SH		SOLE		122,984	0	0
Compass Diversified Holdings	COM	20451Q104	3,396	187,109	SH		DFND		0	187,109	0
Compass Minerals International	COM	20451N101	359	3,753	SH		SOLE		3,753	0	0
Concho Resources, Inc.	COM	20605P101	447	3,094	SH		SOLE		3,094	0	0
ConocoPhillips	COM	20825C104	6,632	77,355	SH		SOLE		77,355	0	0
Consumer Discret Select Sector	COM	81369Y407	7,300	109,381	SH		SOLE		109,381	0	0
Consumer Staples Select Sector	COM	81369Y308	4,336	97,170	SH		SOLE		97,170	0	0
Continental Resources, Inc.	COM	212015101	457	2,890	SH		SOLE		2,890	0	0
Cubic Corp	COM	229669106	1,173	26,363	SH		SOLE		26,363	0	0
Cullen Frost Bankers, Inc.	COM	229899109	5,504	69,299	SH		SOLE		69,299	0	0
Culp Inc.	COM	230215105	1,340	76,961	SH		DFND		0	76,961	0
CYS Investments Inc	COM	12673A108	6,286	696,880	SH		DFND		0	696,880	0
Diageo (Adr 1:4)	COM	25243Q205	43,155	339,080	SH		SOLE		339,080	0	0
Digital Realty Trust Inc.	COM	253868103	32,528	557,759	SH		SOLE		557,759	0	0
Discovery Communications, Inc.	COM	25470F302	14,526	200,114	SH		SOLE		200,114	0	0
Donaldson Inc	COM	257651109	5,131	121,247	SH		SOLE		121,247	0	0
Douglas Dynamics, Inc.	COM	25960R105	1,687	95,744	SH		DFND		0	95,744	0
Dow Jones U.S. Oil Equipment &	COM	464288844	3,497	45,106	SH		SOLE		45,106	0	0
Dow Jones US Financial Sector	COM	464287788	5,399	64,937	SH		SOLE		64,937	0	0
Dow Jones US Technology - iSha	COM	464287721	10,771	111,183	SH		SOLE		111,183	0	0
Dow Jones US Utilities - iShar	COM	464287697	563	5,054	SH		SOLE		5,054	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	32,022	489,336	SH		SOLE		489,336	0	0
Emerson Electric Company	COM	291011104	43,059	648,863	SH		SOLE		648,863	0	0
Energy Select Sector - SPDR	COM	81369Y506	3,406	34,030	SH		SOLE		34,030	0	0
Energy XXI Limited - (Bermuda	COM	G10082140	327	13,819	SH		SOLE		13,819	0	0
ENI S.p.A. ADS	COM	26874R108	391	7,130	SH		SOLE		7,130	0	0
Enterprise Products Partner	COM	293792107	213	2,720	SH		SOLE		2,720	0	0
EOG Resources	COM	26875P101	447	3,824	SH		SOLE		3,824	0	0
ETFs Platinum Trust	COM	26922v101	351	2,428	SH		SOLE		2,428	0	0
European ETF - Vanguard	COM	922042874	1,860	31,031	SH		SOLE		31,031	0	0
Expeditors International of Wa	COM	302130109	18,540	419,826	SH		SOLE		419,826	0	0
Exponent Inc.	COM	30214U102	1,570	21,190	SH		DFND		0	21,190	0
Express Scripts Inc.	COM	30219G108	16,414	236,754	SH		SOLE		236,754	0	0
Exxon Mobil Corp.	COM	30231G102	5,499	54,616	SH		SOLE		54,616	0	0
FEI Company	COM	30241L109	1,125	12,403	SH		SOLE		12,403	0	0
Fidelity National Financial In	COM	31620R303	27,978	854,020	SH		SOLE		854,020	0	0
Fifth Street Finance Corp.	COM	31678A103	1,246	126,760	SH		DFND		0	126,760	0
FMC Corp.	COM	302491303	341	4,783	SH		SOLE		4,783	0	0
Forward Air Corp.	COM	349853101	1,688	35,273	SH		DFND		0	35,273	0
Franco-Nevada Corp.	COM	351858105	402	7,003	SH		SOLE		7,003	0	0
Franklin Electric Co. Inc.	COM	353514102	1,672	41,463	SH		DFND		0	41,463	0
Franklin Street Properties Cor	COM	35471R106	132	10,500	SH		SOLE		10,500	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	374	10,241	SH		SOLE		10,241	0	0
FS Investment Corp.	COM	302635107	552	51,872	SH		DFND		0	51,872	0
General Dynamics Corp.	COM	369550108	5,982	51,322	SH		SOLE		51,322	0	0
Gilead Sciences, Inc.	COM	375558103	2,682	32,354	SH		SOLE		32,354	0	0
Gladstone Capital Corporation	COM	376535100	3,116	309,784	SH		DFND		0	309,784	0
Gladstone Commercial Corp.	COM	376536108	1,413	79,051	SH		DFND		0	79,051	0
Gladstone Investment Corp.	COM	376546107	2,287	309,093	SH		DFND		0	309,093	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	34,988	654,219	SH		SOLE		654,219	0	0
Glencore Xstrata plc	COM	37827X100	356	31,918	SH		SOLE		31,918	0	0
Gold Trust - iShares	COM	464285105	3,696	286,976	SH		SOLE		286,976	0	0
Golub Capital BDC Inc	COM	38173M102	19,320	1,091,497	SH		DFND		0	1,091,497	0
Google Class A	COM	38259P508	7,030	12,024	SH		SOLE		12,024	0	0
Google Inc. - C	COM	38259P706	8,963	15,580	SH		SOLE		15,580	0	0
Graco inc.	COM	384109104	30,333	388,483	SH		DFND		0	388,483	0
Guggenheim BulletShares Corpor	COM	18383M563	1,465	66,910	SH		SOLE		66,910	0	0
Guggenheim BulletShares Corpor	COM	18383M555	1,531	68,414	SH		SOLE		68,414	0	0
Guggenheim BulletShares Corpor	COM	18383M548	2,216	96,738	SH		SOLE		96,738	0	0
Guggenheim BulletShares Corpor	COM	18383M530	2,201	103,481	SH		SOLE		103,481	0	0
Guggenheim BulletShares Corpor	COM	18383M522	2,206	104,173	SH		SOLE		104,173	0	0
Guggenheim BulletShares Corpor	COM	18383M514	2,209	103,922	SH		SOLE		103,922	0	0
Guggenheim BulletShares Invest	COM	18383M266	2,297	109,268	SH		SOLE		109,268	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,295	109,963	SH		SOLE		109,963	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	489	167,026	SH		SOLE		167,026	0	0
Haemonetics Corporation	COM	405024100	1,645	46,621	SH		DFND		0	46,621	0
Hallador Energy Company	COM	40609P105	400	42,164	SH		SOLE		42,164	0	0
Halliburton Co.	COM	406216101	17,447	245,695	SH		SOLE		245,695	0	0
Harvest Capital Credit Corp	COM	41753F109	297	20,000	SH		SOLE		20,000	0	0
Hatteras Financial Corp.	COM	41902R103	3,849	194,282	SH		DFND		0	194,282	0
Health Care Select Sector - SP	COM	81369Y209	4,392	72,205	SH		SOLE		72,205	0	0
Hercules Technology Growth Cap	COM	427096508	8,960	554,460	SH		DFND		0	554,460	0
Hess Corp.	COM	42809H107	424	4,283	SH		SOLE		4,283	0	0
High Yield Corporate Bond Fund	COM	464288513	3,427	35,994	SH		SOLE		35,994	0	0
Hittite Microwave Corp	COM	43365Y104	1,374	17,627	SH		SOLE		17,627	0	0
Home Depot Inc.	COM	437076102	10,246	126,555	SH		SOLE		126,555	0	0
Horizon Technology	COM	44045A102	4,857	332,190	SH		DFND		0	332,190	0
Illinois Tool Works Inc.	COM	452308109	17,638	201,443	SH		SOLE		201,443	0	0
Industrial Select Sector - SPD	COM	81369Y704	6,570	121,538	SH		SOLE		121,538	0	0
Iron Mountain	COM	462846106	39,849	1,124,096	SH		SOLE		1,124,096	0	0
iShares 10+ Year Credit Bond E	COM	464289511	9,775	161,437	SH		SOLE		161,437	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	5,057	48,825	SH		SOLE		48,825	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	226	2,136	SH		SOLE		2,136	0	0
iShares CMBS Bond ETF	COM	46429B366	2,180	42,164	SH		SOLE		42,164	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	3,763	35,614	SH		SOLE		35,614	0	0
iShares Corporate ex Financial	COM	46432FAD9	2,166	21,640	SH		SOLE		21,640	0	0
iShares Corporate ex Financial	COM	46432FAG2	5,821	58,613	SH		SOLE		58,613	0	0
iShares Corporate ex Financial	COM	46432FAK3	3,644	36,931	SH		SOLE		36,931	0	0
iShares Corporate ex Financial	COM	46432FAN7	3,653	37,808	SH		SOLE		37,808	0	0
iShares GNMA Bond ETF	COM	46429B333	2,209	44,274	SH		SOLE		44,274	0	0
iShares iBoxx Corporate Bond E	COM	464287242	27,716	232,400	SH		SOLE		232,400	0	0
iShares Interm. Term Corporate	COM	464288638	3,180	28,858	SH		SOLE		28,858	0	0
iShares MBS Bond ETF	COM	464288588	2,320	21,435	SH		SOLE		21,435	0	0
iShares National AMT-Free Muni	COM	464288414	986	9,074	SH		SOLE		9,074	0	0
iShares Residential Real Estat	COM	464288562	5,081	95,267	SH		SOLE		95,267	0	0
iShares S&P AMT-Free Municipal	COM	464289339	960	18,091	SH		SOLE		18,091	0	0
iShares S&P AMT-Free Municipal	COM	464289313	960	17,936	SH		SOLE		17,936	0	0
iShares S&P AMT-Free Municipal	COM	464289271	1,448	26,182	SH		SOLE		26,182	0	0
iShares S&P AMT-Free Municipal	COM	46429B580	1,463	57,168	SH		SOLE		57,168	0	0
Johnson & Johnson	COM	478160104	54,676	522,613	SH		SOLE		522,613	0	0
KCAP Financial Inc	COM	48668E101	5,026	591,994	SH		DFND		0	591,994	0
Kinder Morgan Inc.	COM	49456B101	34,939	963,575	SH		SOLE		963,575	0	0
Kohl's Corp.	COM	500255104	29,608	562,035	SH		SOLE		562,035	0	0
Kraft Foods Group, Inc.	COM	50076Q106	31,980	533,450	SH		SOLE		533,450	0	0
Landstar System Inc.	COM	515098101	4,766	74,475	SH		DFND		0	74,475	0
Linear Technology Corp	COM	535678106	31,138	661,531	SH		SOLE		661,531	0	0
Lockheed Martin Corp	COM	539830109	38,148	237,340	SH		SOLE		237,340	0	0
Lowe's Companies Inc.	COM	548661107	16,746	348,946	SH		SOLE		348,946	0	0
M&T Bank Corp.	COM	55261F104	5,460	44,014	SH		SOLE		44,014	0	0
Main Street Capital Corp.	COM	56035L104	2,769	84,098	SH		DFND		0	84,098	0
Manatuck Hill Mariner Offshore	COM	562996983	427	3,182	SH		SOLE		3,182	0	0
Marathon Oil Corp.	COM	565849106	5,741	143,801	SH		SOLE		143,801	0	0
Markel Corp.	COM	570535104	19,218	29,312	SH		SOLE		29,312	0	0
Martin Marietta Materials Inc.	COM	573284106	33,403	252,960	SH		SOLE		252,960	0	0
Mastercard Inc. - A	COM	57636Q104	13,875	188,855	SH		SOLE		188,855	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,932	38,923	SH		SOLE		38,923	0	0
Mattel Inc	COM	577081102	30,544	783,776	SH		SOLE		783,776	0	0
McDonald's Corp.	COM	580135101	5,325	52,862	SH		SOLE		52,862	0	0
MCG Capital Corp.	COM	58047P107	2,460	627,656	SH		DFND		0	627,656	0
MDU Resources Group Inc.	COM	552690109	5,844	166,482	SH		SOLE		166,482	0	0
Medallion Financial Corp	COM	583928106	3,927	315,143	SH		DFND		0	315,143	0
Medley Capital Corp.	COM	58503F106	10,287	787,707	SH		DFND		0	787,707	0
Microsoft Corp.	COM	594918104	40,726	976,648	SH		SOLE		976,648	0	0
Mohawk Industries Inc.	COM	608190104	857	6,197	SH		SOLE		6,197	0	0
Monroe Capital Corp.	COM	610335101	617	46,496	SH		SOLE		46,496	0	0
Morningstar Inc.	COM	617700109	1,437	20,005	SH		DFND		0	20,005	0
MSC Industrial Direct Co. Inc	COM	553530106	1,064	11,130	SH		SOLE		11,130	0	0
MSCI All Country World Index F	COM	464288257	3,749	62,210	SH		SOLE		62,210	0	0
Mueller Industries Inc.	COM	624756102	1,510	51,340	SH		DFND		0	51,340	0
MVC Capital, Inc.	COM	553829102	3,405	262,912	SH		DFND		0	262,912	0
New Gold, Inc.	COM	644535106	392	61,572	SH		SOLE		61,572	0	0
New Jersey Resources Corp.	COM	646025106	5,747	100,535	SH		SOLE		100,535	0	0
New Mountain Finance Corp.	COM	647551100	11,922	802,269	SH		DFND		0	802,269	0
NGP Capital Ressources Company	COM	62912R107	2,357	378,341	SH		DFND		0	378,341	0
Nike Inc. - B	COM	654106103	5,520	71,185	SH		SOLE		71,185	0	0
Nordstrom Inc.	COM	655664100	5,659	83,311	SH		SOLE		83,311	0	0
Northern Trust Corporation	COM	665859104	37,329	581,352	SH		SOLE		581,352	0	0
Novartis AG - ADR	COM	66987V109	5,807	64,149	SH		SOLE		64,149	0	0
NXP Semiconductors	COM	N6596X109	23,557	355,960	SH		SOLE		355,960	0	0
Occidental Petroleum Corp	COM	674599105	5,842	56,921	SH		SOLE		56,921	0	0
OFS Capital Corp.	COM	67103B100	4,290	329,987	SH		DFND		0	329,987	0
Onebeacon Insurance Group Ltd	COM	G67742109	1,434	92,300	SH		DFND		0	92,300	0
Patterson Companies, Inc.	COM	703395103	2,319	58,706	SH		DFND		0	58,706	0
Paychex, Inc.	COM	704326107	17,631	424,235	SH		SOLE		424,235	0	0
Peabody Energy Corp.	COM	704549104	302	18,488	SH		SOLE		18,488	0	0
PennantPark Floating Rate Capi	COM	70806A106	3,279	229,467	SH		DFND		0	229,467	0
PennantPark Investment Corp.	COM	708062104	10,380	905,800	SH		DFND		0	905,800	0
Pepco Holdings, Inc.	COM	713291102	35,465	1,290,582	SH		SOLE		1,290,582	0	0
Pepsico, Inc	COM	713448108	50,333	563,389	SH		SOLE		563,389	0	0
Pfizer Inc.	COM	717081103	29,302	987,273	SH		SOLE		987,273	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	5,231	139,822	SH		SOLE		139,822	0	0
PIMCO Intermediate Muni Bond E	COM	72201R866	688	12,926	SH		SOLE		12,926	0	0
Pioneer Natural Resources Co.	COM	723787107	413	1,796	SH		SOLE		1,796	0	0
Plum Creek Timber Co. Inc.	COM	729251108	31,495	698,348	SH		SOLE		698,348	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	377	9,943	SH		SOLE		9,943	0	0
Potbelly Corp	COM	73754Y100	1,493	93,530	SH		DFND		0	93,530	0
Praxair Inc.	COM	74005P104	36,274	273,064	SH		SOLE		273,064	0	0
Procter & Gamble Company	COM	742718109	5,977	76,058	SH		SOLE		76,058	0	0
Progressive Corp.	COM	743315103	29,767	1,173,795	SH		SOLE		1,173,795	0	0
Range Resources Corporation	COM	75281A109	387	4,448	SH		SOLE		4,448	0	0
Rayonier Advanced Materials	COM	75508B104	9,217	237,852	SH		DFND		0	237,852	0
Rayonier Inc.	COM	754907103	25,480	716,730	SH		DFND		0	716,730	0
RE/Max Holdings	COM	75524W108	1,538	51,988	SH		DFND		0	51,988	0
REIT ETF- DJ Wilshire	COM	78464A607	8,141	98,082	SH		SOLE		98,082	0	0
REIT Index - Vanguard	COM	922908553	8,253	110,279	SH		SOLE		110,279	0	0
Ritchie Brothers Auctioneers I	COM	767744105	2,642	107,165	SH		DFND		0	107,165	0
RLI Corp.	COM	749607107	1,579	34,486	SH		DFND		0	34,486	0
Rockwood Holdings Inc	COM	774415103	371	4,888	SH		SOLE		4,888	0	0
Royal Gold, Inc.	COM	780287108	419	5,502	SH		SOLE		5,502	0	0
Russell 2000 Growth Index - iS	COM	464287648	418	3,020	SH		SOLE		3,020	0	0
Russell 2000 Value Index - iSh	COM	464287630	428	4,149	SH		SOLE		4,149	0	0
S&P 500 - SPDR	COM	78462F103	1,252	6,398	SH		SOLE		6,398	0	0
S&P 500 Growth Index - iShares	COM	464287309	489	4,651	SH		SOLE		4,651	0	0
S&P 500 Value Index - iShares	COM	464287408	505	5,588	SH		SOLE		5,588	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	20,516	130,611	SH		SOLE		130,611	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	20,721	163,258	SH		SOLE		163,258	0	0
Safeguard Scientifics New	COM	786449207	1,692	81,367	SH		DFND		0	81,367	0
Saratoga Investment Corporatio	COM	80349A208	235	14,936	SH		DFND		0	14,936	0
Select Comfort Corporation	COM	81616X103	3,595	174,030	SH		DFND		0	174,030	0
Sigma-Aldrich Corp	COM	826552101	14,263	140,552	SH		SOLE		140,552	0	0
Silver Wheaton Corp.	COM	828336107	444	16,890	SH		SOLE		16,890	0	0
Snyders-Lance Inc	COM	833551104	1,306	49,376	SH		DFND		0	49,376	0
Solar Capital, LTD.	COM	83413U100	9,622	452,179	SH		DFND		0	452,179	0
Solar Senior Capital Ltd.	COM	83416M105	1,916	113,509	SH		DFND		0	113,509	0
Southern Company	COM	842587107	35,161	774,809	SH		SOLE		774,809	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	5,776	167,629	SH		SOLE		167,629	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	3,943	166,515	SH		SOLE		166,515	0	0
SPDR Nuveen Barclays Capital S	COM	78464A425	2,984	122,629	SH		SOLE		122,629	0	0
Statoil ASA ADS	COM	85771p102	446	14,468	SH		SOLE		14,468	0	0
Stellus Capital Investment	COM	858568108	4,125	280,821	SH		DFND		0	280,821	0
Stonecastle Financial Corporat	COM	861780104	4,493	177,025	SH		DFND		0	177,025	0
Stryker Corp.	COM	863667101	9,747	115,594	SH		SOLE		115,594	0	0
T. Rowe Price Group, Inc.	COM	74144T108	5,453	64,605	SH		SOLE		64,605	0	0
Taminco Corp	COM	87509U106	848	36,453	SH		DFND		0	36,453	0
TCP Capital Corp	COM	87238Q103	10,465	574,682	SH		DFND		0	574,682	0
Techne Corp.	COM	878377100	1,663	17,970	SH		DFND		0	17,970	0
The Clorox Company	COM	189054109	5,229	57,205	SH		SOLE		57,205	0	0
The Coca-Cola Company	COM	191216100	214	5,048	SH		SOLE		5,048	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	13,822	117,133	SH		SOLE		117,133	0	0
Thermon Group Holdings Inc	COM	88362T103	1,692	64,304	SH		DFND		0	64,304	0
THL Credit	COM	872438106	10,489	749,225	SH		DFND		0	749,225	0
TICC Capital Corp.	COM	87244T109	1,039	104,903	SH		DFND		0	104,903	0
TJX Companies	COM	872540109	18,664	351,161	SH		SOLE		351,161	0	0
Total SA - ADR	COM	89151E109	368	5,097	SH		SOLE		5,097	0	0
Triangle Capital Corp	COM	895848109	6,258	220,590	SH		DFND		0	220,590	0
Triplepoint Venture Growth BDC	COM	89677Y100	4,493	274,299	SH		DFND		0	274,299	0
United Technologies Corp.	COM	913017109	19,117	165,586	SH		SOLE		165,586	0	0
Vanguard Interm. Term Corporat	COM	92206C870	5,916	68,347	SH		SOLE		68,347	0	0
Vanguard Long Term Corporate B	COM	92206C813	2,320	25,701	SH		SOLE		25,701	0	0
Varian Medical Systems Inc.	COM	92220P105	998	12,006	SH		SOLE		12,006	0	0
VCA Antech Inc.	COM	918194101	1,771	50,456	SH		DFND		0	50,456	0
Vocera Communications Inc.	COM	92857F107	1,233	93,407	SH		DFND		0	93,407	0
W.R. Berkley Corp	COM	084423102	14,561	314,429	SH		SOLE		314,429	0	0
W.W. Grainger, Inc.	COM	384802104	5,206	20,474	SH		SOLE		20,474	0	0
Waters Corp.	COM	941848103	12,494	119,626	SH		SOLE		119,626	0	0
Wells Fargo & Company	COM	949746101	15,057	286,464	SH		SOLE		286,464	0	0
West Pharmaceutical Services,	COM	955306105	1,303	30,894	SH		DFND		0	30,894	0
Weyerhaeuser Co.	COM	962166104	383	11,583	SH		SOLE		11,583	0	0
Whiting Petroleum Corp.	COM	966387102	416	5,182	SH		SOLE		5,182	0	0
Yamana Gold, Inc.	COM	98462Y100	308	37,515	SH		SOLE		37,515	0	0
Zebra Technologies Corp.	COM	989207105	2,631	31,965	SH		DFND		0	31,965	0