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	99,515	560,237	SH		SOLE		556,283	0	3,954
Accenture PLC	COM	G1151C101	33,931	81,849	SH		SOLE		81,478	0	371
AIA Group Limited	COM	001317205	919	22,782	SH		SOLE		22,252	0	530
Air Products & Chemicals Incor	COM	009158106	22,163	72,844	SH		SOLE		72,571	0	273
Alcoa Corporation	COM	013872106	377	6,326	SH		SOLE		6,275	0	51
Alibaba Group Holding Limited	COM	01609W102	258	2,173	SH		SOLE		2,173	0	0
Allied Motion Technologies Inc	COM	019330109	6,078	166,577	SH		SOLE		165,530	0	1,047
Allied Motion Technologies Inc	COM	019330109	1,670	45,757	SH		DFND	1	0	45,757	0
Alphabet Incorporated - A	COM	02079K305	435	150	SH		SOLE		150	0	0
Alphabet Incorporated - C	COM	02079K107	77,508	26,786	SH		SOLE		26,715	0	71
Amazon.com Incorporated	COM	023135106	210	63	SH		SOLE		63	0	0
American Capital Agency Corpor	COM	00123q104	19	1,277	SH		SOLE		1,277	0	0
American Capital Agency Corpor	COM	00123q104	1,278	85,000	SH		DFND	1	0	85,000	0
American Express Company	COM	025816109	393	2,400	SH		SOLE		2,400	0	0
American Outdoor Brands Incorp	COM	02875D109	3,731	187,201	SH		SOLE		186,115	0	1,086
American Outdoor Brands Incorp	COM	02875D109	1,011	50,705	SH		DFND	1	0	50,705	0
American Water Works Company	COM	030420103	23,775	125,886	SH		SOLE		125,437	0	449
Analog Devices Incorporated	COM	032654105	123,399	702,049	SH		SOLE		697,176	0	4,873
Annaly Capital Management Inco	COM	035710409	20	2,597	SH		SOLE		2,597	0	0
Annaly Capital Management Inco	COM	035710409	1,290	165,000	SH		DFND	1	0	165,000	0
Antofagasta PLC ADR	COM	G0398N128	284	16,087	SH		SOLE		15,954	0	133
Apollo Investment Corporation	COM	03761U502	362	28,266	SH		SOLE		28,266	0	0
Apple Incorporated	COM	037833100	460	2,588	SH		SOLE		2,588	0	0
Aptiv PLC	COM	G6095L109	1,115	6,762	SH		SOLE		6,562	0	200
Ares Capital Corporation	COM	04010L103	86,117	4,064,049	SH		SOLE		4,035,771	0	28,278
Ares Capital Corporation	COM	04010L103	5,297	250,000	SH		DFND	1	0	250,000	0
Axalta Coating Systems Limited	COM	G0750C108	49,624	1,498,305	SH		SOLE		1,493,697	0	4,608
Baidu Incorporated ADS	COM	056752108	263	1,766	SH		SOLE		1,766	0	0
Bank of Marin (CA)	COM	063425102	4,305	115,621	SH		SOLE		115,020	0	601
Bank of Marin (CA)	COM	063425102	1,339	35,968	SH		DFND	1	0	35,968	0
Barings BDC Incorporated	COM	06759l103	1,471	133,477	SH		SOLE		133,477	0	0
Barings BDC Incorporated	COM	06759l103	3,615	328,000	SH		DFND	1	0	328,000	0
Barrick Gold Corporation	COM	067901108	283	14,886	SH		SOLE		14,765	0	121
Becton Dickinson and Company	COM	075887109	17,105	68,019	SH		SOLE		67,728	0	291
Berkshire Hathaway Incorporate	COM	084670108	2,253	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	61,786	206,643	SH		SOLE		206,039	0	604
Berkshire Hathaway Incorporate	COM	084670702	1,345	4,500	SH		DFND	1	0	4,500	0
Black Knight Incorporated	COM	09215C105	14,554	175,582	SH		SOLE		174,912	0	670
Blackstone Secured Lending Fun	COM	09261X102	911	26,793	SH		SOLE		26,793	0	0
Blackstone Secured Lending Fun	COM	09261X102	3,043	89,500	SH		DFND	1	0	89,500	0
BNP Paribas	COM	05565A202	603	17,319	SH		SOLE		16,610	0	709
Booking Holdings Incorporated	COM	09857L108	56,444	23,526	SH		SOLE		23,439	0	87
Broadridge Financial Solutions	COM	11133T103	145,524	795,994	SH		SOLE		790,520	0	5,474
Brookfield Asset Management In	COM	112585104	73,520	1,217,629	SH		SOLE		1,213,812	0	3,817
Brookfield Infrastructure	COM	11275Q107	115,737	1,695,530	SH		SOLE		1,683,216	0	12,314
Brown & Brown Incorporated	COM	115236101	48,727	693,334	SH		SOLE		690,704	0	2,629
Brown & Brown Incorporated	COM	115236101	1,928	27,440	SH		DFND	1	0	27,440	0
BRP Group	COM	05589g102	20,707	573,444	SH		SOLE		569,179	0	4,265
BRP Group	COM	05589g102	1,351	37,401	SH		DFND	1	0	37,401	0
CAE Incorporated	COM	124765108	532	21,071	SH		SOLE		20,311	0	760
Cameco Corporation	COM	13321L108	309	14,157	SH		SOLE		14,045	0	112
Cannae Holdings Incorporated	COM	13765N107	30,275	861,307	SH		SOLE		856,200	0	5,107
Cannae Holdings Incorporated	COM	13765N107	1,700	48,376	SH		DFND	1	0	48,376	0
Capital Southwest Corporation	COM	140501107	918	36,296	SH		SOLE		36,296	0	0
Capital Southwest Corporation	COM	140501107	1,795	71,000	SH		DFND	1	0	71,000	0
Cerner Corporation	COM	156782104	46,384	499,448	SH		SOLE		498,265	0	1,183
Charles Schwab	COM	808513105	22,076	262,500	SH		SOLE		261,477	0	1,024
Chesapeake Energy Corporation	COM	165167735	286	4,437	SH		SOLE		4,402	0	35
Chevron Corporation	COM	166764100	97,550	831,277	SH		SOLE		825,821	0	5,456
China Petroleum & Chemical Com	COM	16941R108	220	4,734	SH		SOLE		4,734	0	0
China Southern Airlines Compan	COM	169409109	320	10,772	SH		SOLE		10,772	0	0
Chubb Corporation	COM	H1467J104	135,143	699,101	SH		SOLE		693,877	0	5,224
Cia Brasileira de Distribuicao	COM	20440T300	128	32,123	SH		SOLE		32,123	0	0
Cisco Systems Incorporated	COM	17275R102	119,931	1,892,556	SH		SOLE		1,879,233	0	13,323
Cliffs Natural Resources Incor	COM	185899101	278	12,767	SH		SOLE		12,666	0	101
Colgate-Palmolive Company	COM	194162103	120,435	1,411,242	SH		SOLE		1,400,608	0	10,635
Commerce Bancshares Incorporat	COM	200525103	19,080	277,567	SH		SOLE		276,424	0	1,143
Compagnie Financiere Richemont	COM	204319107	165	11,007	SH		SOLE		11,007	0	0
ConocoPhillips	COM	20825C104	279	3,867	SH		SOLE		3,836	0	31
Continental Resources Incorpor	COM	212015101	271	6,065	SH		SOLE		6,017	0	48
Core Laboratories NV	COM	N22717107	4,054	181,732	SH		SOLE		180,586	0	1,146
Core Laboratories NV	COM	N22717107	1,328	59,507	SH		DFND	1	0	59,507	0
Corteva Incorporated	COM	22052L104	754	15,947	SH		SOLE		15,947	0	0
Costco Wholesale Corporation	COM	22160K105	440	775	SH		SOLE		760	0	15
Coterra Energy Incorporated	COM	127097103	255	13,418	SH		SOLE		13,314	0	104
Crescent Capital BDC Incorpora	COM	225655109	406	23,066	SH		SOLE		23,066	0	0
Crescent Capital BDC Incorpora	COM	225655109	458	26,000	SH		DFND	1	0	26,000	0
Cullen Frost Bankers Incorpora	COM	229899109	19,788	156,961	SH		SOLE		156,278	0	683
Cyberark Software Limited	COM	M2682V108	1,150	6,637	SH		SOLE		6,436	0	201
DBS Group Holdings ADR	COM	23304y100	877	9,006	SH		SOLE		8,756	0	250
Diageo PLC	COM	25243Q205	191,875	871,604	SH		SOLE		865,958	0	5,646
Diamondback Energy Incorporate	COM	25278X109	274	2,542	SH		SOLE		2,522	0	20
Digital Realty Trust Incorpora	COM	253868103	121,911	689,267	SH		SOLE		683,836	0	5,431
Dollar Tree Incorporated	COM	256746108	36,795	261,851	SH		SOLE		260,262	0	1,589
Donaldson Incorporated	COM	257651109	18,004	303,813	SH		SOLE		302,552	0	1,261
Dow Incorporated	COM	260557103	96,481	1,701,002	SH		SOLE		1,688,474	0	12,528
Dr Reddy's Laboratories Limite	COM	256135203	322	4,918	SH		SOLE		4,918	0	0
DSV Panalpina	COM	26251A108	1,301	11,085	SH		SOLE		10,727	0	358
Dun & Bradstreet Holdings	COM	26484T106	35,168	1,716,366	SH		SOLE		1,711,000	0	5,366
Dupont De Nemurs Incorporated	COM	26614N102	12,895	159,630	SH		SOLE		158,811	0	819
Ecopetrol SA	COM	279158109	212	16,431	SH		SOLE		16,431	0	0
Edgewell Personal Care Company	COM	28035Q102	5,982	130,867	SH		SOLE		130,138	0	729
Edgewell Personal Care Company	COM	28035Q102	1,408	30,800	SH		DFND	1	0	30,800	0
ENN Energy Holdings Limited	COM	26876F102	493	6,443	SH		SOLE		6,443	0	0
Entergy Corporation	COM	29364G103	96,649	857,956	SH		SOLE		851,166	0	6,790
EOG Resources	COM	26875P101	271	3,047	SH		SOLE		3,023	0	24
Equinox Gold	COM	29446Y502	237	35,079	SH		SOLE		34,825	0	254
Ericsson ADR	COM	294821608	697	64,150	SH		SOLE		62,441	0	1,709
Expeditors International of Wa	COM	302130109	24,209	180,271	SH		SOLE		179,596	0	675
Fanuc Limited ADS	COM	307305102	549	25,786	SH		SOLE		25,051	0	735
Faro Technologies Incorporated	COM	311642102	4,656	66,491	SH		SOLE		66,101	0	390
Faro Technologies Incorporated	COM	311642102	1,425	20,345	SH		DFND	1	0	20,345	0
Fastenal Company	COM	311900104	181,031	2,825,961	SH		SOLE		2,809,842	0	16,119
Ferroglobe PLC	COM	G33856108	249	40,168	SH		SOLE		39,854	0	314
Fidelity National Financial In	COM	31620R303	125,358	2,402,409	SH		SOLE		2,382,626	0	19,782
Fidelity National Information	COM	31620M106	14,251	130,563	SH		SOLE		130,161	0	402
First Quantum Minerals Limited	COM	335934105	349	14,524	SH		SOLE		14,400	0	124
Fomento Economico Mexicano SAB	COM	344419106	229	2,952	SH		SOLE		2,952	0	0
Fortune Brands Home & Security	COM	34964C106	63,555	594,524	SH		SOLE		592,750	0	1,774
Forward Air Corporation	COM	349853101	7,167	59,185	SH		SOLE		58,818	0	367
Forward Air Corporation	COM	349853101	1,504	12,422	SH		DFND	1	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,530	11,062	SH		SOLE		10,843	0	219
Franklin Street Properties Cor	COM	35471R106	982	165,000	SH		SOLE		40,000	0	125,000
Freeport-McMoRan Copper & Gold	COM	35671D857	311	7,460	SH		SOLE		7,401	0	59
Frontdoor Incorporated	COM	35905A109	29,488	804,572	SH		SOLE		799,631	0	4,941
Frontdoor Incorporated	COM	35905A109	1,626	44,379	SH		DFND	1	0	44,379	0
Gates Industrial	COM	G39108108	25,989	1,633,480	SH		SOLE		1,622,982	0	10,498
General Dynamics Corporation	COM	369550108	17,855	85,649	SH		SOLE		85,268	0	381
Gilead Sciences	COM	375558103	89,995	1,239,435	SH		SOLE		1,230,511	0	8,924
Gladstone Commercial Corporati	COM	376536108	5,930	230,108	SH		SOLE		228,794	0	1,314
Gladstone Commercial Corporati	COM	376536108	1,577	61,208	SH		DFND	1	0	61,208	0
Glencore Xstrata PLC	COM	37827X100	365	36,245	SH		SOLE		35,933	0	312
Gold Fields Limited	COM	38059t106	315	28,659	SH		SOLE		28,659	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,210	63,149	SH		SOLE		63,149	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,587	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	1,179	76,343	SH		SOLE		76,343	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,860	250,000	SH		DFND	1	0	250,000	0
Graco Incorporated	COM	384109104	90,419	1,121,548	SH		SOLE		1,113,953	0	7,594
Grupo Financiero ADR	COM	40052P107	362	11,149	SH		SOLE		11,149	0	0
HDFC Bank Limited	COM	40415F101	378	5,806	SH		SOLE		5,806	0	0
Healthcare Services Group	COM	421906108	11,944	671,394	SH		SOLE		666,493	0	4,901
Healthcare Services Group	COM	421906108	966	54,292	SH		DFND	1	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	1,045	62,970	SH		SOLE		62,970	0	0
Hercules Technology Growth Cap	COM	427096508	5,806	350,000	SH		DFND	1	0	350,000	0
Hexagon AB	COM	428263107	13,121	826,789	SH		SOLE		823,493	0	3,296
Home Depot Incorporated	COM	437076102	169,906	409,402	SH		SOLE		406,749	0	2,653
Honeywell International Incorp	COM	438516106	242	1,160	SH		SOLE		1,160	0	0
Huazhu Group Limited	COM	44332N106	365	9,771	SH		SOLE		9,771	0	0
I3 Verticals Incorporated	COM	46571Y107	4,289	188,175	SH		SOLE		187,074	0	1,101
I3 Verticals Incorporated	COM	46571Y107	995	43,680	SH		DFND	1	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	335	16,922	SH		SOLE		16,922	0	0
Icon PLC	COM	G4705A100	1,781	5,752	SH		SOLE		5,574	0	178
IHS Markit Limited	COM	G47567105	72,208	543,243	SH		SOLE		541,720	0	1,523
Illinois Tool Works Incorporat	COM	452308109	69,013	279,631	SH		SOLE		278,829	0	802
Infosys Technologies Limited	COM	456788108	1,638	64,698	SH		SOLE		63,439	0	1,259
Invesco BulletShares 2025 Corp	COM	46138j825	9,635	439,938	SH		SOLE		438,934	0	1,004
Invesco BulletShares 2029 Muni	COM	46138J478	2,136	81,775	SH		SOLE		81,566	0	209
Invesco BulletShares 2030 Muni	COM	46138J445	2,139	83,559	SH		SOLE		83,345	0	214
Invesco Optimum Yield Diversif	COM	46090F100	4,532	322,305	SH		SOLE		321,845	0	460
Investcorp Credit Management B	COM	46090R104	648	131,000	SH		DFND	1	0	131,000	0
iShares 1-5 Year Investment Gr	COM	464288646	1,327	24,621	SH		SOLE		24,488	0	133
iShares 20Plus Year Treasury B	COM	464287432	9,750	65,791	SH		SOLE		65,646	0	145
iShares 7-10 Year Treasury Bon	COM	464287440	49,694	432,123	SH		SOLE		431,140	0	983
iShares Core S&P US Value ETF	COM	464287663	6,704	87,821	SH		SOLE		87,407	0	414
iShares Floating Rate Bond ETF	COM	46429B655	241	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285204	23,080	663,024	SH		SOLE		662,048	0	976
iShares iBonds Dec 2022 Term M	COM	46435G755	2,270	87,116	SH		SOLE		87,116	0	0
iShares iBonds Dec 2022 Term T	COM	46436E809	8,032	316,170	SH		SOLE		316,170	0	0
iShares iBonds Dec 2023 Term M	COM	46435G318	4,224	162,987	SH		SOLE		162,571	0	416
iShares iBonds Dec 2023 Term T	COM	46436E882	4,264	167,254	SH		SOLE		166,297	0	957
iShares iBonds Dec 2024 Term C	COM	46434VBG4	8,105	312,563	SH		SOLE		312,563	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	5,624	209,740	SH		SOLE		209,338	0	402
iShares iBonds Dec 2024 Term T	COM	46436E874	12,422	488,200	SH		SOLE		486,635	0	1,565
iShares iBonds Dec 2025 Term M	COM	46435U432	4,231	151,865	SH		SOLE		151,478	0	387
iShares iBonds Dec 2025 Term T	COM	46436E866	9,251	364,997	SH		SOLE		364,149	0	848
iShares iBonds Dec 2026 Term C	COM	46435GAA0	18,730	718,441	SH		SOLE		716,798	0	1,643
iShares iBonds Dec 2026 Term M	COM	46435U259	4,687	174,386	SH		SOLE		173,983	0	403
iShares iBonds Dec 2026 Term T	COM	46436E858	9,171	363,340	SH		SOLE		362,491	0	849
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,545	434,689	SH		SOLE		433,683	0	1,006
iShares iBonds Dec 2027 Term M	COM	46435U283	5,516	204,005	SH		SOLE		203,490	0	515
iShares iBonds Dec 2027 Term T	COM	46436E841	2,579	102,635	SH		SOLE		102,051	0	584
iShares iBonds Dec 2028 Term C	COM	46435U515	13,986	494,300	SH		SOLE		493,168	0	1,132
iShares iBonds Dec 2028 Term M	COM	46435U325	6,716	246,489	SH		SOLE		245,921	0	568
iShares iBonds Dec 2028 Term T	COM	46436E833	11,553	459,372	SH		SOLE		458,315	0	1,057
iShares iBonds Dec 2029 Term C	COM	46436E205	9,192	349,166	SH		SOLE		348,353	0	813
iShares iBonds Dec 2029 Term T	COM	46436E825	9,298	370,371	SH		SOLE		369,516	0	855
iShares iBonds Dec 2030 Term C	COM	46436E726	23,266	927,298	SH		SOLE		924,571	0	2,727
iShares MBS ETF	COM	464288588	41,272	384,176	SH		SOLE		383,298	0	878
iShares MSCI Emerging Markets	COM	46434G764	1,431	23,605	SH		SOLE		23,605	0	0
iShares MSCI United Kingdom ET	COM	46435G334	6,169	186,144	SH		SOLE		186,144	0	0
iShares MSCI United Kingdom Sm	COM	46429B416	1,418	30,920	SH		SOLE		30,920	0	0
iShares National Muni Bond ETF	COM	464288414	3,182	27,368	SH		SOLE		27,301	0	67
iShares Russell 1000 Value ETF	COM	464287598	2,721	16,201	SH		SOLE		16,201	0	0
iShares Russell 2000 Value ETF	COM	464287630	1,689	10,172	SH		SOLE		10,172	0	0
iShares Silver Trust ETF	COM	46428Q109	701	32,579	SH		SOLE		32,579	0	0
J & J Snack Foods Corporation	COM	466032109	5,498	34,808	SH		SOLE		34,600	0	208
J & J Snack Foods Corporation	COM	466032109	1,494	9,458	SH		DFND	1	0	9,458	0
Jazz Pharmaceuticals PLC	COM	G50871105	315	2,475	SH		SOLE		2,410	0	65
John Bean Technologies Corpora	COM	477839104	6,780	44,149	SH		SOLE		43,884	0	265
John Bean Technologies Corpora	COM	477839104	1,256	8,181	SH		DFND	1	0	8,181	0
JP Morgan Chase & Company	COM	46625H100	290	1,833	SH		SOLE		1,833	0	0
Kadant Incorporated	COM	48282T104	6,172	26,779	SH		SOLE		26,641	0	138
Kadant Incorporated	COM	48282T104	1,298	5,630	SH		DFND	1	0	5,630	0
KB Financial Group Incorporate	COM	48241a105	328	7,111	SH		SOLE		7,111	0	0
Kemper Corporation	COM	488401100	263	4,470	SH		SOLE		4,470	0	0
Keurig Dr Pepper Incorporated	COM	49271V100	13,870	376,281	SH		SOLE		374,669	0	1,612
Kinder Morgan Incorporated	COM	49456B101	79,948	5,040,864	SH		SOLE		5,007,938	0	32,925
Kirkland Lake Gold Limited	COM	49741E100	751	17,902	SH		SOLE		17,454	0	448
Komatsu Limited	COM	500458401	306	13,101	SH		SOLE		12,611	0	490
L'Oreal SA	COM	502117203	1,207	12,653	SH		SOLE		12,331	0	322
Linde PLC	COM	G5494J103	146,732	423,555	SH		SOLE		420,759	0	2,796
Localiza Rent a Car SA	COM	53956W300	266	28,964	SH		SOLE		28,964	0	0
Lockheed Martin Corporation	COM	539830109	112,766	317,283	SH		SOLE		314,913	0	2,370
Lowe's Companies Incorporated	COM	548661107	80,721	312,292	SH		SOLE		311,435	0	857
LVMH Moet Hennessy - Louis Vui	COM	502441306	1,496	9,042	SH		SOLE		8,839	0	203
M&T Bank Corporation	COM	55261F104	17,564	114,366	SH		SOLE		113,843	0	523
Main Street Capital Corporatio	COM	56035L104	1,346	29,996	SH		SOLE		29,996	0	0
Main Street Capital Corporatio	COM	56035L104	4,979	111,000	SH		DFND	1	0	111,000	0
Makemytrip Limited	COM	V5633W109	346	12,494	SH		SOLE		12,494	0	0
Manatuck Hill Mariner Offshore	COM	562996983	386	2,013	SH		SOLE		2,013	0	0
Markel Corporation	COM	570535104	64,198	52,024	SH		SOLE		51,812	0	212
Markel Corporation	COM	570535104	185	150	SH		DFND	1	0	150	0
Marten Transport Limited	COM	573075108	5,795	337,707	SH		SOLE		335,748	0	1,959
Marten Transport Limited	COM	573075108	1,681	97,970	SH		DFND	1	0	97,970	0
Mastercard Incorporated	COM	57636Q104	65,717	182,892	SH		SOLE		182,348	0	544
Materion Corporation	COM	576690101	279	3,031	SH		SOLE		3,007	0	24
McDonald's Corporation	COM	580135101	22,079	82,363	SH		SOLE		82,050	0	313
Medtronic	COM	G5960L103	16,770	162,109	SH		SOLE		161,473	0	636
Mercadolibre Incorporated	COM	58733R102	468	347	SH		SOLE		347	0	0
Microsoft Corporation	COM	594918104	177,371	527,388	SH		SOLE		523,882	0	3,506
Morningstar Incorporated	COM	617700109	24,219	70,818	SH		SOLE		70,484	0	334
Morningstar Incorporated	COM	617700109	1,883	5,506	SH		DFND	1	0	5,506	0
Movado Group Incorporated	COM	624580106	6,752	161,423	SH		SOLE		160,483	0	940
Movado Group Incorporated	COM	624580106	1,129	27,002	SH		DFND	1	0	27,002	0
Nathan's Famous Incorporated	COM	632347100	1,261	21,590	SH		SOLE		21,480	0	110
Nathan's Famous Incorporated	COM	632347100	494	8,459	SH		DFND	1	0	8,459	0
Natus Medical Incorporated	COM	639050103	3,661	154,281	SH		SOLE		153,442	0	839
Natus Medical Incorporated	COM	639050103	719	30,319	SH		DFND	1	0	30,319	0
Neenah Paper Incorporated	COM	640079109	3,287	71,024	SH		SOLE		70,605	0	419
Neenah Paper Incorporated	COM	640079109	1,144	24,710	SH		DFND	1	0	24,710	0
Nestle SA	COM	641069406	147,886	1,053,547	SH		SOLE		1,046,342	0	7,205
New Jersey Resources Corporati	COM	646025106	16,676	406,138	SH		SOLE		404,191	0	1,947
New Mountain Finance Corporati	COM	647551100	1,008	73,550	SH		SOLE		73,550	0	0
New Mountain Finance Corporati	COM	647551100	4,494	328,000	SH		DFND	1	0	328,000	0
Nike Incorporated	COM	654106103	24,803	148,813	SH		SOLE		148,306	0	507
Nintendo Company Limited	COM	654445303	689	11,797	SH		SOLE		11,492	0	305
Nordson Corporation	COM	655663102	40,126	157,190	SH		SOLE		156,592	0	598
Northern Trust Corporation	COM	665859104	129,990	1,086,784	SH		SOLE		1,079,091	0	7,693
Northwest Natural Holding Comp	COM	66765N105	4,097	83,989	SH		SOLE		83,536	0	453
Northwest Natural Holding Comp	COM	66765N105	1,370	28,090	SH		DFND	1	0	28,090	0
Novartis AG ADR	COM	66987V109	15,913	181,928	SH		SOLE		180,869	0	1,059
Novo Nordisk A/S ADS	COM	670100205	1,752	15,641	SH		SOLE		15,332	0	309
NVIDIA Corporation	COM	67066G104	584	1,984	SH		SOLE		1,984	0	0
NXP Semiconductors NV	COM	N6596X109	87,220	382,914	SH		SOLE		381,453	0	1,461
Oaktree Specialty Lending Corp	COM	67401P108	674	90,364	SH		SOLE		90,364	0	0
OFS Capital Corporation	COM	67103B100	1,018	93,358	SH		SOLE		93,358	0	0
OFS Capital Corporation	COM	67103B100	3,139	288,000	SH		DFND	1	0	288,000	0
Oracle Corporation	COM	68389X105	82,348	944,246	SH		SOLE		941,526	0	2,720
Owl Rock Capital Corporation	COM	69121K104	803	56,697	SH		SOLE		56,697	0	0
Owl Rock Capital Corporation	COM	69121K104	2,124	150,000	SH		DFND	1	0	150,000	0
Pagseguro Digital Limited	COM	G68707101	477	18,182	SH		SOLE		17,755	0	427
Pan American Silver Corporatio	COM	697900108	268	10,719	SH		SOLE		10,636	0	83
Paychex Incorporated	COM	704326107	178,883	1,310,501	SH		SOLE		1,301,996	0	8,505
PennantPark Floating Rate Capi	COM	70806A106	415	32,494	SH		SOLE		32,494	0	0
PennantPark Investment Corpora	COM	708062104	448	64,661	SH		SOLE		64,661	0	0
PennantPark Investment Corpora	COM	708062104	4,546	656,000	SH		DFND	1	0	656,000	0
Pepsico Incorporated	COM	713448108	180,110	1,036,845	SH		SOLE		1,030,839	0	6,005
Perficient Incorporated	COM	71375U101	3,245	25,095	SH		SOLE		24,950	0	145
Perficient Incorporated	COM	71375U101	840	6,495	SH		DFND	1	0	6,495	0
Pfizer Incorporated	COM	717081103	129,252	2,188,864	SH		SOLE		2,172,161	0	16,703
PhenixFin Corporation	COM	71742W103	1,008	24,000	SH		DFND	1	0	24,000	0
Phibro Animal Health Corporati	COM	71742Q106	2,358	115,480	SH		SOLE		115,145	0	335
PIMCO Enhanced Short Maturity	COM	72201R833	509	5,008	SH		SOLE		5,008	0	0
Ping An Insurance Group Compan	COM	72341E304	154	10,716	SH		SOLE		10,716	0	0
Pioneer Natural Resources Comp	COM	723787107	286	1,570	SH		SOLE		1,557	0	13
Polaris Industries	COM	731068102	114,144	1,038,525	SH		SOLE		1,030,554	0	7,971
Portman Ridge Finance Corporat	COM	73688F201	208	8,400	SH		SOLE		8,400	0	0
Portman Ridge Finance Corporat	COM	73688F201	1,089	44,000	SH		DFND	1	0	44,000	0
Posco ADR	COM	693483109	236	4,050	SH		SOLE		4,050	0	0
PPG Industries Incorporated	COM	693506107	21,839	126,649	SH		SOLE		126,145	0	504
Procter & Gamble Company	COM	742718109	22,038	134,722	SH		SOLE		134,200	0	522
Progressive Corporation	COM	743315103	139,485	1,358,846	SH		SOLE		1,349,780	0	9,065
Prudential Financial Incorpora	COM	744320102	24	218	SH		SOLE		218	0	0
Prudential Financial Incorpora	COM	744320102	1,191	11,000	SH		DFND	1	0	11,000	0
Rayonier Incorporated	COM	754907103	116,260	2,880,575	SH		SOLE		2,860,220	0	20,355
Rayonier Incorporated	COM	754907103	1,739	43,088	SH		DFND	1	0	43,088	0
Raytheon Technologies Corporat	COM	75513E101	55,045	639,606	SH		SOLE		637,627	0	1,979
RBC Bearings Incorporated	COM	75524B104	5,874	29,085	SH		SOLE		28,916	0	169
RBC Bearings Incorporated	COM	75524B104	1,555	7,701	SH		DFND	1	0	7,701	0
RE/MAX Holdings Incorporated	COM	75524W108	15,963	523,542	SH		SOLE		521,050	0	2,492
RE/MAX Holdings Incorporated	COM	75524W108	1,572	51,572	SH		DFND	1	0	51,572	0
Rio Tinto PLC	COM	767204100	1,280	19,129	SH		SOLE		18,758	0	371
Roche Holding AG	COM	771195104	664	12,844	SH		SOLE		12,482	0	362
Rockwell Automation Incorporat	COM	773903109	24,461	70,118	SH		SOLE		69,851	0	267
Royal Dutch Shell PLC - A	COM	780259206	578	13,315	SH		SOLE		13,050	0	265
Royal Gold Incorporated	COM	780287108	303	2,877	SH		SOLE		2,853	0	24
SAP SE	COM	803054204	642	4,580	SH		SOLE		4,440	0	140
Seabridge Gold Incorporated	COM	811916105	262	15,882	SH		SOLE		15,755	0	127
Sendas Distribuidora ADR	COM	81689T104	162	13,643	SH		SOLE		13,643	0	0
Shopify Incorporated	COM	82509L107	1,098	797	SH		SOLE		779	0	18
SilverCrest Metals Incorporate	COM	828363101	280	35,439	SH		SOLE		35,141	0	298
Sixth Street Specialty Lending	COM	83012A109	1,457	62,276	SH		SOLE		62,276	0	0
Sixth Street Specialty Lending	COM	83012A109	3,438	147,000	SH		DFND	1	0	147,000	0
SJW Group	COM	784305104	5,832	79,668	SH		SOLE		79,198	0	470
SJW Group	COM	784305104	1,575	21,513	SH		DFND	1	0	21,513	0
Sl Green Realty	COM	78440X804	95,494	1,331,849	SH		SOLE		1,322,031	0	9,818
Snap-on Incorporated	COM	833034101	140,302	651,418	SH		SOLE		647,123	0	4,295
Solar Capital Limited	COM	83413U100	1,135	61,588	SH		SOLE		61,588	0	0
Solar Capital Limited	COM	83413U100	3,612	196,000	SH		DFND	1	0	196,000	0
Solar Senior Capital Limited	COM	83416M105	361	25,788	SH		SOLE		25,788	0	0
Sony Group Corporation	COM	835699307	1,821	14,404	SH		SOLE		14,067	0	337
Southern Company	COM	842587107	126,258	1,841,027	SH		SOLE		1,828,212	0	12,815
Southern Copper Corporation	COM	84265V105	300	4,857	SH		SOLE		4,818	0	39
SPDR Financial Select Sector E	COM	81369Y605	4,760	121,888	SH		SOLE		121,815	0	73
SPDR Gold Shares ETF	COM	78463V107	234	1,366	SH		SOLE		1,366	0	0
SPDR Industrial Select Sector	COM	81369Y704	4,481	42,348	SH		SOLE		42,322	0	26
SPDR Materials Select Sector E	COM	81369Y100	4,655	51,372	SH		SOLE		51,341	0	31
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,965	57,313	SH		SOLE		57,163	0	150
SPDR Portfolio Developed World	COM	78463X889	38,750	1,062,229	SH		SOLE		1,060,983	0	1,246
SPDR Portfolio S&P 500 Growth	COM	78464A409	16,900	233,205	SH		SOLE		232,986	0	219
SPDR Portfolio S&P 500 Value E	COM	78464a508	30,485	725,833	SH		SOLE		725,171	0	662
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	7,900	96,895	SH		SOLE		96,895	0	0
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	14,588	205,176	SH		SOLE		205,176	0	0
SPDR S&P 500 ETF	COM	78462F103	7,610	16,023	SH		SOLE		16,023	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	14,328	154,360	SH		SOLE		154,258	0	102
SPDR S&P 600 Small Cap Value E	COM	78464A300	26,044	307,413	SH		SOLE		307,214	0	199
SPDR S&P Homebuilders ETF	COM	78464A888	4,337	50,555	SH		SOLE		50,496	0	59
Sprott Physical Uranium Trust	COM	85210A104	270	24,546	SH		SOLE		24,350	0	196
Starbucks Corporation	COM	855244109	82,996	709,553	SH		SOLE		707,355	0	2,198
Stellus Capital Investment	COM	858568108	826	63,420	SH		SOLE		63,420	0	0
Stellus Capital Investment	COM	858568108	3,737	287,000	SH		DFND	1	0	287,000	0
Stryker Corporation	COM	863667101	80,719	301,842	SH		SOLE		300,912	0	930
T Rowe Price Group Incorporate	COM	74144T108	24,428	124,228	SH		SOLE		123,804	0	424
Taiwan Semiconductor Manufactu	COM	874039100	2,124	17,651	SH		SOLE		17,315	0	336
TCP Capital Corporation	COM	09259e108	1,192	88,196	SH		SOLE		88,196	0	0
TCP Capital Corporation	COM	09259e108	4,485	332,000	SH		DFND	1	0	332,000	0
Teck Resources Limited	COM	878742204	306	10,634	SH		SOLE		10,549	0	85
Tencent Holdings Limited	COM	88032Q109	961	16,476	SH		SOLE		16,179	0	297
The Clorox Company	COM	189054109	16,523	94,764	SH		SOLE		94,334	0	430
The Mosaic Company	COM	61945C103	305	7,771	SH		SOLE		7,709	0	62
Thermo Fisher Scientific Incor	COM	883556102	68,714	102,982	SH		SOLE		102,708	0	274
Thermon Group Holdings Incorpo	COM	88362T103	3,986	235,418	SH		SOLE		234,173	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,304	77,011	SH		DFND	1	0	77,011	0
TJX Companies	COM	872540109	79,864	1,051,944	SH		SOLE		1,048,675	0	3,269
Trinity Capital Incorporated	COM	896442308	340	19,319	SH		SOLE		19,319	0	0
Trinity Capital Incorporated	COM	896442308	791	45,000	SH		DFND	1	0	45,000	0
TriplePoint Venture Growth BDC	COM	89677Y100	446	24,815	SH		SOLE		24,815	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,527	85,000	SH		DFND	1	0	85,000	0
United Overseas Bank Limited	COM	911271302	566	14,128	SH		SOLE		13,723	0	405
US Bancorp	COM	902973304	104,533	1,861,020	SH		SOLE		1,848,197	0	12,822
Vale SA (ADR)	COM	91912E105	570	40,662	SH		SOLE		39,628	0	1,034
VanEck Vectors Long Municipal	COM	92189F536	16,691	771,419	SH		SOLE		769,476	0	1,943
Vanguard Emerging Markets Stoc	COM	922042858	252	5,091	SH		SOLE		5,091	0	0
Vanguard FTSE Europe Index Fun	COM	922042874	992	14,530	SH		SOLE		14,530	0	0
Veritex Holdings	COM	923451108	6,246	157,012	SH		SOLE		155,886	0	1,126
Veritex Holdings	COM	923451108	2,003	50,340	SH		DFND	1	0	50,340	0
Visa Incorporated	COM	92826C839	348	1,606	SH		SOLE		1,606	0	0
Vontier Corporation	COM	928881101	12,465	405,628	SH		SOLE		402,452	0	3,176
Wal-Mart de Mexico SAB de CV	COM	93114W107	1,119	30,051	SH		SOLE		29,416	0	635
Waste Connections Incorporated	COM	94106B101	1,158	8,497	SH		SOLE		8,250	0	247
Weyerhaeuser Company	COM	962166104	116,628	2,832,151	SH		SOLE		2,810,743	0	21,408
Willis Towers Watson Public Li	COM	G96629103	898	3,782	SH		SOLE		3,690	0	92
Winnebago Industries Incorpora	COM	974637100	5,998	80,061	SH		SOLE		79,591	0	470
Winnebago Industries Incorpora	COM	974637100	1,656	22,109	SH		DFND	1	0	22,109	0
WNS Holdings Limited	COM	92932M101	377	4,272	SH		SOLE		4,272	0	0
WR Berkley Corporation	COM	084423102	60,247	731,236	SH		SOLE		729,114	0	2,122
Wuxi Biologics Cayman Incorpor	COM	98260N108	691	29,491	SH		SOLE		29,491	0	0
xTrackers Municipal Infrastruc	COM	233051705	4,253	145,368	SH		SOLE		144,995	0	373
Yandex NV	COM	N97284108	510	8,431	SH		SOLE		8,431	0	0
Yum China Holdings Incorporate	COM	98850P109	284	5,688	SH		SOLE		5,688	0	0
ZTO Express Cayman Incorporate	COM	98980A105	387	13,718	SH		SOLE		13,718	0	0
Zurich Insurance Group	COM	989825104	211	4,799	SH		SOLE		4,799	0	0