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	256	3,947	SH		SOLE		3,947	0	0
3M Company	COM	88579Y101	47,798	289,773	SH		SOLE		289,773	0	0
ACE Limited	COM	h0023r105	7,516	67,412	SH		SOLE		67,412	0	0
Agrium Inc.	COM	008916108	307	2,948	SH		SOLE		2,948	0	0
Air Products & Chemicals Inc.	COM	009158106	8,255	54,569	SH		SOLE		54,569	0	0
Alcentra Capital Corporation	COM	01374T102	1,695	127,432	SH		DFND		0	127,432	0
American Capital Ltd.	COM	02503Y103	7,734	522,931	SH		DFND		0	522,931	0
American Capital Senior Floati	COM	02504D108	659	50,297	SH		SOLE		50,297	0	0
American Express Company	COM	025816109	25,575	327,376	SH		SOLE		327,376	0	0
American International Group,	COM	026874784	20,570	375,427	SH		SOLE		375,427	0	0
Analog Devices, Inc.	COM	032654105	8,357	132,656	SH		SOLE		132,656	0	0
Anheuser-Busch InBev SA/NV	COM	03524A108	328	2,690	SH		SOLE		2,690	0	0
Annaly Capital Management Inc.	COM	035710409	3,824	367,717	SH		DFND		0	367,717	0
Apollo Investment Corp.	COM	03761U106	6,094	793,973	SH		DFND		0	793,973	0
Ares Capital Corp.	COM	04010L103	50,431	2,937,178	SH		DFND		0	2,937,178	0
Ares Commercial Real Estate	COM	04013V108	110	10,000	SH		SOLE		10,000	0	0
Bank of Marin (CA)	COM	063425102	1,826	35,871	SH		DFND		0	35,871	0
Barclays 20+ Year Treasury Bon	COM	464287432	4,451	34,054	SH		SOLE		34,054	0	0
Barclays Capital High Yield Bo	COM	78464A417	4,864	124,026	SH		SOLE		124,026	0	0
Becton, Dickinson and Company	COM	075887109	8,231	57,324	SH		SOLE		57,324	0	0
Bed Bath & Beyond Inc	COM	075896100	26,094	339,877	SH		SOLE		339,877	0	0
Berkshire Hathaway Inc. - B	COM	084670702	18,804	130,291	SH		SOLE		130,291	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,087	5	SH		SOLE		5	0	0
BlackRock Kelso Capital Corp.	COM	092533108	1,748	192,882	SH		DFND		0	192,882	0
Broadridge Financial Solutions	COM	11133T103	45,172	821,152	SH		SOLE		821,152	0	0
Brown & Brown Inc.	COM	115236101	18,049	545,131	SH		DFND		0	545,131	0
C.H. Robinson Worldwide Inc.	COM	12541W209	38,697	528,504	SH		SOLE		528,504	0	0
Capstead Mortgage Corp.	COM	14067E506	641	54,500	SH		DFND		0	54,500	0
CF Industries Holdings Inc.	COM	125269100	393	1,387	SH		SOLE		1,387	0	0
Chevron Corp.	COM	166764100	52,779	502,755	SH		SOLE		502,755	0	0
Cimarex Energy Co.	COM	171798101	347	3,019	SH		SOLE		3,019	0	0
Claymore Exchange Traded Fund	COM	18383M233	2,694	129,025	SH		SOLE		129,025	0	0
Cloud Peak Energy Inc	COM	18911Q102	238	40,827	SH		SOLE		40,827	0	0
CM Finance Inc	COM	12574Q103	2,064	155,619	SH		DFND		0	155,619	0
Colgate-Palmolive Co.	COM	194162103	44,754	645,430	SH		SOLE		645,430	0	0
Commerce Bancshares, Inc.	COM	200525103	7,055	166,703	SH		SOLE		166,703	0	0
Compass Diversified Holdings	COM	20451Q104	2,705	158,200	SH		DFND		0	158,200	0
Compass Minerals International	COM	20451N101	370	3,966	SH		SOLE		3,966	0	0
Concho Resources, Inc.	COM	20605P101	370	3,192	SH		SOLE		3,192	0	0
ConocoPhillips	COM	20825C104	5,973	95,936	SH		SOLE		95,936	0	0
Consumer Discret Select Sector	COM	81369Y407	7,217	95,783	SH		SOLE		95,783	0	0
Consumer Staples Select Sector	COM	81369Y308	4,242	87,029	SH		SOLE		87,029	0	0
Cullen Frost Bankers, Inc.	COM	229899109	6,358	92,031	SH		SOLE		92,031	0	0
Culp Inc.	COM	230215105	2,165	80,930	SH		DFND		0	80,930	0
CYS Investments Inc	COM	12673A108	6,209	696,880	SH		DFND		0	696,880	0
Detour Gold Corp	COM	250669108	128	15,011	SH		SOLE		15,011	0	0
Diageo (Adr 1:4)	COM	25243Q205	45,678	413,114	SH		SOLE		413,114	0	0
Digital Realty Trust Inc.	COM	253868103	37,783	572,816	SH		SOLE		572,816	0	0
Discovery Communications, Inc.	COM	25470F302	21,995	746,233	SH		SOLE		746,233	0	0
Dominion Diamond Corp	COM	257287102	309	18,079	SH		SOLE		18,079	0	0
Donaldson Inc	COM	257651109	6,254	165,848	SH		SOLE		165,848	0	0
Dow Jones US Financial Sector	COM	464287788	7,228	81,167	SH		SOLE		81,167	0	0
Dow Jones US Technology - iSha	COM	464287721	10,273	97,880	SH		SOLE		97,880	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	38,218	534,743	SH		SOLE		534,743	0	0
Eldorado Gold Corp.	COM	284902103	111	24,080	SH		SOLE		24,080	0	0
Emerson Electric Company	COM	291011104	46,185	815,697	SH		SOLE		815,697	0	0
Energy Select Sector - SPDR	COM	81369Y506	2,192	28,253	SH		SOLE		28,253	0	0
EOG Resources	COM	26875P101	345	3,758	SH		SOLE		3,758	0	0
Expeditors International of Wa	COM	302130109	25,970	539,024	SH		SOLE		539,024	0	0
Exponent Inc.	COM	30214U102	1,920	21,594	SH		DFND		0	21,594	0
Express Scripts Inc.	COM	30219G108	28,777	331,649	SH		SOLE		331,649	0	0
Exxon Mobil Corp.	COM	30231G102	6,072	71,432	SH		SOLE		71,432	0	0
Fastenol Co.	COM	311900104	35,999	868,808	SH		SOLE		868,808	0	0
FEI Company	COM	30241L109	1,481	19,402	SH		SOLE		19,402	0	0
Fidelity National Financial In	COM	31620R303	44,317	1,205,581	SH		SOLE		1,205,581	0	0
FMC Corp.	COM	302491303	340	5,931	SH		SOLE		5,931	0	0
Forward Air Corp.	COM	349853101	1,966	36,208	SH		DFND		0	36,208	0
Franco-Nevada Corp.	COM	351858105	311	6,400	SH		SOLE		6,400	0	0
Franklin Electric Co. Inc.	COM	353514102	1,822	47,771	SH		DFND		0	47,771	0
Franklin Street Properties Cor	COM	35471R106	353	27,500	SH		SOLE		27,500	0	0
FS Investment Corp.	COM	302635107	3,474	342,646	SH		DFND		0	342,646	0
Gabriel Technologies Corp	COM	362447104	0	13,000	SH		SOLE		13,000	0	0
General Dynamics Corp.	COM	369550108	8,042	59,252	SH		SOLE		59,252	0	0
General Electric Company	COM	369604103	35,506	1,431,131	SH		SOLE		1,431,131	0	0
Gladstone Capital Corporation	COM	376535100	1,710	194,045	SH		DFND		0	194,045	0
Gladstone Commercial Corp.	COM	376536108	1,667	89,595	SH		DFND		0	89,595	0
Gladstone Investment Corp.	COM	376546107	2,291	309,537	SH		DFND		0	309,537	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	39,835	863,169	SH		SOLE		863,169	0	0
Glencore Xstrata plc	COM	37827X100	282	33,332	SH		SOLE		33,332	0	0
Gold Trust - iShares	COM	464285105	1,028	89,813	SH		SOLE		89,813	0	0
Golub Capital BDC Inc	COM	38173M102	11,934	679,976	SH		DFND		0	679,976	0
Google Class A	COM	38259P508	6,640	11,971	SH		SOLE		11,971	0	0
Google Inc. - C	COM	38259P706	13,475	24,590	SH		SOLE		24,590	0	0
Graco inc.	COM	384109104	46,999	651,310	SH		DFND		0	651,310	0
Guggenheim BulletShares Corpor	COM	18383M548	2,706	118,531	SH		SOLE		118,531	0	0
Guggenheim BulletShares Corpor	COM	18383M530	2,703	126,736	SH		SOLE		126,736	0	0
Guggenheim BulletShares Corpor	COM	18383M522	2,694	126,552	SH		SOLE		126,552	0	0
Guggenheim BulletShares Corpor	COM	18383M514	2,705	125,820	SH		SOLE		125,820	0	0
Guggenheim BulletShares Invest	COM	18383M266	2,697	126,694	SH		SOLE		126,694	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,699	127,090	SH		SOLE		127,090	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	305	428,823	SH		SOLE		428,823	0	0
Haemonetics Corporation	COM	405024100	2,167	48,245	SH		DFND		0	48,245	0
Hallador Energy Company	COM	40609P105	335	28,697	SH		SOLE		28,697	0	0
Halliburton Co.	COM	406216101	15,157	345,421	SH		SOLE		345,421	0	0
Halyard Health Inc	COM	40650V100	1,035	21,034	SH		DFND		0	21,034	0
Harvest Capital Credit Corp	COM	41753F109	617	47,497	SH		SOLE		47,497	0	0
Hatteras Financial Corp.	COM	41902R103	3,528	194,282	SH		DFND		0	194,282	0
Health Care Select Sector - SP	COM	81369Y209	6,562	90,508	SH		SOLE		90,508	0	0
Hercules Technology Growth Cap	COM	427096508	7,521	557,937	SH		DFND		0	557,937	0
High Yield Corporate Bond Fund	COM	464288513	4,755	52,480	SH		SOLE		52,480	0	0
Home Depot Inc.	COM	437076102	10,908	96,015	SH		SOLE		96,015	0	0
Horizon Technology	COM	44045A102	3,801	275,045	SH		DFND		0	275,045	0
Illinois Tool Works Inc.	COM	452308109	21,455	220,872	SH		SOLE		220,872	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,502	80,725	SH		SOLE		80,725	0	0
Iron Mountain	COM	46284V101	43,977	1,205,502	SH		SOLE		1,205,502	0	0
iShares 10+ Year Credit Bond E	COM	464289511	6,661	106,412	SH		SOLE		106,412	0	0
iShares 2017 AMT-Free Muni	COM	464289271	2,103	38,146	SH		SOLE		38,146	0	0
iShares 2018 AMT-Free Muni	COM	46429B580	2,095	82,238	SH		SOLE		82,238	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	6,086	56,150	SH		SOLE		56,150	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	296	2,804	SH		SOLE		2,804	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	6,261	58,396	SH		SOLE		58,396	0	0
iShares Corporate ex Financial	COM	46432FAG2	7,112	71,251	SH		SOLE		71,251	0	0
iShares Corporate ex Financial	COM	46432FAK3	4,447	44,465	SH		SOLE		44,465	0	0
iShares Corporate ex Financial	COM	46432FAN7	8,801	88,892	SH		SOLE		88,892	0	0
iShares GNMA Bond ETF	COM	46429B333	2,631	52,040	SH		SOLE		52,040	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	960	37,589	SH		SOLE		37,589	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	1,375	54,153	SH		SOLE		54,153	0	0
iShares iBoxx Corporate Bond E	COM	464287242	17,865	146,785	SH		SOLE		146,785	0	0
iShares Interm. Term Corporate	COM	464288638	5,565	50,286	SH		SOLE		50,286	0	0
iShares MBS Bond ETF	COM	464288588	5,442	49,324	SH		SOLE		49,324	0	0
iShares National AMT-Free Muni	COM	464288414	1,403	12,688	SH		SOLE		12,688	0	0
iShares Residential Real Estat	COM	464288562	5,508	88,632	SH		SOLE		88,632	0	0
John Bean Technologies Corp.	COM	477839104	1,946	54,468	SH		DFND		0	54,468	0
Johnson & Johnson	COM	478160104	62,689	623,146	SH		SOLE		623,146	0	0
KCAP Financial Inc	COM	48668E101	4,080	606,176	SH		DFND		0	606,176	0
Kinder Morgan Inc.	COM	49456B101	45,814	1,089,245	SH		SOLE		1,089,245	0	0
Kohl's Corp.	COM	500255104	47,775	610,540	SH		SOLE		610,540	0	0
Kraft Foods Group, Inc.	COM	50076Q106	51,886	595,600	SH		SOLE		595,600	0	0
Landstar System Inc.	COM	515098101	3,469	52,329	SH		DFND		0	52,329	0
Linear Technology Corp	COM	535678106	44,411	948,962	SH		SOLE		948,962	0	0
Lockheed Martin Corp	COM	539830109	8,131	40,062	SH		SOLE		40,062	0	0
Lowe's Companies Inc.	COM	548661107	20,510	275,715	SH		SOLE		275,715	0	0
M&T Bank Corp.	COM	55261F104	7,201	56,702	SH		SOLE		56,702	0	0
Main Street Capital Corp.	COM	56035L104	2,626	84,971	SH		DFND		0	84,971	0
Manatuck Hill Mariner Offshore	COM	562996983	479	3,182	SH		SOLE		3,182	0	0
Marathon Oil Corp.	COM	565849106	5,355	205,106	SH		SOLE		205,106	0	0
Markel Corp.	COM	570535104	30,514	39,682	SH		SOLE		39,682	0	0
Market Vectors Long Municipal	COM	57060U886	6,326	317,569	SH		SOLE		317,569	0	0
Martin Marietta Materials Inc.	COM	573284106	42,517	304,129	SH		SOLE		304,129	0	0
Mastercard Inc. - A	COM	57636Q104	19,744	228,545	SH		SOLE		228,545	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,994	40,882	SH		SOLE		40,882	0	0
Mattel Inc	COM	577081102	24,399	1,067,772	SH		SOLE		1,067,772	0	0
McDonald's Corp.	COM	580135101	6,880	70,608	SH		SOLE		70,608	0	0
MDU Resources Group Inc.	COM	552690109	5,179	242,690	SH		SOLE		242,690	0	0
Medallion Financial Corp	COM	583928106	2,949	318,464	SH		DFND		0	318,464	0
Medley Capital Corp.	COM	58503F106	7,227	789,815	SH		DFND		0	789,815	0
Microsoft Corp.	COM	594918104	44,348	1,090,843	SH		SOLE		1,090,843	0	0
Mohawk Industries Inc.	COM	608190104	1,564	8,419	SH		SOLE		8,419	0	0
Morningstar Inc.	COM	617700109	11,472	153,146	SH		DFND		0	153,146	0
MSC Industrial Direct Co. Inc	COM	553530106	8,251	114,287	SH		SOLE		114,287	0	0
MTS Systems Corp.	COM	553777103	1,849	24,441	SH		DFND		0	24,441	0
Mueller Industries Inc.	COM	624756102	1,988	55,033	SH		DFND		0	55,033	0
Nestle SA	COM	641069406	7,025	93,397	SH		SOLE		93,397	0	0
New Jersey Resources Corp.	COM	646025106	7,769	250,141	SH		SOLE		250,141	0	0
New Mountain Finance Corp.	COM	647551100	11,126	762,028	SH		DFND		0	762,028	0
Nike Inc. - B	COM	654106103	8,615	85,865	SH		SOLE		85,865	0	0
Nordstrom Inc.	COM	655664100	8,166	101,663	SH		SOLE		101,663	0	0
Northern Trust Corporation	COM	665859104	46,550	668,342	SH		SOLE		668,342	0	0
Novartis AG - ADR	COM	66987V109	7,757	78,660	SH		SOLE		78,660	0	0
Occidental Petroleum Corp	COM	674599105	5,822	79,753	SH		SOLE		79,753	0	0
OFS Capital Corp.	COM	67103B100	4,196	342,550	SH		DFND		0	342,550	0
Onebeacon Insurance Group Ltd	COM	G67742109	1,475	96,960	SH		DFND		0	96,960	0
Patterson Companies, Inc.	COM	703395103	3,261	66,840	SH		DFND		0	66,840	0
Paychex, Inc.	COM	704326107	32,870	662,497	SH		SOLE		662,497	0	0
Peabody Energy Corp.	COM	704549104	141	28,572	SH		SOLE		28,572	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,579	112,563	SH		DFND		0	112,563	0
PennantPark Investment Corp.	COM	708062104	8,664	957,366	SH		DFND		0	957,366	0
Pepsico, Inc	COM	713448108	64,361	673,094	SH		SOLE		673,094	0	0
Pfizer Inc.	COM	717081103	40,468	1,163,218	SH		SOLE		1,163,218	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	6,691	181,285	SH		SOLE		181,285	0	0
Pioneer Natural Resources Co.	COM	723787107	213	1,304	SH		SOLE		1,304	0	0
Plum Creek Timber Co. Inc.	COM	729251108	36,652	843,548	SH		SOLE		843,548	0	0
Potash Corp. of Saskatchewan I	COM	73755L107	338	10,492	SH		SOLE		10,492	0	0
Potbelly Corp	COM	73754Y100	1,935	141,277	SH		DFND		0	141,277	0
Praxair Inc.	COM	74005P104	40,103	332,146	SH		SOLE		332,146	0	0
Procter & Gamble Company	COM	742718109	7,039	85,901	SH		SOLE		85,901	0	0
Progressive Corp.	COM	743315103	37,792	1,389,394	SH		SOLE		1,389,394	0	0
Raven Industries Inc	COM	754212108	1,556	76,059	SH		DFND		0	76,059	0
Rayonier Inc.	COM	754907103	37,162	1,378,400	SH		DFND		0	1,378,400	0
RE/Max Holdings	COM	75524W108	8,125	244,661	SH		DFND		0	244,661	0
REIT ETF- DJ Wilshire	COM	78464A607	6,096	64,458	SH		SOLE		64,458	0	0
REIT Index - Vanguard	COM	922908553	6,190	73,421	SH		SOLE		73,421	0	0
Ritchie Brothers Auctioneers I	COM	767744105	1,663	66,692	SH		DFND		0	66,692	0
RLI Corp.	COM	749607107	1,947	37,148	SH		DFND		0	37,148	0
Royal Gold, Inc.	COM	780287108	303	4,799	SH		SOLE		4,799	0	0
Rubicon Minerals Corp.	COM	780911103	106	111,329	SH		SOLE		111,329	0	0
Russell 1000 Growth Index Fund	COM	464287614	529	5,350	SH		SOLE		5,350	0	0
Russell 2000 Growth Index - iS	COM	464287648	6,466	42,664	SH		SOLE		42,664	0	0
Russell 2000 Value Index - iSh	COM	464287630	3,877	37,567	SH		SOLE		37,567	0	0
Russell Midcap Growth Index Fu	COM	464287481	17,590	179,615	SH		SOLE		179,615	0	0
S&P 500 - SPDR	COM	78462F103	1,595	7,727	SH		SOLE		7,727	0	0
S&P 500 Growth Index - iShares	COM	464287309	524	4,598	SH		SOLE		4,598	0	0
S&P 500 Value Index - iShares	COM	464287408	447	4,825	SH		SOLE		4,825	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	17,801	103,791	SH		SOLE		103,791	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	14,876	113,599	SH		SOLE		113,599	0	0
S&P SmallCap 600 Growth Index	COM	464287887	5,842	44,885	SH		SOLE		44,885	0	0
S&P SmallCap 600 Value Index F	COM	464287879	3,683	30,971	SH		SOLE		30,971	0	0
Safeguard Scientifics New	COM	786449207	1,334	73,767	SH		DFND		0	73,767	0
Saratoga Investment Corporatio	COM	80349A208	237	14,936	SH		DFND		0	14,936	0
SEI Investments Company	COM	784117103	7,456	169,103	SH		SOLE		169,103	0	0
Sigma-Aldrich Corp	COM	826552101	6,787	49,091	SH		SOLE		49,091	0	0
Silver Wheaton Corp.	COM	828336107	344	18,104	SH		SOLE		18,104	0	0
Small Cap Growth - Vanguard ET	COM	922908595	5,743	43,578	SH		SOLE		43,578	0	0
Snyders-Lance Inc	COM	833551104	1,967	61,533	SH		DFND		0	61,533	0
Soc Quimica Y Minera Chile (Ad	COM	833635105	238	13,039	SH		SOLE		13,039	0	0
Solar Capital, LTD.	COM	83413U100	9,679	478,197	SH		DFND		0	478,197	0
Solar Senior Capital Ltd.	COM	83416M105	1,866	115,853	SH		DFND		0	115,853	0
Southern Company	COM	842587107	38,457	868,502	SH		SOLE		868,502	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	7,179	207,832	SH		SOLE		207,832	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	3,226	133,177	SH		SOLE		133,177	0	0
SPDR Nuveen Barclays Capital S	COM	78464A425	285	11,739	SH		SOLE		11,739	0	0
Stellus Capital Investment	COM	858568108	3,609	298,974	SH		DFND		0	298,974	0
Stonecastle Financial Corporat	COM	861780104	3,008	167,464	SH		DFND		0	167,464	0
Stryker Corp.	COM	863667101	16,782	181,917	SH		SOLE		181,917	0	0
T. Rowe Price Group, Inc.	COM	74144T108	6,831	84,349	SH		SOLE		84,349	0	0
TCP Capital Corp	COM	87238Q103	10,224	638,180	SH		DFND		0	638,180	0
Techne Corp.	COM	09073M104	1,794	17,888	SH		DFND		0	17,888	0
Teucrium Wheat Fund	COM	88166A508	110	10,109	SH		SOLE		10,109	0	0
The Clorox Company	COM	189054109	7,912	71,675	SH		SOLE		71,675	0	0
The Mosaic Company	COM	61945C103	307	6,661	SH		SOLE		6,661	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	19,899	148,128	SH		SOLE		148,128	0	0
Thermon Group Holdings Inc	COM	88362T103	1,767	73,415	SH		DFND		0	73,415	0
THL Credit	COM	872438106	9,914	806,645	SH		DFND		0	806,645	0
TICC Capital Corp.	COM	87244T109	726	104,903	SH		SOLE		104,903	0	0
TJX Companies	COM	872540109	27,309	389,846	SH		SOLE		389,846	0	0
Torex Gold Res Inc	COM	891054108	71	87,480	SH		SOLE		87,480	0	0
TPG Specialty Lending Inc Com	COM	87265K102	3,976	231,054	SH		DFND		0	231,054	0
Triangle Capital Corp	COM	895848109	8,326	365,031	SH		DFND		0	365,031	0
Triplepoint Venture Growth BDC	COM	89677Y100	5,134	363,824	SH		DFND		0	363,824	0
Tronox Ltd	COM	Q9235V101	308	15,137	SH		SOLE		15,137	0	0
United Technologies Corp.	COM	913017109	24,647	210,299	SH		SOLE		210,299	0	0
Vanguard Interm. Term Corporat	COM	92206C870	8,888	101,346	SH		SOLE		101,346	0	0
Vanguard Long Term Corporate B	COM	92206C813	11,303	120,118	SH		SOLE		120,118	0	0
Varian Medical Systems Inc.	COM	92220P105	1,680	17,852	SH		SOLE		17,852	0	0
VCA Antech Inc.	COM	918194101	2,697	49,202	SH		DFND		0	49,202	0
W.R. Berkley Corp	COM	084423102	19,846	392,917	SH		SOLE		392,917	0	0
W.W. Grainger, Inc.	COM	384802104	6,568	27,852	SH		SOLE		27,852	0	0
Waters Corp.	COM	941848103	16,692	134,266	SH		SOLE		134,266	0	0
Wells Fargo & Company	COM	949746101	17,759	326,448	SH		SOLE		326,448	0	0
West Pharmaceutical Services,	COM	955306105	1,512	25,116	SH		DFND		0	25,116	0
Weyerhaeuser Co.	COM	962166104	303	9,140	SH		SOLE		9,140	0	0