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	235	3,889	SH		SOLE		3,889	0	0
3M Company	COM	88579Y101	48,614	342,906	SH		SOLE		342,906	0	0
ACE Limited	COM	h0023r105	7,265	70,257	SH		SOLE		70,257	0	0
Agrium Inc.	COM	008916108	235	2,621	SH		SOLE		2,621	0	0
Air Products & Chemicals Inc.	COM	009158106	7,157	56,102	SH		SOLE		56,102	0	0
Alcentra Capital Corporation	COM	01374T102	1,645	141,920	SH		DFND		0	141,920	0
Alphabet Inc. Class- C	COM	02079K107	17,697	29,086	SH		SOLE		29,086	0	0
Alphabet Inc. Class - A	COM	02079K305	7,203	11,284	SH		SOLE		11,284	0	0
American Capital Ltd.	COM	02503Y103	3,362	276,483	SH		DFND		0	276,483	0
American Capital Senior Floati	COM	02504D108	563	50,733	SH		SOLE		50,733	0	0
American Express Company	COM	025816109	27,351	368,953	SH		SOLE		368,953	0	0
American International Group,	COM	026874784	34,356	604,650	SH		SOLE		604,650	0	0
Analog Devices, Inc.	COM	032654105	7,505	133,041	SH		SOLE		133,041	0	0
Anheuser-Busch InBev SA/NV	COM	03524A108	286	2,690	SH		SOLE		2,690	0	0
Annaly Capital Management Inc.	COM	035710409	3,632	368,007	SH		DFND		0	368,007	0
Apollo Investment Corp.	COM	03761U106	4,298	784,396	SH		DFND		0	784,396	0
Ares Capital Corp.	COM	04010L103	46,608	3,218,809	SH		DFND		0	3,218,809	0
Bank of Marin (CA)	COM	063425102	1,925	40,116	SH		DFND		0	40,116	0
Barclays 20+ Year Treasury Bon	COM	464287432	12,232	99,016	SH		SOLE		99,016	0	0
Barclays Capital High Yield Bo	COM	78464A417	3,275	91,839	SH		SOLE		91,839	0	0
Becton, Dickinson and Company	COM	075887109	7,754	58,451	SH		SOLE		58,451	0	0
Bed Bath & Beyond Inc	COM	075896100	25,710	450,901	SH		SOLE		450,901	0	0
Berkshire Hathaway Inc. - B	COM	084670702	20,737	159,024	SH		SOLE		159,024	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	976	5	SH		SOLE		5	0	0
BlackRock Kelso Capital Corp.	COM	092533108	2,551	287,936	SH		DFND		0	287,936	0
Broadridge Financial Solutions	COM	11133T103	47,488	857,958	SH		SOLE		857,958	0	0
Brown & Brown Inc.	COM	115236101	23,315	752,829	SH		DFND		0	752,829	0
C.H. Robinson Worldwide Inc.	COM	12541W209	42,203	622,650	SH		SOLE		622,650	0	0
Capstead Mortgage Corp.	COM	14067E506	1,076	108,755	SH		DFND		0	108,755	0
CF Industries Holdings Inc.	COM	125269100	226	5,026	SH		SOLE		5,026	0	0
Chemours	COM	163851108	710	109,670	SH		SOLE		109,670	0	0
Chevron Corp.	COM	166764100	47,917	607,469	SH		SOLE		607,469	0	0
Chubb Corp.	COM	171232101	4,949	40,351	SH		SOLE		40,351	0	0
Cimarex Energy Co.	COM	171798101	277	2,701	SH		SOLE		2,701	0	0
CM Finance Inc	COM	12574Q103	1,795	175,268	SH		DFND		0	175,268	0
Colgate-Palmolive Co.	COM	194162103	46,906	739,150	SH		SOLE		739,150	0	0
Commerce Bancshares, Inc.	COM	200525103	7,788	170,929	SH		SOLE		170,929	0	0
Compagnie Financiere Richemont	COM	204319107	19,638	2,534,973	SH		SOLE		2,534,973	0	0
Compass Diversified Holdings	COM	20451Q104	2,389	148,200	SH		DFND		0	148,200	0
Compass Minerals International	COM	20451N101	279	3,557	SH		SOLE		3,557	0	0
Consumer Discret Select Sector	COM	81369Y407	7,208	97,061	SH		SOLE		97,061	0	0
Consumer Staples Select Sector	COM	81369Y308	4,095	86,779	SH		SOLE		86,779	0	0
Cullen Frost Bankers, Inc.	COM	229899109	6,236	98,084	SH		SOLE		98,084	0	0
Culp Inc.	COM	230215105	1,364	42,530	SH		DFND		0	42,530	0
CYS Investments Inc	COM	12673A108	5,062	697,215	SH		DFND		0	697,215	0
Detour Gold Corp	COM	250669108	146	13,612	SH		SOLE		13,612	0	0
Diageo (Adr 1:4)	COM	25243Q205	59,549	552,454	SH		SOLE		552,454	0	0
Digital Realty Trust Inc.	COM	253868103	43,094	659,741	SH		SOLE		659,741	0	0
Discovery Communications, Inc.	COM	25470F302	31,731	1,306,356	SH		SOLE		1,306,356	0	0
Dominion Diamond Corp	COM	257287102	175	16,370	SH		SOLE		16,370	0	0
Donaldson Inc	COM	257651109	5,722	203,776	SH		SOLE		203,776	0	0
Dow Jones US Financial Sector	COM	464287788	6,821	81,094	SH		SOLE		81,094	0	0
Dow Jones US Technology - iSha	COM	464287721	10,246	103,603	SH		SOLE		103,603	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	30,576	634,349	SH		SOLE		634,349	0	0
Eldorado Gold Corp.	COM	284902103	90	28,059	SH		SOLE		28,059	0	0
Eli Lilly & Co.	COM	532457108	201	2,400	SH		SOLE		2,400	0	0
Energy Select Sector - SPDR	COM	81369Y506	1,747	28,552	SH		SOLE		28,552	0	0
EOG Resources	COM	26875P101	290	3,982	SH		SOLE		3,982	0	0
Expeditors International of Wa	COM	302130109	28,266	600,769	SH		SOLE		600,769	0	0
Exponent Inc.	COM	30214U102	1,971	44,234	SH		DFND		0	44,234	0
Express Scripts Inc.	COM	30219G108	34,547	426,711	SH		SOLE		426,711	0	0
Exxon Mobil Corp.	COM	30231G102	7,064	95,015	SH		SOLE		95,015	0	0
Fastenol Co.	COM	311900104	34,963	955,023	SH		SOLE		955,023	0	0
FEI Company	COM	30241L109	1,888	25,851	SH		SOLE		25,851	0	0
Fidelity National Financial In	COM	31620R303	42,827	1,207,424	SH		SOLE		1,207,424	0	0
Fifth Street Finance Corp.	COM	31678A103	898	145,579	SH		SOLE		145,579	0	0
First Trust Mid Cap Growth Alp	COM	33737M102	491	17,459	SH		SOLE		17,459	0	0
First Trust Mid Cap Value Alph	COM	33737M201	207	7,695	SH		SOLE		7,695	0	0
Forward Air Corp.	COM	349853101	1,726	41,600	SH		DFND		0	41,600	0
Franco-Nevada Corp.	COM	351858105	262	5,945	SH		SOLE		5,945	0	0
Franklin Electric Co. Inc.	COM	353514102	1,495	54,916	SH		DFND		0	54,916	0
Franklin Street Properties Cor	COM	35471R106	484	45,000	SH		SOLE		45,000	0	0
FS Investment Corp.	COM	302635107	3,354	359,832	SH		DFND		0	359,832	0
General Dynamics Corp.	COM	369550108	8,047	58,335	SH		SOLE		58,335	0	0
General Electric Company	COM	369604103	39,682	1,573,443	SH		SOLE		1,573,443	0	0
Gladstone Capital Corporation	COM	376535100	1,049	129,045	SH		DFND		0	129,045	0
Gladstone Commercial Corp.	COM	376536108	1,450	102,791	SH		DFND		0	102,791	0
Gladstone Investment Corp.	COM	376546107	1,323	187,996	SH		DFND		0	187,996	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	37,746	981,691	SH		SOLE		981,691	0	0
Glencore Xstrata plc	COM	37827X100	83	30,083	SH		SOLE		30,083	0	0
Gold Trust - iShares	COM	464285105	1,225	113,662	SH		SOLE		113,662	0	0
Golub Capital BDC Inc	COM	38173M102	12,111	757,911	SH		DFND		0	757,911	0
Graco inc.	COM	384109104	49,322	735,822	SH		DFND		0	735,822	0
Guggenheim BulletShares Corpor	COM	18383M548	2,969	130,869	SH		SOLE		130,869	0	0
Guggenheim BulletShares Corpor	COM	18383M530	2,960	139,519	SH		SOLE		139,519	0	0
Guggenheim BulletShares Corpor	COM	18383M522	2,959	139,981	SH		SOLE		139,981	0	0
Guggenheim BulletShares Corpor	COM	18383M514	2,951	138,658	SH		SOLE		138,658	0	0
Guggenheim BulletShares Corpor	COM	18383M233	2,875	143,125	SH		SOLE		143,125	0	0
Guggenheim BulletShares Invest	COM	18383M266	2,918	139,932	SH		SOLE		139,932	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,896	140,528	SH		SOLE		140,528	0	0
Gulf Coast Ultra Deep Royalty	COM	40222T104	115	396,124	SH		SOLE		396,124	0	0
Haemonetics Corporation	COM	405024100	1,715	53,063	SH		DFND		0	53,063	0
Halliburton Co.	COM	406216101	14,938	422,570	SH		SOLE		422,570	0	0
Halyard Health Inc	COM	40650V100	1,426	50,151	SH		DFND		0	50,151	0
Harvest Capital Credit Corp	COM	41753F109	606	50,922	SH		DFND		0	50,922	0
Hatteras Financial Corp.	COM	41902R103	2,946	194,447	SH		DFND		0	194,447	0
Health Care Select Sector - SP	COM	81369Y209	6,023	90,947	SH		SOLE		90,947	0	0
Hercules Technology Growth Cap	COM	427096508	6,534	646,260	SH		DFND		0	646,260	0
High Yield Corporate Bond Fund	COM	464288513	3,266	39,215	SH		SOLE		39,215	0	0
Hilton Worldwide Holdings Inc	COM	43300A104	1,810	78,920	SH		SOLE		78,920	0	0
Home Depot Inc.	COM	437076102	10,725	92,868	SH		SOLE		92,868	0	0
Horizon Technology	COM	44045A102	2,345	259,069	SH		DFND		0	259,069	0
Illinois Tool Works Inc.	COM	452308109	22,746	276,348	SH		SOLE		276,348	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,120	82,576	SH		SOLE		82,576	0	0
Iron Mountain	COM	46284V101	41,116	1,325,481	SH		SOLE		1,325,481	0	0
iShares 10+ Year Credit Bond E	COM	464289511	8,358	146,556	SH		SOLE		146,556	0	0
iShares 2017 AMT-Free Muni	COM	464289271	2,423	88,135	SH		SOLE		88,135	0	0
iShares 2018 AMT-Free Muni	COM	46429B580	2,435	95,123	SH		SOLE		95,123	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	6,638	61,534	SH		SOLE		61,534	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	245	2,330	SH		SOLE		2,330	0	0
iShares Core US Values - ETF	COM	464287663	5,990	49,255	SH		SOLE		49,255	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	6,760	64,490	SH		SOLE		64,490	0	0
iShares Corporate ex Financial	COM	46432FAG2	7,759	78,443	SH		SOLE		78,443	0	0
iShares Corporate ex Financial	COM	46432FAK3	4,855	49,206	SH		SOLE		49,206	0	0
iShares Corporate ex Financial	COM	46432FAN7	9,485	98,586	SH		SOLE		98,586	0	0
iShares GNMA Bond ETF	COM	46429B333	2,896	57,567	SH		SOLE		57,567	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	1,119	43,786	SH		SOLE		43,786	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	1,612	63,051	SH		SOLE		63,051	0	0
iShares iBoxx Corporate Bond E	COM	464287242	16,688	143,754	SH		SOLE		143,754	0	0
iShares Interm. Term Corporate	COM	464288638	3,939	36,274	SH		SOLE		36,274	0	0
iShares MBS Bond ETF	COM	464288588	2,964	27,037	SH		SOLE		27,037	0	0
iShares National AMT-Free Muni	COM	464288414	1,608	14,677	SH		SOLE		14,677	0	0
iShares Residential Real Estat	COM	464288562	6,157	103,846	SH		SOLE		103,846	0	0
John Bean Technologies Corp.	COM	477839104	2,327	60,847	SH		DFND		0	60,847	0
Johnson & Johnson	COM	478160104	65,060	696,951	SH		SOLE		696,951	0	0
KCAP Financial Inc	COM	48668E101	2,485	551,090	SH		DFND		0	551,090	0
Kinder Morgan Inc.	COM	49456B101	32,942	1,190,094	SH		SOLE		1,190,094	0	0
Kohl's Corp.	COM	500255104	31,354	677,049	SH		SOLE		677,049	0	0
Kraft Heinz Co.	COM	500754106	45,400	643,242	SH		SOLE		643,242	0	0
Landstar System Inc.	COM	515098101	3,797	59,819	SH		DFND		0	59,819	0
Linear Technology Corp	COM	535678106	44,932	1,113,564	SH		SOLE		1,113,564	0	0
Lockheed Martin Corp	COM	539830109	8,390	40,471	SH		SOLE		40,471	0	0
Lowe's Companies Inc.	COM	548661107	25,421	368,852	SH		SOLE		368,852	0	0
M&T Bank Corp.	COM	55261F104	7,231	59,295	SH		SOLE		59,295	0	0
Main Street Capital Corp.	COM	56035L104	3,358	125,950	SH		DFND		0	125,950	0
Manatuck Hill Mariner Offshore	COM	562996983	361	2,814	SH		SOLE		2,814	0	0
Markel Corp.	COM	570535104	39,115	48,780	SH		SOLE		48,780	0	0
Market Vectors Long Municipal	COM	57060U886	7,186	367,935	SH		SOLE		367,935	0	0
Martin Marietta Materials Inc.	COM	573284106	49,145	323,429	SH		SOLE		323,429	0	0
Mastercard Inc. - A	COM	57636Q104	30,597	339,513	SH		SOLE		339,513	0	0
Materials Select Sector - SPDR	COM	81369Y100	518	12,977	SH		SOLE		12,977	0	0
Mattel Inc	COM	577081102	26,374	1,252,311	SH		SOLE		1,252,311	0	0
McDonald's Corp.	COM	580135101	7,309	74,184	SH		SOLE		74,184	0	0
MDU Resources Group Inc.	COM	552690109	6,814	396,161	SH		SOLE		396,161	0	0
Medallion Financial Corp	COM	583928106	1,466	193,353	SH		DFND		0	193,353	0
Medley Capital Corp.	COM	58503F106	5,203	699,266	SH		DFND		0	699,266	0
Medtronic	COM	G5960L103	6,491	96,966	SH		SOLE		96,966	0	0
Microsoft Corp.	COM	594918104	52,881	1,194,778	SH		SOLE		1,194,778	0	0
Morningstar Inc.	COM	617700109	18,533	230,912	SH		DFND		0	230,912	0
MSC Industrial Direct Co. Inc	COM	553530106	12,710	208,253	SH		SOLE		208,253	0	0
MTS Systems Corp.	COM	553777103	1,748	29,077	SH		DFND		0	29,077	0
Mueller Industries Inc.	COM	624756102	1,769	59,809	SH		DFND		0	59,809	0
National Interstate Corporatio	COM	63654U100	917	34,389	SH		DFND		0	34,389	0
Nestle SA	COM	641069406	7,336	97,507	SH		SOLE		97,507	0	0
New Jersey Resources Corp.	COM	646025106	7,802	259,811	SH		SOLE		259,811	0	0
New Mountain Finance Corp.	COM	647551100	10,909	802,736	SH		DFND		0	802,736	0
Nike Inc. - B	COM	654106103	7,149	58,137	SH		SOLE		58,137	0	0
Nordstrom Inc.	COM	655664100	7,503	104,624	SH		SOLE		104,624	0	0
Northern Trust Corporation	COM	665859104	49,513	726,428	SH		SOLE		726,428	0	0
Novartis AG - ADR	COM	66987V109	7,385	80,339	SH		SOLE		80,339	0	0
Occidental Petroleum Corp	COM	674599105	7,232	109,332	SH		SOLE		109,332	0	0
OFS Capital Corp.	COM	67103B100	3,365	328,574	SH		DFND		0	328,574	0
Onebeacon Insurance Group Ltd	COM	G67742109	7,205	513,195	SH		DFND		0	513,195	0
Patterson Companies, Inc.	COM	703395103	3,814	88,177	SH		DFND		0	88,177	0
Paychex, Inc.	COM	704326107	47,041	987,627	SH		SOLE		987,627	0	0
PennantPark Floating Rate Capi	COM	70806A106	990	82,874	SH		DFND		0	82,874	0
PennantPark Investment Corp.	COM	708062104	7,705	1,190,865	SH		DFND		0	1,190,865	0
Pepsico, Inc	COM	713448108	70,167	744,081	SH		SOLE		744,081	0	0
Pfizer Inc.	COM	717081103	39,839	1,268,361	SH		SOLE		1,268,361	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	7,630	190,410	SH		SOLE		190,410	0	0
Pioneer Natural Resources Co.	COM	723787107	219	1,803	SH		SOLE		1,803	0	0
Plum Creek Timber Co. Inc.	COM	729251108	37,307	944,235	SH		SOLE		944,235	0	0
Potbelly Corp	COM	73754Y100	1,692	153,705	SH		DFND		0	153,705	0
Praxair Inc.	COM	74005P104	39,394	386,749	SH		SOLE		386,749	0	0
Precision Castparts Corp.	COM	740189105	2,149	9,355	SH		SOLE		9,355	0	0
Procter & Gamble Company	COM	742718109	6,604	91,796	SH		SOLE		91,796	0	0
Progressive Corp.	COM	743315103	46,080	1,503,904	SH		SOLE		1,503,904	0	0
Raven Industries Inc	COM	754212108	1,463	86,302	SH		DFND		0	86,302	0
Rayonier Inc.	COM	754907103	34,021	1,541,499	SH		DFND		0	1,541,499	0
RE/Max Holdings	COM	75524W108	12,616	350,645	SH		DFND		0	350,645	0
REIT ETF- DJ Wilshire	COM	78464A607	2,954	34,286	SH		SOLE		34,286	0	0
REIT Index - Vanguard	COM	922908553	5,910	78,243	SH		SOLE		78,243	0	0
Ritchie Brothers Auctioneers I	COM	767744105	899	34,725	SH		DFND		0	34,725	0
RLI Corp.	COM	749607107	1,903	35,541	SH		DFND		0	35,541	0
Royal Gold, Inc.	COM	780287108	213	4,525	SH		SOLE		4,525	0	0
Rubicon Minerals Corp.	COM	780911103	149	204,234	SH		SOLE		204,234	0	0
Russell 1000 Growth Index Fund	COM	464287614	443	4,767	SH		SOLE		4,767	0	0
Russell 2000 Growth Index - iS	COM	464287648	6,494	48,475	SH		SOLE		48,475	0	0
Russell 2000 Value Index - iSh	COM	464287630	4,210	46,726	SH		SOLE		46,726	0	0
Russell Midcap Growth Index Fu	COM	464287481	17,576	198,352	SH		SOLE		198,352	0	0
S&P 500 - SPDR	COM	78462F103	1,665	8,687	SH		SOLE		8,687	0	0
S&P 500 Growth Index - iShares	COM	464287309	443	4,112	SH		SOLE		4,112	0	0
S&P 500 Value Index - iShares	COM	464287408	368	4,384	SH		SOLE		4,384	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	17,770	113,117	SH		SOLE		113,117	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	14,958	129,676	SH		SOLE		129,676	0	0
S&P SmallCap 600 Growth Index	COM	464287887	6,233	51,882	SH		SOLE		51,882	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	301	2,821	SH		SOLE		2,821	0	0
S&P SmallCap 600 Value Index F	COM	464287879	3,861	36,842	SH		SOLE		36,842	0	0
Safeguard Scientifics New	COM	786449207	699	45,000	SH		DFND		0	45,000	0
Sandstorm Gold LTD	COM	80013R206	153	57,201	SH		SOLE		57,201	0	0
Seabridge Gold Inc.	COM	811916105	70	12,051	SH		SOLE		12,051	0	0
SEI Investments Company	COM	784117103	8,258	171,213	SH		SOLE		171,213	0	0
Silver Wheaton Corp.	COM	828336107	244	20,343	SH		SOLE		20,343	0	0
Small Cap Growth - Vanguard ET	COM	922908595	5,943	50,462	SH		SOLE		50,462	0	0
Snyders-Lance Inc	COM	833551104	2,176	64,499	SH		DFND		0	64,499	0
Solar Capital, LTD.	COM	83413U100	7,350	464,579	SH		DFND		0	464,579	0
Solar Senior Capital Ltd.	COM	83416M105	1,474	103,670	SH		DFND		0	103,670	0
Southern Company	COM	842587107	48,076	1,075,534	SH		SOLE		1,075,534	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	7,762	228,618	SH		SOLE		228,618	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	3,657	151,690	SH		SOLE		151,690	0	0
SPDR SSGA Income Allocation	COM	78467V202	227	7,664	SH		SOLE		7,664	0	0
Stellus Capital Investment	COM	858568108	2,735	271,621	SH		DFND		0	271,621	0
Stryker Corp.	COM	863667101	43,309	460,239	SH		SOLE		460,239	0	0
T. Rowe Price Group, Inc.	COM	74144T108	6,937	99,810	SH		SOLE		99,810	0	0
TCP Capital Corp	COM	87238Q103	9,215	679,569	SH		DFND		0	679,569	0
Techne Corp.	COM	09073M104	1,586	17,154	SH		DFND		0	17,154	0
The Clorox Company	COM	189054109	8,374	72,485	SH		SOLE		72,485	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	20,490	167,566	SH		SOLE		167,566	0	0
Thermon Group Holdings Inc	COM	88362T103	1,682	81,869	SH		DFND		0	81,869	0
THL Credit	COM	872438106	9,728	890,809	SH		DFND		0	890,809	0
TICC Capital Corp.	COM	87244T109	1,812	270,029	SH		DFND		0	270,029	0
TJX Companies	COM	872540109	28,707	401,952	SH		SOLE		401,952	0	0
Torex Gold Res Inc	COM	891054108	72	77,235	SH		SOLE		77,235	0	0
TPG Specialty Lending Inc Com	COM	87265K102	4,088	248,804	SH		DFND		0	248,804	0
Triangle Capital Corp	COM	895848109	6,749	409,508	SH		DFND		0	409,508	0
Triplepoint Venture Growth BDC	COM	89677Y100	5,612	553,463	SH		DFND		0	553,463	0
Tronox Ltd	COM	Q9235V101	59	13,405	SH		SOLE		13,405	0	0
Tumi Holdings, Inc.	COM	89969Q104	1,717	97,469	SH		DFND		0	97,469	0
United Technologies Corp.	COM	913017109	21,230	238,563	SH		SOLE		238,563	0	0
Vanguard Interm. Term Corporat	COM	92206C870	9,618	112,581	SH		SOLE		112,581	0	0
Vanguard Long Term Corporate B	COM	92206C813	14,060	163,427	SH		SOLE		163,427	0	0
Varian Medical Systems Inc.	COM	92220P105	1,834	24,852	SH		SOLE		24,852	0	0
VCA Antech Inc.	COM	918194101	2,533	48,106	SH		DFND		0	48,106	0
W.R. Berkley Corp	COM	084423102	23,728	436,410	SH		SOLE		436,410	0	0
W.W. Grainger, Inc.	COM	384802104	6,411	29,818	SH		SOLE		29,818	0	0
Wells Fargo & Company	COM	949746101	19,533	380,380	SH		SOLE		380,380	0	0
West Pharmaceutical Services,	COM	955306105	1,324	24,472	SH		DFND		0	24,472	0
Weyerhaeuser Co.	COM	962166104	296	10,837	SH		SOLE		10,837	0	0