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
Capital Income Builder Class F	MFUND	140194101	758	12,727	SH		SOLE		12,727	0	0
International Growth & Income	MFUND	45956T501	369	11,593	SH		SOLE		11,593	0	0
The Growth Fund of America, In	MFUND	399874825	535	12,552	SH		SOLE		12,552	0	0
Vanguard Equity-Income Admiral	MFUND	921921300	258	3,938	SH		SOLE		3,938	0	0
3M Company	COM	88579Y101	48,494	295,120	SH		SOLE		295,120	0	0
ACE Limited	COM	h0023r105	7,260	63,196	SH		SOLE		63,196	0	0
Air Products & Chemicals Inc.	COM	009158106	7,438	51,569	SH		SOLE		51,569	0	0
Alcentra Capital Corporation	COM	01374T102	743	59,448	SH		DFND		0	59,448	0
American Capital Ltd.	COM	02503Y103	6,305	431,576	SH		DFND		0	431,576	0
American Capital Senior Floati	COM	02504D108	605	49,957	SH		SOLE		49,957	0	0
American Express Company	COM	025816109	24,811	266,675	SH		SOLE		266,675	0	0
Analog Devices, Inc.	COM	032654105	6,858	123,526	SH		SOLE		123,526	0	0
Annaly Capital Management Inc.	COM	035710409	3,975	367,717	SH		DFND		0	367,717	0
Antofagasta plc	COM	037189107	274	11,557	SH		SOLE		11,557	0	0
Apollo Investment Corp.	COM	03761U106	5,798	781,381	SH		DFND		0	781,381	0
Ares Capital Corp.	COM	04010L103	43,574	2,792,296	SH		DFND		0	2,792,296	0
Ares Commercial Real Estate	COM	04013V108	230	20,000	SH		SOLE		20,000	0	0
Bank of Marin (CA)	COM	063425102	1,794	34,115	SH		DFND		0	34,115	0
Barclays Capital High Yield Bo	COM	78464A417	3,939	102,013	SH		SOLE		102,013	0	0
Becton, Dickinson and Company	COM	075887109	7,578	54,453	SH		SOLE		54,453	0	0
Bed Bath & Beyond Inc	COM	075896100	22,492	295,281	SH		SOLE		295,281	0	0
Berkshire Hathaway Inc. - B	COM	084670702	19,148	127,527	SH		SOLE		127,527	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,130	5	SH		SOLE		5	0	0
BHP Billiton Limited - ADR	COM	088606108	231	4,885	SH		SOLE		4,885	0	0
BlackRock Kelso Capital Corp.	COM	092533108	1,578	192,442	SH		DFND		0	192,442	0
Broadridge Financial Solutions	COM	11133T103	39,191	848,666	SH		SOLE		848,666	0	0
Brown & Brown Inc.	COM	115236101	14,414	437,988	SH		DFND		0	437,988	0
C & J Energy Services Inc	COM	12467B304	844	63,896	SH		DFND		0	63,896	0
C.H. Robinson Worldwide Inc.	COM	12541W209	35,409	472,818	SH		SOLE		472,818	0	0
Cabot Oil & Gas Corp.	COM	127097103	279	9,426	SH		SOLE		9,426	0	0
Cameco Corp.	COM	13321L108	397	24,169	SH		SOLE		24,169	0	0
Capstead Mortgage Corp.	COM	14067E506	368	30,000	SH		DFND		0	30,000	0
CF Industries Holdings Inc.	COM	125269100	463	1,700	SH		SOLE		1,700	0	0
Chevron Corp.	COM	166764100	50,026	445,946	SH		SOLE		445,946	0	0
Cimarex Energy Co.	COM	171798101	392	3,696	SH		SOLE		3,696	0	0
Cloud Peak Energy Inc	COM	18911Q102	224	24,350	SH		SOLE		24,350	0	0
CM Finance Inc	COM	12574Q103	1,668	151,621	SH		DFND		0	151,621	0
CMBS Bond ETF iShares	COM	46429B366	2,418	47,237	SH		SOLE		47,237	0	0
Colgate-Palmolive Co.	COM	194162103	43,534	629,196	SH		SOLE		629,196	0	0
Commerce Bancshares, Inc.	COM	200525103	6,638	152,622	SH		SOLE		152,622	0	0
Compass Diversified Holdings	COM	20451Q104	2,782	171,200	SH		DFND		0	171,200	0
Compass Minerals International	COM	20451N101	423	4,877	SH		SOLE		4,877	0	0
Concho Resources, Inc.	COM	20605P101	390	3,913	SH		SOLE		3,913	0	0
ConocoPhillips	COM	20825C104	6,235	90,278	SH		SOLE		90,278	0	0
Consumer Discret Select Sector	COM	81369Y407	7,017	97,262	SH		SOLE		97,262	0	0
Consumer Staples Select Sector	COM	81369Y308	4,428	91,308	SH		SOLE		91,308	0	0
Cullen Frost Bankers, Inc.	COM	229899109	5,809	82,233	SH		SOLE		82,233	0	0
Culp Inc.	COM	230215105	1,721	79,364	SH		DFND		0	79,364	0
CYS Investments Inc	COM	12673A108	6,077	696,880	SH		DFND		0	696,880	0
Detour Gold Corp	COM	250669108	151	18,537	SH		SOLE		18,537	0	0
Diageo (Adr 1:4)	COM	25243Q205	43,685	382,900	SH		SOLE		382,900	0	0
Digital Realty Trust Inc.	COM	253868103	37,832	570,619	SH		SOLE		570,619	0	0
Discovery Communications, Inc.	COM	25470F302	15,963	473,413	SH		SOLE		473,413	0	0
Donaldson Inc	COM	257651109	5,689	147,277	SH		SOLE		147,277	0	0
Dow Jones U.S. Oil Equipment &	COM	464288844	867	17,344	SH		SOLE		17,344	0	0
Dow Jones US Financial Sector	COM	464287788	7,802	86,491	SH		SOLE		86,491	0	0
Dow Jones US Technology - iSha	COM	464287721	10,514	100,705	SH		SOLE		100,705	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	39,319	531,765	SH		SOLE		531,765	0	0
Emerson Electric Company	COM	291011104	45,563	738,106	SH		SOLE		738,106	0	0
Energy Select Sector - SPDR	COM	81369Y506	2,857	36,096	SH		SOLE		36,096	0	0
EOG Resources	COM	26875P101	424	4,607	SH		SOLE		4,607	0	0
Expeditors International of Wa	COM	302130109	22,310	500,102	SH		SOLE		500,102	0	0
Exponent Inc.	COM	30214U102	1,727	20,933	SH		DFND		0	20,933	0
Express Scripts Inc.	COM	30219G108	24,200	285,812	SH		SOLE		285,812	0	0
Exxon Mobil Corp.	COM	30231G102	5,965	64,524	SH		SOLE		64,524	0	0
FEI Company	COM	30241L109	1,433	15,866	SH		SOLE		15,866	0	0
Fidelity National Financial In	COM	31620R303	42,267	1,226,919	SH		SOLE		1,226,919	0	0
FMC Corp.	COM	302491303	416	7,289	SH		SOLE		7,289	0	0
Forward Air Corp.	COM	349853101	1,794	35,610	SH		DFND		0	35,610	0
Franco-Nevada Corp.	COM	351858105	307	6,239	SH		SOLE		6,239	0	0
Franklin Electric Co. Inc.	COM	353514102	1,696	45,193	SH		DFND		0	45,193	0
Franklin Street Properties Cor	COM	35471R106	337	27,500	SH		SOLE		27,500	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	215	9,204	SH		SOLE		9,204	0	0
Frensnillo PLC	COM	G371E2108	245	20,588	SH		SOLE		20,588	0	0
FS Investment Corp.	COM	302635107	2,524	254,212	SH		DFND		0	254,212	0
General Dynamics Corp.	COM	369550108	7,892	57,349	SH		SOLE		57,349	0	0
General Electric Company	COM	369604103	32,764	1,296,554	SH		SOLE		1,296,554	0	0
Gladstone Capital Corporation	COM	376535100	1,605	194,045	SH		DFND		0	194,045	0
Gladstone Commercial Corp.	COM	376536108	1,392	81,066	SH		DFND		0	81,066	0
Gladstone Investment Corp.	COM	376546107	2,165	309,237	SH		DFND		0	309,237	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	32,558	761,775	SH		SOLE		761,775	0	0
Glencore Xstrata plc	COM	37827X100	376	40,749	SH		SOLE		40,749	0	0
Gold Trust - iShares	COM	464285105	1,251	109,372	SH		SOLE		109,372	0	0
Golub Capital BDC Inc	COM	38173M102	12,179	679,265	SH		DFND		0	679,265	0
Google Class A	COM	38259P508	6,306	11,883	SH		SOLE		11,883	0	0
Google Inc. - C	COM	38259P706	10,983	20,864	SH		SOLE		20,864	0	0
Graco inc.	COM	384109104	37,732	470,596	SH		DFND		0	470,596	0
Guggenheim BulletShares Corpor	COM	18383M563	1,624	74,957	SH		SOLE		74,957	0	0
Guggenheim BulletShares Corpor	COM	18383M555	1,684	76,198	SH		SOLE		76,198	0	0
Guggenheim BulletShares Corpor	COM	18383M548	2,471	108,795	SH		SOLE		108,795	0	0
Guggenheim BulletShares Corpor	COM	18383M530	2,459	116,414	SH		SOLE		116,414	0	0
Guggenheim BulletShares Corpor	COM	18383M522	2,450	117,145	SH		SOLE		117,145	0	0
Guggenheim BulletShares Corpor	COM	18383M514	2,457	116,485	SH		SOLE		116,485	0	0
Guggenheim BulletShares Invest	COM	18383M266	2,541	121,835	SH		SOLE		121,835	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,548	122,576	SH		SOLE		122,576	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	384	302,306	SH		SOLE		302,306	0	0
Haemonetics Corporation	COM	405024100	1,770	47,296	SH		DFND		0	47,296	0
Hallador Energy Company	COM	40609P105	300	27,232	SH		SOLE		27,232	0	0
Halliburton Co.	COM	406216101	11,489	292,112	SH		SOLE		292,112	0	0
Halyard Health Inc	COM	40650V100	914	20,101	SH		DFND		0	20,101	0
Harvest Capital Credit Corp	COM	41753F109	231	20,000	SH		SOLE		20,000	0	0
Hatteras Financial Corp.	COM	41902R103	3,581	194,282	SH		DFND		0	194,282	0
Health Care Select Sector - SP	COM	81369Y209	6,640	97,109	SH		SOLE		97,109	0	0
Hercules Technology Growth Cap	COM	427096508	8,289	557,072	SH		DFND		0	557,072	0
High Yield Corporate Bond Fund	COM	464288513	3,981	44,431	SH		SOLE		44,431	0	0
Home Depot Inc.	COM	437076102	9,826	93,611	SH		SOLE		93,611	0	0
Horizon Technology	COM	44045A102	3,987	284,969	SH		DFND		0	284,969	0
iBonds ETF 2016 Corp ex-Fincls	COM	46432FAD9	2,416	24,258	SH		SOLE		24,258	0	0
Illinois Tool Works Inc.	COM	452308109	20,698	218,562	SH		SOLE		218,562	0	0
Industrial Select Sector - SPD	COM	81369Y704	6,312	111,560	SH		SOLE		111,560	0	0
Iron Mountain	COM	462846106	45,529	1,177,688	SH		SOLE		1,177,688	0	0
iShares 10+ Year Credit Bond E	COM	464289511	2,287	37,170	SH		SOLE		37,170	0	0
iShares 2015 AMT-Free Muni	COM	464289339	1,138	21,589	SH		SOLE		21,589	0	0
iShares 2016 AMT-Free Muni	COM	464289313	1,139	21,367	SH		SOLE		21,367	0	0
iShares 2017 AMT-Free Muni	COM	464289271	1,783	32,469	SH		SOLE		32,469	0	0
iShares 2018 AMT-Free Muni	COM	46429B580	1,804	70,416	SH		SOLE		70,416	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	5,662	53,418	SH		SOLE		53,418	0	0
iShares Core US Values - ETF	COM	464287663	4,476	32,790	SH		SOLE		32,790	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	4,208	39,825	SH		SOLE		39,825	0	0
iShares Corporate ex Financial	COM	46432FAG2	6,495	65,693	SH		SOLE		65,693	0	0
iShares Corporate ex Financial	COM	46432FAK3	4,071	41,374	SH		SOLE		41,374	0	0
iShares Corporate ex Financial	COM	46432FAN7	4,079	42,299	SH		SOLE		42,299	0	0
iShares GNMA Bond ETF	COM	46429B333	2,513	49,638	SH		SOLE		49,638	0	0
iShares iBoxx Corporate Bond E	COM	464287242	24,571	205,774	SH		SOLE		205,774	0	0
iShares Interm. Term Corporate	COM	464288638	8,067	73,783	SH		SOLE		73,783	0	0
iShares MBS Bond ETF	COM	464288588	5,080	46,473	SH		SOLE		46,473	0	0
iShares National AMT-Free Muni	COM	464288414	1,225	11,105	SH		SOLE		11,105	0	0
iShares Residential Real Estat	COM	464288562	5,335	90,566	SH		SOLE		90,566	0	0
John Bean Technologies Corp.	COM	477839104	1,766	53,745	SH		DFND		0	53,745	0
Johnson & Johnson	COM	478160104	60,550	579,043	SH		SOLE		579,043	0	0
KCAP Financial Inc	COM	48668E101	4,014	588,543	SH		DFND		0	588,543	0
Kinder Morgan Inc.	COM	49456B101	44,065	1,041,488	SH		SOLE		1,041,488	0	0
Kohl's Corp.	COM	500255104	37,379	612,362	SH		SOLE		612,362	0	0
Kraft Foods Group, Inc.	COM	50076Q106	37,238	594,293	SH		SOLE		594,293	0	0
Landstar System Inc.	COM	515098101	2,854	39,343	SH		DFND		0	39,343	0
Linear Technology Corp	COM	535678106	42,324	928,150	SH		SOLE		928,150	0	0
Lockheed Martin Corp	COM	539830109	45,357	235,535	SH		SOLE		235,535	0	0
Lowe's Companies Inc.	COM	548661107	24,421	354,954	SH		SOLE		354,954	0	0
M&T Bank Corp.	COM	55261F104	6,550	52,142	SH		SOLE		52,142	0	0
Main Street Capital Corp.	COM	56035L104	2,472	84,546	SH		DFND		0	84,546	0
Manatuck Hill Mariner Offshore	COM	562996983	444	3,182	SH		SOLE		3,182	0	0
Marathon Oil Corp.	COM	565849106	4,856	171,635	SH		SOLE		171,635	0	0
Markel Corp.	COM	570535104	23,491	34,402	SH		SOLE		34,402	0	0
Martin Marietta Materials Inc.	COM	573284106	32,199	291,867	SH		SOLE		291,867	0	0
Mastercard Inc. - A	COM	57636Q104	19,362	224,716	SH		SOLE		224,716	0	0
Mattel Inc	COM	577081102	32,551	1,051,907	SH		SOLE		1,051,907	0	0
McDonald's Corp.	COM	580135101	6,000	64,034	SH		SOLE		64,034	0	0
MCG Capital Corp.	COM	58047P107	235	61,388	SH		DFND		0	61,388	0
MDU Resources Group Inc.	COM	552690109	4,864	206,979	SH		SOLE		206,979	0	0
Medallion Financial Corp	COM	583928106	3,186	318,304	SH		DFND		0	318,304	0
Medley Capital Corp.	COM	58503F106	7,288	788,789	SH		DFND		0	788,789	0
Microsoft Corp.	COM	594918104	47,577	1,024,261	SH		SOLE		1,024,261	0	0
Mohawk Industries Inc.	COM	608190104	1,355	8,719	SH		SOLE		8,719	0	0
Monroe Capital Corp.	COM	610335101	857	59,272	SH		DFND		0	59,272	0
Morningstar Inc.	COM	617700109	7,186	111,046	SH		DFND		0	111,046	0
MSC Industrial Direct Co. Inc	COM	553530106	6,179	76,053	SH		SOLE		76,053	0	0
MTS Systems Corp.	COM	553777103	868	11,574	SH		DFND		0	11,574	0
Mueller Industries Inc.	COM	624756102	1,798	52,654	SH		DFND		0	52,654	0
Murphy Oil Corp.	COM	626717102	280	5,545	SH		SOLE		5,545	0	0
MVC Capital, Inc.	COM	553829102	1,999	203,370	SH		DFND		0	203,370	0
Nestle SA	COM	641069406	6,087	83,444	SH		SOLE		83,444	0	0
New Jersey Resources Corp.	COM	646025106	7,219	117,961	SH		SOLE		117,961	0	0
New Mountain Finance Corp.	COM	647551100	11,662	780,558	SH		DFND		0	780,558	0
Newtek Business Services	COM	652526203	590	40,000	SH		DFND		0	40,000	0
Nike Inc. - B	COM	654106103	7,819	81,318	SH		SOLE		81,318	0	0
Nordstrom Inc.	COM	655664100	7,614	95,910	SH		SOLE		95,910	0	0
Northern Trust Corporation	COM	665859104	42,484	630,322	SH		SOLE		630,322	0	0
Novartis AG - ADR	COM	66987V109	6,843	73,846	SH		SOLE		73,846	0	0
NXP Semiconductors	COM	N6596X109	30,277	396,290	SH		SOLE		396,290	0	0
Occidental Petroleum Corp	COM	674599105	5,546	68,804	SH		SOLE		68,804	0	0
OFS Capital Corp.	COM	67103B100	4,016	340,907	SH		DFND		0	340,907	0
Onebeacon Insurance Group Ltd	COM	G67742109	1,528	94,293	SH		DFND		0	94,293	0
Patterson Companies, Inc.	COM	703395103	3,081	64,056	SH		DFND		0	64,056	0
Paychex, Inc.	COM	704326107	26,949	583,686	SH		SOLE		583,686	0	0
PennantPark Floating Rate Capi	COM	70806A106	2,012	146,563	SH		DFND		0	146,563	0
PennantPark Investment Corp.	COM	708062104	8,838	927,364	SH		DFND		0	927,364	0
Pepsico, Inc	COM	713448108	59,410	628,281	SH		SOLE		628,281	0	0
Pfizer Inc.	COM	717081103	34,408	1,104,592	SH		SOLE		1,104,592	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	6,596	167,358	SH		SOLE		167,358	0	0
PIMCO Intermediate Muni Bond E	COM	72201R866	816	15,200	SH		SOLE		15,200	0	0
Pioneer Natural Resources Co.	COM	723787107	238	1,602	SH		SOLE		1,602	0	0
Plum Creek Timber Co. Inc.	COM	729251108	33,631	785,950	SH		SOLE		785,950	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	451	12,766	SH		DFND		0	12,766	0
Potbelly Corp	COM	73754Y100	1,496	116,230	SH		SOLE		116,230	0	0
Praxair Inc.	COM	74005P104	39,876	307,784	SH		SOLE		307,784	0	0
Procter & Gamble Company	COM	742718109	7,212	79,172	SH		SOLE		79,172	0	0
Progressive Corp.	COM	743315103	35,337	1,309,277	SH		SOLE		1,309,277	0	0
Range Resources Corporation	COM	75281A109	216	4,040	SH		SOLE		4,040	0	0
Raven Industries Inc	COM	754212108	1,026	41,040	SH		DFND		0	41,040	0
Rayonier Inc.	COM	754907103	19,559	700,043	SH		SOLE		700,043	0	0
RE/Max Holdings	COM	75524W108	1,821	53,179	SH		DFND		0	53,179	0
REIT ETF- DJ Wilshire	COM	78464A607	5,787	63,667	SH		SOLE		63,667	0	0
REIT Index - Vanguard	COM	922908553	5,813	71,765	SH		SOLE		71,765	0	0
Rio Tinto PLC	COM	767204100	259	5,617	SH		SOLE		5,617	0	0
Ritchie Brothers Auctioneers I	COM	767744105	3,210	119,382	SH		DFND		0	119,382	0
RLI Corp.	COM	749607107	1,760	35,629	SH		DFND		0	35,629	0
Royal Gold, Inc.	COM	780287108	307	4,896	SH		SOLE		4,896	0	0
Rubicon Minerals Corp.	COM	780911103	132	135,645	SH		SOLE		135,645	0	0
Russell 1000 Value Index - iSh	COM	464287598	235	2,247	SH		SOLE		2,247	0	0
Russell 2000 Growth Index - iS	COM	464287648	14,213	99,825	SH		SOLE		99,825	0	0
Russell 2000 Value Index - iSh	COM	464287630	6,149	60,470	SH		SOLE		60,470	0	0
S&P 500 - SPDR	COM	78462F103	1,589	7,733	SH		SOLE		7,733	0	0
S&P 500 Growth Index - iShares	COM	464287309	631	5,653	SH		SOLE		5,653	0	0
S&P 500 Index Fund - iShares	COM	464287200	562	2,719	SH		SOLE		2,719	0	0
S&P 500 Value Index - iShares	COM	464287408	276	2,942	SH		SOLE		2,942	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	32,364	202,691	SH		SOLE		202,691	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	13,852	108,360	SH		SOLE		108,360	0	0
Safeguard Scientifics New	COM	786449207	1,462	73,767	SH		DFND		0	73,767	0
Saratoga Investment Corporatio	COM	80349A208	222	14,936	SH		DFND		0	14,936	0
Sigma-Aldrich Corp	COM	826552101	18,034	131,379	SH		SOLE		131,379	0	0
Silver Wheaton Corp.	COM	828336107	312	15,324	SH		SOLE		15,324	0	0
Snyders-Lance Inc	COM	833551104	1,757	57,510	SH		DFND		0	57,510	0
Solar Capital, LTD.	COM	83413U100	8,386	465,615	SH		DFND		0	465,615	0
Solar Senior Capital Ltd.	COM	83416M105	1,729	115,483	SH		DFND		0	115,483	0
Southern Company	COM	842587107	41,599	847,052	SH		SOLE		847,052	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	6,456	188,911	SH		SOLE		188,911	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	4,382	181,383	SH		SOLE		181,383	0	0
SPDR Nuveen Barclays Capital S	COM	78464A425	3,233	133,081	SH		SOLE		133,081	0	0
SPDR SSGA Income Allocation	COM	78467V202	340	10,590	SH		SOLE		10,590	0	0
Statoil ASA ADS	COM	85771p102	229	12,981	SH		SOLE		12,981	0	0
Stellus Capital Investment	COM	858568108	3,463	293,946	SH		DFND		0	293,946	0
Stonecastle Financial Corporat	COM	861780104	3,259	167,381	SH		DFND		0	167,381	0
Stryker Corp.	COM	863667101	13,921	147,578	SH		SOLE		147,578	0	0
T. Rowe Price Group, Inc.	COM	74144T108	6,666	77,642	SH		SOLE		77,642	0	0
TCP Capital Corp	COM	87238Q103	10,677	636,285	SH		DFND		0	636,285	0
Techne Corp.	COM	09073M104	1,642	17,776	SH		DFND		0	17,776	0
The Clorox Company	COM	189054109	7,026	67,418	SH		SOLE		67,418	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	16,916	135,013	SH		SOLE		135,013	0	0
Thermon Group Holdings Inc	COM	88362T103	1,586	65,570	SH		DFND		0	65,570	0
THL Credit	COM	872438106	8,872	754,402	SH		DFND		0	754,402	0
TICC Capital Corp.	COM	87244T109	790	104,903	SH		DFND		0	104,903	0
TJX Companies	COM	872540109	25,696	374,693	SH		SOLE		374,693	0	0
Torex Gold Res Inc	COM	891054108	114	105,738	SH		SOLE		105,738	0	0
TPG Specialty Lending Inc Com	COM	87265K102	3,873	230,239	SH		DFND		0	230,239	0
Triangle Capital Corp	COM	895848109	7,390	364,219	SH		DFND		0	364,219	0
Triplepoint Venture Growth BDC	COM	89677Y100	4,462	300,458	SH		DFND		0	300,458	0
United Technologies Corp.	COM	913017109	22,319	194,081	SH		SOLE		194,081	0	0
Vanguard Interm. Term Corporat	COM	92206C870	9,665	112,254	SH		SOLE		112,254	0	0
Vanguard Long Term Corporate B	COM	92206C813	2,359	25,520	SH		SOLE		25,520	0	0
Varian Medical Systems Inc.	COM	92220P105	1,314	15,194	SH		SOLE		15,194	0	0
VCA Antech Inc.	COM	918194101	2,404	49,291	SH		DFND		0	49,291	0
W.R. Berkley Corp	COM	084423102	18,083	352,771	SH		SOLE		352,771	0	0
W.W. Grainger, Inc.	COM	384802104	6,342	24,882	SH		SOLE		24,882	0	0
Waters Corp.	COM	941848103	15,315	135,869	SH		SOLE		135,869	0	0
Wells Fargo & Company	COM	949746101	17,444	318,206	SH		SOLE		318,206	0	0
West Pharmaceutical Services,	COM	955306105	2,002	37,596	SH		DFND		0	37,596	0
Weyerhaeuser Co.	COM	962166104	369	10,291	SH		SOLE		10,291	0	0