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

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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
Vanguard Treasury Money Market	MFUND	921932109	520	519,581	SH		SOLE		519,581	0	0
3M Company	COM	88579Y101	82,963	607,743	SH		SOLE		604,522	0	3,221
Accenture PLC	COM	G1151C101	23,244	142,374	SH		SOLE		142,000	0	374
AIA Group Ltd	COM	001317205	1,349	37,480	SH		SOLE		36,950	0	530
Air Products & Chemicals Inc.	COM	009158106	23,760	119,030	SH		SOLE		118,818	0	212
Alaska Air Group Inc.	COM	011659109	2,758	96,857	SH		SOLE		96,679	0	178
Alibaba Group Holding Ltd	COM	01609W102	1,747	8,981	SH		SOLE		8,896	0	85
Allergan Inc.	COM	G0177J108	2,685	15,163	SH		SOLE		15,163	0	0
Allied Motion Technologies Inc	COM	019330109	2,896	122,187	SH		SOLE		121,784	0	403
Allied Motion Technologies Inc	COM	019330109	625	26,355	SH		DFND	1	0	26,355	0
Alphabet Inc. - Class A	COM	02079K305	2,059	1,772	SH		SOLE		1,772	0	0
Alphabet Inc. - Class C	COM	02079K107	37,521	32,267	SH		SOLE		32,228	0	39
American Express Company	COM	025816109	18,130	211,775	SH		SOLE		211,356	0	419
American International Group I	COM	026874784	5,293	218,266	SH		SOLE		217,492	0	774
American Water Works Co.	COM	030420103	24,537	205,230	SH		SOLE		204,826	0	403
Analog Devices Inc.	COM	032654105	80,340	896,157	SH		SOLE		891,802	0	4,355
Apollo Investment Corp.	COM	03761U502	574	85,079	SH		SOLE		85,079	0	0
Apollo Investment Corp.	COM	03761U502	902	133,700	SH		DFND	1	0	133,700	0
Apple Inc.	COM	037833100	277	1,088	SH		SOLE		1,088	0	0
APTIV PLC	COM	G6095L109	600	12,176	SH		SOLE		11,976	0	200
Ares Capital Corp.	COM	04010L103	47,550	4,410,940	SH		SOLE		4,385,097	0	25,843
Ares Capital Corp.	COM	04010L103	2,695	250,000	SH		DFND	1	0	250,000	0
Avanos Medical Inc.	COM	05350v106	15,702	583,074	SH		SOLE		580,454	0	2,620
Avanos Medical Inc.	COM	05350v106	792	29,417	SH		DFND	1	0	29,417	0
Axalta Coating Systems LTD	COM	G0750C108	33,458	1,937,336	SH		SOLE		1,931,630	0	5,706
Bain Capital Specialty Finance	COM	05684B107	725	78,228	SH		SOLE		78,228	0	0
Banco Bradesco S.A.	COM	059460303	155	38,238	SH		SOLE		38,238	0	0
Bank of America Corp.	COM	060505104	211	9,956	SH		SOLE		9,956	0	0
Bank of Marin (CA)	COM	063425102	3,205	106,848	SH		SOLE		106,510	0	338
Bank of Marin (CA)	COM	063425102	608	20,268	SH		DFND	1	0	20,268	0
Barclays 20 Plus Year Treasury	COM	464287432	11,839	71,765	SH		SOLE		71,683	0	82
Barings BDC Inc	COM	06759l103	2,142	286,350	SH		SOLE		286,350	0	0
Barings BDC Inc	COM	06759l103	2,450	327,594	SH		DFND	1	0	327,594	0
Barrick Gold ORD Shrs	COM	067901108	203	11,064	SH		SOLE		10,943	0	121
Becton Dickinson and Company	COM	075887109	22,890	99,621	SH		SOLE		99,424	0	197
Berkshire Hathaway Inc. - B	COM	084670702	52,373	286,459	SH		SOLE		285,685	0	774
Berkshire Hathaway Inc. - Clas	COM	084670108	1,360	5	SH		SOLE		5	0	0
Black Knight Inc	COM	09215C105	42,576	733,306	SH		SOLE		731,976	0	1,330
BlackRock Kelso Capital Corp.	COM	092533108	653	296,601	SH		SOLE		296,601	0	0
BlackRock Kelso Capital Corp.	COM	092533108	882	400,900	SH		DFND	1	0	400,900	0
Booking Holdings Inc	COM	09857L108	22,131	16,450	SH		SOLE		16,401	0	49
BP PLC (Adr 1:6)	COM	055622104	615	25,203	SH		SOLE		24,788	0	415
Broadridge Financial Solutions	COM	11133T103	88,080	928,824	SH		SOLE		923,575	0	5,249
Brookfield Asset Management In	COM	112585104	35,028	791,591	SH		SOLE		790,689	0	902
Brown & Brown Inc.	COM	115236101	37,505	1,035,483	SH		SOLE		1,033,514	0	1,969
Brown & Brown Inc.	COM	115236101	729	20,140	SH		DFND	1	0	20,140	0
BRP Group	COM	05589g102	2,088	197,925	SH		SOLE		197,284	0	641
BRP Group	COM	05589g102	432	40,971	SH		DFND	1	0	40,971	0
Cameco Corp.	COM	13321L108	129	16,849	SH		SOLE		16,667	0	182
Canadian National Railway	COM	136375102	925	11,917	SH		SOLE		11,731	0	186
Cannae Holdings Inc	COM	13765N107	35,377	1,056,343	SH		SOLE		1,052,425	0	3,918
Cannae Holdings Inc	COM	13765N107	1,208	36,076	SH		DFND	1	0	36,076	0
Capital Southwest Corp.	COM	140501107	830	72,684	SH		SOLE		72,684	0	0
Capital Southwest Corp.	COM	140501107	231	20,238	SH		DFND	1	0	20,238	0
Capstead Mortgage Corp.	COM	14067E506	11	2,644	SH		SOLE		2,644	0	0
Capstead Mortgage Corp.	COM	14067E506	456	108,500	SH		DFND	1	0	108,500	0
Cerner Corporation	COM	156782104	28,563	453,454	SH		SOLE		452,976	0	478
Charles River Laboratories Int	COM	159864107	20,997	166,366	SH		SOLE		165,811	0	555
Charles Schwab	COM	808513105	18,124	539,092	SH		SOLE		537,961	0	1,131
Chevron Corp.	COM	166764100	70,891	978,348	SH		SOLE		973,060	0	5,289
China Mobile Limited	COM	16941M109	213	5,662	SH		SOLE		5,662	0	0
China Petroleum & Chemical Co	COM	16941R108	277	5,685	SH		SOLE		5,685	0	0
China Southern Airlines Co Ltd	COM	169409109	229	10,564	SH		SOLE		10,564	0	0
Chubb Corp	COM	H1467J104	90,938	814,204	SH		SOLE		809,802	0	4,402
Cia Brasileira de Distribuicao	COM	20440T300	166	13,131	SH		SOLE		13,131	0	0
CNOOC Ltd.	COM	126132109	239	2,308	SH		SOLE		2,308	0	0
Colgate-Palmolive Co.	COM	194162103	108,650	1,637,282	SH		SOLE		1,628,346	0	8,937
Commerce Bancshares Inc.	COM	200525103	20,177	400,731	SH		SOLE		399,960	0	772
Communication Services Select	COM	81369Y852	2,806	63,431	SH		SOLE		63,376	0	55
Compagnie Financiere Richemont	COM	204319107	27,951	5,205,011	SH		SOLE		5,190,842	0	14,169
Consumer Discret Select Sector	COM	81369Y407	3,221	32,838	SH		SOLE		32,777	0	61
Corteva Inc	COM	22052L104	3,293	140,134	SH		SOLE		139,605	0	529
Costco Wholesale Corporation	COM	22160K105	248	870	SH		SOLE		855	0	15
CREDICORP LTD	COM	G2519Y108	216	1,507	SH		SOLE		1,507	0	0
Crescent Capital BDC, Inc.	COM	225655109	578	59,936	SH		SOLE		59,936	0	0
Crescent Capital BDC, Inc.	COM	225655109	245	25,408	SH		DFND	1	0	25,408	0
Cullen Frost Bankers Inc.	COM	229899109	12,526	224,512	SH		SOLE		223,976	0	536
Cyberark Software Ltd	COM	M2682V108	1,074	12,554	SH		SOLE		12,353	0	201
DBS GROUP HOLDINGS-SPON ADR	COM	23304y100	745	14,412	SH		SOLE		14,162	0	250
Delta Air Lines	COM	247361702	14,783	518,147	SH		SOLE		517,430	0	717
Diageo PLC	COM	25243Q205	117,866	927,203	SH		SOLE		922,464	0	4,739
Digital Realty Trust Inc.	COM	253868103	112,455	809,555	SH		SOLE		804,580	0	4,975
Dollar Tree, Inc.	COM	256746108	26,243	357,197	SH		SOLE		355,785	0	1,412
Donaldson Inc.	COM	257651109	17,719	458,690	SH		SOLE		457,738	0	952
Dow Inc	COM	260557103	52,683	1,801,731	SH		SOLE		1,795,674	0	6,057
Dow Jones Mid Cap Growth ETF -	COM	78464A821	14,862	347,090	SH		SOLE		346,597	0	493
DSV Panalpina	COM	26251A108	1,078	23,723	SH		SOLE		23,303	0	420
Dupont De Nemurs Inc	COM	26614N102	6,565	192,521	SH		SOLE		192,007	0	514
Ecopetrol SA	COM	279158109	154	16,246	SH		SOLE		16,246	0	0
Elbit Systems Ltd	COM	M3760D101	1,065	8,339	SH		SOLE		8,184	0	155
Eli Lilly & Co.	COM	532457108	333	2,400	SH		SOLE		2,400	0	0
ENN Energy Holdings Ltd	COM	26876F102	279	7,309	SH		SOLE		7,309	0	0
Entergy Corporation	COM	29364G103	85,255	907,257	SH		SOLE		901,616	0	5,641
Equinox Gold	COM	29446Y502	229	34,597	SH		SOLE		34,213	0	384
Expeditors International of Wa	COM	302130109	19,439	291,359	SH		SOLE		290,689	0	670
Fanuc Ltd. ADS	COM	307305102	584	44,157	SH		SOLE		43,422	0	735
Fastenal Co.	COM	311900104	110,880	3,548,166	SH		SOLE		3,530,969	0	17,197
Fidelity National Financial In	COM	31620R303	60,106	2,415,816	SH		SOLE		2,400,196	0	15,620
Fidelity National Information	COM	31620M106	24,012	197,402	SH		SOLE		197,039	0	363
Forward Air Corp.	COM	349853101	3,770	74,438	SH		SOLE		74,222	0	216
Forward Air Corp.	COM	349853101	581	11,472	SH		DFND	1	0	11,472	0
Franco-Nevada Corp.	COM	351858105	1,532	15,393	SH		SOLE		15,170	0	223
Franklin Street Properties Cor	COM	35471R106	587	102,500	SH		SOLE		102,500	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	114	16,820	SH		SOLE		16,637	0	183
Frontdoor Inc	COM	35905A109	34,820	1,001,139	SH		SOLE		997,458	0	3,681
Frontdoor Inc	COM	35905A109	1,101	31,650	SH		DFND	1	0	31,650	0
Gates Industrial	COM	G39108108	4,787	648,656	SH		SOLE		647,286	0	1,370
General Dynamics Corp.	COM	369550108	15,571	117,683	SH		SOLE		117,412	0	271
Gilead Sciences	COM	375558103	96,266	1,287,664	SH		SOLE		1,280,064	0	7,600
Gladstone Commercial Corp.	COM	376536108	3,408	237,302	SH		SOLE		236,558	0	744
Gladstone Commercial Corp.	COM	376536108	564	39,308	SH		DFND	1	0	39,308	0
GlaxoSmithKline Plc (Adr 1:2)	COM	37733W105	1,620	42,760	SH		SOLE		42,662	0	98
Gold Shares - SPDR	COM	78463V107	224	1,516	SH		SOLE		1,516	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,787	144,899	SH		SOLE		144,899	0	0
Goldman Sachs BDC Inc.	COM	38147U107	1,332	108,063	SH		DFND	1	0	108,063	0
Goldman Sachs Treasury Access	COM	381430529	502	4,986	SH		SOLE		4,986	0	0
Golub Capital BDC Inc.	COM	38173M102	2,635	209,753	SH		SOLE		209,753	0	0
Golub Capital BDC Inc.	COM	38173M102	2,512	200,000	SH		DFND	1	0	200,000	0
Graco Inc.	COM	384109104	110,496	2,267,512	SH		SOLE		2,255,682	0	11,830
HDFC Bank Ltd	COM	40415F101	568	14,766	SH		SOLE		14,622	0	144
Healthcare Services Group	COM	421906108	14,718	615,547	SH		SOLE		612,786	0	2,761
Healthcare Services Group	COM	421906108	784	32,792	SH		DFND	1	0	32,792	0
Hercules Technology Growth Cap	COM	427096508	1,356	177,438	SH		SOLE		177,438	0	0
Hercules Technology Growth Cap	COM	427096508	2,674	350,000	SH		DFND	1	0	350,000	0
Hexagon AB	COM	428263107	4,257	100,757	SH		SOLE		100,591	0	166
High Yield Corporate Bond Fund	COM	464288513	1,048	13,596	SH		SOLE		13,464	0	132
Home Depot Inc.	COM	437076102	23,159	124,037	SH		SOLE		123,825	0	212
Huazhu Group Ltd.	COM	44332N106	325	11,316	SH		SOLE		11,316	0	0
I3 Verticals Inc	COM	46571Y107	4,087	214,100	SH		SOLE		213,399	0	701
I3 Verticals Inc	COM	46571Y107	710	37,180	SH		DFND	1	0	37,180	0
ICICI Bank Ltd. ADS	COM	45104g104	114	13,460	SH		SOLE		13,460	0	0
Icon PLC	COM	G4705A100	1,763	12,966	SH		SOLE		12,781	0	185
IHS Markit Ltd	COM	G47567105	13,852	230,867	SH		SOLE		230,604	0	263
Illinois Tool Works Inc.	COM	452308109	47,064	331,155	SH		SOLE		330,671	0	484
Invesco BulletShares 2022	COM	46138j882	9,892	467,023	SH		SOLE		466,617	0	406
Invesco BulletShares 2024	COM	46138j841	9,985	483,514	SH		SOLE		483,092	0	422
Invesco BulletShares 2025	COM	46138j825	13,643	663,239	SH		SOLE		662,666	0	573
Investcorp Credit Management B	COM	46090R104	319	130,340	SH		DFND	1	0	130,340	0
iShares 7-10 Year Treasury Bon	COM	464287440	41,976	345,538	SH		SOLE		345,247	0	291
iShares Barclays 10-20 Year Tr	COM	464288653	536	3,197	SH		SOLE		3,165	0	32
iShares Core MSCI Emerging Mar	COM	46434G103	1,308	32,310	SH		SOLE		32,310	0	0
iShares Core US Values - ETF	COM	464287663	4,018	87,006	SH		SOLE		85,192	0	1,814
iShares Corporate Bond ETF 202	COM	46432FAZ0	13,735	520,558	SH		SOLE		520,107	0	451
iShares Corporate iBonds ETF 2	COM	46435GAA0	15,561	633,835	SH		SOLE		633,287	0	548
iShares Floating Rate Note Fun	COM	46429B655	232	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust	COM	464285105	13,268	880,433	SH		SOLE		878,633	0	1,800
iShares iBonds Dec 2021 Term C	COM	46434VBK5	1,167	47,327	SH		SOLE		47,185	0	142
iShares iBonds Dec 2022 AMT-Fr	COM	46435G755	3,615	138,977	SH		SOLE		138,977	0	0
iShares iBonds Dec 2022 Term C	COM	46434VBA7	1,230	49,619	SH		SOLE		49,478	0	141
iShares iBonds Dec 2023 Term C	COM	46434VAX8	834	33,349	SH		SOLE		33,349	0	0
iShares iBonds Dec 2023 Term T	COM	46436E882	9,580	372,702	SH		SOLE		372,381	0	321
iShares iBonds Dec 2024 Term M	COM	46435U697	3,733	142,704	SH		SOLE		142,704	0	0
iShares iBonds Dec 2024 Term T	COM	46436E874	7,655	295,453	SH		SOLE		295,198	0	255
iShares iBonds Dec 2025 Term M	COM	46435U432	3,759	139,044	SH		SOLE		139,044	0	0
iShares iBonds Dec 2025 Term T	COM	46436E866	7,745	296,531	SH		SOLE		296,276	0	255
Ishares Ibonds Dec 2026 Term M	COM	46435U259	3,768	146,062	SH		SOLE		146,062	0	0
iShares iBonds Dec 2026 Term T	COM	46436E858	8,917	340,475	SH		SOLE		340,086	0	389
iShares iBonds Dec 2027 Term C	COM	46435UAA9	9,707	396,060	SH		SOLE		395,719	0	341
Ishares Ibonds Dec 2027 Term M	COM	46435U283	4,816	185,093	SH		SOLE		185,093	0	0
iShares iBonds Dec 2027 Term T	COM	46436E841	1,194	45,403	SH		SOLE		45,270	0	133
iShares iBonds Dec 2028 Term C	COM	46435U515	11,643	443,708	SH		SOLE		443,326	0	382
iShares iBonds Dec 2028 Term M	COM	46435U325	5,313	202,464	SH		SOLE		202,464	0	0
iShares iBonds Dec 2028 Term T	COM	46436E833	1,163	43,939	SH		SOLE		43,807	0	132
iShares iBonds Dec 2029 Term T	COM	46436E825	8,986	338,210	SH		SOLE		337,823	0	387
iShares iBoxx Corporate Bond E	COM	464287242	7,897	63,937	SH		SOLE		63,704	0	233
iShares Long-Term Corporate Bo	COM	464289511	2,717	42,703	SH		SOLE		42,703	0	0
iShares MBS Bond ETF	COM	464288588	17,561	159,008	SH		SOLE		158,872	0	136
iShares Muni Bond 2023	COM	46435G318	3,617	141,018	SH		SOLE		141,018	0	0
iShares National AMT-Free Muni	COM	464288414	3,460	30,617	SH		SOLE		30,617	0	0
Itau Unibanco Holding S/A ADS	COM	465562106	148	32,887	SH		SOLE		32,887	0	0
James River Group Holdings Ltd	COM	g5005r107	4,444	122,636	SH		SOLE		122,249	0	387
James River Group Holdings Ltd	COM	g5005r107	798	22,019	SH		DFND	1	0	22,019	0
Jazz Pharmaceuticals Plc	COM	G50871105	382	3,834	SH		SOLE		3,769	0	65
John Bean Technologies Corp.	COM	477839104	3,751	50,498	SH		SOLE		50,345	0	153
John Bean Technologies Corp.	COM	477839104	686	9,231	SH		DFND	1	0	9,231	0
JP Morgan Chase & Company	COM	46625H100	269	2,988	SH		SOLE		2,988	0	0
Kadant Inc	COM	48282T104	3,742	50,126	SH		SOLE		49,983	0	143
Kadant Inc	COM	48282T104	794	10,634	SH		DFND	1	0	10,634	0
Kemper Corp.	COM	488401100	332	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Inc.	COM	49456B101	78,871	5,666,052	SH		SOLE		5,632,726	0	33,326
Kirkland Lake Gold Ltd	COM	49741E100	863	29,147	SH		SOLE		28,679	0	468
KOMATSU LTD	COM	500458401	464	28,259	SH		SOLE		27,769	0	490
Linde PLC	COM	G5494J103	121,411	701,798	SH		SOLE		698,262	0	3,536
Localiza Rent a Car SA	COM	53956W300	120	24,016	SH		SOLE		24,016	0	0
Lockheed Martin Corp	COM	539830109	117,671	347,162	SH		SOLE		345,286	0	1,876
Lowe's Companies Inc.	COM	548661107	32,004	371,922	SH		SOLE		371,456	0	466
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,595	21,439	SH		SOLE		21,149	0	290
Lynas Corp Ltd	COM	551073307	93	104,736	SH		SOLE		103,594	0	1,142
M&T Bank Corp.	COM	55261F104	14,275	138,012	SH		SOLE		137,710	0	302
Main Street Capital Corp.	COM	56035L104	766	37,326	SH		SOLE		37,326	0	0
Main Street Capital Corp.	COM	56035L104	2	107	SH		DFND	1	0	107	0
Manatuck Hill Mariner Offshore	COM	562996983	335	2,177	SH		SOLE		2,177	0	0
Markel Corp.	COM	570535104	49,095	52,910	SH		SOLE		52,774	0	136
Martin Marietta Materials Inc.	COM	573284106	3,185	16,834	SH		SOLE		16,723	0	111
Mastercard Inc. - A	COM	57636Q104	52,711	218,211	SH		SOLE		217,916	0	295
McDonald's Corp.	COM	580135101	21,158	127,959	SH		SOLE		127,712	0	247
Medley Capital Corp.	COM	58503F106	271	466,714	SH		DFND	1	0	466,714	0
Medtronic	COM	G5960L103	22,232	246,534	SH		SOLE		246,084	0	450
Melco Resorts & Entertainment	COM	585464100	464	37,408	SH		SOLE		37,053	0	355
MERCADOLIBRE INC	COM	58733R102	312	639	SH		SOLE		639	0	0
Microsoft Corp.	COM	594918104	138,004	875,047	SH		SOLE		870,837	0	4,210
Mitsubishi UFJ Financial	COM	606822104	516	141,100	SH		SOLE		138,760	0	2,340
MMC Norilsk Nickel	COM	55315j102	217	8,959	SH		SOLE		8,959	0	0
Morningstar Inc.	COM	617700109	13,422	115,462	SH		SOLE		115,205	0	257
Morningstar Inc.	COM	617700109	738	6,347	SH		DFND	1	0	6,347	0
Movado Group Inc.	COM	624580106	2,883	243,912	SH		SOLE		243,117	0	795
Movado Group Inc.	COM	624580106	534	45,200	SH		DFND	1	0	45,200	0
MTS Systems Corp.	COM	553777103	2,435	108,227	SH		SOLE		107,887	0	340
MTS Systems Corp.	COM	553777103	494	21,957	SH		DFND	1	0	21,957	0
Nathan's Famous Inc	COM	632347100	1,213	19,883	SH		SOLE		19,818	0	65
Nathan's Famous Inc	COM	632347100	312	5,109	SH		DFND	1	0	5,109	0
Natus Medical Inc.	COM	639050103	3,057	132,160	SH		SOLE		131,778	0	382
Natus Medical Inc.	COM	639050103	530	22,919	SH		DFND	1	0	22,919	0
Neenah Paper Inc	COM	640079109	2,655	61,560	SH		SOLE		61,376	0	184
Neenah Paper Inc	COM	640079109	630	14,610	SH		DFND	1	0	14,610	0
Nestle SA	COM	641069406	132,045	1,282,112	SH		SOLE		1,275,030	0	7,082
New Jersey Resources Corp.	COM	646025106	17,607	518,299	SH		SOLE		517,071	0	1,228
New Mountain Finance Corp.	COM	647551100	1,860	273,582	SH		SOLE		273,582	0	0
New Mountain Finance Corp.	COM	647551100	2,567	377,564	SH		DFND	1	0	377,564	0
Nike Inc. - B	COM	654106103	22,578	272,873	SH		SOLE		272,346	0	527
Nintendo Co. Ltd. ADS	COM	654445303	849	17,586	SH		SOLE		17,281	0	305
Nordson Corporation	COM	655663102	29,900	221,367	SH		SOLE		220,940	0	427
Northern Trust Corporation	COM	665859104	94,804	1,256,347	SH		SOLE		1,249,928	0	6,419
Northwest Natural Holding Co	COM	66765N105	4,686	75,886	SH		SOLE		75,640	0	246
Northwest Natural Holding Co	COM	66765N105	842	13,640	SH		DFND	1	0	13,640	0
Novartis AG - ADR	COM	66987V109	20,682	250,838	SH		SOLE		250,068	0	770
Novo Nordisk A/S ADS	COM	670100205	1,330	22,094	SH		SOLE		21,785	0	309
NVIDIA Corp.	COM	67066G104	229	870	SH		SOLE		870	0	0
NXP Semiconductors N.V.	COM	N6596X109	41,029	494,748	SH		SOLE		493,449	0	1,299
Oaktree Specialty Lending Corp	COM	67401P108	848	261,613	SH		SOLE		261,613	0	0
OFS Capital Corp.	COM	67103B100	1,105	271,463	SH		SOLE		271,463	0	0
OFS Capital Corp.	COM	67103B100	1,168	287,084	SH		DFND	1	0	287,084	0
Oracle Corporation	COM	68389X105	31,696	655,819	SH		SOLE		654,830	0	989
Osisko Gold Royalties Ltd	COM	68827L101	117	15,683	SH		SOLE		15,512	0	171
Pagseguro Digital Ltd	COM	G68707101	380	19,678	SH		SOLE		19,478	0	200
Pan American Silver Corp	COM	697900108	190	13,250	SH		SOLE		13,111	0	139
Patterson Companies Inc.	COM	703395103	2,957	193,419	SH		SOLE		192,828	0	591
Patterson Companies Inc.	COM	703395103	487	31,855	SH		DFND	1	0	31,855	0
Paychex Inc.	COM	704326107	105,068	1,669,871	SH		SOLE		1,660,251	0	9,621
PayPal Holdings, Inc.	COM	70450Y103	203	2,118	SH		SOLE		2,118	0	0
PennantPark Floating Rate Capi	COM	70806A106	604	124,332	SH		SOLE		124,332	0	0
PennantPark Floating Rate Capi	COM	70806A106	97	20,000	SH		DFND	1	0	20,000	0
PennantPark Investment Corp.	COM	708062104	374	144,401	SH		SOLE		144,401	0	0
PennantPark Investment Corp.	COM	708062104	1,956	755,081	SH		DFND	1	0	755,081	0
Pepsico Inc.	COM	713448108	147,025	1,224,187	SH		SOLE		1,218,506	0	5,681
Petrobras Petroleo Brasileiro	COM	71654V408	58	10,530	SH		SOLE		10,530	0	0
Pfizer Inc.	COM	717081103	77,984	2,389,210	SH		SOLE		2,375,340	0	13,870
Phibro Animal Health Corp Clas	COM	71742Q106	3,289	136,085	SH		SOLE		135,681	0	404
Phibro Animal Health Corp Clas	COM	71742Q106	735	30,395	SH		DFND	1	0	30,395	0
Pimco Enhanced Short Maturity	COM	72201R833	722	7,291	SH		SOLE		7,291	0	0
Polaris Industries	COM	731068102	60,693	1,260,497	SH		SOLE		1,253,484	0	7,013
Portman Ridge Finance Corp	COM	73688F102	319	340,472	SH		DFND	1	0	340,472	0
Powershares S&P 500 Quality Po	COM	46137V241	6,638	221,792	SH		SOLE		221,472	0	320
PPG Industries Inc.	COM	693506107	16,708	199,857	SH		SOLE		199,444	0	413
Procter & Gamble Company	COM	742718109	23,191	210,823	SH		SOLE		210,415	0	408
Progressive Corp.	COM	743315103	117,003	1,584,553	SH		SOLE		1,576,158	0	8,395
Rayonier Inc.	COM	754907103	73,762	3,132,125	SH		SOLE		3,113,491	0	18,634
Rayonier Inc.	COM	754907103	697	29,588	SH		DFND	1	0	29,588	0
RBC Bearings Incorporated	COM	75524B104	3,733	33,094	SH		SOLE		32,990	0	104
RBC Bearings Incorporated	COM	75524B104	667	5,911	SH		DFND	1	0	5,911	0
RE/MAX Holdings Inc.	COM	75524W108	10,430	475,802	SH		SOLE		474,943	0	859
RE/MAX Holdings Inc.	COM	75524W108	755	34,455	SH		DFND	1	0	34,455	0
REIT Index - Vanguard	COM	922908553	5,410	77,451	SH		SOLE		77,304	0	147
Resources Connection Inc	COM	76122Q105	3,286	299,564	SH		SOLE		298,564	0	1,000
Resources Connection Inc	COM	76122Q105	566	51,604	SH		DFND	1	0	51,604	0
Rio Tinto PLC	COM	767204100	1,004	22,037	SH		SOLE		21,666	0	371
Rockwell Automation Inc.	COM	773903109	16,918	112,109	SH		SOLE		111,858	0	251
Royal Dutch Shell PLC - Cl A	COM	780259206	741	21,235	SH		SOLE		20,941	0	294
Royal Gold, Inc.	COM	780287108	237	2,698	SH		SOLE		2,674	0	24
Russell 1000 Value Index - iSh	COM	464287598	522	5,259	SH		SOLE		5,259	0	0
Russell 2000 Value Index - iSh	COM	464287630	933	11,379	SH		SOLE		11,379	0	0
S&P 500 - SPDR	COM	78462F103	4,696	18,220	SH		SOLE		18,220	0	0
S&P 600 Small Cap Growth - SPD	COM	78464A201	4,755	102,973	SH		SOLE		102,973	0	0
Sandstorm Gold Ltd.	COM	80013R206	168	33,478	SH		SOLE		33,111	0	367
SAP AG - ADS	COM	803054204	884	8,003	SH		SOLE		7,863	0	140
Seabridge Gold Inc.	COM	811916105	157	16,803	SH		SOLE		16,633	0	170
SEI Investments Company	COM	784117103	17,576	379,278	SH		SOLE		378,490	0	788
Shiseido Co Ltd	COM	824841407	358	6,125	SH		SOLE		6,012	0	113
Shopify Inc	COM	82509L107	1,548	3,712	SH		SOLE		3,656	0	56
Silver Trust - iShares	COM	46428Q109	558	42,771	SH		SOLE		42,709	0	62
SilverCrest Metals Inc	COM	828363101	177	33,882	SH		SOLE		33,513	0	369
SJW Group	COM	784305104	4,892	84,675	SH		SOLE		84,407	0	268
SJW Group	COM	784305104	882	15,263	SH		DFND	1	0	15,263	0
Sl Green Realty	COM	78440X101	52,543	1,219,092	SH		SOLE		1,211,598	0	7,494
Snap-on Inc.	COM	833034101	90,802	834,421	SH		SOLE		829,885	0	4,536
Solar Capital Ltd.	COM	83413U100	1,885	161,924	SH		SOLE		161,924	0	0
Solar Capital Ltd.	COM	83413U100	2,278	195,709	SH		DFND	1	0	195,709	0
Solar Senior Capital Ltd.	COM	83416M105	529	54,484	SH		SOLE		54,484	0	0
Sony Corp. ADS	COM	835699307	1,399	23,646	SH		SOLE		23,301	0	345
Southern Company	COM	842587107	115,771	2,138,359	SH		SOLE		2,127,730	0	10,629
SPDR Nuveen Barclays Capital M	COM	78468R721	2,573	51,456	SH		SOLE		51,456	0	0
SPDR S&P 400 Mid Cap Value	COM	78464A839	9,900	280,761	SH		SOLE		280,362	0	399
SPDR S&P 500 Growth ETF	COM	78464A409	17,926	501,560	SH		SOLE		500,868	0	692
SPDR S&P 500 Value	COM	78464a508	11,911	460,956	SH		SOLE		460,317	0	639
SPDR S&P 600 Small CapValue ET	COM	78464A300	3,190	78,076	SH		SOLE		78,076	0	0
Spectrum Brands Holdings Inc	COM	84790a105	5,218	143,459	SH		SOLE		143,182	0	277
Starbucks Corporation	COM	855244109	52,346	796,260	SH		SOLE		795,006	0	1,254
Stellus Capital Investment	COM	858568108	1,301	178,523	SH		SOLE		178,523	0	0
Stellus Capital Investment	COM	858568108	2,086	286,126	SH		DFND	1	0	286,126	0
Stryker Corp.	COM	863667101	56,888	341,691	SH		SOLE		341,184	0	507
T. Rowe Price Group Inc.	COM	74144T108	20,859	213,607	SH		SOLE		213,200	0	407
Taiwan Semiconductor Manufactu	COM	874039100	1,313	27,477	SH		SOLE		27,141	0	336
TCP Capital Corp.	COM	09259e108	1,494	238,974	SH		SOLE		238,974	0	0
TCP Capital Corp.	COM	09259e108	2,074	331,863	SH		DFND	1	0	331,863	0
Technology Select Sector SPDR	COM	81369Y803	2,447	30,449	SH		SOLE		30,404	0	45
Teck Resources Limited	COM	878742204	112	14,867	SH		SOLE		14,705	0	162
Tencent Holdings LTD	COM	88032Q109	1,105	22,507	SH		SOLE		22,277	0	230
Tencent Music Entertainment Gr	COM	88034P109	175	17,372	SH		SOLE		17,372	0	0
The Clorox Company	COM	189054109	25,866	149,299	SH		SOLE		148,974	0	325
Thermo Fisher Scientific Inc.	COM	883556102	38,355	135,243	SH		SOLE		135,118	0	125
Thermon Group Holdings Inc.	COM	88362T103	3,127	207,529	SH		SOLE		206,837	0	692
Thermon Group Holdings Inc.	COM	88362T103	543	36,038	SH		DFND	1	0	36,038	0
Tiffany & Co.	COM	886547108	103,322	797,853	SH		SOLE		793,130	0	4,723
TJX Companies	COM	872540109	53,543	1,119,920	SH		SOLE		1,118,224	0	1,696
Torex Gold Res Inc	COM	891054603	161	16,637	SH		SOLE		16,459	0	178
Total SA - ADR	COM	89151E109	274	7,350	SH		SOLE		7,221	0	129
TPG Specialty Lending, Inc.	COM	87265K102	1,458	104,719	SH		SOLE		104,719	0	0
TPG Specialty Lending, Inc.	COM	87265K102	1,486	106,751	SH		DFND	1	0	106,751	0
TriplePoint Venture Growth BDC	COM	89677Y100	816	142,141	SH		SOLE		142,141	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	2,777	483,845	SH		DFND	1	0	483,845	0
Two Harbors Investment Corp.	COM	90187b408	5	1,384	SH		SOLE		1,384	0	0
Two Harbors Investment Corp.	COM	90187b408	1,276	334,949	SH		DFND	1	0	334,949	0
Unilever Plc	COM	904767704	881	17,421	SH		SOLE		17,141	0	280
United Overseas Bank Limited	COM	911271302	639	23,458	SH		SOLE		23,053	0	405
United Technologies Corp.	COM	913017109	35,891	380,488	SH		SOLE		379,878	0	610
US Bancorp	COM	902973304	70,197	2,037,636	SH		SOLE		2,025,229	0	12,407
VanEck Vectors Long Municipal	COM	92189F536	14,519	710,670	SH		SOLE		710,670	0	0
Varex Imaging Corp	COM	92214x106	3,248	143,036	SH		SOLE		142,593	0	443
Varex Imaging Corp	COM	92214x106	557	24,541	SH		DFND	1	0	24,541	0
Veritex Holdings	COM	923451108	2,236	160,041	SH		SOLE		159,514	0	527
Veritex Holdings	COM	923451108	427	30,569	SH		DFND	1	0	30,569	0
Vipshop Holdings Ltd	COM	92763W103	348	22,360	SH		SOLE		22,360	0	0
Visa, Inc. - A	COM	92826C839	419	2,598	SH		SOLE		2,598	0	0
W.R. Berkley Corp.	COM	084423102	35,128	673,336	SH		SOLE		672,571	0	765
Walmart De-Mexico-Spon ADR V	COM	93114W107	1,124	48,352	SH		SOLE		47,717	0	635
Waste Connections, INC.	COM	94106B101	1,163	15,003	SH		SOLE		14,756	0	247
Weyerhaeuser Co.	COM	962166104	53,696	3,167,898	SH		SOLE		3,149,427	0	18,471
Willis Towers Watson Public Lt	COM	G96629103	1,015	5,976	SH		SOLE		5,884	0	92
WNS Holdings Ltd	COM	92932M101	204	4,758	SH		SOLE		4,758	0	0
XTrackers Municipal Infr REven	COM	233051705	3,851	140,051	SH		SOLE		140,051	0	0
Yandex NV	COM	N97284108	337	9,910	SH		SOLE		9,910	0	0
Yum China Holdings Inc	COM	98850P109	274	6,425	SH		SOLE		6,425	0	0
ZTO Express Cayman Inc	COM	98980A105	1,450	54,745	SH		SOLE		54,205	0	540