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
Expires:	Oct 31, 2018
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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	110,764	574,857	SH		SOLE		571,202	0	3,655
Aberdeen Standard Physical Pla	COM	003260106	222	1,997	SH		SOLE		1,982	0	15
Accenture PLC	COM	G1151C101	36,011	130,355	SH		SOLE		129,893	0	462
AIA Group Limited	COM	001317205	1,223	24,912	SH		SOLE		24,382	0	530
Air Products & Chemicals Incor	COM	009158106	31,248	111,068	SH		SOLE		110,767	0	301
Alibaba Group Holding Limited	COM	01609W102	1,503	6,630	SH		SOLE		6,545	0	85
Allied Motion Technologies Inc	COM	019330109	5,706	111,166	SH		SOLE		110,456	0	710
Allied Motion Technologies Inc	COM	019330109	1,566	30,505	SH		DFND	1	0	30,505	0
Alphabet Incorporated - A	COM	02079K305	437	212	SH		SOLE		212	0	0
Alphabet Incorporated - C	COM	02079K107	58,178	28,124	SH		SOLE		28,073	0	51
American Capital Agency Corpor	COM	00123q104	27	1,594	SH		SOLE		1,594	0	0
American Capital Agency Corpor	COM	00123q104	469	28,000	SH		DFND	1	0	28,000	0
American Express Company	COM	025816109	339	2,400	SH		SOLE		2,400	0	0
American Water Works Company	COM	030420103	29,116	194,213	SH		SOLE		193,664	0	549
Analog Devices Incorporated	COM	032654105	123,955	799,295	SH		SOLE		794,565	0	4,730
Anglo American Platinum Limite	COM	03486T202	380	15,391	SH		SOLE		15,247	0	144
Antofagasta PLC ADR	COM	G0398N128	341	14,603	SH		SOLE		14,470	0	133
Apollo Investment Corporation	COM	03761U502	385	28,034	SH		SOLE		28,034	0	0
Apple Incorporated	COM	037833100	305	2,494	SH		SOLE		2,494	0	0
APTIV PLC	COM	G6095L109	1,013	7,349	SH		SOLE		7,149	0	200
Ares Capital Corporation	COM	04010L103	75,003	4,008,691	SH		SOLE		3,983,066	0	25,625
Ares Capital Corporation	COM	04010L103	4,677	250,000	SH		DFND	1	0	250,000	0
Avanos Medical Incorporated	COM	05350v106	18,960	433,477	SH		SOLE		430,824	0	2,653
Avanos Medical Incorporated	COM	05350v106	1,466	33,517	SH		DFND	1	0	33,517	0
Axalta Coating Systems Limited	COM	G0750C108	42,236	1,427,858	SH		SOLE		1,425,013	0	2,845
Baidu Incorporated ADS	COM	056752108	401	1,841	SH		SOLE		1,841	0	0
Bank of America Corporation	COM	060505104	304	7,867	SH		SOLE		7,867	0	0
Bank of Marin (CA)	COM	063425102	4,181	106,773	SH		SOLE		106,172	0	601
Bank of Marin (CA)	COM	063425102	1,409	35,968	SH		DFND	1	0	35,968	0
Barings BDC Incorporated	COM	06759l103	1,195	119,725	SH		SOLE		119,725	0	0
Barings BDC Incorporated	COM	06759l103	3,269	327,594	SH		DFND	1	0	327,594	0
Barrick Gold Corporation	COM	067901108	270	13,632	SH		SOLE		13,511	0	121
Becton Dickinson and Company	COM	075887109	24,043	98,883	SH		SOLE		98,573	0	310
Berkshire Hathaway Incorporate	COM	084670108	1,929	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	52,068	203,811	SH		SOLE		203,434	0	377
Berkshire Hathaway Incorporate	COM	084670702	1,150	4,500	SH		DFND	1	0	4,500	0
Black Knight Incorporated	COM	09215C105	47,270	638,876	SH		SOLE		637,829	0	1,047
Booking Holdings Incorporated	COM	09857L108	57,691	24,762	SH		SOLE		24,698	0	64
Broadridge Financial Solutions	COM	11133T103	124,152	810,920	SH		SOLE		805,864	0	5,056
Brookfield Asset Management In	COM	112585104	55,621	1,249,917	SH		SOLE		1,247,360	0	2,557
Brookfield Infrastructure	COM	11275Q107	56,574	740,792	SH		SOLE		735,998	0	4,794
Brown & Brown Incorporated	COM	115236101	42,615	932,290	SH		SOLE		929,347	0	2,943
Brown & Brown Incorporated	COM	115236101	1,254	27,440	SH		DFND	1	0	27,440	0
BRP Group	COM	05589g102	20,126	738,555	SH		SOLE		733,680	0	4,875
BRP Group	COM	05589g102	1,836	67,384	SH		DFND	1	0	67,384	0
Cameco Corporation	COM	13321L108	332	19,983	SH		SOLE		19,801	0	182
Canadian National Railway	COM	136375102	887	7,650	SH		SOLE		7,464	0	186
Cannae Holdings Incorporated	COM	13765N107	34,360	867,226	SH		SOLE		862,740	0	4,486
Cannae Holdings Incorporated	COM	13765N107	1,917	48,376	SH		DFND	1	0	48,376	0
Capital Southwest Corporation	COM	140501107	793	35,806	SH		SOLE		35,806	0	0
Capital Southwest Corporation	COM	140501107	1,556	70,238	SH		DFND	1	0	70,238	0
Cerner Corporation	COM	156782104	34,408	478,692	SH		SOLE		478,241	0	451
Charles River Laboratories Int	COM	159864107	56,773	195,884	SH		SOLE		195,385	0	499
Charles Schwab	COM	808513105	34,433	528,276	SH		SOLE		526,611	0	1,665
Chevron Corporation	COM	166764100	94,313	900,018	SH		SOLE		894,878	0	5,140
China Petroleum & Chemical Com	COM	16941R108	294	5,576	SH		SOLE		5,576	0	0
China Southern Airlines Compan	COM	169409109	373	10,160	SH		SOLE		10,160	0	0
Chubb Corporation	COM	H1467J104	119,166	754,361	SH		SOLE		749,420	0	4,941
Cia Brasileira de Distribuicao	COM	20440T300	214	36,722	SH		SOLE		36,722	0	0
Cimarex Energy Company	COM	171798101	236	3,972	SH		SOLE		3,937	0	35
Cisco Systems Incorporated	COM	17275R102	97,313	1,881,897	SH		SOLE		1,869,678	0	12,219
Cliffs Natural Resources Incor	COM	185899101	335	16,647	SH		SOLE		16,492	0	155
Colgate-Palmolive Company	COM	194162103	116,393	1,476,501	SH		SOLE		1,466,712	0	9,790
Commerce Bancshares Incorporat	COM	200525103	30,828	402,401	SH		SOLE		401,172	0	1,229
Compagnie Financiere Richemont	COM	204319107	147	15,411	SH		SOLE		15,411	0	0
Compass Minerals International	COM	20451N101	235	3,750	SH		SOLE		3,717	0	33
Corteva Incorporated	COM	22052L104	828	17,753	SH		SOLE		17,753	0	0
Costco Wholesale Corporation	COM	22160K105	283	804	SH		SOLE		789	0	15
CrediCorporation Limited	COM	G2519Y108	207	1,518	SH		SOLE		1,518	0	0
Crescent Capital BDC Incorpora	COM	225655109	379	22,043	SH		SOLE		22,043	0	0
Crescent Capital BDC Incorpora	COM	225655109	437	25,408	SH		DFND	1	0	25,408	0
Cullen Frost Bankers Incorpora	COM	229899109	25,893	238,078	SH		SOLE		237,172	0	906
Cyberark Software Limited	COM	M2682V108	1,101	8,514	SH		SOLE		8,313	0	201
DBS Group Holdings ADR	COM	23304y100	733	8,479	SH		SOLE		8,229	0	250
Diageo PLC	COM	25243Q205	143,736	875,316	SH		SOLE		870,106	0	5,210
Digital Realty Trust Incorpora	COM	253868103	96,720	686,740	SH		SOLE		681,717	0	5,023
Dollar Tree Incorporated	COM	256746108	33,172	289,817	SH		SOLE		288,314	0	1,503
Donaldson Incorporated	COM	257651109	26,444	454,680	SH		SOLE		453,205	0	1,475
Dow Incorporated	COM	260557103	109,007	1,704,830	SH		SOLE		1,692,431	0	12,399
Dr Reddy's Laboratories Limite	COM	256135203	328	5,337	SH		SOLE		5,337	0	0
DSV Panalpina	COM	26251A108	1,407	14,346	SH		SOLE		13,926	0	420
Dun & Bradstreet Holdings	COM	26484T106	31,527	1,324,091	SH		SOLE		1,322,665	0	1,426
Dupont De Nemurs Incorporated	COM	26614N102	12,634	163,481	SH		SOLE		162,705	0	776
Ecopetrol SA	COM	279158109	243	18,974	SH		SOLE		18,974	0	0
Edgewell Personal Care Company	COM	28035Q102	5,114	129,145	SH		SOLE		128,416	0	729
Edgewell Personal Care Company	COM	28035Q102	1,651	41,700	SH		DFND	1	0	41,700	0
ENN Energy Holdings Limited	COM	26876F102	453	7,016	SH		SOLE		7,016	0	0
Entergy Corporation	COM	29364G103	82,429	828,678	SH		SOLE		822,471	0	6,207
EOG Resources	COM	26875P101	252	3,470	SH		SOLE		3,439	0	31
Equinox Gold	COM	29446Y502	240	30,052	SH		SOLE		29,798	0	254
Ericsson ADR	COM	294821608	743	56,307	SH		SOLE		54,598	0	1,709
Expeditors International of Wa	COM	302130109	30,532	283,518	SH		SOLE		282,615	0	903
Fanuc Limited ADS	COM	307305102	640	26,544	SH		SOLE		25,809	0	735
Faro Technologies Incorporated	COM	311642102	5,549	64,102	SH		SOLE		63,712	0	390
Faro Technologies Incorporated	COM	311642102	1,761	20,345	SH		DFND	1	0	20,345	0
Fastenal Company	COM	311900104	146,333	2,910,362	SH		SOLE		2,896,294	0	14,068
Fidelity National Financial In	COM	31620R303	99,409	2,444,887	SH		SOLE		2,426,307	0	18,580
Fidelity National Information	COM	31620M106	27,156	193,132	SH		SOLE		192,592	0	540
First Quantum Minerals Limited	COM	335934105	257	13,478	SH		SOLE		13,354	0	124
Fomento Economico Mexicano SAB	COM	344419106	259	3,435	SH		SOLE		3,435	0	0
Fortuna Silver Mines Incorpora	COM	349915108	188	29,118	SH		SOLE		28,867	0	251
Forward Air Corporation	COM	349853101	5,253	59,149	SH		SOLE		58,782	0	367
Forward Air Corporation	COM	349853101	1,103	12,422	SH		DFND	1	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,382	11,032	SH		SOLE		10,813	0	219
Franklin Street Properties Cor	COM	35471R106	899	165,000	SH		SOLE		165,000	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	441	13,382	SH		SOLE		13,258	0	124
Frontdoor Incorporated	COM	35905A109	42,234	785,755	SH		SOLE		781,762	0	3,993
Frontdoor Incorporated	COM	35905A109	2,048	38,100	SH		DFND	1	0	38,100	0
Gates Industrial	COM	G39108108	11,322	708,094	SH		SOLE		704,828	0	3,266
GDS Holdings Limited	COM	36165L108	324	3,995	SH		SOLE		3,995	0	0
General Dynamics Corporation	COM	369550108	22,866	125,941	SH		SOLE		125,462	0	479
Gilead Sciences	COM	375558103	76,963	1,190,829	SH		SOLE		1,182,883	0	7,946
Gladstone Commercial Corporati	COM	376536108	4,412	225,560	SH		SOLE		224,246	0	1,314
Gladstone Commercial Corporati	COM	376536108	1,543	78,908	SH		DFND	1	0	78,908	0
Glencore Xstrata PLC	COM	37827X100	266	33,969	SH		SOLE		33,657	0	312
Gold Fields Limited	COM	38059t106	289	30,451	SH		SOLE		30,451	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,044	54,008	SH		SOLE		54,008	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,610	135,000	SH		DFND	1	0	135,000	0
Goldman Sachs Treasury Access	COM	381430529	250	2,493	SH		SOLE		2,493	0	0
Golub Capital BDC Incorporated	COM	38173M102	973	66,553	SH		SOLE		66,553	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,655	250,000	SH		DFND	1	0	250,000	0
Graco Incorporated	COM	384109104	106,684	1,489,583	SH		SOLE		1,481,617	0	7,966
Grupo Financiero ADR	COM	40052P107	327	11,660	SH		SOLE		11,660	0	0
HDFC Bank Limited	COM	40415F101	498	6,408	SH		SOLE		6,408	0	0
Healthcare Services Group	COM	421906108	20,280	723,501	SH		SOLE		719,263	0	4,238
Healthcare Services Group	COM	421906108	1,522	54,292	SH		DFND	1	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	928	57,888	SH		SOLE		57,888	0	0
Hercules Technology Growth Cap	COM	427096508	5,610	350,000	SH		DFND	1	0	350,000	0
Hexagon AB	COM	428263107	16,124	174,764	SH		SOLE		174,164	0	600
Home Depot Incorporated	COM	437076102	139,666	457,545	SH		SOLE		454,993	0	2,552
Honeywell International Incorp	COM	438516106	256	1,180	SH		SOLE		1,180	0	0
Huazhu Group Limited	COM	44332N106	593	10,808	SH		SOLE		10,808	0	0
I3 Verticals Incorporated	COM	46571Y107	5,766	185,252	SH		SOLE		184,151	0	1,101
I3 Verticals Incorporated	COM	46571Y107	1,360	43,680	SH		DFND	1	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	209	13,067	SH		SOLE		13,067	0	0
Icon PLC	COM	G4705A100	1,216	6,190	SH		SOLE		6,012	0	178
IHS Markit Limited	COM	G47567105	54,520	563,337	SH		SOLE		562,408	0	929
Illinois Tool Works Incorporat	COM	452308109	72,931	329,231	SH		SOLE		328,633	0	598
Infosys Technologies Limited A	COM	456788108	1,221	65,247	SH		SOLE		63,988	0	1,259
Invesco BulletShares 2024 Corp	COM	46138j841	11,284	508,990	SH		SOLE		507,922	0	1,068
Invesco BulletShares 2025 Corp	COM	46138j825	15,779	712,388	SH		SOLE		710,904	0	1,484
Invesco BulletShares 2029 Muni	COM	46138J478	1,979	77,083	SH		SOLE		77,083	0	0
Invesco BulletShares 2030 Muni	COM	46138J445	1,978	78,913	SH		SOLE		78,913	0	0
Invesco Optimum Yield Diversif	COM	46090F100	6,740	391,051	SH		SOLE		390,408	0	643
Investcorp Credit Management B	COM	46090R104	733	130,340	SH		DFND	1	0	130,340	0
iShares 1-5 Year Investment Gr	COM	464288646	2,447	44,747	SH		SOLE		44,431	0	316
iShares 20 Year Treasury Bond	COM	464287432	8,326	61,471	SH		SOLE		61,337	0	134
iShares 7-10 Year Treasury Bon	COM	464287440	46,415	411,005	SH		SOLE		410,122	0	883
iShares Core MSCI Emerging Mar	COM	46434G103	7,981	124,000	SH		SOLE		124,000	0	0
iShares Floating Rate Bond ETF	COM	46429B655	241	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285105	17,611	1,083,087	SH		SOLE		1,081,134	0	1,953
iShares iBonds Dec 2022 Term C	COM	46434VBA7	893	35,069	SH		SOLE		34,829	0	240
iShares iBonds Dec 2022 Term M	COM	46435G755	2,242	85,131	SH		SOLE		85,131	0	0
iShares iBonds Dec 2022 Term T	COM	46436E809	6,571	258,482	SH		SOLE		258,482	0	0
iShares iBonds Dec 2023 Term C	COM	46434VAX8	852	32,583	SH		SOLE		32,349	0	234
iShares iBonds Dec 2023 Term M	COM	46435G318	3,880	148,286	SH		SOLE		148,286	0	0
iShares iBonds Dec 2023 Term T	COM	46436E882	4,041	157,473	SH		SOLE		157,473	0	0
iShares iBonds Dec 2024 Term C	COM	46434VBG4	872	33,031	SH		SOLE		32,800	0	231
iShares iBonds Dec 2024 Term M	COM	46435U697	4,574	169,437	SH		SOLE		169,437	0	0
iShares iBonds Dec 2024 Term T	COM	46436E874	8,875	345,049	SH		SOLE		344,314	0	735
iShares iBonds Dec 2025 Term M	COM	46435U432	3,873	138,647	SH		SOLE		138,647	0	0
iShares iBonds Dec 2025 Term T	COM	46436E866	9,431	367,971	SH		SOLE		367,074	0	897
iShares iBonds Dec 2026 Term C	COM	46435GAA0	18,129	687,728	SH		SOLE		686,311	0	1,417
iShares iBonds Dec 2026 Term M	COM	46435U259	4,109	153,172	SH		SOLE		153,172	0	0
iShares iBonds Dec 2026 Term T	COM	46436E858	9,261	363,585	SH		SOLE		362,723	0	862
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,134	416,705	SH		SOLE		415,834	0	871
iShares iBonds Dec 2027 Term M	COM	46435U283	5,087	188,812	SH		SOLE		188,812	0	0
iShares iBonds Dec 2027 Term T	COM	46436E841	553	22,001	SH		SOLE		21,868	0	133
iShares iBonds Dec 2028 Term C	COM	46435U515	13,391	472,848	SH		SOLE		471,873	0	975
iShares iBonds Dec 2028 Term M	COM	46435U325	5,886	216,701	SH		SOLE		216,701	0	0
iShares iBonds Dec 2028 Term T	COM	46436E833	11,616	463,880	SH		SOLE		462,827	0	1,053
iShares iBonds Dec 2029 Term C	COM	46436E205	8,723	333,831	SH		SOLE		333,130	0	701
iShares iBonds Dec 2029 Term T	COM	46436E825	9,139	368,900	SH		SOLE		368,043	0	857
iShares iBonds Dec 2030 Term C	COM	46436E726	17,851	720,678	SH		SOLE		719,137	0	1,541
iShares MBS ETF	COM	464288588	25,621	236,309	SH		SOLE		235,734	0	575
iShares National Muni Bond ETF	COM	464288414	2,732	23,540	SH		SOLE		23,540	0	0
iShares Silver Trust ETF	COM	46428Q109	805	35,477	SH		SOLE		35,415	0	62
J & J Snack Foods Corporation	COM	466032109	4,751	30,256	SH		SOLE		30,081	0	175
J & J Snack Foods Corporation	COM	466032109	1,485	9,458	SH		DFND	1	0	9,458	0
James River Group Holdings Lim	COM	g5005r107	4,907	107,554	SH		SOLE		106,951	0	603
James River Group Holdings Lim	COM	g5005r107	1,415	31,019	SH		DFND	1	0	31,019	0
Jazz Pharmaceuticals PLC	COM	G50871105	399	2,427	SH		SOLE		2,362	0	65
John Bean Technologies Corpora	COM	477839104	5,994	44,956	SH		SOLE		44,691	0	265
John Bean Technologies Corpora	COM	477839104	1,704	12,781	SH		DFND	1	0	12,781	0
JP Morgan Chase & Company	COM	46625H100	464	3,048	SH		SOLE		3,048	0	0
Kadant Incorporated	COM	48282T104	7,918	42,798	SH		SOLE		42,552	0	246
Kadant Incorporated	COM	48282T104	2,273	12,284	SH		DFND	1	0	12,284	0
KB Financial Group Incorporate	COM	48241a105	373	7,543	SH		SOLE		7,543	0	0
Kemper Corporation	COM	488401100	356	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Incorporated	COM	49456B101	84,441	5,071,548	SH		SOLE		5,040,845	0	30,703
Kirkland Lake Gold Limited	COM	49741E100	722	21,351	SH		SOLE		20,896	0	455
Komatsu Limited	COM	500458401	542	17,359	SH		SOLE		16,869	0	490
L'Oreal SA	COM	502117203	1,041	13,584	SH		SOLE		13,262	0	322
Linde PLC	COM	G5494J103	164,552	587,392	SH		SOLE		584,224	0	3,168
Localiza Rent a Car SA	COM	53956W300	319	30,250	SH		SOLE		30,250	0	0
Lockheed Martin Corporation	COM	539830109	122,748	332,202	SH		SOLE		330,004	0	2,198
Lowe's Companies Incorporated	COM	548661107	65,414	343,961	SH		SOLE		343,406	0	555
Lundin Mining Corporation	COM	550372106	277	26,891	SH		SOLE		26,647	0	244
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,293	9,658	SH		SOLE		9,455	0	203
M&T Bank Corporation	COM	55261F104	23,031	151,911	SH		SOLE		151,333	0	578
Main Street Capital Corporatio	COM	56035L104	1,171	29,912	SH		SOLE		29,912	0	0
Main Street Capital Corporatio	COM	56035L104	4,311	110,107	SH		DFND	1	0	110,107	0
Makemytrip Limited	COM	V5633W109	208	6,583	SH		SOLE		6,583	0	0
Manatuck Hill Mariner Offshore	COM	562996983	452	2,177	SH		SOLE		2,177	0	0
Markel Corporation	COM	570535104	60,264	52,880	SH		SOLE		52,713	0	167
Mastercard Incorporated - A	COM	57636Q104	75,663	212,506	SH		SOLE		212,093	0	413
McDonald's Corporation	COM	580135101	28,069	125,232	SH		SOLE		124,862	0	370
Medtronic	COM	G5960L103	28,487	241,152	SH		SOLE		240,461	0	691
Melco Resorts & Entertainment	COM	585464100	589	29,595	SH		SOLE		29,240	0	355
Mercadolibre Incorporated	COM	58733R102	570	387	SH		SOLE		387	0	0
Microsoft Corporation	COM	594918104	136,812	580,278	SH		SOLE		576,853	0	3,425
MMC Norilsk Nickel	COM	55315j102	302	9,638	SH		SOLE		9,638	0	0
Morningstar Incorporated	COM	617700109	22,378	99,442	SH		SOLE		99,033	0	409
Morningstar Incorporated	COM	617700109	1,756	7,802	SH		DFND	1	0	7,802	0
Movado Group Incorporated	COM	624580106	6,799	238,967	SH		SOLE		237,332	0	1,635
Movado Group Incorporated	COM	624580106	2,421	85,100	SH		DFND	1	0	85,100	0
Nathan's Famous Incorporated	COM	632347100	1,269	20,114	SH		SOLE		20,004	0	110
Nathan's Famous Incorporated	COM	632347100	534	8,459	SH		DFND	1	0	8,459	0
Natus Medical Incorporated	COM	639050103	3,712	144,958	SH		SOLE		144,264	0	694
Natus Medical Incorporated	COM	639050103	776	30,319	SH		DFND	1	0	30,319	0
Neenah Paper Incorporated	COM	640079109	3,348	65,155	SH		SOLE		64,787	0	368
Neenah Paper Incorporated	COM	640079109	1,270	24,710	SH		DFND	1	0	24,710	0
Nestle SA	COM	641069406	126,412	1,133,637	SH		SOLE		1,126,836	0	6,801
New Jersey Resources Corporati	COM	646025106	22,354	560,677	SH		SOLE		558,481	0	2,196
New Mountain Finance Corporati	COM	647551100	1,041	83,987	SH		SOLE		83,987	0	0
New Mountain Finance Corporati	COM	647551100	4,682	377,564	SH		DFND	1	0	377,564	0
Nike Incorporated - B	COM	654106103	33,092	249,015	SH		SOLE		248,354	0	661
Nintendo Company Limited ADS	COM	654445303	864	12,207	SH		SOLE		11,902	0	305
Nordson Corporation	COM	655663102	42,020	211,494	SH		SOLE		210,836	0	658
Northern Trust Corporation	COM	665859104	123,381	1,173,828	SH		SOLE		1,166,505	0	7,323
Northwest Natural Holding Comp	COM	66765N105	4,135	76,647	SH		SOLE		76,194	0	453
Northwest Natural Holding Comp	COM	66765N105	1,515	28,090	SH		DFND	1	0	28,090	0
Novartis AG ADR	COM	66987V109	21,441	250,831	SH		SOLE		249,763	0	1,068
Novo Nordisk A/S ADS	COM	670100205	1,101	16,334	SH		SOLE		16,025	0	309
NVIDIA Corporation	COM	67066G104	454	850	SH		SOLE		850	0	0
NXP Semiconductors NV	COM	N6596X109	87,424	434,213	SH		SOLE		432,983	0	1,230
Oaktree Specialty Lending Corp	COM	67401P108	551	88,876	SH		SOLE		88,876	0	0
OFS Capital Corporation	COM	67103B100	885	100,836	SH		SOLE		100,836	0	0
OFS Capital Corporation	COM	67103B100	2,521	287,084	SH		DFND	1	0	287,084	0
Oracle Corporation	COM	68389X105	77,453	1,103,794	SH		SOLE		1,101,203	0	2,591
Owl Rock Capital Corporation	COM	69121K104	762	55,369	SH		SOLE		55,369	0	0
Owl Rock Capital Corporation	COM	69121K104	2,065	150,000	SH		DFND	1	0	150,000	0
Pagseguro Digital Limited	COM	G68707101	745	16,080	SH		SOLE		15,880	0	200
Pan American Silver Corporatio	COM	697900108	286	9,523	SH		SOLE		9,440	0	83
Paychex Incorporated	COM	704326107	145,254	1,481,885	SH		SOLE		1,473,304	0	8,582
PayPal Holdings Incorporated	COM	70450Y103	291	1,197	SH		SOLE		1,197	0	0
PennantPark Floating Rate Capi	COM	70806A106	517	43,552	SH		SOLE		43,552	0	0
PennantPark Floating Rate Capi	COM	70806A106	238	20,000	SH		DFND	1	0	20,000	0
PennantPark Investment Corpora	COM	708062104	355	62,746	SH		SOLE		62,746	0	0
PennantPark Investment Corpora	COM	708062104	3,701	655,081	SH		DFND	1	0	655,081	0
Pepsico Incorporated	COM	713448108	163,478	1,155,730	SH		SOLE		1,150,052	0	5,678
Perficient Incorporated	COM	71375U101	3,037	51,718	SH		SOLE		51,421	0	297
Perficient Incorporated	COM	71375U101	1,318	22,449	SH		DFND	1	0	22,449	0
Pfizer Incorporated	COM	717081103	78,751	2,173,637	SH		SOLE		2,158,296	0	15,341
PhenixFin Corporation	COM	71742W103	768	23,335	SH		DFND	1	0	23,335	0
Phibro Animal Health Corporati	COM	71742Q106	3,677	150,701	SH		SOLE		149,962	0	739
Phibro Animal Health Corporati	COM	71742Q106	1,403	57,495	SH		DFND	1	0	57,495	0
PIMCO Enhanced Short Maturity	COM	72201R833	493	4,833	SH		SOLE		4,833	0	0
Ping An Insurance Group Compan	COM	72341E304	302	12,544	SH		SOLE		12,544	0	0
Polaris Industries	COM	731068102	150,064	1,124,074	SH		SOLE		1,116,425	0	7,649
Portman Ridge Finance Corporat	COM	73688F102	735	340,472	SH		DFND	1	0	340,472	0
Posco ADR	COM	693483109	306	4,242	SH		SOLE		4,242	0	0
Potlatch Corporation	COM	737630103	272	5,140	SH		SOLE		5,097	0	43
PPG Industries Incorporated	COM	693506107	29,342	195,276	SH		SOLE		194,653	0	622
Procter & Gamble Company	COM	742718109	27,510	203,132	SH		SOLE		202,537	0	594
Progressive Corporation	COM	743315103	129,468	1,354,124	SH		SOLE		1,345,784	0	8,340
Prudential Financial Incorpora	COM	744320102	19	207	SH		SOLE		207	0	0
Prudential Financial Incorpora	COM	744320102	1,002	11,000	SH		DFND	1	0	11,000	0
Rayonier Incorporated	COM	754907103	92,673	2,873,574	SH		SOLE		2,854,878	0	18,696
Rayonier Incorporated	COM	754907103	1,390	43,088	SH		DFND	1	0	43,088	0
Raytheon Technologies Corporat	COM	75513E101	56,367	729,478	SH		SOLE		727,962	0	1,515
RBC Bearings Incorporated	COM	75524B104	5,843	29,694	SH		SOLE		29,525	0	169
RBC Bearings Incorporated	COM	75524B104	1,873	9,521	SH		DFND	1	0	9,521	0
RE/MAX Holdings Incorporated	COM	75524W108	18,407	467,298	SH		SOLE		465,272	0	2,026
RE/MAX Holdings Incorporated	COM	75524W108	1,692	42,955	SH		DFND	1	0	42,955	0
Resources Global Professionals	COM	76122Q105	4,127	304,826	SH		SOLE		303,051	0	1,775
Resources Global Professionals	COM	76122Q105	898	66,304	SH		DFND	1	0	66,304	0
Rio Tinto PLC	COM	767204100	1,254	16,153	SH		SOLE		15,782	0	371
Roche Holding AG	COM	771195104	532	13,110	SH		SOLE		12,748	0	362
Rockwell Automation Incorporat	COM	773903109	28,684	108,062	SH		SOLE		107,709	0	353
Royal Dutch Shell PLC - A	COM	780259206	518	13,218	SH		SOLE		12,953	0	265
Royal Gold Incorporated	COM	780287108	290	2,695	SH		SOLE		2,671	0	24
SAP SE	COM	803054204	581	4,732	SH		SOLE		4,592	0	140
SEI Investments Company	COM	784117103	23,722	389,329	SH		SOLE		387,970	0	1,359
Sendas Distribuidora ADR	COM	81689T104	202	15,565	SH		SOLE		15,565	0	0
Shopify Incorporated	COM	82509L107	1,248	1,128	SH		SOLE		1,099	0	29
SilverCrest Metals Incorporate	COM	828363101	273	33,837	SH		SOLE		33,539	0	298
Sixth Street Specialty Lending	COM	83012A109	1,159	55,091	SH		SOLE		55,091	0	0
Sixth Street Specialty Lending	COM	83012A109	3,086	146,751	SH		DFND	1	0	146,751	0
SJW Group	COM	784305104	4,807	76,312	SH		SOLE		75,913	0	399
SJW Group	COM	784305104	1,355	21,513	SH		DFND	1	0	21,513	0
Sl Green Realty	COM	78440X804	84,353	1,205,213	SH		SOLE		1,197,035	0	8,178
Snap-on Incorporated	COM	833034101	170,181	737,543	SH		SOLE		733,071	0	4,472
Solar Capital Limited	COM	83413U100	1,055	59,384	SH		SOLE		59,384	0	0
Solar Capital Limited	COM	83413U100	3,476	195,709	SH		DFND	1	0	195,709	0
Solar Senior Capital Limited	COM	83416M105	261	17,752	SH		SOLE		17,752	0	0
Sony Corporation ADS	COM	835699307	1,662	15,679	SH		SOLE		15,334	0	345
Southern Company	COM	842587107	121,462	1,954,028	SH		SOLE		1,942,028	0	12,000
Southern Copper Corporation	COM	84265V105	319	4,696	SH		SOLE		4,653	0	43
SPDR Financial Select Sector E	COM	81369Y605	4,182	122,815	SH		SOLE		122,666	0	149
SPDR Gold Shares ETF	COM	78463V107	218	1,365	SH		SOLE		1,365	0	0
SPDR Industrial Select Sector	COM	81369Y704	4,024	40,869	SH		SOLE		40,819	0	50
SPDR Materials Select Sector E	COM	81369Y100	3,910	49,614	SH		SOLE		49,552	0	62
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,731	52,858	SH		SOLE		52,858	0	0
SPDR Portfolio Developed World	COM	78463X889	30,394	859,547	SH		SOLE		858,143	0	1,404
SPDR Portfolio S&P 500 Growth	COM	78464A409	14,006	248,332	SH		SOLE		248,038	0	294
SPDR Portfolio S&P 500 Value E	COM	78464a508	22,565	595,380	SH		SOLE		594,714	0	666
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	4,982	66,324	SH		SOLE		66,324	0	0
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	8,135	124,333	SH		SOLE		124,333	0	0
SPDR S&P 500	COM	78462F103	5,281	13,324	SH		SOLE		13,324	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	12,716	148,121	SH		SOLE		148,060	0	61
SPDR S&P 600 Small Cap Value E	COM	78464A300	20,750	253,081	SH		SOLE		252,993	0	88
SPDR S&P Homebuilders ETF	COM	78464A888	3,201	45,491	SH		SOLE		45,432	0	59
Starbucks Corporation	COM	855244109	87,121	797,297	SH		SOLE		795,569	0	1,727
Stellus Capital Investment	COM	858568108	773	60,900	SH		SOLE		60,900	0	0
Stellus Capital Investment	COM	858568108	3,634	286,126	SH		DFND	1	0	286,126	0
Stryker Corporation	COM	863667101	83,774	343,929	SH		SOLE		343,214	0	715
T Rowe Price Group Incorporate	COM	74144T108	34,671	202,045	SH		SOLE		201,473	0	572
Taiwan Semiconductor Manufactu	COM	874039100	2,274	19,223	SH		SOLE		18,887	0	336
TCP Capital Corporation	COM	09259e108	1,091	78,889	SH		SOLE		78,889	0	0
TCP Capital Corporation	COM	09259e108	4,590	331,863	SH		DFND	1	0	331,863	0
Teck Resources Limited	COM	878742204	230	11,987	SH		SOLE		11,880	0	107
Tencent Holdings Limited	COM	88032Q109	1,502	18,824	SH		SOLE		18,527	0	297
Tencent Music Entertainment Gr	COM	88034P109	386	18,857	SH		SOLE		18,857	0	0
The Clorox Company	COM	189054109	24,937	129,286	SH		SOLE		128,890	0	395
Thermo Fisher Scientific Incor	COM	883556102	47,841	104,828	SH		SOLE		104,688	0	140
Thermon Group Holdings Incorpo	COM	88362T103	4,273	219,262	SH		SOLE		218,017	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,501	77,011	SH		DFND	1	0	77,011	0
TJX Companies	COM	872540109	76,664	1,158,938	SH		SOLE		1,156,402	0	2,536
TriplePoint Venture Growth BDC	COM	89677Y100	345	23,876	SH		SOLE		23,876	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,228	85,000	SH		DFND	1	0	85,000	0
United Overseas Bank Limited	COM	911271302	552	14,240	SH		SOLE		13,835	0	405
Uranium Participation Corporat	COM	917017105	264	60,717	SH		SOLE		60,175	0	542
US Bancorp	COM	902973304	103,417	1,869,767	SH		SOLE		1,857,918	0	11,849
VanEck Vectors Long Municipal	COM	92189F536	15,384	719,693	SH		SOLE		719,693	0	0
Vanguard Real Estate Index ETF	COM	922908553	8,556	93,145	SH		SOLE		92,998	0	147
Veritex Holdings	COM	923451108	5,234	159,952	SH		SOLE		158,826	0	1,126
Veritex Holdings	COM	923451108	1,890	57,769	SH		DFND	1	0	57,769	0
Vipshop Holdings Limited	COM	92763W103	580	19,440	SH		SOLE		19,440	0	0
Visa Incorporated - A	COM	92826C839	421	1,989	SH		SOLE		1,989	0	0
Vontier Corporation	COM	928881101	15,398	508,702	SH		SOLE		505,526	0	3,176
Wal-Mart de Mexico S.A.B. de C	COM	93114W107	1,008	31,864	SH		SOLE		31,229	0	635
Waste Connections Incorporated	COM	94106B101	1,001	9,273	SH		SOLE		9,026	0	247
Weyerhaeuser Company	COM	962166104	100,674	2,827,911	SH		SOLE		2,807,997	0	19,914
Willis Towers Watson Public Li	COM	G96629103	884	3,863	SH		SOLE		3,771	0	92
Winnebago Industries Incorpora	COM	974637100	6,169	80,416	SH		SOLE		79,946	0	470
Winnebago Industries Incorpora	COM	974637100	1,696	22,109	SH		DFND	1	0	22,109	0
WNS Holdings Limited	COM	92932M101	332	4,577	SH		SOLE		4,577	0	0
WR Berkley Corporation	COM	084423102	53,901	715,342	SH		SOLE		714,116	0	1,226
Wuxi Biologics Cayman Incorpor	COM	98260N108	813	31,864	SH		SOLE		31,864	0	0
xTrackers Municipal Infrastruc	COM	233051705	3,852	133,383	SH		SOLE		133,383	0	0
Yandex NV	COM	N97284108	603	9,417	SH		SOLE		9,417	0	0
Yum China Holdings Incorporate	COM	98850P109	370	6,246	SH		SOLE		6,246	0	0
ZTO Express Cayman Incorporate	COM	98980A105	1,193	40,923	SH		SOLE		40,383	0	540