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
3M Company	COM	88579Y101	108,379	550,932	SH		SOLE		550,932	0	0
51Job Inc. - ADR	COM	316827104	304	3,112	SH		SOLE		3,112	0	0
Abbott Laboratories	COM	002824100	899	14,746	SH		SOLE		14,746	0	0
Accenture PLC	COM	G1151C101	21,004	128,396	SH		SOLE		128,181	0	215
AIA Group Lrd	COM	001317205	1,531	43,699	SH		SOLE		42,794	0	905
Air Products & Chemicals Inc.	COM	009158106	15,966	102,526	SH		SOLE		102,526	0	0
Alcentra Capital Corporation	COM	01374T102	1,104	172,787	SH		DFND	1	0	172,787	0
Alibaba Group Holding Ltd	COM	01609W102	2,147	11,571	SH		SOLE		11,456	0	115
Align Technology Inc.	COM	016255101	526	1,538	SH		SOLE		1,538	0	0
Allergan Inc.	COM	G0177J108	59,327	355,849	SH		SOLE		355,849	0	0
Allied Motion Technologies Inc	COM	019330109	5,959	124,459	SH		SOLE		124,459	0	0
Allied Motion Technologies Inc	COM	019330109	799	16,688	SH		DFND	1	0	16,688	0
Alphabet Inc. - Class A	COM	02079K305	2,499	2,213	SH		SOLE		2,213	0	0
Alphabet Inc. - Class C	COM	02079K107	31,109	27,885	SH		SOLE		27,885	0	0
Amazon.com, Inc.	COM	023135106	250	147	SH		SOLE		147	0	0
American Express Company	COM	025816109	45,104	460,245	SH		SOLE		460,245	0	0
American International Group I	COM	026874784	57,617	1,086,700	SH		SOLE		1,086,700	0	0
Analog Devices Inc.	COM	032654105	45,661	476,027	SH		SOLE		476,027	0	0
Annaly Capital Management Inc.	COM	035710409	48	4,674	SH		SOLE		4,674	0	0
Annaly Capital Management Inc.	COM	035710409	4,958	481,782	SH		DFND	1	0	481,782	0
Apollo Investment Corp.	COM	03761U106	1,116	200,333	SH		SOLE		200,333	0	0
Apollo Investment Corp.	COM	03761U106	3,070	551,102	SH		DFND	1	0	551,102	0
Apple Inc.	COM	037833100	375	2,026	SH		SOLE		2,026	0	0
APTIV PLC	COM	G6095L109	1,617	17,651	SH		SOLE		17,311	0	340
Ares Capital Corp.	COM	04010L103	74,150	4,507,577	SH		SOLE		4,507,577	0	0
Ares Capital Corp.	COM	04010L103	11,884	722,412	SH		DFND	1	0	722,412	0
Astec Industries	COM	046224101	4,259	71,216	SH		SOLE		71,216	0	0
Astec Industries	COM	046224101	577	9,644	SH		DFND	1	0	9,644	0
Automatic Data Processing, Inc	COM	053015103	203	1,514	SH		SOLE		1,514	0	0
Axalta Coating Systems LTD	COM	G0750C108	66,728	2,201,529	SH		SOLE		2,201,529	0	0
Baidu Inc. ADS	COM	056752108	365	1,503	SH		SOLE		1,503	0	0
Banco Bradesco S.A.	COM	059460303	230	33,501	SH		SOLE		33,501	0	0
Banco Santander - ADR	COM	05964H105	972	182,018	SH		SOLE		177,990	0	4,028
Bank of America Corp.	COM	060505104	642	22,767	SH		SOLE		22,767	0	0
Bank of Marin (CA)	COM	063425102	5,201	64,328	SH		SOLE		64,328	0	0
Bank of Marin (CA)	COM	063425102	641	7,934	SH		DFND	1	0	7,934	0
Barclays 20 Plus Year Treasury	COM	464287432	17,593	144,539	SH		SOLE		144,539	0	0
Barclays Capital High Yield Bo	COM	78464A417	368	10,382	SH		SOLE		10,382	0	0
Becton Dickinson and Company	COM	075887109	20,561	85,827	SH		SOLE		85,827	0	0
Belo Sun Mining Corp Com NPV	COM	080558109	129	711,910	SH		SOLE		711,910	0	0
Berkshire Hathaway Inc. - B	COM	084670702	33,815	181,170	SH		SOLE		181,170	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,410	5	SH		SOLE		5	0	0
Black Knight Inc	COM	09215C105	115,595	2,158,644	SH		SOLE		2,158,644	0	0
BlackRock, Inc.	COM	09247X101	362	725	SH		SOLE		725	0	0
BP PLC (Adr 1:6)	COM	055622104	1,513	33,131	SH		SOLE		32,431	0	700
Broadcom Inc	COM	11135F101	353	1,455	SH		SOLE		1,455	0	0
Broadridge Financial Solutions	COM	11133T103	102,811	893,232	SH		SOLE		893,232	0	0
Brown & Brown Inc.	COM	115236101	28,491	1,027,427	SH		SOLE		1,027,427	0	0
Brown & Brown Inc.	COM	115236101	540	19,490	SH		DFND	1	0	19,490	0
Byd Company Limited Adr	COM	05606L100	227	18,302	SH		SOLE		18,302	0	0
Cambrex Corp	COM	132011107	4,220	80,680	SH		SOLE		80,680	0	0
Cambrex Corp	COM	132011107	650	12,419	SH		DFND	1	0	12,419	0
Capstead Mortgage Corp.	COM	14067E506	23	2,562	SH		SOLE		2,562	0	0
Capstead Mortgage Corp.	COM	14067E506	971	108,500	SH		DFND	1	0	108,500	0
Chevron Corp.	COM	166764100	115,782	915,778	SH		SOLE		915,778	0	0
China Southern Airlines Co Ltd	COM	169409109	241	6,089	SH		SOLE		6,089	0	0
Chubb Corp	COM	H1467J104	98,890	778,543	SH		SOLE		778,353	0	190
CM Finance Inc.	COM	12574Q103	873	98,073	SH		SOLE		98,073	0	0
CM Finance Inc.	COM	12574Q103	1,160	130,340	SH		DFND	1	0	130,340	0
CNOOC Ltd.	COM	126132109	418	2,443	SH		SOLE		2,443	0	0
Colgate-Palmolive Co.	COM	194162103	98,484	1,519,578	SH		SOLE		1,519,578	0	0
Commerce Bancshares Inc.	COM	200525103	19,965	308,534	SH		SOLE		308,534	0	0
Compagnie Financiere Richemont	COM	204319107	58,866	6,991,231	SH		SOLE		6,991,231	0	0
Continental Resources, Inc.	COM	212015101	300	4,639	SH		SOLE		4,639	0	0
Corporate Capital Trust Inc	COM	219880101	1,030	65,931	SH		SOLE		65,931	0	0
Corporate Capital Trust Inc	COM	219880101	156	10,000	SH		DFND	1	0	10,000	0
Costco Wholesale Corporation	COM	22160K105	315	1,509	SH		SOLE		1,509	0	0
CREDICORP LTD	COM	G2519Y108	351	1,561	SH		SOLE		1,561	0	0
Credit Suisse Group AG	COM	225401108	1,657	111,356	SH		SOLE		109,641	0	1,715
Cullen Frost Bankers Inc.	COM	229899109	16,412	151,628	SH		SOLE		151,628	0	0
Culp Inc.	COM	230215105	3,131	127,543	SH		SOLE		127,543	0	0
Culp Inc.	COM	230215105	439	17,898	SH		DFND	1	0	17,898	0
CYS Investments Inc	COM	12673A108	21	2,792	SH		SOLE		2,792	0	0
CYS Investments Inc	COM	12673A108	6,970	929,380	SH		DFND	1	0	929,380	0
DBS GROUP HOLDINGS-SPON ADR	COM	23304y100	1,612	20,514	SH		SOLE		20,089	0	425
Diageo PLC	COM	25243Q205	140,468	975,401	SH		SOLE		975,196	0	205
Digital Realty Trust Inc.	COM	253868103	69,323	621,289	SH		SOLE		621,289	0	0
Discovery Communications Inc.	COM	25470F302	18,536	726,906	SH		SOLE		726,906	0	0
Donaldson Inc.	COM	257651109	16,659	369,212	SH		SOLE		369,212	0	0
Dow Jones US Financial Sector	COM	464287788	1,490	12,711	SH		SOLE		12,711	0	0
DowDuPont Inc	COM	26078J100	145,189	2,202,498	SH		SOLE		2,202,498	0	0
DSV A/S-Unsponsored ADR	COM	26251A108	705	17,545	SH		SOLE		17,180	0	365
Ecopetrol SA	COM	279158109	1,552	75,540	SH		SOLE		75,010	0	530
Elbit Systems Ltd	COM	M3760D101	1,605	13,521	SH		SOLE		13,261	0	260
Eli Lilly & Co.	COM	532457108	209	2,449	SH		SOLE		2,449	0	0
Energy Select Sector - SPDR	COM	81369Y506	1,394	18,353	SH		SOLE		18,353	0	0
EOG Resources	COM	26875P101	780	6,268	SH		SOLE		6,268	0	0
ETFS Physical Platinum	COM	26922v101	325	4,006	SH		SOLE		4,006	0	0
European ETF - Vanguard	COM	922042874	4,520	80,521	SH		SOLE		80,521	0	0
Expeditors International of Wa	COM	302130109	15,671	214,372	SH		SOLE		214,372	0	0
Exponent Inc.	COM	30214U102	1,638	33,905	SH		SOLE		33,905	0	0
Exponent Inc.	COM	30214U102	212	4,396	SH		DFND	1	0	4,396	0
Exxon Mobil Corp.	COM	30231G102	14,880	179,861	SH		SOLE		179,861	0	0
Fanuc Ltd. ADS	COM	307305102	1,199	60,465	SH		SOLE		59,210	0	1,255
Fastenal Co.	COM	311900104	118,998	2,472,425	SH		SOLE		2,472,425	0	0
Fidelity National Financial In	COM	31620R303	91,362	2,428,545	SH		SOLE		2,428,545	0	0
Fortuna Silver Mines Inc	COM	349915108	119	20,905	SH		SOLE		20,905	0	0
Forward Air Corp.	COM	349853101	4,424	74,874	SH		SOLE		74,874	0	0
Forward Air Corp.	COM	349853101	592	10,022	SH		DFND	1	0	10,022	0
Franco-Nevada Corp.	COM	351858105	307	4,207	SH		SOLE		4,207	0	0
Franklin Street Properties Cor	COM	35471R106	685	80,000	SH		SOLE		80,000	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	175	10,152	SH		SOLE		10,152	0	0
Fresenius Medical Care AG & Co	COM	358029106	701	13,916	SH		SOLE		13,626	0	290
FS Investment Corp.	COM	302635107	2,720	370,132	SH		SOLE		370,132	0	0
FS Investment Corp.	COM	302635107	1,546	210,300	SH		DFND	1	0	210,300	0
Gartner Inc	COM	366651107	836	6,293	SH		SOLE		6,293	0	0
Gartner Inc	COM	366651107	169	1,272	SH		DFND	1	0	1,272	0
Gates Industrial	COM	G39108108	3,571	219,482	SH		SOLE		219,482	0	0
General Dynamics Corp.	COM	369550108	15,395	82,586	SH		SOLE		82,586	0	0
Gilead Sciences	COM	375558103	86,231	1,217,269	SH		SOLE		1,217,269	0	0
Gladstone Commercial Corp.	COM	376536108	4,420	229,986	SH		SOLE		229,986	0	0
Gladstone Commercial Corp.	COM	376536108	634	33,008	SH		DFND	1	0	33,008	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	58,242	1,444,856	SH		SOLE		1,444,856	0	0
Gold Shares - SPDR	COM	78463V107	303	2,557	SH		SOLE		2,557	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,434	118,855	SH		SOLE		118,855	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,087	53,063	SH		DFND	1	0	53,063	0
Golub Capital BDC Inc.	COM	38173M102	4,410	241,007	SH		SOLE		241,007	0	0
Golub Capital BDC Inc.	COM	38173M102	7,864	429,730	SH		DFND	1	0	429,730	0
Graco Inc.	COM	384109104	101,254	2,239,142	SH		SOLE		2,239,142	0	0
Graco Inc.	COM	384109104	183	4,050	SH		DFND	1	0	4,050	0
Halyard Health Inc.	COM	40650V100	5,440	95,017	SH		SOLE		95,017	0	0
Halyard Health Inc.	COM	40650V100	765	13,364	SH		DFND	1	0	13,364	0
Harvest Capital Credit Corp	COM	41753F109	176	16,699	SH		DFND	1	0	16,699	0
HCA Holdings Inc	COM	40412C101	283	2,755	SH		SOLE		2,755	0	0
HDFC Bank Ltd	COM	40415F101	375	3,573	SH		SOLE		3,573	0	0
Hercules Technology Growth Cap	COM	427096508	3,037	240,056	SH		SOLE		240,056	0	0
Hercules Technology Growth Cap	COM	427096508	7,408	585,598	SH		DFND	1	0	585,598	0
High Yield Corporate Bond Fund	COM	464288513	372	4,373	SH		SOLE		4,373	0	0
Home Depot Inc.	COM	437076102	23,613	121,032	SH		SOLE		121,032	0	0
Honeywell International, Inc.	COM	438516106	368	2,557	SH		SOLE		2,557	0	0
Huazhu Group Ltd.	COM	44332N106	534	12,721	SH		SOLE		12,721	0	0
Icon PLC	COM	G4705A100	2,531	19,097	SH		SOLE		18,767	0	330
Illinois Tool Works Inc.	COM	452308109	40,268	290,663	SH		SOLE		290,663	0	0
INFINEON TECHNOLOGIES-ADR	COM	45662n103	796	31,129	SH		SOLE		30,424	0	705
ING Groep NV	COM	456837103	1,694	118,277	SH		SOLE		116,237	0	2,040
Innophos Holdings Inc	COM	45774N108	4,368	91,767	SH		SOLE		91,767	0	0
Innophos Holdings Inc	COM	45774N108	652	13,690	SH		DFND	1	0	13,690	0
Invesco BulletShares 2019	COM	46138j304	5,520	262,904	SH		SOLE		262,904	0	0
Invesco BulletShares 2020	COM	46138j502	5,489	260,648	SH		SOLE		260,648	0	0
Invesco BulletShares 2021	COM	46138j700	5,454	262,768	SH		SOLE		262,768	0	0
Invesco BulletShares 2022	COM	46138j882	5,438	263,346	SH		SOLE		263,346	0	0
Invesco BulletShares 2024	COM	46138j841	16,183	806,377	SH		SOLE		806,377	0	0
Invesco BulletShares 2025	COM	46138j825	3,582	181,020	SH		SOLE		181,020	0	0
IQIYI Inc	COM	46267X108	256	7,935	SH		SOLE		7,935	0	0
Iron Mountain	COM	46284V101	92,857	2,652,310	SH		SOLE		2,652,310	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	26,998	263,371	SH		SOLE		263,371	0	0
iShares Core MSCI Emerging Mar	COM	46434G103	3,764	71,680	SH		SOLE		71,680	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	12,585	490,695	SH		SOLE		490,695	0	0
iShares Corporate ex Financial	COM	46432FAK3	9,150	375,909	SH		SOLE		375,909	0	0
iShares Corporate ex Financial	COM	46432FAN7	17,937	761,347	SH		SOLE		761,347	0	0
iShares Corporate iBonds ETF 2	COM	46435GAA0	14,293	612,887	SH		SOLE		612,887	0	0
iShares Floating Rate Note Fun	COM	46429B655	243	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	5,151	428,542	SH		SOLE		428,542	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	6,987	274,762	SH		SOLE		274,762	0	0
iShares iBonds Dec 2021 Term C	COM	46434VBK5	4,531	185,938	SH		SOLE		185,938	0	0
iShares iBonds Dec 2022 AMT-Fr	COM	46435G755	6,934	271,724	SH		SOLE		271,724	0	0
iShares iBonds Dec 2023 Term C	COM	46434VAX8	2,558	105,344	SH		SOLE		105,344	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	360	14,273	SH		SOLE		14,273	0	0
iShares iBonds Dec 2025 Term C	COM	46434VBD1	2,542	106,213	SH		SOLE		106,213	0	0
iShares iBonds Dec 2027 Term C	COM	46435UAA9	2,543	107,699	SH		SOLE		107,699	0	0
iShares iBonds Sep 2019 Amt Fr	COM	46429B564	3,111	122,518	SH		SOLE		122,518	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	5,044	198,752	SH		SOLE		198,752	0	0
iShares Interm. Term Corporate	COM	464288638	7,294	68,660	SH		SOLE		68,660	0	0
iShares MBS Bond ETF	COM	464288588	19,112	183,451	SH		SOLE		183,451	0	0
iShares MSCI ACWI EX US ETF	COM	464288240	5,914	125,173	SH		SOLE		125,173	0	0
iShares MSCI Emerging Markets	COM	464286475	1,441	30,187	SH		SOLE		30,187	0	0
iShares MSCI Japan Index	COM	46434G822	1,597	27,575	SH		SOLE		27,090	0	485
iShares Muni Bond 2023	COM	46435G318	1,694	67,901	SH		SOLE		67,901	0	0
iShares National AMT-Free Muni	COM	464288414	4,435	40,669	SH		SOLE		40,669	0	0
iShares Residential Real Estat	COM	464288562	1,365	21,645	SH		SOLE		21,645	0	0
Itau Unibanco Holding S/A ADS	COM	465562106	305	29,363	SH		SOLE		29,363	0	0
Jazz Pharmaceuticals Plc	COM	G50871105	940	5,453	SH		SOLE		5,308	0	145
JD.com Inc	COM	47215P106	362	9,295	SH		SOLE		9,295	0	0
John Bean Technologies Corp.	COM	477839104	4,094	46,052	SH		SOLE		46,052	0	0
John Bean Technologies Corp.	COM	477839104	586	6,591	SH		DFND	1	0	6,591	0
Johnson & Johnson	COM	478160104	137,825	1,135,858	SH		SOLE		1,135,858	0	0
JP Morgan Chase & Company	COM	46625H100	1,221	11,716	SH		SOLE		11,716	0	0
KB Financial Group Inc	COM	48241a105	900	19,360	SH		SOLE		19,140	0	220
KCAP Financial Inc	COM	48668E101	1,107	340,472	SH		DFND	1	0	340,472	0
Kemper Corp.	COM	488401100	338	4,470	SH		SOLE		4,470	0	0
Kimberly-Clark Corporation	COM	494368103	231	2,197	SH		SOLE		2,197	0	0
Kinder Morgan Inc.	COM	49456B101	103,064	5,832,739	SH		SOLE		5,832,739	0	0
KOMATSU LTD	COM	500458401	1,105	38,802	SH		SOLE		37,972	0	830
Kraft Heinz Co.	COM	500754106	90,900	1,446,990	SH		SOLE		1,446,990	0	0
Lam Research Corporation	COM	512807108	400	2,314	SH		SOLE		2,314	0	0
Leagold Mining Corp	COM	52176A205	156	77,752	SH		SOLE		77,752	0	0
Localiza Rent a Car SA	COM	53956W300	309	51,287	SH		SOLE		51,287	0	0
Lockheed Martin Corp	COM	539830109	16,649	56,355	SH		SOLE		56,355	0	0
Lowe's Companies Inc.	COM	548661107	32,681	341,960	SH		SOLE		341,960	0	0
Luxoft Holding Inc	COM	G57279104	3,127	84,871	SH		SOLE		84,871	0	0
Luxoft Holding Inc	COM	G57279104	541	14,676	SH		DFND	1	0	14,676	0
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,506	22,713	SH		SOLE		22,228	0	485
M&T Bank Corp.	COM	55261F104	17,401	102,266	SH		SOLE		102,266	0	0
Main Street Capital Corp.	COM	56035L104	1,408	36,994	SH		SOLE		36,994	0	0
Main Street Capital Corp.	COM	56035L104	1,869	49,107	SH		DFND	1	0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	389	2,479	SH		SOLE		2,479	0	0
Markel Corp.	COM	570535104	70,903	65,388	SH		SOLE		65,388	0	0
Martin Marietta Materials Inc.	COM	573284106	99,179	444,093	SH		SOLE		444,093	0	0
Mastercard Inc. - A	COM	57636Q104	60,018	305,406	SH		SOLE		305,406	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,313	22,605	SH		SOLE		22,605	0	0
McDonald's Corp.	COM	580135101	17,532	111,888	SH		SOLE		111,888	0	0
MDU Resources Group Inc.	COM	552690109	17,223	600,506	SH		SOLE		600,506	0	0
Medley Capital Corp.	COM	58503F106	1,689	486,714	SH		DFND	1	0	486,714	0
Medtronic	COM	G5960L103	18,042	210,747	SH		SOLE		210,747	0	0
Melco Resorts & Entertainment	COM	585464100	882	31,507	SH		SOLE		31,507	0	0
MERCADOLIBRE INC	COM	58733R102	295	987	SH		SOLE		987	0	0
Microsoft Corp.	COM	594918104	139,136	1,410,977	SH		SOLE		1,410,977	0	0
Mitsubishi UFJ Financial	COM	606822104	1,289	228,182	SH		SOLE		224,222	0	3,960
MKT VCTR RUSSIA SBI	COM	92189F403	346	16,307	SH		SOLE		16,307	0	0
MOBILE TELESYSTEMS OJSC	COM	607409109	135	15,243	SH		SOLE		15,243	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	4,616	227,378	SH		SOLE		227,378	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	633	31,183	SH		DFND	1	0	31,183	0
Morningstar Inc.	COM	617700109	16,625	129,632	SH		SOLE		129,632	0	0
Morningstar Inc.	COM	617700109	884	6,892	SH		DFND	1	0	6,892	0
Movado Group Inc.	COM	624580106	6,629	137,239	SH		SOLE		137,239	0	0
Movado Group Inc.	COM	624580106	926	19,174	SH		DFND	1	0	19,174	0
MSC Industrial Direct Co. Inc.	COM	553530106	37,357	440,267	SH		SOLE		440,267	0	0
MSCI Korea Index Fund - iShare	COM	464286772	322	4,758	SH		SOLE		4,758	0	0
MTS Systems Corp.	COM	553777103	20,764	394,373	SH		SOLE		394,373	0	0
MTS Systems Corp.	COM	553777103	606	11,504	SH		DFND	1	0	11,504	0
Naspers Ltd	COM	631512209	1,541	30,742	SH		SOLE		30,348	0	394
Natus Medical Inc.	COM	639050103	32,582	944,405	SH		SOLE		944,405	0	0
Natus Medical Inc.	COM	639050103	561	16,269	SH		DFND	1	0	16,269	0
Nestle SA	COM	641069406	14,800	191,144	SH		SOLE		191,144	0	0
New Jersey Resources Corp.	COM	646025106	18,321	409,412	SH		SOLE		409,412	0	0
New Mountain Finance Corp.	COM	647551100	4,613	339,207	SH		SOLE		339,207	0	0
New Mountain Finance Corp.	COM	647551100	7,855	577,564	SH		DFND	1	0	577,564	0
Nike Inc. - B	COM	654106103	19,370	243,097	SH		SOLE		243,097	0	0
Nintendo Co. Ltd. ADS	COM	654445303	1,003	24,591	SH		SOLE		24,081	0	510
Noah Holdings Ltd	COM	65487X102	299	5,724	SH		SOLE		5,724	0	0
Nordstrom Inc.	COM	655664100	10,563	204,003	SH		SOLE		204,003	0	0
Northern Trust Corporation	COM	665859104	122,851	1,194,006	SH		SOLE		1,194,006	0	0
Novartis AG - ADR	COM	66987V109	13,518	178,954	SH		SOLE		178,954	0	0
NVIDIA Corp.	COM	67066G104	223	942	SH		SOLE		942	0	0
NXP Semiconductors N.V.	COM	N6596X109	41,360	378,515	SH		SOLE		378,515	0	0
Oaktree Specialty Lending Corp	COM	67401P108	1,486	310,809	SH		SOLE		310,809	0	0
OFS Capital Corp.	COM	67103B100	2,729	238,116	SH		SOLE		238,116	0	0
OFS Capital Corp.	COM	67103B100	2,316	202,084	SH		DFND	1	0	202,084	0
Oracle Corporation	COM	68389X105	25,797	585,507	SH		SOLE		585,507	0	0
Orix Corp. ADS	COM	686330101	1,146	14,510	SH		SOLE		14,190	0	320
Osisko Gold Royalties Ltd	COM	68827L101	214	22,598	SH		SOLE		22,598	0	0
Patterson Companies Inc.	COM	703395103	10,688	471,462	SH		SOLE		471,462	0	0
Patterson Companies Inc.	COM	703395103	557	24,555	SH		DFND	1	0	24,555	0
Paychex Inc.	COM	704326107	120,515	1,763,199	SH		SOLE		1,763,199	0	0
PayPal Holdings, Inc.	COM	70450Y103	583	7,002	SH		SOLE		7,002	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,206	88,312	SH		SOLE		88,312	0	0
PennantPark Investment Corp.	COM	708062104	1,153	164,667	SH		SOLE		164,667	0	0
PennantPark Investment Corp.	COM	708062104	5,289	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	130,543	1,199,068	SH		SOLE		1,199,068	0	0
Pfizer Inc.	COM	717081103	89,112	2,456,219	SH		SOLE		2,456,219	0	0
Pimco Enhanced Short Maturity	COM	72201R833	241	2,375	SH		SOLE		2,375	0	0
Pioneer Natural Resources Co.	COM	723787107	288	1,520	SH		SOLE		1,520	0	0
Polaris Industries	COM	731068102	138,321	1,132,105	SH		SOLE		1,132,105	0	0
Potbelly Corp.	COM	73754Y100	3,958	305,610	SH		SOLE		305,610	0	0
Potbelly Corp.	COM	73754Y100	585	45,153	SH		DFND	1	0	45,153	0
Potlatch Corp.	COM	737630103	236	4,643	SH		SOLE		4,643	0	0
PPG Industries Inc.	COM	693506107	16,223	156,401	SH		SOLE		156,401	0	0
Praxair Inc.	COM	74005P104	119,175	753,557	SH		SOLE		753,557	0	0
Procter & Gamble Company	COM	742718109	14,112	180,789	SH		SOLE		180,789	0	0
Progressive Corp.	COM	743315103	121,308	2,050,862	SH		SOLE		2,050,862	0	0
Raven Industries Inc.	COM	754212108	4,915	127,833	SH		SOLE		127,833	0	0
Raven Industries Inc.	COM	754212108	515	13,405	SH		DFND	1	0	13,405	0
Rayonier Inc.	COM	754907103	116,989	3,023,764	SH		SOLE		3,023,764	0	0
Rayonier Inc.	COM	754907103	746	19,288	SH		DFND	1	0	19,288	0
RBC Bearings Incorporated	COM	75524B104	2,792	21,675	SH		SOLE		21,675	0	0
RBC Bearings Incorporated	COM	75524B104	544	4,226	SH		DFND	1	0	4,226	0
RE/MAX Holdings Inc.	COM	75524W108	4,591	87,533	SH		SOLE		87,533	0	0
RE/MAX Holdings Inc.	COM	75524W108	592	11,293	SH		DFND	1	0	11,293	0
REIT Index - Vanguard	COM	922908553	610	7,486	SH		SOLE		7,486	0	0
Rio Tinto PLC	COM	767204100	1,865	33,611	SH		SOLE		32,891	0	720
RMR Group Inc	COM	74967R106	5,442	69,371	SH		SOLE		69,371	0	0
RMR Group Inc	COM	74967R106	702	8,949	SH		DFND	1	0	8,949	0
Royal Dutch Shell PLC - Cl A	COM	780259206	1,936	27,969	SH		SOLE		27,519	0	450
Royal Gold, Inc.	COM	780287108	356	3,836	SH		SOLE		3,836	0	0
Russell 1000 Value Index - iSh	COM	464287598	230	1,897	SH		SOLE		1,897	0	0
Russell 2000 Growth Index - iS	COM	464287648	475	2,325	SH		SOLE		2,325	0	0
S&P 500 - SPDR	COM	78462F103	3,969	14,632	SH		SOLE		14,632	0	0
S&P 500 Growth Index - iShares	COM	464287309	21,843	134,330	SH		SOLE		134,330	0	0
S&P 500 Index Fund - iShares	COM	464287200	421	1,543	SH		SOLE		1,543	0	0
S&P 500 Value Index - iShares	COM	464287408	13,659	124,029	SH		SOLE		124,029	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	7,494	33,340	SH		SOLE		33,340	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	5,232	32,288	SH		SOLE		32,288	0	0
S&P SmallCap 600 Growth Index	COM	464287887	10,811	57,215	SH		SOLE		57,215	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	312	3,739	SH		SOLE		3,739	0	0
S&P SmallCap 600 Value Index F	COM	464287879	7,386	45,238	SH		SOLE		45,238	0	0
Sabina Gold & Silver Co NPV	COM	785246109	127	108,120	SH		SOLE		108,120	0	0
SAP AG - ADS	COM	803054204	793	6,857	SH		SOLE		6,697	0	160
Schlumberger Ltd.	COM	806857108	41,311	616,303	SH		SOLE		616,303	0	0
Seabridge Gold Inc.	COM	811916105	246	22,042	SH		SOLE		22,042	0	0
SEI Investments Company	COM	784117103	17,515	280,157	SH		SOLE		280,157	0	0
Shopify Inc	COM	82509L107	2,384	16,340	SH		SOLE		16,060	0	280
Silver Trust - iShares	COM	46428Q109	180	11,876	SH		SOLE		11,876	0	0
Smith & Nephew (Adr 1:5)	COM	83175M205	612	16,305	SH		SOLE		15,880	0	425
Soc Quimica Y Minera Chile (Ad	COM	833635105	334	6,952	SH		SOLE		6,952	0	0
Solar Capital Ltd.	COM	83413U100	3,910	191,271	SH		SOLE		191,271	0	0
Solar Capital Ltd.	COM	83413U100	6,044	295,709	SH		DFND	1	0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	1,086	66,573	SH		SOLE		66,573	0	0
Sony Corp. ADS	COM	835699307	1,641	32,018	SH		SOLE		31,403	0	615
Southern Company	COM	842587107	102,888	2,221,714	SH		SOLE		2,221,714	0	0
SPDR KBW REGIONAL BA	COM	78464A698	645	10,572	SH		SOLE		10,572	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	9,053	188,693	SH		SOLE		188,693	0	0
SPDR Portfolio Intermediate Te	COM	78464A375	14,453	434,157	SH		SOLE		434,157	0	0
SPDR Portfolio World Ex US ETF	COM	78463X889	3,533	116,221	SH		SOLE		116,221	0	0
Spectrum Brands Holdings Inc	COM	84763R101	40,155	491,976	SH		SOLE		491,976	0	0
Starbucks Corporation	COM	855244109	38,078	779,491	SH		SOLE		779,491	0	0
Stellus Capital Investment	COM	858568108	2,717	212,610	SH		SOLE		212,610	0	0
Stellus Capital Investment	COM	858568108	4,347	340,126	SH		DFND	1	0	340,126	0
Stryker Corp.	COM	863667101	75,082	444,640	SH		SOLE		444,640	0	0
Sumitomo Mitsui-Spons ADR	COM	86562M209	1,506	193,790	SH		SOLE		190,555	0	3,235
Sysmex Corp	COM	87184P109	1,498	32,279	SH		SOLE		31,604	0	675
T. Rowe Price Group Inc.	COM	74144T108	20,662	177,979	SH		SOLE		177,979	0	0
Taiwan Semiconductor Manufactu	COM	874039100	730	19,976	SH		SOLE		19,721	0	255
TAL Education Group	COM	874080104	471	12,790	SH		SOLE		12,790	0	0
TCP Capital Corp.	COM	87238Q103	3,559	246,293	SH		SOLE		246,293	0	0
TCP Capital Corp.	COM	87238Q103	7,252	501,863	SH		DFND	1	0	501,863	0
TE Connectivity Ltd.	COM	H84989104	245	2,716	SH		SOLE		2,716	0	0
Techne Corp.	COM	09073M104	4,073	27,533	SH		SOLE		27,533	0	0
Techne Corp.	COM	09073M104	522	3,527	SH		DFND	1	0	3,527	0
Teck Resources Limited	COM	878742204	1,429	56,154	SH		SOLE		55,054	0	1,100
Tencent Holdings LTD	COM	88032Q109	1,660	33,025	SH		SOLE		32,715	0	310
The Boston Beer Company Inc.	COM	100557107	5,856	19,538	SH		SOLE		19,538	0	0
The Boston Beer Company Inc.	COM	100557107	891	2,972	SH		DFND	1	0	2,972	0
The Clorox Company	COM	189054109	16,709	123,544	SH		SOLE		123,544	0	0
The Coca-Cola Company	COM	191216100	407	9,282	SH		SOLE		9,282	0	0
Thermo Fisher Scientific Inc.	COM	883556102	33,901	163,663	SH		SOLE		163,663	0	0
Thermon Group Holdings Inc.	COM	88362T103	4,810	210,340	SH		SOLE		210,340	0	0
Thermon Group Holdings Inc.	COM	88362T103	678	29,638	SH		DFND	1	0	29,638	0
THL Credit, Inc.	COM	872438106	2,521	322,419	SH		SOLE		322,419	0	0
THL Credit, Inc.	COM	872438106	5,846	747,618	SH		DFND	1	0	747,618	0
TJX Companies	COM	872540109	57,907	608,395	SH		SOLE		608,395	0	0
Torex Gold Res Inc	COM	891054603	150	17,029	SH		SOLE		17,029	0	0
TPG Specialty Lending, Inc.	COM	87265K102	2,749	153,231	SH		SOLE		153,231	0	0
TPG Specialty Lending, Inc.	COM	87265K102	3,709	206,751	SH		DFND	1	0	206,751	0
Triangle Capital Corp.	COM	895848109	3,838	333,702	SH		SOLE		333,702	0	0
Triangle Capital Corp.	COM	895848109	7,691	668,812	SH		DFND	1	0	668,812	0
TriplePoint Venture Growth BDC	COM	89677Y100	2,751	221,326	SH		SOLE		221,326	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	5,890	473,845	SH		DFND	1	0	473,845	0
Unilever Plc	COM	904767704	1,326	23,985	SH		SOLE		23,500	0	485
United Overseas Bank Limited	COM	911271302	1,441	36,538	SH		SOLE		35,853	0	685
United Technologies Corp.	COM	913017109	41,116	328,846	SH		SOLE		328,846	0	0
US Bancorp	COM	902973304	259	5,169	SH		SOLE		5,169	0	0
US Concrete Inc	COM	90333L201	2,928	55,763	SH		SOLE		55,763	0	0
Vale SA (Adr)	COM	91912E105	231	18,035	SH		SOLE		18,035	0	0
VanEck Vectors Long Municipal	COM	92189F536	8,914	449,054	SH		SOLE		449,054	0	0
Vanguard Long Term Corporate B	COM	92206C813	1,817	20,744	SH		SOLE		20,744	0	0
Vanguard MSCI Emerging Markets	COM	922042858	6,919	163,957	SH		SOLE		163,957	0	0
Varex Imaging Corp	COM	92214x106	4,877	131,489	SH		SOLE		131,489	0	0
Varex Imaging Corp	COM	92214x106	554	14,941	SH		DFND	1	0	14,941	0
Veritex Holdings	COM	923451108	4,463	143,658	SH		SOLE		143,658	0	0
Veritex Holdings	COM	923451108	664	21,369	SH		DFND	1	0	21,369	0
Visa, Inc. - A	COM	92826C839	1,191	8,995	SH		SOLE		8,995	0	0
Vulcan Materials Co.	COM	929160109	254	1,969	SH		SOLE		1,969	0	0
W.R. Berkley Corp.	COM	084423102	33,791	466,667	SH		SOLE		466,667	0	0
Walmart De-Mexico-Spon ADR V	COM	93114W107	338	12,791	SH		SOLE		12,791	0	0
Waste Connections, INC.	COM	94106B101	1,864	24,755	SH		SOLE		24,336	0	419
Weibo Corporation	COM	948596101	335	3,779	SH		SOLE		3,779	0	0
Wells Fargo & Company	COM	949746101	222	4,000	SH		SOLE		4,000	0	0
Weyerhaeuser Co.	COM	962166104	84,428	2,315,637	SH		SOLE		2,315,637	0	0
Wheaton Precious Metals Corp	COM	962879102	289	13,088	SH		SOLE		13,088	0	0
WisdomTree LargeCap Dividend F	COM	97717W307	287	3,196	SH		SOLE		3,196	0	0
WNS Holdings Ltd	COM	92932M101	213	4,084	SH		SOLE		4,084	0	0
Woori Bank	COM	98105T104	297	6,764	SH		SOLE		6,764	0	0
Xechem International Inc	COM	983895301	0	32,353	SH		SOLE		32,353	0	0
XPO Logistics Inc	COM	983793100	306	3,056	SH		SOLE		3,056	0	0
Yandex NV	COM	N97284108	371	10,339	SH		SOLE		10,339	0	0
ZTO Express Cayman Inc	COM	98980A105	1,226	61,301	SH		SOLE		60,581	0	720