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
iShares iBonds Dec 2022 AMT-F	COM	46435G755	7,137	277,257	SH		SOLE		277,257	0	0
3M Company	COM	88579Y101	92,115	481,445	SH		SOLE		481,445	0	0
Advisory Board Company	COM	00762w107	36,231	774,176	SH		SOLE		774,176	0	0
Advisory Board Company	COM	00762w107	501	10,706	SH		DFND		0	10,706	0
Air Products & Chemicals Inc.	COM	009158106	11,772	87,016	SH		SOLE		87,016	0	0
Alcentra Capital Corporation	COM	01374T102	772	56,175	SH		SOLE		56,175	0	0
Alcentra Capital Corporation	COM	01374T102	2,031	147,787	SH		DFND		0	147,787	0
Allergan Inc.	COM	G0177J108	63,633	266,337	SH		SOLE		266,337	0	0
Alphabet Inc. - Class A	COM	02079K305	2,848	3,359	SH		SOLE		3,359	0	0
Alphabet Inc. - Class C	COM	02079K107	22,988	27,711	SH		SOLE		27,711	0	0
Altria Group Inc.	COM	02209S103	342	4,789	SH		SOLE		4,789	0	0
American Express Company	COM	025816109	41,763	527,909	SH		SOLE		527,909	0	0
American International Group I	COM	026874784	57,622	922,992	SH		SOLE		922,992	0	0
Analog Devices Inc.	COM	032654105	39,558	482,703	SH		SOLE		482,703	0	0
Annaly Capital Management Inc.	COM	035710409	46	4,120	SH		SOLE		4,120	0	0
Annaly Capital Management Inc.	COM	035710409	5,086	457,782	SH		DFND		0	457,782	0
Apollo Investment Corp.	COM	03761U106	3,615	551,102	SH		DFND		0	551,102	0
Ares Capital Corp.	COM	04010L103	66,704	3,837,947	SH		SOLE		3,837,947	0	0
Ares Capital Corp.	COM	04010L103	14,380	827,412	SH		DFND		0	827,412	0
Bank of Marin (CA)	COM	063425102	2,915	45,298	SH		SOLE		45,298	0	0
Bank of Marin (CA)	COM	063425102	363	5,634	SH		DFND		0	5,634	0
Barclays 20 Year Treasury Bon	COM	464287432	9,581	79,375	SH		SOLE		79,375	0	0
Barclays Capital High Yield Bo	COM	78464A417	1,854	50,191	SH		SOLE		50,191	0	0
Becton Dickinson and Company	COM	075887109	14,579	79,474	SH		SOLE		79,474	0	0
Belo Sun Mining Corp Com NPV	COM	080558109	122	188,997	SH		SOLE		188,997	0	0
Berkshire Hathaway Inc. - B	COM	084670702	29,773	178,624	SH		SOLE		178,624	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,249	5	SH		SOLE		5	0	0
Black Knight Financial Service	COM	09214X100	5,924	154,663	SH		SOLE		154,663	0	0
BlackRock Kelso Capital Corp.	COM	092533108	308	40,836	SH		SOLE		40,836	0	0
BlackRock Kelso Capital Corp.	COM	092533108	784	103,900	SH		DFND		0	103,900	0
Broadridge Financial Solutions	COM	11133T103	65,822	968,685	SH		SOLE		968,685	0	0
Brown & Brown Inc.	COM	115236101	19,776	474,018	SH		SOLE		474,018	0	0
Brown & Brown Inc.	COM	115236101	329	7,895	SH		DFND		0	7,895	0
C.H. Robinson Worldwide Inc.	COM	12541W209	32,288	417,757	SH		SOLE		417,757	0	0
Cameco Corp.	COM	13321L108	191	17,254	SH		SOLE		17,254	0	0
Capitala Finance Corp.	COM	14054R106	991	69,020	SH		SOLE		69,020	0	0
Capitala Finance Corp.	COM	14054R106	1,366	95,117	SH		DFND		0	95,117	0
Capstead Mortgage Corp.	COM	14067E506	21	2,009	SH		SOLE		2,009	0	0
Capstead Mortgage Corp.	COM	14067E506	1,144	108,500	SH		DFND		0	108,500	0
Chevron Corp.	COM	166764100	84,666	788,540	SH		SOLE		788,540	0	0
Chubb Limited	COM	H1467J104	91,987	675,131	SH		SOLE		675,131	0	0
Cimarex Energy Co.	COM	171798101	228	1,907	SH		SOLE		1,907	0	0
CM Finance Inc.	COM	12574Q103	1,083	106,747	SH		SOLE		106,747	0	0
CM Finance Inc.	COM	12574Q103	1,323	130,340	SH		DFND		0	130,340	0
Colgate-Palmolive Co.	COM	194162103	93,027	1,271,035	SH		SOLE		1,271,035	0	0
Commerce Bancshares Inc.	COM	200525103	14,946	266,126	SH		SOLE		266,126	0	0
Compagnie Financiere Richemont	COM	204319107	54,357	6,915,674	SH		SOLE		6,915,674	0	0
Compass Diversified Holdings	COM	20451Q104	415	25,000	SH		DFND		0	25,000	0
Consumer Discret Select Sector	COM	81369Y407	4,964	56,436	SH		SOLE		56,436	0	0
Consumer Staples Select Sector	COM	81369Y308	3,758	68,860	SH		SOLE		68,860	0	0
Corporate Executive Board Co.	COM	125134106	3,237	41,187	SH		SOLE		41,187	0	0
Corporate Executive Board Co.	COM	125134106	438	5,571	SH		DFND		0	5,571	0
Cullen Frost Bankers Inc.	COM	229899109	12,096	135,952	SH		SOLE		135,952	0	0
Culp Inc.	COM	230215105	1,601	51,303	SH		SOLE		51,303	0	0
Culp Inc.	COM	230215105	196	6,293	SH		DFND		0	6,293	0
CYS Investments Inc	COM	12673A108	19	2,446	SH		SOLE		2,446	0	0
CYS Investments Inc	COM	12673A108	6,931	871,880	SH		DFND		0	871,880	0
Diageo (Adr 1:4)	COM	25243Q205	102,009	882,583	SH		SOLE		882,583	0	0
Digital Realty Trust Inc.	COM	253868103	42,448	398,982	SH		SOLE		398,982	0	0
Discovery Communications Inc.	COM	25470F302	55,500	1,960,436	SH		SOLE		1,960,436	0	0
Donaldson Inc.	COM	257651109	14,901	327,359	SH		SOLE		327,359	0	0
Donnelley Financial Solutions	COM	25787G100	13,421	695,745	SH		SOLE		695,745	0	0
Donnelley Financial Solutions	COM	25787G100	217	11,243	SH		DFND		0	11,243	0
Dow Chemical	COM	260543103	775	12,193	SH		SOLE		12,193	0	0
Dow Jones U.S. Select Dividend	COM	464288448	418	13,299	SH		SOLE		13,299	0	0
Dow Jones US Financial Sector	COM	464287788	6,901	66,326	SH		SOLE		66,326	0	0
Dow Jones US Technology - iSha	COM	464287721	6,644	49,152	SH		SOLE		49,152	0	0
Dow Jones US Utilities - iShar	COM	464287697	2,299	17,903	SH		SOLE		17,903	0	0
E.I. du Pont de Nemours & Comp	COM	263534109	78,911	982,340	SH		SOLE		982,340	0	0
Eli Lilly & Co.	COM	532457108	206	2,449	SH		SOLE		2,449	0	0
Energy Select Sector - SPDR	COM	81369Y506	3,614	51,708	SH		SOLE		51,708	0	0
EOG Resources	COM	26875P101	350	3,583	SH		SOLE		3,583	0	0
ETFS Physical Platinum	COM	26922v101	343	3,777	SH		SOLE		3,777	0	0
Expeditors International of Wa	COM	302130109	12,017	212,722	SH		SOLE		212,722	0	0
Exponent Inc.	COM	30214U102	2,245	37,694	SH		SOLE		37,694	0	0
Exponent Inc.	COM	30214U102	360	6,042	SH		DFND		0	6,042	0
Express Scripts Inc.	COM	30219G108	22,411	340,021	SH		SOLE		340,021	0	0
Exxon Mobil Corp.	COM	30231G102	11,785	143,699	SH		SOLE		143,699	0	0
Fastenal Co.	COM	311900104	88,925	1,726,699	SH		SOLE		1,726,699	0	0
Fidelity National Financial In	COM	31620R303	85,540	2,196,717	SH		SOLE		2,196,717	0	0
First Majestic Silver Corp.	COM	32076V103	129	15,888	SH		SOLE		15,888	0	0
Fortuna Silver Mines Inc	COM	349915108	127	24,445	SH		SOLE		24,445	0	0
Forward Air Corp.	COM	349853101	2,890	60,757	SH		SOLE		60,757	0	0
Forward Air Corp.	COM	349853101	379	7,972	SH		DFND		0	7,972	0
Franco-Nevada Corp.	COM	351858105	309	4,713	SH		SOLE		4,713	0	0
Franklin Electric Co. Inc.	COM	353514102	2,467	57,297	SH		SOLE		57,297	0	0
Franklin Electric Co. Inc.	COM	353514102	311	7,220	SH		DFND		0	7,220	0
Franklin Street Properties Cor	COM	35471R106	728	60,000	SH		SOLE		60,000	0	0
FS Investment Corp.	COM	302635107	3,999	408,035	SH		SOLE		408,035	0	0
FS Investment Corp.	COM	302635107	3,041	310,300	SH		DFND		0	310,300	0
General Dynamics Corp.	COM	369550108	13,673	73,038	SH		SOLE		73,038	0	0
General Electric Company	COM	369604103	56,970	1,911,730	SH		SOLE		1,911,730	0	0
Gladstone Commercial Corp.	COM	376536108	2,725	131,839	SH		SOLE		131,839	0	0
Gladstone Commercial Corp.	COM	376536108	317	15,350	SH		DFND		0	15,350	0
Gladstone Investment Corp.	COM	376546107	1,293	142,533	SH		DFND		0	142,533	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	75,474	1,790,184	SH		SOLE		1,790,184	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,957	79,431	SH		SOLE		79,431	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,307	53,063	SH		DFND		0	53,063	0
Golub Capital BDC Inc.	COM	38173M102	4,993	251,142	SH		SOLE		251,142	0	0
Golub Capital BDC Inc.	COM	38173M102	9,040	454,730	SH		DFND		0	454,730	0
Graco Inc.	COM	384109104	83,531	887,310	SH		SOLE		887,310	0	0
Graco Inc.	COM	384109104	353	3,750	SH		DFND		0	3,750	0
Guggenheim BulletShares Corpor	COM	18383M530	5,169	243,485	SH		SOLE		243,485	0	0
Guggenheim BulletShares Corpor	COM	18383M522	5,177	243,871	SH		SOLE		243,871	0	0
Guggenheim BulletShares Invest	COM	18383M514	5,192	242,712	SH		SOLE		242,712	0	0
Guggenheim BulletShares Invest	COM	18383M266	5,175	244,678	SH		SOLE		244,678	0	0
Guggenheim BulletShares Invest	COM	18383M258	5,176	245,875	SH		SOLE		245,875	0	0
Guggenheim BulletShares Invest	COM	18383M233	10,627	516,708	SH		SOLE		516,708	0	0
Guggenheim BulletShares Invest	COM	18383M191	2,789	137,256	SH		SOLE		137,256	0	0
Haemonetics Corporation	COM	405024100	2,014	49,638	SH		SOLE		49,638	0	0
Haemonetics Corporation	COM	405024100	216	5,315	SH		DFND		0	5,315	0
Hallador Energy Company	COM	40609P105	259	32,378	SH		SOLE		32,378	0	0
Halyard Health Inc.	COM	40650V100	3,020	79,288	SH		SOLE		79,288	0	0
Halyard Health Inc.	COM	40650V100	380	9,964	SH		DFND		0	9,964	0
Harvest Capital Credit Corp	COM	41753F109	220	16,699	SH		DFND		0	16,699	0
Health Care Select Sector - SP	COM	81369Y209	5,609	75,433	SH		SOLE		75,433	0	0
Hercules Technology Growth Cap	COM	427096508	3,303	218,329	SH		SOLE		218,329	0	0
Hercules Technology Growth Cap	COM	427096508	7,635	504,598	SH		DFND		0	504,598	0
High Yield Corporate Bond Fund	COM	464288513	1,845	21,019	SH		SOLE		21,019	0	0
Hilton Worldwide Holdings Inc.	COM	43300A203	3,375	57,724	SH		SOLE		57,724	0	0
Home Depot Inc.	COM	437076102	17,158	116,854	SH		SOLE		116,854	0	0
Illinois Tool Works Inc.	COM	452308109	34,860	263,152	SH		SOLE		263,152	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,991	76,721	SH		SOLE		76,721	0	0
Iron Mountain	COM	46284V101	77,509	2,172,956	SH		SOLE		2,172,956	0	0
iShares 10 Year Credit Bond E	COM	464289511	2,442	41,218	SH		SOLE		41,218	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	28,986	274,517	SH		SOLE		274,517	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	593	5,634	SH		SOLE		5,634	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	12,093	457,927	SH		SOLE		457,927	0	0
iShares Corporate ex Financial	COM	46432FAG2	13,747	557,024	SH		SOLE		557,024	0	0
iShares Corporate ex Financial	COM	46432FAK3	8,595	348,957	SH		SOLE		348,957	0	0
iShares Corporate ex Financial	COM	46432FAN7	17,287	709,660	SH		SOLE		709,660	0	0
iShares Gold Trust	COM	464285105	1,117	92,973	SH		SOLE		92,973	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	5,921	230,931	SH		SOLE		230,931	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	2,923	114,476	SH		SOLE		114,476	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	4,167	163,037	SH		SOLE		163,037	0	0
iShares iBoxx Corporate Bond E	COM	464287242	2,869	24,335	SH		SOLE		24,335	0	0
iShares Interm. Term Corporate	COM	464288638	6,963	63,902	SH		SOLE		63,902	0	0
iShares MBS Bond ETF	COM	464288588	17,481	164,060	SH		SOLE		164,060	0	0
iShares National AMT-Free Muni	COM	464288414	4,657	42,742	SH		SOLE		42,742	0	0
iShares Residential Real Estat	COM	464288562	2,652	41,996	SH		SOLE		41,996	0	0
John Bean Technologies Corp.	COM	477839104	2,219	25,234	SH		SOLE		25,234	0	0
John Bean Technologies Corp.	COM	477839104	289	3,286	SH		DFND		0	3,286	0
Johnson & Johnson	COM	478160104	120,835	970,170	SH		SOLE		970,170	0	0
JP Morgan Chase & Company	COM	46625H100	337	3,840	SH		SOLE		3,840	0	0
KCAP Financial Inc	COM	48668E101	1,386	340,472	SH		DFND		0	340,472	0
Kinder Morgan Inc.	COM	49456B101	70,812	3,257,214	SH		SOLE		3,257,214	0	0
Kohl's Corp.	COM	500255104	46,259	1,161,984	SH		SOLE		1,161,984	0	0
Kraft Heinz Co.	COM	500754106	81,100	893,078	SH		SOLE		893,078	0	0
Lockheed Martin Corp	COM	539830109	13,611	50,862	SH		SOLE		50,862	0	0
Lowe's Companies Inc.	COM	548661107	47,488	577,638	SH		SOLE		577,638	0	0
M&T Bank Corp.	COM	55261F104	14,234	91,995	SH		SOLE		91,995	0	0
Main Street Capital Corp.	COM	56035L104	2,923	76,381	SH		SOLE		76,381	0	0
Main Street Capital Corp.	COM	56035L104	1,879	49,107	SH		DFND		0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	347	2,650	SH		SOLE		2,650	0	0
Markel Corp.	COM	570535104	59,855	61,336	SH		SOLE		61,336	0	0
Martin Marietta Materials Inc.	COM	573284106	75,035	343,805	SH		SOLE		343,805	0	0
Mastercard Inc. - A	COM	57636Q104	45,494	404,500	SH		SOLE		404,500	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,091	20,811	SH		SOLE		20,811	0	0
McDonald's Corp.	COM	580135101	13,714	105,813	SH		SOLE		105,813	0	0
MDU Resources Group Inc.	COM	552690109	14,075	514,260	SH		SOLE		514,260	0	0
Medallion Financial Corp	COM	583928106	107	53,953	SH		DFND		0	53,953	0
Medley Capital Corp.	COM	58503F106	4	507	SH		SOLE		507	0	0
Medley Capital Corp.	COM	58503F106	4,512	586,714	SH		DFND		0	586,714	0
Medtronic	COM	G5960L103	14,974	185,877	SH		SOLE		185,877	0	0
Microsoft Corp.	COM	594918104	95,030	1,442,904	SH		SOLE		1,442,904	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	3,034	150,941	SH		SOLE		150,941	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	379	18,864	SH		DFND		0	18,864	0
Morningstar Inc.	COM	617700109	12,174	154,886	SH		SOLE		154,886	0	0
Morningstar Inc.	COM	617700109	377	4,792	SH		DFND		0	4,792	0
MSC Industrial Direct Co. Inc.	COM	553530106	20,556	200,039	SH		SOLE		200,039	0	0
MTS Systems Corp.	COM	553777103	17,933	325,757	SH		SOLE		325,757	0	0
MTS Systems Corp.	COM	553777103	392	7,123	SH		DFND		0	7,123	0
Natus Medical Inc.	COM	639050103	3,402	86,678	SH		SOLE		86,678	0	0
Natus Medical Inc.	COM	639050103	395	10,069	SH		DFND		0	10,069	0
Nestle SA	COM	641069406	12,314	160,124	SH		SOLE		160,124	0	0
New Jersey Resources Corp.	COM	646025106	14,501	366,187	SH		SOLE		366,187	0	0
New Mountain Finance Corp.	COM	647551100	5,392	361,902	SH		SOLE		361,902	0	0
New Mountain Finance Corp.	COM	647551100	8,421	565,164	SH		DFND		0	565,164	0
Nike Inc. - B	COM	654106103	11,280	202,413	SH		SOLE		202,413	0	0
Nordstrom Inc.	COM	655664100	10,248	220,050	SH		SOLE		220,050	0	0
Northern Trust Corporation	COM	665859104	89,117	1,029,300	SH		SOLE		1,029,300	0	0
Novartis AG - ADR	COM	66987V109	10,765	144,940	SH		SOLE		144,940	0	0
NXP Semiconductors N.V.	COM	N6596X109	50,920	491,979	SH		SOLE		491,979	0	0
Occidental Petroleum Corp.	COM	674599105	10,738	169,470	SH		SOLE		169,470	0	0
OFS Capital Corp.	COM	67103B100	3,517	247,879	SH		SOLE		247,879	0	0
OFS Capital Corp.	COM	67103B100	2,868	202,084	SH		DFND		0	202,084	0
OneBeacon Insurance Group Ltd.	COM	G67742109	2,429	151,804	SH		SOLE		151,804	0	0
OneBeacon Insurance Group Ltd.	COM	G67742109	352	22,020	SH		DFND		0	22,020	0
Parsley Energy Inc.	COM	701877102	236	7,271	SH		SOLE		7,271	0	0
Patterson Companies Inc.	COM	703395103	9,574	211,678	SH		SOLE		211,678	0	0
Patterson Companies Inc.	COM	703395103	405	8,955	SH		DFND		0	8,955	0
Paychex Inc.	COM	704326107	86,272	1,464,720	SH		SOLE		1,464,720	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,374	98,591	SH		SOLE		98,591	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,152	82,645	SH		DFND		0	82,645	0
PennantPark Investment Corp.	COM	708062104	1,380	169,569	SH		SOLE		169,569	0	0
PennantPark Investment Corp.	COM	708062104	6,146	755,081	SH		DFND		0	755,081	0
Pepsico Inc.	COM	713448108	116,782	1,044,002	SH		SOLE		1,044,002	0	0
Pfizer Inc.	COM	717081103	71,025	2,076,157	SH		SOLE		2,076,157	0	0
Pioneer Natural Resources Co.	COM	723787107	260	1,397	SH		SOLE		1,397	0	0
Polaris Industries	COM	731068102	61,222	730,568	SH		SOLE		730,568	0	0
Potbelly Corp.	COM	73754Y100	3,136	225,584	SH		SOLE		225,584	0	0
Potbelly Corp.	COM	73754Y100	405	29,153	SH		DFND		0	29,153	0
Potlatch Corp.	COM	737630103	211	4,624	SH		SOLE		4,624	0	0
Praxair Inc.	COM	74005P104	79,023	666,303	SH		SOLE		666,303	0	0
Procter & Gamble Company	COM	742718109	13,138	146,220	SH		SOLE		146,220	0	0
Progressive Corp.	COM	743315103	81,443	2,078,688	SH		SOLE		2,078,688	0	0
Qualcomm Inc.	COM	747525103	278	4,841	SH		SOLE		4,841	0	0
Raven Industries Inc.	COM	754212108	3,480	119,806	SH		SOLE		119,806	0	0
Raven Industries Inc.	COM	754212108	389	13,405	SH		DFND		0	13,405	0
Rayonier Inc.	COM	754907103	74,849	2,641,102	SH		SOLE		2,641,102	0	0
Rayonier Inc.	COM	754907103	399	14,088	SH		DFND		0	14,088	0
RBC Bearings Incorporated	COM	75524B104	1,781	18,340	SH		SOLE		18,340	0	0
RBC Bearings Incorporated	COM	75524B104	324	3,336	SH		DFND		0	3,336	0
RE/MAX Holdings Inc.	COM	75524W108	13,232	222,580	SH		SOLE		222,580	0	0
RE/MAX Holdings Inc.	COM	75524W108	349	5,868	SH		DFND		0	5,868	0
REIT ETF- DJ Wilshire	COM	78464A607	612	6,629	SH		SOLE		6,629	0	0
REIT Index - Vanguard	COM	922908553	3,749	45,393	SH		SOLE		45,393	0	0
Royal Gold, Inc.	COM	780287108	304	4,338	SH		SOLE		4,338	0	0
RSP Permian, Inc.	COM	74978Q105	238	5,737	SH		SOLE		5,737	0	0
Russell 1000 Value Index - iSh	COM	464287598	568	4,946	SH		SOLE		4,946	0	0
Russell 2000 Growth Index - iS	COM	464287648	2,588	16,011	SH		SOLE		16,011	0	0
Russell 2000 Value Index - iSh	COM	464287630	4,918	41,618	SH		SOLE		41,618	0	0
Russell Midcap Growth Index Fu	COM	464287481	5,209	50,206	SH		SOLE		50,206	0	0
Russell MidCap Value Index Fun	COM	464287473	9,654	116,326	SH		SOLE		116,326	0	0
S&P 500 - SPDR	COM	78462F103	3,262	13,836	SH		SOLE		13,836	0	0
S&P 500 Growth Index - iShares	COM	464287309	246	1,873	SH		SOLE		1,873	0	0
S&P 500 Index Fund - iShares	COM	464287200	1,280	5,394	SH		SOLE		5,394	0	0
S&P 500 Value Index - iShares	COM	464287408	578	5,557	SH		SOLE		5,557	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	2,988	15,651	SH		SOLE		15,651	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	9,096	61,276	SH		SOLE		61,276	0	0
S&P SmallCap 600 Growth Index	COM	464287887	1,084	7,084	SH		SOLE		7,084	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	246	3,558	SH		SOLE		3,558	0	0
S&P SmallCap 600 Value Index F	COM	464287879	2,563	18,487	SH		SOLE		18,487	0	0
S&P SmallCap Energy - PowerSha	COM	73937B704	642	35,356	SH		SOLE		35,356	0	0
Sabina Gold & Silver Co NPV	COM	785246109	146	125,910	SH		SOLE		125,910	0	0
Sandstorm Gold Ltd.	COM	80013R206	194	45,320	SH		SOLE		45,320	0	0
Schlumberger Ltd.	COM	806857108	24,309	311,250	SH		SOLE		311,250	0	0
SEI Investments Company	COM	784117103	13,003	257,799	SH		SOLE		257,799	0	0
Silver Trust - iShares	COM	46428Q109	240	13,887	SH		SOLE		13,887	0	0
Silver Wheaton Corp.	COM	828336107	295	14,166	SH		SOLE		14,166	0	0
Snyder's-Lance Inc.	COM	833551104	3,049	75,638	SH		SOLE		75,638	0	0
Snyder's-Lance Inc.	COM	833551104	383	9,491	SH		DFND		0	9,491	0
Solar Capital Ltd.	COM	83413U100	4,576	202,397	SH		SOLE		202,397	0	0
Solar Capital Ltd.	COM	83413U100	6,960	307,809	SH		DFND		0	307,809	0
Solar Senior Capital Ltd.	COM	83416M105	1,139	63,357	SH		SOLE		63,357	0	0
Solar Senior Capital Ltd.	COM	83416M105	449	25,000	SH		DFND		0	25,000	0
Southern Company	COM	842587107	83,717	1,681,743	SH		SOLE		1,681,743	0	0
Southwestern Energy Co.	COM	845467109	190	23,249	SH		SOLE		23,249	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	13,811	404,648	SH		SOLE		404,648	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	8,969	187,162	SH		SOLE		187,162	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	220	703	SH		SOLE		703	0	0
Starbucks Corporation	COM	855244109	27,596	472,622	SH		SOLE		472,622	0	0
Stellus Capital Investment	COM	858568108	2,641	181,515	SH		SOLE		181,515	0	0
Stellus Capital Investment	COM	858568108	3,567	245,126	SH		DFND		0	245,126	0
Stryker Corp.	COM	863667101	73,329	556,997	SH		SOLE		556,997	0	0
T. Rowe Price Group Inc.	COM	74144T108	11,103	162,924	SH		SOLE		162,924	0	0
TCP Capital Corp.	COM	87238Q103	4,238	243,300	SH		SOLE		243,300	0	0
TCP Capital Corp.	COM	87238Q103	8,568	491,863	SH		DFND		0	491,863	0
Techne Corp.	COM	09073M104	2,647	26,037	SH		SOLE		26,037	0	0
Techne Corp.	COM	09073M104	308	3,027	SH		DFND		0	3,027	0
The Boston Beer Company Inc.	COM	100557107	2,797	19,335	SH		SOLE		19,335	0	0
The Boston Beer Company Inc.	COM	100557107	401	2,772	SH		DFND		0	2,772	0
The Clorox Company	COM	189054109	14,299	106,053	SH		SOLE		106,053	0	0
The Coca-Cola Company	COM	191216100	232	5,465	SH		SOLE		5,465	0	0
Thermo Fisher Scientific Inc.	COM	883556102	28,225	183,757	SH		SOLE		183,757	0	0
Thermon Group Holdings Inc.	COM	88362T103	2,850	136,750	SH		SOLE		136,750	0	0
Thermon Group Holdings Inc.	COM	88362T103	427	20,471	SH		DFND		0	20,471	0
THL Credit, Inc.	COM	872438106	3,104	311,617	SH		SOLE		311,617	0	0
THL Credit, Inc.	COM	872438106	7,347	737,618	SH		DFND		0	737,618	0
TJX Companies	COM	872540109	39,922	504,835	SH		SOLE		504,835	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,089	200,549	SH		SOLE		200,549	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,216	206,751	SH		DFND		0	206,751	0
Triangle Capital Corp.	COM	895848109	3,576	187,330	SH		SOLE		187,330	0	0
Triangle Capital Corp.	COM	895848109	6,235	326,594	SH		DFND		0	326,594	0
TriplePoint Venture Growth BDC	COM	89677Y100	3,540	253,968	SH		SOLE		253,968	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	6,605	473,845	SH		DFND		0	473,845	0
United Technologies Corp.	COM	913017109	30,103	268,271	SH		SOLE		268,271	0	0
VanEck Vectors Long Municipal	COM	92189F536	8,650	442,208	SH		SOLE		442,208	0	0
Vanguard Long Term Corporate B	COM	92206C813	2,331	25,924	SH		SOLE		25,924	0	0
Vanguard Total Stock Market	COM	922908769	221	1,823	SH		SOLE		1,823	0	0
Varex Imaging Corp	COM	92214x106	652	19,409	SH		SOLE		19,409	0	0
Varian Medical Systems Inc.	COM	92220P105	5,400	59,252	SH		SOLE		59,252	0	0
VCA Antech Inc.	COM	918194101	4,066	44,437	SH		SOLE		44,437	0	0
VCA Antech Inc.	COM	918194101	466	5,095	SH		DFND		0	5,095	0
Visa, Inc. - A	COM	92826C839	612	6,886	SH		SOLE		6,886	0	0
Vulcan Materials Co.	COM	929160109	277	2,301	SH		SOLE		2,301	0	0
W.R. Berkley Corp.	COM	084423102	32,025	453,419	SH		SOLE		453,419	0	0
W.W. Grainger Inc.	COM	384802104	11,461	49,240	SH		SOLE		49,240	0	0
Wells Fargo & Company	COM	949746101	229	4,121	SH		SOLE		4,121	0	0
Weyerhaeuser Co.	COM	962166104	77,490	2,280,455	SH		SOLE		2,280,455	0	0
WisdomTree LargeCap Dividend F	COM	97717W307	857	10,339	SH		SOLE		10,339	0	0