0001636661-21-000002.txt : 20210125 0001636661-21-000002.hdr.sgml : 20210125 20210125113043 ACCESSION NUMBER: 0001636661-21-000002 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210125 DATE AS OF CHANGE: 20210125 EFFECTIVENESS DATE: 20210125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONFLUENCE INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001442056 IRS NUMBER: 261764456 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13334 FILM NUMBER: 21548708 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 1 primary_doc.xml 13F-HR LIVE false true false 0001442056 XXXXXXXX 12-31-2020 12-31-2020 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 N Steven P Farmer 314-743-3298 Steven P. Farmer Naperville IL 01-25-2021 1 367 6722313 false 1 028-06487 First Trust Advisors LP INFORMATION TABLE 2 inftable.xml 3M Company COM 88579Y101 99851 571260 SH SOLE 567777 0 3483 Accenture PLC COM G1151C101 34396 131681 SH SOLE 131291 0 390 AIA Group Ltd COM 001317205 1339 27255 SH SOLE 26725 0 530 Air Products & Chemicals Inc. COM 009158106 30462 111493 SH SOLE 111264 0 229 Alibaba Group Holding Ltd COM 01609W102 1455 6250 SH SOLE 6165 0 85 Allied Motion Technologies Inc COM 019330109 5566 108924 SH SOLE 108214 0 710 Allied Motion Technologies Inc COM 019330109 1472 28805 SH DFND 01 0 28805 0 Alphabet Inc. - Class A COM 02079K305 363 207 SH SOLE 207 0 0 Alphabet Inc. - Class C COM 02079K107 48667 27780 SH SOLE 27730 0 50 Amazon.com, Inc. COM 023135106 208 64 SH SOLE 64 0 0 American Express Company COM 025816109 290 2400 SH SOLE 2400 0 0 American Water Works Co. COM 030420103 29922 194970 SH SOLE 194551 0 419 Analog Devices Inc. COM 032654105 121220 820552 SH SOLE 815979 0 4573 Anglo American Platinum Ltd COM 03486T202 221 13646 SH SOLE 13502 0 144 Annaly Capital Management Inc. COM 035710409 35 4104 SH SOLE 4104 0 0 Annaly Capital Management Inc. COM 035710409 1690 200000 SH DFND 01 0 200000 0 Antofagasta plc ADR COM G0398N128 247 12530 SH SOLE 12397 0 133 Apollo Investment Corp. COM 03761U502 496 46670 SH SOLE 46670 0 0 Apple Inc. COM 037833100 331 2494 SH SOLE 2494 0 0 APTIV PLC COM G6095L109 1072 8224 SH SOLE 8024 0 200 Ares Capital Corp. COM 04010L103 68535 4057727 SH SOLE 4041875 0 15852 Ares Capital Corp. COM 04010L103 4222 250000 SH DFND 01 0 250000 0 Avanos Medical Inc. COM 05350v106 20546 447825 SH SOLE 445172 0 2653 Avanos Medical Inc. COM 05350v106 1524 33217 SH DFND 01 0 33217 0 Axalta Coating Systems LTD COM G0750C108 38321 1342244 SH SOLE 1339607 0 2637 Baidu Inc. ADS COM 056752108 402 1858 SH SOLE 1858 0 0 Bank of America Corp. COM 060505104 286 9439 SH SOLE 9439 0 0 Bank of Marin (CA) COM 063425102 3406 99195 SH SOLE 98594 0 601 Bank of Marin (CA) COM 063425102 1173 34168 SH DFND 01 0 34168 0 Barclays 20 Plus Year Treasury COM 464287432 8203 52004 SH SOLE 51897 0 107 Barings BDC Inc COM 06759l103 1913 207890 SH SOLE 207890 0 0 Barings BDC Inc COM 06759l103 3014 327594 SH DFND 01 0 327594 0 Barrick Gold ORD Shrs COM 067901108 254 11164 SH SOLE 11043 0 121 Becton Dickinson and Company COM 075887109 24426 97619 SH SOLE 97384 0 235 Berkshire Hathaway Inc. - B COM 084670702 45768 197387 SH SOLE 197022 0 365 Berkshire Hathaway Inc. - B COM 084670702 1043 4500 SH DFND 01 0 4500 0 Berkshire Hathaway Inc. - Clas COM 084670108 1739 5 SH SOLE 5 0 0 Black Knight Inc COM 09215C105 57992 656391 SH SOLE 654924 0 1467 Booking Holdings Inc COM 09857L108 54777 24594 SH SOLE 24530 0 64 Broadridge Financial Solutions COM 11133T103 127016 829087 SH SOLE 823511 0 5576 Brookfield Asset Management In COM 112585104 50680 1228009 SH SOLE 1225621 0 2388 Brookfield Infrastructure COM 11275Q107 3176 43931 SH SOLE 43749 0 182 Brown & Brown Inc. COM 115236101 44060 929338 SH SOLE 926865 0 2473 Brown & Brown Inc. COM 115236101 1216 25640 SH DFND 01 0 25640 0 BRP Group COM 05589g102 22465 749587 SH SOLE 744906 0 4681 BRP Group COM 05589g102 1924 64184 SH DFND 01 0 64184 0 Cameco Corp. COM 13321L108 233 17353 SH SOLE 17171 0 182 Canadian National Railway COM 136375102 925 8422 SH SOLE 8236 0 186 Cannae Holdings Inc COM 13765N107 38658 873233 SH SOLE 869009 0 4224 Cannae Holdings Inc COM 13765N107 1982 44776 SH DFND 01 0 44776 0 Capital Southwest Corp. COM 140501107 1107 62358 SH SOLE 62358 0 0 Capital Southwest Corp. COM 140501107 1247 70238 SH DFND 01 0 70238 0 Cerner Corporation COM 156782104 36320 462796 SH SOLE 462318 0 478 Charles River Laboratories Int COM 159864107 49001 196113 SH SOLE 195582 0 531 Charles Schwab COM 808513105 28655 540260 SH SOLE 538860 0 1400 Chevron Corp. COM 166764100 74543 882688 SH SOLE 879165 0 3523 China Petroleum & Chemical Co COM 16941R108 241 5400 SH SOLE 5400 0 0 China Southern Airlines Co Ltd COM 169409109 302 10199 SH SOLE 10199 0 0 Chubb Corp COM H1467J104 117807 765378 SH SOLE 760610 0 4768 Cia Brasileira de Distribuicao COM 20440T300 216 15079 SH SOLE 15079 0 0 Cisco Systems, Inc. COM 17275R102 76269 1704329 SH SOLE 1696784 0 7545 Cliffs Natural Resources Inc. COM 185899101 213 14612 SH SOLE 14457 0 155 Colgate-Palmolive Co. COM 194162103 127500 1491057 SH SOLE 1481693 0 9364 Commerce Bancshares Inc. COM 200525103 26753 407200 SH SOLE 406220 0 980 Compagnie Financiere Richemont COM 204319107 174 19411 SH SOLE 19411 0 0 Consumer Discret Select Sector COM 81369Y407 4129 25678 SH SOLE 25643 0 35 Corteva Inc COM 22052L104 3837 99094 SH SOLE 98746 0 348 Costco Wholesale Corporation COM 22160K105 320 850 SH SOLE 835 0 15 CREDICORP LTD COM G2519Y108 236 1436 SH SOLE 1436 0 0 Crescent Capital BDC, Inc. COM 225655109 548 37589 SH SOLE 37589 0 0 Crescent Capital BDC, Inc. COM 225655109 370 25408 SH DFND 01 0 25408 0 Cullen Frost Bankers Inc. COM 229899109 20742 237782 SH SOLE 237039 0 743 Cyberark Software Ltd COM M2682V108 1263 7814 SH SOLE 7613 0 201 DBS GROUP HOLDINGS-SPON ADR COM 23304y100 723 9502 SH SOLE 9252 0 250 Diageo PLC COM 25243Q205 138723 873518 SH SOLE 868413 0 5105 Digital Realty Trust Inc. COM 253868103 97065 695757 SH SOLE 690833 0 4924 Dollar Tree, Inc. COM 256746108 31588 292376 SH SOLE 290937 0 1439 Donaldson Inc. COM 257651109 25468 455764 SH SOLE 454570 0 1194 Dow Inc COM 260557103 91507 1648772 SH SOLE 1637027 0 11745 Dow Jones Mid Cap Growth ETF - COM 78464A821 12427 179240 SH SOLE 179040 0 200 DR. REDDY'S LABORATORIES LTD. COM 256135203 376 5275 SH SOLE 5275 0 0 DSV Panalpina COM 26251A108 1367 16269 SH SOLE 15849 0 420 Dun & Bradstreet Holdings COM 26484T106 30371 1219724 SH SOLE 1218349 0 1375 Dupont De Nemurs Inc COM 26614N102 12410 174522 SH SOLE 173796 0 726 Ecopetrol SA COM 279158109 233 18031 SH SOLE 18031 0 0 Edgewell Personal Care Company COM 28035Q102 4258 123135 SH SOLE 122406 0 729 Edgewell Personal Care Company COM 28035Q102 1362 39400 SH DFND 01 0 39400 0 ENN Energy Holdings Ltd COM 26876F102 416 7066 SH SOLE 7066 0 0 Entergy Corporation COM 29364G103 82725 828575 SH SOLE 822556 0 6019 Equinox Gold COM 29446Y502 249 24066 SH SOLE 23812 0 254 Ericsson ADR COM 294821608 755 63176 SH SOLE 61467 0 1709 Europe Pacific ETF - Vanguard COM 921943858 217 4590 SH SOLE 4590 0 0 Expeditors International of Wa COM 302130109 27004 283925 SH SOLE 283204 0 721 Fanuc Ltd. ADS COM 307305102 731 29606 SH SOLE 28871 0 735 Faro Technologies Inc COM 311642102 4405 62366 SH SOLE 61976 0 390 Faro Technologies Inc COM 311642102 1398 19795 SH DFND 01 0 19795 0 Fastenal Co. COM 311900104 147891 3028690 SH SOLE 3012743 0 15947 Fidelity National Financial In COM 31620R303 97489 2493958 SH SOLE 2475712 0 18246 Fidelity National Information COM 31620M106 27060 191288 SH SOLE 190881 0 407 First Quantum Minerals Ltd. COM 335934105 211 11728 SH SOLE 11604 0 124 FOMENTO ECONOMICO MEXICANO, S. COM 344419106 248 3269 SH SOLE 3269 0 0 Forward Air Corp. COM 349853101 4390 57137 SH SOLE 56770 0 367 Forward Air Corp. COM 349853101 916 11922 SH DFND 01 0 11922 0 Franco-Nevada Corp. COM 351858105 1245 9930 SH SOLE 9711 0 219 Franklin Street Properties Cor COM 35471R106 448 102500 SH SOLE 102500 0 0 Freeport-McMoRan Copper & Gold COM 35671D857 440 16927 SH SOLE 16744 0 183 Frontdoor Inc COM 35905A109 40058 797802 SH SOLE 793919 0 3883 Frontdoor Inc COM 35905A109 1873 37300 SH DFND 01 0 37300 0 Gates Industrial COM G39108108 8701 681881 SH SOLE 679017 0 2864 GDS Holdings Ltd COM 36165L108 371 3957 SH SOLE 3957 0 0 General Dynamics Corp. COM 369550108 18175 122130 SH SOLE 121763 0 367 Gilead Sciences COM 375558103 64526 1107549 SH SOLE 1102851 0 4698 Gladstone Commercial Corp. COM 376536108 3872 215105 SH SOLE 213791 0 1314 Gladstone Commercial Corp. COM 376536108 1347 74808 SH DFND 01 0 74808 0 GlaxoSmithKline Plc (Adr 1:2) COM 37733W105 1262 34292 SH SOLE 34194 0 98 Glencore Xstrata plc COM 37827X100 185 29517 SH SOLE 29205 0 312 Gold Fields Ltd COM 38059t106 277 29884 SH SOLE 29884 0 0 Gold Shares - SPDR COM 78463V107 243 1365 SH SOLE 1365 0 0 Goldman Sachs BDC Inc. COM 38147U107 1614 84407 SH SOLE 84407 0 0 Goldman Sachs BDC Inc. COM 38147U107 2066 108063 SH DFND 01 0 108063 0 Goldman Sachs Treasury Access COM 381430529 250 2493 SH SOLE 2493 0 0 Golub Capital BDC Inc. COM 38173M102 1645 116364 SH SOLE 116364 0 0 Golub Capital BDC Inc. COM 38173M102 3535 250000 SH DFND 01 0 250000 0 Graco Inc. COM 384109104 174440 2411063 SH SOLE 2396851 0 14212 Grupo Financiero ADR COM 40052P107 319 11499 SH SOLE 11499 0 0 HDFC Bank Ltd COM 40415F101 467 6458 SH SOLE 6458 0 0 Healthcare Services Group COM 421906108 20829 741244 SH SOLE 737006 0 4238 Healthcare Services Group COM 421906108 1453 51692 SH DFND 01 0 51692 0 Hercules Technology Growth Cap COM 427096508 1471 101989 SH SOLE 101989 0 0 Hercules Technology Growth Cap COM 427096508 5047 350000 SH DFND 01 0 350000 0 Hexagon AB COM 428263107 16006 176570 SH SOLE 176012 0 558 High Yield Corporate Bond Fund COM 464288513 1614 18487 SH SOLE 18347 0 140 Home Depot Inc. COM 437076102 30829 116065 SH SOLE 115830 0 235 Homebuilders Select Industry S COM 78464A888 2520 43711 SH SOLE 43652 0 59 Honeywell International, Inc. COM 438516106 259 1218 SH SOLE 1218 0 0 Huazhu Group Ltd. COM 44332N106 493 10939 SH SOLE 10939 0 0 I3 Verticals Inc COM 46571Y107 6072 182902 SH SOLE 181801 0 1101 I3 Verticals Inc COM 46571Y107 1374 41380 SH DFND 01 0 41380 0 ICICI Bank Ltd. ADS COM 45104g104 193 13017 SH SOLE 13017 0 0 Icon PLC COM G4705A100 1458 7479 SH SOLE 7294 0 185 IHS Markit Ltd COM G47567105 49642 552625 SH SOLE 551720 0 905 Illinois Tool Works Inc. COM 452308109 66446 325908 SH SOLE 325390 0 518 Industrial Select Sector - SPD COM 81369Y704 3476 39250 SH SOLE 39200 0 50 Invesco BulletShares 2024 COM 46138j841 11142 497633 SH SOLE 496626 0 1007 Invesco BulletShares 2025 COM 46138j825 15484 684226 SH SOLE 682841 0 1385 Investcorp Credit Management B COM 46090R104 620 130340 SH DFND 01 0 130340 0 iShares 7-10 Year Treasury Bon COM 464287440 45239 377151 SH SOLE 376349 0 802 iShares Core MSCI Emerging Mar COM 46434G103 5866 94557 SH SOLE 94557 0 0 iShares Core US Values - ETF COM 464287663 20746 333591 SH SOLE 333591 0 0 iShares Corporate iBonds ETF 2 COM 46435GAA0 17785 656253 SH SOLE 654930 0 1323 iShares Floating Rate Note Fun COM 46429B655 241 4755 SH SOLE 4755 0 0 iShares Gold Trust COM 464285105 21919 1209016 SH SOLE 1206594 0 2422 iShares iBonds Dec 2022 AMT-Fr COM 46435G755 3612 137021 SH SOLE 137021 0 0 iShares iBonds Dec 2023 Term C COM 46434VAX8 932 35464 SH SOLE 35464 0 0 iShares iBonds Dec 2023 Term T COM 46436E882 10192 396412 SH SOLE 395585 0 827 iShares iBonds Dec 2024 Term M COM 46435U697 3851 142154 SH SOLE 142154 0 0 iShares iBonds Dec 2024 Term T COM 46436E874 8148 314275 SH SOLE 313619 0 656 iShares iBonds Dec 2025 Term M COM 46435U432 3562 126450 SH SOLE 126450 0 0 iShares iBonds Dec 2025 Term T COM 46436E866 8201 314317 SH SOLE 313664 0 653 Ishares Ibonds Dec 2026 Term M COM 46435U259 3896 143834 SH SOLE 143834 0 0 iShares iBonds Dec 2026 Term T COM 46436E858 9580 365643 SH SOLE 364858 0 785 iShares iBonds Dec 2027 Term C COM 46435UAA9 11225 407156 SH SOLE 406337 0 819 Ishares Ibonds Dec 2027 Term M COM 46435U283 4675 171141 SH SOLE 171141 0 0 iShares iBonds Dec 2027 Term T COM 46436E841 1418 54074 SH SOLE 53941 0 133 iShares iBonds Dec 2028 Term C COM 46435U515 13490 456514 SH SOLE 455599 0 915 iShares iBonds Dec 2028 Term M COM 46435U325 5576 202002 SH SOLE 202002 0 0 iShares iBonds Dec 2028 Term T COM 46436E833 1382 52556 SH SOLE 52424 0 132 iShares iBonds Dec 2029 Term T COM 46436E825 9532 363471 SH SOLE 362693 0 778 iShares iBonds Dec 2030 Term C COM 46436E726 17874 679995 SH SOLE 678598 0 1397 iShares iBonds December 2029 T COM 46436E205 8886 323253 SH SOLE 322589 0 664 iShares iBoxx Corporate Bond E COM 464287242 5632 40772 SH SOLE 40668 0 104 iShares MBS Bond ETF COM 464288588 21807 198007 SH SOLE 197517 0 490 iShares Muni Bond 2023 COM 46435G318 3514 134202 SH SOLE 134202 0 0 iShares National AMT-Free Muni COM 464288414 3427 29238 SH SOLE 29238 0 0 iShares Short-Term Corporate B COM 464288646 1885 34160 SH SOLE 33907 0 253 J & J Snack Foods Corp COM 466032109 4528 29145 SH SOLE 28970 0 175 J & J Snack Foods Corp COM 466032109 1361 8758 SH DFND 01 0 8758 0 James River Group Holdings Ltd COM g5005r107 5115 104068 SH SOLE 103465 0 603 James River Group Holdings Ltd COM g5005r107 1402 28519 SH DFND 01 0 28519 0 Jazz Pharmaceuticals Plc COM G50871105 421 2548 SH SOLE 2483 0 65 John Bean Technologies Corp. COM 477839104 5051 44361 SH SOLE 44096 0 265 John Bean Technologies Corp. COM 477839104 1438 12631 SH DFND 01 0 12631 0 JP Morgan Chase & Company COM 46625H100 355 2797 SH SOLE 2797 0 0 Kadant Inc COM 48282T104 6052 42931 SH SOLE 42685 0 246 Kadant Inc COM 48282T104 1704 12084 SH DFND 01 0 12084 0 KB Financial Group Inc COM 48241a105 294 7427 SH SOLE 7427 0 0 Kemper Corp. COM 488401100 343 4470 SH SOLE 4470 0 0 Kinder Morgan Inc. COM 49456B101 66745 4882559 SH SOLE 4861414 0 21145 Kirkland Lake Gold Ltd COM 49741E100 858 20784 SH SOLE 20329 0 455 KOMATSU LTD COM 500458401 534 19275 SH SOLE 18785 0 490 L'Oreal SA COM 502117203 1138 14949 SH SOLE 14627 0 322 Linde PLC COM G5494J103 161481 612806 SH SOLE 609153 0 3653 Localiza Rent a Car SA COM 53956W300 398 29688 SH SOLE 29688 0 0 Lockheed Martin Corp COM 539830109 112473 316844 SH SOLE 314845 0 1999 Lowe's Companies Inc. COM 548661107 55316 344623 SH SOLE 344046 0 577 Lundin Mining Corp COM 550372106 205 23052 SH SOLE 22808 0 244 LVMH Moet Hennessy Louis Vuitt COM 502441306 1548 12410 SH SOLE 12120 0 290 M&T Bank Corp. COM 55261F104 19044 149598 SH SOLE 149132 0 466 Main Street Capital Corp. COM 56035L104 1543 47819 SH SOLE 47819 0 0 Main Street Capital Corp. COM 56035L104 3552 110107 SH DFND 01 0 110107 0 Manatuck Hill Mariner Offshore COM 562996983 386 2177 SH SOLE 2177 0 0 Markel Corp. COM 570535104 52862 51158 SH SOLE 51010 0 148 Martin Marietta Materials Inc. COM 573284106 3684 12973 SH SOLE 12862 0 111 Mastercard Inc. - A COM 57636Q104 75112 210433 SH SOLE 210082 0 351 Materials Select Sector - SPDR COM 81369Y100 3452 47683 SH SOLE 47621 0 62 McDonald's Corp. COM 580135101 26672 124298 SH SOLE 124016 0 282 Medley Capital Corp. COM 58503F502 665 23335 SH DFND 01 0 23335 0 Medtronic COM G5960L103 28270 241335 SH SOLE 240800 0 535 Melco Resorts & Entertainment COM 585464100 507 27314 SH SOLE 26959 0 355 MERCADOLIBRE INC COM 58733R102 660 394 SH SOLE 394 0 0 Microsoft Corp. COM 594918104 130737 587795 SH SOLE 584494 0 3301 MMC Norilsk Nickel COM 55315j102 299 9493 SH SOLE 9493 0 0 Morningstar Inc. COM 617700109 23237 100345 SH SOLE 99954 0 391 Morningstar Inc. COM 617700109 1718 7417 SH DFND 01 0 7417 0 Movado Group Inc. COM 624580106 3709 223144 SH SOLE 221509 0 1635 Movado Group Inc. COM 624580106 1414 85100 SH DFND 01 0 85100 0 Nathan's Famous Inc COM 632347100 1010 18292 SH SOLE 18182 0 110 Nathan's Famous Inc COM 632347100 420 7609 SH DFND 01 0 7609 0 Natus Medical Inc. COM 639050103 2492 124360 SH SOLE 123666 0 694 Natus Medical Inc. COM 639050103 580 28919 SH DFND 01 0 28919 0 Neenah Paper Inc COM 640079109 3110 56217 SH SOLE 55849 0 368 Neenah Paper Inc COM 640079109 1303 23560 SH DFND 01 0 23560 0 Nestle SA COM 641069406 135361 1149078 SH SOLE 1141523 0 7555 New Jersey Resources Corp. COM 646025106 19329 543712 SH SOLE 542006 0 1706 New Mountain Finance Corp. COM 647551100 1623 142829 SH SOLE 142829 0 0 New Mountain Finance Corp. COM 647551100 4289 377564 SH DFND 01 0 377564 0 Nike Inc. - B COM 654106103 36317 256712 SH SOLE 256184 0 528 Nintendo Co. Ltd. ADS COM 654445303 1007 12503 SH SOLE 12198 0 305 Nordson Corporation COM 655663102 42232 210162 SH SOLE 209619 0 543 Northern Trust Corporation COM 665859104 110045 1181496 SH SOLE 1174487 0 7009 Northwest Natural Holding Co COM 66765N105 3018 65617 SH SOLE 65248 0 369 Northwest Natural Holding Co COM 66765N105 1248 27140 SH DFND 01 0 27140 0 Novartis AG - ADR COM 66987V109 23336 247124 SH SOLE 246266 0 858 Novo Nordisk A/S ADS COM 670100205 1067 15275 SH SOLE 14966 0 309 NVIDIA Corp. COM 67066G104 452 865 SH SOLE 865 0 0 NXP Semiconductors N.V. COM N6596X109 70397 442722 SH SOLE 441489 0 1233 Oaktree Specialty Lending Corp COM 67401P108 858 153981 SH SOLE 153981 0 0 OFS Capital Corp. COM 67103B100 1210 169241 SH SOLE 169241 0 0 OFS Capital Corp. COM 67103B100 2053 287084 SH DFND 01 0 287084 0 Oracle Corporation COM 68389X105 69531 1074839 SH SOLE 1072538 0 2301 Owl Rock Capital Corporation COM 69121K104 1156 91339 SH SOLE 91339 0 0 Owl Rock Capital Corporation COM 69121K104 1899 150000 SH DFND 01 0 150000 0 Pagseguro Digital Ltd COM G68707101 955 16798 SH SOLE 16598 0 200 Pan American Silver Corp COM 697900108 273 7925 SH SOLE 7842 0 83 Paychex Inc. COM 704326107 141739 1521127 SH SOLE 1510987 0 10140 PayPal Holdings, Inc. COM 70450Y103 304 1297 SH SOLE 1297 0 0 PennantPark Floating Rate Capi COM 70806A106 804 76336 SH SOLE 76336 0 0 PennantPark Floating Rate Capi COM 70806A106 211 20000 SH DFND 01 0 20000 0 PennantPark Investment Corp. COM 708062104 524 113736 SH SOLE 113736 0 0 PennantPark Investment Corp. COM 708062104 3020 655081 SH DFND 01 0 655081 0 Pepsico Inc. COM 713448108 169661 1144038 SH SOLE 1137944 0 6094 Perficient Inc COM 71375U101 2399 50339 SH SOLE 50042 0 297 Perficient Inc COM 71375U101 1005 21099 SH DFND 01 0 21099 0 Pfizer Inc. COM 717081103 80156 2177558 SH SOLE 2162752 0 14806 Phibro Animal Health Corp Clas COM 71742Q106 2475 127432 SH SOLE 126693 0 739 Phibro Animal Health Corp Clas COM 71742Q106 1066 54895 SH DFND 01 0 54895 0 PIMCO 20 Plus Year Zero Coupon COM 72201R882 800 4897 SH SOLE 4859 0 38 Pimco Enhanced Short Maturity COM 72201R833 493 4833 SH SOLE 4833 0 0 Ping An Insurance Group Co of COM 72341E304 303 12372 SH SOLE 12372 0 0 Polaris Industries COM 731068102 109961 1154082 SH SOLE 1146595 0 7487 Portman Ridge Finance Corp COM 73688F102 650 340472 SH DFND 01 0 340472 0 Posco-ADR COM 693483109 258 4143 SH SOLE 4143 0 0 Potlatch Corp. COM 737630103 226 4515 SH SOLE 4472 0 43 PPG Industries Inc. COM 693506107 28319 196357 SH SOLE 195860 0 497 Procter & Gamble Company COM 742718109 28096 201928 SH SOLE 201484 0 444 Progressive Corp. COM 743315103 138022 1395856 SH SOLE 1386922 0 8934 Prudential Financial Inc COM 744320102 20 253 SH SOLE 253 0 0 Prudential Financial Inc COM 744320102 859 11000 SH DFND 01 0 11000 0 Rayonier Inc. COM 754907103 84758 2884888 SH SOLE 2872665 0 12223 Rayonier Inc. COM 754907103 1257 42788 SH DFND 01 0 42788 0 Raytheon Technologies Corp COM 75513E101 49657 694400 SH SOLE 693201 0 1199 RBC Bearings Incorporated COM 75524B104 5214 29121 SH SOLE 28952 0 169 RBC Bearings Incorporated COM 75524B104 1683 9401 SH DFND 01 0 9401 0 RE/MAX Holdings Inc. COM 75524W108 16572 456158 SH SOLE 454281 0 1877 RE/MAX Holdings Inc. COM 75524W108 1488 40955 SH DFND 01 0 40955 0 REIT Index - Vanguard COM 922908553 7428 87457 SH SOLE 87310 0 147 Resources Global Professionals COM 76122Q105 3409 271180 SH SOLE 269405 0 1775 Resources Global Professionals COM 76122Q105 811 64504 SH DFND 01 0 64504 0 Rio Tinto PLC COM 767204100 1211 16104 SH SOLE 15733 0 371 Roche Holding AG COM 771195104 610 13914 SH SOLE 13552 0 362 Rockwell Automation Inc. COM 773903109 27273 108738 SH SOLE 108460 0 278 Royal Dutch Shell PLC - Cl A COM 780259206 366 10416 SH SOLE 10151 0 265 Royal Gold, Inc. COM 780287108 233 2188 SH SOLE 2164 0 24 Russell 1000 Value Index - iSh COM 464287598 701 5129 SH SOLE 5129 0 0 Russell 2000 Value Index - iSh COM 464287630 1332 10111 SH SOLE 10111 0 0 S&P 500 - SPDR COM 78462F103 5505 14723 SH SOLE 14723 0 0 S&P 600 Small Cap Growth - SPD COM 78464A201 9032 118260 SH SOLE 118260 0 0 Sandstorm Gold Ltd. COM 80013R206 178 24871 SH SOLE 24611 0 260 SAP AG - ADS COM 803054204 690 5295 SH SOLE 5155 0 140 SEI Investments Company COM 784117103 22055 383762 SH SOLE 382724 0 1038 Shopify Inc COM 82509L107 1415 1250 SH SOLE 1221 0 29 Silver Trust - iShares COM 46428Q109 838 34118 SH SOLE 34056 0 62 SilverCrest Metals Inc COM 828363101 312 27873 SH SOLE 27575 0 298 Sixth Street Specialty Lending COM 83012A109 1976 95243 SH SOLE 95243 0 0 Sixth Street Specialty Lending COM 83012A109 3045 146751 SH DFND 01 0 146751 0 SJW Group COM 784305104 5124 73875 SH SOLE 73476 0 399 SJW Group COM 784305104 1412 20363 SH DFND 01 0 20363 0 Sl Green Realty COM 78440X804 67912 1139854 SH SOLE 1135001 0 4853 Snap-on Inc. COM 833034101 130735 763909 SH SOLE 759071 0 4838 Solar Capital Ltd. COM 83413U100 1820 103944 SH SOLE 103944 0 0 Solar Capital Ltd. COM 83413U100 3427 195709 SH DFND 01 0 195709 0 Solar Senior Capital Ltd. COM 83416M105 501 34660 SH SOLE 34660 0 0 Sony Corp. ADS COM 835699307 1498 14813 SH SOLE 14468 0 345 Southern Company COM 842587107 120909 1968236 SH SOLE 1956789 0 11447 Southern Copper Corp. COM 84265V105 261 4010 SH SOLE 3967 0 43 SPDR Nuveen Barclays Capital M COM 78468R721 2568 48921 SH SOLE 48921 0 0 SPDR Nuveen S&P High Yield COM 78464A284 240 4061 SH SOLE 4061 0 0 Spdr Portfolio Intermediate Te COM 78464A672 1196 36190 SH SOLE 36190 0 0 SPDR Portfolio World Ex US ETF COM 78463X889 13032 386137 SH SOLE 385324 0 813 SPDR S&P 400 Mid Cap Value COM 78464A839 12931 232989 SH SOLE 232729 0 260 SPDR S&P 500 Growth ETF COM 78464A409 24614 445173 SH SOLE 444694 0 479 SPDR S&P 500 Value COM 78464a508 24927 724831 SH SOLE 724039 0 792 SPDR S&P 600 Small CapValue ET COM 78464A300 9095 137406 SH SOLE 137406 0 0 Starbucks Corporation COM 855244109 84891 793525 SH SOLE 791968 0 1556 Stellus Capital Investment COM 858568108 1150 105688 SH SOLE 105688 0 0 Stellus Capital Investment COM 858568108 3113 286126 SH DFND 01 0 286126 0 Stryker Corp. COM 863667101 83516 340828 SH SOLE 340201 0 627 T. Rowe Price Group Inc. COM 74144T108 31086 205340 SH SOLE 204883 0 457 Taiwan Semiconductor Manufactu COM 874039100 2171 19914 SH SOLE 19578 0 336 TCP Capital Corp. COM 09259e108 1505 133940 SH SOLE 133940 0 0 TCP Capital Corp. COM 09259e108 3730 331863 SH DFND 01 0 331863 0 Teck Resources Limited COM 878742204 184 10157 SH SOLE 10050 0 107 Tencent Holdings LTD COM 88032Q109 1453 20214 SH SOLE 19917 0 297 Tencent Music Entertainment Gr COM 88034P109 369 19170 SH SOLE 19170 0 0 The Clorox Company COM 189054109 25849 128014 SH SOLE 127719 0 295 Thermo Fisher Scientific Inc. COM 883556102 48075 103213 SH SOLE 103060 0 153 Thermon Group Holdings Inc. COM 88362T103 3021 193255 SH SOLE 192010 0 1245 Thermon Group Holdings Inc. COM 88362T103 1193 76311 SH DFND 01 0 76311 0 Tiffany & Co. 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