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	7,408	284,819	SH		SOLE		284,819	0	0
3M Company	COM	88579Y101	102,835	493,947	SH		SOLE		493,947	0	0
Abbott Laboratories	COM	002824100	225	4,631	SH		SOLE		4,631	0	0
Accenture PLC	COM	G1151C101	202	1,634	SH		SOLE		1,634	0	0
Advisory Board Company	COM	00762w107	44,184	857,951	SH		SOLE		857,951	0	0
Advisory Board Company	COM	00762w107	551	10,706	SH		DFND		0	10,706	0
Air Products & Chemicals Inc.	COM	009158106	13,059	91,284	SH		SOLE		91,284	0	0
Alcentra Capital Corporation	COM	01374T102	703	51,741	SH		SOLE		51,741	0	0
Alcentra Capital Corporation	COM	01374T102	2,144	157,787	SH		DFND		0	157,787	0
Alcoa Corporation	COM	013872106	261	7,988	SH		SOLE		7,988	0	0
Allergan Inc.	COM	G0177J108	71,807	295,395	SH		SOLE		295,395	0	0
Alphabet Inc. - Class A	COM	02079K305	3,145	3,383	SH		SOLE		3,383	0	0
Alphabet Inc. - Class C	COM	02079K107	26,255	28,892	SH		SOLE		28,892	0	0
Altria Group Inc.	COM	02209S103	500	6,715	SH		SOLE		6,715	0	0
American Express Company	COM	025816109	45,522	540,389	SH		SOLE		540,389	0	0
American International Group I	COM	026874784	64,890	1,037,901	SH		SOLE		1,037,901	0	0
Analog Devices Inc.	COM	032654105	37,424	481,025	SH		SOLE		481,025	0	0
Annaly Capital Management Inc.	COM	035710409	50	4,120	SH		SOLE		4,120	0	0
Annaly Capital Management Inc.	COM	035710409	5,516	457,782	SH		DFND		0	457,782	0
Apollo Investment Corp.	COM	03761U106	3,522	551,102	SH		DFND		0	551,102	0
Ares Capital Corp.	COM	04010L103	66,628	4,067,617	SH		SOLE		4,067,617	0	0
Ares Capital Corp.	COM	04010L103	13,553	827,412	SH		DFND		0	827,412	0
Axalta Coating Systems LTD	COM	G0750C108	24,451	763,128	SH		SOLE		763,128	0	0
Bank of America Corp.	COM	060505104	268	11,037	SH		SOLE		11,037	0	0
Bank of Marin (CA)	COM	063425102	2,848	46,274	SH		SOLE		46,274	0	0
Bank of Marin (CA)	COM	063425102	476	7,734	SH		DFND		0	7,734	0
Barclays 20 Plus Year Treasury Bon	COM	464287432	10,644	85,071	SH		SOLE		85,071	0	0
Barclays Capital High Yield Bo	COM	78464A417	2,636	70,855	SH		SOLE		70,855	0	0
Becton Dickinson and Company	COM	075887109	15,932	81,655	SH		SOLE		81,655	0	0
Belo Sun Mining Corp Com NPV	COM	080558109	115	249,051	SH		SOLE		249,051	0	0
Berkshire Hathaway Inc. - B	COM	084670702	31,978	188,804	SH		SOLE		188,804	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,273	5	SH		SOLE		5	0	0
Black Knight Financial Service	COM	09214X100	6,764	165,185	SH		SOLE		165,185	0	0
BlackRock Kelso Capital Corp.	COM	092533108	79	10,514	SH		SOLE		10,514	0	0
BlackRock Kelso Capital Corp.	COM	092533108	237	31,681	SH		DFND		0	31,681	0
Broadridge Financial Solutions	COM	11133T103	75,115	994,106	SH		SOLE		994,106	0	0
Brown & Brown Inc.	COM	115236101	20,691	480,400	SH		SOLE		480,400	0	0
Brown & Brown Inc.	COM	115236101	340	7,895	SH		DFND		0	7,895	0
C.H. Robinson Worldwide Inc.	COM	12541W209	30,366	442,142	SH		SOLE		442,142	0	0
Cameco Corp.	COM	13321L108	149	16,413	SH		SOLE		16,413	0	0
Capitala Finance Corp.	COM	14054R106	896	68,863	SH		SOLE		68,863	0	0
Capitala Finance Corp.	COM	14054R106	1,237	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	1,132	108,500	SH		DFND		0	108,500	0
Chevron Corp.	COM	166764100	88,025	843,717	SH		SOLE		843,717	0	0
Chubb Limited	COM	H1467J104	103,162	709,603	SH		SOLE		709,603	0	0
CM Finance Inc.	COM	12574Q103	999	99,919	SH		SOLE		99,919	0	0
CM Finance Inc.	COM	12574Q103	1,303	130,340	SH		DFND		0	130,340	0
Colgate-Palmolive Co.	COM	194162103	97,002	1,308,539	SH		SOLE		1,308,539	0	0
Commerce Bancshares Inc.	COM	200525103	15,575	274,060	SH		SOLE		274,060	0	0
Compagnie Financiere Richemont	COM	204319107	63,275	7,683,631	SH		SOLE		7,683,631	0	0
Consumer Discret Select Sector	COM	81369Y407	5,755	64,212	SH		SOLE		64,212	0	0
Consumer Staples Select Sector	COM	81369Y308	3,025	55,054	SH		SOLE		55,054	0	0
Costco Wholesale Corporation	COM	22160K105	202	1,265	SH		SOLE		1,265	0	0
Cullen Frost Bankers Inc.	COM	229899109	12,980	138,214	SH		SOLE		138,214	0	0
Culp Inc.	COM	230215105	2,477	76,206	SH		SOLE		76,206	0	0
Culp Inc.	COM	230215105	357	10,993	SH		DFND		0	10,993	0
CYS Investments Inc	COM	12673A108	21	2,446	SH		SOLE		2,446	0	0
CYS Investments Inc	COM	12673A108	7,648	909,380	SH		DFND		0	909,380	0
Diageo (Adr 1:4)	COM	25243Q205	112,065	935,201	SH		SOLE		935,201	0	0
Digital Realty Trust Inc.	COM	253868103	46,160	408,675	SH		SOLE		408,675	0	0
Discovery Communications Inc.	COM	25470F302	56,062	2,223,807	SH		SOLE		2,223,807	0	0
Donaldson Inc.	COM	257651109	15,277	335,466	SH		SOLE		335,466	0	0
Donnelley Financial Solutions	COM	25787G100	6,751	294,032	SH		SOLE		294,032	0	0
Donnelley Financial Solutions	COM	25787G100	258	11,243	SH		DFND		0	11,243	0
Dow Chemical	COM	260543103	933	14,801	SH		SOLE		14,801	0	0
Dow Jones U.S. Select Dividend	COM	464288448	362	11,051	SH		SOLE		11,051	0	0
Dow Jones US Financial Sector	COM	464287788	8,138	75,687	SH		SOLE		75,687	0	0
Dow Jones US Technology - iSha	COM	464287721	10,221	73,150	SH		SOLE		73,150	0	0
Dow Jones US Utilities - iShar	COM	464287697	2,687	20,666	SH		SOLE		20,666	0	0
E.I. du Pont de Nemours & Comp	COM	263534109	80,671	999,516	SH		SOLE		999,516	0	0
Eli Lilly & Co.	COM	532457108	202	2,449	SH		SOLE		2,449	0	0
Energy Select Sector - SPDR	COM	81369Y506	2,920	44,982	SH		SOLE		44,982	0	0
EOG Resources	COM	26875P101	310	3,425	SH		SOLE		3,425	0	0
ETFS Physical Platinum	COM	26922v101	316	3,573	SH		SOLE		3,573	0	0
Expeditors International of Wa	COM	302130109	12,221	216,380	SH		SOLE		216,380	0	0
Exponent Inc.	COM	30214U102	2,288	39,237	SH		SOLE		39,237	0	0
Exponent Inc.	COM	30214U102	475	8,142	SH		DFND		0	8,142	0
Express Scripts Inc.	COM	30219G108	23,763	372,228	SH		SOLE		372,228	0	0
Exxon Mobil Corp.	COM	30231G102	12,221	151,383	SH		SOLE		151,383	0	0
Fastenal Co.	COM	311900104	103,682	2,381,859	SH		SOLE		2,381,859	0	0
Fidelity National Financial In	COM	31620R303	101,376	2,261,334	SH		SOLE		2,261,334	0	0
First Majestic Silver Corp.	COM	32076V103	125	14,991	SH		SOLE		14,991	0	0
Fortuna Silver Mines Inc	COM	349915108	114	23,292	SH		SOLE		23,292	0	0
Forward Air Corp.	COM	349853101	3,546	66,559	SH		SOLE		66,559	0	0
Forward Air Corp.	COM	349853101	518	9,722	SH		DFND		0	9,722	0
Franco-Nevada Corp.	COM	351858105	325	4,502	SH		SOLE		4,502	0	0
Franklin Electric Co. Inc.	COM	353514102	2,994	72,325	SH		SOLE		72,325	0	0
Franklin Electric Co. Inc.	COM	353514102	365	8,820	SH		DFND		0	8,820	0
Franklin Street Properties Cor	COM	35471R106	665	60,000	SH		SOLE		60,000	0	0
FS Investment Corp.	COM	302635107	3,282	358,719	SH		SOLE		358,719	0	0
FS Investment Corp.	COM	302635107	2,839	310,300	SH		DFND		0	310,300	0
Gartner Inc	COM	366651107	1,061	8,592	SH		SOLE		8,592	0	0
Gartner Inc	COM	366651107	157	1,272	SH		DFND		0	1,272	0
General Dynamics Corp.	COM	369550108	14,926	75,344	SH		SOLE		75,344	0	0
General Electric Company	COM	369604103	76,892	2,846,789	SH		SOLE		2,846,789	0	0
Gladstone Investment Corp.	COM	376546107	276	29,360	SH		DFND		0	29,360	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	83,247	1,930,597	SH		SOLE		1,930,597	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,199	97,629	SH		SOLE		97,629	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,195	53,063	SH		DFND		0	53,063	0
Golub Capital BDC Inc.	COM	38173M102	4,802	251,158	SH		SOLE		251,158	0	0
Golub Capital BDC Inc.	COM	38173M102	8,312	434,730	SH		DFND		0	434,730	0
Graco Inc.	COM	384109104	95,525	874,127	SH		SOLE		874,127	0	0
Graco Inc.	COM	384109104	410	3,750	SH		DFND		0	3,750	0
Guggenheim BulletShares Corpor	COM	18383M530	5,351	251,830	SH		SOLE		251,830	0	0
Guggenheim BulletShares Corpor	COM	18383M522	5,362	252,192	SH		SOLE		252,192	0	0
Guggenheim BulletShares Invest	COM	18383M514	5,387	250,790	SH		SOLE		250,790	0	0
Guggenheim BulletShares Invest	COM	18383M266	5,385	252,804	SH		SOLE		252,804	0	0
Guggenheim BulletShares Invest	COM	18383M258	5,413	253,900	SH		SOLE		253,900	0	0
Guggenheim BulletShares Invest	COM	18383M233	11,569	555,134	SH		SOLE		555,134	0	0
Guggenheim BulletShares Invest	COM	18383M191	3,001	145,307	SH		SOLE		145,307	0	0
Haemonetics Corporation	COM	405024100	1,926	48,777	SH		SOLE		48,777	0	0
Haemonetics Corporation	COM	405024100	210	5,315	SH		DFND		0	5,315	0
Halyard Health Inc.	COM	40650V100	3,428	87,259	SH		SOLE		87,259	0	0
Halyard Health Inc.	COM	40650V100	505	12,864	SH		DFND		0	12,864	0
Harvest Capital Credit Corp	COM	41753F109	219	16,699	SH		DFND		0	16,699	0
Health Care Select Sector - SP	COM	81369Y209	6,811	85,953	SH		SOLE		85,953	0	0
Hercules Technology Growth Cap	COM	427096508	1,473	111,276	SH		SOLE		111,276	0	0
Hercules Technology Growth Cap	COM	427096508	6,681	504,598	SH		DFND		0	504,598	0
High Yield Corporate Bond Fund	COM	464288513	2,656	30,053	SH		SOLE		30,053	0	0
Hilton Worldwide Holdings Inc.	COM	43300A203	3,470	56,107	SH		SOLE		56,107	0	0
Home Depot Inc.	COM	437076102	18,206	118,684	SH		SOLE		118,684	0	0
Illinois Tool Works Inc.	COM	452308109	37,935	264,819	SH		SOLE		264,819	0	0
Industrial Select Sector - SPD	COM	81369Y704	5,990	87,946	SH		SOLE		87,946	0	0
Innophos Holdings Inc	COM	45774N108	3,447	78,633	SH		SOLE		78,633	0	0
Innophos Holdings Inc	COM	45774N108	512	11,690	SH		DFND		0	11,690	0
Iron Mountain	COM	46284V101	79,484	2,313,278	SH		SOLE		2,313,278	0	0
iShares 10 Plus Year Credit Bond E	COM	464289511	2,794	45,334	SH		SOLE		45,334	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	30,547	286,532	SH		SOLE		286,532	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	714	6,776	SH		SOLE		6,776	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	12,617	472,896	SH		SOLE		472,896	0	0
iShares Corporate ex Financial	COM	46432FAG2	14,212	576,327	SH		SOLE		576,327	0	0
iShares Corporate ex Financial	COM	46432FAK3	8,895	361,003	SH		SOLE		361,003	0	0
iShares Corporate ex Financial	COM	46432FAN7	17,985	732,890	SH		SOLE		732,890	0	0
iShares Gold Trust	COM	464285105	1,060	88,786	SH		SOLE		88,786	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	6,142	238,054	SH		SOLE		238,054	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	2,988	117,100	SH		SOLE		117,100	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	4,266	166,691	SH		SOLE		166,691	0	0
iShares iBoxx Corporate Bond E	COM	464287242	3,249	26,962	SH		SOLE		26,962	0	0
iShares Interm. Term Corporate	COM	464288638	7,261	66,141	SH		SOLE		66,141	0	0
iShares MBS Bond ETF	COM	464288588	18,297	171,389	SH		SOLE		171,389	0	0
iShares National AMT-Free Muni	COM	464288414	4,741	43,053	SH		SOLE		43,053	0	0
iShares Residential Real Estat	COM	464288562	7,402	113,755	SH		SOLE		113,755	0	0
John Bean Technologies Corp.	COM	477839104	2,448	24,978	SH		SOLE		24,978	0	0
John Bean Technologies Corp.	COM	477839104	322	3,286	SH		DFND		0	3,286	0
Johnson & Johnson	COM	478160104	133,440	1,008,691	SH		SOLE		1,008,691	0	0
JP Morgan Chase & Company	COM	46625H100	668	7,310	SH		SOLE		7,310	0	0
KCAP Financial Inc	COM	48668E101	1,202	340,472	SH		DFND		0	340,472	0
Kimberly-Clark Corporation	COM	494368103	211	1,632	SH		SOLE		1,632	0	0
Kinder Morgan Inc.	COM	49456B101	77,918	4,066,726	SH		SOLE		4,066,726	0	0
Kohl's Corp.	COM	500255104	46,181	1,194,244	SH		SOLE		1,194,244	0	0
Kraft Heinz Co.	COM	500754106	79,595	929,413	SH		SOLE		929,413	0	0
Lockheed Martin Corp	COM	539830109	14,588	52,550	SH		SOLE		52,550	0	0
Lowe's Companies Inc.	COM	548661107	27,137	350,026	SH		SOLE		350,026	0	0
M&T Bank Corp.	COM	55261F104	15,336	94,694	SH		SOLE		94,694	0	0
Main Street Capital Corp.	COM	56035L104	2,721	70,741	SH		SOLE		70,741	0	0
Main Street Capital Corp.	COM	56035L104	1,889	49,107	SH		DFND		0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	349	2,650	SH		SOLE		2,650	0	0
Markel Corp.	COM	570535104	66,004	67,637	SH		SOLE		67,637	0	0
Martin Marietta Materials Inc.	COM	573284106	78,104	350,902	SH		SOLE		350,902	0	0
Mastercard Inc. - A	COM	57636Q104	47,198	388,622	SH		SOLE		388,622	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,287	23,912	SH		SOLE		23,912	0	0
McDonald's Corp.	COM	580135101	16,518	107,849	SH		SOLE		107,849	0	0
MDU Resources Group Inc.	COM	552690109	13,915	531,119	SH		SOLE		531,119	0	0
Medley Capital Corp.	COM	58503F106	3	507	SH		SOLE		507	0	0
Medley Capital Corp.	COM	58503F106	3,749	586,714	SH		DFND		0	586,714	0
Medtronic	COM	G5960L103	16,945	190,927	SH		SOLE		190,927	0	0
Microsoft Corp.	COM	594918104	101,374	1,470,676	SH		SOLE		1,470,676	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	3,066	167,517	SH		SOLE		167,517	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	493	26,964	SH		DFND		0	26,964	0
Morningstar Inc.	COM	617700109	14,042	179,246	SH		SOLE		179,246	0	0
Morningstar Inc.	COM	617700109	540	6,892	SH		DFND		0	6,892	0
Movado Group Inc.	COM	624580106	3,891	154,117	SH		SOLE		154,117	0	0
Movado Group Inc.	COM	624580106	525	20,797	SH		DFND		0	20,797	0
MSC Industrial Direct Co. Inc.	COM	553530106	27,408	318,840	SH		SOLE		318,840	0	0
MTS Systems Corp.	COM	553777103	17,939	346,307	SH		SOLE		346,307	0	0
MTS Systems Corp.	COM	553777103	560	10,804	SH		DFND		0	10,804	0
Natus Medical Inc.	COM	639050103	16,554	443,804	SH		SOLE		443,804	0	0
Natus Medical Inc.	COM	639050103	570	15,269	SH		DFND		0	15,269	0
Nestle SA	COM	641069406	14,462	165,851	SH		SOLE		165,851	0	0
New Jersey Resources Corp.	COM	646025106	14,851	374,078	SH		SOLE		374,078	0	0
New Mountain Finance Corp.	COM	647551100	5,099	350,450	SH		SOLE		350,450	0	0
New Mountain Finance Corp.	COM	647551100	8,404	577,564	SH		DFND		0	577,564	0
Nike Inc. - B	COM	654106103	12,651	214,429	SH		SOLE		214,429	0	0
Nordstrom Inc.	COM	655664100	11,265	235,527	SH		SOLE		235,527	0	0
Northern Trust Corporation	COM	665859104	112,575	1,158,059	SH		SOLE		1,158,059	0	0
Novartis AG - ADR	COM	66987V109	12,742	152,658	SH		SOLE		152,658	0	0
NXP Semiconductors N.V.	COM	N6596X109	49,402	451,368	SH		SOLE		451,368	0	0
OFS Capital Corp.	COM	67103B100	3,541	247,447	SH		SOLE		247,447	0	0
OFS Capital Corp.	COM	67103B100	2,892	202,084	SH		DFND		0	202,084	0
OneBeacon Insurance Group Ltd.	COM	G67742109	2,725	149,506	SH		SOLE		149,506	0	0
OneBeacon Insurance Group Ltd.	COM	G67742109	401	22,020	SH		DFND		0	22,020	0
Patterson Companies Inc.	COM	703395103	10,588	225,523	SH		SOLE		225,523	0	0
Patterson Companies Inc.	COM	703395103	543	11,555	SH		DFND		0	11,555	0
Paychex Inc.	COM	704326107	93,334	1,639,156	SH		SOLE		1,639,156	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,342	95,075	SH		SOLE		95,075	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,166	82,645	SH		DFND		0	82,645	0
PennantPark Investment Corp.	COM	708062104	1,287	174,168	SH		SOLE		174,168	0	0
PennantPark Investment Corp.	COM	708062104	5,580	755,081	SH		DFND		0	755,081	0
Pepsico Inc.	COM	713448108	127,295	1,102,212	SH		SOLE		1,102,212	0	0
Pfizer Inc.	COM	717081103	75,088	2,235,438	SH		SOLE		2,235,438	0	0
Pioneer Natural Resources Co.	COM	723787107	221	1,388	SH		SOLE		1,388	0	0
Polaris Industries	COM	731068102	102,066	1,106,651	SH		SOLE		1,106,651	0	0
Potbelly Corp.	COM	73754Y100	2,924	254,243	SH		SOLE		254,243	0	0
Potbelly Corp.	COM	73754Y100	519	45,153	SH		DFND		0	45,153	0
Potlatch Corp.	COM	737630103	234	5,128	SH		SOLE		5,128	0	0
Praxair Inc.	COM	74005P104	93,916	708,534	SH		SOLE		708,534	0	0
Procter & Gamble Company	COM	742718109	13,334	153,005	SH		SOLE		153,005	0	0
Progressive Corp.	COM	743315103	92,501	2,098,000	SH		SOLE		2,098,000	0	0
Qualcomm Inc.	COM	747525103	491	8,893	SH		SOLE		8,893	0	0
Raven Industries Inc.	COM	754212108	3,978	119,461	SH		SOLE		119,461	0	0
Raven Industries Inc.	COM	754212108	446	13,405	SH		DFND		0	13,405	0
Rayonier Inc.	COM	754907103	81,338	2,827,170	SH		SOLE		2,827,170	0	0
Rayonier Inc.	COM	754907103	509	17,688	SH		DFND		0	17,688	0
RBC Bearings Incorporated	COM	75524B104	2,021	19,860	SH		SOLE		19,860	0	0
RBC Bearings Incorporated	COM	75524B104	339	3,336	SH		DFND		0	3,336	0
RE/MAX Holdings Inc.	COM	75524W108	11,407	203,512	SH		SOLE		203,512	0	0
RE/MAX Holdings Inc.	COM	75524W108	329	5,868	SH		DFND		0	5,868	0
REIT Index - Vanguard	COM	922908553	889	10,687	SH		SOLE		10,687	0	0
Ross Stores	COM	778296103	10,054	174,162	SH		SOLE		174,162	0	0
Royal Gold, Inc.	COM	780287108	321	4,102	SH		SOLE		4,102	0	0
Russell 1000 Growth Index Fund	COM	464287614	221	1,856	SH		SOLE		1,856	0	0
Russell 1000 Value Index - iSh	COM	464287598	346	2,976	SH		SOLE		2,976	0	0
Russell 2000 Growth Index - iS	COM	464287648	2,961	17,545	SH		SOLE		17,545	0	0
Russell 2000 Value Index - iSh	COM	464287630	4,049	34,063	SH		SOLE		34,063	0	0
Russell Midcap Growth Index Fu	COM	464287481	6,006	55,574	SH		SOLE		55,574	0	0
Russell MidCap Value Index Fun	COM	464287473	5,278	62,767	SH		SOLE		62,767	0	0
S&P 500 - SPDR	COM	78462F103	3,589	14,841	SH		SOLE		14,841	0	0
S&P 500 Growth Index - iShares	COM	464287309	536	3,915	SH		SOLE		3,915	0	0
S&P 500 Index Fund - iShares	COM	464287200	769	3,157	SH		SOLE		3,157	0	0
S&P 500 Value Index - iShares	COM	464287408	613	5,837	SH		SOLE		5,837	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	9,614	48,898	SH		SOLE		48,898	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	10,098	67,979	SH		SOLE		67,979	0	0
S&P SmallCap 600 Growth Index	COM	464287887	3,680	23,598	SH		SOLE		23,598	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	249	3,558	SH		SOLE		3,558	0	0
S&P SmallCap 600 Value Index F	COM	464287879	2,421	17,318	SH		SOLE		17,318	0	0
Sabina Gold & Silver Co NPV	COM	785246109	185	119,300	SH		SOLE		119,300	0	0
Schlumberger Ltd.	COM	806857108	35,723	542,568	SH		SOLE		542,568	0	0
Seabridge Gold Inc.	COM	811916105	173	15,998	SH		SOLE		15,998	0	0
SEI Investments Company	COM	784117103	14,442	268,543	SH		SOLE		268,543	0	0
Silver Trust - iShares	COM	46428Q109	203	12,907	SH		SOLE		12,907	0	0
Snyder's-Lance Inc.	COM	833551104	2,763	79,816	SH		SOLE		79,816	0	0
Snyder's-Lance Inc.	COM	833551104	398	11,491	SH		DFND		0	11,491	0
Solar Capital Ltd.	COM	83413U100	4,448	203,371	SH		SOLE		203,371	0	0
Solar Capital Ltd.	COM	83413U100	6,467	295,709	SH		DFND		0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	997	59,529	SH		SOLE		59,529	0	0
Solar Senior Capital Ltd.	COM	83416M105	402	24,013	SH		DFND		0	24,013	0
Southern Company	COM	842587107	86,021	1,796,597	SH		SOLE		1,796,597	0	0
Southwestern Energy Co.	COM	845467109	210	34,590	SH		SOLE		34,590	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	14,383	417,986	SH		SOLE		417,986	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	9,280	190,598	SH		SOLE		190,598	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	221	697	SH		SOLE		697	0	0
Starbucks Corporation	COM	855244109	41,315	708,542	SH		SOLE		708,542	0	0
Stellus Capital Investment	COM	858568108	2,971	216,732	SH		SOLE		216,732	0	0
Stellus Capital Investment	COM	858568108	4,046	295,126	SH		DFND		0	295,126	0
Stryker Corp.	COM	863667101	77,497	558,416	SH		SOLE		558,416	0	0
T. Rowe Price Group Inc.	COM	74144T108	12,736	171,624	SH		SOLE		171,624	0	0
TCP Capital Corp.	COM	87238Q103	4,419	261,503	SH		SOLE		261,503	0	0
TCP Capital Corp.	COM	87238Q103	8,481	501,863	SH		DFND		0	501,863	0
Techne Corp.	COM	09073M104	3,266	27,793	SH		SOLE		27,793	0	0
Techne Corp.	COM	09073M104	356	3,027	SH		DFND		0	3,027	0
The Boston Beer Company Inc.	COM	100557107	2,882	21,811	SH		SOLE		21,811	0	0
The Boston Beer Company Inc.	COM	100557107	565	4,272	SH		DFND		0	4,272	0
The Clorox Company	COM	189054109	14,575	109,391	SH		SOLE		109,391	0	0
The Coca-Cola Company	COM	191216100	387	8,623	SH		SOLE		8,623	0	0
Thermo Fisher Scientific Inc.	COM	883556102	33,338	191,081	SH		SOLE		191,081	0	0
Thermon Group Holdings Inc.	COM	88362T103	3,676	191,768	SH		SOLE		191,768	0	0
Thermon Group Holdings Inc.	COM	88362T103	559	29,138	SH		DFND		0	29,138	0
THL Credit, Inc.	COM	872438106	3,271	328,725	SH		SOLE		328,725	0	0
THL Credit, Inc.	COM	872438106	7,439	747,618	SH		DFND		0	747,618	0
TJX Companies	COM	872540109	42,366	587,035	SH		SOLE		587,035	0	0
TPG Specialty Lending, Inc.	COM	87265K102	3,630	177,530	SH		SOLE		177,530	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,228	206,751	SH		DFND		0	206,751	0
Triangle Capital Corp.	COM	895848109	3,204	181,854	SH		SOLE		181,854	0	0
Triangle Capital Corp.	COM	895848109	5,755	326,594	SH		DFND		0	326,594	0
TriplePoint Venture Growth BDC	COM	89677Y100	3,257	244,725	SH		SOLE		244,725	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	6,307	473,845	SH		DFND		0	473,845	0
United Technologies Corp.	COM	913017109	33,949	278,018	SH		SOLE		278,018	0	0
US Bancorp	COM	902973304	234	4,506	SH		SOLE		4,506	0	0
VanEck Vectors Long Municipal	COM	92189F536	8,981	451,967	SH		SOLE		451,967	0	0
Vanguard Long Term Corporate B	COM	92206C813	2,704	28,980	SH		SOLE		28,980	0	0
Vanguard Total Stock Market	COM	922908769	288	2,315	SH		SOLE		2,315	0	0
Varex Imaging Corp	COM	92214x106	574	16,989	SH		SOLE		16,989	0	0
Varian Medical Systems Inc.	COM	92220P105	6,301	61,061	SH		SOLE		61,061	0	0
VCA Antech Inc.	COM	918194101	3,741	40,528	SH		SOLE		40,528	0	0
VCA Antech Inc.	COM	918194101	470	5,095	SH		DFND		0	5,095	0
Veritex Holdings	COM	923451108	3,258	123,720	SH		SOLE		123,720	0	0
Veritex Holdings	COM	923451108	518	19,669	SH		DFND		0	19,669	0
Visa, Inc. - A	COM	92826C839	665	7,095	SH		SOLE		7,095	0	0
Vulcan Materials Co.	COM	929160109	276	2,178	SH		SOLE		2,178	0	0
W.R. Berkley Corp.	COM	084423102	32,547	470,541	SH		SOLE		470,541	0	0
W.W. Grainger Inc.	COM	384802104	9,674	53,589	SH		SOLE		53,589	0	0
Wells Fargo & Company	COM	949746101	259	4,675	SH		SOLE		4,675	0	0
Weyerhaeuser Co.	COM	962166104	77,905	2,325,512	SH		SOLE		2,325,512	0	0
Wheaton Precious Metals Corp	COM	962879102	267	13,442	SH		SOLE		13,442	0	0
WisdomTree LargeCap Dividend F	COM	97717W307	648	7,704	SH		SOLE		7,704	0	0