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
Estimated average burden
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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
Lord Abbett Investment Trust S	MFUND	543916464	78	18,644	SH		SOLE		18,644	0	0
3M Company	COM	88579Y101	117,863	593,378	SH		SOLE		589,543	0	3,834
Aberdeen Standard Physical Pla	COM	003260106	209	2,082	SH		SOLE		2,067	0	15
Accenture PLC	COM	G1151C101	38,386	130,215	SH		SOLE		129,662	0	553
AIA Group Limited	COM	001317205	1,191	23,943	SH		SOLE		23,413	0	530
Air Products & Chemicals Incor	COM	009158106	32,185	111,879	SH		SOLE		111,494	0	385
Alcoa Corporation	COM	013872106	226	6,137	SH		SOLE		6,086	0	51
Alibaba Group Holding Limited	COM	01609W102	1,578	6,960	SH		SOLE		6,875	0	85
Allied Motion Technologies Inc	COM	019330109	5,765	166,966	SH		SOLE		165,919	0	1,047
Allied Motion Technologies Inc	COM	019330109	1,580	45,757	SH		DFND	1	0	45,757	0
Alphabet Incorporated - A	COM	02079K305	447	183	SH		SOLE		183	0	0
Alphabet Incorporated - C	COM	02079K107	68,861	27,475	SH		SOLE		27,429	0	46
Amazon.com Incorporated	COM	023135106	220	64	SH		SOLE		64	0	0
American Capital Agency Corpor	COM	00123q104	27	1,594	SH		SOLE		1,594	0	0
American Capital Agency Corpor	COM	00123q104	726	43,000	SH		DFND	1	0	43,000	0
American Express Company	COM	025816109	397	2,400	SH		SOLE		2,400	0	0
American Outdoor Brands Inc	COM	02875D109	6,514	185,380	SH		SOLE		184,294	0	1,086
American Outdoor Brands Inc	COM	02875D109	1,782	50,705	SH		DFND	1	0	50,705	0
American Water Works Company	COM	030420103	30,311	196,661	SH		SOLE		195,948	0	713
Analog Devices Incorporated	COM	032654105	135,221	785,439	SH		SOLE		780,525	0	4,914
Anglo American Platinum Limite	COM	03486T202	308	15,980	SH		SOLE		15,836	0	144
Antofagasta PLC ADR	COM	G0398N128	315	15,626	SH		SOLE		15,493	0	133
Apollo Investment Corporation	COM	03761U502	389	28,471	SH		SOLE		28,471	0	0
Apple Incorporated	COM	037833100	342	2,494	SH		SOLE		2,494	0	0
Aptiv PLC	COM	G6095L109	1,116	7,094	SH		SOLE		6,894	0	200
Ares Capital Corporation	COM	04010L103	79,052	4,035,310	SH		SOLE		4,009,092	0	26,218
Ares Capital Corporation	COM	04010L103	4,897	250,000	SH		DFND	1	0	250,000	0
Axalta Coating Systems Limited	COM	G0750C108	44,376	1,455,437	SH		SOLE		1,452,720	0	2,717
Baidu Incorporated ADS	COM	056752108	368	1,803	SH		SOLE		1,803	0	0
Bank of Marin (CA)	COM	063425102	3,547	111,190	SH		SOLE		110,589	0	601
Bank of Marin (CA)	COM	063425102	1,147	35,968	SH		DFND	1	0	35,968	0
Barings BDC Incorporated	COM	06759l103	1,295	122,665	SH		SOLE		122,665	0	0
Barings BDC Incorporated	COM	06759l103	3,459	327,594	SH		DFND	1	0	327,594	0
Barrick Gold Corporation	COM	067901108	308	14,901	SH		SOLE		14,780	0	121
Becton Dickinson and Company	COM	075887109	24,898	102,382	SH		SOLE		101,961	0	421
Berkshire Hathaway Incorporate	COM	084670108	2,093	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	56,674	203,922	SH		SOLE		203,604	0	318
Berkshire Hathaway Incorporate	COM	084670702	1,251	4,500	SH		DFND	1	0	4,500	0
Black Knight Incorporated	COM	09215C105	13,023	167,007	SH		SOLE		166,498	0	509
Booking Holdings Incorporated	COM	09857L108	53,564	24,480	SH		SOLE		24,413	0	67
Broadridge Financial Solutions	COM	11133T103	130,763	809,526	SH		SOLE		804,449	0	5,078
Brookfield Asset Management In	COM	112585104	63,688	1,249,271	SH		SOLE		1,246,848	0	2,423
Brookfield Asset Management Re	COM	G16169107	432	8,304	SH		SOLE		8,286	0	18
Brookfield Infrastructure	COM	11275Q107	78,107	1,035,903	SH		SOLE		1,028,525	0	7,377
Brown & Brown Incorporated	COM	115236101	49,838	937,858	SH		SOLE		934,452	0	3,406
Brown & Brown Incorporated	COM	115236101	1,458	27,440	SH		DFND	1	0	27,440	0
BRP Group	COM	05589g102	19,325	725,147	SH		SOLE		720,272	0	4,875
BRP Group	COM	05589g102	1,796	67,384	SH		DFND	1	0	67,384	0
CAE Incorporated	COM	124765108	814	26,419	SH		SOLE		25,659	0	760
Cameco Corporation	COM	13321L108	412	21,483	SH		SOLE		21,301	0	182
Cannae Holdings Incorporated	COM	13765N107	29,582	872,371	SH		SOLE		867,991	0	4,380
Cannae Holdings Incorporated	COM	13765N107	1,640	48,376	SH		DFND	1	0	48,376	0
Capital Southwest Corporation	COM	140501107	840	36,172	SH		SOLE		36,172	0	0
Capital Southwest Corporation	COM	140501107	1,632	70,238	SH		DFND	1	0	70,238	0
Cerner Corporation	COM	156782104	37,856	484,334	SH		SOLE		483,770	0	564
Charles River Laboratories Int	COM	159864107	68,576	185,381	SH		SOLE		184,873	0	508
Charles Schwab	COM	808513105	29,557	405,942	SH		SOLE		404,356	0	1,586
Chevron Corporation	COM	166764100	94,981	906,825	SH		SOLE		901,379	0	5,446
China Petroleum & Chemical Com	COM	16941R108	274	5,370	SH		SOLE		5,370	0	0
China Southern Airlines Compan	COM	169409109	354	11,393	SH		SOLE		11,393	0	0
Chubb Corporation	COM	H1467J104	120,784	759,935	SH		SOLE		754,749	0	5,187
Cia Brasileira de Distribuicao	COM	20440T300	276	35,443	SH		SOLE		35,443	0	0
Cimarex Energy Company	COM	171798101	232	3,203	SH		SOLE		3,177	0	26
Cisco Systems Incorporated	COM	17275R102	100,228	1,891,089	SH		SOLE		1,878,647	0	12,441
Cliffs Natural Resources Incor	COM	185899101	373	17,290	SH		SOLE		17,135	0	155
Colgate-Palmolive Company	COM	194162103	121,432	1,492,715	SH		SOLE		1,482,384	0	10,331
Commerce Bancshares Incorporat	COM	200525103	30,237	405,536	SH		SOLE		403,968	0	1,568
Compagnie Financiere Richemont	COM	204319107	185	15,307	SH		SOLE		15,307	0	0
Core Laboratories NV	COM	N22717107	7,507	192,746	SH		SOLE		191,600	0	1,146
Core Laboratories NV	COM	N22717107	2,318	59,507	SH		DFND	1	0	59,507	0
Corteva Incorporated	COM	22052L104	766	17,275	SH		SOLE		17,275	0	0
Costco Wholesale Corporation	COM	22160K105	320	810	SH		SOLE		795	0	15
Crescent Capital BDC Incorpora	COM	225655109	421	22,416	SH		SOLE		22,416	0	0
Crescent Capital BDC Incorpora	COM	225655109	477	25,408	SH		DFND	1	0	25,408	0
Cullen Frost Bankers Incorpora	COM	229899109	27,006	241,125	SH		SOLE		240,006	0	1,119
Cyberark Software Limited	COM	M2682V108	1,114	8,550	SH		SOLE		8,349	0	201
DBS Group Holdings ADR	COM	23304y100	749	8,397	SH		SOLE		8,147	0	250
Diageo PLC	COM	25243Q205	167,706	874,881	SH		SOLE		869,609	0	5,272
Digital Realty Trust Incorpora	COM	253868103	103,585	688,459	SH		SOLE		683,369	0	5,090
Dollar Tree Incorporated	COM	256746108	28,657	288,014	SH		SOLE		286,561	0	1,453
Donaldson Incorporated	COM	257651109	29,356	462,086	SH		SOLE		460,183	0	1,903
Dow Incorporated	COM	260557103	107,263	1,695,058	SH		SOLE		1,683,478	0	11,580
Dr Reddy's Laboratories Limite	COM	256135203	376	5,111	SH		SOLE		5,111	0	0
DSV Panalpina	COM	26251A108	1,431	12,237	SH		SOLE		11,879	0	358
Dun & Bradstreet Holdings	COM	26484T106	38,204	1,787,724	SH		SOLE		1,785,605	0	2,119
Dupont De Nemurs Incorporated	COM	26614N102	12,605	162,830	SH		SOLE		162,126	0	704
Ecopetrol SA	COM	279158109	270	18,456	SH		SOLE		18,456	0	0
Edgewell Personal Care Company	COM	28035Q102	5,703	129,900	SH		SOLE		129,171	0	729
Edgewell Personal Care Company	COM	28035Q102	1,831	41,700	SH		DFND	1	0	41,700	0
ENN Energy Holdings Limited	COM	26876F102	507	6,703	SH		SOLE		6,703	0	0
Entergy Corporation	COM	29364G103	83,597	838,482	SH		SOLE		832,141	0	6,341
EOG Resources	COM	26875P101	224	2,684	SH		SOLE		2,662	0	22
Equinox Gold	COM	29446Y502	231	33,234	SH		SOLE		32,980	0	254
Ericsson ADR	COM	294821608	725	57,627	SH		SOLE		55,918	0	1,709
Expeditors International of Wa	COM	302130109	35,820	282,935	SH		SOLE		281,829	0	1,106
Fanuc Limited ADS	COM	307305102	642	26,781	SH		SOLE		26,046	0	735
Faro Technologies Incorporated	COM	311642102	5,051	64,942	SH		SOLE		64,552	0	390
Faro Technologies Incorporated	COM	311642102	1,582	20,345	SH		DFND	1	0	20,345	0
Fastenal Company	COM	311900104	150,325	2,890,862	SH		SOLE		2,876,618	0	14,243
Fidelity National Financial In	COM	31620R303	105,653	2,431,045	SH		SOLE		2,412,326	0	18,719
Fidelity National Information	COM	31620M106	27,921	197,087	SH		SOLE		196,360	0	727
First Majestic Silver Corp.	COM	32076V103	272	17,219	SH		SOLE		17,076	0	143
First Quantum Minerals Limited	COM	335934105	326	14,174	SH		SOLE		14,050	0	124
Fomento Economico Mexicano SAB	COM	344419106	281	3,324	SH		SOLE		3,324	0	0
Fortuna Silver Mines Incorpora	COM	349915108	182	32,835	SH		SOLE		32,584	0	251
Fortune Brands Home & Security	COM	34964C106	69,110	693,802	SH		SOLE		692,214	0	1,588
Forward Air Corporation	COM	349853101	5,355	59,668	SH		SOLE		59,301	0	367
Forward Air Corporation	COM	349853101	1,115	12,422	SH		DFND	1	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,629	11,227	SH		SOLE		11,008	0	219
Franklin Street Properties Cor	COM	35471R106	868	165,000	SH		SOLE		165,000	0	0
Freeport-McMoRan Copper & Gold	COM	35671D857	357	9,614	SH		SOLE		9,534	0	80
Frontdoor Incorporated	COM	35905A109	38,788	778,568	SH		SOLE		774,713	0	3,855
Frontdoor Incorporated	COM	35905A109	1,898	38,100	SH		DFND	1	0	38,100	0
Gates Industrial	COM	G39108108	22,244	1,230,989	SH		SOLE		1,225,106	0	5,883
GDS Holdings Limited	COM	36165L108	303	3,857	SH		SOLE		3,857	0	0
General Dynamics Corporation	COM	369550108	24,336	129,267	SH		SOLE		128,657	0	610
Gilead Sciences	COM	375558103	83,583	1,213,815	SH		SOLE		1,205,606	0	8,209
Gladstone Commercial Corporati	COM	376536108	5,151	228,330	SH		SOLE		227,016	0	1,314
Gladstone Commercial Corporati	COM	376536108	1,780	78,908	SH		DFND	1	0	78,908	0
Glencore Xstrata PLC	COM	37827X100	310	36,223	SH		SOLE		35,911	0	312
Globe Specialty Metals Inc	COM	G33856108	232	37,941	SH		SOLE		37,627	0	314
Gold Fields Limited	COM	38059t106	262	29,406	SH		SOLE		29,406	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,085	55,339	SH		SOLE		55,339	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,646	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	1,055	68,441	SH		SOLE		68,441	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,855	250,000	SH		DFND	1	0	250,000	0
Graco Incorporated	COM	384109104	106,130	1,401,976	SH		SOLE		1,393,997	0	7,979
Grupo Financiero ADR	COM	40052P107	366	11,362	SH		SOLE		11,362	0	0
HDFC Bank Limited	COM	40415F101	453	6,194	SH		SOLE		6,194	0	0
Healthcare Services Group	COM	421906108	22,224	703,951	SH		SOLE		699,713	0	4,238
Healthcare Services Group	COM	421906108	1,714	54,292	SH		DFND	1	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	1,002	58,710	SH		SOLE		58,710	0	0
Hercules Technology Growth Cap	COM	427096508	5,971	350,000	SH		DFND	1	0	350,000	0
Hexagon AB	COM	428263107	18,276	1,233,396	SH		SOLE		1,230,201	0	3,195
Home Depot Incorporated	COM	437076102	145,918	457,581	SH		SOLE		454,937	0	2,644
Honeywell International Incorp	COM	438516106	259	1,180	SH		SOLE		1,180	0	0
Huazhu Group Limited	COM	44332N106	558	10,565	SH		SOLE		10,565	0	0
I3 Verticals Incorporated	COM	46571Y107	5,601	185,355	SH		SOLE		184,254	0	1,101
I3 Verticals Incorporated	COM	46571Y107	1,320	43,680	SH		DFND	1	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	213	12,449	SH		SOLE		12,449	0	0
Icon PLC	COM	G4705A100	1,269	6,141	SH		SOLE		5,963	0	178
IHS Markit Limited	COM	G47567105	62,656	556,152	SH		SOLE		555,254	0	898
Illinois Tool Works Incorporat	COM	452308109	73,639	329,391	SH		SOLE		328,660	0	731
Infosys Technologies Limited A	COM	456788108	1,351	63,736	SH		SOLE		62,477	0	1,259
Invesco BulletShares 2024 Corp	COM	46138j841	11,515	518,915	SH		SOLE		517,847	0	1,068
Invesco BulletShares 2025 Corp	COM	46138j825	16,275	729,484	SH		SOLE		728,000	0	1,484
Invesco BulletShares 2029 Muni	COM	46138J478	2,040	77,819	SH		SOLE		77,819	0	0
Invesco BulletShares 2030 Muni	COM	46138J445	2,044	79,648	SH		SOLE		79,648	0	0
Invesco Optimum Yield Diversif	COM	46090F100	6,864	341,641	SH		SOLE		341,081	0	560
Investcorp Credit Management B	COM	46090R104	719	130,340	SH		DFND	1	0	130,340	0
iShares 20 Year Treasury Bond	COM	464287432	9,329	64,626	SH		SOLE		64,492	0	134
iShares 7-10 Year Treasury Bon	COM	464287440	49,021	424,458	SH		SOLE		423,575	0	883
iShares Core MSCI Emerging Mar	COM	46434G103	11,911	177,800	SH		SOLE		177,800	0	0
iShares Floating Rate Bond ETF	COM	46429B655	242	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285204	20,229	600,099	SH		SOLE		599,123	0	976
iShares iBonds Dec 2022 Term M	COM	46435G755	1,260	47,967	SH		SOLE		47,967	0	0
iShares iBonds Dec 2022 Term T	COM	46436E809	6,902	271,588	SH		SOLE		271,588	0	0
iShares iBonds Dec 2023 Term M	COM	46435G318	4,021	154,014	SH		SOLE		154,014	0	0
iShares iBonds Dec 2023 Term T	COM	46436E882	4,220	164,654	SH		SOLE		164,654	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	5,565	206,194	SH		SOLE		206,194	0	0
iShares iBonds Dec 2024 Term T	COM	46436E874	9,159	356,481	SH		SOLE		355,746	0	735
iShares iBonds Dec 2025 Term M	COM	46435U432	4,024	143,698	SH		SOLE		143,698	0	0
iShares iBonds Dec 2025 Term T	COM	46436E866	9,158	356,750	SH		SOLE		356,020	0	730
iShares iBonds Dec 2026 Term C	COM	46435GAA0	18,744	704,411	SH		SOLE		702,994	0	1,417
iShares iBonds Dec 2026 Term M	COM	46435U259	4,977	184,493	SH		SOLE		184,493	0	0
iShares iBonds Dec 2026 Term T	COM	46436E858	9,103	355,300	SH		SOLE		354,572	0	728
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,528	426,181	SH		SOLE		425,310	0	871
iShares iBonds Dec 2027 Term M	COM	46435U283	5,276	194,381	SH		SOLE		194,381	0	0
iShares iBonds Dec 2027 Term T	COM	46436E841	2,725	106,947	SH		SOLE		106,214	0	733
iShares iBonds Dec 2028 Term C	COM	46435U515	14,016	484,985	SH		SOLE		484,010	0	975
iShares iBonds Dec 2028 Term M	COM	46435U325	6,452	235,314	SH		SOLE		235,314	0	0
iShares iBonds Dec 2028 Term T	COM	46436E833	14,197	557,813	SH		SOLE		556,158	0	1,655
iShares iBonds Dec 2029 Term C	COM	46436E205	9,219	343,720	SH		SOLE		343,019	0	701
iShares iBonds Dec 2029 Term T	COM	46436E825	9,158	362,810	SH		SOLE		362,085	0	725
iShares iBonds Dec 2030 Term C	COM	46436E726	18,905	741,374	SH		SOLE		739,833	0	1,541
iShares iBoxx $ Inv Grade Corp	COM	464287242	3,888	28,937	SH		SOLE		28,745	0	192
iShares Long-Term Corporate Bo	COM	464289511	4,132	58,866	SH		SOLE		58,715	0	151
iShares MBS ETF	COM	464288588	26,333	243,308	SH		SOLE		242,733	0	575
iShares MSCI Emerging Markets	COM	46434G764	1,710	27,419	SH		SOLE		27,419	0	0
iShares MSCI United Kingdom In	COM	46435G334	5,450	166,666	SH		SOLE		166,666	0	0
iShares MSCI United Kingdom Sm	COM	46429B416	465	9,902	SH		SOLE		9,902	0	0
iShares National Muni Bond ETF	COM	464288414	2,817	24,034	SH		SOLE		24,034	0	0
iShares Silver Trust ETF	COM	46428Q109	947	39,113	SH		SOLE		39,051	0	62
J & J Snack Foods Corporation	COM	466032109	5,329	30,556	SH		SOLE		30,381	0	175
J & J Snack Foods Corporation	COM	466032109	1,650	9,458	SH		DFND	1	0	9,458	0
James River Group Holdings Lim	COM	g5005r107	4,084	108,844	SH		SOLE		108,241	0	603
James River Group Holdings Lim	COM	g5005r107	1,164	31,019	SH		DFND	1	0	31,019	0
Jazz Pharmaceuticals PLC	COM	G50871105	550	3,094	SH		SOLE		3,029	0	65
John Bean Technologies Corpora	COM	477839104	6,394	44,829	SH		SOLE		44,564	0	265
John Bean Technologies Corpora	COM	477839104	1,823	12,781	SH		DFND	1	0	12,781	0
JP Morgan Chase & Company	COM	46625H100	278	1,785	SH		SOLE		1,785	0	0
Kadant Incorporated	COM	48282T104	6,935	39,382	SH		SOLE		39,142	0	240
Kadant Incorporated	COM	48282T104	1,889	10,730	SH		DFND	1	0	10,730	0
KB Financial Group Incorporate	COM	48241a105	359	7,282	SH		SOLE		7,282	0	0
Kemper Corporation	COM	488401100	330	4,470	SH		SOLE		4,470	0	0
Kinder Morgan Incorporated	COM	49456B101	92,256	5,060,651	SH		SOLE		5,030,157	0	30,495
Kirkland Lake Gold Limited	COM	49741E100	840	21,798	SH		SOLE		21,343	0	455
Komatsu Limited	COM	500458401	422	17,029	SH		SOLE		16,539	0	490
L'Oreal SA	COM	502117203	1,175	13,140	SH		SOLE		12,818	0	322
Linde PLC	COM	G5494J103	165,553	572,650	SH		SOLE		569,418	0	3,232
Localiza Rent a Car SA	COM	53956W300	373	29,483	SH		SOLE		29,483	0	0
Lockheed Martin Corporation	COM	539830109	126,734	334,964	SH		SOLE		332,680	0	2,285
Lowe's Companies Incorporated	COM	548661107	62,563	322,539	SH		SOLE		322,012	0	527
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,497	9,488	SH		SOLE		9,285	0	203
M&T Bank Corporation	COM	55261F104	25,272	173,920	SH		SOLE		173,175	0	745
Main Street Capital Corporatio	COM	56035L104	1,249	30,405	SH		SOLE		30,405	0	0
Main Street Capital Corporatio	COM	56035L104	4,524	110,107	SH		DFND	1	0	110,107	0
Manatuck Hill Mariner Offshore	COM	562996983	474	2,177	SH		SOLE		2,177	0	0
Markel Corporation	COM	570535104	63,259	53,306	SH		SOLE		53,144	0	162
Markel Corporation	COM	570535104	178	150	SH		DFND	1	0	150	0
Mastercard Incorporated	COM	57636Q104	77,839	213,206	SH		SOLE		212,721	0	485
Materion Corp	COM	576690101	218	2,892	SH		SOLE		2,868	0	24
McDonald's Corporation	COM	580135101	29,307	126,876	SH		SOLE		126,398	0	478
Medtronic	COM	G5960L103	30,292	244,032	SH		SOLE		243,135	0	897
Melco Resorts & Entertainment	COM	585464100	482	29,086	SH		SOLE		28,731	0	355
Mercadolibre Incorporated	COM	58733R102	587	377	SH		SOLE		377	0	0
Microsoft Corporation	COM	594918104	156,986	579,499	SH		SOLE		575,969	0	3,530
Morningstar Incorporated	COM	617700109	24,954	97,054	SH		SOLE		96,702	0	352
Morningstar Incorporated	COM	617700109	1,707	6,638	SH		DFND	1	0	6,638	0
Movado Group Incorporated	COM	624580106	7,223	229,523	SH		SOLE		228,188	0	1,335
Movado Group Incorporated	COM	624580106	2,091	66,441	SH		DFND	1	0	66,441	0
Nathan's Famous Incorporated	COM	632347100	1,475	20,686	SH		SOLE		20,576	0	110
Nathan's Famous Incorporated	COM	632347100	603	8,459	SH		DFND	1	0	8,459	0
Natus Medical Incorporated	COM	639050103	3,877	149,214	SH		SOLE		148,375	0	839
Natus Medical Incorporated	COM	639050103	788	30,319	SH		DFND	1	0	30,319	0
Neenah Paper Incorporated	COM	640079109	3,432	68,408	SH		SOLE		67,989	0	419
Neenah Paper Incorporated	COM	640079109	1,240	24,710	SH		DFND	1	0	24,710	0
Nestle SA	COM	641069406	141,838	1,137,072	SH		SOLE		1,129,955	0	7,117
New Jersey Resources Corporati	COM	646025106	23,930	604,746	SH		SOLE		601,952	0	2,794
New Mountain Finance Corporati	COM	647551100	1,133	86,050	SH		SOLE		86,050	0	0
New Mountain Finance Corporati	COM	647551100	4,973	377,564	SH		DFND	1	0	377,564	0
Nike Incorporated	COM	654106103	36,581	236,785	SH		SOLE		235,938	0	847
Nintendo Company Limited ADS	COM	654445303	880	12,130	SH		SOLE		11,825	0	305
Nordson Corporation	COM	655663102	47,048	214,331	SH		SOLE		213,587	0	744
Northern Trust Corporation	COM	665859104	135,687	1,173,561	SH		SOLE		1,165,929	0	7,632
Northwest Natural Holding Comp	COM	66765N105	4,113	78,320	SH		SOLE		77,867	0	453
Northwest Natural Holding Comp	COM	66765N105	1,475	28,090	SH		DFND	1	0	28,090	0
Novartis AG ADR	COM	66987V109	24,213	265,378	SH		SOLE		263,972	0	1,406
Novo Nordisk A/S ADS	COM	670100205	1,386	16,548	SH		SOLE		16,239	0	309
NVIDIA Corporation	COM	67066G104	522	652	SH		SOLE		652	0	0
NXP Semiconductors NV	COM	N6596X109	83,310	404,968	SH		SOLE		403,798	0	1,170
Oaktree Specialty Lending Corp	COM	67401P108	607	90,680	SH		SOLE		90,680	0	0
OFS Capital Corporation	COM	67103B100	1,010	101,437	SH		SOLE		101,437	0	0
OFS Capital Corporation	COM	67103B100	2,859	287,084	SH		DFND	1	0	287,084	0
Oracle Corporation	COM	68389X105	86,114	1,106,293	SH		SOLE		1,103,540	0	2,753
Owl Rock Capital Corporation	COM	69121K104	810	56,729	SH		SOLE		56,729	0	0
Owl Rock Capital Corporation	COM	69121K104	2,140	150,000	SH		DFND	1	0	150,000	0
Pagseguro Digital Limited	COM	G68707101	915	16,357	SH		SOLE		16,157	0	200
Pan American Silver Corporatio	COM	697900108	299	10,457	SH		SOLE		10,374	0	83
Paychex Incorporated	COM	704326107	158,379	1,476,041	SH		SOLE		1,467,076	0	8,966
PayPal Holdings Incorporated	COM	70450Y103	349	1,197	SH		SOLE		1,197	0	0
PennantPark Floating Rate Capi	COM	70806A106	567	44,560	SH		SOLE		44,560	0	0
PennantPark Floating Rate Capi	COM	70806A106	254	20,000	SH		DFND	1	0	20,000	0
PennantPark Investment Corpora	COM	708062104	427	63,912	SH		SOLE		63,912	0	0
PennantPark Investment Corpora	COM	708062104	4,376	655,081	SH		DFND	1	0	655,081	0
Pepsico Incorporated	COM	713448108	173,721	1,172,444	SH		SOLE		1,166,489	0	5,955
Perficient Incorporated	COM	71375U101	6,320	78,585	SH		SOLE		78,129	0	456
Perficient Incorporated	COM	71375U101	1,885	23,437	SH		DFND	1	0	23,437	0
Pfizer Incorporated	COM	717081103	86,139	2,199,670	SH		SOLE		2,183,879	0	15,791
PhenixFin Corporation	COM	71742W103	948	23,335	SH		DFND	1	0	23,335	0
Phibro Animal Health Corporati	COM	71742Q106	4,470	154,766	SH		SOLE		154,027	0	739
Phibro Animal Health Corporati	COM	71742Q106	1,660	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	238	12,117	SH		SOLE		12,117	0	0
Polaris Industries	COM	731068102	152,760	1,115,362	SH		SOLE		1,107,531	0	7,831
Portman Ridge Finance Corporat	COM	73688F102	192	80,736	SH		SOLE		80,736	0	0
Portman Ridge Finance Corporat	COM	73688F102	1,047	440,000	SH		DFND	1	0	440,000	0
Posco ADR	COM	693483109	314	4,090	SH		SOLE		4,090	0	0
PPG Industries Incorporated	COM	693506107	33,163	195,342	SH		SOLE		194,577	0	764
Procter & Gamble Company	COM	742718109	27,869	206,545	SH		SOLE		205,759	0	785
Progressive Corporation	COM	743315103	132,817	1,352,379	SH		SOLE		1,344,011	0	8,368
Prudential Financial Incorpora	COM	744320102	22	218	SH		SOLE		218	0	0
Prudential Financial Incorpora	COM	744320102	1,127	11,000	SH		DFND	1	0	11,000	0
Rayonier Incorporated	COM	754907103	103,474	2,879,890	SH		SOLE		2,860,908	0	18,982
Rayonier Incorporated	COM	754907103	1,548	43,088	SH		DFND	1	0	43,088	0
Raytheon Technologies Corporat	COM	75513E101	62,991	738,383	SH		SOLE		736,515	0	1,868
RBC Bearings Incorporated	COM	75524B104	5,935	29,760	SH		SOLE		29,591	0	169
RBC Bearings Incorporated	COM	75524B104	1,899	9,521	SH		DFND	1	0	9,521	0
RE/MAX Holdings Incorporated	COM	75524W108	16,046	481,424	SH		SOLE		479,571	0	1,853
RE/MAX Holdings Incorporated	COM	75524W108	1,432	42,955	SH		DFND	1	0	42,955	0
Rio Tinto PLC	COM	767204100	1,350	16,091	SH		SOLE		15,720	0	371
Roche Holding AG	COM	771195104	624	13,279	SH		SOLE		12,917	0	362
Rockwell Automation Incorporat	COM	773903109	31,702	110,839	SH		SOLE		110,392	0	447
Royal Dutch Shell PLC - A	COM	780259206	528	13,079	SH		SOLE		12,814	0	265
Royal Gold Incorporated	COM	780287108	334	2,930	SH		SOLE		2,906	0	24
SAP SE	COM	803054204	668	4,755	SH		SOLE		4,615	0	140
Seabridge Gold Inc.	COM	811916105	269	15,324	SH		SOLE		15,197	0	127
Sendas Distribuidora ADR	COM	81689T104	256	14,950	SH		SOLE		14,950	0	0
Shopify Incorporated	COM	82509L107	1,695	1,160	SH		SOLE		1,131	0	29
SilverCrest Metals Incorporate	COM	828363101	298	34,176	SH		SOLE		33,878	0	298
Sixth Street Specialty Lending	COM	83012A109	1,255	56,551	SH		SOLE		56,551	0	0
Sixth Street Specialty Lending	COM	83012A109	3,256	146,751	SH		DFND	1	0	146,751	0
SJW Group	COM	784305104	4,888	77,226	SH		SOLE		76,827	0	399
SJW Group	COM	784305104	1,362	21,513	SH		DFND	1	0	21,513	0
Sl Green Realty	COM	78440X804	97,072	1,213,396	SH		SOLE		1,205,011	0	8,385
Snap-on Incorporated	COM	833034101	158,209	708,093	SH		SOLE		703,878	0	4,215
Solar Capital Limited	COM	83413U100	1,326	71,147	SH		SOLE		71,147	0	0
Solar Capital Limited	COM	83413U100	3,648	195,709	SH		DFND	1	0	195,709	0
Solar Senior Capital Limited	COM	83416M105	280	18,424	SH		SOLE		18,424	0	0
Sony Group Corporation	COM	835699307	1,560	16,044	SH		SOLE		15,699	0	345
Southern Company	COM	842587107	119,216	1,970,190	SH		SOLE		1,957,627	0	12,563
Southern Copper Corporation	COM	84265V105	326	5,062	SH		SOLE		5,019	0	43
SPDR Financial Select Sector E	COM	81369Y605	4,076	111,087	SH		SOLE		111,014	0	73
SPDR Gold Shares ETF	COM	78463V107	226	1,365	SH		SOLE		1,365	0	0
SPDR Industrial Select Sector	COM	81369Y704	3,827	37,372	SH		SOLE		37,346	0	26
SPDR Materials Select Sector E	COM	81369Y100	3,725	45,254	SH		SOLE		45,223	0	31
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,815	54,014	SH		SOLE		54,014	0	0
SPDR Portfolio Developed World	COM	78463X889	34,069	926,035	SH		SOLE		924,631	0	1,404
SPDR Portfolio S&P 500 Growth	COM	78464A409	13,616	216,236	SH		SOLE		216,050	0	186
SPDR Portfolio S&P 500 Value E	COM	78464a508	25,097	634,735	SH		SOLE		634,199	0	536
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	3,299	42,555	SH		SOLE		42,555	0	0
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	6,301	93,314	SH		SOLE		93,314	0	0
SPDR S&P 500	COM	78462F103	5,879	13,735	SH		SOLE		13,735	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	12,567	141,568	SH		SOLE		141,466	0	102
SPDR S&P 600 Small Cap Value E	COM	78464A300	23,414	273,180	SH		SOLE		272,981	0	199
SPDR S&P Homebuilders ETF	COM	78464A888	3,442	46,998	SH		SOLE		46,939	0	59
Starbucks Corporation	COM	855244109	89,487	800,344	SH		SOLE		798,371	0	1,973
Stellus Capital Investment	COM	858568108	769	61,093	SH		SOLE		61,093	0	0
Stellus Capital Investment	COM	858568108	3,602	286,126	SH		DFND	1	0	286,126	0
Stryker Corporation	COM	863667101	89,808	345,775	SH		SOLE		344,952	0	823
T Rowe Price Group Incorporate	COM	74144T108	39,155	197,784	SH		SOLE		197,086	0	698
Taiwan Semiconductor Manufactu	COM	874039100	2,319	19,298	SH		SOLE		18,962	0	336
TCP Capital Corporation	COM	09259e108	1,114	80,641	SH		SOLE		80,641	0	0
TCP Capital Corporation	COM	09259e108	4,586	331,863	SH		DFND	1	0	331,863	0
Teck Resources Limited	COM	878742204	295	12,817	SH		SOLE		12,710	0	107
Tencent Holdings Limited	COM	88032Q109	1,304	17,314	SH		SOLE		17,017	0	297
Tencent Music Entertainment Gr	COM	88034P109	286	18,476	SH		SOLE		18,476	0	0
The Clorox Company	COM	189054109	25,321	140,743	SH		SOLE		140,128	0	614
Thermo Fisher Scientific Incor	COM	883556102	53,152	105,363	SH		SOLE		105,213	0	150
Thermon Group Holdings Incorpo	COM	88362T103	3,840	225,364	SH		SOLE		224,119	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,312	77,011	SH		DFND	1	0	77,011	0
TJX Companies	COM	872540109	79,156	1,174,077	SH		SOLE		1,171,125	0	2,952
TriplePoint Venture Growth BDC	COM	89677Y100	371	24,417	SH		SOLE		24,417	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,291	85,000	SH		DFND	1	0	85,000	0
United Overseas Bank Limited	COM	911271302	562	14,590	SH		SOLE		14,185	0	405
Uranium Participation Corporat	COM	917017105	287	65,327	SH		SOLE		64,785	0	542
US Bancorp	COM	902973304	106,034	1,861,231	SH		SOLE		1,849,227	0	12,004
Vale SA (Adr)	COM	91912E105	1,137	49,858	SH		SOLE		48,824	0	1,034
VanEck Vectors Long Municipal	COM	92189F536	16,154	737,297	SH		SOLE		737,297	0	0
Veritex Holdings	COM	923451108	5,629	158,955	SH		SOLE		157,829	0	1,126
Veritex Holdings	COM	923451108	1,783	50,340	SH		DFND	1	0	50,340	0
Vipshop Holdings Limited	COM	92763W103	379	18,872	SH		SOLE		18,872	0	0
Visa Incorporated	COM	92826C839	442	1,890	SH		SOLE		1,890	0	0
Vontier Corporation	COM	928881101	16,056	492,811	SH		SOLE		489,635	0	3,176
Wal-Mart de Mexico S.A.B. de C	COM	93114W107	1,023	31,249	SH		SOLE		30,614	0	635
Waste Connections Incorporated	COM	94106B101	1,062	8,895	SH		SOLE		8,648	0	247
Weyerhaeuser Company	COM	962166104	97,147	2,822,388	SH		SOLE		2,802,508	0	19,880
Willis Towers Watson Public Li	COM	G96629103	875	3,804	SH		SOLE		3,712	0	92
Winnebago Industries Incorpora	COM	974637100	5,467	80,451	SH		SOLE		79,981	0	470
Winnebago Industries Incorpora	COM	974637100	1,503	22,109	SH		DFND	1	0	22,109	0
WNS Holdings Limited	COM	92932M101	354	4,431	SH		SOLE		4,431	0	0
WR Berkley Corporation	COM	084423102	53,444	718,044	SH		SOLE		716,900	0	1,144
Wuxi Biologics Cayman Incorpor	COM	98260N108	1,151	31,265	SH		SOLE		31,265	0	0
xTrackers Municipal Infrastruc	COM	233051705	4,702	159,178	SH		SOLE		159,178	0	0
Yandex NV	COM	N97284108	651	9,202	SH		SOLE		9,202	0	0
Yum China Holdings Incorporate	COM	98850P109	397	5,986	SH		SOLE		5,986	0	0
ZTO Express Cayman Incorporate	COM	98980A105	660	21,751	SH		SOLE		21,751	0	0