Confluence Investment Management 13F-HR/A Quarterly holdings report by institutional manager (amended)

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	95,924	553,384	SH		SOLE		553,384	0	0
Accenture PLC	COM	G1151C101	26,042	140,942	SH		SOLE		140,822	0	120
AIA Group Lrd	COM	001317205	1,455	33,727	SH		SOLE		33,222	0	505
Air Products & Chemicals Inc.	COM	009158106	26,542	117,249	SH		SOLE		117,249	0	0
Alcentra Capital Corporation	COM	01374T102	1,448	172,787	SH		DFND	1	0	172,787	0
Alcon ORD SHS	COM	H01301128	1,997	32,186	SH		SOLE		32,186	0	0
Alibaba Group Holding Ltd	COM	01609W102	1,660	9,794	SH		SOLE		9,745	0	49
Allergan Inc.	COM	G0177J108	29,160	174,164	SH		SOLE		174,164	0	0
Allied Motion Technologies Inc	COM	019330109	4,936	130,242	SH		SOLE		130,242	0	0
Allied Motion Technologies Inc	COM	019330109	912	24,055	SH		DFND	1	0	24,055	0
Alphabet Inc. - Class A	COM	02079K305	1,980	1,829	SH		SOLE		1,829	0	0
Alphabet Inc. - Class C	COM	02079K107	33,696	31,174	SH		SOLE		31,174	0	0
Amazon.com, Inc.	COM	023135106	365	193	SH		SOLE		193	0	0
American Express Company	COM	025816109	24,697	200,075	SH		SOLE		200,075	0	0
American International Group I	COM	026874784	53,330	1,000,946	SH		SOLE		1,000,946	0	0
American Water Works Co.	COM	030420103	22,903	197,441	SH		SOLE		197,441	0	0
Analog Devices Inc.	COM	032654105	85,773	759,931	SH		SOLE		759,931	0	0
Annaly Capital Management Inc.	COM	035710409	51	5,615	SH		SOLE		5,615	0	0
Annaly Capital Management Inc.	COM	035710409	6,225	681,782	SH		DFND	1	0	681,782	0
Apollo Investment Corp.	COM	03761U502	423	26,741	SH		SOLE		26,741	0	0
Apollo Investment Corp.	COM	03761U502	5,272	333,700	SH		DFND	1	0	333,700	0
Apple Inc.	COM	037833100	360	1,817	SH		SOLE		1,817	0	0
APTIV PLC	COM	G6095L109	1,131	13,998	SH		SOLE		13,808	0	190
Ares Capital Corp.	COM	04010L103	76,490	4,263,653	SH		SOLE		4,263,653	0	0
Ares Capital Corp.	COM	04010L103	12,960	722,412	SH		DFND	1	0	722,412	0
Automatic Data Processing, Inc	COM	053015103	272	1,643	SH		SOLE		1,643	0	0
Avanos Medical Inc.	COM	05350v106	4,150	95,165	SH		SOLE		95,165	0	0
Avanos Medical Inc.	COM	05350v106	849	19,468	SH		DFND	1	0	19,468	0
Axalta Coating Systems LTD	COM	G0750C108	58,199	1,954,966	SH		SOLE		1,954,966	0	0
Banco Bradesco S.A.	COM	059460303	406	41,356	SH		SOLE		41,356	0	0
Bank of America Corp.	COM	060505104	366	12,623	SH		SOLE		12,623	0	0
Bank of Marin (CA)	COM	063425102	4,505	109,813	SH		SOLE		109,813	0	0
Bank of Marin (CA)	COM	063425102	729	17,768	SH		DFND	1	0	17,768	0
Barclays 20 Plus Year Treasury	COM	464287432	22,815	171,784	SH		SOLE		171,784	0	0
Barings BDC Inc	COM	06759l103	2,662	270,525	SH		SOLE		270,525	0	0
Barings BDC Inc	COM	06759l103	6,274	637,594	SH		DFND	1	0	637,594	0
Becton Dickinson and Company	COM	075887109	23,989	95,191	SH		SOLE		95,191	0	0
Berkshire Hathaway Inc. - B	COM	084670702	38,289	179,618	SH		SOLE		179,618	0	0
Berkshire Hathaway Inc. - Clas	COM	084670108	1,592	5	SH		SOLE		5	0	0
Black Knight Inc	COM	09215C105	77,809	1,293,582	SH		SOLE		1,293,582	0	0
BlackRock, Inc.	COM	09247X101	266	567	SH		SOLE		567	0	0
BP PLC (Adr 1:6)	COM	055622104	1,188	28,490	SH		SOLE		28,100	0	390
Broadridge Financial Solutions	COM	11133T103	117,290	918,628	SH		SOLE		918,628	0	0
Brookfield Asset Management In	COM	112585104	37,347	781,643	SH		SOLE		781,643	0	0
Brown & Brown Inc.	COM	115236101	37,632	1,123,347	SH		SOLE		1,123,347	0	0
Brown & Brown Inc.	COM	115236101	857	25,590	SH		DFND	1	0	25,590	0
Byd Company Limited Adr	COM	05606L100	236	19,572	SH		SOLE		19,572	0	0
Cambrex Corp	COM	132011107	4,353	92,983	SH		SOLE		92,983	0	0
Cambrex Corp	COM	132011107	841	17,969	SH		DFND	1	0	17,969	0
Cameco Corp.	COM	13321L108	199	18,574	SH		SOLE		18,574	0	0
Canadian National Railway	COM	136375102	1,094	11,825	SH		SOLE		11,651	0	174
Cannae Holdings Inc	COM	13765N107	16,614	573,287	SH		SOLE		573,287	0	0
Cannae Holdings Inc	COM	13765N107	1,243	42,880	SH		DFND	1	0	42,880	0
Capital Southwest Corp.	COM	140501107	2,000	95,477	SH		SOLE		95,477	0	0
Capital Southwest Corp.	COM	140501107	424	20,238	SH		DFND	1	0	20,238	0
Capstead Mortgage Corp.	COM	14067E506	906	108,500	SH		DFND	1	0	108,500	0
Cerner Corporation	COM	156782104	32,959	449,640	SH		SOLE		449,640	0	0
Charles Schwab	COM	808513105	19,710	490,417	SH		SOLE		490,417	0	0
Chevron Corp.	COM	166764100	113,349	910,872	SH		SOLE		910,872	0	0
China Mobile Limited	COM	16941M109	270	5,972	SH		SOLE		5,972	0	0
Chubb Corp	COM	H1467J104	116,967	794,124	SH		SOLE		794,019	0	105
Cia Brasileira de Distribuicao	COM	20440T201	346	14,120	SH		SOLE		14,120	0	0
Cimarex Energy Co.	COM	171798101	212	3,581	SH		SOLE		3,581	0	0
CM Finance Inc.	COM	12574Q103	884	116,134	SH		SOLE		116,134	0	0
CM Finance Inc.	COM	12574Q103	992	130,340	SH		DFND	1	0	130,340	0
CNOOC Ltd.	COM	126132109	429	2,517	SH		SOLE		2,517	0	0
Colgate-Palmolive Co.	COM	194162103	112,911	1,575,425	SH		SOLE		1,575,425	0	0
Commerce Bancshares Inc.	COM	200525103	21,532	360,906	SH		SOLE		360,906	0	0
Compagnie Financiere Richemont	COM	204319107	44,292	5,247,814	SH		SOLE		5,247,814	0	0
Concho Resources, Inc.	COM	20605P101	237	2,293	SH		SOLE		2,293	0	0
Corteva Inc	COM	22052L104	15,365	519,607	SH		SOLE		519,607	0	0
Costco Wholesale Corporation	COM	22160K105	391	1,481	SH		SOLE		1,481	0	0
CREDICORP LTD	COM	G2519Y108	375	1,638	SH		SOLE		1,638	0	0
Cullen Frost Bankers Inc.	COM	229899109	17,538	187,252	SH		SOLE		187,252	0	0
Cyberark Software Ltd	COM	M2682V108	1,778	13,905	SH		SOLE		13,719	0	186
DBS GROUP HOLDINGS-SPON ADR	COM	23304y100	1,210	15,761	SH		SOLE		15,526	0	235
Delta Air Lines	COM	247361702	14,023	247,098	SH		SOLE		247,098	0	0
Diageo PLC	COM	25243Q205	156,538	908,415	SH		SOLE		908,300	0	115
Digital Realty Trust Inc.	COM	253868103	94,363	801,109	SH		SOLE		801,109	0	0
Donaldson Inc.	COM	257651109	21,398	420,716	SH		SOLE		420,716	0	0
Dow Inc	COM	260557103	92,427	1,874,416	SH		SOLE		1,874,416	0	0
DSV A/S-Unsponsored ADR	COM	26251A108	1,558	31,768	SH		SOLE		31,374	0	394
Dupont De Nemurs Inc	COM	26614N102	39,001	519,531	SH		SOLE		519,531	0	0
Ecopetrol SA	COM	279158109	1,171	64,045	SH		SOLE		63,816	0	229
Elbit Systems Ltd	COM	M3760D101	1,377	9,208	SH		SOLE		9,063	0	145
Eli Lilly & Co.	COM	532457108	266	2,400	SH		SOLE		2,400	0	0
ENN Energy Holdings Ltd	COM	26876F102	307	7,886	SH		SOLE		7,886	0	0
Entergy Corporation	COM	29364G103	97,415	946,421	SH		SOLE		946,421	0	0
EOG Resources	COM	26875P101	518	5,556	SH		SOLE		5,556	0	0
Equinor ASA	COM	29446M102	780	39,459	SH		SOLE		38,852	0	607
Expeditors International of Wa	COM	302130109	19,743	260,253	SH		SOLE		260,253	0	0
Exxon Mobil Corp.	COM	30231G102	17,454	227,774	SH		SOLE		227,774	0	0
Fanuc Ltd. ADS	COM	307305102	881	47,667	SH		SOLE		46,967	0	700
Fastenal Co.	COM	311900104	117,058	3,591,836	SH		SOLE		3,591,836	0	0
Fidelity National Financial In	COM	31620R303	97,241	2,412,917	SH		SOLE		2,412,917	0	0
Fidelity National Information	COM	31620M106	23,760	193,678	SH		SOLE		193,678	0	0
FOMENTO ECONOMICO MEXICANO, S.	COM	344419106	302	3,120	SH		SOLE		3,120	0	0
Forward Air Corp.	COM	349853101	4,693	79,349	SH		SOLE		79,349	0	0
Forward Air Corp.	COM	349853101	673	11,372	SH		DFND	1	0	11,372	0
Franco-Nevada Corp.	COM	351858105	300	3,538	SH		SOLE		3,538	0	0
Franklin Street Properties Cor	COM	35471R106	590	80,000	SH		SOLE		80,000	0	0
Fresenius Medical Care AG & Co	COM	358029106	838	21,328	SH		SOLE		21,023	0	305
Frontdoor Inc	COM	35905A109	55,604	1,276,775	SH		SOLE		1,276,775	0	0
Frontdoor Inc	COM	35905A109	1,452	33,350	SH		DFND	1	0	33,350	0
Gates Industrial	COM	G39108108	5,867	514,219	SH		SOLE		514,219	0	0
General Dynamics Corp.	COM	369550108	18,815	103,483	SH		SOLE		103,483	0	0
Gilead Sciences	COM	375558103	81,684	1,209,052	SH		SOLE		1,209,052	0	0
Gladstone Commercial Corp.	COM	376536108	5,266	248,174	SH		SOLE		248,174	0	0
Gladstone Commercial Corp.	COM	376536108	840	39,608	SH		DFND	1	0	39,608	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	7,108	177,603	SH		SOLE		177,603	0	0
Gold Shares - SPDR	COM	78463V107	210	1,576	SH		SOLE		1,576	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,419	122,973	SH		SOLE		122,973	0	0
Goldman Sachs BDC Inc.	COM	38147U107	2,126	108,063	SH		DFND	1	0	108,063	0
Golub Capital BDC Inc.	COM	38173M102	3,873	217,561	SH		SOLE		217,561	0	0
Golub Capital BDC Inc.	COM	38173M102	7,649	429,730	SH		DFND	1	0	429,730	0
Graco Inc.	COM	384109104	105,779	2,107,994	SH		SOLE		2,107,994	0	0
Grupo Financiero ADR	COM	40052P107	253	8,730	SH		SOLE		8,730	0	0
HDFC Bank Ltd	COM	40415F101	472	3,632	SH		SOLE		3,632	0	0
Hercules Technology Growth Cap	COM	427096508	2,519	196,489	SH		SOLE		196,489	0	0
Hercules Technology Growth Cap	COM	427096508	7,507	585,598	SH		DFND	1	0	585,598	0
Home Depot Inc.	COM	437076102	25,536	122,787	SH		SOLE		122,787	0	0
Honeywell International, Inc.	COM	438516106	388	2,222	SH		SOLE		2,222	0	0
Huazhu Group Ltd.	COM	44332N106	449	12,383	SH		SOLE		12,383	0	0
I3 Verticals Inc	COM	46571Y107	6,625	224,966	SH		SOLE		224,966	0	0
I3 Verticals Inc	COM	46571Y107	1,092	37,080	SH		DFND	1	0	37,080	0
ICICI Bank Ltd. ADS	COM	45104g104	176	13,968	SH		SOLE		13,968	0	0
Icon PLC	COM	G4705A100	2,418	15,707	SH		SOLE		15,522	0	185
Illinois Tool Works Inc.	COM	452308109	48,280	320,136	SH		SOLE		320,136	0	0
Industrial Select Sector - SPD	COM	81369Y704	2,820	36,424	SH		SOLE		36,424	0	0
ING Groep NV	COM	456837103	526	45,424	SH		SOLE		44,620	0	804
Innophos Holdings Inc	COM	45774N108	3,724	127,928	SH		SOLE		127,928	0	0
Innophos Holdings Inc	COM	45774N108	647	22,240	SH		DFND	1	0	22,240	0
Invesco BulletShares 2021	COM	46138j700	9,538	450,094	SH		SOLE		450,094	0	0
Invesco BulletShares 2022	COM	46138j882	9,587	448,115	SH		SOLE		448,115	0	0
Invesco BulletShares 2024	COM	46138j841	9,795	460,940	SH		SOLE		460,940	0	0
Invesco BulletShares 2025	COM	46138j825	13,705	647,686	SH		SOLE		647,686	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	30,287	275,284	SH		SOLE		275,284	0	0
iShares Barclays 10-20 Year Tr	COM	464288653	693	4,844	SH		SOLE		4,844	0	0
iShares Core US Values - ETF	COM	464287663	1,822	32,167	SH		SOLE		32,167	0	0
iShares Corporate Bond ETF 202	COM	46432FAZ0	13,431	502,554	SH		SOLE		502,554	0	0
iShares Corporate ex Financial	COM	46432FAK3	9,429	383,223	SH		SOLE		383,223	0	0
iShares Corporate iBonds ETF 2	COM	46435GAA0	15,647	624,390	SH		SOLE		624,390	0	0
iShares Floating Rate Note Fun	COM	46429B655	242	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	5,548	410,991	SH		SOLE		410,991	0	0
iShares iBonds Dec 2021 AMT-Fr	COM	46435G789	6,712	260,345	SH		SOLE		260,345	0	0
iShares iBonds Dec 2022 AMT-Fr	COM	46435G755	6,734	257,827	SH		SOLE		257,827	0	0
iShares iBonds Dec 2023 Term C	COM	46434VAX8	1,216	47,858	SH		SOLE		47,858	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	3,507	133,564	SH		SOLE		133,564	0	0
iShares iBonds Dec 2025 Term C	COM	46434VBD1	1,734	67,724	SH		SOLE		67,724	0	0
iShares iBonds Dec 2025 Term M	COM	46435U432	3,520	130,811	SH		SOLE		130,811	0	0
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,666	457,652	SH		SOLE		457,652	0	0
iShares iBonds Dec 2028 Term C	COM	46435U515	13,592	500,535	SH		SOLE		500,535	0	0
iShares iBonds Sep 2020 Amt Fr	COM	46434V571	4,590	179,667	SH		SOLE		179,667	0	0
iShares iBoxx Corporate Bond E	COM	464287242	553	4,449	SH		SOLE		4,449	0	0
iShares Intermediate Term Corp	COM	464288638	7,965	139,851	SH		SOLE		139,851	0	0
iShares Long-Term Corporate Bo	COM	464289511	3,625	56,863	SH		SOLE		56,863	0	0
iShares MBS Bond ETF	COM	464288588	17,116	159,068	SH		SOLE		159,068	0	0
iShares Muni Bond 2023	COM	46435G318	3,495	135,874	SH		SOLE		135,874	0	0
iShares National AMT-Free Muni	COM	464288414	2,756	24,373	SH		SOLE		24,373	0	0
Itau Unibanco Holding S/A ADS	COM	465562106	405	42,977	SH		SOLE		42,977	0	0
Jazz Pharmaceuticals Plc	COM	G50871105	605	4,243	SH		SOLE		4,173	0	70
John Bean Technologies Corp.	COM	477839104	6,154	50,806	SH		SOLE		50,806	0	0
John Bean Technologies Corp.	COM	477839104	1,107	9,141	SH		DFND	1	0	9,141	0
JP Morgan Chase & Company	COM	46625H100	718	6,419	SH		SOLE		6,419	0	0
Kadant Inc	COM	48282T104	4,693	51,674	SH		SOLE		51,674	0	0
Kadant Inc	COM	48282T104	875	9,634	SH		DFND	1	0	9,634	0
KB Financial Group Inc	COM	48241a105	275	6,954	SH		SOLE		6,954	0	0
Kemper Corp.	COM	488401100	386	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Inc.	COM	49456B101	117,280	5,616,868	SH		SOLE		5,616,868	0	0
Kirkland Lake Gold Ltd	COM	49741E100	202	4,699	SH		SOLE		4,699	0	0
KOMATSU LTD	COM	500458401	742	30,581	SH		SOLE		30,121	0	460
Lam Research Corporation	COM	512807108	222	1,183	SH		SOLE		1,183	0	0
Leagold Mining Corp	COM	52176A205	184	119,746	SH		SOLE		119,746	0	0
Linde PLC	COM	G5494J103	143,803	716,153	SH		SOLE		716,153	0	0
Localiza Rent a Car SA	COM	53956W300	558	52,591	SH		SOLE		52,591	0	0
Lockheed Martin Corp	COM	539830109	127,178	349,833	SH		SOLE		349,833	0	0
Lowe's Companies Inc.	COM	548661107	36,042	357,165	SH		SOLE		357,165	0	0
LVMH Moet Hennessy Louis Vuitt	COM	502441306	2,112	24,817	SH		SOLE		24,547	0	270
M&T Bank Corp.	COM	55261F104	20,619	121,238	SH		SOLE		121,238	0	0
MAG Silver Corp	COM	55903Q104	146	13,865	SH		SOLE		13,865	0	0
Main Street Capital Corp.	COM	56035L104	1,197	29,116	SH		SOLE		29,116	0	0
Main Street Capital Corp.	COM	56035L104	2,019	49,107	SH		DFND	1	0	49,107	0
Manatuck Hill Mariner Offshore	COM	562996983	380	2,343	SH		SOLE		2,343	0	0
Markel Corp.	COM	570535104	60,934	55,923	SH		SOLE		55,923	0	0
Martin Marietta Materials Inc.	COM	573284106	102,216	444,204	SH		SOLE		444,204	0	0
Mastercard Inc. - A	COM	57636Q104	68,637	259,468	SH		SOLE		259,468	0	0
Materials Select Sector - SPDR	COM	81369Y100	2,484	42,460	SH		SOLE		42,460	0	0
McDonald's Corp.	COM	580135101	25,553	123,053	SH		SOLE		123,053	0	0
Medley Capital Corp.	COM	58503F106	1,092	466,714	SH		DFND	1	0	466,714	0
Medtronic	COM	G5960L103	23,030	236,476	SH		SOLE		236,476	0	0
Melco Resorts & Entertainment	COM	585464100	1,019	46,905	SH		SOLE		46,575	0	330
MERCADOLIBRE INC	COM	58733R102	418	684	SH		SOLE		684	0	0
Microsoft Corp.	COM	594918104	149,977	1,119,568	SH		SOLE		1,119,568	0	0
Mitsubishi UFJ Financial	COM	606822104	726	152,763	SH		SOLE		150,563	0	2,200
MMC Norilsk Nickel	COM	55315j102	215	9,486	SH		SOLE		9,486	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	4,214	250,245	SH		SOLE		250,245	0	0
Monotype Imaging Holdings Inc.	COM	61022P100	628	37,283	SH		DFND	1	0	37,283	0
Morgan Stanley	COM	617446448	245	5,583	SH		SOLE		5,583	0	0
Morningstar Inc.	COM	617700109	16,989	117,456	SH		SOLE		117,456	0	0
Morningstar Inc.	COM	617700109	1,019	7,042	SH		DFND	1	0	7,042	0
Movado Group Inc.	COM	624580106	4,017	148,769	SH		SOLE		148,769	0	0
Movado Group Inc.	COM	624580106	674	24,974	SH		DFND	1	0	24,974	0
MSC Industrial Direct Co. Inc.	COM	553530106	25,357	341,460	SH		SOLE		341,460	0	0
MTS Systems Corp.	COM	553777103	5,304	90,612	SH		SOLE		90,612	0	0
MTS Systems Corp.	COM	553777103	887	15,154	SH		DFND	1	0	15,154	0
Nathan's Famous Inc	COM	632347100	1,634	20,913	SH		SOLE		20,913	0	0
Nathan's Famous Inc	COM	632347100	356	4,559	SH		DFND	1	0	4,559	0
Natus Medical Inc.	COM	639050103	3,511	136,677	SH		SOLE		136,677	0	0
Natus Medical Inc.	COM	639050103	559	21,769	SH		DFND	1	0	21,769	0
Neenah Paper Inc	COM	640079109	4,199	62,168	SH		SOLE		62,168	0	0
Neenah Paper Inc	COM	640079109	875	12,960	SH		DFND	1	0	12,960	0
Nestle SA	COM	641069406	134,177	1,297,654	SH		SOLE		1,297,654	0	0
New Jersey Resources Corp.	COM	646025106	22,683	455,762	SH		SOLE		455,762	0	0
New Mountain Finance Corp.	COM	647551100	4,256	304,660	SH		SOLE		304,660	0	0
New Mountain Finance Corp.	COM	647551100	8,069	577,564	SH		DFND	1	0	577,564	0
Nike Inc. - B	COM	654106103	22,381	266,593	SH		SOLE		266,593	0	0
Nintendo Co. Ltd. ADS	COM	654445303	880	19,221	SH		SOLE		18,936	0	285
Nordson Corporation	COM	655663102	22,779	161,200	SH		SOLE		161,200	0	0
Nordstrom Inc.	COM	655664100	13,261	416,213	SH		SOLE		416,213	0	0
Northern Trust Corporation	COM	665859104	109,356	1,215,067	SH		SOLE		1,215,067	0	0
Northwest Natural Holding Co	COM	66765N105	5,590	80,432	SH		SOLE		80,432	0	0
Northwest Natural Holding Co	COM	66765N105	909	13,080	SH		DFND	1	0	13,080	0
Novartis AG - ADR	COM	66987V109	21,055	230,583	SH		SOLE		230,379	0	204
NVIDIA Corp.	COM	67066G104	288	1,753	SH		SOLE		1,753	0	0
NXP Semiconductors N.V.	COM	N6596X109	145,953	1,495,268	SH		SOLE		1,495,268	0	0
Oaktree Specialty Lending Corp	COM	67401P108	1,726	318,438	SH		SOLE		318,438	0	0
OFS Capital Corp.	COM	67103B100	3,410	284,189	SH		SOLE		284,189	0	0
OFS Capital Corp.	COM	67103B100	3,265	272,084	SH		DFND	1	0	272,084	0
Oracle Corporation	COM	68389X105	34,586	607,095	SH		SOLE		607,095	0	0
Orix Corp. ADS	COM	686330101	525	7,011	SH		SOLE		6,907	0	104
Pagseguro Digital Ltd	COM	G68707101	335	8,602	SH		SOLE		8,602	0	0
Pan American Silver Corp	COM	697900108	188	14,571	SH		SOLE		14,571	0	0
Patterson Companies Inc.	COM	703395103	7,755	338,634	SH		SOLE		338,634	0	0
Patterson Companies Inc.	COM	703395103	665	29,055	SH		DFND	1	0	29,055	0
Paychex Inc.	COM	704326107	136,083	1,653,703	SH		SOLE		1,653,703	0	0
PayPal Holdings, Inc.	COM	70450Y103	674	5,886	SH		SOLE		5,886	0	0
PennantPark Floating Rate Capi	COM	70806A106	1,772	153,293	SH		SOLE		153,293	0	0
PennantPark Floating Rate Capi	COM	70806A106	231	20,000	SH		DFND	1	0	20,000	0
PennantPark Investment Corp.	COM	708062104	986	156,088	SH		SOLE		156,088	0	0
PennantPark Investment Corp.	COM	708062104	4,772	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	158,061	1,205,376	SH		SOLE		1,205,376	0	0
Petrobras Petroleo Brasileiro	COM	71654V408	305	19,594	SH		SOLE		19,594	0	0
Pfizer Inc.	COM	717081103	98,630	2,276,772	SH		SOLE		2,276,772	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	3,699	116,430	SH		SOLE		116,430	0	0
Phibro Animal Health Corp Clas	COM	71742Q106	831	26,145	SH		DFND	1	0	26,145	0
Pimco Enhanced Short Maturity	COM	72201R833	242	2,375	SH		SOLE		2,375	0	0
Pioneer Natural Resources Co.	COM	723787107	209	1,356	SH		SOLE		1,356	0	0
Polaris Industries	COM	731068102	106,107	1,163,071	SH		SOLE		1,163,071	0	0
Portman Ridge Finance Corp	COM	73688F102	766	340,472	SH		DFND	1	0	340,472	0
Potbelly Corp.	COM	73754Y100	1,921	377,406	SH		SOLE		377,406	0	0
Potbelly Corp.	COM	73754Y100	388	76,253	SH		DFND	1	0	76,253	0
PPG Industries Inc.	COM	693506107	21,436	183,667	SH		SOLE		183,667	0	0
Procter & Gamble Company	COM	742718109	22,552	205,677	SH		SOLE		205,677	0	0
Progressive Corp.	COM	743315103	120,977	1,513,535	SH		SOLE		1,513,535	0	0
Raven Industries Inc.	COM	754212108	4,846	135,050	SH		SOLE		135,050	0	0
Raven Industries Inc.	COM	754212108	721	20,105	SH		DFND	1	0	20,105	0
Rayonier Inc.	COM	754907103	90,248	2,978,479	SH		SOLE		2,978,479	0	0
Rayonier Inc.	COM	754907103	797	26,288	SH		DFND	1	0	26,288	0
RBC Bearings Incorporated	COM	75524B104	5,638	33,798	SH		SOLE		33,798	0	0
RBC Bearings Incorporated	COM	75524B104	1,063	6,371	SH		DFND	1	0	6,371	0
RE/MAX Holdings Inc.	COM	75524W108	3,699	120,269	SH		SOLE		120,269	0	0
RE/MAX Holdings Inc.	COM	75524W108	678	22,055	SH		DFND	1	0	22,055	0
REIT Index - Vanguard	COM	922908553	1,008	11,538	SH		SOLE		11,538	0	0
Resources Connection Inc	COM	76122Q105	4,951	309,253	SH		SOLE		309,253	0	0
Resources Connection Inc	COM	76122Q105	767	47,904	SH		DFND	1	0	47,904	0
Rio Tinto PLC	COM	767204100	1,577	25,296	SH		SOLE		24,896	0	400
Royal Dutch Shell PLC - Cl A	COM	780259206	1,324	20,352	SH		SOLE		20,102	0	250
Royal Gold, Inc.	COM	780287108	309	3,011	SH		SOLE		3,011	0	0
S&P 500 - SPDR	COM	78462F103	4,907	16,748	SH		SOLE		16,748	0	0
S&P 500 Growth Index - iShares	COM	464287309	19,324	107,810	SH		SOLE		107,810	0	0
S&P 500 Index Fund - iShares	COM	464287200	521	1,769	SH		SOLE		1,769	0	0
S&P 500 Value Index - iShares	COM	464287408	19,428	166,665	SH		SOLE		166,665	0	0
S&P MidCap 400 Growth Index Fu	COM	464287606	19,573	86,501	SH		SOLE		86,501	0	0
S&P MidCap 400 Value Index Fun	COM	464287705	19,115	119,868	SH		SOLE		119,868	0	0
S&P SmallCap 600 Growth Index	COM	464287887	9,518	52,157	SH		SOLE		52,157	0	0
S&P SmallCap 600 Index Fund -	COM	464287804	275	3,515	SH		SOLE		3,515	0	0
S&P SmallCap 600 Value Index F	COM	464287879	10,024	67,447	SH		SOLE		67,447	0	0
Sandstorm Gold Ltd.	COM	80013R206	206	37,108	SH		SOLE		37,108	0	0
SAP AG - ADS	COM	803054204	1,198	8,759	SH		SOLE		8,624	0	135
Schlumberger Ltd.	COM	806857108	18,950	476,837	SH		SOLE		476,837	0	0
Seabridge Gold Inc.	COM	811916105	176	12,984	SH		SOLE		12,984	0	0
SEI Investments Company	COM	784117103	19,521	347,974	SH		SOLE		347,974	0	0
Shiseido Co Ltd	COM	824841407	514	6,797	SH		SOLE		6,692	0	105
Shopify Inc	COM	82509L107	1,463	4,873	SH		SOLE		4,821	0	52
SJW Group	COM	784305104	5,451	89,702	SH		SOLE		89,702	0	0
SJW Group	COM	784305104	895	14,733	SH		DFND	1	0	14,733	0
Smith & Nephew (Adr 1:5)	COM	83175M205	576	13,229	SH		SOLE		12,954	0	275
Soc Quimica Y Minera Chile (Ad	COM	833635105	228	7,342	SH		SOLE		7,342	0	0
Solar Capital Ltd.	COM	83413U100	3,170	154,389	SH		SOLE		154,389	0	0
Solar Capital Ltd.	COM	83413U100	6,071	295,709	SH		DFND	1	0	295,709	0
Solar Senior Capital Ltd.	COM	83416M105	1,083	68,055	SH		SOLE		68,055	0	0
Sony Corp. ADS	COM	835699307	1,195	22,814	SH		SOLE		22,459	0	355
Southern Company	COM	842587107	123,650	2,236,803	SH		SOLE		2,236,803	0	0
SPDR Nuveen Barclays Capital M	COM	78468R721	6,886	137,342	SH		SOLE		137,342	0	0
SPDR Portfolio Intermediate Te	COM	78464A375	15,546	445,060	SH		SOLE		445,060	0	0
Spectrum Brands Holdings Inc	COM	84790a105	27,436	510,244	SH		SOLE		510,244	0	0
Starbucks Corporation	COM	855244109	67,958	810,663	SH		SOLE		810,663	0	0
Stellus Capital Investment	COM	858568108	2,517	181,984	SH		SOLE		181,984	0	0
Stellus Capital Investment	COM	858568108	3,957	286,126	SH		DFND	1	0	286,126	0
Stryker Corp.	COM	863667101	64,403	313,275	SH		SOLE		313,275	0	0
Sumitomo Mitsui-Spons ADR	COM	86562M209	1,003	142,041	SH		SOLE		140,216	0	1,825
T. Rowe Price Group Inc.	COM	74144T108	22,505	205,131	SH		SOLE		205,131	0	0
Taiwan Semiconductor Manufactu	COM	874039100	670	17,114	SH		SOLE		17,004	0	110
TCP Capital Corp.	COM	09259e108	4,022	282,216	SH		SOLE		282,216	0	0
TCP Capital Corp.	COM	09259e108	7,935	556,863	SH		DFND	1	0	556,863	0
Technology Select Sector SPDR	COM	81369Y803	4,120	52,795	SH		SOLE		52,795	0	0
Teck Resources Limited	COM	878742204	887	38,485	SH		SOLE		37,865	0	620
Tencent Holdings LTD	COM	88032Q109	1,114	24,610	SH		SOLE		24,475	0	135
Tencent Music Entertainment Gr	COM	88034P109	272	18,145	SH		SOLE		18,145	0	0
The Clorox Company	COM	189054109	21,292	139,062	SH		SOLE		139,062	0	0
The Mosaic Company	COM	61945C103	215	8,579	SH		SOLE		8,579	0	0
Thermo Fisher Scientific Inc.	COM	883556102	44,253	150,684	SH		SOLE		150,684	0	0
Thermon Group Holdings Inc.	COM	88362T103	5,613	218,846	SH		SOLE		218,846	0	0
Thermon Group Holdings Inc.	COM	88362T103	819	31,938	SH		DFND	1	0	31,938	0
Tiffany & Co.	COM	886547108	58,179	621,303	SH		SOLE		621,303	0	0
TJX Companies	COM	872540109	56,081	1,060,531	SH		SOLE		1,060,531	0	0
Torex Gold Res Inc	COM	891054603	189	18,319	SH		SOLE		18,319	0	0
Total SA - ADR	COM	89151E109	440	7,887	SH		SOLE		7,766	0	121
TPG Specialty Lending, Inc.	COM	87265K102	2,347	119,724	SH		SOLE		119,724	0	0
TPG Specialty Lending, Inc.	COM	87265K102	4,052	206,751	SH		DFND	1	0	206,751	0
TriplePoint Venture Growth BDC	COM	89677Y100	3,259	229,057	SH		SOLE		229,057	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	6,885	483,845	SH		DFND	1	0	483,845	0
Two Harbors Investment Corp.	COM	90187b408	18	1,384	SH		SOLE		1,384	0	0
Two Harbors Investment Corp.	COM	90187b408	5,511	434,949	SH		DFND	1	0	434,949	0
Unilever Plc	COM	904767704	1,111	17,934	SH		SOLE		17,664	0	270
United Overseas Bank Limited	COM	911271302	988	25,457	SH		SOLE		25,077	0	380
United Technologies Corp.	COM	913017109	45,829	351,992	SH		SOLE		351,992	0	0
US Bancorp	COM	902973304	88,875	1,696,092	SH		SOLE		1,696,092	0	0
US Concrete Inc	COM	90333L201	3,174	63,870	SH		SOLE		63,870	0	0
VanEck Vectors Long Municipal	COM	92189F536	9,645	464,588	SH		SOLE		464,588	0	0
Varex Imaging Corp	COM	92214x106	4,421	144,231	SH		SOLE		144,231	0	0
Varex Imaging Corp	COM	92214x106	605	19,741	SH		DFND	1	0	19,741	0
Veritex Holdings	COM	923451108	4,255	163,959	SH		SOLE		163,959	0	0
Veritex Holdings	COM	923451108	723	27,869	SH		DFND	1	0	27,869	0
Visa, Inc. - A	COM	92826C839	750	4,324	SH		SOLE		4,324	0	0
W.R. Berkley Corp.	COM	084423102	44,662	677,412	SH		SOLE		677,412	0	0
Walmart De-Mexico-Spon ADR V	COM	93114W107	350	12,821	SH		SOLE		12,821	0	0
Waste Connections, INC.	COM	94106B101	1,949	20,395	SH		SOLE		20,163	0	232
Weyerhaeuser Co.	COM	962166104	78,321	2,973,474	SH		SOLE		2,973,474	0	0
WNS Holdings Ltd	COM	92932M101	262	4,422	SH		SOLE		4,422	0	0
Woori Bank	COM	981064108	261	7,106	SH		SOLE		7,106	0	0
Xechem International Inc	COM	983895301	0	32,353	SH		SOLE		32,353	0	0
Yandex NV	COM	N97284108	409	10,773	SH		SOLE		10,773	0	0
ZTO Express Cayman Inc	COM	98980A105	1,047	54,785	SH		SOLE		54,470	0	315