0001263919-19-000003.txt : 20190416 0001263919-19-000003.hdr.sgml : 20190416 20190416115538 ACCESSION NUMBER: 0001263919-19-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190416 DATE AS OF CHANGE: 20190416 EFFECTIVENESS DATE: 20190416 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: 19750308 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 03-31-2019 03-31-2019 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 N Anne Kochevar 314-743-5090 Anne Kochevar St. Louis MO 04-16-2019 1 347 5917365 false 1 0001125816 028-06487 FIRST TRUST ADVISORS LP INFORMATION TABLE 2 inftable.xml 13F 3M Company COM 88579Y101 114445 550800 SH SOLE 550800 0 0 Accenture PLC COM G1151C101 24457 138944 SH SOLE 138824 0 120 AIA Group Lrd COM 001317205 1322 33020 SH SOLE 32515 0 505 Air Products & Chemicals Inc. COM 009158106 22232 116422 SH SOLE 116422 0 0 Albemarle Corp COM 012653101 202 2464 SH SOLE 2464 0 0 Alcentra Capital Corporation COM 01374T102 1296 172787 SH DFND 01 0 172787 0 Alibaba Group Holding Ltd COM 01609W102 1768 9690 SH SOLE 9641 0 49 Align Technology Inc. COM 016255101 229 807 SH SOLE 807 0 0 Allergan Inc. COM G0177J108 24691 168641 SH SOLE 168641 0 0 Allied Motion Technologies Inc COM 019330109 3929 114270 SH SOLE 114270 0 0 Allied Motion Technologies Inc COM 019330109 793 23055 SH DFND 01 0 23055 0 Alphabet Inc. - Class A COM 02079K305 2193 1863 SH SOLE 1863 0 0 Alphabet Inc. - Class C COM 02079K107 35998 30681 SH SOLE 30681 0 0 Amazon.com, Inc. COM 023135106 344 193 SH SOLE 193 0 0 American Express Company COM 025816109 21548 197145 SH SOLE 197145 0 0 American International Group I COM 026874784 43679 1014377 SH SOLE 1014377 0 0 American Water Works Co. COM 030420103 20051 192315 SH SOLE 192315 0 0 Analog Devices Inc. COM 032654105 79883 758839 SH SOLE 758839 0 0 Annaly Capital Management Inc. COM 035710409 47 4674 SH SOLE 4674 0 0 Annaly Capital Management Inc. COM 035710409 6811 681782 SH DFND 01 0 681782 0 Apollo Investment Corp. COM 03761U502 1413 93319 SH SOLE 93319 0 0 Apollo Investment Corp. COM 03761U502 5052 333700 SH DFND 01 0 333700 0 Apple Inc. COM 037833100 346 1822 SH SOLE 1822 0 0 APTIV PLC COM G6095L109 1081 13602 SH SOLE 13412 0 190 Ares Capital Corp. COM 04010L103 74847 4366811 SH SOLE 4366811 0 0 Ares Capital Corp. COM 04010L103 12382 722412 SH DFND 01 0 722412 0 Automatic Data Processing, Inc COM 053015103 262 1643 SH SOLE 1643 0 0 Axalta Coating Systems LTD COM G0750C108 50020 1984144 SH SOLE 1984144 0 0 Baidu Inc. ADS COM 056752108 273 1659 SH SOLE 1659 0 0 Banco Bradesco S.A. COM 059460303 373 34165 SH SOLE 34165 0 0 Bank of America Corp. COM 060505104 378 13706 SH SOLE 13706 0 0 Bank of Marin (CA) COM 063425102 4455 109494 SH SOLE 109494 0 0 Bank of Marin (CA) COM 063425102 711 17468 SH DFND 01 0 17468 0 Barclays 20 Plus Year Treasury COM 464287432 15220 120373 SH SOLE 120373 0 0 Barings BDC Inc COM 06759l103 3376 344093 SH SOLE 344093 0 0 Barings BDC Inc COM 06759l103 6647 677594 SH DFND 01 0 677594 0 Becton Dickinson and Company COM 075887109 23201 92903 SH SOLE 92903 0 0 Berkshire Hathaway Inc. - B COM 084670702 35618 177299 SH SOLE 177299 0 0 Berkshire Hathaway Inc. - Clas COM 084670108 1506 5 SH SOLE 5 0 0 Black Knight Inc COM 09215C105 73768 1353546 SH SOLE 1353546 0 0 BlackRock, Inc. COM 09247X101 242 567 SH SOLE 567 0 0 BP PLC (Adr 1:6) COM 055622104 1225 28008 SH SOLE 27618 0 390 Broadridge Financial Solutions COM 11133T103 95485 920868 SH SOLE 920868 0 0 Brookfield Asset Management In COM 112585104 35945 771840 SH SOLE 771840 0 0 Brown & Brown Inc. COM 115236101 32880 1114215 SH SOLE 1114215 0 0 Brown & Brown Inc. COM 115236101 749 25390 SH DFND 01 0 25390 0 Byd Company Limited Adr COM 05606L100 234 19393 SH SOLE 19393 0 0 Cambrex Corp COM 132011107 3508 90302 SH SOLE 90302 0 0 Cambrex Corp COM 132011107 675 17369 SH DFND 01 0 17369 0 Cameco Corp. COM 13321L108 205 17406 SH SOLE 17406 0 0 Canadian National Railway COM 136375102 1046 11686 SH SOLE 11512 0 174 Cannae Holdings Inc COM 13765N107 6435 265247 SH SOLE 265247 0 0 Cannae Holdings Inc COM 13765N107 1021 42080 SH DFND 01 0 42080 0 Capital Southwest Corp. COM 140501107 2004 95268 SH SOLE 95268 0 0 Capital Southwest Corp. COM 140501107 426 20238 SH DFND 01 0 20238 0 Capstead Mortgage Corp. COM 14067E506 29 3384 SH SOLE 3384 0 0 Capstead Mortgage Corp. COM 14067E506 932 108500 SH DFND 01 0 108500 0 Cerner Corporation COM 156782104 26070 455691 SH SOLE 455691 0 0 Chevron Corp. COM 166764100 111158 902403 SH SOLE 902403 0 0 China Mobile Limited COM 16941M109 304 5970 SH SOLE 5970 0 0 China Southern Airlines Co Ltd COM 169409109 234 5371 SH SOLE 5371 0 0 Chubb Corp COM H1467J104 110473 788641 SH SOLE 788536 0 105 Cia Brasileira de Distribuicao COM 20440T201 326 13988 SH SOLE 13988 0 0 Cimarex Energy Co. COM 171798101 238 3403 SH SOLE 3403 0 0 CM Finance Inc. COM 12574Q103 855 115831 SH SOLE 115831 0 0 CM Finance Inc. COM 12574Q103 962 130340 SH DFND 01 0 130340 0 CNOOC Ltd. COM 126132109 473 2547 SH SOLE 2547 0 0 Colgate-Palmolive Co. COM 194162103 107246 1564719 SH SOLE 1564719 0 0 Commerce Bancshares Inc. COM 200525103 20324 350058 SH SOLE 350058 0 0 Compagnie Financiere Richemont COM 204319107 44796 6149934 SH SOLE 6149934 0 0 Concho Resources, Inc. COM 20605P101 242 2182 SH SOLE 2182 0 0 Costco Wholesale Corporation COM 22160K105 352 1453 SH SOLE 1453 0 0 CREDICORP LTD COM G2519Y108 390 1624 SH SOLE 1624 0 0 Cullen Frost Bankers Inc. COM 229899109 17352 178763 SH SOLE 178763 0 0 Cyberark Software Ltd COM M2682V108 1610 13525 SH SOLE 13339 0 186 DBS GROUP HOLDINGS-SPON ADR COM 23304y100 1165 15602 SH SOLE 15367 0 235 Diageo PLC COM 25243Q205 151102 923549 SH SOLE 923434 0 115 Digital Realty Trust Inc. COM 253868103 95216 800139 SH SOLE 800139 0 0 Donaldson Inc. COM 257651109 20479 409093 SH SOLE 409093 0 0 DowDuPont Inc COM 26078J100 109582 2055556 SH SOLE 2055556 0 0 DSV A/S-Unsponsored ADR COM 26251A108 1295 31237 SH SOLE 30843 0 394 Ecopetrol SA COM 279158109 1363 63574 SH SOLE 63345 0 229 Elbit Systems Ltd COM M3760D101 1166 9040 SH SOLE 8895 0 145 Eli Lilly & Co. COM 532457108 311 2400 SH SOLE 2400 0 0 Energy Select Sector - SPDR COM 81369Y506 3979 60178 SH SOLE 60178 0 0 ENN Energy Holdings Ltd COM 26876F102 302 7815 SH SOLE 7815 0 0 Entergy Corporation COM 29364G103 90313 944395 SH SOLE 944395 0 0 Enterprise Products Partner COM 293792107 219 7522 SH SOLE 7522 0 0 EOG Resources COM 26875P101 518 5444 SH SOLE 5444 0 0 Equinor ASA COM 29446M102 836 38064 SH SOLE 37457 0 607 Expeditors International of Wa COM 302130109 19096 251592 SH SOLE 251592 0 0 Exxon Mobil Corp. COM 30231G102 17516 216786 SH SOLE 216786 0 0 Fanuc Ltd. ADS COM 307305102 801 47011 SH SOLE 46311 0 700 Fastenal Co. COM 311900104 116477 1811176 SH SOLE 1811176 0 0 Fidelity National Financial In COM 31620R303 88469 2420487 SH SOLE 2420487 0 0 Fidelity National Information COM 31620M106 21439 189560 SH SOLE 189560 0 0 FOMENTO ECONOMICO MEXICANO, S. COM 344419106 288 3118 SH SOLE 3118 0 0 Forward Air Corp. COM 349853101 5132 79276 SH SOLE 79276 0 0 Forward Air Corp. COM 349853101 720 11122 SH DFND 01 0 11122 0 Franco-Nevada Corp. COM 351858105 254 3387 SH SOLE 3387 0 0 Franklin Street Properties Cor COM 35471R106 575 80000 SH SOLE 80000 0 0 Fresenius Medical Care AG & Co COM 358029106 842 20772 SH SOLE 20467 0 305 Frontdoor Inc COM 35905A109 46411 1348383 SH SOLE 1348383 0 0 Frontdoor Inc COM 35905A109 1107 32150 SH DFND 01 0 32150 0 Gates Industrial COM G39108108 6730 469312 SH SOLE 469312 0 0 General Dynamics Corp. COM 369550108 16738 98877 SH SOLE 98877 0 0 Gilead Sciences COM 375558103 77957 1199160 SH SOLE 1199160 0 0 Gladstone Commercial Corp. COM 376536108 5195 250113 SH SOLE 250113 0 0 Gladstone Commercial Corp. COM 376536108 806 38808 SH DFND 01 0 38808 0 GlaxoSmithKline Plc (Adr 1:2) COM 37733W105 20531 491295 SH SOLE 491295 0 0 Gold Shares - SPDR COM 78463V107 241 1974 SH SOLE 1974 0 0 Goldman Sachs BDC Inc. COM 38147U107 3565 173553 SH SOLE 173553 0 0 Goldman Sachs BDC Inc. COM 38147U107 2220 108063 SH DFND 01 0 108063 0 Golub Capital BDC Inc. COM 38173M102 4559 254975 SH SOLE 254975 0 0 Golub Capital BDC Inc. COM 38173M102 7684 429730 SH DFND 01 0 429730 0 Graco Inc. COM 384109104 110806 2237604 SH SOLE 2237604 0 0 Grupo Financiero ADR COM 40052P107 235 8649 SH SOLE 8649 0 0 HDFC Bank Ltd COM 40415F101 420 3626 SH SOLE 3626 0 0 Health Care Select Sector - SP COM 81369Y209 2738 29841 SH SOLE 29841 0 0 Hercules Technology Growth Cap COM 427096508 3097 244622 SH SOLE 244622 0 0 Hercules Technology Growth Cap COM 427096508 7414 585598 SH DFND 01 0 585598 0 Hess Corp. COM 42809H107 270 4491 SH SOLE 4491 0 0 High Yield Corporate Bond Fund COM 464288513 619 7160 SH SOLE 7160 0 0 Home Depot Inc. COM 437076102 23997 125055 SH SOLE 125055 0 0 Honeywell International, Inc. COM 438516106 345 2172 SH SOLE 2172 0 0 Huazhu Group Ltd. COM 44332N106 517 12277 SH SOLE 12277 0 0 I3 Verticals Inc COM 46571Y107 5476 227990 SH SOLE 227990 0 0 I3 Verticals Inc COM 46571Y107 883 36780 SH DFND 01 0 36780 0 ICICI Bank Ltd. ADS COM 45104g104 162 14147 SH SOLE 14147 0 0 Icon PLC COM G4705A100 2109 15441 SH SOLE 15256 0 185 Illinois Tool Works Inc. COM 452308109 45238 315184 SH SOLE 315184 0 0 ING Groep NV COM 456837103 536 44156 SH SOLE 43352 0 804 Innophos Holdings Inc COM 45774N108 3723 123534 SH SOLE 123534 0 0 Innophos Holdings Inc COM 45774N108 645 21390 SH DFND 01 0 21390 0 Invesco BulletShares 2021 COM 46138j700 9168 435969 SH SOLE 435969 0 0 Invesco BulletShares 2022 COM 46138j882 9170 434162 SH SOLE 434162 0 0 Invesco BulletShares 2024 COM 46138j841 9276 447490 SH SOLE 447490 0 0 Invesco BulletShares 2025 COM 46138j825 12926 628679 SH SOLE 628679 0 0 iShares 7-10 Year Treasury Bon COM 464287440 28447 266685 SH SOLE 266685 0 0 iShares Barclays 10-20 Year Tr COM 464288653 2975 21611 SH SOLE 21611 0 0 iShares Corporate Bond ETF 202 COM 46432FAZ0 12845 486828 SH SOLE 486828 0 0 iShares Corporate ex Financial COM 46432FAK3 9089 370685 SH SOLE 370685 0 0 iShares Corporate iBonds ETF 2 COM 46435GAA0 14675 605418 SH SOLE 605418 0 0 iShares Floating Rate Note Fun COM 46429B655 242 4755 SH SOLE 4755 0 0 iShares Gold Trust COM 464285105 4987 402824 SH SOLE 402824 0 0 iShares iBonds Dec 2021 AMT-Fr COM 46435G789 7021 273602 SH SOLE 273602 0 0 iShares iBonds Dec 2021 Term C COM 46434VBK5 2642 106892 SH SOLE 106892 0 0 iShares iBonds Dec 2022 AMT-Fr COM 46435G755 7030 271022 SH SOLE 271022 0 0 iShares iBonds Dec 2023 Term C COM 46434VAX8 1930 77179 SH SOLE 77179 0 0 iShares iBonds Dec 2024 Term M COM 46435U697 3524 135734 SH SOLE 135734 0 0 iShares iBonds Dec 2025 Term C COM 46434VBD1 1959 78789 SH SOLE 78789 0 0 iShares iBonds Dec 2025 Term M COM 46435U432 3525 133003 SH SOLE 133003 0 0 iShares iBonds Dec 2027 Term C COM 46435UAA9 11236 458037 SH SOLE 458037 0 0 iShares iBonds Dec 2028 Term C COM 46435U515 13037 498829 SH SOLE 498829 0 0 iShares iBonds Sep 2020 Amt Fr COM 46434V571 5129 201118 SH SOLE 201118 0 0 iShares iBoxx Corporate Bond E COM 464287242 531 4459 SH SOLE 4459 0 0 iShares Intermediate Term Corp COM 464288638 7811 141650 SH SOLE 141650 0 0 iShares Long-Term Corporate Bo COM 464289511 3446 57098 SH SOLE 57098 0 0 iShares MBS Bond ETF COM 464288588 16364 153855 SH SOLE 153855 0 0 iShares Muni Bond 2023 COM 46435G318 3516 138074 SH SOLE 138074 0 0 iShares National AMT-Free Muni COM 464288414 1859 16719 SH SOLE 16719 0 0 Itau Unibanco Holding S/A ADS COM 465562106 379 43041 SH SOLE 43041 0 0 Jazz Pharmaceuticals Plc COM G50871105 590 4125 SH SOLE 4055 0 70 John Bean Technologies Corp. COM 477839104 4718 51343 SH SOLE 51343 0 0 John Bean Technologies Corp. COM 477839104 840 9141 SH DFND 01 0 9141 0 Johnson & Johnson COM 478160104 26854 192101 SH SOLE 192101 0 0 JP Morgan Chase & Company COM 46625H100 740 7309 SH SOLE 7309 0 0 Kadant Inc COM 48282T104 4520 51388 SH SOLE 51388 0 0 Kadant Inc COM 48282T104 843 9584 SH DFND 01 0 9584 0 KB Financial Group Inc COM 48241a105 256 6897 SH SOLE 6897 0 0 KCAP Financial Inc COM 48668E101 1233 340472 SH DFND 01 0 340472 0 Kemper Corp. COM 488401100 340 4470 SH SOLE 4470 0 0 Kinder Morgan Inc. COM 49456B101 112989 5646611 SH SOLE 5646611 0 0 KOMATSU LTD COM 500458401 695 29823 SH SOLE 29363 0 460 Lam Research Corporation COM 512807108 268 1498 SH SOLE 1498 0 0 Leagold Mining Corp COM 52176A205 154 111335 SH SOLE 111335 0 0 Linde PLC COM G5494J103 126621 722676 SH SOLE 722676 0 0 Livent Corp COM 53814L108 192 15664 SH SOLE 15664 0 0 Localiza Rent a Car SA COM 53956W300 438 52121 SH SOLE 52121 0 0 Lockheed Martin Corp COM 539830109 104616 348533 SH SOLE 348533 0 0 Lowe's Companies Inc. COM 548661107 39159 357711 SH SOLE 357711 0 0 Luxoft Holding Inc COM G57279104 5102 86899 SH SOLE 86899 0 0 Luxoft Holding Inc COM G57279104 938 15976 SH DFND 01 0 15976 0 LVMH Moet Hennessy Louis Vuitt COM 502441306 1807 24513 SH SOLE 24243 0 270 M&T Bank Corp. COM 55261F104 18409 117242 SH SOLE 117242 0 0 Main Street Capital Corp. COM 56035L104 1849 49695 SH SOLE 49695 0 0 Main Street Capital Corp. COM 56035L104 1827 49107 SH DFND 01 0 49107 0 Manatuck Hill Mariner Offshore COM 562996983 377 2343 SH SOLE 2343 0 0 Markel Corp. COM 570535104 56760 56974 SH SOLE 56974 0 0 Martin Marietta Materials Inc. COM 573284106 90686 450770 SH SOLE 450770 0 0 Mastercard Inc. - A COM 57636Q104 63826 271079 SH SOLE 271079 0 0 Materials Select Sector - SPDR COM 81369Y100 2358 42495 SH SOLE 42495 0 0 McDonald's Corp. COM 580135101 23117 121731 SH SOLE 121731 0 0 Medley Capital Corp. COM 58503F106 1451 466714 SH DFND 01 0 466714 0 Medtronic COM G5960L103 20880 229251 SH SOLE 229251 0 0 Melco Resorts & Entertainment COM 585464100 874 38709 SH SOLE 38379 0 330 MERCADOLIBRE INC COM 58733R102 344 678 SH SOLE 678 0 0 Microsoft Corp. COM 594918104 136362 1156196 SH SOLE 1156196 0 0 Mitsubishi UFJ Financial COM 606822104 739 149232 SH SOLE 147032 0 2200 Monotype Imaging Holdings Inc. COM 61022P100 4926 247668 SH SOLE 247668 0 0 Monotype Imaging Holdings Inc. COM 61022P100 740 37183 SH DFND 01 0 37183 0 Morgan Stanley COM 617446448 228 5404 SH SOLE 5404 0 0 Morningstar Inc. COM 617700109 14993 119004 SH SOLE 119004 0 0 Morningstar Inc. COM 617700109 881 6992 SH DFND 01 0 6992 0 Movado Group Inc. COM 624580106 5365 147479 SH SOLE 147479 0 0 Movado Group Inc. COM 624580106 861 23674 SH DFND 01 0 23674 0 MSC Industrial Direct Co. Inc. COM 553530106 29303 354281 SH SOLE 354281 0 0 MTS Systems Corp. COM 553777103 4959 91053 SH SOLE 91053 0 0 MTS Systems Corp. COM 553777103 798 14654 SH DFND 01 0 14654 0 Nathan's Famous Inc COM 632347100 1415 20692 SH SOLE 20692 0 0 Nathan's Famous Inc COM 632347100 274 4009 SH DFND 01 0 4009 0 Natus Medical Inc. COM 639050103 7713 303914 SH SOLE 303914 0 0 Natus Medical Inc. COM 639050103 542 21369 SH DFND 01 0 21369 0 Neenah Ppaper Inc COM 640079109 3889 60422 SH SOLE 60422 0 0 Neenah Ppaper Inc COM 640079109 799 12410 SH DFND 01 0 12410 0 Nestle SA COM 641069406 124257 1303971 SH SOLE 1303971 0 0 New Jersey Resources Corp. COM 646025106 22198 445841 SH SOLE 445841 0 0 New Mountain Finance Corp. COM 647551100 4714 347393 SH SOLE 347393 0 0 New Mountain Finance Corp. COM 647551100 7838 577564 SH DFND 01 0 577564 0 Nike Inc. - B COM 654106103 22041 261739 SH SOLE 261739 0 0 Nintendo Co. Ltd. ADS COM 654445303 665 18530 SH SOLE 18245 0 285 Nordson Corporation COM 655663102 20866 157459 SH SOLE 157459 0 0 Nordstrom Inc. COM 655664100 17155 386541 SH SOLE 386541 0 0 Northern Trust Corporation COM 665859104 108867 1204146 SH SOLE 1204146 0 0 Northwest Natural Holding Co COM 66765N105 5325 81136 SH SOLE 81136 0 0 Northwest Natural Holding Co COM 66765N105 832 12680 SH DFND 01 0 12680 0 Novartis AG - ADR COM 66987V109 21008 218512 SH SOLE 218356 0 156 NVIDIA Corp. COM 67066G104 315 1753 SH SOLE 1753 0 0 NXP Semiconductors N.V. COM N6596X109 133054 1505308 SH SOLE 1505308 0 0 Oaktree Specialty Lending Corp COM 67401P108 1645 317580 SH SOLE 317580 0 0 Occidental Petroleum Corp. COM 674599105 254 3839 SH SOLE 3839 0 0 OFS Capital Corp. COM 67103B100 3331 283501 SH SOLE 283501 0 0 OFS Capital Corp. COM 67103B100 3197 272084 SH DFND 01 0 272084 0 Oracle Corporation COM 68389X105 32099 597636 SH SOLE 597636 0 0 Orix Corp. ADS COM 686330101 486 6769 SH SOLE 6665 0 104 Pan American Silver Corp COM 697900108 178 13462 SH SOLE 13462 0 0 Parsley Energy Inc. COM 701877102 227 11780 SH SOLE 11780 0 0 Patterson Companies Inc. COM 703395103 7189 329031 SH SOLE 329031 0 0 Patterson Companies Inc. COM 703395103 620 28355 SH DFND 01 0 28355 0 Paychex Inc. COM 704326107 134799 1680785 SH SOLE 1680785 0 0 PayPal Holdings, Inc. COM 70450Y103 619 5958 SH SOLE 5958 0 0 PennantPark Floating Rate Capi COM 70806A106 1803 140761 SH SOLE 140761 0 0 PennantPark Investment Corp. COM 708062104 1181 170945 SH SOLE 170945 0 0 PennantPark Investment Corp. COM 708062104 5218 755081 SH DFND 01 0 755081 0 Pepsico Inc. COM 713448108 147661 1204906 SH SOLE 1204906 0 0 Petrobras Petroleo Brasileiro COM 71654V408 309 19411 SH SOLE 19411 0 0 Pfizer Inc. COM 717081103 96738 2277806 SH SOLE 2277806 0 0 Phibro Animal Health Corp Clas COM 71742Q106 3722 112796 SH SOLE 112796 0 0 Phibro Animal Health Corp Clas COM 71742Q106 843 25545 SH DFND 01 0 25545 0 Pimco Enhanced Short Maturity COM 72201R833 263 2585 SH SOLE 2585 0 0 Polaris Industries COM 731068102 97400 1153620 SH SOLE 1153620 0 0 Potbelly Corp. COM 73754Y100 3238 380440 SH SOLE 380440 0 0 Potbelly Corp. COM 73754Y100 633 74353 SH DFND 01 0 74353 0 PPG Industries Inc. COM 693506107 20186 178842 SH SOLE 178842 0 0 Procter & Gamble Company COM 742718109 20909 200955 SH SOLE 200955 0 0 Progressive Corp. COM 743315103 111302 1543926 SH SOLE 1543926 0 0 Proshares Trust-Proshares K-1 COM 74347B417 533 24288 SH SOLE 24288 0 0 Raven Industries Inc. COM 754212108 5152 134282 SH SOLE 134282 0 0 Raven Industries Inc. COM 754212108 756 19705 SH DFND 01 0 19705 0 Rayonier Inc. COM 754907103 93412 2963565 SH SOLE 2963565 0 0 Rayonier Inc. COM 754907103 813 25788 SH DFND 01 0 25788 0 RBC Bearings Incorporated COM 75524B104 4293 33761 SH SOLE 33761 0 0 RBC Bearings Incorporated COM 75524B104 791 6221 SH DFND 01 0 6221 0 RE/MAX Holdings Inc. COM 75524W108 4575 118712 SH SOLE 118712 0 0 RE/MAX Holdings Inc. COM 75524W108 831 21555 SH DFND 01 0 21555 0 REIT Index - Vanguard COM 922908553 1965 22606 SH SOLE 22606 0 0 Resources Connection Inc COM 76122Q105 5137 310605 SH SOLE 310605 0 0 Resources Connection Inc COM 76122Q105 759 45904 SH DFND 01 0 45904 0 Rio Tinto PLC COM 767204100 1436 24408 SH SOLE 24008 0 400 Royal Dutch Shell PLC - Cl A COM 780259206 1257 20084 SH SOLE 19834 0 250 Royal Gold, Inc. COM 780287108 261 2869 SH SOLE 2869 0 0 S&P 500 - SPDR COM 78462F103 4629 16386 SH SOLE 16386 0 0 S&P 500 Growth Index - iShares COM 464287309 19455 112876 SH SOLE 112876 0 0 S&P 500 Index Fund - iShares COM 464287200 532 1868 SH SOLE 1868 0 0 S&P 500 Value Index - iShares COM 464287408 19019 168701 SH SOLE 168701 0 0 S&P MidCap 400 Growth Index Fu COM 464287606 18247 83280 SH SOLE 83280 0 0 S&P MidCap 400 Value Index Fun COM 464287705 17670 112567 SH SOLE 112567 0 0 S&P SmallCap 600 Growth Index COM 464287887 9302 52123 SH SOLE 52123 0 0 S&P SmallCap 600 Index Fund - COM 464287804 271 3515 SH SOLE 3515 0 0 S&P SmallCap 600 Value Index F COM 464287879 9972 67590 SH SOLE 67590 0 0 SAP AG - ADS COM 803054204 1003 8690 SH SOLE 8555 0 135 Schlumberger Ltd. COM 806857108 19952 457932 SH SOLE 457932 0 0 Seabridge Gold Inc. 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ADS COM 835699307 944 22344 SH SOLE 21989 0 355 Southern Company COM 842587107 115541 2235695 SH SOLE 2235695 0 0 SPDR KBW REGIONAL BA COM 78464A698 244 4749 SH SOLE 4749 0 0 SPDR Nuveen Barclays Capital M COM 78468R721 7269 147506 SH SOLE 147506 0 0 SPDR Portfolio Intermediate Te COM 78464A375 14742 431439 SH SOLE 431439 0 0 Spectrum Brands Holdings Inc COM 84790a105 28877 527143 SH SOLE 527143 0 0 Starbucks Corporation COM 855244109 61249 823902 SH SOLE 823902 0 0 Stellus Capital Investment COM 858568108 2571 181664 SH SOLE 181664 0 0 Stellus Capital Investment COM 858568108 4049 286126 SH DFND 01 0 286126 0 Stryker Corp. COM 863667101 62700 317434 SH SOLE 317434 0 0 Sumitomo Mitsui-Spons ADR COM 86562M209 1009 143474 SH SOLE 141649 0 1825 T. Rowe Price Group Inc. COM 74144T108 20012 199882 SH SOLE 199882 0 0 Taiwan Semiconductor Manufactu COM 874039100 740 18065 SH SOLE 17955 0 110 TCP Capital Corp. COM 09259e108 4239 298962 SH SOLE 298962 0 0 TCP Capital Corp. 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COM 87265K102 4135 206751 SH DFND 01 0 206751 0 TriplePoint Venture Growth BDC COM 89677Y100 3144 228512 SH SOLE 228512 0 0 TriplePoint Venture Growth BDC COM 89677Y100 6658 483845 SH DFND 01 0 483845 0 Turkcell Iletisim Hizmetleri A COM 900111204 349 65184 SH SOLE 65184 0 0 Two Harbors Investment Corp. COM 90187b408 18 1306 SH SOLE 1306 0 0 Two Harbors Investment Corp. COM 90187b408 5885 434949 SH DFND 01 0 434949 0 Unilever Plc COM 904767704 1023 17726 SH SOLE 17456 0 270 United Overseas Bank Limited COM 911271302 932 24909 SH SOLE 24529 0 380 United Technologies Corp. 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