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	6,580	252,394	SH		SOLE		252,394	0	0
3M Company	COM	88579Y101	102,817	489,839	SH		SOLE		489,839	0	0
Abbott Laboratories	COM	002824100	245	4,591	SH		SOLE		4,591	0	0
Accenture PLC	COM	G1151C101	214	1,587	SH		SOLE		1,587	0	0
Advisory Board Company	COM	00762w107	46,023	858,245	SH		SOLE		858,245	0	0
Advisory Board Company	COM	00762w107	574	10,706	SH		DFND	1	0	10,706	0
Air Products & Chemicals Inc.	COM	009158106	14,475	95,722	SH		SOLE		95,722	0	0
Alcentra Capital Corporation	COM	01374T102	801	74,796	SH		SOLE		74,796	0	0
Alcentra Capital Corporation	COM	01374T102	1,851	172,787	SH		DFND	1	0	172,787	0
Alcoa Corporation	COM	013872106	347	7,433	SH		SOLE		7,433	0	0
Allergan Inc.	COM	G0177J108	65,356	318,886	SH		SOLE		318,886	0	0
Alphabet Inc. - Class A	COM	02079K305	3,208	3,295	SH		SOLE		3,295	0	0
Alphabet Inc. - Class C	COM	02079K107	27,712	28,894	SH		SOLE		28,894	0	0
American Express Company	COM	025816109	47,984	530,442	SH		SOLE		530,442	0	0
American International Group I	COM	026874784	69,020	1,124,286	SH		SOLE		1,124,286	0	0
Analog Devices Inc.	COM	032654105	41,586	482,599	SH		SOLE		482,599	0	0
Annaly Capital Management Inc.	COM	035710409	50	4,120	SH		SOLE		4,120	0	0
Annaly Capital Management Inc.	COM	035710409	5,873	481,782	SH		DFND	1	0	481,782	0
Apollo Investment Corp.	COM	03761U106	3,367	551,102	SH		DFND	1	0	551,102	0
Ares Capital Corp.	COM	04010L103	69,075	4,214,434	SH		SOLE		4,214,434	0	0
Ares Capital Corp.	COM	04010L103	13,561	827,412	SH		DFND	1	0	827,412	0
Axalta Coating Systems LTD	COM	G0750C108	26,973	932,661	SH		SOLE		932,661	0	0
Bank of America Corp.	COM	060505104	213	8,419	SH		SOLE		8,419	0	0
Bank of Marin (CA)	COM	063425102	4,061	59,285	SH		SOLE		59,285	0	0
Bank of Marin (CA)	COM	063425102	530	7,734	SH		DFND	1	0	7,734	0
Barclays 20 Plus Year Treasury	COM	464287432	14,937	119,728	SH		SOLE		119,728	0	0
Barclays Capital High Yield Bo	COM	78464A417	2,825	75,705	SH		SOLE		75,705	0	0
Becton Dickinson and Company	COM	075887109	16,465	84,025	SH		SOLE		84,025	0	0
Belo Sun Mining Corp Com NPV	COM	080558109	112	249,051	SH		SOLE		249,051	0	0
Berkshire Hathaway Inc. - B	COM	084670702	34,550	188,467	SH		SOLE		188,467	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,374	5	SH		SOLE		5	0	0
Black Knight, Inc	COM	09215C105	36,372	845,855	SH		SOLE		845,855	0	0
Broadridge Financial Solutions	COM	11133T103	79,850	987,997	SH		SOLE		987,997	0	0
Brown & Brown Inc.	COM	115236101	23,561	488,910	SH		SOLE		488,910	0	0
Brown & Brown Inc.	COM	115236101	421	8,745	SH		DFND	1	0	8,745	0
C.H. Robinson Worldwide Inc.	COM	12541W209	34,401	452,049	SH		SOLE		452,049	0	0
Cameco Corp.	COM	13321L108	159	16,413	SH		SOLE		16,413	0	0
Capitala Finance Corp.	COM	14054R106	656	68,799	SH		SOLE		68,799	0	0
Capitala Finance Corp.	COM	14054R106	907	95,117	SH		DFND	1	0	95,117	0
Capstead Mortgage Corp.	COM	14067E506	19	2,009	SH		SOLE		2,009	0	0
Capstead Mortgage Corp.	COM	14067E506	1,047	108,500	SH		DFND	1	0	108,500	0
Chevron Corp.	COM	166764100	102,978	876,407	SH		SOLE		876,407	0	0
Chubb Limited	COM	H1467J104	104,026	729,754	SH		SOLE		729,754	0	0
Cimarex Energy Co.	COM	171798101	247	2,176	SH		SOLE		2,176	0	0
CM Finance Inc.	COM	12574Q103	848	90,711	SH		SOLE		90,711	0	0
CM Finance Inc.	COM	12574Q103	1,219	130,340	SH		DFND	1	0	130,340	0
Colgate-Palmolive Co.	COM	194162103	97,011	1,331,649	SH		SOLE		1,331,649	0	0
Colony Northstar Inc	COM	19625W104	72,902	5,804,266	SH		SOLE		5,804,266	0	0
Commerce Bancshares Inc.	COM	200525103	16,365	283,275	SH		SOLE		283,275	0	0
Compagnie Financiere Richemont	COM	204319107	74,934	8,193,121	SH		SOLE		8,193,121	0	0
Consumer Discret Select Sector	COM	81369Y407	4,097	45,484	SH		SOLE		45,484	0	0
Consumer Staples Select Sector	COM	81369Y308	1,715	31,778	SH		SOLE		31,778	0	0
Cullen Frost Bankers Inc.	COM	229899109	13,433	141,518	SH		SOLE		141,518	0	0
Culp Inc.	COM	230215105	3,611	110,258	SH		SOLE		110,258	0	0
Culp Inc.	COM	230215105	488	14,898	SH		DFND	1	0	14,898	0
CYS Investments Inc	COM	12673A108	21	2,446	SH		SOLE		2,446	0	0
CYS Investments Inc	COM	12673A108	7,857	909,380	SH		DFND	1	0	909,380	0
Diageo (Adr 1:4)	COM	25243Q205	124,716	943,888	SH		SOLE		943,888	0	0
Digital Realty Trust Inc.	COM	253868103	48,520	410,041	SH		SOLE		410,041	0	0
Discovery Communications Inc.	COM	25470F302	50,722	2,503,556	SH		SOLE		2,503,556	0	0
Donaldson Inc.	COM	257651109	15,882	345,713	SH		SOLE		345,713	0	0
Dow Jones U.S. Select Dividend	COM	464288448	286	8,481	SH		SOLE		8,481	0	0
Dow Jones US Financial Sector	COM	464287788	5,085	45,352	SH		SOLE		45,352	0	0
Dow Jones US Technology - iSha	COM	464287721	7,551	50,367	SH		SOLE		50,367	0	0
Dow Jones US Utilities - iShar	COM	464287697	1,276	9,601	SH		SOLE		9,601	0	0
DowDuPont Inc	COM	26078J100	98,745	1,426,336	SH		SOLE		1,426,336	0	0
Eli Lilly & Co.	COM	532457108	209	2,449	SH		SOLE		2,449	0	0
Energy Select Sector - SPDR	COM	81369Y506	2,151	31,417	SH		SOLE		31,417	0	0
EOG Resources	COM	26875P101	341	3,525	SH		SOLE		3,525	0	0
ETFS Physical Platinum	COM	26922v101	342	3,923	SH		SOLE		3,923	0	0
European ETF - Vanguard	COM	922042874	2,349	40,272	SH		SOLE		40,272	0	0
Expeditors International of Wa	COM	302130109	13,051	218,031	SH		SOLE		218,031	0	0
Exponent Inc.	COM	30214U102	1,285	17,387	SH		SOLE		17,387	0	0
Exponent Inc.	COM	30214U102	162	2,198	SH		DFND	1	0	2,198	0
Express Scripts Inc.	COM	30219G108	23,989	378,856	SH		SOLE		378,856	0	0
Exxon Mobil Corp.	COM	30231G102	13,109	159,910	SH		SOLE		159,910	0	0
Fastenal Co.	COM	311900104	111,816	2,453,192	SH		SOLE		2,453,192	0	0
Fidelity National Financial In	COM	31620R303	105,801	2,229,268	SH		SOLE		2,229,268	0	0
Fifth Street Finance Corp.	COM	31678A103	172	31,380	SH		SOLE		31,380	0	0
First Majestic Silver Corp.	COM	32076V103	117	17,091	SH		SOLE		17,091	0	0
Fortuna Silver Mines Inc	COM	349915108	102	23,292	SH		SOLE		23,292	0	0
Forward Air Corp.	COM	349853101	3,881	67,820	SH		SOLE		67,820	0	0
Forward Air Corp.	COM	349853101	556	9,722	SH		DFND	1	0	9,722	0
Franco-Nevada Corp.	COM	351858105	349	4,502	SH		SOLE		4,502	0	0
Franklin Electric Co. Inc.	COM	353514102	3,153	70,299	SH		SOLE		70,299	0	0
Franklin Electric Co. Inc.	COM	353514102	396	8,820	SH		DFND	1	0	8,820	0
Franklin Street Properties Cor	COM	35471R106	850	80,000	SH		SOLE		80,000	0	0
FS Investment Corp.	COM	302635107	2,985	353,235	SH		SOLE		353,235	0	0
FS Investment Corp.	COM	302635107	2,622	310,300	SH		DFND	1	0	310,300	0
Gartner Inc	COM	366651107	1,009	8,108	SH		SOLE		8,108	0	0
Gartner Inc	COM	366651107	158	1,272	SH		DFND	1	0	1,272	0
General Dynamics Corp.	COM	369550108	16,001	77,832	SH		SOLE		77,832	0	0
General Electric Company	COM	369604103	72,250	2,988,020	SH		SOLE		2,988,020	0	0
Gladstone Investment Corp.	COM	376546107	279	29,360	SH		DFND	1	0	29,360	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	82,649	2,035,688	SH		SOLE		2,035,688	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,224	97,465	SH		SOLE		97,465	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,211	53,063	SH		DFND	1	0	53,063	0
Golub Capital BDC Inc.	COM	38173M102	4,557	242,130	SH		SOLE		242,130	0	0
Golub Capital BDC Inc.	COM	38173M102	8,182	434,730	SH		DFND	1	0	434,730	0
Graco Inc.	COM	384109104	97,892	791,426	SH		SOLE		791,426	0	0
Graco Inc.	COM	384109104	464	3,750	SH		DFND	1	0	3,750	0
Guggenheim BulletShares Corpor	COM	18383M522	5,616	264,259	SH		SOLE		264,259	0	0
Guggenheim BulletShares Invest	COM	18383M514	5,633	261,895	SH		SOLE		261,895	0	0
Guggenheim BulletShares Invest	COM	18383M266	5,634	263,779	SH		SOLE		263,779	0	0
Guggenheim BulletShares Invest	COM	18383M258	5,659	264,303	SH		SOLE		264,303	0	0
Guggenheim BulletShares Invest	COM	18383M233	16,971	809,318	SH		SOLE		809,318	0	0
Guggenheim BulletShares Invest	COM	18383M191	3,771	181,472	SH		SOLE		181,472	0	0
Halyard Health Inc.	COM	40650V100	3,989	88,590	SH		SOLE		88,590	0	0
Halyard Health Inc.	COM	40650V100	579	12,864	SH		DFND	1	0	12,864	0
Harvest Capital Credit Corp	COM	41753F109	223	16,699	SH		DFND	1	0	16,699	0
Health Care Select Sector - SP	COM	81369Y209	6,316	77,282	SH		SOLE		77,282	0	0
Hercules Technology Growth Cap	COM	427096508	2,756	213,632	SH		SOLE		213,632	0	0
Hercules Technology Growth Cap	COM	427096508	7,154	554,598	SH		DFND	1	0	554,598	0
High Yield Corporate Bond Fund	COM	464288513	2,818	31,749	SH		SOLE		31,749	0	0
Hilton Worldwide Holdings Inc.	COM	43300A203	3,853	55,478	SH		SOLE		55,478	0	0
Home Depot Inc.	COM	437076102	19,580	119,714	SH		SOLE		119,714	0	0
Illinois Tool Works Inc.	COM	452308109	41,382	279,681	SH		SOLE		279,681	0	0
Industrial Select Sector - SPD	COM	81369Y704	4,961	69,868	SH		SOLE		69,868	0	0
Innophos Holdings Inc	COM	45774N108	3,953	80,354	SH		SOLE		80,354	0	0
Innophos Holdings Inc	COM	45774N108	646	13,140	SH		DFND	1	0	13,140	0
Iron Mountain	COM	46284V101	92,597	2,380,376	SH		SOLE		2,380,376	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	32,635	306,371	SH		SOLE		306,371	0	0
iShares Barclays 1-3 Year Inve	COM	464288646	1,288	12,227	SH		SOLE		12,227	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	13,161	492,182	SH		SOLE		492,182	0	0
iShares Corporate ex Financial	COM	46432FAK3	9,319	377,753	SH		SOLE		377,753	0	0
iShares Corporate ex Financial	COM	46432FAN7	18,742	762,783	SH		SOLE		762,783	0	0
iShares Corporate iBonds ETF 2	COM	46435GAA0	15,141	614,484	SH		SOLE		614,484	0	0
iShares Floating Rate Note Fun	COM	46429B655	242	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	1,093	88,786	SH		SOLE		88,786	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	6,623	255,801	SH		SOLE		255,801	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	3,085	120,676	SH		SOLE		120,676	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	4,425	172,180	SH		SOLE		172,180	0	0
iShares iBoxx Corporate Bond E	COM	464287242	4,313	35,575	SH		SOLE		35,575	0	0
iShares Interm. Term Corporate	COM	464288638	8,571	77,808	SH		SOLE		77,808	0	0
iShares MBS Bond ETF	COM	464288588	19,394	181,087	SH		SOLE		181,087	0	0
iShares MSCI ACWI EX US ETF	COM	464288240	6,062	125,369	SH		SOLE		125,369	0	0
iShares MSCI Emerging Markets	COM	464286475	329	6,658	SH		SOLE		6,658	0	0
iShares Muni Bond 2023	COM	46435G318	1,338	52,451	SH		SOLE		52,451	0	0
iShares National AMT-Free Muni	COM	464288414	5,131	46,277	SH		SOLE		46,277	0	0
iShares Residential Real Estat	COM	464288562	3,350	52,676	SH		SOLE		52,676	0	0
John Bean Technologies Corp.	COM	477839104	2,452	24,254	SH		SOLE		24,254	0	0
John Bean Technologies Corp.	COM	477839104	332	3,286	SH		DFND	1	0	3,286	0
Johnson & Johnson	COM	478160104	132,585	1,019,805	SH		SOLE		1,019,805	0	0
JP Morgan Chase & Company	COM	46625H100	686	7,184	SH		SOLE		7,184	0	0
KCAP Financial Inc	COM	48668E101	1,243	340,472	SH		DFND	1	0	340,472	0
Kemper Corp.	COM	488401100	237	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Inc.	COM	49456B101	81,591	4,253,950	SH		SOLE		4,253,950	0	0
Kraft Heinz Co.	COM	500754106	80,341	1,035,993	SH		SOLE		1,035,993	0	0
Lockheed Martin Corp	COM	539830109	16,873	54,377	SH		SOLE		54,377	0	0
Lowe's Companies Inc.	COM	548661107	28,067	351,105	SH		SOLE		351,105	0	0
Luxoft Holding Inc	COM	G57279104	3,483	72,873	SH		SOLE		72,873	0	0
Luxoft Holding Inc	COM	G57279104	525	10,976	SH		DFND	1	0	10,976	0
M&T Bank Corp.	COM	55261F104	15,767	97,910	SH		SOLE		97,910	0	0
Main Street Capital Corp.	COM	56035L104	1,983	49,891	SH		SOLE		49,891	0	0
Main Street Capital Corp.	COM	56035L104	1,952	49,107	SH		DFND	1	0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	343	2,650	SH		SOLE		2,650	0	0
Markel Corp.	COM	570535104	76,945	72,047	SH		SOLE		72,047	0	0
Martin Marietta Materials Inc.	COM	573284106	88,369	428,496	SH		SOLE		428,496	0	0
Mastercard Inc. - A	COM	57636Q104	54,770	387,893	SH		SOLE		387,893	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,232	21,693	SH		SOLE		21,693	0	0
McDonald's Corp.	COM	580135101	17,227	109,952	SH		SOLE		109,952	0	0
MDU Resources Group Inc.	COM	552690109	14,329	552,176	SH		SOLE		552,176	0	0
Medley Capital Corp.	COM	58503F106	3	507	SH		SOLE		507	0	0
Medley Capital Corp.	COM	58503F106	3,503	586,714	SH		DFND	1	0	586,714	0
Medtronic	COM	G5960L103	15,325	197,059	SH		SOLE		197,059	0	0
Microsoft Corp.	COM	594918104	109,968	1,476,276	SH		SOLE		1,476,276	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	3,312	172,026	SH		SOLE		172,026	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	519	26,964	SH		DFND	1	0	26,964	0
Morningstar Inc.	COM	617700109	11,152	131,211	SH		SOLE		131,211	0	0
Morningstar Inc.	COM	617700109	586	6,892	SH		DFND	1	0	6,892	0
Movado Group Inc.	COM	624580106	3,892	138,998	SH		SOLE		138,998	0	0
Movado Group Inc.	COM	624580106	537	19,174	SH		DFND	1	0	19,174	0
MSC Industrial Direct Co. Inc.	COM	553530106	37,149	491,590	SH		SOLE		491,590	0	0
MTS Systems Corp.	COM	553777103	19,218	359,556	SH		SOLE		359,556	0	0
MTS Systems Corp.	COM	553777103	588	11,004	SH		DFND	1	0	11,004	0
Natus Medical Inc.	COM	639050103	38,583	1,028,892	SH		SOLE		1,028,892	0	0
Natus Medical Inc.	COM	639050103	573	15,269	SH		DFND	1	0	15,269	0
Nestle SA	COM	641069406	14,432	172,192	SH		SOLE		172,192	0	0
New Jersey Resources Corp.	COM	646025106	16,179	383,852	SH		SOLE		383,852	0	0
New Mountain Finance Corp.	COM	647551100	4,863	341,290	SH		SOLE		341,290	0	0
New Mountain Finance Corp.	COM	647551100	8,230	577,564	SH		DFND	1	0	577,564	0
NextEra Energy, Inc.	COM	65339F101	207	1,413	SH		SOLE		1,413	0	0
Nike Inc. - B	COM	654106103	11,693	225,524	SH		SOLE		225,524	0	0
Nordstrom Inc.	COM	655664100	10,937	231,955	SH		SOLE		231,955	0	0
Northern Trust Corporation	COM	665859104	106,653	1,160,159	SH		SOLE		1,160,159	0	0
Novartis AG - ADR	COM	66987V109	13,676	159,300	SH		SOLE		159,300	0	0
NXP Semiconductors N.V.	COM	N6596X109	47,815	422,807	SH		SOLE		422,807	0	0
OFS Capital Corp.	COM	67103B100	3,132	237,814	SH		SOLE		237,814	0	0
OFS Capital Corp.	COM	67103B100	2,661	202,084	SH		DFND	1	0	202,084	0
Patterson Companies Inc.	COM	703395103	8,889	229,997	SH		SOLE		229,997	0	0
Patterson Companies Inc.	COM	703395103	447	11,555	SH		DFND	1	0	11,555	0
Paychex Inc.	COM	704326107	102,182	1,704,164	SH		SOLE		1,704,164	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,286	88,817	SH		SOLE		88,817	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,197	82,645	SH		DFND	1	0	82,645	0
PennantPark Investment Corp.	COM	708062104	1,238	164,828	SH		SOLE		164,828	0	0
PennantPark Investment Corp.	COM	708062104	5,671	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	126,126	1,131,886	SH		SOLE		1,131,886	0	0
Pfizer Inc.	COM	717081103	83,252	2,331,993	SH		SOLE		2,331,993	0	0
Pimco Enhanced Short Maturity	COM	72201R833	242	2,375	SH		SOLE		2,375	0	0
Pioneer Natural Resources Co.	COM	723787107	228	1,543	SH		SOLE		1,543	0	0
Polaris Industries	COM	731068102	115,617	1,105,013	SH		SOLE		1,105,013	0	0
Potbelly Corp.	COM	73754Y100	3,249	261,976	SH		SOLE		261,976	0	0
Potbelly Corp.	COM	73754Y100	560	45,153	SH		DFND	1	0	45,153	0
Potlatch Corp.	COM	737630103	262	5,128	SH		SOLE		5,128	0	0
Praxair Inc.	COM	74005P104	102,405	732,828	SH		SOLE		732,828	0	0
Procter & Gamble Company	COM	742718109	14,473	159,074	SH		SOLE		159,074	0	0
Progressive Corp.	COM	743315103	97,896	2,021,813	SH		SOLE		2,021,813	0	0
Qualcomm Inc.	COM	747525103	545	10,504	SH		SOLE		10,504	0	0
Raven Industries Inc.	COM	754212108	4,074	125,745	SH		SOLE		125,745	0	0
Raven Industries Inc.	COM	754212108	434	13,405	SH		DFND	1	0	13,405	0
Rayonier Inc.	COM	754907103	84,648	2,930,023	SH		SOLE		2,930,023	0	0
Rayonier Inc.	COM	754907103	557	19,288	SH		DFND	1	0	19,288	0
RBC Bearings Incorporated	COM	75524B104	2,518	20,121	SH		SOLE		20,121	0	0
RBC Bearings Incorporated	COM	75524B104	455	3,636	SH		DFND	1	0	3,636	0
RE/MAX Holdings Inc.	COM	75524W108	3,162	49,755	SH		SOLE		49,755	0	0
RE/MAX Holdings Inc.	COM	75524W108	373	5,868	SH		DFND	1	0	5,868	0
REIT Index - Vanguard	COM	922908553	1,041	12,532	SH		SOLE		12,532	0	0
Ross Stores	COM	778296103	16,678	258,288	SH		SOLE		258,288	0	0
Royal Gold, Inc.	COM	780287108	360	4,182	SH		SOLE		4,182	0	0
RSP Permian, Inc.	COM	74978Q105	228	6,602	SH		SOLE		6,602	0	0
Russell 1000 Value Index - iSh	COM	464287598	205	1,727	SH		SOLE		1,727	0	0
Russell 2000 Growth Index - iS	COM	464287648	1,805	10,088	SH		SOLE		10,088	0	0
Russell 2000 Value Index - iSh	COM	464287630	2,514	20,258	SH		SOLE		20,258	0	0
Russell Midcap Growth Index Fu	COM	464287481	504	4,455	SH		SOLE		4,455	0	0
S&P 500 - SPDR	COM	78462F103	3,928	15,634	SH		SOLE		15,634	0	0
S&P 500 Growth Index - iShares	COM	464287309	552	3,850	SH		SOLE		3,850	0	0
S&P 500 Index Fund - iShares	COM	464287200	663	2,621	SH		SOLE		2,621	0	0
S&P 500 Value Index - iShares	COM	464287408	622	5,762	SH		SOLE		5,762	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	8,415	41,586	SH		SOLE		41,586	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	8,629	56,496	SH		SOLE		56,496	0	0
S&P SmallCap 600 Growth Index	COM	464287887	7,522	45,732	SH		SOLE		45,732	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	269	3,627	SH		SOLE		3,627	0	0
S&P SmallCap 600 Value Index F	COM	464287879	6,796	45,826	SH		SOLE		45,826	0	0
Sabina Gold & Silver Co NPV	COM	785246109	211	119,300	SH		SOLE		119,300	0	0
Schlumberger Ltd.	COM	806857108	39,073	560,102	SH		SOLE		560,102	0	0
Seabridge Gold Inc.	COM	811916105	210	17,198	SH		SOLE		17,198	0	0
SEI Investments Company	COM	784117103	16,906	276,873	SH		SOLE		276,873	0	0
Silver Trust - iShares	COM	46428Q109	203	12,907	SH		SOLE		12,907	0	0
Snyder's-Lance Inc.	COM	833551104	3,031	79,461	SH		SOLE		79,461	0	0
Snyder's-Lance Inc.	COM	833551104	461	12,091	SH		DFND	1	0	12,091	0
Solar Capital Ltd.	COM	83413U100	4,172	192,789	SH		SOLE		192,789	0	0
Solar Capital Ltd.	COM	83413U100	6,399	295,709	SH		DFND	1	0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	950	55,146	SH		SOLE		55,146	0	0
Solar Senior Capital Ltd.	COM	83416M105	414	24,013	SH		DFND	1	0	24,013	0
Southern Company	COM	842587107	98,034	1,994,985	SH		SOLE		1,994,985	0	0
Southwestern Energy Co.	COM	845467109	213	34,869	SH		SOLE		34,869	0	0
SPDR Barclays Intermediate Ter	COM	78464A672	1,928	32,118	SH		SOLE		32,118	0	0
SPDR Interm. Term Corporate Bo	COM	78464A375	15,030	435,536	SH		SOLE		435,536	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	9,304	190,221	SH		SOLE		190,221	0	0
SPDR Nuveen Barclays Capital S	COM	78468R739	377	7,748	SH		SOLE		7,748	0	0
SPDR S&P MidCap 400 ETF Trust	COM	78467Y107	208	638	SH		SOLE		638	0	0
Starbucks Corporation	COM	855244109	39,164	729,181	SH		SOLE		729,181	0	0
Stellus Capital Investment	COM	858568108	2,900	212,479	SH		SOLE		212,479	0	0
Stellus Capital Investment	COM	858568108	4,370	320,126	SH		DFND	1	0	320,126	0
Stryker Corp.	COM	863667101	80,977	570,177	SH		SOLE		570,177	0	0
T. Rowe Price Group Inc.	COM	74144T108	16,099	177,598	SH		SOLE		177,598	0	0
TCP Capital Corp.	COM	87238Q103	4,068	246,676	SH		SOLE		246,676	0	0
TCP Capital Corp.	COM	87238Q103	8,276	501,863	SH		DFND	1	0	501,863	0
Techne Corp.	COM	09073M104	3,375	27,921	SH		SOLE		27,921	0	0
Techne Corp.	COM	09073M104	390	3,227	SH		DFND	1	0	3,227	0
The Boston Beer Company Inc.	COM	100557107	3,500	22,410	SH		SOLE		22,410	0	0
The Boston Beer Company Inc.	COM	100557107	667	4,272	SH		DFND	1	0	4,272	0
The Clorox Company	COM	189054109	14,957	113,390	SH		SOLE		113,390	0	0
The Coca-Cola Company	COM	191216100	415	9,213	SH		SOLE		9,213	0	0
Thermo Fisher Scientific Inc.	COM	883556102	35,903	189,760	SH		SOLE		189,760	0	0
Thermon Group Holdings Inc.	COM	88362T103	3,533	196,368	SH		SOLE		196,368	0	0
Thermon Group Holdings Inc.	COM	88362T103	533	29,638	SH		DFND	1	0	29,638	0
THL Credit, Inc.	COM	872438106	2,916	312,530	SH		SOLE		312,530	0	0
THL Credit, Inc.	COM	872438106	6,975	747,618	SH		DFND	1	0	747,618	0
TJX Companies	COM	872540109	44,289	600,690	SH		SOLE		600,690	0	0
TPG Specialty Lending, Inc.	COM	87265K102	3,193	152,352	SH		SOLE		152,352	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,334	206,751	SH		DFND	1	0	206,751	0
Triangle Capital Corp.	COM	895848109	2,454	171,851	SH		SOLE		171,851	0	0
Triangle Capital Corp.	COM	895848109	4,664	326,594	SH		DFND	1	0	326,594	0
TriplePoint Venture Growth BDC	COM	89677Y100	2,981	222,468	SH		SOLE		222,468	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	6,350	473,845	SH		DFND	1	0	473,845	0
United Technologies Corp.	COM	913017109	32,825	282,776	SH		SOLE		282,776	0	0
US Bancorp	COM	902973304	254	4,745	SH		SOLE		4,745	0	0
VanEck Vectors Long Municipal	COM	92189F536	9,225	461,946	SH		SOLE		461,946	0	0
Vanguard Long Term Corporate B	COM	92206C813	2,912	30,925	SH		SOLE		30,925	0	0
Vanguard MSCI Emerging Markets	COM	922042858	6,535	149,987	SH		SOLE		149,987	0	0
Vanguard Total Stock Market	COM	922908769	311	2,402	SH		SOLE		2,402	0	0
Varex Imaging Corp	COM	92214x106	2,408	71,170	SH		SOLE		71,170	0	0
Varex Imaging Corp	COM	92214x106	248	7,321	SH		DFND	1	0	7,321	0
Varian Medical Systems Inc.	COM	92220P105	5,335	53,321	SH		SOLE		53,321	0	0
Veritex Holdings	COM	923451108	3,417	126,754	SH		SOLE		126,754	0	0
Veritex Holdings	COM	923451108	530	19,669	SH		DFND	1	0	19,669	0
Visa, Inc. - A	COM	92826C839	685	6,507	SH		SOLE		6,507	0	0
Vulcan Materials Co.	COM	929160109	262	2,189	SH		SOLE		2,189	0	0
W.R. Berkley Corp.	COM	084423102	31,486	471,775	SH		SOLE		471,775	0	0
Wells Fargo & Company	COM	949746101	358	6,497	SH		SOLE		6,497	0	0
Weyerhaeuser Co.	COM	962166104	79,655	2,340,742	SH		SOLE		2,340,742	0	0
Wheaton Precious Metals Corp	COM	962879102	271	14,203	SH		SOLE		14,203	0	0
WisdomTree LargeCap Dividend F	COM	97717W307	441	5,077	SH		SOLE		5,077	0	0