0001636661-20-000006.txt : 20200602 0001636661-20-000006.hdr.sgml : 20200602 20200602142821 ACCESSION NUMBER: 0001636661-20-000006 CONFORMED SUBMISSION TYPE: 13F-HR/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200602 DATE AS OF CHANGE: 20200602 EFFECTIVENESS DATE: 20200602 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONFLUENCE INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001442056 IRS NUMBER: 261764456 FILING VALUES: FORM TYPE: 13F-HR/A SEC ACT: 1934 Act SEC FILE NUMBER: 028-13334 FILM NUMBER: 20936591 BUSINESS ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 BUSINESS PHONE: 314-743-5090 MAIL ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 13F-HR/A 1 primary_doc.xml 13F-HR/A LIVE false true false 0001442056 XXXXXXXX 12-31-2019 12-31-2019 true 1 RESTATEMENT CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 N Steven P. Farmer 314-743-5298 Steven P. Farmer Naperville IL 06-02-2020 1 336 6799321 false 1 028-06487 First Trust Advisors L.P. INFORMATION TABLE 2 inftable.xml 3M Company COM 88579Y101 95924 553384 SH SOLE 553384 0 0 Accenture PLC COM G1151C101 26042 140942 SH SOLE 140822 0 120 AIA Group Lrd COM 001317205 1455 33727 SH SOLE 33222 0 505 Air Products & Chemicals Inc. COM 009158106 26542 117249 SH SOLE 117249 0 0 Alcentra Capital Corporation COM 01374T102 1448 172787 SH DFND 01 0 172787 0 Alcon ORD SHS COM H01301128 1997 32186 SH SOLE 32186 0 0 Alibaba Group Holding Ltd COM 01609W102 1660 9794 SH SOLE 9745 0 49 Allergan Inc. COM G0177J108 29160 174164 SH SOLE 174164 0 0 Allied Motion Technologies Inc COM 019330109 4936 130242 SH SOLE 130242 0 0 Allied Motion Technologies Inc COM 019330109 912 24055 SH DFND 01 0 24055 0 Alphabet Inc. - Class A COM 02079K305 1980 1829 SH SOLE 1829 0 0 Alphabet Inc. - Class C COM 02079K107 33696 31174 SH SOLE 31174 0 0 Amazon.com, Inc. COM 023135106 365 193 SH SOLE 193 0 0 American Express Company COM 025816109 24697 200075 SH SOLE 200075 0 0 American International Group I COM 026874784 53330 1000946 SH SOLE 1000946 0 0 American Water Works Co. COM 030420103 22903 197441 SH SOLE 197441 0 0 Analog Devices Inc. COM 032654105 85773 759931 SH SOLE 759931 0 0 Annaly Capital Management Inc. COM 035710409 51 5615 SH SOLE 5615 0 0 Annaly Capital Management Inc. COM 035710409 6225 681782 SH DFND 01 0 681782 0 Apollo Investment Corp. COM 03761U502 423 26741 SH SOLE 26741 0 0 Apollo Investment Corp. COM 03761U502 5272 333700 SH DFND 01 0 333700 0 Apple Inc. COM 037833100 360 1817 SH SOLE 1817 0 0 APTIV PLC COM G6095L109 1131 13998 SH SOLE 13808 0 190 Ares Capital Corp. COM 04010L103 76490 4263653 SH SOLE 4263653 0 0 Ares Capital Corp. COM 04010L103 12960 722412 SH DFND 01 0 722412 0 Automatic Data Processing, Inc COM 053015103 272 1643 SH SOLE 1643 0 0 Avanos Medical Inc. COM 05350v106 4150 95165 SH SOLE 95165 0 0 Avanos Medical Inc. COM 05350v106 849 19468 SH DFND 01 0 19468 0 Axalta Coating Systems LTD COM G0750C108 58199 1954966 SH SOLE 1954966 0 0 Banco Bradesco S.A. COM 059460303 406 41356 SH SOLE 41356 0 0 Bank of America Corp. COM 060505104 366 12623 SH SOLE 12623 0 0 Bank of Marin (CA) COM 063425102 4505 109813 SH SOLE 109813 0 0 Bank of Marin (CA) COM 063425102 729 17768 SH DFND 01 0 17768 0 Barclays 20 Plus Year Treasury COM 464287432 22815 171784 SH SOLE 171784 0 0 Barings BDC Inc COM 06759l103 2662 270525 SH SOLE 270525 0 0 Barings BDC Inc COM 06759l103 6274 637594 SH DFND 01 0 637594 0 Becton Dickinson and Company COM 075887109 23989 95191 SH SOLE 95191 0 0 Berkshire Hathaway Inc. - B COM 084670702 38289 179618 SH SOLE 179618 0 0 Berkshire Hathaway Inc. - Clas COM 084670108 1592 5 SH SOLE 5 0 0 Black Knight Inc COM 09215C105 77809 1293582 SH SOLE 1293582 0 0 BlackRock, Inc. COM 09247X101 266 567 SH SOLE 567 0 0 BP PLC (Adr 1:6) COM 055622104 1188 28490 SH SOLE 28100 0 390 Broadridge Financial Solutions COM 11133T103 117290 918628 SH SOLE 918628 0 0 Brookfield Asset Management In COM 112585104 37347 781643 SH SOLE 781643 0 0 Brown & Brown Inc. COM 115236101 37632 1123347 SH SOLE 1123347 0 0 Brown & Brown Inc. COM 115236101 857 25590 SH DFND 01 0 25590 0 Byd Company Limited Adr COM 05606L100 236 19572 SH SOLE 19572 0 0 Cambrex Corp COM 132011107 4353 92983 SH SOLE 92983 0 0 Cambrex Corp COM 132011107 841 17969 SH DFND 01 0 17969 0 Cameco Corp. COM 13321L108 199 18574 SH SOLE 18574 0 0 Canadian National Railway COM 136375102 1094 11825 SH SOLE 11651 0 174 Cannae Holdings Inc COM 13765N107 16614 573287 SH SOLE 573287 0 0 Cannae Holdings Inc COM 13765N107 1243 42880 SH DFND 01 0 42880 0 Capital Southwest Corp. COM 140501107 2000 95477 SH SOLE 95477 0 0 Capital Southwest Corp. COM 140501107 424 20238 SH DFND 01 0 20238 0 Capstead Mortgage Corp. COM 14067E506 906 108500 SH DFND 01 0 108500 0 Cerner Corporation COM 156782104 32959 449640 SH SOLE 449640 0 0 Charles Schwab COM 808513105 19710 490417 SH SOLE 490417 0 0 Chevron Corp. COM 166764100 113349 910872 SH SOLE 910872 0 0 China Mobile Limited COM 16941M109 270 5972 SH SOLE 5972 0 0 Chubb Corp COM H1467J104 116967 794124 SH SOLE 794019 0 105 Cia Brasileira de Distribuicao COM 20440T201 346 14120 SH SOLE 14120 0 0 Cimarex Energy Co. COM 171798101 212 3581 SH SOLE 3581 0 0 CM Finance Inc. COM 12574Q103 884 116134 SH SOLE 116134 0 0 CM Finance Inc. COM 12574Q103 992 130340 SH DFND 01 0 130340 0 CNOOC Ltd. COM 126132109 429 2517 SH SOLE 2517 0 0 Colgate-Palmolive Co. COM 194162103 112911 1575425 SH SOLE 1575425 0 0 Commerce Bancshares Inc. COM 200525103 21532 360906 SH SOLE 360906 0 0 Compagnie Financiere Richemont COM 204319107 44292 5247814 SH SOLE 5247814 0 0 Concho Resources, Inc. COM 20605P101 237 2293 SH SOLE 2293 0 0 Corteva Inc COM 22052L104 15365 519607 SH SOLE 519607 0 0 Costco Wholesale Corporation COM 22160K105 391 1481 SH SOLE 1481 0 0 CREDICORP LTD COM G2519Y108 375 1638 SH SOLE 1638 0 0 Cullen Frost Bankers Inc. COM 229899109 17538 187252 SH SOLE 187252 0 0 Cyberark Software Ltd COM M2682V108 1778 13905 SH SOLE 13719 0 186 DBS GROUP HOLDINGS-SPON ADR COM 23304y100 1210 15761 SH SOLE 15526 0 235 Delta Air Lines COM 247361702 14023 247098 SH SOLE 247098 0 0 Diageo PLC COM 25243Q205 156538 908415 SH SOLE 908300 0 115 Digital Realty Trust Inc. COM 253868103 94363 801109 SH SOLE 801109 0 0 Donaldson Inc. COM 257651109 21398 420716 SH SOLE 420716 0 0 Dow Inc COM 260557103 92427 1874416 SH SOLE 1874416 0 0 DSV A/S-Unsponsored ADR COM 26251A108 1558 31768 SH SOLE 31374 0 394 Dupont De Nemurs Inc COM 26614N102 39001 519531 SH SOLE 519531 0 0 Ecopetrol SA COM 279158109 1171 64045 SH SOLE 63816 0 229 Elbit Systems Ltd COM M3760D101 1377 9208 SH SOLE 9063 0 145 Eli Lilly & Co. COM 532457108 266 2400 SH SOLE 2400 0 0 ENN Energy Holdings Ltd COM 26876F102 307 7886 SH SOLE 7886 0 0 Entergy Corporation COM 29364G103 97415 946421 SH SOLE 946421 0 0 EOG Resources COM 26875P101 518 5556 SH SOLE 5556 0 0 Equinor ASA COM 29446M102 780 39459 SH SOLE 38852 0 607 Expeditors International of Wa COM 302130109 19743 260253 SH SOLE 260253 0 0 Exxon Mobil Corp. COM 30231G102 17454 227774 SH SOLE 227774 0 0 Fanuc Ltd. ADS COM 307305102 881 47667 SH SOLE 46967 0 700 Fastenal Co. COM 311900104 117058 3591836 SH SOLE 3591836 0 0 Fidelity National Financial In COM 31620R303 97241 2412917 SH SOLE 2412917 0 0 Fidelity National Information COM 31620M106 23760 193678 SH SOLE 193678 0 0 FOMENTO ECONOMICO MEXICANO, S. COM 344419106 302 3120 SH SOLE 3120 0 0 Forward Air Corp. COM 349853101 4693 79349 SH SOLE 79349 0 0 Forward Air Corp. COM 349853101 673 11372 SH DFND 01 0 11372 0 Franco-Nevada Corp. COM 351858105 300 3538 SH SOLE 3538 0 0 Franklin Street Properties Cor COM 35471R106 590 80000 SH SOLE 80000 0 0 Fresenius Medical Care AG & Co COM 358029106 838 21328 SH SOLE 21023 0 305 Frontdoor Inc COM 35905A109 55604 1276775 SH SOLE 1276775 0 0 Frontdoor Inc COM 35905A109 1452 33350 SH DFND 01 0 33350 0 Gates Industrial COM G39108108 5867 514219 SH SOLE 514219 0 0 General Dynamics Corp. COM 369550108 18815 103483 SH SOLE 103483 0 0 Gilead Sciences COM 375558103 81684 1209052 SH SOLE 1209052 0 0 Gladstone Commercial Corp. COM 376536108 5266 248174 SH SOLE 248174 0 0 Gladstone Commercial Corp. COM 376536108 840 39608 SH DFND 01 0 39608 0 GlaxoSmithKline Plc (Adr 1:2) COM 37733W105 7108 177603 SH SOLE 177603 0 0 Gold Shares - SPDR COM 78463V107 210 1576 SH SOLE 1576 0 0 Goldman Sachs BDC Inc. COM 38147U107 2419 122973 SH SOLE 122973 0 0 Goldman Sachs BDC Inc. COM 38147U107 2126 108063 SH DFND 01 0 108063 0 Golub Capital BDC Inc. COM 38173M102 3873 217561 SH SOLE 217561 0 0 Golub Capital BDC Inc. COM 38173M102 7649 429730 SH DFND 01 0 429730 0 Graco Inc. COM 384109104 105779 2107994 SH SOLE 2107994 0 0 Grupo Financiero ADR COM 40052P107 253 8730 SH SOLE 8730 0 0 HDFC Bank Ltd COM 40415F101 472 3632 SH SOLE 3632 0 0 Hercules Technology Growth Cap COM 427096508 2519 196489 SH SOLE 196489 0 0 Hercules Technology Growth Cap COM 427096508 7507 585598 SH DFND 01 0 585598 0 Home Depot Inc. COM 437076102 25536 122787 SH SOLE 122787 0 0 Honeywell International, Inc. COM 438516106 388 2222 SH SOLE 2222 0 0 Huazhu Group Ltd. COM 44332N106 449 12383 SH SOLE 12383 0 0 I3 Verticals Inc COM 46571Y107 6625 224966 SH SOLE 224966 0 0 I3 Verticals Inc COM 46571Y107 1092 37080 SH DFND 01 0 37080 0 ICICI Bank Ltd. ADS COM 45104g104 176 13968 SH SOLE 13968 0 0 Icon PLC COM G4705A100 2418 15707 SH SOLE 15522 0 185 Illinois Tool Works Inc. COM 452308109 48280 320136 SH SOLE 320136 0 0 Industrial Select Sector - SPD COM 81369Y704 2820 36424 SH SOLE 36424 0 0 ING Groep NV COM 456837103 526 45424 SH SOLE 44620 0 804 Innophos Holdings Inc COM 45774N108 3724 127928 SH SOLE 127928 0 0 Innophos Holdings Inc COM 45774N108 647 22240 SH DFND 01 0 22240 0 Invesco BulletShares 2021 COM 46138j700 9538 450094 SH SOLE 450094 0 0 Invesco BulletShares 2022 COM 46138j882 9587 448115 SH SOLE 448115 0 0 Invesco BulletShares 2024 COM 46138j841 9795 460940 SH SOLE 460940 0 0 Invesco BulletShares 2025 COM 46138j825 13705 647686 SH SOLE 647686 0 0 iShares 7-10 Year Treasury Bon COM 464287440 30287 275284 SH SOLE 275284 0 0 iShares Barclays 10-20 Year Tr COM 464288653 693 4844 SH SOLE 4844 0 0 iShares Core US Values - ETF COM 464287663 1822 32167 SH SOLE 32167 0 0 iShares Corporate Bond ETF 202 COM 46432FAZ0 13431 502554 SH SOLE 502554 0 0 iShares Corporate ex Financial COM 46432FAK3 9429 383223 SH SOLE 383223 0 0 iShares Corporate iBonds ETF 2 COM 46435GAA0 15647 624390 SH SOLE 624390 0 0 iShares Floating Rate Note Fun COM 46429B655 242 4755 SH SOLE 4755 0 0 iShares Gold Trust COM 464285105 5548 410991 SH SOLE 410991 0 0 iShares iBonds Dec 2021 AMT-Fr COM 46435G789 6712 260345 SH SOLE 260345 0 0 iShares iBonds Dec 2022 AMT-Fr COM 46435G755 6734 257827 SH SOLE 257827 0 0 iShares iBonds Dec 2023 Term C COM 46434VAX8 1216 47858 SH SOLE 47858 0 0 iShares iBonds Dec 2024 Term M COM 46435U697 3507 133564 SH SOLE 133564 0 0 iShares iBonds Dec 2025 Term C COM 46434VBD1 1734 67724 SH SOLE 67724 0 0 iShares iBonds Dec 2025 Term M COM 46435U432 3520 130811 SH SOLE 130811 0 0 iShares iBonds Dec 2027 Term C COM 46435UAA9 11666 457652 SH SOLE 457652 0 0 iShares iBonds Dec 2028 Term C COM 46435U515 13592 500535 SH SOLE 500535 0 0 iShares iBonds Sep 2020 Amt Fr COM 46434V571 4590 179667 SH SOLE 179667 0 0 iShares iBoxx Corporate Bond E COM 464287242 553 4449 SH SOLE 4449 0 0 iShares Intermediate Term Corp COM 464288638 7965 139851 SH SOLE 139851 0 0 iShares Long-Term Corporate Bo COM 464289511 3625 56863 SH SOLE 56863 0 0 iShares MBS Bond ETF COM 464288588 17116 159068 SH SOLE 159068 0 0 iShares Muni Bond 2023 COM 46435G318 3495 135874 SH SOLE 135874 0 0 iShares National AMT-Free Muni COM 464288414 2756 24373 SH SOLE 24373 0 0 Itau Unibanco Holding S/A ADS COM 465562106 405 42977 SH SOLE 42977 0 0 Jazz Pharmaceuticals Plc COM G50871105 605 4243 SH SOLE 4173 0 70 John Bean Technologies Corp. COM 477839104 6154 50806 SH SOLE 50806 0 0 John Bean Technologies Corp. COM 477839104 1107 9141 SH DFND 01 0 9141 0 JP Morgan Chase & Company COM 46625H100 718 6419 SH SOLE 6419 0 0 Kadant Inc COM 48282T104 4693 51674 SH SOLE 51674 0 0 Kadant Inc COM 48282T104 875 9634 SH DFND 01 0 9634 0 KB Financial Group Inc COM 48241a105 275 6954 SH SOLE 6954 0 0 Kemper Corp. COM 488401100 386 4470 SH SOLE 4470 0 0 Kinder Morgan Inc. COM 49456B101 117280 5616868 SH SOLE 5616868 0 0 Kirkland Lake Gold Ltd COM 49741E100 202 4699 SH SOLE 4699 0 0 KOMATSU LTD COM 500458401 742 30581 SH SOLE 30121 0 460 Lam Research Corporation COM 512807108 222 1183 SH SOLE 1183 0 0 Leagold Mining Corp COM 52176A205 184 119746 SH SOLE 119746 0 0 Linde PLC COM G5494J103 143803 716153 SH SOLE 716153 0 0 Localiza Rent a Car SA COM 53956W300 558 52591 SH SOLE 52591 0 0 Lockheed Martin Corp COM 539830109 127178 349833 SH SOLE 349833 0 0 Lowe's Companies Inc. COM 548661107 36042 357165 SH SOLE 357165 0 0 LVMH Moet Hennessy Louis Vuitt COM 502441306 2112 24817 SH SOLE 24547 0 270 M&T Bank Corp. COM 55261F104 20619 121238 SH SOLE 121238 0 0 MAG Silver Corp COM 55903Q104 146 13865 SH SOLE 13865 0 0 Main Street Capital Corp. COM 56035L104 1197 29116 SH SOLE 29116 0 0 Main Street Capital Corp. COM 56035L104 2019 49107 SH DFND 01 0 49107 0 Manatuck Hill Mariner Offshore COM 562996983 380 2343 SH SOLE 2343 0 0 Markel Corp. COM 570535104 60934 55923 SH SOLE 55923 0 0 Martin Marietta Materials Inc. COM 573284106 102216 444204 SH SOLE 444204 0 0 Mastercard Inc. - A COM 57636Q104 68637 259468 SH SOLE 259468 0 0 Materials Select Sector - SPDR COM 81369Y100 2484 42460 SH SOLE 42460 0 0 McDonald's Corp. COM 580135101 25553 123053 SH SOLE 123053 0 0 Medley Capital Corp. COM 58503F106 1092 466714 SH DFND 01 0 466714 0 Medtronic COM G5960L103 23030 236476 SH SOLE 236476 0 0 Melco Resorts & Entertainment COM 585464100 1019 46905 SH SOLE 46575 0 330 MERCADOLIBRE INC COM 58733R102 418 684 SH SOLE 684 0 0 Microsoft Corp. COM 594918104 149977 1119568 SH SOLE 1119568 0 0 Mitsubishi UFJ Financial COM 606822104 726 152763 SH SOLE 150563 0 2200 MMC Norilsk Nickel COM 55315j102 215 9486 SH SOLE 9486 0 0 Monotype Imaging Holdings Inc. COM 61022P100 4214 250245 SH SOLE 250245 0 0 Monotype Imaging Holdings Inc. COM 61022P100 628 37283 SH DFND 01 0 37283 0 Morgan Stanley COM 617446448 245 5583 SH SOLE 5583 0 0 Morningstar Inc. COM 617700109 16989 117456 SH SOLE 117456 0 0 Morningstar Inc. COM 617700109 1019 7042 SH DFND 01 0 7042 0 Movado Group Inc. COM 624580106 4017 148769 SH SOLE 148769 0 0 Movado Group Inc. COM 624580106 674 24974 SH DFND 01 0 24974 0 MSC Industrial Direct Co. Inc. COM 553530106 25357 341460 SH SOLE 341460 0 0 MTS Systems Corp. COM 553777103 5304 90612 SH SOLE 90612 0 0 MTS Systems Corp. COM 553777103 887 15154 SH DFND 01 0 15154 0 Nathan's Famous Inc COM 632347100 1634 20913 SH SOLE 20913 0 0 Nathan's Famous Inc COM 632347100 356 4559 SH DFND 01 0 4559 0 Natus Medical Inc. COM 639050103 3511 136677 SH SOLE 136677 0 0 Natus Medical Inc. COM 639050103 559 21769 SH DFND 01 0 21769 0 Neenah Paper Inc COM 640079109 4199 62168 SH SOLE 62168 0 0 Neenah Paper Inc COM 640079109 875 12960 SH DFND 01 0 12960 0 Nestle SA COM 641069406 134177 1297654 SH SOLE 1297654 0 0 New Jersey Resources Corp. COM 646025106 22683 455762 SH SOLE 455762 0 0 New Mountain Finance Corp. COM 647551100 4256 304660 SH SOLE 304660 0 0 New Mountain Finance Corp. COM 647551100 8069 577564 SH DFND 01 0 577564 0 Nike Inc. - B COM 654106103 22381 266593 SH SOLE 266593 0 0 Nintendo Co. Ltd. ADS COM 654445303 880 19221 SH SOLE 18936 0 285 Nordson Corporation COM 655663102 22779 161200 SH SOLE 161200 0 0 Nordstrom Inc. COM 655664100 13261 416213 SH SOLE 416213 0 0 Northern Trust Corporation COM 665859104 109356 1215067 SH SOLE 1215067 0 0 Northwest Natural Holding Co COM 66765N105 5590 80432 SH SOLE 80432 0 0 Northwest Natural Holding Co COM 66765N105 909 13080 SH DFND 01 0 13080 0 Novartis AG - ADR COM 66987V109 21055 230583 SH SOLE 230379 0 204 NVIDIA Corp. COM 67066G104 288 1753 SH SOLE 1753 0 0 NXP Semiconductors N.V. COM N6596X109 145953 1495268 SH SOLE 1495268 0 0 Oaktree Specialty Lending Corp COM 67401P108 1726 318438 SH SOLE 318438 0 0 OFS Capital Corp. COM 67103B100 3410 284189 SH SOLE 284189 0 0 OFS Capital Corp. COM 67103B100 3265 272084 SH DFND 01 0 272084 0 Oracle Corporation COM 68389X105 34586 607095 SH SOLE 607095 0 0 Orix Corp. ADS COM 686330101 525 7011 SH SOLE 6907 0 104 Pagseguro Digital Ltd COM G68707101 335 8602 SH SOLE 8602 0 0 Pan American Silver Corp COM 697900108 188 14571 SH SOLE 14571 0 0 Patterson Companies Inc. COM 703395103 7755 338634 SH SOLE 338634 0 0 Patterson Companies Inc. COM 703395103 665 29055 SH DFND 01 0 29055 0 Paychex Inc. COM 704326107 136083 1653703 SH SOLE 1653703 0 0 PayPal Holdings, Inc. COM 70450Y103 674 5886 SH SOLE 5886 0 0 PennantPark Floating Rate Capi COM 70806A106 1772 153293 SH SOLE 153293 0 0 PennantPark Floating Rate Capi COM 70806A106 231 20000 SH DFND 01 0 20000 0 PennantPark Investment Corp. COM 708062104 986 156088 SH SOLE 156088 0 0 PennantPark Investment Corp. COM 708062104 4772 755081 SH DFND 01 0 755081 0 Pepsico Inc. COM 713448108 158061 1205376 SH SOLE 1205376 0 0 Petrobras Petroleo Brasileiro COM 71654V408 305 19594 SH SOLE 19594 0 0 Pfizer Inc. COM 717081103 98630 2276772 SH SOLE 2276772 0 0 Phibro Animal Health Corp Clas COM 71742Q106 3699 116430 SH SOLE 116430 0 0 Phibro Animal Health Corp Clas COM 71742Q106 831 26145 SH DFND 01 0 26145 0 Pimco Enhanced Short Maturity COM 72201R833 242 2375 SH SOLE 2375 0 0 Pioneer Natural Resources Co. COM 723787107 209 1356 SH SOLE 1356 0 0 Polaris Industries COM 731068102 106107 1163071 SH SOLE 1163071 0 0 Portman Ridge Finance Corp COM 73688F102 766 340472 SH DFND 01 0 340472 0 Potbelly Corp. COM 73754Y100 1921 377406 SH SOLE 377406 0 0 Potbelly Corp. COM 73754Y100 388 76253 SH DFND 01 0 76253 0 PPG Industries Inc. COM 693506107 21436 183667 SH SOLE 183667 0 0 Procter & Gamble Company COM 742718109 22552 205677 SH SOLE 205677 0 0 Progressive Corp. COM 743315103 120977 1513535 SH SOLE 1513535 0 0 Raven Industries Inc. COM 754212108 4846 135050 SH SOLE 135050 0 0 Raven Industries Inc. COM 754212108 721 20105 SH DFND 01 0 20105 0 Rayonier Inc. COM 754907103 90248 2978479 SH SOLE 2978479 0 0 Rayonier Inc. COM 754907103 797 26288 SH DFND 01 0 26288 0 RBC Bearings Incorporated COM 75524B104 5638 33798 SH SOLE 33798 0 0 RBC Bearings Incorporated COM 75524B104 1063 6371 SH DFND 01 0 6371 0 RE/MAX Holdings Inc. COM 75524W108 3699 120269 SH SOLE 120269 0 0 RE/MAX Holdings Inc. COM 75524W108 678 22055 SH DFND 01 0 22055 0 REIT Index - Vanguard COM 922908553 1008 11538 SH SOLE 11538 0 0 Resources Connection Inc COM 76122Q105 4951 309253 SH SOLE 309253 0 0 Resources Connection Inc COM 76122Q105 767 47904 SH DFND 01 0 47904 0 Rio Tinto PLC COM 767204100 1577 25296 SH SOLE 24896 0 400 Royal Dutch Shell PLC - Cl A COM 780259206 1324 20352 SH SOLE 20102 0 250 Royal Gold, Inc. COM 780287108 309 3011 SH SOLE 3011 0 0 S&P 500 - SPDR COM 78462F103 4907 16748 SH SOLE 16748 0 0 S&P 500 Growth Index - iShares COM 464287309 19324 107810 SH SOLE 107810 0 0 S&P 500 Index Fund - iShares COM 464287200 521 1769 SH SOLE 1769 0 0 S&P 500 Value Index - iShares COM 464287408 19428 166665 SH SOLE 166665 0 0 S&P MidCap 400 Growth Index Fu COM 464287606 19573 86501 SH SOLE 86501 0 0 S&P MidCap 400 Value Index Fun COM 464287705 19115 119868 SH SOLE 119868 0 0 S&P SmallCap 600 Growth Index COM 464287887 9518 52157 SH SOLE 52157 0 0 S&P SmallCap 600 Index Fund - COM 464287804 275 3515 SH SOLE 3515 0 0 S&P SmallCap 600 Value Index F COM 464287879 10024 67447 SH SOLE 67447 0 0 Sandstorm Gold Ltd. COM 80013R206 206 37108 SH SOLE 37108 0 0 SAP AG - ADS COM 803054204 1198 8759 SH SOLE 8624 0 135 Schlumberger Ltd. COM 806857108 18950 476837 SH SOLE 476837 0 0 Seabridge Gold Inc. 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ADS COM 835699307 1195 22814 SH SOLE 22459 0 355 Southern Company COM 842587107 123650 2236803 SH SOLE 2236803 0 0 SPDR Nuveen Barclays Capital M COM 78468R721 6886 137342 SH SOLE 137342 0 0 SPDR Portfolio Intermediate Te COM 78464A375 15546 445060 SH SOLE 445060 0 0 Spectrum Brands Holdings Inc COM 84790a105 27436 510244 SH SOLE 510244 0 0 Starbucks Corporation COM 855244109 67958 810663 SH SOLE 810663 0 0 Stellus Capital Investment COM 858568108 2517 181984 SH SOLE 181984 0 0 Stellus Capital Investment COM 858568108 3957 286126 SH DFND 01 0 286126 0 Stryker Corp. COM 863667101 64403 313275 SH SOLE 313275 0 0 Sumitomo Mitsui-Spons ADR COM 86562M209 1003 142041 SH SOLE 140216 0 1825 T. Rowe Price Group Inc. COM 74144T108 22505 205131 SH SOLE 205131 0 0 Taiwan Semiconductor Manufactu COM 874039100 670 17114 SH SOLE 17004 0 110 TCP Capital Corp. COM 09259e108 4022 282216 SH SOLE 282216 0 0 TCP Capital Corp. COM 09259e108 7935 556863 SH DFND 01 0 556863 0 Technology Select Sector SPDR COM 81369Y803 4120 52795 SH SOLE 52795 0 0 Teck Resources Limited COM 878742204 887 38485 SH SOLE 37865 0 620 Tencent Holdings LTD COM 88032Q109 1114 24610 SH SOLE 24475 0 135 Tencent Music Entertainment Gr COM 88034P109 272 18145 SH SOLE 18145 0 0 The Clorox Company COM 189054109 21292 139062 SH SOLE 139062 0 0 The Mosaic Company COM 61945C103 215 8579 SH SOLE 8579 0 0 Thermo Fisher Scientific Inc. COM 883556102 44253 150684 SH SOLE 150684 0 0 Thermon Group Holdings Inc. COM 88362T103 5613 218846 SH SOLE 218846 0 0 Thermon Group Holdings Inc. COM 88362T103 819 31938 SH DFND 01 0 31938 0 Tiffany & Co. COM 886547108 58179 621303 SH SOLE 621303 0 0 TJX Companies COM 872540109 56081 1060531 SH SOLE 1060531 0 0 Torex Gold Res Inc COM 891054603 189 18319 SH SOLE 18319 0 0 Total SA - ADR COM 89151E109 440 7887 SH SOLE 7766 0 121 TPG Specialty Lending, Inc. 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