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	106,221	557,476	SH		SOLE		557,476	0	0
Abbott Laboratories	COM	002824100	385	5,326	SH		SOLE		5,326	0	0
Aberdeen Standard Physical Pla	COM	003260106	287	3,812	SH		SOLE		3,812	0	0
Accenture PLC	COM	G1151C101	19,252	136,532	SH		SOLE		136,317	0	215
AIA Group Lrd	COM	001317205	1,272	38,302	SH		SOLE		37,397	0	905
Air Products & Chemicals Inc.	COM	009158106	18,184	113,616	SH		SOLE		113,616	0	0
Alcentra Capital Corporation	COM	01374T102	1,118	172,787	SH		DFND	1	0	172,787	0
Alibaba Group Holding Ltd	COM	01609W102	1,154	8,422	SH		SOLE		8,348	0	74
Allergan Inc.	COM	G0177J108	20,215	151,245	SH		SOLE		151,245	0	0
Allied Motion Technologies Inc	COM	019330109	4,511	100,941	SH		SOLE		100,941	0	0
Allied Motion Technologies Inc	COM	019330109	655	14,655	SH		DFND	1	0	14,655	0
Alphabet Inc. - Class A	COM	02079K305	2,085	1,995	SH		SOLE		1,995	0	0
Alphabet Inc. - Class C	COM	02079K107	31,994	30,894	SH		SOLE		30,894	0	0
Amazon.com, Inc.	COM	023135106	297	198	SH		SOLE		198	0	0
American Express Company	COM	025816109	18,203	190,969	SH		SOLE		190,969	0	0
American International Group I	COM	026874784	37,937	962,611	SH		SOLE		962,611	0	0
Analog Devices Inc.	COM	032654105	66,509	774,887	SH		SOLE		774,887	0	0
Annaly Capital Management Inc.	COM	035710409	46	4,674	SH		SOLE		4,674	0	0
Annaly Capital Management Inc.	COM	035710409	4,731	481,782	SH		DFND	1	0	481,782	0
Apollo Investment Corp.	COM	03761U502	830	66,945	SH		SOLE		66,945	0	0
Apollo Investment Corp.	COM	03761U502	2,278	183,700	SH		DFND	1	0	183,700	0
Apple Inc.	COM	037833100	312	1,981	SH		SOLE		1,981	0	0
APTIV PLC	COM	G6095L109	957	15,543	SH		SOLE		15,203	0	340
Ares Capital Corp.	COM	04010L103	69,637	4,469,646	SH		SOLE		4,469,646	0	0
Ares Capital Corp.	COM	04010L103	11,255	722,412	SH		DFND	1	0	722,412	0
Automatic Data Processing, Inc	COM	053015103	457	3,482	SH		SOLE		3,482	0	0
Axalta Coating Systems LTD	COM	G0750C108	44,973	1,920,269	SH		SOLE		1,920,269	0	0
Baidu Inc. ADS	COM	056752108	238	1,498	SH		SOLE		1,498	0	0
Banco Bradesco S.A.	COM	059460303	337	34,038	SH		SOLE		34,038	0	0
Bank of America Corp.	COM	060505104	367	14,879	SH		SOLE		14,879	0	0
Bank of Marin (CA)	COM	063425102	4,369	105,947	SH		SOLE		105,947	0	0
Bank of Marin (CA)	COM	063425102	654	15,868	SH		DFND	1	0	15,868	0
Barclays 20 Plus Year Treasury	COM	464287432	14,034	115,493	SH		SOLE		115,493	0	0
Barclays Aggregate Bond Fund -	COM	464287226	1,460	13,707	SH		SOLE		13,707	0	0
Barclays Capital High Yield Bo	COM	78464A417	330	9,811	SH		SOLE		9,811	0	0
Barings BDC Inc	COM	06759l103	3,014	334,472	SH		SOLE		334,472	0	0
Barings BDC Inc	COM	06759l103	6,105	677,594	SH		DFND	1	0	677,594	0
Becton Dickinson and Company	COM	075887109	20,600	91,425	SH		SOLE		91,425	0	0
Belo Sun Mining Corp Com NPV	COM	080558109	179	635,766	SH		SOLE		635,766	0	0
Berkshire Hathaway Inc. - B	COM	084670702	36,551	179,016	SH		SOLE		179,016	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,530	5	SH		SOLE		5	0	0
Black Knight Inc	COM	09215C105	70,989	1,575,434	SH		SOLE		1,575,434	0	0
BlackRock, Inc.	COM	09247X101	459	1,169	SH		SOLE		1,169	0	0
BP PLC (Adr 1:6)	COM	055622104	1,084	28,593	SH		SOLE		27,893	0	700
Broadridge Financial Solutions	COM	11133T103	89,870	933,712	SH		SOLE		933,712	0	0
Brookfield Asset Management In	COM	112585104	29,302	764,058	SH		SOLE		764,058	0	0
Brown & Brown Inc.	COM	115236101	30,362	1,101,679	SH		SOLE		1,101,679	0	0
Brown & Brown Inc.	COM	115236101	590	21,390	SH		DFND	1	0	21,390	0
Byd Company Limited Adr	COM	05606L100	231	18,116	SH		SOLE		18,116	0	0
Cambrex Corp	COM	132011107	3,046	80,678	SH		SOLE		80,678	0	0
Cambrex Corp	COM	132011107	509	13,469	SH		DFND	1	0	13,469	0
Canadian National Railway	COM	136375102	986	13,300	SH		SOLE		12,985	0	315
Cannae Holdings Inc	COM	13765N107	4,124	240,877	SH		SOLE		240,877	0	0
Cannae Holdings Inc	COM	13765N107	679	39,680	SH		DFND	1	0	39,680	0
Capital Southwest Corp.	COM	140501107	1,801	93,704	SH		SOLE		93,704	0	0
Capital Southwest Corp.	COM	140501107	389	20,238	SH		DFND	1	0	20,238	0
Capstead Mortgage Corp.	COM	14067E506	23	3,384	SH		SOLE		3,384	0	0
Capstead Mortgage Corp.	COM	14067E506	724	108,500	SH		DFND	1	0	108,500	0
Chevron Corp.	COM	166764100	99,408	913,757	SH		SOLE		913,757	0	0
China Mobile Limited	COM	16941M109	286	5,948	SH		SOLE		5,948	0	0
Chubb Corp	COM	H1467J104	102,663	794,728	SH		SOLE		794,538	0	190
Cia Brasileira de Distribuicao	COM	20440T201	289	13,935	SH		SOLE		13,935	0	0
Cisco Systems, Inc.	COM	17275R102	296	6,820	SH		SOLE		6,820	0	0
CM Finance Inc.	COM	12574Q103	182	29,046	SH		SOLE		29,046	0	0
CM Finance Inc.	COM	12574Q103	815	130,340	SH		DFND	1	0	130,340	0
CNOOC Ltd.	COM	126132109	387	2,541	SH		SOLE		2,541	0	0
Colgate-Palmolive Co.	COM	194162103	92,021	1,546,054	SH		SOLE		1,546,054	0	0
Commerce Bancshares Inc.	COM	200525103	19,187	340,381	SH		SOLE		340,381	0	0
Compagnie Financiere Richemont	COM	204319107	40,340	6,254,203	SH		SOLE		6,254,203	0	0
Costco Wholesale Corporation	COM	22160K105	334	1,638	SH		SOLE		1,638	0	0
CREDICORP LTD	COM	G2519Y108	359	1,618	SH		SOLE		1,618	0	0
Cullen Frost Bankers Inc.	COM	229899109	14,952	170,030	SH		SOLE		170,030	0	0
Culp Inc.	COM	230215105	610	32,279	SH		SOLE		32,279	0	0
Cyberark Software Ltd	COM	M2682V108	1,043	14,069	SH		SOLE		13,731	0	338
DBS GROUP HOLDINGS-SPON ADR	COM	23304y100	1,251	17,997	SH		SOLE		17,572	0	425
Diageo PLC	COM	25243Q205	135,674	956,801	SH		SOLE		956,596	0	205
Digital Realty Trust Inc.	COM	253868103	65,618	615,843	SH		SOLE		615,843	0	0
Donaldson Inc.	COM	257651109	17,160	395,475	SH		SOLE		395,475	0	0
Dow Jones US Financial Sector	COM	464287788	1,316	12,373	SH		SOLE		12,373	0	0
DowDuPont Inc	COM	26078J100	111,146	2,078,268	SH		SOLE		2,078,268	0	0
DSV A/S-Unsponsored ADR	COM	26251A108	1,155	35,135	SH		SOLE		34,423	0	712
Ecopetrol SA	COM	279158109	1,087	68,465	SH		SOLE		67,935	0	530
Elbit Systems Ltd	COM	M3760D101	1,197	10,499	SH		SOLE		10,239	0	260
Elf Beauty Inc	COM	26856L103	3,047	351,856	SH		SOLE		351,856	0	0
Elf Beauty Inc	COM	26856L103	476	54,936	SH		DFND	1	0	54,936	0
Eli Lilly & Co.	COM	532457108	280	2,418	SH		SOLE		2,418	0	0
Energy Select Sector - SPDR	COM	81369Y506	1,048	18,280	SH		SOLE		18,280	0	0
ENN Energy Holdings Ltd	COM	26876F102	260	7,340	SH		SOLE		7,340	0	0
EOG Resources	COM	26875P101	480	5,508	SH		SOLE		5,508	0	0
Equinor ASA	COM	29446M102	1,014	47,898	SH		SOLE		46,801	0	1,097
European ETF - Vanguard	COM	922042874	3,906	80,333	SH		SOLE		80,333	0	0
Expeditors International of Wa	COM	302130109	16,443	241,496	SH		SOLE		241,496	0	0
Exxon Mobil Corp.	COM	30231G102	13,664	200,376	SH		SOLE		200,376	0	0
Fanuc Ltd. ADS	COM	307305102	798	52,525	SH		SOLE		51,270	0	1,255
Fastenal Co.	COM	311900104	123,221	2,356,495	SH		SOLE		2,356,495	0	0
Fidelity National Financial In	COM	31620R303	77,003	2,449,202	SH		SOLE		2,449,202	0	0
FOMENTO ECONOMICO MEXICANO, S.	COM	344419106	265	3,081	SH		SOLE		3,081	0	0
Fortuna Silver Mines Inc	COM	349915108	73	20,088	SH		SOLE		20,088	0	0
Forward Air Corp.	COM	349853101	4,222	76,972	SH		SOLE		76,972	0	0
Forward Air Corp.	COM	349853101	550	10,022	SH		DFND	1	0	10,022	0
Franco-Nevada Corp.	COM	351858105	286	4,072	SH		SOLE		4,072	0	0
Franklin Street Properties Cor	COM	35471R106	498	80,000	SH		SOLE		80,000	0	0
Fresenius Medical Care AG & Co	COM	358029106	750	23,167	SH		SOLE		22,615	0	552
Frontdoor Inc	COM	35905A109	37,621	1,413,807	SH		SOLE		1,413,807	0	0
Frontdoor Inc	COM	35905A109	789	29,650	SH		DFND	1	0	29,650	0
Gates Industrial	COM	G39108108	5,832	440,467	SH		SOLE		440,467	0	0
General Dynamics Corp.	COM	369550108	14,735	93,729	SH		SOLE		93,729	0	0
Gilead Sciences	COM	375558103	72,683	1,161,993	SH		SOLE		1,161,993	0	0
Gladstone Commercial Corp.	COM	376536108	4,382	244,534	SH		SOLE		244,534	0	0
Gladstone Commercial Corp.	COM	376536108	654	36,508	SH		DFND	1	0	36,508	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	24,514	641,569	SH		SOLE		641,569	0	0
Gold Shares - SPDR	COM	78463V107	239	1,974	SH		SOLE		1,974	0	0
Goldman Sachs BDC Inc.	COM	38147U107	3,130	170,291	SH		SOLE		170,291	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,986	108,063	SH		DFND	1	0	108,063	0
Golub Capital BDC Inc.	COM	38173M102	4,251	257,808	SH		SOLE		257,808	0	0
Golub Capital BDC Inc.	COM	38173M102	7,086	429,730	SH		DFND	1	0	429,730	0
Graco Inc.	COM	384109104	96,281	2,300,633	SH		SOLE		2,300,633	0	0
Harvest Capital Credit Corp	COM	41753F109	168	16,699	SH		DFND	1	0	16,699	0
HDFC Bank Ltd	COM	40415F101	378	3,646	SH		SOLE		3,646	0	0
Hercules Technology Growth Cap	COM	427096508	2,665	241,182	SH		SOLE		241,182	0	0
Hercules Technology Growth Cap	COM	427096508	6,471	585,598	SH		DFND	1	0	585,598	0
High Yield Corporate Bond Fund	COM	464288513	353	4,352	SH		SOLE		4,352	0	0
Home Depot Inc.	COM	437076102	21,534	125,327	SH		SOLE		125,327	0	0
Honeywell International, Inc.	COM	438516106	272	2,057	SH		SOLE		2,057	0	0
Huazhu Group Ltd.	COM	44332N106	347	12,103	SH		SOLE		12,103	0	0
I3 Verticals Inc	COM	46571Y107	3,259	135,232	SH		SOLE		135,232	0	0
I3 Verticals Inc	COM	46571Y107	428	17,757	SH		DFND	1	0	17,757	0
ICICI Bank Ltd. ADS	COM	45104g104	142	13,784	SH		SOLE		13,784	0	0
Icon PLC	COM	G4705A100	2,274	17,602	SH		SOLE		17,272	0	330
Illinois Tool Works Inc.	COM	452308109	39,275	310,013	SH		SOLE		310,013	0	0
ING Groep NV	COM	456837103	628	58,917	SH		SOLE		57,632	0	1,285
Innophos Holdings Inc	COM	45774N108	2,538	103,482	SH		SOLE		103,482	0	0
Innophos Holdings Inc	COM	45774N108	397	16,190	SH		DFND	1	0	16,190	0
Invesco BulletShares 2020	COM	46138j502	5,310	251,999	SH		SOLE		251,999	0	0
Invesco BulletShares 2021	COM	46138j700	12,786	616,211	SH		SOLE		616,211	0	0
Invesco BulletShares 2022	COM	46138j882	5,255	254,983	SH		SOLE		254,983	0	0
Invesco BulletShares 2024	COM	46138j841	15,556	778,965	SH		SOLE		778,965	0	0
Invesco BulletShares 2025	COM	46138j825	3,458	175,876	SH		SOLE		175,876	0	0
Iron Mountain	COM	46284V101	85,257	2,630,589	SH		SOLE		2,630,589	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	26,407	253,429	SH		SOLE		253,429	0	0
iShares Barclays 10-20 Year Tr	COM	464288653	3,014	22,577	SH		SOLE		22,577	0	0
iShares Core US Values - ETF	COM	464287663	29,233	595,505	SH		SOLE		595,505	0	0
iShares Corporate ex Financial	COM	46432FAK3	8,849	362,902	SH		SOLE		362,902	0	0
iShares Corporate ex Financial	COM	46432FAN7	17,203	730,181	SH		SOLE		730,181	0	0
iShares Corporate iBonds ETF 2	COM	46435GAA0	13,550	588,374	SH		SOLE		588,374	0	0
iShares Floating Rate Note Fun	COM	46429B655	239	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	5,318	432,715	SH		SOLE		432,715	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	4,723	185,610	SH		SOLE		185,610	0	0
iShares iBonds Dec 2021 Term C	COM	46434VBK5	4,019	164,996	SH		SOLE		164,996	0	0
iShares iBonds Dec 2022 AMT-Fr	COM	46435G755	4,766	186,082	SH		SOLE		186,082	0	0
iShares iBonds Dec 2023 Term C	COM	46434VAX8	2,841	117,437	SH		SOLE		117,437	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	5,095	200,106	SH		SOLE		200,106	0	0
iShares iBonds Dec 2025 Term C	COM	46434VBD1	8,137	344,806	SH		SOLE		344,806	0	0
iShares iBonds Dec 2027 Term C	COM	46435UAA9	8,239	352,243	SH		SOLE		352,243	0	0
iShares iBonds Dec 2028 Term C	COM	46435U515	2,715	108,832	SH		SOLE		108,832	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	5,145	202,809	SH		SOLE		202,809	0	0
iShares Long-Term Corporate Bo	COM	464289511	10,116	179,680	SH		SOLE		179,680	0	0
iShares MBS Bond ETF	COM	464288588	15,929	152,215	SH		SOLE		152,215	0	0
iShares MSCI Emerging Markets	COM	464286475	968	23,160	SH		SOLE		23,160	0	0
iShares Muni Bond 2023	COM	46435G318	4,966	197,787	SH		SOLE		197,787	0	0
iShares National AMT-Free Muni	COM	464288414	4,483	41,117	SH		SOLE		41,117	0	0
iShares Residential Real Estat	COM	464288562	1,220	19,566	SH		SOLE		19,566	0	0
Itau Unibanco Holding S/A ADS	COM	465562106	389	42,529	SH		SOLE		42,529	0	0
Jazz Pharmaceuticals Plc	COM	G50871105	578	4,660	SH		SOLE		4,515	0	145
John Bean Technologies Corp.	COM	477839104	3,426	47,705	SH		SOLE		47,705	0	0
John Bean Technologies Corp.	COM	477839104	574	7,991	SH		DFND	1	0	7,991	0
Johnson & Johnson	COM	478160104	143,730	1,113,751	SH		SOLE		1,113,751	0	0
JP Morgan Chase & Company	COM	46625H100	805	8,251	SH		SOLE		8,251	0	0
Kadant Inc	COM	48282T104	3,677	45,143	SH		SOLE		45,143	0	0
Kadant Inc	COM	48282T104	581	7,134	SH		DFND	1	0	7,134	0
KB Financial Group Inc	COM	48241a105	766	18,242	SH		SOLE		18,022	0	220
KCAP Financial Inc	COM	48668E101	1,178	340,472	SH		DFND	1	0	340,472	0
Kemper Corp.	COM	488401100	297	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Inc.	COM	49456B101	86,117	5,599,302	SH		SOLE		5,599,302	0	0
KOMATSU LTD	COM	500458401	721	33,448	SH		SOLE		32,618	0	830
Kraft Heinz Co.	COM	500754106	60,801	1,412,672	SH		SOLE		1,412,672	0	0
Leagold Mining Corp	COM	52176A205	97	75,792	SH		SOLE		75,792	0	0
Linde PLC	COM	G5494J103	115,455	739,906	SH		SOLE		739,906	0	0
Localiza Rent a Car SA	COM	53956W300	413	53,842	SH		SOLE		53,842	0	0
Lockheed Martin Corp	COM	539830109	16,346	62,428	SH		SOLE		62,428	0	0
Lowe's Companies Inc.	COM	548661107	33,858	366,592	SH		SOLE		366,592	0	0
Luxoft Holding Inc	COM	G57279104	2,805	92,209	SH		SOLE		92,209	0	0
Luxoft Holding Inc	COM	G57279104	486	15,976	SH		DFND	1	0	15,976	0
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,603	27,148	SH		SOLE		26,663	0	485
M&T Bank Corp.	COM	55261F104	16,134	112,724	SH		SOLE		112,724	0	0
Main Street Capital Corp.	COM	56035L104	1,872	55,367	SH		SOLE		55,367	0	0
Main Street Capital Corp.	COM	56035L104	1,660	49,107	SH		DFND	1	0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	373	2,345	SH		SOLE		2,345	0	0
Markel Corp.	COM	570535104	61,616	59,357	SH		SOLE		59,357	0	0
Market Vectors Int Muni Index	COM	92189H201	548	11,547	SH		SOLE		11,547	0	0
Martin Marietta Materials Inc.	COM	573284106	78,424	456,301	SH		SOLE		456,301	0	0
Mastercard Inc. - A	COM	57636Q104	51,823	274,706	SH		SOLE		274,706	0	0
Materials Select Sector - SPDR	COM	81369Y100	1,138	22,532	SH		SOLE		22,532	0	0
McDonald's Corp.	COM	580135101	21,292	119,905	SH		SOLE		119,905	0	0
MDU Resources Group Inc.	COM	552690109	15,740	660,223	SH		SOLE		660,223	0	0
Medley Capital Corp.	COM	58503F106	1,241	466,714	SH		DFND	1	0	466,714	0
Medtronic	COM	G5960L103	20,354	223,772	SH		SOLE		223,772	0	0
Melco Resorts & Entertainment	COM	585464100	300	17,018	SH		SOLE		17,018	0	0
MERCADOLIBRE INC	COM	58733R102	299	1,022	SH		SOLE		1,022	0	0
Microsoft Corp.	COM	594918104	128,265	1,262,822	SH		SOLE		1,262,822	0	0
Mitsubishi UFJ Financial	COM	606822104	812	166,690	SH		SOLE		162,730	0	3,960
MOBILE TELESYSTEMS OJSC	COM	607409109	105	14,959	SH		SOLE		14,959	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	3,492	224,984	SH		SOLE		224,984	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	484	31,183	SH		DFND	1	0	31,183	0
Morgan Stanley	COM	617446448	235	5,930	SH		SOLE		5,930	0	0
Morningstar Inc.	COM	617700109	13,044	118,752	SH		SOLE		118,752	0	0
Morningstar Inc.	COM	617700109	757	6,892	SH		DFND	1	0	6,892	0
Movado Group Inc.	COM	624580106	4,531	143,310	SH		SOLE		143,310	0	0
Movado Group Inc.	COM	624580106	606	19,174	SH		DFND	1	0	19,174	0
MSC Industrial Direct Co. Inc.	COM	553530106	29,188	379,463	SH		SOLE		379,463	0	0
MSCI EAFE Index Fund - iShares	COM	464287465	441	7,498	SH		SOLE		7,498	0	0
MTS Systems Corp.	COM	553777103	3,408	84,915	SH		SOLE		84,915	0	0
MTS Systems Corp.	COM	553777103	518	12,904	SH		DFND	1	0	12,904	0
Nathan's Famous Inc	COM	632347100	1,250	18,816	SH		SOLE		18,816	0	0
Nathan's Famous Inc	COM	632347100	227	3,409	SH		DFND	1	0	3,409	0
Natus Medical Inc.	COM	639050103	26,622	782,309	SH		SOLE		782,309	0	0
Natus Medical Inc.	COM	639050103	622	18,269	SH		DFND	1	0	18,269	0
Neenah Ppaper Inc	COM	640079109	3,137	53,241	SH		SOLE		53,241	0	0
Neenah Ppaper Inc	COM	640079109	566	9,610	SH		DFND	1	0	9,610	0
Nestle SA	COM	641069406	106,636	1,317,150	SH		SOLE		1,317,150	0	0
New Jersey Resources Corp.	COM	646025106	19,761	432,699	SH		SOLE		432,699	0	0
New Mountain Finance Corp.	COM	647551100	4,287	340,790	SH		SOLE		340,790	0	0
New Mountain Finance Corp.	COM	647551100	7,266	577,564	SH		DFND	1	0	577,564	0
NextEra Energy, Inc.	COM	65339F101	318	1,829	SH		SOLE		1,829	0	0
Nike Inc. - B	COM	654106103	19,152	258,321	SH		SOLE		258,321	0	0
Nintendo Co. Ltd. ADS	COM	654445303	713	21,369	SH		SOLE		20,859	0	510
Nordson Corporation	COM	655663102	17,739	148,632	SH		SOLE		148,632	0	0
Nordstrom Inc.	COM	655664100	16,843	361,356	SH		SOLE		361,356	0	0
Northern Trust Corporation	COM	665859104	101,477	1,213,989	SH		SOLE		1,213,989	0	0
Northwest Natural Holding Co	COM	66765N105	4,783	79,113	SH		SOLE		79,113	0	0
Northwest Natural Holding Co	COM	66765N105	664	10,980	SH		DFND	1	0	10,980	0
Novartis AG - ADR	COM	66987V109	18,385	214,250	SH		SOLE		213,967	0	283
NXP Semiconductors N.V.	COM	N6596X109	107,636	1,468,826	SH		SOLE		1,468,826	0	0
Oaktree Specialty Lending Corp	COM	67401P108	1,315	310,871	SH		SOLE		310,871	0	0
OFS Capital Corp.	COM	67103B100	3,269	308,415	SH		SOLE		308,415	0	0
OFS Capital Corp.	COM	67103B100	2,248	212,084	SH		DFND	1	0	212,084	0
Oracle Corporation	COM	68389X105	25,991	575,666	SH		SOLE		575,666	0	0
Orix Corp. ADS	COM	686330101	889	12,431	SH		SOLE		12,111	0	320
Osisko Gold Royalties Ltd	COM	68827L101	191	21,752	SH		SOLE		21,752	0	0
Patterson Companies Inc.	COM	703395103	6,012	305,818	SH		SOLE		305,818	0	0
Patterson Companies Inc.	COM	703395103	483	24,555	SH		DFND	1	0	24,555	0
Paychex Inc.	COM	704326107	113,976	1,749,443	SH		SOLE		1,749,443	0	0
PayPal Holdings, Inc.	COM	70450Y103	504	5,995	SH		SOLE		5,995	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,598	138,155	SH		SOLE		138,155	0	0
PennantPark Investment Corp.	COM	708062104	339	53,181	SH		SOLE		53,181	0	0
PennantPark Investment Corp.	COM	708062104	4,810	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	134,875	1,220,808	SH		SOLE		1,220,808	0	0
Petrobras Petroleo Brasileiro	COM	71654V408	252	19,338	SH		SOLE		19,338	0	0
Pfizer Inc.	COM	717081103	103,286	2,366,222	SH		SOLE		2,366,222	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	3,098	96,335	SH		SOLE		96,335	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	567	17,645	SH		DFND	1	0	17,645	0
Phillips 66	COM	718546104	216	2,502	SH		SOLE		2,502	0	0
Pimco Enhanced Short Maturity	COM	72201R833	261	2,585	SH		SOLE		2,585	0	0
Polaris Industries	COM	731068102	87,238	1,137,685	SH		SOLE		1,137,685	0	0
Potbelly Corp.	COM	73754Y100	2,483	308,462	SH		SOLE		308,462	0	0
Potbelly Corp.	COM	73754Y100	474	58,853	SH		DFND	1	0	58,853	0
PPG Industries Inc.	COM	693506107	17,286	169,092	SH		SOLE		169,092	0	0
Procter & Gamble Company	COM	742718109	18,014	195,977	SH		SOLE		195,977	0	0
Progressive Corp.	COM	743315103	96,426	1,598,312	SH		SOLE		1,598,312	0	0
Raven Industries Inc.	COM	754212108	4,770	131,791	SH		SOLE		131,791	0	0
Raven Industries Inc.	COM	754212108	583	16,105	SH		DFND	1	0	16,105	0
Rayonier Inc.	COM	754907103	82,939	2,995,259	SH		SOLE		2,995,259	0	0
Rayonier Inc.	COM	754907103	578	20,888	SH		DFND	1	0	20,888	0
RBC Bearings Incorporated	COM	75524B104	4,258	32,480	SH		SOLE		32,480	0	0
RBC Bearings Incorporated	COM	75524B104	622	4,746	SH		DFND	1	0	4,746	0
RE/MAX Holdings Inc.	COM	75524W108	3,392	110,314	SH		SOLE		110,314	0	0
RE/MAX Holdings Inc.	COM	75524W108	611	19,855	SH		DFND	1	0	19,855	0
REIT Index - Vanguard	COM	922908553	533	7,148	SH		SOLE		7,148	0	0
Resources Connection Inc	COM	76122Q105	4,180	294,351	SH		SOLE		294,351	0	0
Resources Connection Inc	COM	76122Q105	595	41,904	SH		DFND	1	0	41,904	0
Rio Tinto PLC	COM	767204100	1,402	28,924	SH		SOLE		28,204	0	720
Royal Dutch Shell PLC - Cl A	COM	780259206	1,248	21,413	SH		SOLE		20,963	0	450
Royal Gold, Inc.	COM	780287108	314	3,669	SH		SOLE		3,669	0	0
Russell 1000 Value Index - iSh	COM	464287598	10,738	96,695	SH		SOLE		96,695	0	0
Russell 2000 Growth Index - iS	COM	464287648	328	1,953	SH		SOLE		1,953	0	0
Russell 2000 Index Fund - iSha	COM	464287655	338	2,521	SH		SOLE		2,521	0	0
Russell 2000 Value Index - iSh	COM	464287630	3,005	27,941	SH		SOLE		27,941	0	0
S&P 500 - SPDR	COM	78462F103	4,127	16,514	SH		SOLE		16,514	0	0
S&P 500 Growth Index - iShares	COM	464287309	17,956	119,174	SH		SOLE		119,174	0	0
S&P 500 Index Fund - iShares	COM	464287200	2,505	9,957	SH		SOLE		9,957	0	0
S&P 500 Value Index - iShares	COM	464287408	11,516	113,861	SH		SOLE		113,861	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	8,533	44,624	SH		SOLE		44,624	0	0
S&P MIDCap 400 Index Fund - iS	COM	464287507	224	1,351	SH		SOLE		1,351	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	5,736	41,462	SH		SOLE		41,462	0	0
S&P SmallCap 600 Growth Index	COM	464287887	11,782	73,030	SH		SOLE		73,030	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	244	3,515	SH		SOLE		3,515	0	0
S&P SmallCap 600 Value Index F	COM	464287879	7,731	58,637	SH		SOLE		58,637	0	0
Sabina Gold & Silver Co NPV	COM	785246109	96	106,825	SH		SOLE		106,825	0	0
SAP AG - ADS	COM	803054204	995	9,993	SH		SOLE		9,752	0	241
Schlumberger Ltd.	COM	806857108	23,263	644,749	SH		SOLE		644,749	0	0
Seabridge Gold Inc.	COM	811916105	277	20,902	SH		SOLE		20,902	0	0
SEI Investments Company	COM	784117103	14,495	313,742	SH		SOLE		313,742	0	0
Shiseido Co Ltd	COM	824841407	474	7,546	SH		SOLE		7,356	0	190
Shopify Inc	COM	82509L107	1,534	11,079	SH		SOLE		10,884	0	195
Silver Trust - iShares	COM	46428Q109	168	11,602	SH		SOLE		11,602	0	0
SJW Group	COM	784305104	4,860	87,380	SH		SOLE		87,380	0	0
SJW Group	COM	784305104	704	12,663	SH		DFND	1	0	12,663	0
Smith & Nephew (Adr 1:5)	COM	83175M205	555	14,838	SH		SOLE		14,413	0	425
Soc Quimica Y Minera Chile (Ad	COM	833635105	278	7,260	SH		SOLE		7,260	0	0
Solar Capital Ltd.	COM	83413U100	3,685	192,031	SH		SOLE		192,031	0	0
Solar Capital Ltd.	COM	83413U100	5,675	295,709	SH		DFND	1	0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	1,006	66,541	SH		SOLE		66,541	0	0
Sony Corp. ADS	COM	835699307	1,365	28,265	SH		SOLE		27,650	0	615
Southern Company	COM	842587107	99,027	2,254,718	SH		SOLE		2,254,718	0	0
SPDR KBW REGIONAL BA	COM	78464A698	373	7,981	SH		SOLE		7,981	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	9,343	194,151	SH		SOLE		194,151	0	0
SPDR Portfolio Intermediate Te	COM	78464A375	13,800	417,683	SH		SOLE		417,683	0	0
SPDR Portfolio World Ex US ETF	COM	78463X889	7,095	268,248	SH		SOLE		268,248	0	0
Spectrum Brands Holdings Inc	COM	84790a105	22,520	533,024	SH		SOLE		533,024	0	0
Starbucks Corporation	COM	855244109	53,612	832,486	SH		SOLE		832,486	0	0
Stellus Capital Investment	COM	858568108	2,761	213,216	SH		SOLE		213,216	0	0
Stellus Capital Investment	COM	858568108	4,405	340,126	SH		DFND	1	0	340,126	0
Stryker Corp.	COM	863667101	50,512	322,246	SH		SOLE		322,246	0	0
Sumitomo Mitsui-Spons ADR	COM	86562M209	1,020	156,654	SH		SOLE		153,419	0	3,235
T. Rowe Price Group Inc.	COM	74144T108	17,734	192,092	SH		SOLE		192,092	0	0
Taiwan Semiconductor Manufactu	COM	874039100	670	18,142	SH		SOLE		17,887	0	255
TCP Capital Corp.	COM	09259e108	3,709	284,406	SH		SOLE		284,406	0	0
TCP Capital Corp.	COM	09259e108	6,935	531,863	SH		DFND	1	0	531,863	0
Teck Resources Limited	COM	878742204	913	42,377	SH		SOLE		41,277	0	1,100
Tencent Holdings LTD	COM	88032Q109	1,058	26,376	SH		SOLE		26,066	0	310
The Clorox Company	COM	189054109	20,382	132,231	SH		SOLE		132,231	0	0
Thermo Fisher Scientific Inc.	COM	883556102	35,334	157,888	SH		SOLE		157,888	0	0
Thermon Group Holdings Inc.	COM	88362T103	4,400	216,964	SH		SOLE		216,964	0	0
Thermon Group Holdings Inc.	COM	88362T103	601	29,638	SH		DFND	1	0	29,638	0
THL Credit, Inc.	COM	872438106	614	101,040	SH		SOLE		101,040	0	0
THL Credit, Inc.	COM	872438106	4,546	747,618	SH		DFND	1	0	747,618	0
Tiffany & Co.	COM	886547108	39,789	494,211	SH		SOLE		494,211	0	0
TJX Companies	COM	872540109	46,197	1,032,565	SH		SOLE		1,032,565	0	0
Torex Gold Res Inc	COM	891054603	158	16,641	SH		SOLE		16,641	0	0
Total SA - ADR	COM	89151E109	465	8,913	SH		SOLE		8,694	0	219
TPG Specialty Lending, Inc.	COM	87265K102	2,767	152,944	SH		SOLE		152,944	0	0
TPG Specialty Lending, Inc.	COM	87265K102	3,740	206,751	SH		DFND	1	0	206,751	0
TriplePoint Venture Growth BDC	COM	89677Y100	2,660	244,230	SH		SOLE		244,230	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	5,269	483,845	SH		DFND	1	0	483,845	0
Turkcell Iletisim Hizmetleri A	COM	900111204	365	64,933	SH		SOLE		64,933	0	0
Two Harbors Investment Corp.	COM	90187b408	17	1,306	SH		SOLE		1,306	0	0
Two Harbors Investment Corp.	COM	90187b408	5,585	434,949	SH		DFND	1	0	434,949	0
Unilever Plc	COM	904767704	1,061	20,310	SH		SOLE		19,825	0	485
United Overseas Bank Limited	COM	911271302	1,006	27,899	SH		SOLE		27,214	0	685
United Technologies Corp.	COM	913017109	36,432	342,147	SH		SOLE		342,147	0	0
US Concrete Inc	COM	90333L201	2,040	57,812	SH		SOLE		57,812	0	0
VanEck Vectors BDC Income ETF	COM	92189F411	2,974	211,795	SH		SOLE		211,795	0	0
VanEck Vectors Long Municipal	COM	92189F536	8,765	448,085	SH		SOLE		448,085	0	0
Vanguard MSCI Emerging Markets	COM	922042858	2,689	70,579	SH		SOLE		70,579	0	0
Varex Imaging Corp	COM	92214x106	3,068	129,562	SH		SOLE		129,562	0	0
Varex Imaging Corp	COM	92214x106	406	17,141	SH		DFND	1	0	17,141	0
Veritex Holdings	COM	923451108	3,166	148,099	SH		SOLE		148,099	0	0
Veritex Holdings	COM	923451108	519	24,269	SH		DFND	1	0	24,269	0
Visa, Inc. - A	COM	92826C839	807	6,117	SH		SOLE		6,117	0	0
W.R. Berkley Corp.	COM	084423102	34,359	464,882	SH		SOLE		464,882	0	0
Walmart De-Mexico-Spon ADR V	COM	93114W107	337	13,293	SH		SOLE		13,293	0	0
Waste Connections, INC.	COM	94106B101	1,654	22,269	SH		SOLE		21,850	0	419
Weyerhaeuser Co.	COM	962166104	62,307	2,850,253	SH		SOLE		2,850,253	0	0
Wheaton Precious Metals Corp	COM	962879102	248	12,715	SH		SOLE		12,715	0	0
Wisconsin Energy Corp.	COM	92939U106	251	3,629	SH		SOLE		3,629	0	0
Woori Bank	COM	98105T104	296	7,024	SH		SOLE		7,024	0	0
Xechem International Inc	COM	983895301	0	32,353	SH		SOLE		32,353	0	0
Yandex NV	COM	N97284108	287	10,485	SH		SOLE		10,485	0	0
ZTO Express Cayman Inc	COM	98980A105	926	58,518	SH		SOLE		57,798	0	720