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	224	3,398	SH		SOLE		3,398	0	0
iShares iBonds Dec 2022 AMT-F	COM	46435G755	4,157	157,231	SH		SOLE		157,231	0	0
3M Company	COM	88579Y101	67,526	385,597	SH		SOLE		385,597	0	0
Advisory Board Company	COM	00762w107	21,740	614,292	SH		DFND		0	614,292	0
Air Products & Chemicals Inc.	COM	009158106	9,828	69,189	SH		SOLE		69,189	0	0
Alcentra Capital Corporation	COM	01374T102	2,308	189,994	SH		DFND		0	189,994	0
ALCOA, INC.	COM	013817101	272	29,368	SH		SOLE		29,368	0	0
Alphabet Inc. Class- C	COM	02079K107	22,482	32,483	SH		SOLE		32,483	0	0
Alphabet Inc. Class - A	COM	02079K305	7,174	10,197	SH		SOLE		10,197	0	0
American Capital Ltd.	COM	02503Y103	5,415	342,061	SH		DFND		0	342,061	0
American Express Company	COM	025816109	29,534	486,075	SH		SOLE		486,075	0	0
American International Group,	COM	026874784	43,153	815,898	SH		SOLE		815,898	0	0
Analog Devices, Inc.	COM	032654105	9,361	165,264	SH		SOLE		165,264	0	0
Anheuser-Busch InBev SA/NV	COM	03524A108	354	2,690	SH		SOLE		2,690	0	0
Annaly Capital Management Inc.	COM	035710409	3,518	317,752	SH		DFND		0	317,752	0
Apollo Investment Corp.	COM	03761U106	3,053	551,102	SH		DFND		0	551,102	0
Ares Capital Corp.	COM	04010L103	54,456	3,834,909	SH		DFND		0	3,834,909	0
Bank of Marin (CA)	COM	063425102	2,140	44,250	SH		DFND		0	44,250	0
Barclays 20+ Year Treasury Bon	COM	464287432	31,896	229,634	SH		SOLE		229,634	0	0
Barclays 3-7 Year Treasury Bon	COM	464288661	3,516	27,610	SH		SOLE		27,610	0	0
Becton, Dickinson and Company	COM	075887109	11,501	67,819	SH		SOLE		67,819	0	0
Bed Bath & Beyond Inc	COM	075896100	28,597	661,652	SH		SOLE		661,652	0	0
Berkshire Hathaway Inc. - B	COM	084670702	27,917	192,807	SH		SOLE		192,807	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,085	5	SH		SOLE		5	0	0
Black Knight Financial Service	COM	09214X100	4,219	112,205	SH		SOLE		112,205	0	0
BlackRock Kelso Capital Corp.	COM	092533108	2,266	291,248	SH		DFND		0	291,248	0
Broadridge Financial Solutions	COM	11133T103	53,722	823,955	SH		SOLE		823,955	0	0
Brown & Brown Inc.	COM	115236101	29,127	777,334	SH		DFND		0	777,334	0
C.H. Robinson Worldwide Inc.	COM	12541W209	48,897	658,552	SH		SOLE		658,552	0	0
Capstead Mortgage Corp.	COM	14067E506	1,072	110,509	SH		DFND		0	110,509	0
Chemours	COM	163851108	639	77,523	SH		SOLE		77,523	0	0
Chevron Corp.	COM	166764100	90,812	866,277	SH		SOLE		866,277	0	0
Chubb Limited	COM	H1467J104	71,055	543,606	SH		SOLE		543,606	0	0
CM Finance Inc	COM	12574Q103	1,755	197,616	SH		DFND		0	197,616	0
Colgate-Palmolive Co.	COM	194162103	63,937	873,452	SH		SOLE		873,452	0	0
Commerce Bancshares, Inc.	COM	200525103	10,413	217,387	SH		SOLE		217,387	0	0
Compagnie Financiere Richemont	COM	204319107	34,905	5,992,238	SH		SOLE		5,992,238	0	0
Compass Diversified Holdings	COM	20451Q104	1,463	88,200	SH		DFND		0	88,200	0
Consumer Discret Select Sector	COM	81369Y407	7,880	100,950	SH		SOLE		100,950	0	0
Consumer Staples Select Sector	COM	81369Y308	5,220	94,659	SH		SOLE		94,659	0	0
Cullen Frost Bankers, Inc.	COM	229899109	7,610	119,417	SH		SOLE		119,417	0	0
Culp Inc.	COM	230215105	1,113	40,274	SH		DFND		0	40,274	0
CYS Investments Inc	COM	12673A108	5,853	699,326	SH		DFND		0	699,326	0
Diageo (Adr 1:4)	COM	25243Q205	76,564	678,279	SH		SOLE		678,279	0	0
Digital Realty Trust Inc.	COM	253868103	36,307	333,127	SH		SOLE		333,127	0	0
Discovery Communications, Inc.	COM	25470F302	39,043	1,637,012	SH		SOLE		1,637,012	0	0
Donaldson Inc	COM	257651109	13,606	395,996	SH		SOLE		395,996	0	0
Dow Chemical	COM	260543103	204	4,103	SH		SOLE		4,103	0	0
Dow Jones US Financial Sector	COM	464287788	5,130	59,692	SH		SOLE		59,692	0	0
Dow Jones US Technology - iSha	COM	464287721	11,791	111,994	SH		SOLE		111,994	0	0
Dow Jones US Utilities - iShar	COM	464287697	3,997	30,450	SH		SOLE		30,450	0	0
Du Pont E.I. De Nemours & Com	COM	263534109	48,594	749,905	SH		SOLE		749,905	0	0
Energy Select Sector - SPDR	COM	81369Y506	3,426	50,211	SH		SOLE		50,211	0	0
EOG Resources	COM	26875P101	347	4,162	SH		SOLE		4,162	0	0
Expeditors International of Wa	COM	302130109	19,620	400,084	SH		SOLE		400,084	0	0
Exponent Inc.	COM	30214U102	1,962	33,594	SH		DFND		0	33,594	0
Express Scripts Inc.	COM	30219G108	25,327	334,125	SH		SOLE		334,125	0	0
Exxon Mobil Corp.	COM	30231G102	11,104	118,457	SH		SOLE		118,457	0	0
Fastenal Co.	COM	311900104	51,219	1,153,843	SH		SOLE		1,153,843	0	0
FEI Company	COM	30241L109	3,486	32,619	SH		SOLE		32,619	0	0
Fidelity National Financial In	COM	31620R303	63,309	1,688,245	SH		SOLE		1,688,245	0	0
Fifth Street Finance Corp.	COM	31678A103	228	46,910	SH		SOLE		46,910	0	0
First Majestic Silver Corp.	COM	32076V103	167	12,270	SH		SOLE		12,270	0	0
First Trust Mid Cap Growth Alp	COM	33737M102	370	12,317	SH		SOLE		12,317	0	0
First Trust Mid Cap Value Alph	COM	33737M201	240	8,583	SH		SOLE		8,583	0	0
First Trust S&P REIT	COM	33734G108	242	9,800	SH		SOLE		9,800	0	0
First Trust Small Cap Growth	COM	33737M300	273	8,736	SH		SOLE		8,736	0	0
FMC Corp.	COM	302491303	233	5,040	SH		SOLE		5,040	0	0
Forward Air Corp.	COM	349853101	2,020	45,373	SH		DFND		0	45,373	0
Franco-Nevada Corp.	COM	351858105	414	5,441	SH		SOLE		5,441	0	0
Franklin Electric Co. Inc.	COM	353514102	1,902	57,542	SH		DFND		0	57,542	0
Franklin Street Properties Cor	COM	35471R106	736	60,000	SH		SOLE		60,000	0	0
FS Investment Corp.	COM	302635107	3,750	414,406	SH		DFND		0	414,406	0
General Dynamics Corp.	COM	369550108	10,015	71,928	SH		SOLE		71,928	0	0
General Electric Company	COM	369604103	53,089	1,686,433	SH		SOLE		1,686,433	0	0
Gladstone Capital Corporation	COM	376535100	717	99,045	SH		DFND		0	99,045	0
Gladstone Commercial Corp.	COM	376536108	1,992	117,967	SH		DFND		0	117,967	0
Gladstone Investment Corp.	COM	376546107	1,021	142,533	SH		DFND		0	142,533	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	57,685	1,330,992	SH		SOLE		1,330,992	0	0
Gold Shares - SPDR	COM	78463V107	619	4,893	SH		SOLE		4,893	0	0
Gold Trust - iShares	COM	464285105	1,382	108,312	SH		SOLE		108,312	0	0
Goldman Sachs BDC Inc.	COM	38147U107	4,368	218,493	SH		DFND		0	218,493	0
Golub Capital BDC Inc	COM	38173M102	14,102	780,385	SH		DFND		0	780,385	0
Graco inc.	COM	384109104	58,833	744,811	SH		DFND		0	744,811	0
Guggenheim BulletShares Corpor	COM	18383M530	3,582	167,619	SH		SOLE		167,619	0	0
Guggenheim BulletShares Corpor	COM	18383M522	3,625	169,162	SH		SOLE		169,162	0	0
Guggenheim BulletShares Corpor	COM	18383M514	3,642	167,758	SH		SOLE		167,758	0	0
Guggenheim BulletShares Corpor	COM	18383M233	3,733	175,848	SH		SOLE		175,848	0	0
Guggenheim BulletShares Invest	COM	18383M266	3,666	170,347	SH		SOLE		170,347	0	0
Guggenheim BulletShares Invest	COM	18383M258	3,700	171,770	SH		SOLE		171,770	0	0
Haemonetics Corporation	COM	405024100	1,622	55,960	SH		DFND		0	55,960	0
Hallador Energy Company	COM	40609P105	177	38,412	SH		SOLE		38,412	0	0
Halyard Health Inc	COM	40650V100	1,982	60,951	SH		DFND		0	60,951	0
Harvest Capital Credit Corp	COM	41753F109	213	16,699	SH		DFND		0	16,699	0
Hatteras Financial Corp.	COM	41902R103	1,569	95,677	SH		DFND		0	95,677	0
Health Care Select Sector - SP	COM	81369Y209	4,708	65,654	SH		SOLE		65,654	0	0
Hercules Technology Growth Cap	COM	427096508	8,618	693,914	SH		DFND		0	693,914	0
Hilton Worldwide Holdings Inc	COM	43300A104	2,751	122,099	SH		SOLE		122,099	0	0
Home Depot Inc.	COM	437076102	12,807	100,294	SH		SOLE		100,294	0	0
Horizon Technology	COM	44045A102	2,184	179,012	SH		DFND		0	179,012	0
Illinois Tool Works Inc.	COM	452308109	30,649	294,246	SH		SOLE		294,246	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,945	88,296	SH		SOLE		88,296	0	0
Iron Mountain	COM	46284V101	63,620	1,597,282	SH		SOLE		1,597,282	0	0
iShares 10+ Year Credit Bond E	COM	464289511	9,347	149,192	SH		SOLE		149,192	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	19,965	176,754	SH		SOLE		176,754	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	260	2,452	SH		SOLE		2,452	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	8,548	79,093	SH		SOLE		79,093	0	0
iShares Corporate ex Financial	COM	46432FAG2	9,490	95,808	SH		SOLE		95,808	0	0
iShares Corporate ex Financial	COM	46432FAK3	6,018	59,939	SH		SOLE		59,939	0	0
iShares Corporate ex Financial	COM	46432FAN7	12,201	121,497	SH		SOLE		121,497	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	2,764	105,651	SH		SOLE		105,651	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	1,922	74,706	SH		SOLE		74,706	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	2,767	106,583	SH		SOLE		106,583	0	0
iShares iBoxx Corporate Bond E	COM	464287242	3,074	25,049	SH		SOLE		25,049	0	0
iShares Interm. Term Corporate	COM	464288638	4,946	44,455	SH		SOLE		44,455	0	0
iShares MBS Bond ETF	COM	464288588	7,147	64,993	SH		SOLE		64,993	0	0
iShares National AMT-Free Muni	COM	464288414	2,810	24,663	SH		SOLE		24,663	0	0
iShares Residential Real Estat	COM	464288562	13,214	195,756	SH		SOLE		195,756	0	0
John Bean Technologies Corp.	COM	477839104	2,493	40,726	SH		DFND		0	40,726	0
Johnson & Johnson	COM	478160104	98,038	808,230	SH		SOLE		808,230	0	0
KCAP Financial Inc	COM	48668E101	1,335	340,472	SH		DFND		0	340,472	0
Kinder Morgan Inc.	COM	49456B101	44,041	2,352,603	SH		SOLE		2,352,603	0	0
Kohl's Corp.	COM	500255104	42,623	1,124,019	SH		SOLE		1,124,019	0	0
Kraft Heinz Co.	COM	500754106	63,206	714,349	SH		SOLE		714,349	0	0
Landstar System Inc.	COM	515098101	1,768	25,743	SH		DFND		0	25,743	0
Linear Technology Corp	COM	535678106	63,559	1,365,972	SH		SOLE		1,365,972	0	0
Lockheed Martin Corp	COM	539830109	11,579	46,656	SH		SOLE		46,656	0	0
Lowe's Companies Inc.	COM	548661107	34,240	432,489	SH		SOLE		432,489	0	0
M&T Bank Corp.	COM	55261F104	9,024	76,328	SH		SOLE		76,328	0	0
Main Street Capital Corp.	COM	56035L104	4,239	129,038	SH		DFND		0	129,038	0
Manatuck Hill Mariner Offshore	COM	562996983	379	2,813	SH		SOLE		2,813	0	0
Markel Corp.	COM	570535104	52,322	54,915	SH		SOLE		54,915	0	0
Martin Marietta Materials Inc.	COM	573284106	56,221	292,816	SH		SOLE		292,816	0	0
Mastercard Inc. - A	COM	57636Q104	34,217	388,566	SH		SOLE		388,566	0	0
Mattel Inc	COM	577081102	39,423	1,259,939	SH		SOLE		1,259,939	0	0
McDonald's Corp.	COM	580135101	10,392	86,355	SH		SOLE		86,355	0	0
MDU Resources Group Inc.	COM	552690109	11,290	470,432	SH		SOLE		470,432	0	0
Medallion Financial Corp	COM	583928106	615	83,353	SH		DFND		0	83,353	0
Medley Capital Corp.	COM	58503F106	4,403	657,221	SH		DFND		0	657,221	0
Medtronic	COM	G5960L103	10,574	121,864	SH		SOLE		121,864	0	0
Microsoft Corp.	COM	594918104	67,360	1,316,388	SH		SOLE		1,316,388	0	0
Monotype Imaging Holdings Inc	COM	61022P100	2,124	86,230	SH		DFND		0	86,230	0
Morningstar Inc.	COM	617700109	11,979	146,483	SH		DFND		0	146,483	0
MSC Industrial Direct Co. Inc	COM	553530106	17,651	250,161	SH		SOLE		250,161	0	0
MTS Systems Corp.	COM	553777103	11,517	262,705	SH		DFND		0	262,705	0
Mueller Industries Inc.	COM	624756102	2,123	66,592	SH		DFND		0	66,592	0
National Interstate Corporatio	COM	63654U100	2,165	71,573	SH		DFND		0	71,573	0
Natus Medical Inc	COM	639050103	2,634	69,675	SH		DFND		0	69,675	0
Nestle SA	COM	641069406	9,502	122,905	SH		SOLE		122,905	0	0
New Jersey Resources Corp.	COM	646025106	11,627	301,618	SH		SOLE		301,618	0	0
New Mountain Finance Corp.	COM	647551100	10,633	824,266	SH		DFND		0	824,266	0
Nike Inc. - B	COM	654106103	8,222	148,948	SH		SOLE		148,948	0	0
Nordstrom Inc.	COM	655664100	6,117	160,759	SH		SOLE		160,759	0	0
Northern Trust Corporation	COM	665859104	59,284	894,711	SH		SOLE		894,711	0	0
Novartis AG - ADR	COM	66987V109	8,777	106,371	SH		SOLE		106,371	0	0
NXP Semiconductors	COM	N6596X109	5,914	75,495	SH		SOLE		75,495	0	0
Occidental Petroleum Corp	COM	674599105	10,131	134,076	SH		SOLE		134,076	0	0
OFS Capital Corp.	COM	67103B100	4,757	370,211	SH		DFND		0	370,211	0
Onebeacon Insurance Group Ltd	COM	G67742109	2,010	145,622	SH		DFND		0	145,622	0
Patterson Companies, Inc.	COM	703395103	5,519	115,249	SH		DFND		0	115,249	0
Paychex, Inc.	COM	704326107	66,511	1,117,828	SH		SOLE		1,117,828	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,895	152,838	SH		DFND		0	152,838	0
PennantPark Investment Corp.	COM	708062104	6,247	914,637	SH		DFND		0	914,637	0
Pepsico, Inc	COM	713448108	94,011	887,398	SH		SOLE		887,398	0	0
Pfizer Inc.	COM	717081103	55,373	1,572,656	SH		SOLE		1,572,656	0	0
Piedmont Natural Gas Co. Inc.	COM	720186105	1,890	31,433	SH		SOLE		31,433	0	0
Pioneer Natural Resources Co.	COM	723787107	307	2,028	SH		SOLE		2,028	0	0
Polaris Industries	COM	731068102	9,433	115,377	SH		SOLE		115,377	0	0
Potbelly Corp	COM	73754Y100	2,142	170,826	SH		DFND		0	170,826	0
Potlatch Corp.	COM	737630103	243	7,130	SH		SOLE		7,130	0	0
Praxair Inc.	COM	74005P104	56,456	502,325	SH		SOLE		502,325	0	0
Procter & Gamble Company	COM	742718109	9,810	115,862	SH		SOLE		115,862	0	0
Progressive Corp.	COM	743315103	52,980	1,581,487	SH		SOLE		1,581,487	0	0
Raven Industries Inc	COM	754212108	2,018	106,521	SH		DFND		0	106,521	0
Rayonier Inc.	COM	754907103	53,644	2,044,349	SH		DFND		0	2,044,349	0
RBC Bearings Incorporated	COM	75524B104	1,109	15,301	SH		DFND		0	15,301	0
RE/Max Holdings	COM	75524W108	18,695	464,350	SH		DFND		0	464,350	0
REIT Index - Vanguard	COM	922908553	9,235	104,153	SH		SOLE		104,153	0	0
Royal Gold, Inc.	COM	780287108	371	5,146	SH		SOLE		5,146	0	0
Russell 1000 Growth Index Fund	COM	464287614	263	2,616	SH		SOLE		2,616	0	0
Russell 2000 Growth Index - iS	COM	464287648	9,835	71,693	SH		SOLE		71,693	0	0
Russell 2000 Value Index - iSh	COM	464287630	9,643	99,120	SH		SOLE		99,120	0	0
Russell Midcap Growth Index Fu	COM	464287481	10,528	112,501	SH		SOLE		112,501	0	0
S&P 500 - SPDR	COM	78462F103	2,219	10,593	SH		SOLE		10,593	0	0
S&P 500 Growth Index - iShares	COM	464287309	370	3,175	SH		SOLE		3,175	0	0
S&P 500 Value Index - iShares	COM	464287408	446	4,804	SH		SOLE		4,804	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	21,785	128,820	SH		SOLE		128,820	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	21,593	168,626	SH		SOLE		168,626	0	0
S&P SmallCap 600 Growth Index	COM	464287887	9,435	73,474	SH		SOLE		73,474	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	292	2,509	SH		SOLE		2,509	0	0
S&P SmallCap 600 Value Index F	COM	464287879	8,722	74,656	SH		SOLE		74,656	0	0
Sandstorm Gold LTD	COM	80013R206	240	53,717	SH		SOLE		53,717	0	0
Schlumberger Ltd.	COM	806857108	24,619	311,322	SH		SOLE		311,322	0	0
SEI Investments Company	COM	784117103	9,970	207,235	SH		SOLE		207,235	0	0
Silver Trust - iShares	COM	46428Q109	285	15,979	SH		SOLE		15,979	0	0
Silver Wheaton Corp.	COM	828336107	393	16,716	SH		SOLE		16,716	0	0
Small Cap Growth - Vanguard ET	COM	922908595	7,457	60,187	SH		SOLE		60,187	0	0
Snyders-Lance Inc	COM	833551104	2,356	69,520	SH		DFND		0	69,520	0
Solar Capital, LTD.	COM	83413U100	9,967	523,187	SH		DFND		0	523,187	0
Southern Company	COM	842587107	64,613	1,204,793	SH		SOLE		1,204,793	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	9,707	278,211	SH		SOLE		278,211	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	6,242	123,386	SH		SOLE		123,386	0	0
Stellus Capital Investment	COM	858568108	4,013	391,917	SH		DFND		0	391,917	0
Stryker Corp.	COM	863667101	62,992	525,675	SH		SOLE		525,675	0	0
T. Rowe Price Group, Inc.	COM	74144T108	9,124	125,032	SH		SOLE		125,032	0	0
TCP Capital Corp	COM	87238Q103	10,436	682,954	SH		DFND		0	682,954	0
Techne Corp.	COM	09073M104	2,452	21,740	SH		DFND		0	21,740	0
The Clorox Company	COM	189054109	11,620	83,966	SH		SOLE		83,966	0	0
Thermo Fisher Scientific, Inc.	COM	883556102	28,822	195,062	SH		SOLE		195,062	0	0
Thermon Group Holdings Inc	COM	88362T103	1,883	98,004	SH		DFND		0	98,004	0
THL Credit	COM	872438106	10,393	933,783	SH		DFND		0	933,783	0
TJX Companies	COM	872540109	37,778	489,159	SH		SOLE		489,159	0	0
Torex Gold Res Inc	COM	891054108	86	47,840	SH		SOLE		47,840	0	0
TPG Specialty Lending Inc Com	COM	87265K102	6,149	370,218	SH		DFND		0	370,218	0
Triangle Capital Corp	COM	895848109	8,487	437,921	SH		DFND		0	437,921	0
Triplepoint Venture Growth BDC	COM	89677Y100	7,826	738,959	SH		DFND		0	738,959	0
United States Natural Gas Fund	COM	912318201	121	13,974	SH		SOLE		13,974	0	0
United Technologies Corp.	COM	913017109	29,784	290,429	SH		SOLE		290,429	0	0
VanEck Vectors Long Municipal	COM	92189F536	11,880	563,049	SH		SOLE		563,049	0	0
Vanguard Interm. Term Corporat	COM	92206C870	910	10,180	SH		SOLE		10,180	0	0
Vanguard Long Term Corporate B	COM	92206C813	15,689	165,956	SH		SOLE		165,956	0	0
Vanguard MSCI Emerging Markets	COM	922042858	352	9,985	SH		SOLE		9,985	0	0
Varian Medical Systems Inc.	COM	92220P105	2,890	35,149	SH		SOLE		35,149	0	0
VCA Antech Inc.	COM	918194101	3,198	47,295	SH		DFND		0	47,295	0
Visa, Inc. - A	COM	92826C839	221	2,980	SH		SOLE		2,980	0	0
Vulcan Materials Co.	COM	929160109	329	2,733	SH		SOLE		2,733	0	0
W.R. Berkley Corp	COM	084423102	30,257	504,951	SH		SOLE		504,951	0	0
W.W. Grainger, Inc.	COM	384802104	8,755	38,526	SH		SOLE		38,526	0	0
Wells Fargo & Company	COM	949746101	22,079	466,500	SH		SOLE		466,500	0	0
Weyerhaeuser Co.	COM	962166104	54,066	1,816,119	SH		SOLE		1,816,119	0	0