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
Franklin High Income Fund Clas	MFUND	353538101	58	35,117	SH		SOLE		35,117	0	0
Franklin Income Fund-A	MFUND	353496300	142	67,569	SH		SOLE		67,569	0	0
Templeton Global Balanced Fund	MFUND	88019R583	107	38,315	SH		SOLE		38,315	0	0
Vanguard Equity-Income Admiral	MFUND	921921300	238	3,846	SH		SOLE		3,846	0	0
3M Company	COM	88579Y101	54,471	361,599	SH		SOLE		361,599	0	0
ACE Limited	COM	h0023r105	53,240	455,630	SH		SOLE		455,630	0	0
Agrium Inc.	COM	008916108	234	2,614	SH		SOLE		2,614	0	0
Air Products & Chemicals Inc.	COM	009158106	7,882	60,582	SH		SOLE		60,582	0	0
Alcentra Capital Corporation	COM	01374T102	2,049	176,637	SH		DFND		0	176,637	0
ALCOA, INC.	COM	013817101	298	30,175	SH		SOLE		30,175	0	0
Alphabet Inc. Class- C	COM	02079K107	21,564	28,415	SH		SOLE		28,415	0	0
Alphabet Inc. Class - A	COM	02079K305	8,470	10,887	SH		SOLE		10,887	0	0
American Capital Ltd.	COM	02503Y103	5,245	380,384	SH		DFND		0	380,384	0
American Capital Senior Floati	COM	02504D108	173	17,588	SH		SOLE		17,588	0	0
American Express Company	COM	025816109	27,192	390,974	SH		SOLE		390,974	0	0
American International Group,	COM	026874784	40,570	654,668	SH		SOLE		654,668	0	0
Analog Devices, Inc.	COM	032654105	7,905	142,889	SH		SOLE		142,889	0	0
Anheuser-Busch InBev SA/NV	COM	03524A108	336	2,690	SH		SOLE		2,690	0	0
Annaly Capital Management Inc.	COM	035710409	2,956	315,163	SH		DFND		0	315,163	0
Apollo Investment Corp.	COM	03761U106	3,155	604,473	SH		DFND		0	604,473	0
Ares Capital Corp.	COM	04010L103	46,617	3,271,386	SH		DFND		0	3,271,386	0
Bank of Marin (CA)	COM	063425102	2,103	39,390	SH		DFND		0	39,390	0
Barclays 20+ Year Treasury Bon	COM	464287432	16,292	135,116	SH		SOLE		135,116	0	0
Barclays Capital High Yield Bo	COM	78464A417	538	15,872	SH		SOLE		15,872	0	0
Becton, Dickinson and Company	COM	075887109	9,617	62,412	SH		SOLE		62,412	0	0
Bed Bath & Beyond Inc	COM	075896100	23,928	495,915	SH		SOLE		495,915	0	0
Berkshire Hathaway Inc. - B	COM	084670702	22,067	167,123	SH		SOLE		167,123	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	989	5	SH		SOLE		5	0	0
BlackRock Kelso Capital Corp.	COM	092533108	2,707	287,936	SH		DFND		0	287,936	0
Broadridge Financial Solutions	COM	11133T103	45,667	849,929	SH		SOLE		849,929	0	0
Brown & Brown Inc.	COM	115236101	27,209	847,647	SH		DFND		0	847,647	0
C.H. Robinson Worldwide Inc.	COM	12541W209	38,887	627,014	SH		SOLE		627,014	0	0
Capstead Mortgage Corp.	COM	14067E506	951	108,755	SH		DFND		0	108,755	0
CF Industries Holdings Inc.	COM	125269100	208	5,092	SH		SOLE		5,092	0	0
Chemours	COM	163851108	469	87,428	SH		SOLE		87,428	0	0
Chevron Corp.	COM	166764100	58,668	652,152	SH		SOLE		652,152	0	0
Chubb Corp.	COM	171232101	5,883	44,353	SH		SOLE		44,353	0	0
Cimarex Energy Co.	COM	171798101	239	2,670	SH		SOLE		2,670	0	0
CM Finance Inc	COM	12574Q103	1,763	175,899	SH		DFND		0	175,899	0
Colgate-Palmolive Co.	COM	194162103	52,238	784,126	SH		SOLE		784,126	0	0
Commerce Bancshares, Inc.	COM	200525103	8,185	192,410	SH		SOLE		192,410	0	0
Compagnie Financiere Richemont	COM	204319107	18,012	2,529,765	SH		SOLE		2,529,765	0	0
Compass Diversified Holdings	COM	20451Q104	2,196	138,200	SH		DFND		0	138,200	0
Concho Resources, Inc.	COM	20605P101	232	2,499	SH		SOLE		2,499	0	0
Consumer Discret Select Sector	COM	81369Y407	8,938	114,355	SH		SOLE		114,355	0	0
Consumer Staples Select Sector	COM	81369Y308	4,579	90,683	SH		SOLE		90,683	0	0
Cullen Frost Bankers, Inc.	COM	229899109	6,173	102,882	SH		SOLE		102,882	0	0
Culp Inc.	COM	230215105	1,069	41,953	SH		DFND		0	41,953	0
CYS Investments Inc	COM	12673A108	4,971	697,215	SH		DFND		0	697,215	0
Detour Gold Corp	COM	250669108	140	13,436	SH		SOLE		13,436	0	0
Diageo (Adr 1:4)	COM	25243Q205	63,220	579,631	SH		SOLE		579,631	0	0
Digital Realty Trust Inc.	COM	253868103	50,137	663,018	SH		SOLE		663,018	0	0
Discovery Communications, Inc.	COM	25470F302	35,292	1,399,385	SH		SOLE		1,399,385	0	0
Donaldson Inc	COM	257651109	6,445	224,870	SH		SOLE		224,870	0	0
Dow Jones US Financial Sector	COM	464287788	5,193	58,753	SH		SOLE		58,753	0	0
Dow Jones US Technology - iSha	COM	464287721	12,617	117,886	SH		SOLE		117,886	0	0
Dow Jones US Utilities - iShar	COM	464287697	1,918	17,773	SH		SOLE		17,773	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	42,693	641,037	SH		SOLE		641,037	0	0
Eldorado Gold Corp.	COM	284902103	82	27,565	SH		SOLE		27,565	0	0
Eli Lilly & Co.	COM	532457108	202	2,400	SH		SOLE		2,400	0	0
Energy Select Sector - SPDR	COM	81369Y506	1,664	27,580	SH		SOLE		27,580	0	0
EOG Resources	COM	26875P101	280	3,956	SH		SOLE		3,956	0	0
European ETF - Vanguard	COM	922042874	202	4,050	SH		SOLE		4,050	0	0
Expeditors International of Wa	COM	302130109	28,309	627,686	SH		SOLE		627,686	0	0
Exponent Inc.	COM	30214U102	1,661	33,262	SH		DFND		0	33,262	0
Express Scripts Inc.	COM	30219G108	40,474	463,038	SH		SOLE		463,038	0	0
Exxon Mobil Corp.	COM	30231G102	7,846	100,655	SH		SOLE		100,655	0	0
Factset Research Systems	COM	303075105	305	1,876	SH		SOLE		1,876	0	0
Fastenol Co.	COM	311900104	41,246	1,010,436	SH		SOLE		1,010,436	0	0
FEI Company	COM	30241L109	2,327	29,166	SH		SOLE		29,166	0	0
Fidelity National Financial In	COM	31620R303	47,586	1,372,550	SH		SOLE		1,372,550	0	0
Fifth Street Finance Corp.	COM	31678A103	299	46,910	SH		SOLE		46,910	0	0
First Trust Mid Cap Growth Alp	COM	33737M102	357	12,383	SH		SOLE		12,383	0	0
First Trust Mid Cap Value Alph	COM	33737M201	222	8,387	SH		SOLE		8,387	0	0
First Trust Small Cap Growth	COM	33737M300	267	8,766	SH		SOLE		8,766	0	0
FMC Corp.	COM	302491303	203	5,198	SH		SOLE		5,198	0	0
Forward Air Corp.	COM	349853101	1,814	42,176	SH		DFND		0	42,176	0
Franco-Nevada Corp.	COM	351858105	266	5,824	SH		SOLE		5,824	0	0
Franklin Electric Co. Inc.	COM	353514102	1,518	56,166	SH		DFND		0	56,166	0
Franklin Street Properties Cor	COM	35471R106	621	60,000	SH		SOLE		60,000	0	0
FS Investment Corp.	COM	302635107	3,664	407,566	SH		DFND		0	407,566	0
General Dynamics Corp.	COM	369550108	8,694	63,292	SH		SOLE		63,292	0	0
General Electric Company	COM	369604103	50,322	1,615,485	SH		SOLE		1,615,485	0	0
Gladstone Capital Corporation	COM	376535100	943	129,045	SH		DFND		0	129,045	0
Gladstone Commercial Corp.	COM	376536108	1,574	107,907	SH		DFND		0	107,907	0
Gladstone Investment Corp.	COM	376546107	1,138	148,333	SH		DFND		0	148,333	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	42,632	1,056,555	SH		SOLE		1,056,555	0	0
Glencore Xstrata plc	COM	37827X100	83	31,450	SH		SOLE		31,450	0	0
Gold Trust - iShares	COM	464285105	1,142	111,596	SH		SOLE		111,596	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,563	134,915	SH		DFND		0	134,915	0
Golub Capital BDC Inc	COM	38173M102	12,606	758,033	SH		DFND		0	758,033	0
Graco inc.	COM	384109104	53,208	738,289	SH		DFND		0	738,289	0
Guggenheim BulletShares Corpor	COM	18383M548	3,088	137,143	SH		SOLE		137,143	0	0
Guggenheim BulletShares Corpor	COM	18383M530	3,072	146,156	SH		SOLE		146,156	0	0
Guggenheim BulletShares Corpor	COM	18383M522	3,062	146,757	SH		SOLE		146,757	0	0
Guggenheim BulletShares Corpor	COM	18383M514	3,038	145,426	SH		SOLE		145,426	0	0
Guggenheim BulletShares Corpor	COM	18383M233	2,978	150,616	SH		SOLE		150,616	0	0
Guggenheim BulletShares Invest	COM	18383M266	3,017	147,051	SH		SOLE		147,051	0	0
Guggenheim BulletShares Invest	COM	18383M258	2,998	147,778	SH		SOLE		147,778	0	0
Haemonetics Corporation	COM	405024100	1,745	54,137	SH		DFND		0	54,137	0
Halliburton Co.	COM	406216101	15,146	444,959	SH		SOLE		444,959	0	0
Halyard Health Inc	COM	40650V100	1,802	53,934	SH		DFND		0	53,934	0
Harvest Capital Credit Corp	COM	41753F109	461	39,320	SH		DFND		0	39,320	0
Hatteras Financial Corp.	COM	41902R103	2,557	194,447	SH		DFND		0	194,447	0
Health Care Select Sector - SP	COM	81369Y209	4,594	63,775	SH		SOLE		63,775	0	0
Hercules Technology Growth Cap	COM	427096508	8,396	688,754	SH		DFND		0	688,754	0
High Yield Corporate Bond Fund	COM	464288513	550	6,820	SH		SOLE		6,820	0	0
Hilton Worldwide Holdings Inc	COM	43300A104	1,797	83,991	SH		SOLE		83,991	0	0
Home Depot Inc.	COM	437076102	12,120	91,646	SH		SOLE		91,646	0	0
Horizon Technology	COM	44045A102	2,100	179,012	SH		DFND		0	179,012	0
Illinois Tool Works Inc.	COM	452308109	26,297	283,739	SH		SOLE		283,739	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,624	87,236	SH		SOLE		87,236	0	0
Iron Mountain	COM	46284V101	37,037	1,371,229	SH		SOLE		1,371,229	0	0
iShares 10+ Year Credit Bond E	COM	464289511	9,414	169,105	SH		SOLE		169,105	0	0
iShares 2017 AMT-Free Muni	COM	464289271	2,719	99,413	SH		SOLE		99,413	0	0
iShares 2018 AMT-Free Muni	COM	46429B580	2,736	107,201	SH		SOLE		107,201	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	6,744	63,869	SH		SOLE		63,869	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	244	2,330	SH		SOLE		2,330	0	0
iShares Core US Values - ETF	COM	464287663	12,835	100,755	SH		SOLE		100,755	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	7,011	67,496	SH		SOLE		67,496	0	0
iShares Corporate ex Financial	COM	46432FAG2	8,104	81,870	SH		SOLE		81,870	0	0
iShares Corporate ex Financial	COM	46432FAK3	5,016	51,490	SH		SOLE		51,490	0	0
iShares Corporate ex Financial	COM	46432FAN7	9,782	103,188	SH		SOLE		103,188	0	0
iShares GNMA Bond ETF	COM	46429B333	3,030	60,465	SH		SOLE		60,465	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	1,265	49,370	SH		SOLE		49,370	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	1,816	71,115	SH		SOLE		71,115	0	0
iShares iBoxx Corporate Bond E	COM	464287242	14,280	125,253	SH		SOLE		125,253	0	0
iShares Interm. Term Corporate	COM	464288638	4,078	38,012	SH		SOLE		38,012	0	0
iShares MBS Bond ETF	COM	464288588	3,056	28,372	SH		SOLE		28,372	0	0
iShares MSCI Japan Index	COM	464286848	130	10,746	SH		SOLE		10,746	0	0
iShares National AMT-Free Muni	COM	464288414	1,828	16,513	SH		SOLE		16,513	0	0
iShares Residential Real Estat	COM	464288562	6,603	104,068	SH		SOLE		104,068	0	0
John Bean Technologies Corp.	COM	477839104	2,113	42,403	SH		DFND		0	42,403	0
Johnson & Johnson	COM	478160104	75,766	737,593	SH		SOLE		737,593	0	0
KCAP Financial Inc	COM	48668E101	2,181	535,785	SH		DFND		0	535,785	0
Kinder Morgan Inc.	COM	49456B101	24,080	1,613,930	SH		SOLE		1,613,930	0	0
Kohl's Corp.	COM	500255104	44,021	924,219	SH		SOLE		924,219	0	0
Kraft Foods Group, Inc.	COM	50076Q106	1,060	12,020	SH		SOLE		12,020	0	0
Kraft Heinz Co.	COM	500754106	48,801	670,712	SH		SOLE		670,712	0	0
Landstar System Inc.	COM	515098101	3,502	59,707	SH		DFND		0	59,707	0
Linear Technology Corp	COM	535678106	50,229	1,182,690	SH		SOLE		1,182,690	0	0
Lockheed Martin Corp	COM	539830109	8,950	41,216	SH		SOLE		41,216	0	0
Lowe's Companies Inc.	COM	548661107	28,988	381,218	SH		SOLE		381,218	0	0
M&T Bank Corp.	COM	55261F104	7,505	61,932	SH		SOLE		61,932	0	0
Main Street Capital Corp.	COM	56035L104	3,686	126,740	SH		DFND		0	126,740	0
Manatuck Hill Mariner Offshore	COM	562996983	375	2,813	SH		SOLE		2,813	0	0
Markel Corp.	COM	570535104	45,703	51,738	SH		SOLE		51,738	0	0
Market Vectors Long Municipal	COM	57060U886	8,449	424,161	SH		SOLE		424,161	0	0
Martin Marietta Materials Inc.	COM	573284106	45,837	335,604	SH		SOLE		335,604	0	0
Mastercard Inc. - A	COM	57636Q104	33,337	342,407	SH		SOLE		342,407	0	0
Mattel Inc	COM	577081102	36,814	1,354,950	SH		SOLE		1,354,950	0	0
McDonald's Corp.	COM	580135101	9,276	78,515	SH		SOLE		78,515	0	0
MDU Resources Group Inc.	COM	552690109	7,402	404,036	SH		SOLE		404,036	0	0
Medallion Financial Corp	COM	583928106	904	128,353	SH		DFND		0	128,353	0
Medley Capital Corp.	COM	58503F106	4,188	556,921	SH		DFND		0	556,921	0
Medtronic	COM	G5960L103	8,193	106,508	SH		SOLE		106,508	0	0
Microsoft Corp.	COM	594918104	64,105	1,155,455	SH		SOLE		1,155,455	0	0
Morningstar Inc.	COM	617700109	20,781	258,436	SH		DFND		0	258,436	0
MSC Industrial Direct Co. Inc	COM	553530106	13,820	245,593	SH		SOLE		245,593	0	0
MTS Systems Corp.	COM	553777103	1,904	30,029	SH		DFND		0	30,029	0
Mueller Industries Inc.	COM	624756102	1,635	60,320	SH		DFND		0	60,320	0
National Interstate Corporatio	COM	63654U100	2,005	75,083	SH		DFND		0	75,083	0
Nestle SA	COM	641069406	7,842	105,378	SH		SOLE		105,378	0	0
New Jersey Resources Corp.	COM	646025106	9,166	278,092	SH		SOLE		278,092	0	0
New Mountain Finance Corp.	COM	647551100	10,611	814,981	SH		DFND		0	814,981	0
Nike Inc. - B	COM	654106103	7,567	121,075	SH		SOLE		121,075	0	0
Nordstrom Inc.	COM	655664100	6,317	126,819	SH		SOLE		126,819	0	0
Northern Trust Corporation	COM	665859104	55,230	766,124	SH		SOLE		766,124	0	0
Novartis AG - ADR	COM	66987V109	7,542	87,658	SH		SOLE		87,658	0	0
Occidental Petroleum Corp	COM	674599105	7,443	110,087	SH		SOLE		110,087	0	0
OFS Capital Corp.	COM	67103B100	4,131	359,835	SH		DFND		0	359,835	0
Onebeacon Insurance Group Ltd	COM	G67742109	6,197	499,363	SH		DFND		0	499,363	0
Patterson Companies, Inc.	COM	703395103	4,247	93,946	SH		DFND		0	93,946	0
Paychex, Inc.	COM	704326107	53,482	1,011,197	SH		SOLE		1,011,197	0	0
PennantPark Floating Rate Capi	COM	70806A106	939	83,507	SH		DFND		0	83,507	0
PennantPark Investment Corp.	COM	708062104	6,798	1,099,980	SH		DFND		0	1,099,980	0
Pepsico, Inc	COM	713448108	78,099	781,617	SH		SOLE		781,617	0	0
Pfizer Inc.	COM	717081103	43,320	1,341,997	SH		SOLE		1,341,997	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	10,412	182,604	SH		SOLE		182,604	0	0
Pioneer Natural Resources Co.	COM	723787107	221	1,765	SH		SOLE		1,765	0	0
Plum Creek Timber Co. Inc.	COM	729251108	43,960	921,197	SH		SOLE		921,197	0	0
Polaris Industries	COM	731068102	228	2,658	SH		SOLE		2,658	0	0
Potbelly Corp	COM	73754Y100	1,868	159,547	SH		DFND		0	159,547	0
Praxair Inc.	COM	74005P104	42,079	410,933	SH		SOLE		410,933	0	0
Precision Castparts Corp.	COM	740189105	2,084	8,983	SH		SOLE		8,983	0	0
Procter & Gamble Company	COM	742718109	7,963	100,281	SH		SOLE		100,281	0	0
Progressive Corp.	COM	743315103	48,813	1,535,000	SH		SOLE		1,535,000	0	0
Raven Industries Inc	COM	754212108	1,362	87,281	SH		DFND		0	87,281	0
Rayonier Inc.	COM	754907103	36,058	1,624,243	SH		DFND		0	1,624,243	0
RE/Max Holdings	COM	75524W108	15,711	421,205	SH		DFND		0	421,205	0
REIT Index - Vanguard	COM	922908553	4,832	60,610	SH		SOLE		60,610	0	0
Ritchie Brothers Auctioneers I	COM	767744105	837	34,725	SH		DFND		0	34,725	0
Russell 1000 Growth Index Fund	COM	464287614	346	3,479	SH		SOLE		3,479	0	0
Russell 1000 Value Index - iSh	COM	464287598	1,520	15,532	SH		SOLE		15,532	0	0
Russell 2000 Growth Index - iS	COM	464287648	9,014	64,720	SH		SOLE		64,720	0	0
Russell 2000 Value Index - iSh	COM	464287630	9,098	98,960	SH		SOLE		98,960	0	0
Russell Midcap Growth Index Fu	COM	464287481	9,592	104,352	SH		SOLE		104,352	0	0
S&P 500 - SPDR	COM	78462F103	1,772	8,692	SH		SOLE		8,692	0	0
S&P 500 Growth Index - iShares	COM	464287309	492	4,246	SH		SOLE		4,246	0	0
S&P 500 Index Fund - iShares	COM	464287200	1,654	8,071	SH		SOLE		8,071	0	0
S&P 500 Value Index - iShares	COM	464287408	554	6,258	SH		SOLE		6,258	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	19,033	118,249	SH		SOLE		118,249	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	18,610	158,785	SH		SOLE		158,785	0	0
S&P SmallCap 600 Growth Index	COM	464287887	8,512	68,477	SH		SOLE		68,477	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	273	2,480	SH		SOLE		2,480	0	0
S&P SmallCap 600 Value Index F	COM	464287879	7,359	68,040	SH		SOLE		68,040	0	0
Safeguard Scientifics New	COM	786449207	653	45,000	SH		DFND		0	45,000	0
Sandstorm Gold LTD	COM	80013R206	148	56,210	SH		SOLE		56,210	0	0
Seabridge Gold Inc.	COM	811916105	97	11,712	SH		SOLE		11,712	0	0
SEI Investments Company	COM	784117103	9,442	180,195	SH		SOLE		180,195	0	0
Silver Wheaton Corp.	COM	828336107	248	19,969	SH		SOLE		19,969	0	0
Small Cap Growth - Vanguard ET	COM	922908595	6,600	54,344	SH		SOLE		54,344	0	0
Snyders-Lance Inc	COM	833551104	2,290	66,766	SH		DFND		0	66,766	0
Solar Capital, LTD.	COM	83413U100	8,239	501,435	SH		DFND		0	501,435	0
Solar Senior Capital Ltd.	COM	83416M105	1,387	93,093	SH		DFND		0	93,093	0
Southern Company	COM	842587107	53,334	1,139,849	SH		SOLE		1,139,849	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	7,965	238,259	SH		SOLE		238,259	0	0
SPDR Nuveen Barclays Capital M	COM	78464A458	4,209	172,628	SH		SOLE		172,628	0	0
SPDR SSGA Income Allocation	COM	78467V202	519	17,561	SH		SOLE		17,561	0	0
Stellus Capital Investment	COM	858568108	3,484	361,446	SH		DFND		0	361,446	0
Stryker Corp.	COM	863667101	46,217	497,274	SH		SOLE		497,274	0	0
T. Rowe Price Group, Inc.	COM	74144T108	7,721	108,007	SH		SOLE		108,007	0	0
TCP Capital Corp	COM	87238Q103	9,398	674,629	SH		DFND		0	674,629	0
Techne Corp.	COM	09073M104	1,881	20,899	SH		DFND		0	20,899	0
The Clorox Company	COM	189054109	9,729	76,705	SH		SOLE		76,705	0	0
The J. M. Smucker Company	COM	832696405	334	2,711	SH		SOLE		2,711	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	24,894	175,493	SH		SOLE		175,493	0	0
Thermon Group Holdings Inc	COM	88362T103	1,412	83,430	SH		DFND		0	83,430	0
THL Credit	COM	872438106	9,341	872,960	SH		DFND		0	872,960	0
TICC Capital Corp.	COM	87244T109	1,631	268,320	SH		DFND		0	268,320	0
TJX Companies	COM	872540109	34,008	479,592	SH		SOLE		479,592	0	0
Torex Gold Res Inc	COM	891054108	72	78,984	SH		SOLE		78,984	0	0
TPG Specialty Lending Inc Com	COM	87265K102	5,361	330,503	SH		DFND		0	330,503	0
Triangle Capital Corp	COM	895848109	7,841	410,316	SH		DFND		0	410,316	0
Triplepoint Venture Growth BDC	COM	89677Y100	6,178	516,576	SH		DFND		0	516,576	0
Tumi Holdings, Inc.	COM	89969Q104	1,652	99,325	SH		DFND		0	99,325	0
United Technologies Corp.	COM	913017109	24,183	251,726	SH		SOLE		251,726	0	0
Vanguard Interm. Term Corporat	COM	92206C870	9,720	115,589	SH		SOLE		115,589	0	0
Vanguard Long Term Corporate B	COM	92206C813	15,264	181,325	SH		SOLE		181,325	0	0
Varian Medical Systems Inc.	COM	92220P105	2,208	27,327	SH		SOLE		27,327	0	0
VCA Antech Inc.	COM	918194101	2,673	48,597	SH		DFND		0	48,597	0
VF Corp.	COM	918204108	376	6,034	SH		SOLE		6,034	0	0
Vulcan Materials Co.	COM	929160109	204	2,151	SH		SOLE		2,151	0	0
W.R. Berkley Corp	COM	084423102	24,823	453,396	SH		SOLE		453,396	0	0
W.W. Grainger, Inc.	COM	384802104	6,555	32,357	SH		SOLE		32,357	0	0
Wells Fargo & Company	COM	949746101	21,386	393,418	SH		SOLE		393,418	0	0
West Pharmaceutical Services,	COM	955306105	1,460	24,252	SH		DFND		0	24,252	0
Weyerhaeuser Co.	COM	962166104	317	10,571	SH		SOLE		10,571	0	0