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
3M Company	COM	88579Y101	100,654	573,787	SH		SOLE		569,566	0	4,221
Accenture PLC	COM	G1151C101	34,266	107,108	SH		SOLE		106,485	0	623
AIA Group Limited	COM	001317205	1,121	24,366	SH		SOLE		23,836	0	530
Air Products & Chemicals Incor	COM	009158106	23,820	93,008	SH		SOLE		92,501	0	507
Alcoa Corporation	COM	013872106	291	5,948	SH		SOLE		5,897	0	51
Alibaba Group Holding Limited	COM	01609W102	444	3,000	SH		SOLE		3,000	0	0
Allied Motion Technologies Inc	COM	019330109	5,179	165,564	SH		SOLE		164,517	0	1,047
Allied Motion Technologies Inc	COM	019330109	1,431	45,757	SH		DFND	1	0	45,757	0
Alphabet Incorporated - A	COM	02079K305	497	186	SH		SOLE		186	0	0
Alphabet Incorporated - C	COM	02079K107	72,353	27,146	SH		SOLE		27,098	0	48
Amazon.com Incorporated	COM	023135106	210	64	SH		SOLE		64	0	0
American Capital Agency Corpor	COM	00123q104	25	1,594	SH		SOLE		1,594	0	0
American Capital Agency Corpor	COM	00123q104	1,340	85,000	SH		DFND	1	0	85,000	0
American Express Company	COM	025816109	402	2,400	SH		SOLE		2,400	0	0
American Outdoor Brands Incorp	COM	02875D109	4,522	184,114	SH		SOLE		183,028	0	1,086
American Outdoor Brands Incorp	COM	02875D109	1,245	50,705	SH		DFND	1	0	50,705	0
American Water Works Company	COM	030420103	27,297	161,485	SH		SOLE		160,633	0	852
Analog Devices Incorporated	COM	032654105	124,763	744,942	SH		SOLE		739,633	0	5,309
Anglo American Platinum Limite	COM	03486T202	224	15,419	SH		SOLE		15,275	0	144
Annaly Capital Management Inco	COM	035710409	30	3,593	SH		SOLE		3,593	0	0
Annaly Capital Management Inco	COM	035710409	1,389	165,000	SH		DFND	1	0	165,000	0
Antofagasta PLC ADR	COM	G0398N128	274	15,292	SH		SOLE		15,159	0	133
Apollo Investment Corporation	COM	03761U502	378	29,140	SH		SOLE		29,140	0	0
Apple Incorporated	COM	037833100	374	2,644	SH		SOLE		2,644	0	0
Aptiv PLC	COM	G6095L109	1,068	7,172	SH		SOLE		6,972	0	200
Ares Capital Corporation	COM	04010L103	82,344	4,050,388	SH		SOLE		4,022,435	0	27,953
Ares Capital Corporation	COM	04010L103	5,082	250,000	SH		DFND	1	0	250,000	0
Axalta Coating Systems Limited	COM	G0750C108	42,841	1,467,664	SH		SOLE		1,464,490	0	3,174
Baidu Incorporated ADS	COM	056752108	280	1,818	SH		SOLE		1,818	0	0
Bank of Marin (CA)	COM	063425102	4,223	111,864	SH		SOLE		111,263	0	601
Bank of Marin (CA)	COM	063425102	1,358	35,968	SH		DFND	1	0	35,968	0
Barings BDC Incorporated	COM	06759l103	1,362	123,610	SH		SOLE		123,610	0	0
Barings BDC Incorporated	COM	06759l103	3,610	327,594	SH		DFND	1	0	327,594	0
Barrick Gold Corporation	COM	067901108	263	14,579	SH		SOLE		14,458	0	121
Becton Dickinson and Company	COM	075887109	21,086	85,777	SH		SOLE		85,243	0	534
Berkshire Hathaway Incorporate	COM	084670108	2,057	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	55,483	203,280	SH		SOLE		202,927	0	353
Berkshire Hathaway Incorporate	COM	084670702	1,228	4,500	SH		DFND	1	0	4,500	0
Black Knight Incorporated	COM	09215C105	12,338	171,363	SH		SOLE		170,693	0	670
Booking Holdings Incorporated	COM	09857L108	56,864	23,954	SH		SOLE		23,890	0	64
Broadridge Financial Solutions	COM	11133T103	133,485	801,041	SH		SOLE		795,594	0	5,447
Brookfield Asset Management In	COM	112585104	65,876	1,231,100	SH		SOLE		1,228,570	0	2,530
Brookfield Infrastructure	COM	11275Q107	102,887	1,718,221	SH		SOLE		1,705,990	0	12,231
Brown & Brown Incorporated	COM	115236101	45,539	821,265	SH		SOLE		817,272	0	3,993
Brown & Brown Incorporated	COM	115236101	1,522	27,440	SH		DFND	1	0	27,440	0
BRP Group	COM	05589g102	22,641	680,106	SH		SOLE		675,231	0	4,875
BRP Group	COM	05589g102	2,243	67,384	SH		DFND	1	0	67,384	0
CAE Incorporated	COM	124765108	824	27,581	SH		SOLE		26,821	0	760
Cameco Corporation	COM	13321L108	448	20,617	SH		SOLE		20,435	0	182
Cannae Holdings Incorporated	COM	13765N107	26,708	858,491	SH		SOLE		853,695	0	4,796
Cannae Holdings Incorporated	COM	13765N107	1,505	48,376	SH		DFND	1	0	48,376	0
Capital Southwest Corporation	COM	140501107	923	36,660	SH		SOLE		36,660	0	0
Capital Southwest Corporation	COM	140501107	1,769	70,238	SH		DFND	1	0	70,238	0
Cerner Corporation	COM	156782104	34,400	487,804	SH		SOLE		487,291	0	513
Charles River Laboratories Int	COM	159864107	51,753	125,409	SH		SOLE		125,085	0	324
Charles Schwab	COM	808513105	24,517	336,587	SH		SOLE		334,606	0	1,981
Chevron Corporation	COM	166764100	88,476	872,110	SH		SOLE		866,033	0	6,077
China Petroleum & Chemical Com	COM	16941R108	267	5,426	SH		SOLE		5,426	0	0
China Southern Airlines Compan	COM	169409109	320	11,486	SH		SOLE		11,486	0	0
Chubb Corporation	COM	H1467J104	126,704	730,365	SH		SOLE		724,776	0	5,589
Cia Brasileira de Distribuicao	COM	20440T300	168	35,629	SH		SOLE		35,629	0	0
Cimarex Energy Company	COM	171798101	269	3,089	SH		SOLE		3,063	0	26
Cisco Systems Incorporated	COM	17275R102	102,719	1,887,180	SH		SOLE		1,873,948	0	13,232
Cliffs Natural Resources Incor	COM	185899101	328	16,545	SH		SOLE		16,390	0	155
Colgate-Palmolive Company	COM	194162103	109,601	1,450,127	SH		SOLE		1,438,849	0	11,279
Commerce Bancshares Incorporat	COM	200525103	23,539	337,811	SH		SOLE		335,798	0	2,013
Compagnie Financiere Richemont	COM	204319107	160	15,307	SH		SOLE		15,307	0	0
Core Laboratories NV	COM	N22717107	5,297	190,866	SH		SOLE		189,720	0	1,146
Core Laboratories NV	COM	N22717107	1,651	59,507	SH		DFND	1	0	59,507	0
Corteva Incorporated	COM	22052L104	699	16,604	SH		SOLE		16,604	0	0
Costco Wholesale Corporation	COM	22160K105	354	788	SH		SOLE		773	0	15
Crescent Capital BDC Incorpora	COM	225655109	436	22,773	SH		SOLE		22,773	0	0
Crescent Capital BDC Incorpora	COM	225655109	486	25,408	SH		DFND	1	0	25,408	0
Cullen Frost Bankers Incorpora	COM	229899109	23,665	199,503	SH		SOLE		198,151	0	1,352
Cyberark Software Limited	COM	M2682V108	1,117	7,076	SH		SOLE		6,875	0	201
DBS Group Holdings ADR	COM	23304y100	843	9,508	SH		SOLE		9,258	0	250
Diageo PLC	COM	25243Q205	168,172	871,356	SH		SOLE		865,987	0	5,369
Digital Realty Trust Incorpora	COM	253868103	99,387	688,039	SH		SOLE		682,648	0	5,391
Dollar Tree Incorporated	COM	256746108	26,484	276,679	SH		SOLE		275,090	0	1,589
Donaldson Incorporated	COM	257651109	21,973	382,731	SH		SOLE		380,401	0	2,330
Dow Incorporated	COM	260557103	97,650	1,696,491	SH		SOLE		1,684,156	0	12,335
Dr Reddy's Laboratories Limite	COM	256135203	336	5,151	SH		SOLE		5,151	0	0
DSV Panalpina	COM	26251A108	1,478	12,343	SH		SOLE		11,985	0	358
Dun & Bradstreet Holdings	COM	26484T106	29,975	1,783,165	SH		SOLE		1,781,046	0	2,119
Dupont De Nemurs Incorporated	COM	26614N102	10,962	161,228	SH		SOLE		160,409	0	819
Ecopetrol SA	COM	279158109	268	18,643	SH		SOLE		18,643	0	0
Edgewell Personal Care Company	COM	28035Q102	4,662	128,418	SH		SOLE		127,689	0	729
Edgewell Personal Care Company	COM	28035Q102	1,514	41,700	SH		DFND	1	0	41,700	0
ENN Energy Holdings Limited	COM	26876F102	444	6,733	SH		SOLE		6,733	0	0
Entergy Corporation	COM	29364G103	84,040	846,240	SH		SOLE		839,517	0	6,722
EOG Resources	COM	26875P101	208	2,591	SH		SOLE		2,569	0	22
Equinox Gold	COM	29446Y502	214	32,424	SH		SOLE		32,170	0	254
Ericsson ADR	COM	294821608	884	78,916	SH		SOLE		77,207	0	1,709
Expeditors International of Wa	COM	302130109	27,666	232,237	SH		SOLE		230,954	0	1,283
Fanuc Limited ADS	COM	307305102	605	27,438	SH		SOLE		26,703	0	735
Faro Technologies Incorporated	COM	311642102	4,271	64,904	SH		SOLE		64,514	0	390
Faro Technologies Incorporated	COM	311642102	1,339	20,345	SH		DFND	1	0	20,345	0
Fastenal Company	COM	311900104	147,186	2,851,888	SH		SOLE		2,836,968	0	14,920
Fidelity National Financial In	COM	31620R303	109,545	2,416,072	SH		SOLE		2,396,382	0	19,690
Fidelity National Information	COM	31620M106	20,160	165,682	SH		SOLE		164,698	0	984
First Majestic Silver Corp.	COM	32076V103	189	16,758	SH		SOLE		16,615	0	143
First Quantum Minerals Limited	COM	335934105	254	13,689	SH		SOLE		13,565	0	124
Fomento Economico Mexicano SAB	COM	344419106	291	3,354	SH		SOLE		3,354	0	0
Fortuna Silver Mines Incorpora	COM	349915108	127	32,363	SH		SOLE		32,112	0	251
Fortune Brands Home & Security	COM	34964C106	57,170	639,341	SH		SOLE		637,481	0	1,860
Forward Air Corporation	COM	349853101	4,904	59,070	SH		SOLE		58,703	0	367
Forward Air Corporation	COM	349853101	1,031	12,422	SH		DFND	1	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,461	11,246	SH		SOLE		11,027	0	219
Franklin Street Properties Cor	COM	35471R106	766	165,000	SH		SOLE		40,000	0	125,000
Freeport-McMoRan Copper & Gold	COM	35671D857	304	9,342	SH		SOLE		9,262	0	80
Frontdoor Incorporated	COM	35905A109	31,558	753,180	SH		SOLE		749,036	0	4,144
Frontdoor Incorporated	COM	35905A109	1,596	38,100	SH		DFND	1	0	38,100	0
Gates Industrial	COM	G39108108	19,655	1,208,021	SH		SOLE		1,201,364	0	6,657
GDS Holdings Limited	COM	36165L108	221	3,900	SH		SOLE		3,900	0	0
General Dynamics Corporation	COM	369550108	21,039	107,326	SH		SOLE		106,586	0	740
Gilead Sciences	COM	375558103	85,531	1,224,499	SH		SOLE		1,215,706	0	8,793
Gladstone Commercial Corporati	COM	376536108	4,758	226,242	SH		SOLE		224,928	0	1,314
Gladstone Commercial Corporati	COM	376536108	1,659	78,908	SH		DFND	1	0	78,908	0
Glencore Xstrata PLC	COM	37827X100	328	34,876	SH		SOLE		34,564	0	312
Globe Specialty Metals Incorpo	COM	G33856108	319	36,657	SH		SOLE		36,343	0	314
Gold Fields Limited	COM	38059t106	241	29,676	SH		SOLE		29,676	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,044	56,909	SH		SOLE		56,909	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,477	135,000	SH		DFND	1	0	135,000	0
Goldman Sachs Treasury Access	COM	381430529	249	2,493	SH		SOLE		2,493	0	0
Golub Capital BDC Incorporated	COM	38173M102	1,211	76,606	SH		SOLE		76,606	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,952	250,000	SH		DFND	1	0	250,000	0
Graco Incorporated	COM	384109104	87,912	1,256,426	SH		SOLE		1,247,728	0	8,697
Grupo Financiero ADR	COM	40052P107	367	11,439	SH		SOLE		11,439	0	0
HDFC Bank Limited	COM	40415F101	455	6,230	SH		SOLE		6,230	0	0
Healthcare Services Group	COM	421906108	16,487	659,728	SH		SOLE		655,490	0	4,238
Healthcare Services Group	COM	421906108	1,357	54,292	SH		DFND	1	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	1,004	60,429	SH		SOLE		60,429	0	0
Hercules Technology Growth Cap	COM	427096508	5,813	350,000	SH		DFND	1	0	350,000	0
Hexagon AB	COM	428263107	12,384	804,128	SH		SOLE		800,832	0	3,296
Home Depot Incorporated	COM	437076102	143,121	436,000	SH		SOLE		433,126	0	2,874
Honeywell International Incorp	COM	438516106	250	1,180	SH		SOLE		1,180	0	0
Huazhu Group Limited	COM	44332N106	487	10,620	SH		SOLE		10,620	0	0
I3 Verticals Incorporated	COM	46571Y107	4,458	184,132	SH		SOLE		183,031	0	1,101
I3 Verticals Incorporated	COM	46571Y107	1,057	43,680	SH		DFND	1	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	332	17,575	SH		SOLE		17,575	0	0
Icon PLC	COM	G4705A100	1,616	6,168	SH		SOLE		5,990	0	178
IHS Markit Limited	COM	G47567105	63,929	548,186	SH		SOLE		547,240	0	946
Illinois Tool Works Incorporat	COM	452308109	62,749	303,677	SH		SOLE		302,827	0	850
Infosys Technologies Limited	COM	456788108	1,528	68,662	SH		SOLE		67,403	0	1,259
Invesco BulletShares 2025 Corp	COM	46138j825	9,655	435,000	SH		SOLE		433,507	0	1,493
Invesco BulletShares 2029 Muni	COM	46138J478	2,063	79,557	SH		SOLE		79,557	0	0
Invesco BulletShares 2030 Muni	COM	46138J445	2,061	81,337	SH		SOLE		81,337	0	0
Invesco Optimum Yield Diversif	COM	46090F100	7,204	342,241	SH		SOLE		341,681	0	560
Investcorp Credit Management B	COM	46090R104	713	130,340	SH		DFND	1	0	130,340	0
iShares 1-5 Year Investment Gr	COM	464288646	2,946	53,924	SH		SOLE		53,583	0	341
iShares 20 Year Treasury Bond	COM	464287432	9,351	64,796	SH		SOLE		64,575	0	221
iShares 7-10 Year Treasury Bon	COM	464287440	49,118	426,301	SH		SOLE		424,828	0	1,473
iShares Core MSCI Emerging Mar	COM	46434G103	2,233	36,161	SH		SOLE		36,161	0	0
iShares Floating Rate Bond ETF	COM	46429B655	242	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285204	20,911	625,895	SH		SOLE		624,919	0	976
iShares iBonds Dec 2022 Term M	COM	46435G755	2,489	95,061	SH		SOLE		95,061	0	0
iShares iBonds Dec 2022 Term T	COM	46436E809	7,281	286,305	SH		SOLE		286,305	0	0
iShares iBonds Dec 2023 Term M	COM	46435G318	4,119	158,408	SH		SOLE		158,408	0	0
iShares iBonds Dec 2023 Term T	COM	46436E882	3,214	125,389	SH		SOLE		124,581	0	808
iShares iBonds Dec 2024 Term C	COM	46434VBG4	7,781	295,956	SH		SOLE		295,956	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	5,499	204,112	SH		SOLE		204,112	0	0
iShares iBonds Dec 2024 Term T	COM	46436E874	11,481	446,833	SH		SOLE		445,020	0	1,813
iShares iBonds Dec 2025 Term M	COM	46435U432	4,125	147,570	SH		SOLE		147,570	0	0
iShares iBonds Dec 2025 Term T	COM	46436E866	9,223	359,659	SH		SOLE		358,420	0	1,239
iShares iBonds Dec 2026 Term C	COM	46435GAA0	18,772	708,368	SH		SOLE		705,965	0	2,403
iShares iBonds Dec 2026 Term M	COM	46435U259	4,338	161,349	SH		SOLE		161,349	0	0
iShares iBonds Dec 2026 Term T	COM	46436E858	9,149	358,003	SH		SOLE		356,766	0	1,237
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,563	428,566	SH		SOLE		427,091	0	1,475
iShares iBonds Dec 2027 Term M	COM	46435U283	5,365	198,622	SH		SOLE		198,622	0	0
iShares iBonds Dec 2027 Term T	COM	46436E841	1,598	62,914	SH		SOLE		62,513	0	401
iShares iBonds Dec 2028 Term C	COM	46435U515	13,957	487,155	SH		SOLE		485,500	0	1,655
iShares iBonds Dec 2028 Term M	COM	46435U325	6,550	240,582	SH		SOLE		240,582	0	0
iShares iBonds Dec 2028 Term T	COM	46436E833	11,530	454,370	SH		SOLE		452,811	0	1,559
iShares iBonds Dec 2029 Term C	COM	46436E205	9,200	345,651	SH		SOLE		344,463	0	1,188
iShares iBonds Dec 2029 Term T	COM	46436E825	9,202	365,251	SH		SOLE		364,013	0	1,238
iShares iBonds Dec 2030 Term C	COM	46436E726	18,828	744,280	SH		SOLE		741,714	0	2,566
iShares MBS ETF	COM	464288588	43,967	406,576	SH		SOLE		405,095	0	1,481
iShares MSCI Emerging Markets	COM	46434G764	9,855	162,522	SH		SOLE		162,522	0	0
iShares MSCI United Kingdom ET	COM	46435G334	5,729	177,628	SH		SOLE		177,628	0	0
iShares MSCI United Kingdom Sm	COM	46429B416	459	9,848	SH		SOLE		9,848	0	0
iShares National Muni Bond ETF	COM	464288414	2,876	24,757	SH		SOLE		24,757	0	0
iShares Silver Trust ETF	COM	46428Q109	798	38,898	SH		SOLE		38,836	0	62
J & J Snack Foods Corporation	COM	466032109	4,643	30,381	SH		SOLE		30,206	0	175
J & J Snack Foods Corporation	COM	466032109	1,445	9,458	SH		DFND	1	0	9,458	0
James River Group Holdings Lim	COM	g5005r107	4,003	106,107	SH		SOLE		105,504	0	603
James River Group Holdings Lim	COM	g5005r107	1,170	31,019	SH		DFND	1	0	31,019	0
Jazz Pharmaceuticals PLC	COM	G50871105	414	3,178	SH		SOLE		3,113	0	65
John Bean Technologies Corpora	COM	477839104	6,209	44,173	SH		SOLE		43,908	0	265
John Bean Technologies Corpora	COM	477839104	1,796	12,781	SH		DFND	1	0	12,781	0
JP Morgan Chase & Company	COM	46625H100	305	1,863	SH		SOLE		1,863	0	0
Kadant Incorporated	COM	48282T104	7,767	38,055	SH		SOLE		37,815	0	240
Kadant Incorporated	COM	48282T104	2,190	10,730	SH		DFND	1	0	10,730	0
KB Financial Group Incorporate	COM	48241a105	341	7,337	SH		SOLE		7,337	0	0
Kemper Corporation	COM	488401100	299	4,470	SH		SOLE		4,470	0	0
Keurig Dr Pepper Incorporated	COM	49271V100	12,570	367,980	SH		SOLE		366,368	0	1,612
Kinder Morgan Incorporated	COM	49456B101	84,627	5,058,371	SH		SOLE		5,025,250	0	33,121
Kirkland Lake Gold Limited	COM	49741E100	912	21,929	SH		SOLE		21,474	0	455
Komatsu Limited	COM	500458401	433	18,053	SH		SOLE		17,563	0	490
L'Oreal SA	COM	502117203	1,104	13,320	SH		SOLE		12,998	0	322
Linde PLC	COM	G5494J103	131,200	447,200	SH		SOLE		444,172	0	3,027
Localiza Rent a Car SA	COM	53956W300	356	29,674	SH		SOLE		29,674	0	0
Lockheed Martin Corporation	COM	539830109	112,600	326,281	SH		SOLE		323,788	0	2,493
Lowe's Companies Incorporated	COM	548661107	64,897	319,908	SH		SOLE		319,357	0	551
LVMH Moet Hennessy Louis Vuitt	COM	502441306	1,364	9,519	SH		SOLE		9,316	0	203
M&T Bank Corporation	COM	55261F104	21,597	144,618	SH		SOLE		143,657	0	961
Main Street Capital Corporatio	COM	56035L104	1,242	30,226	SH		SOLE		30,226	0	0
Main Street Capital Corporatio	COM	56035L104	4,525	110,107	SH		DFND	1	0	110,107	0
Makemytrip Limited	COM	V5633W109	354	13,019	SH		SOLE		13,019	0	0
Manatuck Hill Mariner Offshore	COM	562996983	423	2,177	SH		SOLE		2,177	0	0
Markel Corporation	COM	570535104	62,730	52,488	SH		SOLE		52,319	0	169
Markel Corporation	COM	570535104	179	150	SH		DFND	1	0	150	0
Marten Transport Limited	COM	573075108	5,240	333,970	SH		SOLE		332,011	0	1,959
Marten Transport Limited	COM	573075108	1,537	97,970	SH		DFND	1	0	97,970	0
Mastercard Incorporated	COM	57636Q104	68,552	197,169	SH		SOLE		196,573	0	596
McDonald's Corporation	COM	580135101	25,375	105,243	SH		SOLE		104,643	0	600
Medtronic	COM	G5960L103	25,562	203,927	SH		SOLE		202,822	0	1,105
Mercadolibre Incorporated	COM	58733R102	636	379	SH		SOLE		379	0	0
Microsoft Corporation	COM	594918104	156,008	553,377	SH		SOLE		549,598	0	3,779
Morningstar Incorporated	COM	617700109	18,433	71,163	SH		SOLE		70,829	0	334
Morningstar Incorporated	COM	617700109	1,426	5,506	SH		DFND	1	0	5,506	0
Movado Group Incorporated	COM	624580106	6,982	221,726	SH		SOLE		220,391	0	1,335
Movado Group Incorporated	COM	624580106	2,092	66,441	SH		DFND	1	0	66,441	0
Nathan's Famous Incorporated	COM	632347100	1,270	20,759	SH		SOLE		20,649	0	110
Nathan's Famous Incorporated	COM	632347100	517	8,459	SH		DFND	1	0	8,459	0
Natus Medical Incorporated	COM	639050103	3,773	150,444	SH		SOLE		149,605	0	839
Natus Medical Incorporated	COM	639050103	760	30,319	SH		DFND	1	0	30,319	0
Neenah Paper Incorporated	COM	640079109	3,253	69,789	SH		SOLE		69,370	0	419
Neenah Paper Incorporated	COM	640079109	1,152	24,710	SH		DFND	1	0	24,710	0
Nestle SA	COM	641069406	131,784	1,096,284	SH		SOLE		1,088,563	0	7,722
New Jersey Resources Corporati	COM	646025106	17,630	506,471	SH		SOLE		502,860	0	3,611
New Mountain Finance Corporati	COM	647551100	1,167	87,672	SH		SOLE		87,672	0	0
New Mountain Finance Corporati	COM	647551100	5,025	377,564	SH		DFND	1	0	377,564	0
Nike Incorporated	COM	654106103	27,885	192,003	SH		SOLE		191,003	0	1,000
Nintendo Company Limited	COM	654445303	734	12,391	SH		SOLE		12,086	0	305
Nordson Corporation	COM	655663102	44,515	186,919	SH		SOLE		186,002	0	917
Northern Trust Corporation	COM	665859104	121,832	1,130,060	SH		SOLE		1,121,792	0	8,268
Northwest Natural Holding Comp	COM	66765N105	3,630	78,938	SH		SOLE		78,485	0	453
Northwest Natural Holding Comp	COM	66765N105	1,292	28,090	SH		DFND	1	0	28,090	0
Novartis AG ADR	COM	66987V109	18,338	224,239	SH		SOLE		222,473	0	1,766
Novo Nordisk A/S ADS	COM	670100205	1,606	16,732	SH		SOLE		16,423	0	309
NVIDIA Corporation	COM	67066G104	476	2,299	SH		SOLE		2,299	0	0
NXP Semiconductors NV	COM	N6596X109	76,800	392,098	SH		SOLE		390,891	0	1,207
Oaktree Specialty Lending Corp	COM	67401P108	645	91,307	SH		SOLE		91,307	0	0
OFS Capital Corporation	COM	67103B100	1,038	100,218	SH		SOLE		100,218	0	0
OFS Capital Corporation	COM	67103B100	2,974	287,084	SH		DFND	1	0	287,084	0
Oracle Corporation	COM	68389X105	89,238	1,024,193	SH		SOLE		1,021,172	0	3,021
Owl Rock Capital Corporation	COM	69121K104	820	58,107	SH		SOLE		58,107	0	0
Owl Rock Capital Corporation	COM	69121K104	2,118	150,000	SH		DFND	1	0	150,000	0
Pagseguro Digital Limited	COM	G68707101	1,189	22,984	SH		SOLE		22,557	0	427
Pan American Silver Corporatio	COM	697900108	238	10,242	SH		SOLE		10,159	0	83
Paychex Incorporated	COM	704326107	156,239	1,389,407	SH		SOLE		1,380,244	0	9,163
PayPal Holdings Incorporated	COM	70450Y103	248	953	SH		SOLE		953	0	0
PennantPark Floating Rate Capi	COM	70806A106	581	45,404	SH		SOLE		45,404	0	0
PennantPark Floating Rate Capi	COM	70806A106	256	20,000	SH		DFND	1	0	20,000	0
PennantPark Investment Corpora	COM	708062104	424	65,303	SH		SOLE		65,303	0	0
PennantPark Investment Corpora	COM	708062104	4,251	655,081	SH		DFND	1	0	655,081	0
Pepsico Incorporated	COM	713448108	160,274	1,065,583	SH		SOLE		1,059,482	0	6,100
Perficient Incorporated	COM	71375U101	5,132	44,356	SH		SOLE		44,098	0	258
Perficient Incorporated	COM	71375U101	1,488	12,865	SH		DFND	1	0	12,865	0
Pfizer Incorporated	COM	717081103	94,573	2,198,856	SH		SOLE		2,182,175	0	16,681
PhenixFin Corporation	COM	71742W103	1,001	23,335	SH		DFND	1	0	23,335	0
Phibro Animal Health Corporati	COM	71742Q106	3,112	144,469	SH		SOLE		144,134	0	335
PIMCO Enhanced Short Maturity	COM	72201R833	512	5,026	SH		SOLE		5,026	0	0
Ping An Insurance Group Compan	COM	72341E304	168	12,264	SH		SOLE		12,264	0	0
Polaris Industries	COM	731068102	128,427	1,073,266	SH		SOLE		1,064,817	0	8,449
Portman Ridge Finance Corporat	COM	73688F201	201	8,250	SH		SOLE		8,250	0	0
Portman Ridge Finance Corporat	COM	73688F201	1,071	44,000	SH		DFND	1	0	44,000	0
Posco ADR	COM	693483109	284	4,122	SH		SOLE		4,122	0	0
PPG Industries Incorporated	COM	693506107	23,097	161,505	SH		SOLE		160,560	0	944
Procter & Gamble Company	COM	742718109	23,944	171,272	SH		SOLE		170,285	0	987
Progressive Corporation	COM	743315103	122,421	1,354,360	SH		SOLE		1,345,374	0	8,986
Prudential Financial Incorpora	COM	744320102	23	218	SH		SOLE		218	0	0
Prudential Financial Incorpora	COM	744320102	1,157	11,000	SH		DFND	1	0	11,000	0
Rayonier Incorporated	COM	754907103	102,621	2,876,154	SH		SOLE		2,855,940	0	20,214
Rayonier Incorporated	COM	754907103	1,537	43,088	SH		DFND	1	0	43,088	0
Raytheon Technologies Corporat	COM	75513E101	59,038	686,809	SH		SOLE		684,680	0	2,128
RBC Bearings Incorporated	COM	75524B104	6,176	29,105	SH		SOLE		28,936	0	169
RBC Bearings Incorporated	COM	75524B104	1,634	7,701	SH		DFND	1	0	7,701	0
RE/MAX Holdings Incorporated	COM	75524W108	15,335	492,145	SH		SOLE		489,901	0	2,244
RE/MAX Holdings Incorporated	COM	75524W108	1,338	42,955	SH		DFND	1	0	42,955	0
Rio Tinto PLC	COM	767204100	1,304	19,519	SH		SOLE		19,148	0	371
Roche Holding AG	COM	771195104	617	13,571	SH		SOLE		13,209	0	362
Rockwell Automation Incorporat	COM	773903109	26,583	90,405	SH		SOLE		89,876	0	529
Royal Dutch Shell PLC - A	COM	780259206	638	14,321	SH		SOLE		14,056	0	265
Royal Gold Incorporated	COM	780287108	272	2,851	SH		SOLE		2,827	0	24
SAP SE	COM	803054204	657	4,863	SH		SOLE		4,723	0	140
Seabridge Gold Inc.	COM	811916105	230	14,861	SH		SOLE		14,734	0	127
Sendas Distribuidora ADR	COM	81689T104	262	15,020	SH		SOLE		15,020	0	0
Shopify Incorporated	COM	82509L107	1,563	1,153	SH		SOLE		1,124	0	29
SilverCrest Metals Incorporate	COM	828363101	230	32,999	SH		SOLE		32,701	0	298
Sixth Street Specialty Lending	COM	83012A109	1,285	57,838	SH		SOLE		57,838	0	0
Sixth Street Specialty Lending	COM	83012A109	3,259	146,751	SH		DFND	1	0	146,751	0
SJW Group	COM	784305104	5,080	76,897	SH		SOLE		76,498	0	399
SJW Group	COM	784305104	1,421	21,513	SH		DFND	1	0	21,513	0
Sl Green Realty	COM	78440X804	94,744	1,337,436	SH		SOLE		1,327,663	0	9,773
Snap-on Incorporated	COM	833034101	141,666	677,992	SH		SOLE		673,407	0	4,584
Solar Capital Limited	COM	83413U100	1,392	72,744	SH		SOLE		72,744	0	0
Solar Capital Limited	COM	83413U100	3,744	195,709	SH		DFND	1	0	195,709	0
Solar Senior Capital Limited	COM	83416M105	404	26,101	SH		SOLE		26,101	0	0
Sony Group Corporation	COM	835699307	1,797	16,249	SH		SOLE		15,904	0	345
Southern Company	COM	842587107	117,914	1,902,760	SH		SOLE		1,889,083	0	13,677
Southern Copper Corporation	COM	84265V105	276	4,920	SH		SOLE		4,877	0	43
SPDR Financial Select Sector E	COM	81369Y605	4,314	114,937	SH		SOLE		114,864	0	73
SPDR Gold Shares ETF	COM	78463V107	224	1,365	SH		SOLE		1,365	0	0
SPDR Industrial Select Sector	COM	81369Y704	3,834	39,191	SH		SOLE		39,165	0	26
SPDR Materials Select Sector E	COM	81369Y100	3,771	47,673	SH		SOLE		47,642	0	31
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,869	55,638	SH		SOLE		55,638	0	0
SPDR Portfolio Developed World	COM	78463X889	36,807	1,016,479	SH		SOLE		1,015,075	0	1,404
SPDR Portfolio S&P 500 Growth	COM	78464A409	14,346	224,089	SH		SOLE		223,870	0	219
SPDR Portfolio S&P 500 Value E	COM	78464a508	26,773	686,482	SH		SOLE		685,820	0	662
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	4,965	65,628	SH		SOLE		65,628	0	0
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	8,314	125,528	SH		SOLE		125,528	0	0
SPDR S&P 500 ETF	COM	78462F103	6,237	14,535	SH		SOLE		14,535	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	12,823	147,185	SH		SOLE		147,083	0	102
SPDR S&P 600 Small Cap Value E	COM	78464A300	24,209	295,374	SH		SOLE		295,175	0	199
SPDR S&P Homebuilders ETF	COM	78464A888	3,493	48,681	SH		SOLE		48,622	0	59
Sprott Physical Uranium Trust	COM	85210A104	358	31,581	SH		SOLE		31,310	0	271
Starbucks Corporation	COM	855244109	82,692	749,631	SH		SOLE		747,376	0	2,255
Stellus Capital Investment	COM	858568108	814	62,319	SH		SOLE		62,319	0	0
Stellus Capital Investment	COM	858568108	3,737	286,126	SH		DFND	1	0	286,126	0
Stryker Corporation	COM	863667101	85,095	322,673	SH		SOLE		321,724	0	949
T Rowe Price Group Incorporate	COM	74144T108	31,676	161,038	SH		SOLE		160,230	0	808
Taiwan Semiconductor Manufactu	COM	874039100	2,165	19,395	SH		SOLE		19,059	0	336
TCP Capital Corporation	COM	09259e108	1,119	82,465	SH		SOLE		82,465	0	0
TCP Capital Corporation	COM	09259e108	4,503	331,863	SH		DFND	1	0	331,863	0
Teck Resources Limited	COM	878742204	308	12,379	SH		SOLE		12,272	0	107
Tencent Holdings Limited	COM	88032Q109	1,051	17,590	SH		SOLE		17,293	0	297
The Clorox Company	COM	189054109	19,625	118,504	SH		SOLE		117,717	0	787
Thermo Fisher Scientific Incor	COM	883556102	59,535	104,205	SH		SOLE		104,046	0	159
Thermon Group Holdings Incorpo	COM	88362T103	3,939	227,581	SH		SOLE		226,336	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,333	77,011	SH		DFND	1	0	77,011	0
TJX Companies	COM	872540109	72,819	1,103,653	SH		SOLE		1,100,184	0	3,469
Trinity Capital Incorporated	COM	896442308	244	15,152	SH		SOLE		15,152	0	0
Trinity Capital Incorporated	COM	896442308	356	22,127	SH		DFND	1	0	22,127	0
TriplePoint Venture Growth BDC	COM	89677Y100	395	24,935	SH		SOLE		24,935	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,346	85,000	SH		DFND	1	0	85,000	0
United Overseas Bank Limited	COM	911271302	568	14,958	SH		SOLE		14,553	0	405
US Bancorp	COM	902973304	110,456	1,858,280	SH		SOLE		1,845,551	0	12,729
Vale SA (ADR)	COM	91912E105	709	50,806	SH		SOLE		49,772	0	1,034
VanEck Vectors Long Municipal	COM	92189F536	16,161	750,963	SH		SOLE		750,963	0	0
Veritex Holdings	COM	923451108	6,188	157,213	SH		SOLE		156,087	0	1,126
Veritex Holdings	COM	923451108	1,981	50,340	SH		DFND	1	0	50,340	0
Visa Incorporated	COM	92826C839	423	1,901	SH		SOLE		1,901	0	0
Vontier Corporation	COM	928881101	15,116	449,870	SH		SOLE		446,694	0	3,176
Wal-Mart de Mexico S.A.B. de C	COM	93114W107	1,081	31,802	SH		SOLE		31,167	0	635
Waste Connections Incorporated	COM	94106B101	1,133	8,994	SH		SOLE		8,747	0	247
Weyerhaeuser Company	COM	962166104	100,632	2,829,119	SH		SOLE		2,807,885	0	21,234
Willis Towers Watson Public Li	COM	G96629103	925	3,978	SH		SOLE		3,886	0	92
Winnebago Industries Incorpora	COM	974637100	5,756	79,445	SH		SOLE		78,975	0	470
Winnebago Industries Incorpora	COM	974637100	1,602	22,109	SH		DFND	1	0	22,109	0
WNS Holdings Limited	COM	92932M101	365	4,462	SH		SOLE		4,462	0	0
WR Berkley Corporation	COM	084423102	52,546	718,031	SH		SOLE		716,759	0	1,272
Wuxi Biologics Cayman Incorpor	COM	98260N108	1,019	31,345	SH		SOLE		31,345	0	0
xTrackers Municipal Infrastruc	COM	233051705	4,102	141,241	SH		SOLE		141,241	0	0
Yandex NV	COM	N97284108	736	9,238	SH		SOLE		9,238	0	0
Yum China Holdings Incorporate	COM	98850P109	350	6,026	SH		SOLE		6,026	0	0
ZTO Express Cayman Incorporate	COM	98980A105	466	15,192	SH		SOLE		15,192	0	0